(a) The following terms, as used in this section, shall be defined as follows:

(1) “Appropriation” shall include automatic appropriations and continuing appropriations. An automatic appropriation shall be deemed made when any of the funds so appropriated are expended. A continuing appropriation shall be deemed made on the effective date of the first expenditure of funds so appropriated, notwithstanding the fact that the appropriation may be made continuing by virtue of a later act preventing the reversion of the appropriation.

(2) “Automatic appropriation” shall mean an appropriation which specifies no fixed dollar maximum amount, that amount being determined upon the occurrence of a stated future condition.

(3) “Budget Act” shall mean the Budget Appropriation Bill duly enacted according to §§ 6335 through 6338 of this title, approved by the Governor, and any amendatory legislation.

(4) “Budget Reserve Account” as used in subsection (b) of this section shall mean the Budget Reserve Account as of the close of the fiscal year next preceding the year in which the appropriation, supplemental appropriation or Budget Act described in that subsection is enacted.

(5) “Continuing appropriation” shall mean the unencumbered balance of any General Fund appropriation which, once established, is automatically renewed in any succeeding fiscal year without further legislative action.

(6) “General Fund” shall be as defined in § 6102 of this title.

(7) “Revenue anticipation bonds or notes” shall mean notes or bonds issued by the State in anticipation of the receipt by the State of taxes and revenues payable to the State and to the payment of which the State has pledged its full faith and credit, to the extent that the proceeds of such bonds or notes are deposited in the General Fund.

(8) “Supplemental appropriation” shall mean an appropriation provided by a Supplementary Appropriation Bill pursuant to § 6339 of this title.

(b) No appropriation, supplemental appropriation or budget act shall cause the aggregate General Fund appropriations enacted for any given fiscal year to exceed 98 percent of the estimated General Fund revenue for such fiscal year from all sources, including estimated unencumbered funds remaining at the end of the previous fiscal year. An act approved pursuant to Article VIII, § 3 of the Delaware Constitution of 1897, shall not be considered an appropriation for the purpose of this section. Estimated unencumbered funds are calculated by taking the estimated General Fund cash balance at the end of the fiscal year less estimated revenue anticipation bonds or notes, estimated encumbrances, estimated continuing appropriations and the amount of the Budget Reserve Fund as established in subsection (d) of this section at the end of said fiscal year. The amount of said revenue estimate and estimated unencumbered funds remaining shall be determined by the most recent joint resolution approved from time to time by a majority of the members elected to each House of the General Assembly and signed by the Governor.

(c) Notwithstanding subsection (b) of this section, any portion of the amount between 98 and 100 percent of the estimated General Fund revenue for any fiscal year as estimated in accordance with subsection (b) of this section may be appropriated in any given fiscal year in the event of emergencies involving the health, safety or welfare of the citizens of the State, such appropriations to be approved by 3/5 of the members elected to each House of the General Assembly.

(d) There is hereby established a Budget Reserve Account within the General Fund. Within 45 days after the end of any fiscal year, the excess of any unencumbered funds remaining from the said fiscal year shall be paid by the Secretary of Finance into the Budget Reserve Account; provided, however, that no such payment will be made which would increase the total of the Budget Reserve Account to more than 5 percent of only the estimated General Fund revenues as set by subsection (b) of this section. The excess of any unencumbered funds shall be determined by subtracting from the actual unencumbered funds at the end of any fiscal year an amount which together with the latest estimated General Fund revenues is necessary to fund the ensuing fiscal year’s General Fund budget including the required estimated supplemental and automatic appropriation for said ensuing fiscal year less estimated reversions. The General Assembly by three-fifths vote of the members elected to each House may appropriate from the Budget Reserve Account such additional sums as may be necessary to fund any unanticipated deficit in any given fiscal year or to provide funds required as a result of any revenue reduction enacted by the General Assembly.

(e) There is hereby established a Revenue Refund Account within the Office of the State Treasurer. Prior to depositing receipts and moneys of this State to the credit of the State Treasurer in the General Fund, the State Treasurer and the Secretary of Finance shall determine the appropriate refund amounts by major categories and pay same into the Revenue Refund Account.

(1) [Repealed.]

(2) The State Treasurer shall prepare and issue reports periodically, upon request, as follows:

a. Estimates of refund disbursements for the current fiscal year and next succeeding fiscal year by major categories for use by the Delaware Economic and Financial Advisory Council (or its successor entity) and/or members thereof; and

b. Status of Revenue Refund Account by major categories at the close of business for each month for use by the Secretary of Finance, the Director of the Office of Management and Budget, and the Controller General.

(f) No appropriation or supplemental appropriation enacted for any given fiscal year for grants-in-aid in the aggregate shall:

(1) Exceed 1.2 percent of the estimated net state General Fund revenue estimated in March for such fiscal year from all sources; and

(2) Cause the aggregate state General Fund appropriations enacted for any given fiscal year to exceed 98 percent of the estimated net state General Fund revenue for such fiscal year from all sources, including estimated unencumbered funds remaining at the end of the previous fiscal year.

The term “estimated net state General Fund revenue” means the estimated gross state General Fund revenue less estimated revenue refunds.

(g) Any appropriation for municipal street aid shall not be subject to the limitation in subsection (f) of this section.

61 Del. Laws, c. 411, § ?1; 62 Del. Laws, c. 235, §§ ?1, 2; 63 Del. Laws, c. 196, § ?3; 65 Del. Laws, c. 87, § ?79; 66 Del. Laws, c. 87, § ?4; 66 Del. Laws, c. 345, § ?17; 75 Del. Laws, c. 88, § ?21(13); 83 Del. Laws, c. 290, § ?1(8); 83 Del. Laws, c. 323, § 1;