S T A T E O F N E W Y O R K
________________________________________________________________________
9504
I N A S S E M B L Y
March 7, 2012
___________
Introduced by M. of A. D. MILLER, MONTESANO, MURRAY, KATZ, BURLING,
CORWIN -- Multi-Sponsored by -- M. of A. CERETTO, FINCH -- read once
and referred to the Committee on Local Governments
AN ACT to amend the general municipal law, in relation to audits of
certain service award programs
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 3 of section 219-a of the general municipal
law, as amended by chapter 458 of the laws of 2008, is amended to read
as follows:
3. The sponsor or designated program administrator shall obtain an
annual audit of its records by an independent certified public account-
ant or an independent public accountant, PROVIDED THAT FOR A SERVICE
AWARD PROGRAM FOR A POLITICAL SUBDIVISION IN WHICH FIFTY OR FEWER FIRE-
FIGHTERS PARTICIPATE IN SUCH PROGRAM, SUCH AUDIT MAY BE OBTAINED FROM
THE CHIEF FISCAL OFFICER OF SUCH POLITICAL SUBDIVISION. Such audit shall
examine the program's financial conditions, actuarial assumptions, fidu-
ciary investment and control, and asset allocations, including whether
current assets are adequate to fund future liabilities. A copy of the
audit shall be presented to the program sponsor and to the state comp-
troller by such accountant. Copies of the audit shall also be made
available for public inspection and copying. The audit must be completed
within two hundred seventy days of the program sponsor's fiscal year.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14533-01-2