S T A T E O F N E W Y O R K ________________________________________________________________________ 7301 2013-2014 Regular Sessions I N A S S E M B L Y May 10, 2013 ___________ Introduced by M. of A. FARRELL -- (at request of the State Comptroller) -- read once and referred to the Committee on Ways and Means CONCURRENT RESOLUTION OF THE SENATE AND ASSEMBLY proposing amendments to article 7 of the constitution, in relation to authorization of debt in times of public emergency, a limit on the total amount of state-funded debt, the refunding of state debts, providing for the use of conference committees, consensus forecasting and the submission of a capital program and financing plan 1 Section 1. Resolved (if the Senate concur), That section 10 of article 2 7 of the constitution be amended to read as follows: 3 S 10. In addition to the above limited power to contract debts, the 4 state may contract debts to repel invasion, suppress insurrection, [or] 5 defend the state in war, [or] to suppress forest fires OR TO RESPOND TO 6 ANY OTHER EMERGENCY STEMMING FROM A DISASTER INCLUDING, BUT NOT LIMITED 7 TO, A DISASTER CAUSED BY AN ACT OF TERRORISM; but the money arising from 8 the contracting of such debts shall be applied for the purpose for which 9 it was raised, or to repay such debts, and to no other purpose whatever. 10 NO DEBT SHALL BE CONTRACTED PURSUANT TO THIS SECTION WITHOUT THE CONCUR- 11 RENCE OF THE GOVERNOR, THE COMPTROLLER, AND A MAJORITY OF THE MEMBERS 12 ELECTED TO EACH BRANCH OF THE LEGISLATURE; AND THE GOVERNOR SHALL HAVE 13 POWER TO SUMMON THE COMPTROLLER AND CONVENE THE LEGISLATURE IN EXTRAOR- 14 DINARY SESSION FOR THE PURPOSE OF CONSIDERING SUCH EMERGENCY DEBT. AT 15 THE TIME, DATE AND PLACE APPOINTED BY THE GOVERNOR, NO OTHER SUBJECT 16 SHALL BE ACTED UPON UNTIL EACH, IN THE FOLLOWING ORDER, HAS GIVEN THEIR 17 APPROVAL OR ANY ONE THEREOF HAS GIVEN THEIR DISAPPROVAL OF THE DEBT 18 PROPOSED BY THE GOVERNOR TO ENABLE THE STATE TO RESPOND TO SUCH EMERGEN- 19 CY: THE GOVERNOR, THE COMPTROLLER, THE SENATE AND THE ASSEMBLY. THE 20 PROPOSAL OF SUCH EMERGENCY DEBT SHALL BE IN THE FORM OF A RESOLUTION 21 PREPARED AND SUBMITTED BY THE GOVERNOR TO THE COMPTROLLER, THE SENATE 22 AND THE ASSEMBLY, WHO SHALL APPROVE OR DISAPPROVE SUCH RESOLUTION WITH- 23 OUT ANY CHANGES THERETO; AND IF SUCH RESOLUTION IS APPROVED BY THE 24 GOVERNOR, THE COMPTROLLER, AND A MAJORITY OF THE MEMBERS ELECTED TO EACH EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD89097-01-3 A. 7301 2 1 BRANCH OF THE LEGISLATURE, THEN SUCH LAW OR LAWS SHALL BE ENACTED AS MAY 2 BE NECESSARY OR ADVISABLE TO IMPLEMENT SUCH APPROVAL. 3 S 2. Resolved (if the Senate concur), That section 11 of article 7 of 4 the constitution be amended to read as follows: 5 S 11. 