HI SB2692

Renames the "Emergency and Budget Reserve Fund" to the "State Fiscal Stabilization Fund" and expands its purposes to address economic downturns in addition to emergencies.

Requires automatic deposits of 5% of the general fund balance at fiscal year-end into the stabilization fund whenever general fund revenues increase by 5% or more for two consecutive fiscal years.

Prohibits deposits when the stabilization fund balance exceeds 10% of the preceding fiscal year's general fund revenues.

Allows fund expenditures only through separate appropriations bills (not general or supplemental appropriations bills) and requires a two-thirds majority vote of both legislative houses for approval.

Permits fund use for maintaining essential public services, counter-cyclical economic programs during downturns, disaster restoration, and other declared emergencies, but prohibits use for legislative expenses, certain official salaries, or collective bargaining contracts.