AK SJR5

Modifies the state appropriation limit to base it on the average of appropriations from the previous three fiscal years rather than a fixed $2.5 billion cap, with increases limited to cumulative population or inflation changes over the previous two years, whichever is greater.

Allows the legislature to exceed the appropriation limit for capital projects with approval by a majority of voters, and excludes voter-approved capital project appropriations from calculations in subsequent fiscal years.

Removes the requirement that at least one-third of appropriations be reserved for capital projects and loan appropriations.

Eliminates the previous mechanism allowing the legislature to exceed appropriation limits with governor approval or three-fourths legislative vote plus voter approval, replacing it with voter approval only for capital projects.

Applies amendments to appropriations made for fiscal years ending June 30, 2024, and thereafter, with the changes to be placed before voters at the next general election.