What's happening
This bill allows excess funds from employee benefit accrued liability reserve funds to be used for property tax reduction or voter-approved capital projects.
Why it matters
Potential for Lower Property Taxes. By allowing excess reserve funds to be used for property tax reduction, local governments may be able to ease the tax burden on homeowners and businesses, making communities more affordable.
More Flexible Use of Public Funds. This amendment creates an option to redirect unused employee benefit reserves toward important, voter-approved capital projects (such as infrastructure improvements or school renovations), which can address community needs without raising new revenue.
State Oversight and Fiscal Responsibility. The requirement for audit and certification by the state comptroller ensures that only genuinely excess funds are reallocated, helping to maintain financial discipline and transparency.
Encourages Efficient Financial Management. Municipalities now have an incentive to accurately assess and manage their benefit liabilities, since surplus funds can be put to beneficial public uses rather than sitting idle.
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Who cares
Headline styles
Use Extra Funds for Taxes
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to local governments
- Referred to local governments
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3356
2019-2020 Regular Sessions
IN ASSEMBLY
January 29, 2019
Introduced by M. of A. ENGLEBRIGHT -- read once and referred to the Committee on Local Governments
AN ACT to amend the general municipal law, in relation to the employee benefit accrued liability reserve fund
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 6-p of the general municipal law is amended by adding a new subdivision 12 to read as follows:
12. If after audit and certification by the state comptroller that there are funds in excess of those required to satisfy liabilities, those excess funds may be transferred to the general fund for the purpose of real property tax reduction and/or voter approved capital projects.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05089-01-9
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.