§ 316. Annual appropriation by state. a. Upon the basis of each annual
actuarial valuation and appraisal provided for in this article, the
comptroller, on or before the fifteenth day of October of each year,
shall prepare and file with the director of the budget an itemized
estimate of the amounts necessary to be appropriated by the state to the
pension accumulation fund and the New York state public employees group
life insurance plan, as appropriate. Such itemized estimate may be
revised on or before December thirtieth of each such year. Such amounts
shall be sufficient to provide for payment in full for (i) the
succeeding fiscal year of all estimated obligations of the state to the
police and fire retirement system; and (ii) any actual obligations of
the state to such retirement system, remaining unpaid, plus interest on
such amount, for the fiscal year ending on the March thirty-first
preceding such date; provided, however, that such estimate of actual
obligations shall be made commencing with the filings due on October
fifteenth, nineteen hundred eighty-seven and thereafter. If, as a result
of the estimate required to be made pursuant to clause (i) of the
preceding sentence, the state overpaid its actual obligation to the
retirement system in any year, the amount estimated in the filing
required by this subdivision next succeeding such overpayment shall
reflect the amount of such overpayment, plus interest on such amount, as
a reduction in amounts that would otherwise be estimated to be due the
retirement system from the state. An item of appropriation which shall
be sufficient to provide for such obligations shall be included in the
next annual appropriation bill when it is presented to the legislature
for passage. The amounts so appropriated or so much thereof as may be
required shall be paid from the state treasury on warrant of the
comptroller into the pension accumulation fund and the New York state
public employees group life insurance plan, as appropriate, on March
first of each state fiscal year. For the purposes of this section,
interest shall mean the rate or rates of interest used in the actuarial
valuations covering the period of time over which such interest is
computed.

b. On or before the fifteenth day of October of each year the
comptroller shall file with the director of the budget an itemized
estimate of the expenses of the police and fire retirement system for
the ensuing year. The director of the budget may revise and amend such
estimate. After such revision and amendment, if any, such director shall
approve the same for inclusion in the executive budget. No monies shall
be paid out of the pension accumulation fund for such expenses unless
expenditures therefor shall have been authorized by law.

c. Whenever the compensation of any member of the police and fire
retirement system is paid from a special or administrative fund provided
for by law, all contributions to the police and fire retirement system
including a proportionate share of the administrative expense thereof,
which otherwise would be chargeable to the general fund of the state,
shall, with the approval of the director of the budget, be paid from
such special or administrative fund.