MO SJR46

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

Caps annual growth in state general revenue appropriations to the greater of zero or the sum of inflation rate plus population growth percentage, with exceptions for emergencies requiring two-thirds legislative approval.

Establishes two reserve funds: Cash Operating Reserve Fund (5% of net general revenue collections) and Budget Reserve Fund (7% of net general revenue collections) to stabilize state finances.

Requires automatic transfer of surplus revenues exceeding limits to income tax rate reductions, rounded to nearest one-quarter of one percent, with Commissioner of Administration notifying the Director of Revenue to adjust tax rates accordingly.

Allows appropriations to exceed spending limits only when governor declares emergency and general assembly approves emergency appropriation by two-thirds vote in each house; emergency appropriations excluded from baseline for following year's growth calculation.