CON AMEND FINANCE-PUBLIC FUNDS

Proposes to amend the Finance Article of the Illinois Constitution concerning State finance. Provides that the aggregate of appropriations for the expenditure of public funds by the State for a fiscal year shall not exceed the aggregate of appropriations for the expenditure of public funds by the State for the preceding fiscal year by more than 3% or, if a cost of living index has been designated by law for this purpose, the percentage increase from the previous year in the cost of living based on that index, whichever is less. Provides that the General Assembly may exceed the limit on the aggregate appropriations for the expenditure of public funds by the State for a fiscal year only by an affirmative record vote of three-fifths of the members elected to each house. Effective on being declared adopted in accordance with Section 7 of the Illinois Constitutional Amendment Act.