SB 1755

Abstract

Creates the State Budget Containment Act. Provides that the aggregate appropriations from the general funds made by the General Assembly for any given State fiscal year, including supplemental appropriations, shall be no more than 104% of the aggregate appropriations from the general funds for the immediately prior State fiscal year, including supplemental appropriations. Requires the Bureau of the Budget, on August 1 each year, to certify general funds revenues received by the State for the immediately prior State fiscal year. Provides that if the certified amount exceeds the amount received during the State fiscal year immediately prior to the immediately prior State fiscal year by more than 4%, then any excess over that 4% shall be transferred into the Budget Stabilization Fund. Authorizes the General Assembly to stop or reverse the transfer by a three-fifths vote in each house. Effective immediately.