NY State Senate Bill 2023-S4373

Senate Bill S4373

2023-2024 Legislative Session

Relates to requiring the director of the budget to provide monthly budget updates to the legislature

download bill text pdf

Current Bill Status - In Senate Committee Finance 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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to finance
Feb 07, 2023	referred to finance

2023-S4373 (ACTIVE) - Details

Current Committee:: Senate Finance
Law Section:: State Finance Law
Laws Affected:: Add §22-d, St Fin L
Versions Introduced in Other Legislative Sessions:: 2019-2020: S8376
2021-2022: S4836

2023-S4373 (ACTIVE) - Summary

Requires the director of the budget to provide monthly budget updates to the legislature including a detailed description of revenue shortfalls, spending overages, and any proposed adjustments to appropriations or disbursements pursuant to authorization granted in the two thousand twenty-three-twenty-four enacted budget.

2023-S4373 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S4373

SPONSOR: FERNANDEZ
 
TITLE OF BILL:

An act to amend the state finance law, in relation to requiring the
director of the budget to provide monthly budget updates to the legisla-
ture; and providing for the repeal of such provisions upon the expira-
tion thereof

 
PURPOSE OR GENERAL IDEA OF BILL:

To require the Director of the Budget to provide monthly budget updates
to the legislature for a year.

 
SUMMARY OF PROVISIONS:

Section 1 amends state finance law by adding a new section 22-D that
requires the director of the budget to provide monthly updates on the
economic and revenue outlook of the state, which shall include any
proposed adjustments to appropriations or disbursements pursuant to the
authorization granted in the 2021-22 enacted budget. Such updates shall

be sent to the temporary president of the senate and the speaker of the
assembly, and posted on the division of budget's website. The director
of the budget shall provide a means by which the public may submit
comments and suggestions, and shall take such comments and suggestions
into consideration when making any adjustments.

Section 2 is the effective date.

 
JUSTIFICATION:

Due to the unprecedented fiscal uncertainty created by the COVID-19
pandemic and its impacts on New York's economy, the 2021 enacted budget
authorized the director of the budget to reevaluate the state's fiscal
outlook on a periodic basis and make proposed adjustments to appropri-
ations and disbursements if the state general fund is imbalanced. The
legislature is then given ten days to review the adjustments and make
any alternate proposals it determines are appropriate.

The state budget affects the lives of New Yorkers in a multitude of
ways, providing funds for schools, healthcare, roads, social services,
environmental protection and much more. Given the flexibility granted to
the director of the budget to ensure a balanced budget, citizens deserve
to have timely information on the fiscal circumstances of the state and
the opportunity to weigh in on any proposed budget changes made during
the fiscal year. This bill would require the director of the budget to
provide monthly fiscal outlook updates to the legislature and the
public, and to offer a means for the public to provide comment on any
proposed budgetary changes, which the director shall take into consider-
ation.

 
PRIOR LEGISLATIVE HISTORY:

2021-2022: S4836 / A102

2019-2020: S8376 / A10501

 
FISCAL IMPLICATIONS:
TBD

 
EFFECTIVE DATE:
This act shall take effect immediately and shall expire and be deemed
repealed April 1, 2024.

2023-S4373 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4373
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 7, 2023
                                ___________
 
 Introduced by Sen. FERNANDEZ -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN  ACT  to  amend  the  state finance law, in relation to requiring the
   director of the budget to provide monthly budget updates to the legis-
   lature; and providing for the repeal of such provisions upon the expi-
   ration thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  state finance law is amended by adding a new section
 22-d to read as follows:
   § 22-D. MONTHLY FINANCIAL UPDATES. 1. ON OR BEFORE THE FIRST  OF  EACH
 MONTH,  THE  DIRECTOR OF THE BUDGET SHALL PROVIDE MONTHLY UPDATES ON THE
 ECONOMIC AND REVENUE OUTLOOK OF THE STATE. SUCH UPDATES  SHALL  INCLUDE,
 BUT  NOT  BE  LIMITED  TO, A DETAILED DESCRIPTION OF REVENUE SHORTFALLS,
 SPENDING OVERAGES, CASH FLOWS, BORROWING, AND ANY  PROPOSED  ADJUSTMENTS
 TO  APPROPRIATIONS OR DISBURSEMENTS PURSUANT TO AUTHORIZATION GRANTED IN
 THE TWO THOUSAND TWENTY-THREE--TWENTY-FOUR ENACTED  BUDGET.  A  COPY  OF
 SUCH  UPDATES SHALL BE SENT TO THE TEMPORARY PRESIDENT OF THE SENATE AND
 THE SPEAKER OF THE ASSEMBLY.  SUCH UPDATES SHALL ALSO BE POSTED CONSPIC-
 UOUSLY ON THE DIVISION OF BUDGET'S WEBSITE.
   2. THE DIRECTOR OF THE BUDGET SHALL  PROVIDE  A  MEANS  BY  WHICH  ANY
 STAKEHOLDER  OR  MEMBER OF THE PUBLIC MAY SUBMIT COMMENTS OR SUGGESTIONS
 ON SUCH UPDATES. THE DIRECTOR OF THE BUDGET SHALL TAKE SUCH COMMENTS AND
 SUGGESTIONS INTO CONSIDERATION WHEN MAKING ANY ADJUSTMENTS TO  APPROPRI-
 ATIONS  AND  DISBURSEMENTS  PURSUANT TO AUTHORIZATION GRANTED IN THE TWO
 THOUSAND TWENTY-THREE--TWENTY-FOUR ENACTED BUDGET.
   3. THE DIRECTOR OF THE BUDGET MAY PROVIDE ANY ADDITIONAL UPDATES AS HE
 OR SHE DEEMS APPROPRIATE. SUCH ADDITIONAL UPDATES SHALL BE DONE PURSUANT
 TO THE PROCESS ESTABLISHED IN THIS SECTION.
   § 2. This act shall take effect immediately and shall  expire  and  be
 deemed repealed April 1, 2024.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08681-01-3

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