|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 31, 2020||referred to finance|
senate Bill S7622
Current Bill Status - In Senate Committee Finance Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7622 (ACTIVE) - Details
S7622 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7622 Revised 2/11/2020 SPONSOR: BORRELLO TITLE OF BILL: 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 PURPOSE: This legislation will cap the growth of state spending and increase the allowable reserve of the rainy day fund. SUMMARY OF PROVISIONS: Section one of the bill would amend the State Finance Law ("SFL") to add a new Article 17, establishing a state spending cap. * New SFL § 244 sets for definitions for article 17. * New SFL § 245 establishes a spending cap, which limits the growth of
S7622 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7622 I N S E N A T E January 31, 2020 ___________ Introduced by Sen. BORRELLO -- read twice and ordered printed, and when printed to be committed to the Committee on Finance 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 17 ANNUAL SPENDING GROWTH CAP ACT SECTION 244. DEFINITIONS. 245. ESTABLISHMENT OF ANNUAL SPENDING GROWTH CAP. 246. PROVISIONS REGARDING DECLARATION OF EMERGENCY. § 244. 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 OR TWO PERCENT, WHICHEVER IS LESS. 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. 4. "EXECUTIVE BUDGET" SHALL MEAN THE BUDGET SUBMITTED ANNUALLY BY THE GOVERNOR PURSUANT TO SECTION ONE OF ARTICLE VII OF THE STATE CONSTITU- TION. 5. "STATE BUDGET AS ENACTED" SHALL MEAN THE BUDGET ACTED UPON BY THE LEGISLATURE IN A GIVEN FISCAL YEAR, AS SUBJECT TO SECTION FOUR OF ARTI- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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