Assembly Bill A5550

2021-2022 Legislative Session

Establishes a spending cap and increases the maximum capacity of the rainy day fund

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • 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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2021-A5550 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
State Finance Law
Laws Affected:
Add Art 17 §§250 - 252, amd §92-cc, St Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A9061
2011-2012: A5370
2013-2014: A1367
2015-2016: A4383
2017-2018: A5942
2019-2020: A4446
2023-2024: A4845

2021-A5550 (ACTIVE) - Summary

Establishes a spending cap; increases the maximum capacity of the rainy day fund.

2021-A5550 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5550
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 19, 2021
                                ___________
 
 Introduced  by  M.  of  A. BARCLAY, FITZPATRICK, MONTESANO, BLANKENBUSH,
   PALMESANO, RA,  NORRIS,  BRABENEC,  SMITH,  MIKULIN,  SALKA,  SMULLEN,
   B. MILLER,  BYRNE, MANKTELOW, ASHBY, WALSH, SIMPSON, LEMONDES, JENSEN,
   LAWLER, J. M. GIGLIO -- Multi-Sponsored by -- M. of A.  BROWN,  DiPIE-
   TRO, FRIEND, GALLAHAN, GOODELL, HAWLEY, M. MILLER, THIELE -- read once
   and referred to the Committee on Ways and Means
 
 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 XVII
                          SPENDING GROWTH CAP ACT
 SECTION 250. DEFINITIONS.
         251. ESTABLISHMENT OF ANNUAL SPENDING GROWTH CAP.
         252. PROVISIONS REGARDING DECLARATION OF EMERGENCY.
   § 250. 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.
   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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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