Earlier this week, the state House of Representatives approved several bills that propose some measures of transparency and spending limits to the state budget and the budget process.
A package of six bills would require transparency through an official estimate on how much money the state will have, more information about the balance in taxpayer-supported special funds used to provide grants and subsidies, and creating monetary reserves during revenue shortfalls, according to a media release from House Majority Leader Dave Reed. Another bill that passed was a proposed amendment to the state constitution to limit state spending with a cap based on recent increases in the Consumer Price Index and state population growth. For that bill to pass, it has to be approved in two consecutive legislative sessions and then by voters in a referendum.
Reed said over the past three years, the budget stalemates have revealed several loopholes in the constitutional provision for a balanced budget, and these bills will close those loopholes.
The bills will head to the State Senate for their approval.
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