Vote Smart's Synopsis:

Vote to pass a constitutional amendment relative to deposits into and transfers out of the Budget Stabilization Fund.

Highlights:

-Specifies that the following percentages of all revenues received in each fiscal year by the state as a result of the production of or the exploration for minerals shall be deposited in the Budget Stabilization Fund (Sec. 1):

-Fiscal Years 2012-2013, and 2013-2014: 5 percent; -Fiscal Year 2014-2015, and thereafter: 10 percent.

-Authorizes monies in the Budget Stabilization Fund to be incorporated into the official forecast for the next fiscal year under certain circumstances, including if a decrease in federal financial participation in state assistance expenditures for health or social services programs, such as Federal Medical Assistance Percentages, creates a projected deficit (Sec.1). -Authorizes the treasurer to transfer monies from the Budget Stabilization Fund to the state general fund if asked to do so by two-thirds of the elected members of each house of the legislature (Sec.1). -Specifies that for fiscal years 2009-2010, 2010-2011, and 2011-2012, no deposit shall be made to the fund except pursuant to a specific appropriation by the legislature (Sec.1). -Prohibits any deposit to the Budget Stabilization Fund to be made if any such deposit would cause the balance in the fund to exceed one billion dollars (Sec.1). -Suspends or reduces the deposit of monies into the Budget Stabilization Fund in certain fiscal years including the same fiscal year in which money in the Budget Stabilization Fund is incorporated into the official forecast (Sec.1).

Full Bill Text