NY A10633

Prohibits the governor from issuing a message of necessity to bypass the three-day bill review period for budget bills and appropriation bills, except for emergency appropriations.

Requires any new appropriation items added by the legislature to state revenues sufficient to meet proposed expenditures, and requires all appropriations to specify the sum and have moneys and revenues sufficient to meet expenditures.

Establishes new debt limits: state-supported debt cannot exceed 4 percent of total personal income, and annual debt service payments cannot exceed 5 percent of total governmental funds receipts; limits debt maturity to 30 years and restricts debt to financing capital works only.

Expands allowable reasons for contracting emergency debt to include responding to natural disasters or epidemics, replacing the previous reference to suppressing forest fires.

Creates a constitutionally mandated "rainy day reserve fund" with a maximum balance of 30 percent of projected general fund disbursements; allows withdrawals for economic downturns or emergencies, with required three-year repayment.