Proposed amendment to the California Constitution to modify the Budget Stabilization Account.

This bill proposes an amendment to the California Constitution, specifically Section 20 of Article XVI, to alter the rules governing the Budget Stabilization Account. It mandates the creation of the Budget Stabilization Account within the General Fund and requires the Controller to transfer a percentage of estimated General Fund revenues to this account annually. The bill also specifies conditions for transfers between the General Fund and the Budget Stabilization Account, including limits on the balance in the account and the use of funds for infrastructure and other obligations.

Proposed amendment to the California Constitution to modify the Budget Stabilization Account.

This bill proposes an amendment to the California Constitution, specifically Section 20 of Article XVI, to alter the rules governing the Budget Stabilization Account. It mandates the creation of the Budget Stabilization Account within the General Fund and requires the Controller to transfer a percentage of estimated General Fund revenues to this account annually. The bill also specifies conditions for transfers between the General Fund and the Budget Stabilization Account, including limits on the balance in the account and the use of funds for infrastructure and other obligations.