NY A09061

Establishes an annual spending growth cap calculated as the average of inflation rates from the three calendar years prior to the fiscal year in question.

Prohibits the Governor from submitting and the Legislature from enacting budgets where state operating funds spending (excluding federal and capital funds) exceeds the annual spending growth cap.

Requires the Governor to certify that the executive budget complies with the spending cap and the Comptroller to determine within five days of legislative budget action whether the enacted budget exceeds the cap.

Allows the Governor to declare an emergency by executive order to exceed the spending cap, but requires a two-thirds supermajority vote in the Legislature to authorize such excess spending.

Increases the maximum balance of the rainy day fund from 3 percent to 10 percent of the aggregate amount projected to be disbursed from the general fund in the following fiscal year.