Assembly Bill A2951

2023-2024 Legislative Session

Requires municipalities to submit a multi-year financial plan to the comptroller

download bill text pdf

Sponsored By

Current 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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2023-A2951 (ACTIVE) - Details

Current Committee:
Assembly Local Governments
Law Section:
General Municipal Law
Laws Affected:
Add §40, Gen Muni L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10223
2013-2014: A1446
2015-2016: A1780
2017-2018: A1478
2019-2020: A3428
2021-2022: A6721

2023-A2951 (ACTIVE) - Summary

Requires municipalities to submit a multi-year financial plan to the comptroller.

2023-A2951 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2951
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 1, 2023
                                ___________
 
 Introduced  by M. of A. ZEBROWSKI, STECK, BRABENEC -- Multi-Sponsored by
   -- M. of A.  COOK -- read once and referred to the Committee on  Local
   Governments
 
 AN  ACT  to  amend  the  general municipal law, in relation to requiring
   municipalities to submit a multi-year  financial  plan  to  the  comp-
   troller

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general municipal  law  is  amended  by  adding  a  new
 section 40 to read as follows:
   §  40.  MULTI-YEAR  FINANCIAL PLAN. EXCEPT IF ALREADY REQUIRED BY LAW,
 EVERY CITY, COUNTY AND EVERY TOWN AND VILLAGE  WITH  ANNUAL  BUDGETS  IN
 EXCESS  OF  TEN  MILLION  DOLLARS  SHALL  ANNUALLY  PREPARE AND SUBMIT A
 MULTI-YEAR FINANCIAL PLAN TO THE COMPTROLLER. SUCH MULTI-YEAR  FINANCIAL
 PLANS SHALL BE FILED WITH THE COMPTROLLER BY THE CHIEF FINANCIAL OFFICER
 OF  THE  MUNICIPALITY  NO  LATER  THAN ONE HUNDRED TWENTY DAYS AFTER THE
 ADOPTION OF THE MUNICIPALITY'S BUDGET.  THE  MULTI-YEAR  FINANCIAL  PLAN
 SHALL COVER THE PROPOSED BUDGET, THE NEXT SUCCEEDING FISCAL YEAR AND THE
 TWO  FISCAL  YEARS  THEREAFTER.  THE  MULTI-YEAR FINANCIAL PLAN SHALL AT
 MINIMUM INCLUDE PROJECTED EMPLOYMENT LEVELS, PROJECTED  ANNUAL  EXPENDI-
 TURES  FOR  PERSONAL SERVICE, FRINGE BENEFITS, NON-PERSONAL SERVICES AND
 DEBT SERVICE; APPROPRIATE RESERVE FUND AMOUNTS; ESTIMATED ANNUAL  REVEN-
 UES  INCLUDING  PROJECTED  PROPERTY  TAX RATES, THE VALUE OF THE TAXABLE
 REAL PROPERTY AND RESULTING TAX LEVY, ANNUAL GROWTH  IN  SALES  TAX  AND
 NON-PROPERTY  TAX  REVENUES,  AND  THE  PROPOSED USE OF ONE-TIME REVENUE
 SOURCES. THE FINANCIAL PLAN SHALL ALSO  IDENTIFY  ACTIONS  NECESSARY  TO
 ACHIEVE  AND  MAINTAIN  LONG-TERM  FISCAL  STABILITY, INCLUDING, BUT NOT
 LIMITED TO, IMPROVED MANAGEMENT PRACTICES, INITIATIVES  TO  MINIMIZE  OR
 REDUCE OPERATING EXPENSES, AND POTENTIAL SHARED SERVICES AGREEMENTS WITH
 OTHER  MUNICIPALITIES.  THE COMPTROLLER MAY, UPON WRITTEN REQUEST FROM A
 MUNICIPALITY, GRANT AN EXTENSION OF UP TO THIRTY DAYS.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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