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 Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Feb 12, 2014 referred to local government

S6608 - Bill Details

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

S6608 - Bill Texts

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Relates to reports of financial condition submitted by municipal corporations.

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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
nationwide.To address this issue in New York, the Senate Standing
Committee on Local Governments held a series of public hearings in an
effort to prevent such results from occurring in New York.

The most common theme, upon hearing testimony from the various Mayors,
Town Supervisors, City Managers and County Executives from around the
state, was the implementation of a four year financial plan to
accurately track recurring revenues and expenditures consistently year
to year and transparently showcase the management of Local
Governments. Many of the municipalities that have displayed fiscal
prudence already employ such multi-year plans on their own accord. It
is recommended that all municipalities participate in such extended
planning to implement best practices statewide and ensure their
continued solvency.

LEGISLATIVE HISTORY: This is a new bill.

FISCAL IMPLICATIONS: None to the State.

EFFECTIVE DATE: This act shall take effect on one hundred eightieth
day after it shall have become law and shall apply to reports
submitted on or after such date.

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                    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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