senate Bill S6804

2019-2020 Legislative Session

Relates to expenditures supported by monies retained in a municipal contingency and tax stabilization reserve fund

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Local Government Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to local government
Oct 25, 2019 referred to rules

Co-Sponsors

S6804 (ACTIVE) - Details

See Assembly Version of this Bill:
A8737
Current Committee:
Senate Local Government
Law Section:
General Municipal Law
Laws Affected:
Amd §6-e, Gen Muni L; amd §8, Chap 868 of 1975
Versions Introduced in 2021-2022 Legislative Session:
A758

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.

S6804 (ACTIVE) - Sponsor Memo

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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