-Authorizes the governor to set aside a contingency reserve for the period beginning July 1, 2010 and ending January 9, 2011 (Sec. 1).
-Requires that until January 9, 2011 the amounts placed in the contingency reserve fund shall not be appropriated or transferred unless authorized by the governor and the assembly (Sec. 1).
-Requires that state agencies review and modify state contracts if it is in the best interests of the state to do so (Sec. 1).
-Authorizes the adoption of emergency rules to implement provisions of this or any other budget initiatives for fiscal year 2011 for the public interest, safety, and welfare (Sec. 5).
-Requires that every member of the General Assembly forfeit 6 days of compensation (Sec. 5).
-Requires State officers to forfeit one day of compensation each month (Sec. 14).
-Requires that in allocating funds the governor take into account each agency's effectiveness in achieving its prioritized goals, in utilizing resources, and in reducing waste (Sec. 25).
-Requires that the Governor's Office of Management and Budget post on its website a survey allowing residents to prioritize spending measures for the upcoming year and that the results of this survey be posted on the website (Sec. 25).
-Requires that the governor, in conjunction with Committees of the General Assembly, establish budgetary priorities and conduct performance analyses to determine how to best meet these priorities (Sec. 25).