Boost Fish and Game Investments

1 Co-sponsor

• Thomas F. O'Mara

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 addi- tion, 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. 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

2017-18 - S. 4575 - Passed Senate/A. 5468 - Environmental Conservation

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 addi- tion, 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.