Requires municipalities to submit a multi-year financial plan to the comptroller which shall identify actions necessary to achieve and maintain long-term fiscal stability.
STATE OF NEW YORK
________________________________________________________________________
8562
2025-2026 Regular Sessions
IN ASSEMBLY
May 20, 2025
___________
Introduced by M. of A. RAJKUMAR, BRABENEC -- Multi-Sponsored by -- M. of
A. COOK -- read once and referred to the Committee on Local Govern-
ments
AN ACT to amend the general municipal law, in relation to requiring
municipalities to submit a multi-year financial plan to the comp-
troller
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The general municipal law is amended by adding a new
2 section 40 to read as follows:
3 § 40. Multi-year financial plan. Except if already required by law,
4 every city, county and every town and village with annual budgets in
5 excess of ten million dollars shall annually prepare and submit a
6 multi-year financial plan to the comptroller. Such multi-year financial
7 plans shall be filed with the comptroller by the chief financial officer
8 of the municipality no later than one hundred twenty days after the
9 adoption of the municipality's budget. The multi-year financial plan
10 shall cover the proposed budget, the next succeeding fiscal year and the
11 two fiscal years thereafter. The multi-year financial plan shall at
12 minimum include projected employment levels, projected annual expendi-
13 tures for personal service, fringe benefits, non-personal services and
14 debt service; appropriate reserve fund amounts; estimated annual reven-
15 ues including projected property tax rates, the value of the taxable
16 real property and resulting tax levy, annual growth in sales tax and
17 non-property tax revenues, and the proposed use of one-time revenue
18 sources. The financial plan shall also identify actions necessary to
19 achieve and maintain long-term fiscal stability, including, but not
20 limited to, improved management practices, initiatives to minimize or
21 reduce operating expenses, and potential shared services agreements with
22 other municipalities. The comptroller may, upon written request from a
23 municipality, grant an extension of up to thirty days.
24 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13023-01-5
