The Legislative Budget Board met on November 30 and set the spending limit for the upcoming biennium to $114.1 billion General Revenue subject to adjustments from the 2022-23 biennium. They chose the rate of 12.33%, which was NOT the lowest rate as they have chosen in previous years. This rate will be applied to the 2022-23 General Revenue base amount of $101.5 billion (subject to adjustments), which will set the limit of certain appropriations for the 88th Session at $114.1 billion. This estimate also provides $5.1 billion remaining in spending authority for supplemental appropriations which is up from the $3.6 billion estimated in July 2022.

Additionally, the Biennial Revenue Estimate (BRE) issued by the Comptroller will provide budget writers with the other part of the equation – the amount of general revenue the state is estimated to have to spend in the 2024-2025 budget. Spending limits can be exceeded with a supermajority vote of the Legislature.