(1) There is established a state appropriations limit for each fiscal year beginning after June 30, 1988.
(2) For each of these fiscal years, the annual legislative appropriations for this state, its agencies, departments, and institutions may not exceed that sum determined by applying the formula B* P* (I/100) in which:
(a) "B" equals the base year real per capita appropriations for the state, its agencies, departments, and institutions;
(b) "P" equals the most recent fiscal year's population; and
(c) "I" equals the most recent fiscal year's inflation index adjusted to reflect fiscal year 1989 as having an index value of 100.
(3) The revenues specified in Section 63J-3-205 are not subject to the limitation in this section.