NY A04843

Prohibits the governor from issuing a "message of necessity" to expedite voting on budget bills or appropriation bills, except for emergency appropriations, requiring the standard three-day waiting period for all budget legislation

Requires all new appropriation items added by the legislature to state sufficient revenues to meet proposed expenditures, and mandates that every appropriation have sufficient moneys and revenues to cover the spending

Limits state-supported debt to 4% of total state personal income and caps annual debt service payments at 5% of total governmental funds receipts, with exceptions only for invasion, insurrection, war, natural disasters, or disease epidemics

Restricts state-supported debt to capital works or purposes only, with a maximum maturity of 30 years

Establishes a constitutionally mandated "Rainy Day Reserve Fund" capped at 30% of projected general fund disbursements, usable only during economic downturns, natural disasters, epidemics, or wartime emergencies, with mandatory three-year repayment requirements