senate Bill S7622

2019-2020 Legislative Session

Establishes an annual spending growth cap and increases the maximum capacity of the rainy day fund

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 31, 2020 referred to finance

S7622 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
State Finance Law
Laws Affected:
Add Art 17 §§244 - 246, amd §92-cc, St Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: S5916
2011-2012: S716
2013-2014: S3770
2015-2016: S5507
2017-2018: S365
2021-2022: S1756
2023-2024: S681

S7622 (ACTIVE) - Summary

Establishes an annual spending growth cap and increases the maximum capacity of the rainy day fund.

S7622 (ACTIVE) - Sponsor Memo

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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