Present Constitution establishes the Budget Stabilization Fund in the state treasury and authorizes the appropriation or allocation of any money designated in the official forecast as nonrecurring to be made for providing for allocation or appropriation for deposit into the Budget Stabilization Fund established in this constitution.

Proposed Constitutional Amendment changes the name of the Budget Stabilization Fund to the Budget and Transportation Stabilization Trust in this constitution.

Present Constitution provides for the deposit of mineral revenues into the Budget Stabilization Fund in excess of $750,000,000, referred to as the base, and authorizes the base to be increased every 10 years beginning in 2000 by a law enacted by 2/3 of the elected members of each house of the legislature.

Proposed Constitutional Amendment changes the time period that the base may be increased from every 10 years to every 5 years beginning in 2014.

Proposed Constitutional Amendment establishes the Budget Stabilization Subfund and the Transportation Stabilization Subfund in the Budget and Transportation Stabilization Trust and provides that mineral revenues in excess of the base contained in the Budget and Transportation Stabilization Trust at the beginning of each fiscal year, shall be allocated and deposited as follows:

1) Beginning in Fiscal Year 2015-2016, mineral revenues in excess of the base shall be deposited into the Budget Stabilization Subfund until the balance in the fund equals and shall be maintained in the amount of $500,000,000.

2) Once the balance in the Budget Stabilization Subfund equals $500,000,000, mineral revenues shall be deposited into the Transportation Stabilization Subfund at the beginning of the next fiscal year until the balance of the Transportation Stabilization Subfund equals and shall be maintained in the amount of $500,000,000. Thereafter, any excess mineral revenues shall be deposited into the state general fund and additional monies may be appropriated by the legislature into the Budget Stabilization
Subfund or the Transportation Stabilization Subfund. Monies appropriated by the legislature into the Transportation Stabilization Subfund shall be used solely and exclusively for planning, design, construction, and maintenance connected with the state highway program, provided that an amount not less than 20% of the funds appropriated from the Transportation Stabilization Subfund shall be used solely and exclusively for the Louisiana Intermodal Connector Program within the Department of
Transportation and Development.

3) No deposit of mineral revenues shall be made into the Budget Stabilization Subfund and the Transportation Stabilization Subfund in any fiscal year in which the state has a deficit or in the ensuing fiscal year, except by specific appropriation by the legislature.

Present Constitution provides that any revenues deposited in and credited to the Mineral Revenue Audit and Settlement Fund shall not be considered mineral revenues for purposes of the Budget Stabilization Fund.

Proposed Constitutional Amendment changes the name of the Budget Stabilization Fund to the Budget and Transportation Stabilization Trust in this constitution.