52:9H-26. Formula for determination of maximum appropriations
In each fiscal year commencing after June 30, 1992, the appropriations of the State shall not exceed the maximum appropriations permitted pursuant to the following formula:
Maximum Appropriations = Base Year Appropriations x (1 + PCI), where:
a. "Base Year Appropriations" means the appropriations of the State in the base year; and
b. "PCI" means the average annual percentage increase, expressed as a decimal, in State per capita personal income over the four fiscal years ending on June 30 prior to the base year. The per capita personal income for each of the four years shall be the average of the per capita personal income for the four quarters in each fiscal year, utilizing the quarterly data for State personal income and the annual data for State population as published by the United States Department of Commerce.
L.1990,c.94,s.3.