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History
- Referred to local government
- Print number 2520a
- Amend and recommit to local government
- Referred to local government
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.
Relates to the employee benefit accrued liability reserve fund
In Assembly Committee · Local Governments · Sponsor Steven Englebright
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general municipal law, in relation to the employee benefit accrued liability reserve fund
Purpose
To allow school districts and other municipal corporations to reduce real property taxes by utilizing excess funds held in Employee Benefit Accrued Liability Reserve funds established by Section 6-p of the General Municipal Law.
Summary of provisions
After audit and certification by the comptroller, that there are funds held in a reserve fund established pursuant to Section 6-p of the General Municipal Law in excess of those required to meet liabilities, a governing board may use those excess funds to reduce real property taxes and/or voter approved capital projects.
Existing law
The reserve fund established by Section 6-p of the General Municipal Law restricts expenditures solely to compensated absences liabilities. There are no provisions in the present statute to deal with fund balances that exceed the amount needed to satisfy liabilities.
Justification
The Office of the Comptroller has released an audit indicating that 251 school districts across the State could have "as much as $407 million more in these reserve funds than they need to pay for compensated absence liabilities". These excess funds are "stranded" in these reserve funds because the present law does not allow for utilization of these excess funds. This legislation provides that, if the Comptroller audits and certifies that there are excess funds, those monies may be transferred to the General Fund for the purpose of reducing real property taxes and/or voter approved capital projects.
Legislative history
2207-08, S.8787
Fiscal implications
None to state.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.