§ 72. General fund. 1. Notwithstanding any provision of law to the
contrary, the general fund of this state shall be defined and maintained
in accordance with the provisions of this section and shall account for
all financial resources of the state except those required to be
accounted for in other funds as defined in this chapter.

2. (a) There shall be within the general fund a separate account which
shall be designated and known as the local assistance account and shall
reflect all expenditures made for local assistance.

(b) There shall be within the general fund a separate account which
shall be designated and known as the state purposes account and shall
reflect all expenditures made for state purposes.

3. Notwithstanding any inconsistent provision of subdivision five of
section four of this chapter, any moneys in the general fund not
required for cash disbursements pursuant to general fund appropriations
may, in amounts determined and certified by the director of the budget,
be transferred to the capital projects fund or any debt service fund for
the purpose of making payments from such fund pursuant to appropriations
by law, provided that, any balance of moneys so transferred, remaining
in such fund at the close of each month shall be returned to the general
fund. No such transfer shall be made until a certificate of approval of
availability for so much as shall be necessary to make disbursements
pursuant to appropriations by law from such capital projects or debt
service fund for the balance of the month shall have been issued by the
budget director and a copy of such certificate of approval filed with
the state comptroller, the chairman of the senate finance committee and
the chairman of the assembly ways and means committee.

4. (a) Any balance of moneys in any debt service fund in excess of
both the debt principal and interest payments required to be made from
such fund during the current fiscal year, or during future fiscal years,
and any reserve requirement established by statute or by a relevant bond
covenant, shall be transferred to the general fund.

* (b) On or before the beginning of each quarter, the director of the
budget may certify to the state comptroller the estimated amount of
monies that shall be reserved in the general debt service fund for the
payment of debt service and related expenses payable by such fund during
each month of the state fiscal year, excluding payments due from the
revenue bond tax fund. Such certificate may be periodically updated, as
necessary. Notwithstanding any provision of law to the contrary, the
state comptroller shall reserve in the general debt service fund the
amount of monies identified on such certificate as necessary for the
payment of debt service and related expenses during the current or next
succeeding quarter of the state fiscal year. Such monies reserved shall
not be available for any other purpose. Such certificate shall be
reported to the chairpersons of the Senate Finance Committee and the
Assembly Ways and Means Committee. The provisions of this paragraph
shall expire June thirtieth, two thousand twenty-six.

* NB Expires June 30, 2026