A resolution to propose to the people of the State of California an amendment to the Constitution of the State, by amending Sections 20 and 22 of Article XVI thereof, relating to state finance.

(1) The California Constitution establishes the Budget Stabilization Account and requires the Controller to transfer from the General Fund to the account, no later than October 1 of each fiscal year, a sum equal to 1.5% of the estimated amount of General Fund revenues for that fiscal year. The Department of Finance is required to report specified information to the Legislature, including (A) an estimate of the amount of General Fund proceeds of taxes that may be appropriated for that fiscal year, (B) an estimate of the portion of that amount that is derived from personal income taxes paid on net capital gains, and (C) the portion of the estimate in (B) that exceeds 8% of the estimate made in (A) . Notwithstanding the requirement for the Controller to transfer 1.5% of General Fund revenues for each fiscal year to the account, for the 2015–16 fiscal year to the 2029–30 fiscal year, inclusive, the California Constitution instead requires 50% of that amount and 50% of the amount described in (C) to be transferred to the Budget Stabilization Account. The California Constitution requires the remaining 50% to be appropriated for unfunded liabilities and other specified purposes. Commencing with the 2027–28 fiscal year, this measure would require the Department of Finance to report the sum of the portion of the estimate in (B) that exceeds 8%, but does not exceed 10%, of the estimate in (A) and 150% of the estimate in (B) that exceeds 10% of the estimate in (A) . The measure would require 50% of that sum and 50% of the amount equal to 1.5% of the estimated amount of General Fund revenues for the fiscal year to be transferred to the Budget Stabilization Account each fiscal year until the 2039–40 fiscal year, and it would require the remaining 50% to be appropriated for unfunded liabilities and other specified purposes. The measure would add repayment of federal loans relating to unemployment insurance to the purposes for which the remaining 50% may be appropriated. The Cal