CA SB864

Establishes the Budget Deficit Savings Account in the State Treasury to receive deposits to the Budget Stabilization Account for the 2018-19 fiscal year that exceed constitutional requirements.

Requires the Controller to transfer updated amounts from the Budget Deficit Savings Account back to the Budget Stabilization Account no earlier than May 31, 2019, based on the Department of Finance's May Revision projection.

Directs 50% of remaining Budget Deficit Savings Account funds to the Safety Net Reserve Fund, which includes a Medi-Cal Subaccount and a CalWORKs Subaccount, with the other 50% remaining in the savings account.

Transfers $200,000,000 from the General Fund to the CalWORKs Subaccount upon enactment of the 2018 Budget Act for maintaining program benefits during economic downturns.

Appropriates $8,000 to the Department of Finance to develop rules and methodology for the Budget Deficit Savings Account and Safety Net Reserve Fund.