Assembly Bill A5942

2017-2018 Legislative Session

Establishes a spending cap and increases the maximum capacity of the rainy day fund

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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

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2017-A5942 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
State Finance Law
Laws Affected:
Add Art 17 §§250 - 252, amd §92-cc, St Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A9061
2011-2012: A5370
2013-2014: A1367
2015-2016: A4383
2019-2020: A4446
2021-2022: A5550
2023-2024: A4845

2017-A5942 (ACTIVE) - Summary

Establishes a spending cap and increases the maximum capacity of the rainy day fund.

2017-A5942 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5942
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 17, 2017
                                ___________
 
 Introduced by M. of A. KOLB, FITZPATRICK, MONTESANO, McLAUGHLIN, PALMES-
   ANO,  RA,  MALLIOTAKIS, CURRAN, MURRAY, BLANKENBUSH -- Multi-Sponsored
   by -- M. of A.  BARCLAY,  BUTLER,  CROUCH,  DiPIETRO,  FINCH,  FRIEND,
   GIGLIO,  GOODELL,  HAWLEY, JOHNS, LOPEZ, McKEVITT, OAKS, STEC, THIELE,
   WALTER -- read once and referred to the Committee on Ways and Means

 AN ACT to amend the state finance law, in  relation  to  establishing  a
   spending cap and increasing the maximum capacity of the rainy day fund
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The state finance law is amended by adding a new article 17
 to read as follows:
                               ARTICLE XVII
                          SPENDING GROWTH CAP ACT
 SECTION 250. DEFINITIONS.
         251. ESTABLISHMENT OF ANNUAL SPENDING GROWTH CAP.
         252. PROVISIONS REGARDING DECLARATION OF EMERGENCY.
   § 250. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS SHALL
 HAVE THE FOLLOWING MEANINGS, UNLESS OTHERWISE SPECIFIED:
   1. "ANNUAL SPENDING GROWTH CAP" SHALL MEAN A PERCENTAGE DETERMINED  BY
 ADDING  THE  INFLATION RATES FROM EACH OF THE THREE CALENDAR YEARS IMME-
 DIATELY PRIOR TO THE COMMENCEMENT OF A GIVEN FISCAL YEAR AND THEN DIVID-
 ING THAT SUM BY THREE.
   2. "STATE OPERATING FUNDS SPENDING" SHALL MEAN ANNUAL DISBURSEMENTS OF
 ALL GOVERNMENTAL FUND TYPES INCLUDED IN THE CASH-BASIS FINANCIAL PLAN OF
 THE STATE,  EXCLUDING  DISBURSEMENTS  FROM  FEDERAL  FUNDS  AND  CAPITAL
 PROJECT FUNDS.
   3.  "INFLATION  RATE"  SHALL MEAN THE PERCENTAGE CHANGE IN THE TWELVE-
 MONTH AVERAGE OF THE CONSUMER PRICE INDEX FOR  ALL  URBAN  CONSUMERS  AS
 PUBLISHED  BY  THE  UNITED  STATES  DEPARTMENT OF LABOR, BUREAU OF LABOR
 STATISTICS OR ANY SUCCESSOR AGENCY FOR A GIVEN CALENDAR YEAR COMPARED TO
 THE PRIOR CALENDAR YEAR.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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