DE HB460

Proposes a constitutional amendment to redefine Delaware's state appropriation method and fiscal controls by replacing the Budget Reserve Account with a new Budget Stabilization Fund

Establishes a spending limit of 98 percent of estimated state general fund revenue, with allowances for emergency appropriations up to 100 percent with a three-fifths vote in each house

Creates a Benchmark Appropriation based on an index of Delaware personal income growth, population growth, and inflation to guide spending levels

Implements automatic deposit and withdrawal rules for the Budget Stabilization Fund, allowing up to 50 percent of surpluses to be deposited and permitting withdrawals when spending would exceed revenues or appropriations fall below benchmarks

Caps the Budget Stabilization Fund balance at 10 percent of estimated general fund revenues and limits annual withdrawals to 50 percent of the fund's balance or amounts that would reduce it below 3 percent of estimated revenues