senate Bill S8400

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

Current Bill Status - Signed by Governor


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 17, 2020 signed chap.118
Jun 05, 2020 delivered to governor
May 27, 2020 returned to senate
passed assembly
ordered to third reading rules cal.26
substituted for a9789a
referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.659
May 26, 2020 reported and committed to rules
May 25, 2020 committee discharged and committed to finance
May 21, 2020 referred to cities

Votes

view votes

May 26, 2020 - Finance committee Vote

S8400
21
0
committee
21
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Finance committee vote details

May 24, 2020 - Rules committee Vote

S8400
16
0
committee
16
Aye
0
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Co-Sponsors

S8400 (ACTIVE) - Details

See Assembly Version of this Bill:
A9789
Law Section:
General Municipal Law
Laws Affected:
Amd §25, Gen Muni L; amd §8, Chap 868 of 1975

S8400 (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.

S8400 (ACTIVE) - Sponsor Memo

S8400 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8400

                            I N  S E N A T E

                              May 21, 2020
                               ___________

Introduced  by Sen. BENJAMIN -- read twice and ordered printed, and when
  printed to be committed 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

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