MO SJR20

Repeals section 27(a) of article IV of the Missouri Constitution and replaces it with three new sections establishing spending limits and reserve funds.

Caps annual state general revenue appropriations growth at the "appropriations growth limit" (inflation rate plus population change), except for new tax revenues or emergency appropriations approved by two-thirds legislative vote.

Establishes a Cash Operating Reserve Fund (67% of existing budget reserve fund balance) and a Budget Reserve Fund (33% of existing balance) to stabilize state finances and meet emergency needs.

Requires automatic transfer of excess general revenue collections exceeding appropriations by more than 1% to the reserve funds, with amounts exceeding fund caps transferred to general revenue and applied to permanent state income tax rate reductions.

Mandates repayment of funds borrowed from the Budget Reserve Fund within five years, and requires minimum fund balances of 5% for the Cash Operating Reserve Fund and 7% for the Budget Reserve Fund based on prior year net general revenue collections.