1. Except the debts or refunding debts specified in sections 9, 6 10 and 13 of this article, no debt shall be hereafter contracted by or 7 [in] ON behalf of the state, unless such debt shall be authorized by law 8 PURSUANT TO THIS SECTION, for some single work or purpose, to be 9 distinctly specified therein. [No such] DEBT SUBJECT TO THE PROVISIONS 10 OF THIS SECTION SHALL INCLUDE ANY DEBT OR OBLIGATION, OTHER THAN DEBT OR 11 REFUNDING DEBT INCURRED PURSUANT TO SECTIONS 9, 10 AND 13 OF THIS ARTI- 12 CLE, SUPPORTED IN WHOLE OR IN PART BY ANY FINANCING ARRANGEMENT WHEREBY 13 THE STATE AGREES, WHETHER BY LAW, CONTRACT, OR OTHERWISE, TO MAKE 14 PAYMENTS WHICH ARE TO BE USED, DIRECTLY OR INDIRECTLY, FOR THE PAYMENT 15 OF PRINCIPAL, INTEREST, OR RELATED PAYMENTS ON INDEBTEDNESS INCURRED OR 16 CONTRACTED BY THE STATE ITSELF FOR ANY PURPOSE, OR BY ANY STATE AGENCY, 17 MUNICIPALITY, INDIVIDUAL, PUBLIC AUTHORITY OR OTHER PUBLIC OR PRIVATE 18 CORPORATION OR ANY OTHER ENTITY FOR STATE CAPITAL OR OPERATING PURPOSES 19 OR TO FINANCE GRANTS, LOANS OR OTHER ASSISTANCE PAYMENTS MADE OR TO BE 20 MADE BY OR ON BEHALF OF THE STATE FOR ANY PURPOSE. IF THE STATE AGREES 21 OR HAS AGREED ON OR AFTER APRIL FIRST, NINETEEN HUNDRED NINETY-SEVEN TO 22 MAKE FUTURE REVENUES FROM A SPECIFIC STATE SOURCE AVAILABLE FOR THE 23 PURPOSE OF SUPPORTING DEBT OF ANY MUNICIPALITY, INDIVIDUAL, PUBLIC OR 24 PRIVATE CORPORATION OR ANY OTHER ENTITY, OR, IF ON OR AFTER SUCH DATE, A 25 PROGRAM OF DEBT IS AUTHORIZED TO BE ISSUED WHERE STATE AID IS INTENDED 26 TO BE THE SOLE SOURCE OF PAYMENT OF DEBT SERVICE, SUCH DEBT SHALL BE 27 CONSIDERED TO BE A DEBT FOR THE PURPOSE OF FINANCING A STATE GRANT, LOAN 28 OR OTHER ASSISTANCE PAYMENT AND SHALL BE SUBJECT TO THE PROVISIONS OF 29 THIS SECTION. THE PROVISIONS OF THIS SECTION SHALL APPLY (I) WHETHER OR 30 NOT THE OBLIGATION OF THE STATE TO MAKE PAYMENTS IS SUBJECT TO APPROPRI- 31 ATION, OR (II) WHETHER OR NOT DEBT SERVICE IS TO BE PAID FROM A REVENUE 32 STREAM TRANSFERRED BY THE STATE TO ANOTHER PARTY THAT IS RESPONSIBLE FOR 33 MAKING SUCH PAYMENTS. 34 2. THE LEGISLATURE MAY, BY LAW, AUTHORIZE THE STATE TO CONTRACT DEBT 35 SECURED BY A PLEDGE OF SPECIFIC STATE REVENUES AUTHORIZED BY SUCH LAW TO 36 BE DEPOSITED IN A DEDICATED TRUST FUND OR FUNDS CREATED FOR A SINGLE 37 CAPITAL WORK OR PURPOSE. THE LEGISLATURE SHALL, BY LAW, IDENTIFY THE 38 CAPITAL WORK OR PURPOSE TO BE FINANCED WITH SUCH DEBT. REVENUES IN 39 EXCESS OF THE REQUIRED PAYMENTS OF DEBT SERVICE AND RELATED PAYMENTS ON 40 SUCH DEBT SHALL BE AVAILABLE FOR OTHER PURPOSES, AS PROVIDED BY LAW. 41 3. EXCEPT AS PROVIDED IN SUBDIVISION 5 OF THIS SECTION, NO law AUTHOR- 42 IZING DEBT TO BE CREATED BY THE STATE PURSUANT TO SUBDIVISIONS 1 AND 2 43 OF THIS SECTION shall take effect until it shall, at a general election, 44 have been submitted to the people, and have received a majority of all 45 the votes cast for and against it at such election nor shall it be 46 submitted to be voted on within three months after its passage [nor at 47 any general election when any other law or any bill shall be submitted 48 to be voted for or against] BY THE LEGISLATURE. 