 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5005
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 10, 2021
                                       ___________
 
        Introduced  by M. of A. PAULIN -- Multi-Sponsored by -- M. of A. COOK --
          read once and referred to the Committee on Education
 
        AN ACT to amend the education law, in relation to long  range  financial
          planning for school districts
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The education law is amended by adding a new  section  3817
     2  to read as follows:
     3    §  3817.  Long range financial plan. 1. Each year, commencing with the
     4  proposed budget for the two thousand  twenty-two--two  thousand  twenty-
     5  three  school  year,  the superintendent of schools in consultation with
     6  the chief financial officer of each school district, and  the  board  of
     7  trustees,  shall  prepare  for  approval by the board of trustees a long
     8  range financial plan to assist such districts in establishing and  plan-
     9  ning financial goals and projections.
    10    2.  A long range financial plan shall mean a plan that includes infor-
    11  mation for the current school year and  projections  for  at  least  the
    12  subsequent  two  years of the school district that covers: (a) revenues;
    13  (b) expenditures; (c)  unassigned  fund  balance;  (d)  restricted  fund
    14  balance;  (e)  grant  awards; and (f) capital construction project plan-
    15  ning.
    16    3. A school district must post on its website, if  available,  and  in
    17  five public places in said district, the district's long range financial
    18  plan,  annual  audited  financial  statement,  including  any corrective
    19  action plan as required by section twenty-one hundred sixteen-a of  this
    20  chapter, and adopted annual budget.
    21    4.  A  district  may  apply  to  the  commissioner for a waiver of the
    22  requirement to prepare a long term financial plan under subdivision  one
    23  of  this  section, which may be granted at the discretion of the commis-
    24  sioner if the commissioner deems that compliance with  such  subdivision
    25  would be unduly burdensome or impracticable for the school district.
    26    §  2. This act shall take effect one year after it shall have become a
    27  law.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01990-01-1
Relates to long range financial planning for school districts

What's Happening

Why It Matters
