An Act providing for limit on fiscal year spending, emergency spending and requirement for raising revenue; and establishing the Commonwealth Reserve Fund.

HB 1947 sets annual spending limits for the state's budget and restricts emergency spending without prior legislative approval. It requires the state to establish a Commonwealth Reserve Fund, funded by designated revenue sources, to cover unexpected costs like natural disasters or economic downturns. The bill directly affects state budgeting processes by mandating these spending constraints and creating a new fund for fiscal stability. This would change how the legislature and governor manage state finances, requiring adherence to spending caps and mandatory reserve funding.