Bill > SJR12

This Joint Resolution proposes an amendment to the New Mexico Constitution to limit how much the state legislature can increase spending from the General Fund, which is the state's main operating budget. Specifically, it would establish a "general fund appropriation limit" for each fiscal year, starting in 2024, that cannot be set more than five percent higher than the average spending from the General Fund over the previous ten years. This limit would apply to all spending, whether it's in the main budget bill or in separate, special appropriation bills. To exceed this established limit, the legislature would need a supermajority vote, meaning three-fourths of the members in both the House of Representatives and the Senate would have to agree. If approved by the legislature, this proposed constitutional amendment would then be put to a vote of the people in the next general election or a special election.