S T A T E O F N E W Y O R K
________________________________________________________________________
7285--A
2023-2024 Regular Sessions
I N S E N A T E
May 19, 2023
___________
Introduced by Sen. SKOUFIS -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT in relation to enacting the "village of Washingtonville deficit
financing act"
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Short title. This act shall be known and may be cited as
the "village of Washingtonville deficit financing act".
§ 2. Bonds. The village of Washingtonville, Orange county, is hereby
authorized to issue serial bonds, subject to the provisions of section
10.10 of the local finance law, on or before November 30, 2024, in an
aggregate principal amount not to exceed $4,500,000 for the specific
object or purpose of liquidating the accumulated deficits of the general
fund, water fund, sewer fund and capital projects fund as of May 31,
2023, including the remaining principal amount of any budget, deficiency
and/or revenue anticipation notes outstanding at the time of said issu-
ance of said serial bonds or notes authorized pursuant to this act. In
anticipation of the issuance and sale of such serial bonds, bond antic-
ipation notes are hereby authorized to be issued.
§ 3. The village shall be subject to the provisions of section 10.10
of the local finance law except that, notwithstanding any inconsistent
provision in paragraph d of section 10.10 of the local finance law, the
village board of trustees shall make adjustments to the proposed budget
consistent with any recommendations made by the state comptroller.
§ 4. (a) For each fiscal year occurring during the time bonds and/or
bond anticipation notes issued pursuant to this act are outstanding, the
mayor of the village of Washingtonville shall prepare a quarterly report
of summarized budget data depicting overall trends of actual revenues
and budget expenditures for the entire budget rather than individual
line items. Such budgetary reports shall compare revenue estimates and
appropriations as set forth in such budget with the actual revenues and
expenditures made to date. All such quarterly budgetary reports shall be
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11571-02-3
S. 7285--A 2
accompanied by recommendations of the mayor setting forth any remedial
action necessary or desirable to resolve any unfavorable budget variance
including the over-estimation of revenues and the under-estimation of
expenditures. Each such quarterly budgetary report shall be completed
within 30 days after the end of each quarter and shall be submitted to
each member of the village board of the village of Washingtonville, the
director of the division of the budget, the state comptroller, and the
chairs of the senate finance committee and the assembly ways and means
committee.
(b) For each fiscal year occurring during the time bonds and/or bond
anticipation notes issued pursuant to this act are outstanding, the
mayor of the village of Washingtonville shall also prepare a quarterly
trial balance of general and special fund ledger accounts. Each such
quarterly trial balance shall be prepared in accordance with generally
accepted accounting principles. Each such quarterly trial balance shall
be completed within 30 days after the end of each quarterly period and
shall be submitted to each member of the village board of the village of
Washingtonville, the director of the division of the budget, the state
comptroller, and the chairs of the senate finance committee and the
assembly ways and means committee.
(c) Within 90 days of the issuance of any debt pursuant to this act
and for each fiscal year thereafter during which such debt or any debt
incurred to refund such debt is outstanding, the mayor of the village of
Washingtonville or other officer or officers responsible for the prepa-
ration of the tentative budget of the village of Washingtonville, within
30 days after the final adoption of the budget for the next succeeding
fiscal year, shall prepare a three-year financial plan covering the next
succeeding fiscal year and the two fiscal years thereafter. The finan-
cial plan shall, at minimum, contain the information required to be
provided in a three-year financial plan as prescribed by subdivision 10
of section 54 of the state finance law. Copies of the financial plan
shall be provided to the mayor and chief fiscal officers of the village
of Washingtonville, the director of the budget, the state comptroller,
the chair of the assembly ways and means committee and the chair of the
senate finance committee. This financial plan requirement shall not
apply to the extent the village of Washingtonville is subject to a
different multi-year financial plan requirement under state law.
(d) For each fiscal year occurring during the time bonds and/or bond
anticipation notes issued pursuant to this act are outstanding, the
mayor or chief fiscal officer of the village of Washingtonville shall
notify the state comptroller at least 15 days prior to the issuance of
any bonds or notes or entering into any installment purchase contract
and the state comptroller may review and make recommendations regarding
the affordability to the village of Washingtonville of any such proposed
issuance or contract. The state comptroller may require the submission
by the village of Washingtonville of such information as the state comp-
troller shall deem necessary to complete his or her review.
§ 5. Severability clause. If any clause, sentence, paragraph, section
or part of this act shall be adjudged by any court of competent juris-
diction to be invalid, such judgment shall not affect, impair or invali-
date the remainder thereof, but shall be confined in its operation to
the clause, sentence, paragraph, section or part involved in the contro-
versy in which such judgment shall have been rendered. The provisions of
this act shall be liberally construed to assist the effectuation of the
public purposes furthered hereby.
§ 6. This act shall take effect immediately.
