BILL NUMBER:  S4575           Revised 03/20/17

 TITLE OF BILL :

An act to amend the state finance law, in relation to investment of
moneys in the state fish and game trust account

 PURPOSE :

To create a special account within the conservation fund to be known
as the state fish and game trust account

 SUMMARY OF PROVISIONS :

Section 1. Subparagraph (i) of paragraph 4 of subdivision (a) of
section 83 of the state finance law, as amended by section 1 part AA
of chapter 58 of the laws of 2015, I amended to read as follows:

(i) There is hereby created a special account within the conservation
fund to be known as the state fish and game trust account to consist
of all moneys received by the state from the sale of lifetime hunting,
fishing, and trapping licenses, and lifetime archery and
muzzle-loading privileges pursuant to section 11-0702 of the
environmental conservation law except those moneys deposited in the
habitat conservation and access account pursuant to section 83 of this
chapter. The state comptroller shall invest the moneys in such account
              

in securities as defined by section 98a of this article or as
otherwise deemed appropriate by the comptroller to maximize income for
the account consistent with the provisions of sub-division b of
section 13 of the retirement and social security law. Any income
earned by the investment of such moneys, except income transferred to
the conservation fund pursuant to subparagraph (iii) of this
paragraph, shall be added to and become part of and shall be used for
the purposes of such account.

Section 2. amends the effective date as follows:

This act shall take effect on the thirtieth day after it shall have
become a law; 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 are
authorized and directed to be made and completed on or before such
effective date.

 JUSTIFICATION :

It is inherent for the Comptroller to be able to invest in the Fish
and Game Trust account (Fund Code 21154). Doing so would allow
revision of paragraph 4 subdivision a of Section 83 of State Finance
Law, allowing the Comptroller's Office more freedom to invest the
Lifetime License monies. It is apparent that the Conservation Fund, at
current spending levels, will eventually go into the red in 2018.  If
funds were able to be more broadly invested, it would be able to
curtail this impact.

In 2009-2010 the interest earned was only $70,000 on $45 million of
principal. Allowing such legislation could aid important causes, such
as impact Retirement Funds, allowing a return between 6-8%.
Furthermore, a return of 7% on $55 million would induce a return of
$3.8 million, three times what it earned in the 2009-2010 year. The
importance lies in giving broader authority to the Comptroller to
invest in the Fish and Game Trust Account, so that a sensible rate of
return can be earned on the State Funds to help protect the state's
wildlife and minimize future budget pressures.

 LEGISLATIVE HISTORY :
New Bill.

 FISCAL IMPLICATIONS :

TBD

 EFFECTIVE DATE :
This act shall take effect on the thirtieth day after it shall have
become a law; 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 are
authorized and directed to be made and completed on or before such
effective date.