senate Bill S1756

2021-2022 Legislative Session

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

download bill text pdf

Sponsored By

Current 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

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to finance
Jan 14, 2021 referred to finance

S1756 (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
2019-2020: S7622

S1756 (ACTIVE) - Summary

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

S1756 (ACTIVE) - Sponsor Memo

S1756 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1756
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 14, 2021
                                ___________
 
 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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