Establishes a spending cap and increases the maximum capacity of the rainy day fund

This bill introduces two main changes to state financial management: it sets a limit on how much government spending can grow each year and raises the maximum amount the state can save in its rainy day fund. The spending growth cap is calculated based on the average inflation rate of the previous three years, meaning the governor cannot propose a budget that increases spending by more than this percentage unless a declared emergency allows for a special two-thirds vote to override the limit. Additionally, the bill increases the maximum capacity of the rainy day fund to twenty percent of the projected general fund disbursements, allowing the state to set aside more money for future financial emergencies. These measures directly affect the governor, the legislature, and the state comptroller by restricting budget proposals and altering how much money can be transferred to the reserve fund.