49 The legislature may, at any time after the approval of such law by the 50 people, if no debt shall have been contracted in pursuance thereof, 51 repeal the same; and may at any time, by law, forbid the contracting of 52 any further debt or liability under such law. 53 4. DURING THE FISCAL YEAR BEGINNING APRIL FIRST, TWO THOUSAND TWENTY- 54 THREE AND IN EVERY FISCAL YEAR THEREAFTER, NO DEBT AUTHORIZED PURSUANT 55 TO THIS SECTION SHALL BE INCURRED UNLESS THE TOTAL PRINCIPAL AMOUNT OF 56 DEBT TO BE INCURRED PURSUANT TO SUCH LAW, TOGETHER WITH THE TOTAL PRIN- A. 7301 3 1 CIPAL AMOUNT OF DEBT ALREADY OUTSTANDING, SHALL BE EQUAL TO OR LESS THAN 2 FIVE PERCENT OF THE TOTAL PERSONAL INCOME OF THE STATE AS DETERMINED BY 3 LAW. DEBT SUBJECT TO THE LIMIT IMPOSED BY THIS SECTION SHALL INCLUDE ALL 4 DEBT, WHENEVER ISSUED, DESCRIBED IN SUBDIVISIONS 1 AND 2 OF THIS SECTION 5 BUT SHALL NOT INCLUDE THE DEBTS SPECIFIED IN SECTIONS 9, 10 AND 13 OF 6 THIS ARTICLE. 7 5. DURING ANY FISCAL YEAR, DEBT IN THE COMBINED AGGREGATE AMOUNT OF 8 TWO HUNDRED FIFTY MILLION DOLLARS MAY BE INCURRED PURSUANT TO A LAW OR 9 LAWS THAT ARE NOT SUBMITTED FOR APPROVAL BY THE PEOPLE. SUCH DEBT SHALL 10 BE INCURRED ONLY FOR CRITICAL CAPITAL NEEDS. HOWEVER, IN NO EVENT SHALL 11 DEBT INCURRED IN FISCAL YEARS BEGINNING IN TWO THOUSAND TWENTY-THREE AND 12 THEREAFTER PURSUANT TO SUCH LAW OR LAWS RESULT IN A TOTAL PRINCIPAL 13 AMOUNT OF DEBT IN EXCESS OF THE LIMIT DETERMINED PURSUANT TO SUBDIVISION 14 4 OF THIS SECTION. 15 6. (I) ALL DEBT SUBJECT TO THE PROVISIONS OF THIS SECTION SHALL, 16 EXCEPT FOR REFUNDING DEBT, BE INCURRED ONLY FOR A CAPITAL PURPOSE 17 AUTHORIZED BY LAW, AND (II) ALL DEBT SUBJECT TO THE PROVISIONS OF THIS 18 SECTION AND ALL DEBT AND REFUNDING DEBT SPECIFIED IN SECTIONS 9, 10 AND 19 13 OF THIS ARTICLE SHALL, IF INCURRED ON OR AFTER THE FIRST DAY OF THE 20 FIRST FISCAL YEAR BEGINNING AT LEAST ONE YEAR AFTER THE DATE THIS SUBDI- 21 VISION SHALL HAVE TAKEN EFFECT, BE IN THE FORM OF OBLIGATIONS ISSUED BY 22 THE COMPTROLLER. 23 7. NOTHING CONTAINED IN THIS SECTION SHALL INVALIDATE DEBT OBLIGATIONS 24 OUTSTANDING ON THE DATE THIS SUBDIVISION SHALL HAVE TAKEN EFFECT THAT 25 WOULD BE SUBJECT TO THE PROVISIONS OF THIS SECTION IF INCURRED AFTER THE 26 DATE THIS SUBDIVISION SHALL HAVE TAKEN EFFECT, AND THE STATE MAY CONTIN- 27 UE TO PROVIDE FOR PAYMENTS RELATED TO SUCH DEBT ON THE SAME TERMS UNDER 28 WHICH SUCH DEBT WAS INCURRED; PROVIDED, HOWEVER, THAT NO SUCH DEBT SHALL 29 BE REFUNDED UNLESS SUCH REFUNDING COMPLIES IN ALL RESPECTS WITH THE 30 REQUIREMENTS OF SECTION 13 OF THIS ARTICLE. THE PROVISIONS OF SECTION 16 31 OF THIS ARTICLE SHALL NOT APPLY TO STATE PAYMENTS WITH RESPECT TO ANY 32 SUCH OUTSTANDING OBLIGATIONS UNLESS SUCH PROVISIONS WOULD HAVE APPLIED 33 PRIOR TO THE DATE THIS SUBDIVISION SHALL HAVE TAKEN EFFECT. 