Establishes state percent of growth and categorical state percent of growth for two consecutive budget years.

This bill mandates the establishment of the state percent of growth and categorical state percent of growth for two consecutive budget years during the first regular session of the general assembly. It sets the categorical state percent of growth at three percent for the budget year beginning July 1, 2023, and two and one-half percent for the budget year beginning July 1, 2024. The bill also specifies that the general assembly may increase but shall not decrease these percentages for the succeeding budget year. The bill takes effect upon enactment.

Establishes state percent of growth and categorical state percent of growth for two consecutive budget years.

This bill mandates the establishment of the state percent of growth and categorical state percent of growth for two consecutive budget years during the first regular session of the general assembly. It sets the categorical state percent of growth at three percent for the budget year beginning July 1, 2023, and two and one-half percent for the budget year beginning July 1, 2024. The bill also specifies that the general assembly may increase but shall not decrease these percentages for the succeeding budget year. The bill takes effect upon enactment.