Bill Text: NY A10223 | 2011-2012 | General Assembly | Introduced

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Bill Title: Requires municipalities to submit a multi-year financial plan to the comptroller.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-05-15 - referred to local governments [A10223 Detail]

Download: New_York-2011-A10223-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         10223
                                 I N  A S S E M B L Y
                                     May 15, 2012
                                      ___________
       Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
         Committee on Local Governments
       AN ACT to amend the general municipal  law,  in  relation  to  requiring
         municipalities  to  submit  a  multi-year  financial plan to the comp-
         troller
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  general  municipal  law  is  amended by adding a new
    2  section 40 to read as follows:
    3    S 40. MULTI-YEAR FINANCIAL PLAN. EXCEPT IF ALREADY  REQUIRED  BY  LAW,
    4  EVERY  CITY,  COUNTY  AND  EVERY TOWN AND VILLAGE WITH ANNUAL BUDGETS IN
    5  EXCESS OF TEN MILLION  DOLLARS  SHALL  ANNUALLY  PREPARE  AND  SUBMIT  A
    6  MULTI-YEAR  FINANCIAL PLAN TO THE COMPTROLLER. SUCH MULTI-YEAR FINANCIAL
    7  PLANS SHALL BE FILED WITH THE COMPTROLLER BY THE CHIEF FINANCIAL OFFICER
    8  OF THE MUNICIPALITY NO LATER THAN ONE  HUNDRED  TWENTY  DAYS  AFTER  THE
    9  ADOPTION  OF  THE  MUNICIPALITY'S  BUDGET. THE MULTI-YEAR FINANCIAL PLAN
   10  SHALL COVER THE PROPOSED BUDGET, THE NEXT SUCCEEDING FISCAL YEAR AND THE
   11  TWO FISCAL YEARS THEREAFTER. THE  MULTI-YEAR  FINANCIAL  PLAN  SHALL  AT
   12  MINIMUM  INCLUDE  PROJECTED EMPLOYMENT LEVELS, PROJECTED ANNUAL EXPENDI-
   13  TURES FOR PERSONAL SERVICE, FRINGE BENEFITS, NON-PERSONAL  SERVICES  AND
   14  DEBT  SERVICE; APPROPRIATE RESERVE FUND AMOUNTS; ESTIMATED ANNUAL REVEN-
   15  UES INCLUDING PROJECTED PROPERTY TAX RATES, THE  VALUE  OF  THE  TAXABLE
   16  REAL  PROPERTY  AND  RESULTING  TAX LEVY, ANNUAL GROWTH IN SALES TAX AND
   17  NON-PROPERTY TAX REVENUES, AND THE  PROPOSED  USE  OF  ONE-TIME  REVENUE
   18  SOURCES.  THE  FINANCIAL  PLAN  SHALL ALSO IDENTIFY ACTIONS NECESSARY TO
   19  ACHIEVE AND MAINTAIN LONG-TERM  FISCAL  STABILITY,  INCLUDING,  BUT  NOT
   20  LIMITED  TO,  IMPROVED  MANAGEMENT PRACTICES, INITIATIVES TO MINIMIZE OR
   21  REDUCE OPERATING EXPENSES, AND POTENTIAL SHARED SERVICES AGREEMENTS WITH
   22  OTHER MUNICIPALITIES. THE COMPTROLLER MAY, UPON WRITTEN REQUEST  FROM  A
   23  MUNICIPALITY, GRANT AN EXTENSION OF UP TO THIRTY DAYS.
   24    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15765-01-2