House Concurrent Resolution No. 139, introduced by Representative Ivey, aims to adjust the expenditure limit for Fiscal Year 2024-2025 to $17,282,462,860. This change is prompted by the need to accommodate unprecedented revenue receipts and to prevent artificial inflation of the expenditure limit. The resolution highlights that the expenditure limit for the upcoming fiscal year should be based on the original limit for Fiscal Year 2023-2024, adjusted by the recent average percentage growth in personal income, rather than the potentially inflated limit resulting from the current financial windfall.

The resolution notes that the expenditure limit established earlier this year was $16,497,721,252.00, and it emphasizes the importance of adhering to the constitutional formula for calculating expenditure limits, which uses the previous year's limit as a base. By adopting this resolution, the legislature seeks to ensure fiscal responsibility and maintain a sustainable budgetary framework. The provisions of the resolution are set to take effect on March 1, 2024.