Bill > SCR22

This Concurrent Resolution proposes a constitutional amendment to establish a 2 percent cap on annual increases for certain State government spending, meaning that for each fiscal year, the total amount appropriated cannot exceed the previous year's appropriations by more than 2.0 percent. This limit applies to most State spending but has several exceptions, including State aid to local governments and schools, federal funds, payments to pension systems, State capital construction projects, debt service on voter-approved bonds, appropriations for emergencies like war or natural disasters (excluding routine operations), and funds from the Property Tax Relief Fund. The amendment also allows for unused appropriation limits from the previous three years to be "banked" for future use and unspent appropriations from the prior year to be reappropriated without counting against the new limit. Furthermore, the Legislature can override this cap in cases of fiscal emergencies, but only with a two-thirds vote in both houses. This proposal will be put to a public vote at the next general election.