Vote Smart's Synopsis:

Vote to adopt a substitute amendment that proposes a Constitutional amendment to require the state to deposit in an emergency reserve fund all funds in excess of the previous year’s revenue, as increased the inflation rate as given by the change in the Milwaukee-Racine consumer price index, plus the annual percentage increase in Wisconsin’s population or the average percentage change in personal income in Wisconsin, whichever is less. The funds in the emergency reserve fund are marked for use in natural disasters, attacks, or for use in a year in which the revenue collected is less than the specified limit. The bill stipulates that if this emergency fund is larger than two percent of the general fund, the excess may be used to decrease state or property taxes. The bill also states that if the emergency fund is larger than six percent of the general fund, the excess will be refunded to taxpayers. Additionally, the bill allows this limit to be lowered by the legislature by law or to be increased by a referendum. The bill prohibits Wisconsin from borrowing, if it would increase state expenditures or decrease state revenues.

Full Bill Text