Proposes a constitutional amendment, which provides that, beginning with Fiscal Year 2014, the Legislature may not enact, nor may the Governor sign into law, a budget bill that makes appropriations from the state General Fund for that fiscal year in an amount that exceeds state General Fund Revenues, as forecast by the Economic and Revenue Forecast Council.   Official Text and Analysis.

Shortens from six to four years the balanced budget requirement. Clarifies that subsequent fiscal year analysis must include other expenditures mandated by state law. Provides an exception from the four year balanced budget requirement for years in which funds are appropriated from the budget stabilization account.

Prohibits the Legislature from enacting and the Governor from signing a budget in which General Fund appropriations exceed revenues, beginning with Fiscal Year 2014. In addition, the Legislature may not enact, nor may the Governor sign into law, a budget bill that would require appropriations from the state General Fund to maintain current program and service levels and statutory mandates in any of the three subsequent fiscal years in an amount that exceeds state General Fund Revenues for that fiscal year. This requirement does not apply in any year in which money is withdrawn from the Budget Stabilization Account, also known as the Rainy Day Fund.