S T A T E O F N E W Y O R K
________________________________________________________________________
8562
2025-2026 Regular Sessions
I N A S S E M B L Y
May 20, 2025
___________
Introduced by M. of A. RAJKUMAR, BRABENEC -- Multi-Sponsored by -- M. of
A. COOK -- read once and referred to the Committee on Local Govern-
ments
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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