(1) If an official revenue estimate is issued reflecting a revenue shortfall in the general fund or road fund of five percent (5%) or less, or if there is an actual revenue shortfall at the close of a fiscal year in the general fund or road fund of five percent (5%) or less, as determined by the Office of State Budget Director, the Governor, the Chief Justice, and the Legislative Research Commission shall make any appropriation reductions for the budget units of their respective branches of government in accordance with the budget reduction plan included in the enacted branch budget bill.
(2) No budget revision action shall be taken by any branch head in excess of the actual or projected revenue shortfall.
(3) Appropriation reductions shall be reported to the standing Appropriations and Revenue Committees of each house or to the Interim Joint Committee on Appropriations and Revenue, as appropriate.