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- Reported and committed to rules
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Companion bill
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Provides for a period of probable usefulness to the payment for separation incentive program by the town of East Hampton, county of Suffolk
In Senate Committee · Rules · Sponsor Fred Thiele
Full text
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Sponsor's memo
Title of bill
An act to amend the local finance law, in relation to providing for a period of probable usefulness to the payment for a separation incentive program by the town of East Hampton, county of Suffolk
Purpose
This legislation provides for a period of probable usefulness to the payment for separation incentive program by the town of East Hampton, county of Suffolk.
Summary of provisions
Paragraph a of section 11.00 of the local finance law is amended by adding a new subdivision 105 allowing the payments by the town of East Hampton, county of Suffolk for a Town approved employee separation incentive program to be spread over a ten-year period.
Justification
Over the past three years, the Town of East Hampton has operated under deficit budgets as indicated by an audit conducted by the state comptroller. The audit also indicates that the town should incorporate cost saving measures in subsequent budgets in order to return to a sound financial condition. As a result, the town is currently seeking to implement many cost saving measures.
One of the proposed measures to be adopted will be the consolidation of government services. To best achieve this goal and avoid direct layoffs, the town would like to implement a voluntary separation incentive program for eligible employees. The Town would issue a 10year term bond to amortize the costs incurred by the program. This legislation would allow the town to achieve a reduction in work force and realize an ongoing net savings through a plan that will be least disruptive to the employees. Similar legislation has been enacted for Nassau County in the past.
Legislative history
New Legislation, 2010.
Fiscal implications
None to the State.
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.