* Requires enactment of a balanced budget where General Fund expenditures do not exceed estimated General Fund revenues. * Allows the Governor to proclaim a fiscal emergency in specified circumstances, and submit proposed legislation to address the fiscal emergency. * Requires the Legislature to stop other action and act on legislation proposed to address the emergency. * Establishes a budget reserve. * Provides that the California Economic Recovery Bond Act (Proposition 57) is for a single object or work. * Prohibits any future deficit bonds.
Source for Popular Vote data: California Secretary of State. Statement of Vote 2004 Primary Election March 2, 2004, California Secretary of State (http://www.ss.ca.gov/elections/sov/2004_primary/measures.pdf) (accessed 25 Feb 2007)