What's happening
This bill raises the allowable unexpended surplus funds school districts can retain to 6% of their annual budget starting in 2017-2018.
Why it matters
Allows school districts to retain a larger financial cushion. raising the cap from 4% to 6% gives districts more flexibility to manage unexpected expenses or revenue shortfalls, potentially reducing pressure for mid-year cuts or emergency tax increases.
May impact property tax rates and school budgeting practices. with more allowable surplus, some districts could adjust their annual tax levies or spending plans, affecting local taxpayers and school programs depending on how the surplus is used.
Reflects changing fiscal realities for schools. the increase acknowledges that previous limits may have been too restrictive given rising costs, volatility in state aid, or other financial uncertainties, signaling a legislative response to district concerns about financial stability.
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Who cares
Headline styles
Let Schools Keep More Savings
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Referred to education
- Print number 6503a
- Amend and recommit to education
- Referred to education
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.
Raise School Surplus Fund Limit
In Senate Committee · Local Government · Sponsor Fredrick J. Akshar II
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6503--A
2017-2018 Regular Sessions
IN ASSEMBLY
March 7, 2017
Introduced by M. of A. LUPARDO -- read once and referred to the Committee on Education -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the real property tax law, in relation to school district unexpended surplus funds
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 1 of section 1318 of the real property tax law, as amended by chapter 238 of the laws of 2007, is amended to read as follows:
1. The warrant of the collecting officer shall be signed by the trustee, or the trustees, or a majority of them, or the board of education or a majority thereof. Such warrant shall state the amount of unexpended surplus funds in the custody of the board and shall further state that except as authorized or required by law, such unexpended surplus funds have been applied in determining the amount of the school tax levy. For the two thousand seven--two thousand eight school year, surplus funds as used in this subdivision shall mean any operating funds in excess of three percent of the current school year budget, and shall not include funds properly retained under other sections of law. For the two thousand eight--two thousand nine school year[, and thereafter] through the two thousand sixteen--two thousand seventeen school year, surplus funds as used in this subdivision shall mean any operating funds in excess of four percent of the current school year budget, and shall not include funds properly retained under other sections of law. For the two thousand seventeen--two thousand eighteen school year, and thereafter, surplus funds as used in this subdivision shall mean any operating funds in excess of six percent of the current school year budget, and shall not include funds properly retained under other sections of law. Such warrant shall have the same force and effect as a warrant issued by a board of supervisors to a collecting officer in a town. The collecting
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10193-03-7
A. 6503--A 2
officer to whom it may be delivered for collection shall be thereby authorized and required to collect from every person named on such school tax roll the sum set opposite his name, or the amount due from any person specified therein, in the same manner and with the same powers that collecting officers in towns are authorized to collect taxes levied by the board of supervisors.
§ 2. This act shall take effect July 1, 2017.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.