SC S2

Legislative Description

Revise This Limit By Imposing An Annual Limit On The Appropriation Of State General Fund Revenues By Adjusting Such Revenues By A Rolling Ten-year Average In Annual Changes In General Fund Revenues And The Creation Of A Separate Budget Stabilization Fund In The State Treasury To Which Must Be Credited All General Fund Revenues In Excess Of The Annual Limit, The Revenues Of Which Much First Be Used To Stabilize General Fund Revenues Available For Appropriation, To Define Emergencies And To Provide For Suspension Of This Appropriations Limit In Emergencies, To Provide That A Cash Balance In The Budget Stabilization Fund In Excess Of Fifteen Percent Of General Fund Revenues Of The Most Recent Completed Fiscal Year May Be Appropriated In Separate Legislation For Various Nonrecurring Purposes, And To Define Surplus General Fund Revenues.

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