What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
7 Co-sponsors
History
- Referred to education
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10495
Title of bill
An act to amend the education law, in relation to authorizing school districts to expend up to sixty percent of employee benefit accrued liability reserve funds for certain purposes
Purpose or general idea of bill
To authorize school districts to transfer not more than sixty percent of its employee benefit accrued liability reserve to the general fund of the school district, to be expended for such purposes as the board of education or board of trustees shall determine, including, but not limited to energy efficiency improvements
Summary of specific provisions
Amended to allow for such authorization.
Section 3651 of the education law would be
Justification
Recent reports generated by the NYS Comptroller's office reference large fund reserves being held by school districts who are reporting fiscal stress. The employee benefit accrued liability reserve (EBALR) fund is traditionally accessible by school districts solely for employee bene- fits and typically is in notable excess of what funds might be needed in the foreseeable future. This bill would allow school districts to have access to those funds for a wider range of expenditures, including, but not limited to, cost savers such as energy efficiency improvements - and always under the oversight of the board of education or board of trus- tees. Individual school districts should be empowered to better utilize their reserve funds in the best interest of the district and the commu- nity.
Prior legislative history
New bill.
Fiscal implications
None to the State.
Effective date
Immediately upon enactment.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.