What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
Senator · Senate District 7
No co-sponsors yet.
History
- Referred to local government
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6608
Title of bill
An act to amend the general municipal law, in relation to reports of financial condition submitted to the comptroller by municipal corporations
Purpose
To implement best practices of municipal management by requiring that the reports of financial conditions of municipal corporations submitted to the comptroller include a multi-year financial plan.
Summary of provisions
Section one creates a new paragraph b to subdivision of section 30 of the General Municipal Law to include with reports of financial conditions submitted by municipal corporations include a multi-year financial plan including projected annual expenditures for the current fiscal year and three subsequent fiscal years.
Section two sets the effective date.
Justification
On July 18, 2013, the city of Detroit became the largest city in United States history to file for bankruptcy protection. With debts totaling over $18.5 billion dollars, resulting from a multitude of factors including a decrease in tax base and population, Detroit presents a worst case scenario for municipalities nationwide.To address this issue in New York, the Senate Standing Committee on Local Governments held a series of public hearings in an effort to prevent such results from occurring in New York.
The most common theme, upon hearing testimony from the various Mayors, Town Supervisors, City Managers and County Executives from around the state, was the implementation of a four year financial plan to accurately track recurring revenues and expenditures consistently year to year and transparently showcase the management of Local Governments. Many of the municipalities that have displayed fiscal prudence already employ such multi-year plans on their own accord. It is recommended that all municipalities participate in such extended planning to implement best practices statewide and ensure their continued solvency.
Legislative history
This is a new bill.
Fiscal implications
None to the State.
Effective date
This act shall take effect on one hundred eightieth day after it shall have become law and shall apply to reports submitted on or after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.