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Senate Bill S6608

2013-2014 Legislative Session

Relates to reports of financial condition submitted by municipal corporations

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Archive: Last Bill Status - In Senate Committee Local Government Committee

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2013-S6608 (ACTIVE) - Details

Current Committee:
Senate Local Government
Law Section:
General Municipal Law
Laws Affected:
Amd ยง30, Gen Muni L

2013-S6608 (ACTIVE) - Summary

Relates to reports of financial condition submitted by municipal corporations.

2013-S6608 (ACTIVE) - Sponsor Memo

2013-S6608 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6608

                            I N  S E N A T E

                            February 12, 2014
                               ___________

Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to amend the general municipal law, in  relation  to  reports  of
  financial  condition  submitted to the comptroller by municipal corpo-
  rations

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The opening paragraph of subdivision 1 of section 30 of the
general  municipal  law  is designated paragraph (a) and a new paragraph
(b) is added to read as follows:
  (B) A REPORT SUBMITTED BY A MUNICIPAL CORPORATION  PURSUANT  TO  PARA-
GRAPH (A) OF THIS SUBDIVISION SHALL INCLUDE A MULTI-YEAR FINANCIAL PLAN,
INCLUDING PROJECTED EMPLOYMENT LEVELS; PROJECTED ANNUAL EXPENDITURES FOR
PERSONAL  SERVICE,  FRINGE  BENEFITS,  NON-PERSONAL  SERVICES  AND  DEBT
SERVICE; APPROPRIATE RESERVE FUND AMOUNTS; RESTRICTED  AND  UNRESTRICTED
FUND  BALANCES;  ESTIMATED ANNUAL REVENUES, INCLUDING PROJECTED PROPERTY
TAX RATES, THE VALUE OF THE TAXABLE  REAL  PROPERTY  AND  RESULTING  TAX
LEVY,  ANNUAL GROWTH IN SALES TAX AND NON-PROPERTY TAX REVENUES; AND THE
PROPOSED USE OF ONE-TIME REVENUE SOURCES. SUCH MULTI-YEAR FINANCIAL PLAN
SHALL CONSIST OF, AT A MINIMUM, FOUR FISCAL YEARS INCLUDING THE  MUNICI-
PALITY'S  MOST  RECENTLY  COMPLETED FISCAL YEAR, ITS CURRENT FISCAL YEAR
ADOPTED BUDGET, AND THE SUBSEQUENT TWO FISCAL YEARS. THE COMPTROLLER  IS
AUTHORIZED  TO PROMULGATE RULES AND REGULATIONS NECESSARY FOR THE IMPLE-
MENTATION OF THIS PARAGRAPH.
  S 2. This act shall take effect on the one hundred eightieth day after
it shall have become a law and shall apply to reports  submitted  on  or
after  such  date;  provided,  however,  that effective immediately, the
addition, amendment and/or repeal of any rule  or  regulation  necessary
for  the  implementation of this act on its effective date is authorized
to be made and completed on or before such date.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13867-02-4

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