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A06721 Summary:

COSPNSRSolages, Steck, Brabenec
Add §40, Gen Muni L
Requires municipalities to submit a multi-year financial plan to the comptroller.
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A06721 Actions:

03/29/2021referred to local governments
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A06721 Text:

                STATE OF NEW YORK
                               2021-2022 Regular Sessions
                   IN ASSEMBLY
                                     March 29, 2021
        Introduced  by  M.  of  A. ZEBROWSKI, SOLAGES, STECK, BRABENEC -- Multi-
          Sponsored by -- M.   of A. COOK --  read  once  and  referred  to  the
          Committee on Local Governments
        AN  ACT  to  amend  the  general municipal law, in relation to requiring
          municipalities to submit a multi-year  financial  plan  to  the  comp-

          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.
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