The proposed Senate Joint Resolution 144 seeks to amend Section 5 of Article VIII of the Wisconsin Constitution to enhance the accountability and management of state funds. This amendment mandates that the state must account for and report all financial transactions in accordance with generally accepted accounting principles (GAAP). Additionally, it empowers the legislature to determine the budgetary accounting basis and requires that any deficit in a state fund, as affected by a budget bill, be reduced by at least 10% of any projected increase in tax revenues for that fund each fiscal year. Once a deficit is eliminated, the legislature would be prohibited from passing any legislation that would create a new projected deficit in that fund.

The resolution outlines the procedural requirements for the amendment's adoption, which includes approval by two successive legislatures and ratification by the electorate. It emphasizes the importance of fiscal responsibility by ensuring that the state maintains a balanced budget and adheres to sound accounting practices, thereby promoting transparency and accountability in the management of state finances. The resolution was introduced by Senator Marklein and co-sponsored by Representative Wittke, and it has been referred to the Committee on Agriculture and Revenue for further consideration.