MO HJR34

Limits annual growth in total state general revenue appropriations to the sum of inflation (Consumer Price Index) plus population change, with a floor of zero percent growth

Requires excess general revenue collections above 1% of allowed appropriations to be transferred to the Cash Operating Reserve Fund (capped at 5% of net general revenue) and Budget Reserve Fund (capped at 7% of net general revenue)

Mandates automatic, permanent reduction of all state income tax rates when excess funds remain after filling both reserve funds, with rates rounded to the nearest quarter percent

Allows the appropriations growth limit to be exceeded only when the governor declares an emergency and two-thirds of both legislative chambers approve separate emergency appropriation bills

Restructures the existing Budget Reserve Fund into two separate funds: a Cash Operating Reserve Fund for short-term cash flow needs and a Budget Reserve Fund accessible only for emergencies or to restore governor-ordered budget cuts