NC H274

Establishes a General Fund expenditure limit tied to a "fiscal growth factor" (average of inflation and population change over three years), with the fiscal year 2015-2016 budget as the baseline for calculating future year limits.

Requires the Governor and General Assembly to stay within the expenditure limit when proposing and enacting budgets, with exceptions only for nonrecurring expenses approved by a two-thirds vote in both chambers.

Creates an Emergency Reserve Trust Fund (renamed from Savings Reserve Account) that receives excess General Fund revenues above the expenditure limit and any unreserved fund balance; requires two-thirds vote to appropriate these funds.

Implements new budget process rules requiring the Governor and General Assembly to base revenue estimates on actual collections from the prior calendar year, with limited adjustments for enacted tax changes, decreased revenues, and one-time revenues excluded.

Submits a constitutional amendment to voters in November 2014 to codify the General Fund expenditure limit, with Sections 1-5 taking effect only upon voter approval of the amendment.