NY A01367

Establishes an annual spending growth cap calculated as the average of inflation rates from the three calendar years immediately preceding a fiscal year.

Prohibits the Governor from submitting and the Legislature from enacting a budget where state operating funds spending exceeds the annual spending growth cap, with the Comptroller required to verify compliance within five days of budget passage.

Allows the Governor to declare an emergency by executive order and request a budget exceeding the spending cap, which the Legislature may authorize only by a two-thirds supermajority vote.

Increases the maximum balance of the rainy day reserve fund from three percent to ten percent of projected general fund disbursements for the following fiscal year.