Assembly Bill A3940

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3940
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 30, 2025
                                ___________
 
 Introduced  by M. of A. RA -- read once and referred to the Committee on
   Ways and Means
 
 AN ACT to amend the state finance law, in relation to requiring  enacted
   budget  financial  plan  estimates  to  be provided to the legislature
   prior to a vote on certain budget bills

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  4 of section 23 of the state finance law, as
 amended by chapter 1 of the laws of 2007, is amended and a new  subdivi-
 sion 3-a is added to read as follows:
   3-A.  ENACTED  BUDGET  FINANCIAL PLAN ESTIMATES. NO LATER THAN ONE DAY
 BEFORE A LEGISLATIVE VOTE ON THE AID TO LOCALITIES, STATE OPERATIONS, OR
 CAPITAL PROJECTS APPROPRIATION BILLS, THE GOVERNOR SHALL SUBMIT  TO  THE
 LEGISLATURE  A SUMMARY FINANCIAL PLAN. SUCH SUMMARY FINANCIAL PLAN SHALL
 INCLUDE:
   (A) ALL FUND, GENERAL FUND, AND STATE OPERATING FUND ESTIMATES FOR THE
 NEW FISCAL YEAR COMPARED WITH THE EXECUTIVE BUDGET  FINANCIAL  PLAN  AND
 PREVIOUS  FISCAL  YEAR  CLOSEOUT  ACTUALS,  AND  ESTIMATES FOR THE THREE
 SUBSEQUENT FISCAL YEARS;
   (B) ALL FUND TAX RECEIPTS FOR THE NEW FISCAL YEAR  COMPARED  WITH  THE
 EXECUTIVE  BUDGET FINANCIAL PLAN AND PREVIOUS FISCAL YEAR CLOSEOUT ACTU-
 ALS, AND ESTIMATES FOR THE THREE SUBSEQUENT FISCAL YEARS;
   (C) THREE-YEAR PROJECTIONS OF GENERAL FUND BUDGET SURPLUSES  OR  GAPS;
 AND
   (D)  ENACTED  BUDGET  PRINCIPAL  RESERVE  FUND BALANCES, INCLUDING THE
 ECONOMIC UNCERTAINTIES RESERVE FUND BALANCE.
   4. Financial plan updates. Quarterly, throughout the fiscal year,  the
 governor  shall  submit  to  the  comptroller,  the chairs of the senate
 finance and the assembly ways and means committees, within  thirty  days
 of  the  close  of the quarter to which it shall pertain, a report which
 summarizes the actual experience to date and projections for the remain-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05917-01-5
              

 A. 3940                             2
 
 ing quarters of the current fiscal year and for each  of  the  next  two
 fiscal  years of receipts, disbursements, tax refunds, and repayments of
 advances presented in forms suitable for comparison with  the  financial
 plan  submitted pursuant to subdivisions one, four, and five, of section
 twenty-two of this article and revised in accordance with the provisions
 of subdivision three of this section. The governor shall submit with the
 budget a similar report that summarizes revenue and expenditure  experi-
 ence  to  date in a form suitable for comparison with the financial plan
 submitted pursuant to subdivision two  of  section  twenty-two  of  this
 article  and  revised  in  accordance with the provisions of subdivision
 three of this section. Such reports shall provide an explanation of  the
 causes  of  any  major  deviations from the revised financial plans and,
 shall provide for the amendment of the plan or plans  to  reflect  those
 deviations.  The governor may, if [he] THE GOVERNOR determines it advis-
 able, provide more frequent reports to the legislature regarding  actual
 experience  as  compared to the financial plans. The quarterly financial
 plan update most proximate to October thirty-first of  each  year  shall
 include the calculation of the limitations on the issuance of state-sup-
 ported  debt computed pursuant to the provisions of subdivisions one and
 two of section sixty-seven-b of this chapter.
   § 2. This act shall take effect immediately.