NY A04383

Establishes an annual spending growth cap calculated by averaging inflation rates from the three calendar years immediately prior to the fiscal year, applied to state operating funds spending (excluding federal funds and capital projects)

Prohibits the Governor from submitting and the Legislature from enacting a budget that increases state operating funds spending beyond 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 for extraordinary circumstances (natural disasters, terrorism, economic calamity, etc.), permitting budget spending above the cap only with two-thirds legislative supermajority approval

Increases the maximum capacity of the rainy day reserve fund from 3% to 10% of projected general fund disbursements for the following fiscal year

Takes effect immediately upon enactment