Senate Bill S5366

2021-2022 Legislative Session

Relates to reserve funds 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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2021-S5366 (ACTIVE) - Details

Current Committee:
Senate Education
Law Section:
Education Law
Laws Affected:
Amd §3651, Ed L
Versions Introduced in Other Legislative Sessions:
2015-2016: S5318
2017-2018: S826
2019-2020: S1006, S4837
2023-2024: S1169

2021-S5366 (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.

2021-S5366 (ACTIVE) - Sponsor Memo

2021-S5366 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5366
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 3, 2021
                                ___________
 
 Introduced by Sen. OBERACKER -- 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.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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