34 8. DEBT OBLIGATIONS ISSUED TO REFUND OUTSTANDING STATE DEBT, REGARD- 35 LESS OF WHETHER SUCH OUTSTANDING DEBT WAS INCURRED PRIOR TO THE DATE 36 THIS SUBDIVISION SHALL HAVE TAKEN EFFECT, SHALL NOT BE COUNTED FOR THE 37 PURPOSES OF THE LIMIT IMPOSED BY SUBDIVISION 3 OF THIS SECTION IF SUCH 38 REFUNDING COMPLIES IN ALL RESPECTS WITH SECTION 13 OF THIS ARTICLE. FOR 39 PURPOSES OF THIS SUBDIVISION AND SUBDIVISION 7 OF THIS SECTION, ANY 40 REFUNDING DEBT THAT DOES NOT EXTEND BEYOND THE FINAL MATURITY OF THE 41 DEBT BEING REFUNDED SHALL BE DEEMED TO COMPLY WITH THE PROVISIONS OF 42 SUBDIVISION 6 OF SECTION 13 OF THIS ARTICLE, PROVIDED THAT THERE IS AN 43 ACTUAL DEBT SERVICE SAVINGS IN EVERY YEAR TO MATURITY AS A RESULT OF THE 44 ISSUANCE OF THE REFUNDING DEBT. 45 9. AFTER THE DATE THIS SECTION SHALL HAVE TAKEN EFFECT, THE STATE 46 SHALL NOT, EXCEPT AS SPECIFICALLY AUTHORIZED IN ANOTHER SECTION OF THIS 47 CONSTITUTION, AGREE TO MAKE PAYMENTS, DIRECTLY OR INDIRECTLY, WHETHER OR 48 NOT SUBJECT TO APPROPRIATION, THAT ARE TO BE AVAILABLE TO PAY DEBT 49 SERVICE ON ANY DEBT INCURRED BY A MUNICIPALITY, INDIVIDUAL, PUBLIC 50 AUTHORITY OR OTHER PUBLIC OR PRIVATE CORPORATION OR ANY OTHER ENTITY, 51 FOR ANY PURPOSE, IF SUCH PAYMENTS ARE EXPECTED TO BE USED TO PAY DEBT 52 SERVICE ONLY IF OTHER SOURCES AVAILABLE FOR THE PAYMENT OF DEBT SERVICE 53 ARE INADEQUATE. ANY PROVISION REQUIRING THE STATE TO REPLACE MONIES USED 54 TO PAY DEBT SERVICE SHALL BE INCLUDED IN THE PROHIBITION SET FORTH IN 55 THIS SUBDIVISION. OUTSTANDING DEBT THAT WOULD BE PROHIBITED BY THIS 56 SUBDIVISION IF SUCH DEBT HAD BEEN INCURRED AFTER THE DATE THIS SUBDIVI- A. 7301 4 1 SION SHALL HAVE TAKEN EFFECT MAY BE REFUNDED BY THE ENTITY THAT INCURRED 2 THE OUTSTANDING DEBT PROVIDED THAT THE PROVISIONS OF SUBDIVISIONS 7 AND 3 8 OF THIS SECTION ARE COMPLIED WITH EXCEPT THE REQUIREMENT THAT SUCH 4 REFUNDING DEBT OBLIGATIONS BE ISSUED BY THE COMPTROLLER. 5 10. THE LEGISLATURE MAY, AT ANY TIME AFTER THE ENACTMENT OR APPROVAL 6 OF LAW AUTHORIZING THE STATE TO CONTRACT DEBT PURSUANT TO THIS SECTION, 7 IF NO DEBT SHALL HAVE BEEN CONTRACTED IN PURSUANCE THEREOF, REPEAL THE 8 SAME; AND MAY AT ANY TIME, BY LAW, FORBID THE CONTRACTING OF ANY FURTHER 9 DEBT OR LIABILITY UNDER SUCH LAW. 10 S 3. Resolved (if the Senate concur), That section 16 of article 7 of 11 the constitution be amended to read as follows: 12 S 16. The legislature shall annually provide by appropriation for the 13 payment of the interest upon and installments of principal of all debts 