Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 12, 2014 |
referred to local government |
Senate Bill S6608
2013-2014 Legislative Session
Sponsored By
(R, C) 7th Senate District
Archive: Last Bill Status - In Senate Committee Local Government Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2013-S6608 (ACTIVE) - Details
- Current Committee:
- Senate Local Government
- Law Section:
- General Municipal Law
- Laws Affected:
- Amd ยง30, Gen Muni L
2013-S6608 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6608 TITLE OF BILL: An act to amend the general municipal law, in relation to reports of financial condition submitted to the comptroller by municipal corporations PURPOSE: To implement best practices of municipal management by requiring that the reports of financial conditions of municipal corporations submitted to the comptroller include a multi-year financial plan. SUMMARY OF PROVISIONS: Section one creates a new paragraph b to subdivision of section 30 of the General Municipal Law to include with reports of financial conditions submitted by municipal corporations include a multi-year financial plan including projected annual expenditures for the current fiscal year and three subsequent fiscal years. Section two sets the effective date. JUSTIFICATION: On July 18, 2013, the city of Detroit became the largest city in United States history to file for bankruptcy protection. With debts totaling over $18.5 billion dollars, resulting from a multitude of factors including a decrease in tax base and population, Detroit presents a worst case scenario for municipalities
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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