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History
- Referred to education
- 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.
Directs Cuba-Rushford central school district to transfer monies from a reserve fund to the general fund for the purposes of reducing real property taxes
In Assembly Committee · Education · Sponsor Joseph Giglio
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to authorize the Cuba-Rushford central school district to transfer certain monies from the employee benefit accrued liability reserve fund to the general fund for the purpose of real property tax reduction; and providing for the repeal of such provisions upon expiration thereof
Purpose or general idea of bill
Allows the Cuba-Rushford Central School District to transfer money from the employee benefit accrued liability reserve fund (EBALR) to the general fund for the purpose of reducing the tax levy.
Summary of specific provisions
Section 1 allows the Cuba-Rushford Central School District to transfer no more than $404,234 from the employee benefit accrued liability reserved fund to the general fund for the sole purpose of real property tax reduction. Section 2 says this act shall take effect immediately and shall expire and be deemed repealed on July 1, 2011.
Justification
Recently, the Comptroller's office released the results of an audit that looked specifically at the Employee Benefit Accrued Liability Reserve Funds that are used by School Districts across the State to pay for accrued vacation, personal and other leave time due to employees when they leave district employment.
However, GASB-45 liabilities caused independent school auditors to instruct many schools to place funds into this particular reserve account for the purpose of paying for retiree health insurance costs. Section 6-p of the General Municipal Law does not allow school districts to utilize the funds for that purpose, thus hundreds across the State have far more money in the EBALR fund than they do liabilities.
Special legislation is required to authorize any school district to remove funds from specific reserve accounts. This legislation will authorize the Cuba-Rushford Central School District to transfer no more than $404,234 from the EBALR reserve account to the general fund for the sole purpose of real property tax reduction.
Prior legislative history
This is a new bill.
Fiscal implications
None to the State.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.