14 or refunding debts created on behalf of the state except those 15 contracted under section 9 of this article, as the same shall fall due, 16 and for the contribution to all of the sinking funds created by law, of 17 the amounts annually to be contributed under the provisions of section 18 12, 13 or 15 of this article. [If] WITH RESPECT TO DEBT CONTRACTED OTHER 19 THAN PURSUANT TO SUBDIVISION 2 OF SECTION 11 OF THIS ARTICLE, IF at any 20 time the legislature shall fail to make any such appropriation, the 21 comptroller shall set apart from the first revenues thereafter received, 22 applicable to the general fund of the state, a sum sufficient to pay 23 such interest, installments of principal, or contributions to such sink- 24 ing fund, as the case may be, and shall so apply the moneys thus set 25 apart. IF AT ANY TIME THE LEGISLATURE SHALL FAIL TO MAKE AN APPROPRI- 26 ATION FOR THE PAYMENT OF INTEREST OR INSTALLMENTS OF PRINCIPAL OR SINK- 27 ING FUND PAYMENTS OR RELATED PAYMENTS ON ANY DEBT CONTRACTED PURSUANT TO 28 SUBDIVISION 2 OF SECTION 11 OF THIS ARTICLE, THE COMPTROLLER SHALL SET 29 APART FROM THE FIRST REVENUES RECEIVED AND PLEDGED TO SUCH PAYMENTS, A 30 SUM SUFFICIENT TO PAY SUCH INTEREST OR INSTALLMENT OF PRINCIPAL OR 31 CONTRIBUTIONS TO SUCH SINKING FUND PAYMENTS OR RELATED PAYMENTS, AND 32 SHALL SO APPLY THE MONEYS THUS SET APART, PROVIDED HOWEVER THAT SUCH 33 REVENUES MUST BE SET ASIDE AND APPLIED IN A MANNER WHICH ENSURES THAT 34 PLEDGED REVENUES ARE APPLIED ONLY TO PAYMENTS ON DEBT FOR WHICH SUCH 35 REVENUES WERE PLEDGED PURSUANT TO SUBDIVISION 2 OF SECTION 11 OF THIS 36 ARTICLE. The comptroller may be required to set aside and apply such 37 revenues as aforesaid, at the suit of any holder of such bonds. 38 Notwithstanding the foregoing provisions of this section, the comp- 39 troller may covenant with the purchasers of any state obligations that 40 they shall have no further rights against the state for payment of such 41 obligations or any interest thereon after an amount or amounts deter- 42 mined in accordance with the provisions of such covenant is deposited in 43 a described fund or with a named or described agency or trustee. In such 44 case, this section shall have no further application with respect to 45 payment of such obligations or any interest thereon after the comp- 46 troller has complied with the prescribed conditions of such covenant. 