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Sponsors
1 Co-sponsor
History
- Substituted by A7908
- Ordered to third reading cal.1437
- Committee discharged and committed to rules
- Referred to labor
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.
Requires the state insurance fund to file annual audited financial statements with the office of the state comptroller
Signed by Governor · Sponsor Joseph Morelle
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5540
Title of bill
An act to amend the workers' compensation law, in relation to requiring the state insurance fund to file annual audited financial statements with the office of the state comptroller
Purpose
Requires the State Insurance Fund to file annual audited financial statements with the Office of the State Comptroller.
Summary of provisions
Section 1 amends Section 99 of the Workers' Compensation Law to require the State Insurance Fund to annually file with the Office of the State Comptroller, on or before June fifteenth, financial statements audited by an independent auditor.
Section 2 provides for an effective date of the first of January next succeeding the date on which it shall have become a law.
Justification
The Bureau of Financial Reporting has concluded that the Government Accounting Standards Board considers the State Insurance Fund (SIF) a component unit of the State of New York reporting entity and requires its audited financial information to be discretely presented in the New York State Comprehensive Annual Financial Report (CAFR). This entity is not required by statute to file audited financial reports with the Office of the State Comptroller (OSC). This bill proposes to amend existing state law to require that this entity file annual audited financial statements with OSC.
Pursuant to Section 8 of the State Finance Law, OSC must complete its annual financial report and distribute it within 120 days of the state's March 31 fiscal year end. In 2007 and 2008, the SIF was late in making financial reports available to OSC for inclusion in the CAFR. Requiring the SIF to meet a statutory delivery date will ensure the timely completion and high quality of the CAFR.
Prior legislative history
2009: S.4463 Passed Senate; A.8399 Referred to Insurance 2010: S.4463 Passed Senate; A.8399 Referred to Insurance
Budget implications
This bill has no significant fiscal impact.
Effective date
This bill takes effect on the first of January next succeeding the date on which it shall have become a law.
The Comptroller urges passage of this legislation.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.