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Sponsors
Senator · Senate District 7
No co-sponsors yet.
History
- Signed chap.526
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.326
- Substituted for A9823
- Referred to local governments
- Delivered to assembly
- Passed senateVote 57–1
- Ordered to third reading cal.1273
- 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.
Encourages certain municipalities to adopt multi-year financial planning
Assembly Floor Calendar · Sponsor Kenneth Zebrowski
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7352
Title of bill
An act to amend the local finance law, in relation to encouraging certain municipalities to adopt multi-year financial plan- ning and providing for the payment of such planning from monies appro- priated to the financial restructuring board for local governments
Purpose
The purpose of this legislation is to encourage municipalities to under- take multi-year financial planning.
This proposal allows municipalities that have elected to engage in multi-year planning with the assistance of an external financial advisor and have been identified as experiencing fiscal stress to be reimbursed from monies appropriated for the making of grants and loans by the Financial Restructuring Board for Local Governments for all or part of the cost incurred for such external financial advisor, in the discretion of the Board.
Summary of provisions
Section 1 adds a new subparagraph b to paragraph 3 of section 160.05 of the Local Finance Law to provide that, on the request of any county, city, excluding a city with a population greater than one million, town or village, which has elected to engage in multi-year financial planning with the assistance of an external financial advisor and which has been identified as experiencing fiscal stress, the Financial Restructuring Board for Local Governments may determine that all or part of the cost to the county, city, town, or village for the external advisor shall be subject to reimbursement from monies appropriated for such board for the making of grants and loans.
Section 2 provides for an immediate effective date.
Prior legislative history
New bill.
Justification
Multiyear financial planning can be a valuable tool municipalities may use to improve the budget development process. OSC routinely recommends planning on a multi-year basis to enable local officials to help identi- fy developing revenue and expenditure trends, establish long-term prior- ities and goals, and consider the impact of near-term budgeting deci- sions on future fiscal years. It also allows such officials to assess the merits of alternative approaches (such as using unrestricted unap- propriated fund balance or establishing and using reserve funds) to finance its operations. Allowing State reimbursement for costs incurred for external financial advisors will reduce a potential impediment and
help encourage these municipalities to engage in multi-year financial planning.
Fiscal implications for state
This bill has no significant State fiscal impact.
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.