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Who cares
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Sponsors
No co-sponsors yet.
History
- Print number 4478a
- Amend and recommit to finance
- Referred to finance
- Referred to finance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the state finance law, in relation to the transfer and temporary loan of special revenue funds
Purpose
The purpose of this bill is to disallow any appropriation of special revenue funds without statutory authority, and to require the Division of the Budget to develop a plan for repayment for special revenue funds transferred to the general fund.
Summary of provisions
Section 1 prohibits any transfer of monies from special revenue fluids if not mandated by law. It also requires the Division of the Budget with the State Comptroller to develop a plan for repayment for monies swept from special revenue funds to the general fund over a five year period. Once the plan is developed the Division of the Budget is to hold public hearings and make the plan publicly accessible by providing it on the DOB homepage.
Justification
Special revenue funds, such as the Environmental Protection Fund, (EPF) were promised to be provided only for the programs for which they were created. These funds were developed and envisioned as a public trust to be placed in a lockbox, and not used as a slush fund to fill budget gaps for the general fund. To date, over $500 million dollars has been swept from the EPF to the general fund. New Yorkers deserve clean, well-managed and properly funded environmental programs they were promised. It is in the interest of the public trust and integrity of our state to further regulate special revenue funds and eliminate detrimental sweeps in the future.
Legislative history
S.874A of 2013-14, referred to Finance; S.3309A of 2011-12, referred to Finance; S.1114 of 2009-10 referred to Finance; S.7796A of 2008 referred to Finance.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.