Bill > A04843

This bill proposes several constitutional amendments focused on state financial management and fiscal responsibility. It prohibits the governor from issuing a "message of necessity" for budget bills, which previously allowed expedited passage of legislation without the standard three-day review period. The bill establishes new limitations on state-supported debt, capping it at 4% of the state's total personal income and restricting debt issuance to capital works and projects with a maximum maturity of 30 years. Additionally, the bill creates a constitutionally mandated Rainy Day Reserve Fund with a maximum balance of 30% of projected general fund disbursements, which can be used during economic downturns, natural disasters, epidemics, or war. The fund would require legislative notification before transfers and mandate repayment within three years. The bill also requires that any new legislative appropriations must specify corresponding revenues to cover proposed expenditures, ensuring a more balanced approach to budgeting. These changes aim to increase fiscal transparency, limit potential budget overreach, and provide a financial safety net for the state during challenging economic periods.

Budget and Finance, Justice

https://www.nysenate.gov/legislation/bills/2025/A4843