Increased revenues: appropriation.

The California Constitution requires the Governor, within the first 10 days of each calendar year, to submit to the Legislature a budget for the ensuing fiscal year containing itemized statements for recommended state expenditures and estimated state revenues. Existing law requires the Director of Finance to provide to the Legislature, on or before May 14 of each year, specified information, including an estimate of General Fund revenues for the current fiscal year and for the ensuing fiscal year. This bill would require the Director of Finance to calculate any increase between the General Fund revenue estimate for the 2013–14 fiscal year in the Governor's Budget Summary 2014–15 and the estimate of General Fund revenue for the 2013–14 fiscal year submitted by the Director of Finance on or before May 14, 2014. The bill would require the Director of Finance to calculate any increase between the General Fund revenue estimate in the budget for the 2014–15 fiscal year submitted by the Governor and the estimate of General Fund revenues for the 2014–15 fiscal year submitted by the Director of Finance on or before May 14, 2014. The bill would prohibit General Fund appropriations other than those made by this bill for the 2013–14 and 2014–15 fiscal years from exceeding the amount of General Fund revenues in the budget approved for the 2013–14 fiscal year and, for the 2014–15 fiscal year, in the budget submitted by the Governor. The bill would appropriate the amount of any increase in General Fund revenues calculated by the Director of Finance necessary to meet the state's minimum funding obligation pursuant to Section 8 of Article XVI of the California Constitution to the Controller for apportionment to school districts and community college districts. If any funds remain after this appropriation, the bill would appropriate 50% of the remaining funds to the Budget Stabilization Account and would appropriate 50% of the funds, up to $2.534 billion, to specified transportation funds and accounts for immediate repayment of outstanding loans made from those transportation funds and accounts to the General Fund. The bill would appropriate certain amounts repaid to specified transportation funds and accounts for local street and road purposes, to be apportioned by the controller according to a specified formula. The bill would appropriate any funds remaining after these appropriations to the Budget Stabilization Account.