AK HJR7

Establishes an appropriation limit capping annual state appropriations at 50% of cumulative population and inflation changes (or 2%, whichever is less) compared to the average of the previous three fiscal years.

Exempts from the appropriation limit: Alaska Permanent Fund appropriations, disaster relief, bond obligations, reappropriations, federal funds for specific purposes, and restricted gifts or grants.

Renames the "Budget Reserve Fund" to "Savings Reserve Fund" and directs end-of-year general fund surpluses to be deposited first to the Permanent Fund (up to 50% of fund income), then to the Savings Reserve Fund (to meet next year's appropriation limit), then to the Permanent Fund again.

Applies the appropriation limit to fiscal years ending June 30, 2022 and thereafter, with money from the former Budget Reserve Fund transferred to the new Savings Reserve Fund upon effective date.

Requires voter approval of these constitutional amendments at the next general election.