What's happening
This bill allows the Niskayuna Central School District to establish an insurance reserve fund like certain other school districts.
Why it matters
Levels the playing field for Niskayuna schools. By allowing the Niskayuna Central School District to create an insurance reserve fund, the district gains access to a financial tool already available to many other school districts, helping it better manage risk and unexpected costs.
Potentially stabilizes school budgets. Insurance reserve funds can help districts smooth out the financial impact of large, unexpected insurance claims or judgments, reducing the need for sudden budget cuts or emergency tax increases.
Enhances local control and planning. With this fund, the Niskayuna school board can proactively set aside money for insurance-related expenses, allowing for more predictable and strategic financial planning.
May indirectly affect taxpayers and students. By providing a dedicated reserve for insurance costs, the district may be less likely to divert resources from educational programs or to propose sudden tax hikes in response to insurance-related financial shocks.
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Who cares
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Allow Niskayuna Insurance Fund
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History
- Referred to education
- Referred to education
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
454
2025-2026 Regular Sessions
IN ASSEMBLY (Prefiled)
January 8, 2025
Introduced by M. of A. STECK -- read once and referred to the Committee on Education
AN ACT to amend the general municipal law, in relation to permitting the Niskayuna central school district to create an insurance reserve fund
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph (a) of subdivision 2 of section 6-n of the general municipal law, as separately amended by chapters 486, 515 and 525 of the laws of 2024, is amended to read as follows:
(a) The governing board of any municipal corporation may establish a reserve fund to be known as the insurance reserve fund. Upon the creation of the fund, the municipality may make expenditures from the fund for any loss, claim, action or judgment for which the municipal corporation is authorized or required to purchase or maintain insurance, except those kinds of risks for which insurance is authorized pursuant to paragraph one, two, three, fifteen, sixteen, seventeen, eighteen, twenty-two or twenty-three of subsection (a) of section one thousand one hundred thirteen of the insurance law, or for payments in lieu of contributions under article eighteen of the labor law; provided however, that no municipality shall make an expenditure from such fund for any loss, claim, action or judgment for which the municipal corporation has established a reserve fund under any other provision of law; provided, further that the Scarsdale union free school district, the Mamaroneck union free school district, the Minisink Valley central school district, the Vernon Verona Sherrill central school district, the Ithaca city school district, the Kenmore-Town of Tonawanda union free school district, the Bedford central school district, the Grand Island central school district, the Tonawanda city school district, the enlarged city school district of Middletown, the Frontier central school district, the Owego Apalachin central school district, the Maine-Endwell central
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01128-01-5
school district, the Binghamton city school district, the Candor central school district, the Cleveland Hill union free school district, the Depew union free school district, the Iroquois central school district, the Liverpool central school district, the Auburn enlarged city school district, the Carmel central school district, the Clarence central school district, the Fulton city school district, [and] the Canastota central school district, and the Niskayuna central school district may establish insurance reserve funds in compliance with this section and article seventy-four of the education law and such school districts may make expenditures in compliance with this section and article seventyfour of the education law from such reserve fund for any loss, claim, action or judgment for which the school districts are authorized or required to purchase or maintain insurance for the kinds of risks for which insurance is authorized pursuant to paragraph three of subsection (a) of section one thousand one hundred thirteen of the insurance law.
§ 2. This act shall take effect immediately.
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.