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SENATE JOINT RESOLUTION 17
48
TH LEGISLATURE
- STATE OF NEW MEXICO -
FIRST SESSION
, 2007
INTRODUCED BY
Kent L. Cravens
A JOINT RESOLUTION
PROPOSING AN AMENDMENT TO ARTICLE 4 OF THE CONSTITUTION OF NEW
MEXICO TO LIMIT THE LEGISLATURE'S ABILITY TO INCREASE STATE
EXPENDITURES.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. It is proposed to amend Article 4 of the
constitution of New Mexico by adding a new section to read:
"A. For a fiscal year beginning on or after January
1, 2010, the legislature during its regular session shall set
an expenditure limit in an amount calculated pursuant to this
subsection to limit the expenditure increase in the following
fiscal year to no more than the expenditure limit of the prior
fiscal year plus the following amount:
(1) the percent increase in the population of
New Mexico in the most recent prior calendar year for which
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.166457.1
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there is population data available, as estimated annually by
the bureau of business and economic research at the university
of New Mexico, multiplied by the prior fiscal year's
expenditure limit; plus
(2) the product of three and six-tenths
percent multiplied by the prior fiscal year's expenditure
limit.
B. For fiscal year 2010, the legislature shall set
an expenditure limit during the first session of the forty-
ninth legislature by adding to the expenditures made in fiscal
year 2008, an amount equal to:
(1) the percent increase in the population of
New Mexico in the most recent prior calendar year for which
there is population data available, as estimated annually by
the bureau of business and economic research of the university
of New Mexico, multiplied by the total expenditures from the
general fund made in fiscal year 2008; plus
(2) the product of three and six-tenths
percent multiplied by the total expenditures from the general
fund made in fiscal year 2008.
C. Money in the general fund in fiscal year 2010 or
any subsequent fiscal year in excess of the expenditure limit
set annually by the legislature for that fiscal year pursuant
to this section shall be distributed in the following manner:
(1) sixty percent of the unexpended or
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.166457.1
unencumbered balance in the general fund on June 3O of each
fiscal year exceeding the expenditure limit for that fiscal
year shall be deposited in the severance tax permanent fund;
and
(2) forty percent of the unexpended or
unencumbered balance in the general fund on June 30 of any
fiscal year exceeding the expenditure limit for that fiscal
year shall be returned on an equal per capita basis to persons
filing personal income tax returns in the prior calendar year."
Section 2. The amendment proposed by this resolution
shall be submitted to the people for their approval or
rejection at the next general election or at any special
election prior to that date that may be called for that
purpose.
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