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Who cares
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Sponsors
6 Co-sponsors
History
- Referred to education
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Authorizes a school district to transfer excess money in an employee benefit fund to the school's general fund to offset property tax increases; repealer
In Assembly Committee · Education · Sponsor Brian X. Foley
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10990
Title of bill
An act authorizing certain school districts to elect to withdraw excess monies from the employee benefit accrued liability reserve fund; and to repeal certain provisions of the general municipal law, relating to the examination of accounts
Purpose or general idea
To allow school districts to withdraw up to fifty percent of funds maintained in the employee benefit accrued liability reserve fund, or one hundred percent of the excess of such monies whichever is greater. Such funds shall only be used to mitigate an anticipated increase in school property taxes and/or restore antic- ipated or actual staff level reductions
Summary of provisions
Section 1 allows school districts to withdraw up to fifty percent of funds maintained in the employee benefit accrued liability reserve fund, or one hundred percent of the excess of such monies whichever is greater. Such funds shall only be used to mitigate an anticipated increase in school property taxes and/or restore antic- ipated or actual staff level reductions.
Section 2 Section two repeals Subdivision 3 of section 33 of the general municipal law is repealed.
Section 3 is the effective date.
Justification
During these tight fiscal times it is important to give school districts as many opportunities to tap into reserves they might have. The Employee benefit liability reserve fund is one such area where a school district should have access to in order to help deal with budgetary shortfalls.
Legislative history
This is a new bill.
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.