Sec. 5. (a) The maximum total amount that may be expended in a state fiscal year from the state general fund and the counter-cyclical revenue and economic stabilization fund is the least of the following:
(1) Subject to sections 6 and 7 of this chapter, the state spending cap for the state fiscal year.
(2) The amount appropriated by the general assembly from the state general fund and the counter-cyclical revenue and economic stabilization fund.
(3) The amount of money available in the state general fund and the counter-cyclical revenue and economic stabilization fund to pay expenditures.
(b) Subject to sections 6 and 7 of this chapter, if the state spending cap for the state fiscal year is less than the amount appropriated by the general assembly in the state fiscal year from the state general fund and the counter-cyclical revenue and economic stabilization fund, the budget agency shall reduce the amounts available for expenditure from the state general fund and the counter-cyclical revenue and economic stabilization fund in the state fiscal year by using the procedures in IC 4-13-2-18.
As added by P.L.192-2002(ss), SEC.4. Amended by P.L.146-2008, SEC.11.
Structure Indiana Code
Title 4. State Offices and Administration
Article 10. State Funds Generally
Chapter 21. Business Cycle State Spending Controls
4-10-21-1. "State Spending Cap" Defined
4-10-21-2. State Spending Cap Formula
4-10-21-3. State Spending Growth Quotient; Calculation by Budget Agency
4-10-21-4. Determination of Indiana Nonfarm Personal Income
4-10-21-5. Prohibition on Spending Exceeding State Spending Cap
4-10-21-6. Exclusions From State Spending Cap