DE SB337

Proposes constitutional amendment to establish a Budget Stabilization Fund to replace the existing Budget Reserve Account, with deposits and withdrawals governed by specific rules and thresholds.

Maintains the existing 98 percent appropriation limit on State General Fund appropriations, plus allows additional funds from the Budget Stabilization Fund as determined by new rules.

Creates a Benchmark Appropriation calculation based on Delaware personal income growth, population growth, and inflation to serve as a check against the appropriation limit.

Establishes rules for deposits to the Budget Stabilization Fund (50 percent of excess revenues above the Benchmark Appropriation) and withdrawals (up to 50 percent when revenues fall short of the Benchmark, or up to 75 percent during significant deficits).

Limits the Budget Stabilization Fund balance to a maximum of 10 percent of estimated State General Fund revenues and a minimum of 3 percent, with three-fifths legislative vote required for most appropriations from the fund.