Establishes an annual spending growth cap for state operating funds.

The bill establishes an annual spending growth cap for state operating funds, which is determined by the inflation rates from the three prior calendar years. The governor must certify that the budget does not exceed this cap. If the comptroller finds that the budget exceeds the cap, the governor must take corrective action. In emergencies, the governor can declare an emergency and submit a budget exceeding the cap, subject to a two-thirds supermajority vote by the legislature.

Establishes an annual spending growth cap for state operating funds.

The bill establishes an annual spending growth cap for state operating funds, which is determined by the inflation rates from the three prior calendar years. The governor must certify that the budget does not exceed this cap. If the comptroller finds that the budget exceeds the cap, the governor must take corrective action. In emergencies, the governor can declare an emergency and submit a budget exceeding the cap, subject to a two-thirds supermajority vote by the legislature.