S.B. No. 2806 - Emergency and Budget Reserve Fund

• Authorizes transfer of five percent of general fund balance to the Emergency and Budget Reserve Fund (EBRF) when general fund revenues exceed prior year revenues by five percent for two consecutive fiscal years.

• Prohibits transfers to the EBRF when its balance equals or exceeds ten percent of the preceding fiscal year's general fund revenues.

• Requires end-of-fiscal-year general fund balance calculations to occur before any tax refunds or tax credits are authorized.

• Mandates that general fund revenues deposited into the EBRF be maintained in separate accounts from other moneys in the fund, with all interest earned credited back to the EBRF.

• Clarifies that EBRF funds may only be expended during severe economic downturns, with effective date of July 1, 2010.