NY A04845

Establishes an annual spending growth cap equal to the average of inflation rates from the three calendar years prior to the fiscal year, calculated using the consumer price index for all urban consumers.

Prohibits the governor from submitting and the legislature from enacting a budget where state operating funds spending increases by a percentage exceeding the annual spending growth cap.

Requires the governor to certify in writing that the executive budget does not exceed the annual spending growth cap and requires the comptroller to determine within five days whether the enacted budget complies with the cap.

Allows the governor to declare an emergency by executive order and permits the legislature to authorize spending exceeding the cap with a two-thirds supermajority vote upon such declaration.

Increases the maximum balance of the rainy day reserve fund from 15 percent to 20 percent of projected general fund disbursements for the following fiscal year.