State Senator John J. Bonacic (R/I/C - Mount Hope) announced today that the Senate has approved budget reform legislation that will lead to greater transparency, accountability and fiscal integrity in the budget making process. The measure reflects an agreement negotiated with the Governor and Assembly.
"This bill is an important step in improving the current budget process," stated Senator Bonacic. "The hard working taxpayers of New York deserve not only an on-time budget, but one that is fiscally sound as well."
Senator Bonacic said that the major provisions of the budget reform legislation are:
Requiring the Executive to provide greater itemization, including funds for TANF,
Medicaid, and EPF;
Requiring that every dollar added to the budget by the Legislature be clearly listed or
agreed to by the Executive and the Legislature;
Requiring Joint Budget Conference Committees within 10 days of submission of the
Executive Budget proposal;
Requiring the Legislature to explain the fiscal impact of any changes it makes to the
Governor’s proposal;
Accelerating discussions of revenue forecasts and spending projections to November 5th
and moves up the consensus revenue forecasting conference to February;
Creating a new "rainy day" fund, setting aside three percent of the General Fund in
reserve.
"The Senate has worked to reform the budget reform process for two decades and I’m pleased Governor Spitzer has made budget reform a priority," Senator Bonacic said. "I look forward to working with him to open up the budget process, line out spending and increase accountability."
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