Assembly Actions -
Senate Actions - UPPERCASE
|Jan 08, 2020
referred to local government
|Oct 25, 2019
referred to rules
Senate Bill S6804
2019-2020 Legislative Session
Archive: Last Bill Status - In Senate Committee Local Government Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2019-S6804 (ACTIVE) - Details
2019-S6804 (ACTIVE) - Summary
Excludes certain expenditures supported by monies retained in a municipal contingency and tax stabilization reserve fund from the budget when determining whether the budget is balanced in accordance with generally accepted accounting principles set forth in the state comptroller's uniform system of accounts for municipalities.
2019-S6804 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6804 SPONSOR: BENJAMIN TITLE OF BILL: An act to amend the general municipal law and the New York state financial emergency act for the city of New York, in relation to expenditures supported by monies retained in a municipal contingency and tax stabilization reserve fund PURPOSE: Expands the ability of the City of New York to grow a contingency and tax stabilization reserve fund and lays out conditions in which it may be used. SUMMARY OF PROVISIONS: Section one amends section 6-e of the General Municipal Law as follows: adds 'economic recession' to the conditions that could cause an unantic- ipated revenue loss. -defines 'economic recession'
2019-S6804 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6804 2019-2020 Regular Sessions I N S E N A T E October 25, 2019 ___________ Introduced by Sen. BENJAMIN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the general municipal law and the New York state finan- cial emergency act for the city of New York, in relation to expendi- tures supported by monies retained in a municipal contingency and tax stabilization reserve fund THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph l of subdivision 1 of section 6-e of the general municipal law, as added by chapter 655 of the laws of 1992, is amended and a new paragraph o is added to read as follows: l. "Unanticipated revenue loss" means estimated revenue which is rendered unreceivable because of a change in federal or state laws, rules or regulations, a court order, judgement or decree, AN ECONOMIC RECESSION, or other circumstance, which takes effect or occurs after final adoption of the annual budget and which could not have been reasonably anticipated prior to final adoption of the annual budget. O. "ECONOMIC RECESSION" MEANS TWO QUARTERS OF NEGATIVE ECONOMIC GROWTH AS EVIDENCED BY A DECLINE IN INCOME, EMPLOYMENT OR SPENDING. § 2. Subdivisions 3 and 4 of section 6-e of the general municipal law, subdivision 3 and paragraph d of subdivision 4 as amended by chapter 528 of the laws of 2000 and subdivision 4 as added by chapter 655 of the laws of 1992, are amended to read as follows: 3. There may be paid into the contingency and tax stabilization reserve fund such amounts as may be provided therefor by budgetary appropriation, unappropriated unreserved fund balance in the eligible portion of the annual budget, and such revenues as are not required by law to be paid into any other fund or account; provided, however, that no amount may be appropriated for payment into a contingency and tax stabilization reserve fund which would cause the balance of the fund to exceed ten percent of the eligible portion of the annual budget for the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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