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Senate Bill S1006

2019-2020 Legislative Session

Authorizes school districts with low combined wealth ratios to establish a reserve fund to ensure compliance with the tax cap in future school years

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Archive: Last Bill Status - Stricken

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2019-S1006 (ACTIVE) - Details

Law Section:
Education Law
Laws Affected:
Amd §3651, Ed L
Versions Introduced in Other Legislative Sessions:
2015-2016: S5318
2017-2018: S826
2021-2022: S5366
2023-2024: S1169
2025-2026: S299

2019-S1006 (ACTIVE) - Summary

Authorizes school districts with low combined wealth ratios to establish a reserve fund to ensure compliance with the tax cap in future school years.

2019-S1006 (ACTIVE) - Sponsor Memo

2019-S1006 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1006
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 10, 2019
                                ___________
 
 Introduced  by  Sens. YOUNG, GALLIVAN -- read twice and ordered printed,
   and when printed to be committed to the Committee on Education
 
 AN ACT to amend the education law, in  relation  to  authorizing  school
   districts with low combined wealth ratios to establish tax cap reserve
   funds

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 3651 of the education law is amended by adding  two
 new subdivisions 1-c and 3-b to read as follows:
   1-C.  NOTWITHSTANDING  THE  PROVISIONS  OF  SUBDIVISION  ONE  OF  THIS
 SECTION, ANY SCHOOL DISTRICT HAVING A COMBINED WEALTH RATIO, AS  DEFINED
 IN PARAGRAPH C OF SUBDIVISION THREE OF SECTION THIRTY-SIX HUNDRED TWO OF
 THIS TITLE, WHICH IS THIRTY-FIVE ONE-HUNDREDTHS OR LESS, MAY ESTABLISH A
 RESERVE  FUND  FOR  THE  PAYMENT OF SCHOOL DISTRICT EXPENDITURES FOR ANY
 SCHOOL YEAR TO THE EXTENT THE EXPENDITURE OF MONIES THEREFOR WOULD CAUSE
 SUCH SCHOOL DISTRICT TO EXCEED ITS TAX LEVY LIMIT  PURSUANT  TO  SECTION
 TWO  THOUSAND  TWENTY-THREE-A  OF  THIS CHAPTER, WITHOUT APPROVAL BY THE
 QUALIFIED VOTERS OF THE DISTRICT; PROVIDED, HOWEVER, THAT THE  TOTAL  OF
 THE  MONIES HELD IN SUCH RESERVE FUND SHALL NOT EXCEED THAT AMOUNT WHICH
 MIGHT REASONABLY BE  DEEMED  NECESSARY  TO  MEET  ANTICIPATED  INCREASED
 EXPENDITURES  BY  THE SCHOOL DISTRICT IN FUTURE SCHOOL YEARS. ANY MONIES
 DEPOSITED TO SUCH RESERVE FUND WHICH WILL NOT REASONABLY BE REQUIRED  TO
 BE  EXPENDED  FOR  THE PURPOSE OF COMPLYING WITH THE DISTRICT'S TAX LEVY
 LIMIT SHALL BE RETURNED TO THE GENERAL FUND ON OR BEFORE THE  FIRST  DAY
 OF  THE  FOURTH FISCAL YEAR FOLLOWING THE DEPOSIT OF SUCH MONIES TO SAID
 RESERVE FUND.
   3-B. NOTWITHSTANDING THE  PROVISIONS  OF  SUBDIVISION  THREE  OF  THIS
 SECTION, ANY SCHOOL DISTRICT WHICH ESTABLISHES A RESERVE FUND IN ACCORD-
 ANCE  WITH  SUBDIVISION ONE-C OF THIS SECTION MAY MAKE EXPENDITURES FROM
 SUCH FUND FOR THE PURPOSES SPECIFIED IN SUCH SUBDIVISION WITHOUT AUTHOR-
 IZATION OF THE VOTERS.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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