Synopsis As Introduced Creates the Emergency Budget Act of Fiscal Year 2003. Provides that the Governor may designate as contingency reserves an amount no greater than 5% of the total appropriations made from the General Revenue Fund to each executive State agency that is directly responsible to the Governor. Also, authorizes contingency reserves of appropriations to the State Board of Education (except those for general State aid) and to those receiving funding for higher education purposes. Provides that appropriated amounts designated as a contingency reserve may not be obligated, encumbered, or expended. Provides that any periodic transfers or expenditures that are based upon amounts appropriated must be reduced to accommodate a contingency reserve and that any necessary proration of periodic payments from the General Revenue Fund shall be distributed equally among the remaining payments for the fiscal year. Makes these provisions applicable only to appropriations for State fiscal year 2003. Effective immediately.