NC S14

Establishes the Savings Reserve as a component of the unappropriated General Fund balance with funds available for expenditure upon majority vote of the General Assembly for revenue declines, budget shortfalls, court-ordered costs, and emergency relief, limited to 7.5% of prior fiscal year's General Fund net appropriations operating budget.

Allows extraordinary use of Savings Reserve funds exceeding the 7.5% threshold or for purposes outside the specified categories upon a two-thirds vote of both chambers of the General Assembly.

Requires each Current Operations Appropriations Act to transfer 15% of estimated growth in State tax revenues to the Savings Reserve, unless such transfer would exceed the recommended balance developed annually by the Office of State Budget and Management and Fiscal Research Division.

Directs the Office of State Budget and Management and Fiscal Research Division to jointly develop an annual evaluation and recommended target balance for the Savings Reserve based on volatility of North Carolina's General Fund tax structure, calculated to cover two years of revenue decline needs in 9 out of 10 scenarios.

Applies debt refinancing savings to the Savings Reserve only if the Reserve balance remains below the recommended target balance, and directs study during the 2019 Regular Session to evaluate whether these changes successfully maintain adequate reserves for emergencies.