What's happening
This bill allows the state comptroller greater flexibility to invest Fish and Game Trust Account funds to maximize income.
Why it matters
Enables the comptroller to use a broader range of investment options. for the Fish and Game Trust Account, rather than being limited to a specific list, which could lead to higher returns benefiting conservation and wildlife projects.
Aligns the account’s investment strategy with that of the retirement and social security fund. , potentially allowing for more sophisticated and diversified management similar to large institutional portfolios.
May generate additional income for the account without raising fees or taxes. , increasing available funding for hunting, fishing, and wildlife management programs—programs often relied upon by outdoor enthusiasts and rural communities.
Introduces a level of fiduciary oversight. by referencing standards from the retirement and social security law, which could help ensure investments are prudent and risks are managed responsibly.
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
Expand Fish and Game Investments
Plain English, a few words. Used as the page title.
Sponsors
2 Co-sponsors
History
- Referred to environmental conservation
- Delivered to assembly
- Passed senateVote 62–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.792
- Referred to finance
- Returned to senate
- Died in assembly
- Referred to environmental conservation
- Delivered to assembly
- Passed senateVote 63–0
Show 4 earlier actions
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1274
- Referred to finance
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.
Let Comptroller Invest Fund
In Assembly Committee · Environmental Conservation · Sponsor Anthony Brindisi
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4575
2017-2018 Regular Sessions
IN SENATE
February 17, 2017
Introduced by Sen. GRIFFO -- read twice and ordered printed, and when printed to be committed to the Committee on Finance
AN ACT to amend the state finance law, in relation to investment of moneys in the state fish and game trust account
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subparagraph (i) of paragraph 4 of subdivision (a) of section 83 of the state finance law, as amended by section 1 of part AA of chapter 58 of the laws of 2015, is amended to read as follows:
(i) There is hereby created a special account within the conservation fund to be known as the state fish and game trust account to consist of all moneys received by the state from the sale of lifetime hunting, fishing, and trapping licenses, and lifetime archery and muzzle-loading privileges pursuant to section 11-0702 of the environmental conservation law except those moneys deposited in the habitat conservation and access account pursuant to section eighty-three-a of this chapter. The state comptroller shall invest the moneys in such account in securities as defined by section ninety-eight-a of this article or as otherwise deemed appropriate by the comptroller to maximize income for the account consistent with the provisions of subdivision b of section thirteen of the retirement and social security law. Any income earned by the investment of such moneys, except income transferred to the conservation fund pursuant to subparagraph (iii) of this paragraph, shall be added to and become a part of, and shall be used for the purposes of such account.
§ 2. This act shall take effect on the thirtieth day after it shall have become a law; provided, however, that, effective immediately, the addition, amendment and/or repeal of any rule or regulation necessary for the implementation of this act on its effective date are authorized and directed to be made and completed on or before such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08984-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the state finance law, in relation to investment of moneys in the state fish and game trust account
Purpose
To create a special account within the conservation fund to be known as the state fish and game trust account
Summary of provisions
Section 1. Subparagraph (i) of paragraph 4 of subdivision (a) of section 83 of the state finance law, as amended by section 1 part AA of chapter 58 of the laws of 2015, I amended to read as follows:
(i) There is hereby created a special account within the conservation fund to be known as the state fish and game trust account to consist of all moneys received by the state from the sale of lifetime hunting, fishing, and trapping licenses, and lifetime archery and muzzle-loading privileges pursuant to section 11-0702 of the environmental conservation law except those moneys deposited in the habitat conservation and access account pursuant to section 83 of this chapter. The state comptroller shall invest the moneys in such account in securities as defined by section 98a of this article or as otherwise deemed appropriate by the comptroller to maximize income for the account consistent with the provisions of sub-division b of section 13 of the retirement and social security law. Any income earned by the investment of such moneys, except income transferred to the conservation fund pursuant to subparagraph (iii) of this paragraph, shall be added to and become part of and shall be used for the purposes of such account.
Section 2. amends the effective date as follows:
This act shall take effect on the thirtieth day after it shall have become a law; provided, however, that effective immediately, the addition, amendment and/or repeal of any rule or regulation necessary for the implementation of this act on its effective date are authorized and directed to be made and completed on or before such effective date.
Justification
It is inherent for the Comptroller to be able to invest in the Fish and Game Trust account (Fund Code 21154). Doing so would allow revision of paragraph 4 subdivision a of Section 83 of State Finance Law, allowing the Comptroller's Office more freedom to invest the Lifetime License monies. It is apparent that the Conservation Fund, at current spending levels, will eventually go into the red in 2018. If funds were able to be more broadly invested, it would be able to curtail this impact.
In 2009-2010 the interest earned was only $70,000 on $45 million of principal. Allowing such legislation could aid important causes, such as impact Retirement Funds, allowing a return between 6-8%. Furthermore, a return of 7% on $55 million would induce a return of $3.8 million, three times what it earned in the 2009-2010 year. The importance lies in giving broader authority to the Comptroller to invest in the Fish and Game Trust Account, so that a sensible rate of return can be earned on the State Funds to help protect the state's wildlife and minimize future budget pressures.
Legislative history
New Bill.
Fiscal implications
TBD
Effective date
This act shall take effect on the thirtieth day after it shall have become a law; provided, however, that effective immediately, the addition, amendment and/or repeal of any rule or regulation necessary for the implementation of this act on its effective date are authorized and directed to be made and completed on or before such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.