The California Constitution requires that a budget be submitted by the Governor, and that a Budget Bill be passed by the Legislature, for each fiscal year.
This measure would provide that, for the 2004–05 fiscal year, the Budget Bill passed by the Legislature may not appropriate an amount from the General Fund that, combined with all other appropriations from the General Fund for that fiscal year as of the date of the Budget Bill’s passage, exceeds 99% of the General Fund revenues estimated to be available to the state for that fiscal year. The estimate must be set forth in the Budget Bill after its reliability is certified by the Legislative Analyst. For all subsequent years, the Budget Bill may not appropriate from the General Fund an amount that, combined with all other General Fund appropriations for the same fiscal year, would exceed the total appropriations from the General Fund for the prior fiscal year, adjusted for changes in the cost of living and the population of the state, as specified.