Proposing amendments to the Constitution of the State of Alaska relating to an appropriation limit.

HJR 1 proposes a constitutional amendment to limit Alaska's annual state spending to a percentage (capped at 15%) of the state's average real gross domestic product (GDP) over the previous five years. Certain spending, including permanent fund dividends, bond proceeds, disaster response, and specific public enterprise revenues, is exempt from this limit. To exceed the limit for capital projects or permanent fund appropriations, the legislature would need a three-fourths vote and voter approval, while regular spending beyond the limit would only be permitted for declared disasters. The amendment would apply to fiscal years starting in 2028 and requires voter approval at the next general election.