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DE HB429
Bill
Status
Introduced
6/6/2024
Primary Sponsor
Daniel Short
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AI Summary
- Establishes a constitutional amendment to limit state operating budget growth by capping annual appropriations at 98 percent of estimated General Fund revenues plus available Budget Stabilization Fund withdrawals
- Creates the Budget Accountability Review Commission (BARC), an 11-member body including business representatives, legislative members, and the DEFAC chair, to review and approve provisional budgets before General Assembly votes
- Requires the state Benchmark Index and state Benchmark Appropriation to be calculated using economic growth indicators and must be complied with by any proposed state operating budget, with exemptions allowed by two-thirds BARC supermajority for extraordinary circumstances
- Establishes rules for the Budget Stabilization Fund allowing deposits of surplus revenues (capped at 10 percent of General Fund revenues) and withdrawals for budget shortfalls, severe economic downturns, or emergencies (limited to 50 percent of fund balance with 3 percent minimum floor)
- Allows appropriations exceeding the 98 percent limit only during declared health, safety, or welfare emergencies requiring three-fifths legislative approval in each house
Legislative Description
An Act Proposing An Amendment To Article Viii, § 6 Of The Delaware Constitution Relating To Limiting The Annual Growth Of Expenditures In The State Operating Budget.
Last Action
Introduced and Assigned to Administration Committee in House
6/6/2024
Committee Referrals
Administration6/6/2024
Full Bill Text
No bill text available