A resolution to propose to the people of the State of California an amendment to the Constitution of the State, by amending Section 20 of Article XVI thereof, relating to the state budget.

Existing provisions of the California Constitution, approved by the electors on November, 4, 2014, establish the Budget Stabilization Account in the General Fund and require the Controller, on or before October 1 of the 2015–16 fiscal year and each fiscal year thereafter, to transfer from the General Fund to the Budget Stabilization Account amounts that include a sum equal to 1.5% of the estimated amount of General Fund revenues for that fiscal year. These existing provisions prohibit for each fiscal year transfers to the Budget Stabilization Account that would cause the balance in the account to exceed 10% of the amount of General Fund proceeds of taxes for the fiscal year as estimated by the Department of Finance. This measure would increase from 1.5% to 3% the percentage of estimated General Fund proceeds of taxes required to be transferred from the General Fund to the Budget Stabilization Account for each fiscal year. This measure would also increase the maximum balance of the Budget Stabilization Account for each fiscal year from 10% to 15% of the amount of General Fund proceeds of taxes for the fiscal year as estimated by the Department of Finance.