The proposed resolution seeks to amend the New Jersey Constitution by instituting a 2 percent cap on annual increases in appropriations for certain state government spending. Specifically, it aims to limit the total appropriations for a fiscal year to no more than 2 percent above the amount appropriated in the previous fiscal year. This cap would apply to all state spending except for specific categories, including state aid to local governments, federal funds, pension system payments, capital construction projects, debt service on voter-approved bonds, and emergency appropriations for war or disasters. Additionally, unused appropriation limits from the previous three fiscal years can be carried over to the current fiscal year, and unspent appropriations can be reappropriated without being subject to the cap.

The resolution outlines that any appropriations exceeding this limit can only be enacted through a fiscal emergency measure, which requires a two-thirds majority vote in both houses of the Legislature. The proposed amendment will be submitted to voters for approval in the next general election, following a required publication period. If approved, the cap will take effect for fiscal years beginning on or after July 1 following the amendment's approval.