Assembly Bill A9789A

Signed By Governor
2019-2020 Legislative Session

Relates to the establishment by the city of New York of a revenue stabilization fund and variations from generally accepted accounting principles

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S8400 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2019-A9789 - Details

See Senate Version of this Bill:
S8400
Law Section:
General Municipal Law
Laws Affected:
Amd §25, Gen Muni L; amd §8, Chap 868 of 1975

2019-A9789 - Summary

Relates to the establishment by the city of New York of a revenue stabilization fund and variations from generally accepted accounting principles as applied to the budget and accounts of such city in connection with such fund.

2019-A9789 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9789
 
                           I N  A S S E M B L Y
 
                             February 11, 2020
                                ___________
 
 Introduced  by  M.  of  A.  BRAUNSTEIN  -- read once and referred to the
   Committee on Cities
 
 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 the estab-
   lishment  by  the city of New York of a revenue stabilization fund and
   variations from generally accepted accounting principles as applied to
   the budget and accounts of such city in connection with such fund
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 25 of the general municipal law, as added by chap-
 ter 406 of the laws of 2019, is amended to read as follows:
   § 25.  Treatment  of  capital  costs  and  [restricted]  CERTAIN  fund
 balances  OF  THE  CITY  OF NEW YORK; REVENUE STABILIZATION FUND OF SUCH
 CITY.  Notwithstanding the provisions of any general  or  special  state
 law  or  local law to the contrary, including but not limited to the New
 York city charter, the following shall apply with respect to the  budget
 and accounts of the city of New York:
   1.  All costs that would be capital costs in accordance with generally
 accepted accounting principles, but for the application of  governmental
 accounting  standards board statement number forty-nine, shall be deemed
 to be capital costs for purposes of this chapter and any other provision
 of state or local law, including but not limited to the  New  York  city
 charter, relevant to the treatment of such costs; [and]
   2.  The determination as to the existence of a deficit pursuant to the
 New York state financial emergency act for the city of New  York,  while
 such  act  remains  in effect, and any other provision of state or local
 law, including but not limited to the New York city  charter,  shall  be
 made  without  regard to changes in restricted fund balances, as defined
 by the governmental accounting standards board,  where  restrictions  in
 relation  to  such  fund balances are imposed by state or federal law or
 regulation, or otherwise by private or governmental parties  other  than
 the  city  of  New  York, and without regard to funds held in the health
 stabilization fund, the school crossing guards  health  insurance  fund,
 ANY  REVENUE  STABILIZATION FUND ESTABLISHED PURSUANT TO SECTION FIFTEEN
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

co-Sponsors

multi-Sponsors

2019-A9789A (ACTIVE) - Details

See Senate Version of this Bill:
S8400
Law Section:
General Municipal Law
Laws Affected:
Amd §25, Gen Muni L; amd §8, Chap 868 of 1975

2019-A9789A (ACTIVE) - Summary

Relates to the establishment by the city of New York of a revenue stabilization fund and variations from generally accepted accounting principles as applied to the budget and accounts of such city in connection with such fund.

2019-A9789A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9789--A
 
                           I N  A S S E M B L Y
 
                             February 11, 2020
                                ___________
 
 Introduced  by  M. of A. BRAUNSTEIN, GOTTFRIED -- read once and referred
   to the Committee on Cities  --  committee  discharged,  bill  amended,
   ordered reprinted as amended and recommitted to said committee
 
 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 the estab-
   lishment by the city of New York of a revenue stabilization  fund  and
   variations from generally accepted accounting principles as applied to
   the budget and accounts of such city in connection with such fund
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 25 of the general municipal law, as added by  chap-
 ter 406 of the laws of 2019, is amended to read as follows:
   §  25.  Treatment  of  capital  costs  and  [restricted]  CERTAIN fund
 balances OF THE CITY OF NEW YORK; REVENUE  STABILIZATION  FUND  OF  SUCH
 CITY.    Notwithstanding  the provisions of any general or special state
 law or local law to the contrary, including but not limited to  the  New
 York  city charter, the following shall apply with respect to the budget
 and accounts of the city of New York:
   1. All costs that would be capital costs in accordance with  generally
 accepted  accounting principles, but for the application of governmental
 accounting standards board statement number forty-nine, shall be  deemed
 to be capital costs for purposes of this chapter and any other provision
 of  state  or  local law, including but not limited to the New York city
 charter, relevant to the treatment of such costs; [and]
   2. The determination as to the existence of a deficit pursuant to  the
 New  York  state financial emergency act for the city of New York, while
 such act remains in effect, and any other provision of  state  or  local
 law,  including  but  not limited to the New York city charter, shall be
 made without regard to changes in restricted fund balances,  as  defined
 by  the  governmental  accounting standards board, where restrictions in
 relation to such fund balances are imposed by state or  federal  law  or
 regulation,  or  otherwise by private or governmental parties other than
 the city of New York, and without regard to funds  held  in  the  health
 stabilization  fund,  the  school crossing guards health insurance fund,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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