Assembly Bill A5005

2021-2022 Legislative Session

Relates to long range financial planning for school districts

download bill text pdf

Sponsored By

Archive: Last Bill Status - Stricken

  • 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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2021-A5005 (ACTIVE) - Details

Law Section:
Education Law
Laws Affected:
Add §3817, Ed L
Versions Introduced in Other Legislative Sessions:
2013-2014: A7196
2015-2016: A29
2017-2018: A1060
2019-2020: A485

2021-A5005 (ACTIVE) - Summary

Relates to long range financial planning for school districts; requires the superintendent of schools in consultation with the chief financial officer of each school district to prepare for approval by the board of trustees a three-year long-range financial plan to assist districts in establishing and planning financial goals and projections.

2021-A5005 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5005
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 10, 2021
                                ___________
 
 Introduced  by M. of A. PAULIN -- Multi-Sponsored by -- M. of A. COOK --
   read once and referred to the Committee on Education
 
 AN ACT to amend the education law, in relation to long  range  financial
   planning for school districts
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The education law is amended by adding a new  section  3817
 to read as follows:
   §  3817.  LONG RANGE FINANCIAL PLAN. 1. EACH YEAR, COMMENCING WITH THE
 PROPOSED BUDGET FOR THE TWO THOUSAND  TWENTY-TWO--TWO  THOUSAND  TWENTY-
 THREE  SCHOOL  YEAR,  THE SUPERINTENDENT OF SCHOOLS IN CONSULTATION WITH
 THE CHIEF FINANCIAL OFFICER OF EACH SCHOOL DISTRICT, AND  THE  BOARD  OF
 TRUSTEES,  SHALL  PREPARE  FOR  APPROVAL BY THE BOARD OF TRUSTEES A LONG
 RANGE FINANCIAL PLAN TO ASSIST SUCH DISTRICTS IN ESTABLISHING AND  PLAN-
 NING FINANCIAL GOALS AND PROJECTIONS.
   2.  A LONG RANGE FINANCIAL PLAN SHALL MEAN A PLAN THAT INCLUDES INFOR-
 MATION FOR THE CURRENT SCHOOL YEAR AND  PROJECTIONS  FOR  AT  LEAST  THE
 SUBSEQUENT  TWO  YEARS OF THE SCHOOL DISTRICT THAT COVERS: (A) REVENUES;
 (B) EXPENDITURES; (C)  UNASSIGNED  FUND  BALANCE;  (D)  RESTRICTED  FUND
 BALANCE;  (E)  GRANT  AWARDS; AND (F) CAPITAL CONSTRUCTION PROJECT PLAN-
 NING.
   3. A SCHOOL DISTRICT MUST POST ON ITS WEBSITE, IF  AVAILABLE,  AND  IN
 FIVE PUBLIC PLACES IN SAID DISTRICT, THE DISTRICT'S LONG RANGE FINANCIAL
 PLAN,  ANNUAL  AUDITED  FINANCIAL  STATEMENT,  INCLUDING  ANY CORRECTIVE
 ACTION PLAN AS REQUIRED BY SECTION TWENTY-ONE HUNDRED SIXTEEN-A OF  THIS
 CHAPTER, AND ADOPTED ANNUAL BUDGET.
   4.  A  DISTRICT  MAY  APPLY  TO  THE  COMMISSIONER FOR A WAIVER OF THE
 REQUIREMENT TO PREPARE A LONG TERM FINANCIAL PLAN UNDER SUBDIVISION  ONE
 OF  THIS  SECTION, WHICH MAY BE GRANTED AT THE DISCRETION OF THE COMMIS-
 SIONER IF THE COMMISSIONER DEEMS THAT COMPLIANCE WITH  SUCH  SUBDIVISION
 WOULD BE UNDULY BURDENSOME OR IMPRACTICABLE FOR THE SCHOOL DISTRICT.
   §  2. This act shall take effect one year after it shall have become a
 law.

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