CA SCA33

Repeals existing Article XIII B expenditure limit provisions and replaces them with a new formula capping annual state General Fund and special fund expenditure increases to the product of cost-of-living percentage increase multiplied by state population percentage increase

Creates a Special Reserve Account in the General Fund with a 10 percent cap on allowable expenditures, to be used when actual revenues fall below estimates

Allocates excess General Fund revenues by directing 50 percent to the State School Fund and 50 percent as rebates to personal income taxpayers based on their tax liability

Allows expenditure limits to be exceeded only during declared emergencies (such as disaster, enemy attack, fire, flood, drought, earthquake), with excess emergency spending excluded from the next year's expenditure base

Amends Section 8.5 of Article XVI to direct transferred revenues to the State School Fund for elementary, high school, and community college purposes, with allocations distributed equally per student enrollment