A resolution to propose to the people of the State of California an amendment to the Constitution of the State, by amending Section 12 of Article IV thereof, relating to the state budget.

Existing provisions of the California Constitution prohibit the Legislature from sending to the Governor for consideration, and prohibit the Governor from signing, a Budget Bill that would appropriate from the General Fund a total amount that, when combined with specified appropriations and transfers, exceeds General Fund revenues for that fiscal year estimated as of the date of the Budget Bill's passage. This measure would require that the estimate of the General Fund revenues for this purpose be the most recent such estimate made jointly by the Controller and the Treasurer. The measure would require the Controller and the Treasurer to provide this revenue estimate to the Governor and the Legislature by January 5, and to correct or update the estimate by April 30.