Fiscal Emergency. State Budget. State/Local Spending Limits. Vote Requirement for Fees/Charges. Bonds. Initiative Constitutional Amendment.

Empowers Governor to make across-the-board reductions in state spending (with exceptions) upon declaration of fiscal emergency if Legislature doesn\u27t address emergency within 45 days. Continues prior fiscal year\u27s budget if new state budget delayed. Effectively restricts state and expands local government spending limits. Requires certain state fees/charges be enacted by 2/3 vote of the Legislature. Requires certain local fees/charges be approved by vote of electorate. Specifies requirements for state reimbursement of local government mandates. Restricts state bond issuances. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Potentially significant reduction in the growth in state spending beginning in 2006-07 from the imposition of a new spending limit, accompanied by potential reductions in taxes over time. Various other fiscal impacts on the level and mix of state spending due to other provisions of the measure