Legislative Republicans Propose Responsible Spending Limits For State Government
This morning Senate and Assembly Republicans held a news conference at the State Capitol to announce a formal proposal to institute state government spending limits.
An overview of the elements of their proposal: Establishes A Spending Limit Enacts a strict spending limit that restricts spending growth each year to the combined percentage change in the state’s population growth and inflation, currently averaging about 5 percent.
Establishes a prudent Reserve Fund
Creates a Special Reserve Account that may only be spent when revenue falls below the spending limits for a given year, subject to a two-thirds vote. The maximum amount that can be accumulated in the new Special Reserve Account may not … Read More