Senate Bill S5318

2015-2016 Legislative Session

Authorizes school districts with low combined wealth ratios to establish a reserve fund to ensure compliance with the tax cap in future school years

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Education 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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2015-S5318 (ACTIVE) - Details

Current Committee:
Senate Education
Law Section:
Education Law
Laws Affected:
Amd ยง3651, Ed L
Versions Introduced in Other Legislative Sessions:
2017-2018: S826
2019-2020: S1006, S4837
2021-2022: S5366
2023-2024: S1169

2015-S5318 (ACTIVE) - Summary

Authorizes school districts with low combined wealth ratios to establish a reserve fund to ensure compliance with the tax cap in future school years.

2015-S5318 (ACTIVE) - Sponsor Memo

2015-S5318 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5318

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 13, 2015
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Education

AN ACT to amend the education law, in  relation  to  authorizing  school
  districts with low combined wealth ratios to establish tax cap reserve
  funds

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 3651 of the education law is amended by adding  two
new subdivisions 1-c and 3-b to read as follows:
  1-C.  NOTWITHSTANDING  THE  PROVISIONS  OF  SUBDIVISION  ONE  OF  THIS
SECTION, ANY SCHOOL DISTRICT HAVING A COMBINED WEALTH RATIO, AS  DEFINED
IN PARAGRAPH C OF SUBDIVISION THREE OF SECTION THIRTY-SIX HUNDRED TWO OF
THIS TITLE, WHICH IS THIRTY-FIVE ONE-HUNDREDTHS OR LESS, MAY ESTABLISH A
RESERVE  FUND  FOR  THE  PAYMENT OF SCHOOL DISTRICT EXPENDITURES FOR ANY
SCHOOL YEAR TO THE EXTENT THE EXPENDITURE OF MONIES THEREFOR WOULD CAUSE
SUCH SCHOOL DISTRICT TO EXCEED ITS TAX LEVY LIMIT  PURSUANT  TO  SECTION
TWO  THOUSAND  TWENTY-THREE-A  OF  THIS CHAPTER, WITHOUT APPROVAL BY THE
QUALIFIED VOTERS OF THE DISTRICT; PROVIDED, HOWEVER, THAT THE  TOTAL  OF
THE  MONIES HELD IN SUCH RESERVE FUND SHALL NOT EXCEED THAT AMOUNT WHICH
MIGHT REASONABLY BE  DEEMED  NECESSARY  TO  MEET  ANTICIPATED  INCREASED
EXPENDITURES  BY  THE SCHOOL DISTRICT IN FUTURE SCHOOL YEARS. ANY MONIES
DEPOSITED TO SUCH RESERVE FUND WHICH WILL NOT REASONABLY BE REQUIRED  TO
BE  EXPENDED  FOR  THE PURPOSE OF COMPLYING WITH THE DISTRICT'S TAX LEVY
LIMIT SHALL BE RETURNED TO THE GENERAL FUND ON OR BEFORE THE  FIRST  DAY
OF  THE  FOURTH FISCAL YEAR FOLLOWING THE DEPOSIT OF SUCH MONIES TO SAID
RESERVE FUND.
  3-B. NOTWITHSTANDING THE  PROVISIONS  OF  SUBDIVISION  THREE  OF  THIS
SECTION, ANY SCHOOL DISTRICT WHICH ESTABLISHES A RESERVE FUND IN ACCORD-
ANCE  WITH  SUBDIVISION ONE-C OF THIS SECTION MAY MAKE EXPENDITURES FROM
SUCH FUND FOR THE PURPOSES SPECIFIED IN SUCH SUBDIVISION WITHOUT AUTHOR-
IZATION OF THE VOTERS.
  S 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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