Bill > SJR11

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, for fiscal year 2024 and beyond, the legislature would be required to set a limit on total General Fund appropriations, and this limit could not be more than five percent higher than the average of the previous ten years of General Fund spending. This limitation would apply to all appropriations, whether made in a general budget bill or in separate, special bills. The only way the legislature could spend more than this established limit would be if three-fourths of the members in both the House of Representatives and the Senate voted to approve the increase. If approved by the legislature, this proposed constitutional amendment would then be put to a vote of the people at the next general election.