DE SB270

Establishes a Budget Stabilization Fund as a reserve account with defined rules for deposits and withdrawals based on the state's fiscal performance and revenue projections.

Creates a "Benchmark Appropriation" calculated using a Benchmark Index comprised of equal weightings of Delaware personal income growth and Delaware population growth plus inflation, reported by the Delaware Economic and Financial Advisory Council in December and May each year.

Limits General Fund appropriations in the Governor's Budget Appropriation Bill to not exceed the previous year's appropriations multiplied by (1 plus the Benchmark Index), with exceptions allowed if the Governor deems changes necessary.

Restricts Budget Stabilization Fund deposits to maintain a balance between 5% and 7% of estimated State General Fund revenues, and limits withdrawals to no more than 50% of the fund's balance in any fiscal year.

Requires the Governor's proposed budget and budget bill to detail plans for meeting Benchmark Appropriation and Budget Stabilization Fund requirements, taking effect December 1, 2024.