SB25B-001 Summary

• Governor must promptly notify the Joint Budget Committee when issuing executive orders to suspend or discontinue state functions due to revenue shortfalls, and the committee must hold a meeting within one calendar month to discuss and advise on the spending reduction plans.

• Governor must formulate and present spending reduction plans to the Joint Budget Committee when revenue estimates indicate general fund expenditures would deplete reserves to 50% or less of required amounts, or reduce reserves below one billion dollars.

• Governor's authority to reduce capital construction fund expenditures must follow the procedures and requirements established in this section, requiring consultation with the Capital Development Committee and Joint Budget Committee.

• Governor is prohibited from reducing general fund expenditures for the Judicial Department, Legislative Department, or elective officers other than the Governor.

• Bill defines "interim revenue estimate" as an updated revenue estimate prepared by the Governor between regularly scheduled revenue estimates, transmitted to the General Assembly and presented at Joint Budget Committee meetings.