47 S 4. Resolved (if the Senate concur), That article 7 of the constitu- 48 tion be amended by adding a new section 1-a to read as follows: 49 S 1-A. WITHIN TEN DAYS FOLLOWING THE SUBMISSION OF THE BUDGET BY THE 50 GOVERNOR PURSUANT TO THIS ARTICLE, SUCH BILLS SHALL BE REFERRED TO A 51 JOINT BUDGET CONFERENCE COMMITTEE TO CONSIDER AND RECONCILE SUCH BUDGET 52 RESOLUTION OR BUDGET BILLS AS MAY BE PASSED BY EACH HOUSE. THE TEMPORARY 53 PRESIDENT OF THE SENATE AND THE SPEAKER OF THE ASSEMBLY SHALL JOINTLY 54 CONVENE SUCH JOINT BUDGET CONFERENCE COMMITTEE. SUCH CONFERENCE COMMIT- 55 TEE MEETINGS SHALL BE REQUIRED TO MEET AND SHALL BE OPEN TO THE PUBLIC. A. 7301 5 1 S 5. Resolved (if the Senate concur), That article 7 of the constitu- 2 tion be amended by adding a new section 1-b to read as follows: 3 S 1-B. 1. BY THE END OF FEBRUARY IN EACH YEAR, PRIOR TO THE REPORT 4 REQUIRED BY SUBDIVISION 2 OF THIS SECTION, THE CHAIRPERSON AND RANKING 5 MINORITY MEMBER OF THE SENATE FINANCE COMMITTEE, THE CHAIRPERSON AND 6 RANKING MINORITY MEMBER OF THE ASSEMBLY WAYS AND MEANS COMMITTEE AND THE 7 DIRECTOR OF THE BUDGET SHALL JOINTLY CONVENE A CONSENSUS ECONOMIC AND 8 REVENUE FORECASTING CONFERENCE IN THE FORM OF A JOINT LEGISLATIVE-EXECU- 9 TIVE HEARING, FOR THE PURPOSE OF ASSISTING THE GOVERNOR AND THE LEGISLA- 10 TURE IN REACHING THE CONSENSUS REVENUE FORECAST REQUIRED BY SUBDIVISION 11 2 OF THIS SECTION. THE CONVENERS OF THE CONFERENCE SHALL INVITE THE 12 STATE COMPTROLLER AND SUCH OTHER PARTICIPANTS TO THE CONFERENCE AS 13 SHALL, IN THEIR JUDGMENT, PROVIDE GUIDANCE ON THE CURRENT CONDITIONS IN, 14 AND PROBABLE OUTLOOK FOR THE PERFORMANCE OF, THE ECONOMY OF THE STATE, 15 AS WELL AS THE EFFECT OF SUCH CONDITIONS AND SUCH PERFORMANCE ON STATE 16 RECEIPTS. 17 2. ON OR BEFORE MARCH FIRST IN EACH YEAR, THE DIRECTOR OF THE BUDGET 18 AND THE SECRETARY OF THE SENATE FINANCE COMMITTEE AND THE SECRETARY OF 19 THE ASSEMBLY WAYS AND MEANS COMMITTEE SHALL ISSUE A JOINT REPORT 20 CONTAINING A CONSENSUS FORECAST OF THE ECONOMY AND SPECIFIC BINDING 21 ESTIMATES OF RECEIPTS AND ANY AND ALL OTHER AVAILABLE RESOURCES USED TO 22 SUPPORT DISBURSEMENT FOR THE CURRENT AND THE ENSUING STATE FISCAL YEAR. 23 SUCH ESTIMATES SHALL INCLUDE, BUT NOT BE LIMITED TO: EXPECTED TAX 24 RECEIPTS ON AN ALL-FUNDS BASIS, PROJECTED LOTTERY RECEIPTS, ANTICIPATED 25 MISCELLANEOUS RECEIPTS AND OTHER FINANCING SOURCES INCLUDING, BUT NOT 26 LIMITED TO, RE-ESTIMATES THAT WOULD LOWER CURRENT PROJECTED DISBURSE- 27 MENTS AS WELL AS OTHER RESOURCES THAT WOULD BE USED TO SUPPORT DISBURSE- 28 MENTS. THE ESTIMATE OF RECEIPTS FOR THE ENSUING FISCAL YEAR CONTAINED IN 29 THE REPORT SHALL BE ALL RECEIPTS FROM SUCH SOURCES DESCRIBED IN THIS 30 SUBDIVISION AVAILABLE TO MAKE DISBURSEMENTS AUTHORIZED BY THE THE APPRO- 31 PRIATION BILLS SUBMITTED BY THE GOVERNOR PURSUANT TO SECTION 3 OF THIS 32 ARTICLE FOR THE ENSUING FISCAL YEAR. THE COMPTROLLER SHALL COMMENT ON 33 THE REASONABLENESS AND RELIABILITY OF THE CONSENSUS FORECAST. 