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Appropriates moneys from the General Fund to the Oregon Watershed Enhancement Board for certain biennial expenses. Directs board to allocate moneys from the Watershed Conservation Operating Fund to various state agencies to implement Article XV, section 4b, of the Oregon Constitution. Limits biennial expenditures by the board from federal funds and lottery moneys. Limits biennial expenditures from fees, moneys or other revenues, including Miscellaneous Receipts, but excluding lottery funds and federal funds, collected or received by the board. Directs the board to establish by rule a process for allocating available moneys in the Natural Resources Subaccount of the Parks and Natural Resources Fund. <b>Authorizes specified nonlimited expenditures.</b> Declares an emergency, effective July 1, 2025.