The Legislative Budget Board adopted the "pay-as-you-go" constitutional spending limit this morning, allowing the rate of growth in appropriations from state tax revenues not dedicated by the constitution to increase from the 2014-15 biennium to the 2016-17 biennium by 11.68%.
This rate would allow this specific portion of the General Revenue budget to increase by about $10 billion next biennium (from $84.48 billion to $94.26 billion). The members commented that while this rate allows the Legislature to potentially appropriate additional funds, it by no means binds members to do so.
Texas Tribune Article on Spending Limit: http://www.texastribune.org/2014/12/01/analysis-dry-potent-political-charge/
LBB methodology on spending limit attached.