§ 25. Treatment of capital costs and certain fund balances of the city
of New York; revenue stabilization fund of such city. Notwithstanding
the provisions of any general or special state law or local law to the
contrary, including but not limited to the New York city charter, the
following shall apply with respect to the budget and accounts of the
city of New York:

1. All costs that would be capital costs in accordance with generally
accepted accounting principles, but for the application of governmental
accounting standards board statement number forty-nine, shall be deemed
to be capital costs for purposes of this chapter and any other provision
of state or local law, including but not limited to the New York city
charter, relevant to the treatment of such costs;

2. The determination as to the existence of a deficit pursuant to the
New York state financial emergency act for the city of New York, while
such act remains in effect, and any other provision of state or local
law, including but not limited to the New York city charter, shall be
made without regard to changes in restricted fund balances, as defined
by the governmental accounting standards board, where restrictions in
relation to such fund balances are imposed by state or federal law or
regulation, or otherwise by private or governmental parties other than
the city of New York, and without regard to funds held in the health
stabilization fund, the school crossing guards health insurance fund,
any revenue stabilization fund established pursuant to section fifteen
hundred twenty-eight of the New York city charter and the management
benefits fund established by the city of New York. Deposits into any
such revenue stabilization fund shall be deemed to be expenses of such
city for all purposes in the fiscal year during which such deposits are
made, and withdrawals from such fund shall be deemed to be revenues of
such city for all purposes in the fiscal year during which such
withdrawals are made; provided however, that surpluses of such city,
whether accumulated from fiscal years ending prior to the effective date
of the chapter of the laws of two thousand twenty that amended this
subdivision or existing at the close of any fiscal year ending after
such effective date, shall be deposited into such revenue stabilization
fund as soon as practicable, and such deposits shall not be deemed
expenses of the city in the fiscal years during which such deposits are
made; and

3. The city of New York may establish and maintain a revenue
stabilization fund pursuant to section fifteen hundred twenty-eight of
the New York city charter. Except as required by subdivision two of this
section with respect to surpluses, deposits into and withdrawals from
such fund may be made by means of the procedures set forth in such
charter for adoption or modification of the expense budget of such city,
as applicable, provided that no more than fifty percent of the total
amount of such fund may be withdrawn in any fiscal year unless the mayor
has certified that there is a compelling fiscal need, which may be based
on circumstances including, but not be limited to, a national or
regional recession, a reduction in total revenues from the preceding
fiscal year as projected in the financial plan of the city of New York,
a natural or other disaster, or a declared state of emergency in the
city of New York or the state of New York. The authority to establish a
revenue stabilization fund set forth in this subdivision shall be in
addition to any other authorization set forth in this article or other
applicable law.