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Sponsor's memo
BILL NUMBER:A10424
Title of bill
An act to amend the education law, in relation to creat- ing a contingency budget cap that is one hundred twenty percent of a five year averaged consumer price index
Purpose
To provide budgetary flexibility for school districts around the state, by basing a school's contingency budget on one hundred and twenty percent of the previous year's budget, multiplied by a five year averaged Consumer Price Index. This will eliminate the likelihood of a negative contingency budget value.
Summary of provisions
The bill amends paragraph (a) of subdivision 4 of § 2023 of the education law, allowing for a school district to base its contingency budget on a five year averaged CPI value.
Existing law
§ 2023 of the education law, as added by § 24 of part (A) of chapter 436 of the laws of 1997.
Justification
Under current contingency budget law, a school may be faced with an unfair and unworkable budget reduction using the existing formula, when there is a negative CPI value.
Legislative history
None.
Fiscal implications
None for state.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.