Assembly Bill A1478

2017-2018 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last 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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2017-A1478 (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
2019-2020: A3428
2021-2022: A6721
2023-2024: A2951

2017-A1478 (ACTIVE) - Summary

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

2017-A1478 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1478
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 12, 2017
                                ___________
 
 Introduced  by  M. of A. ZEBROWSKI, SOLAGES, JAFFEE, RAIA, BLAKE, STECK,
   BRABENEC -- Multi-Sponsored by -- M. of A. COOK, McKEVITT -- 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
              

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