Establishes an annual spending growth cap and increases the maximum capacity of the rainy day fund.

This bill amends the state finance law by adding a new article establishing an annual spending growth cap. The cap is determined by adding the inflation rates from the three prior calendar years and dividing by three. The governor must certify that state operating funds spending in the executive budget does not exceed this cap. If the comptroller finds that the enacted budget exceeds the cap, the governor must take corrective action. The bill also increases the maximum capacity of the rainy day fund.

Establishes an annual spending growth cap and increases the maximum capacity of the rainy day fund.

This bill amends the state finance law by adding a new article establishing an annual spending growth cap. The cap is determined by adding the inflation rates from the three prior calendar years and dividing by three. The governor must certify that state operating funds spending in the executive budget does not exceed this cap. If the comptroller finds that the enacted budget exceeds the cap, the governor must take corrective action. The bill also increases the maximum capacity of the rainy day fund.