House Concurrent Resolution No. by Representative Ivey proposes to adjust the expenditure limit for Fiscal Year 2024-2025 to $16,710,541,856. 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 previously calculated limit for Fiscal Year 2023-2024, adjusted by the lowest positive growth factor used in the last decade, which was 1.29% for Fiscal Year 2018-2019.

The resolution requires a two-thirds majority vote from both houses of the legislature to direct the commissioner of administration to implement this change. If passed, the new expenditure limit will take effect on March 1, 2024. This action reflects the legislature's intent to manage state finances prudently while responding to the current fiscal environment.