CA NO. 3 – Amends Use of Budget Stabilization Fund
The Budget Stabilization Fund exists as a financial cushion for State Government spending. Removing money from the Fund is limited to a few specific instances and must be approved by two-thirds of the state legislature. This Amendment would add a federally declared disaster to the reasons to remove money from the Fund.
Allows money to be taken out of the Budget Stabilization Fund, also known as the Rainy Day Fund, to cover state costs due to a federally declared emergency.
Use of the Budget Stabilization Fund is not expanded and remains restricted to covering revenue shortfalls.