Presented to the Legislature, this handout summarizes the key features of ACA 4—the rainy-day fund proposal currently on the November 2014 statewide ballot—and the Governor’s proposal for a different rainy-day fund mechanism. Revenue volatility presents a key challenge for state budgeting and the state has a poor track record of setting aside reserves when times are good to help balance the budget during later economic downturns. Designing another budgetary formula for the constitution involves implementation issues for legislative consideration.