34 3. ON A FAILURE OF THE DIRECTOR OF THE BUDGET, THE SECRETARY OF THE 35 SENATE FINANCE COMMITTEE AND THE SECRETARY OF THE ASSEMBLY WAYS AND 36 MEANS COMMITTEE TO ISSUE A JOINT REPORT CONTAINING A CONSENSUS FORECAST 37 AS PROVIDED IN SUBDIVISION 2 OF THIS SECTION, OR IF THE STATE COMP- 38 TROLLER REJECTS SUCH FORECAST, THE STATE COMPTROLLER SHALL, ON OR BEFORE 39 MARCH FIFTH, PROVIDE BINDING ESTIMATES OF RECEIPTS AND OTHER RESOURCES 40 FOR THE CURRENT AND THE ENSUING STATE FISCAL YEAR. SUCH ESTIMATES SHALL 41 INCLUDE, BUT NOT BE LIMITED TO, EXPECTED TAX RECEIPTS ON AN ALL-FUNDS 42 BASIS, PROJECTED LOTTERY RECEIPTS, MISCELLANEOUS RECEIPTS, ANTICIPATED 43 MISCELLANEOUS RECEIPTS AND OTHER FINANCING SOURCES INCLUDING RE-ESTI- 44 MATES THAT WOULD LOWER CURRENT PROJECTED DISBURSEMENTS AS WELL AS OTHER 45 RESOURCES THAT WOULD BE USED TO SUPPORT DISBURSEMENTS. IN RENDERING HIS 46 OR HER ESTIMATE, AS REQUIRED IN THIS SUBDIVISION, THE COMPTROLLER SHALL 47 GIVE DUE CONSIDERATION TO THE INHERENT RISKS IN ECONOMIC AND REVENUE 48 FORECASTING AND THE INTEREST OF THE STATE TO MAINTAIN BUDGET BALANCE 49 THROUGHOUT THE FISCAL YEAR. THE ESTIMATE OF RECEIPTS FOR THE ENSUING 50 FISCAL YEAR PROVIDED BY THE STATE COMPTROLLER SHALL BE ALL RECEIPTS AND 51 OTHER RESOURCES FROM SUCH SOURCES AVAILABLE TO MAKE DISBURSEMENTS 52 AUTHORIZED BY THE APPROPRIATION BILLS SUBMITTED BY THE GOVERNOR PURSUANT 53 TO SECTION 3 OF THIS ARTICLE FOR THE ENSUING FISCAL YEAR. 54 S 6. Resolved (if the Senate concur), That section 2 of article 7 of 55 the constitution be amended to read as follows: A. 7301 6 1 S 2. Annually, on or before the first day of February in each year 2 following the year fixed by the constitution for the election of gover- 3 nor and lieutenant governor, and on or before the second Tuesday follow- 4 ing the first day of the annual meeting of the legislature, in all other 5 years, the governor shall submit to the legislature a budget containing 6 a complete plan of expenditures proposed to be made before the close of 7 the ensuing fiscal year and all moneys and revenues estimated to be 8 available therefor, together with an explanation of the basis of such 9 estimates and recommendations as to proposed legislation, if any, which 10 the governor may deem necessary to provide moneys and revenues suffi- 11 cient to meet such proposed expenditures. It shall also contain such 12 other recommendations and information as the governor may deem proper 13 and such additional information as may be required by law. 14 ANNUALLY, AS PROVIDED BY LAW, THE GOVERNOR SHALL SUBMIT TO THE LEGIS- 15 LATURE A DETAILED LONG-TERM CAPITAL PROGRAM AND FINANCING PLAN CONCUR- 16 RENT WITH THE EXECUTIVE BUDGET. 17 S 7. Resolved (if the Senate concur), That the foregoing amendments be 18 referred to the first regular legislative session convening after the 19 next succeeding general election of members of the assembly, and, in 20 conformity with section 1 of article 19 of the constitution, be 21 published for 3 months previous to the time of such election.