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History
- Substituted by A10552
- Ordered to third reading cal.1505
- Committee discharged and committed to rules
- 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.
Authorizes the town of Oyster Bay, county of Nassau to amortize the cost of payments to employees upon separation of service from the town
Signed by Governor · Sponsor Charles Lavine
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7552
Title of bill
An act to amend the local finance law, in relation to authorizing the town of Oyster Bay, county of Nassau to amortize the cost of payments to employees upon separation of service from the town
Purpose
This legislation would allow the Town of Oyster Bay to amortize the cost of payments to employees upon separation of service from the town.
Summary of provisions
Section 1 of this bill amends paragraph a of section 11.00 of local finance law by adding a new subdivision 106 that empowers the Town of Oyster Bay to amortize accrued and accumulated but unused and unpaid sick leave, personal leave, holiday leave, vacation time, time allow- ances granted in lieu of overtime compensation and any other forms of payment for time earned by employees of the Town of Oyster Bay and paya- ble to such employees upon separation of service from the Town. The bill permits the town to amortize any such separation payments made by the Town.
Section 2 authorizes this act shall take effect immediately.
Justification
This legislation would allow the Town of Oyster Bay to spread the impact of the separation payments over several years, not increase its cumula- tive deficit in its general fund and provide the town with ability to operate within the State's imposed tax cap.
The Town of Oyster Bay also expects to realize budgetary savings in the future as a result of the reduction in salaries attributable to the retirees and the replacement of such retirees with lower paid employees.
Legislative history
New bill.
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.