NY A04580

Establishes a state operating funds spending cap beginning the first state fiscal year after the law takes effect, with annual spending increases limited to the rate of inflation averaged over the prior three years

Requires the governor to certify in writing that the executive budget does not exceed the spending cap and prohibits the governor from submitting or the legislature from acting on budgets that contain increases exceeding the inflation rate

Directs the comptroller to determine within five days of legislative budget action whether state operating funds spending exceeds the spending cap

Requires the legislature to take corrective action to reduce funding to the spending cap amount if the comptroller finds the enacted budget exceeds the limit

Takes effect immediately upon enactment