Subject to approval by voters at the statewide election in November 2018, adds new Article XV of the North Carolina Constitution providing that the maximum annual percentage change in state fiscal year spending equals inflation plus the percentage change in state population in the prior calendar year. Allows the General Assembly to vote to increase this fiscal year spending limit, with approval by a two‑thirds majority of the members of each house of the General Assembly.

Creates the Emergency Reserve Fund (Fund), with appropriations from the Fund for declared emergencies upon approval by a two‑thirds majority of the members of each house of the General Assembly. Also creates the Budget Stabilization Fund (Stabilization Fund) to be used to make up the differences between total state revenues and the fiscal year spending limit when total state revenues are less than the fiscal year spending limit.

Specifies how to treat state revenues in excess of the fiscal year spending limit.

Prohibits the transfer of state cash fund principal from any state cash fund to the General Fund, other than transfers from the Fund or Stabilization Fund.

Prohibits the state from imposing on any unit of local government any part of the total costs of new programs or services, or increases in existing programs or services, unless a specific appropriation is made sufficient to pay the unit of local government for that purpose. Prohibits the proportion of state revenue paid to all units of local government from being reduced below that proportion in effect on July 1, 2018. 

Includes a severabililty clause.

Requires the General Assembly to enact legislation to implement and enforce the new Article.

Sets out the ballot language.

If approved, effective July 1, 2019.