Slide 47 of 84

Finally, we will cover the limitation on the Budget Stabilization Fund balance. The limitation is 25 percent of the general fund- general purpose revenue, which in today's dollars works out to a little more than $2.2 billion. Any excess of the 25 percent would be returned to the taxpayers, which has not happened in the past. An amendment to the DMB act would have changed the percentage to10 percent of the combined GF-GP and School Aid Fund revenues. The amendatory act was vetoed by the Governor, but not because of any objection to the change in the BSF balance limitation.