Relating to: accounting and expenditure of state funds and reduction of deficit (first consideration).

This bill proposes to amend the state constitution to require the legislature to account for all state funds using generally accepted accounting principles and to prevent passing any legislation that would increase projected deficits in state funds. It mandates that annual or biennial budget bills must reduce existing deficits by at least one-tenth of the projected annual increase in tax revenues for each fiscal year, and once a deficit is eliminated, no new legislation can create a projected deficit in that fund. The measure directly affects the state legislature and state financial management by establishing stricter budgetary rules and transparency requirements for how state money is tracked and spent.