NC H329

Creates a new budget calculation method requiring the Governor to use prior fiscal year's actual General Fund collections as the baseline for the Recommended Continuation Budget, adjusted for inflation using the lower of CPI or GDP deflator.

Requires exclusion of one-time revenues and annualization of partial-year revenue changes when calculating General Fund availability estimates for budget recommendations.

Separates the budget into two components: a Recommended Continuation Budget (limited to the calculated availability) and an optional Recommended Supplemental Budget (for additional proposals like tax changes or revenue differentials).

Mandates that the General Assembly enact a Current Operations Appropriations Act with a continuation budget that does not exceed the calculated General Fund availability before considering any other appropriations bills.

Applies effective immediately to the 2015-2016 fiscal year and all subsequent fiscal years and budgets.