FINANCE-SPENDING LIMIT

Proposes to amend the Finance Article of the Illinois Constitution. Except upon a three-fifths vote of each house of the General Assembly, limits each fiscal year's increase in total aggregate appropriations to the greater of 4% of the previous fiscal year's total aggregate appropriations or the sum of the rate of inflation and the State's population growth since the previous fiscal year. Requires that revenues in excess of a fiscal year's total aggregate appropriations must be deposited into a rainy day fund within the State treasury. Provides that moneys appropriated for elementary or secondary education, and moneys appropriated to any public or private university or community college in the State, shall not be included as part of the State's aggregate appropriations in any fiscal year. Effective upon being declared adopted.