DIGEST OF INTRODUCED BILL
State and local spending caps. Provides a control on state expenditures for state fiscal years beginning after June 30, 2009, that is based on the changes in: (1) the population of Indiana; and (2) the consumer price index for the midwest region for all items as published by the Bureau of Labor Statistics. Requires the budget agency to determine and publish the spending cap amounts in the Indiana Register. Provides for emergency expenditures. Provides for mandatory reductions in expenditures. Requires that the digest of a budget bill or a conference committee report on a budget bill must contain certain information concerning state appropriations and expenditures. Provides that current law concerning business cycle state spending controls expires June 30, 2009. Provides a control on the expenditures of political subdivisions for local fiscal years beginning after December 31, 2008, that is based on the changes in: (1) the population of the geographical territory of the political subdivision; and (2) the consumer price index for the midwest region for all items.