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S08400 Summary:
BILL NO | S08400 |
  | |
SAME AS | SAME AS A09789-A |
  | |
SPONSOR | BENJAMIN |
  | |
COSPNSR | COMRIE, HOYLMAN |
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MLTSPNSR | |
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Amd 25, Gen Muni L; amd 8, Chap 868 of 1975 | |
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Relates to the establishment by the city of New York of a revenue stabilization fund and variations from generally accepted accounting principles as applied to the budget and accounts of such city in connection with such fund. |
S08400 Actions:
BILL NO | S08400 | |||||||||||||||||||||||||||||||||||||||||||||||||
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05/21/2020 | REFERRED TO CITIES | |||||||||||||||||||||||||||||||||||||||||||||||||
05/25/2020 | COMMITTEE DISCHARGED AND COMMITTED TO FINANCE | |||||||||||||||||||||||||||||||||||||||||||||||||
05/26/2020 | REPORTED AND COMMITTED TO RULES | |||||||||||||||||||||||||||||||||||||||||||||||||
05/27/2020 | ORDERED TO THIRD READING CAL.659 | |||||||||||||||||||||||||||||||||||||||||||||||||
05/27/2020 | PASSED SENATE | |||||||||||||||||||||||||||||||||||||||||||||||||
05/27/2020 | DELIVERED TO ASSEMBLY | |||||||||||||||||||||||||||||||||||||||||||||||||
05/27/2020 | referred to ways and means | |||||||||||||||||||||||||||||||||||||||||||||||||
05/27/2020 | substituted for a9789a | |||||||||||||||||||||||||||||||||||||||||||||||||
05/27/2020 | ordered to third reading rules cal.26 | |||||||||||||||||||||||||||||||||||||||||||||||||
05/27/2020 | passed assembly | |||||||||||||||||||||||||||||||||||||||||||||||||
05/27/2020 | returned to senate | |||||||||||||||||||||||||||||||||||||||||||||||||
06/05/2020 | DELIVERED TO GOVERNOR | |||||||||||||||||||||||||||||||||||||||||||||||||
06/17/2020 | SIGNED CHAP.118 |
S08400 Committee Votes:
Go to topS08400 Floor Votes:
Yes
Abbate
Yes
Crespo
Yes
Galef
Yes
Lifton
Yes
Peoples-Stokes
Yes
Smith
Yes
Abinanti
No
Crouch
ER
Gantt
No
LiPetri
Yes
Perry
Yes
Smullen
Yes
Arroyo
Yes
Cruz
No
Garbarino
Yes
Lupardo
Yes
Pheffer Amato
Yes
Solages
No
Ashby
Yes
Cusick
Yes
Giglio
Yes
Magnarelli
Yes
Pichardo
Yes
Stec
Yes
Aubry
Yes
Cymbrowitz
Yes
Glick
Yes
Malliotakis
Yes
Pretlow
Yes
Steck
Yes
Barclay
Yes
Darling
Yes
Goodell
No
Manktelow
Yes
Quart
Yes
Stern
Yes
Barnwell
Yes
Davila
Yes
Gottfried
Yes
McDonald
No
Ra
Yes
Stirpe
Yes
Barrett
Yes
De La Rosa
Yes
Griffin
Yes
McDonough
Yes
Ramos
No
Tague
Yes
Barron
Yes
DenDekker
Yes
Gunther
Yes
McMahon
Yes
Reilly
Yes
Taylor
Yes
Benedetto
Yes
DeStefano
No
Hawley
Yes
Mikulin
Yes
Reyes
Yes
Thiele
Yes
Bichotte
Yes
Dickens
Yes
Hevesi
Yes
Miller B
Yes
Richardson
Yes
Vanel
Yes
Blake
Yes
Dilan
Yes
Hunter
Yes
Miller MG
Yes
Rivera
No
Walczyk
No
Blankenbush
Yes
Dinowitz
Yes
Hyndman
No
Miller ML
Yes
Rodriguez
Yes
Walker
Yes
Brabenec
No
DiPietro
Yes
Jacobson
No
Montesano
Yes
Rosenthal D
Yes
Wallace
Yes
Braunstein
Yes
D'Urso
Yes
Jaffee
Yes
Morinello
Yes
Rosenthal L
No
Walsh
Yes
Bronson
Yes
Eichenstein
Yes
Jean-Pierre
Yes
Mosley
Yes
Rozic
Yes
Weinstein
Yes
Buchwald
Yes
Englebright
Yes
Johns
Yes
Niou
Yes
Ryan
Yes
Weprin
Yes
Burke
Yes
Epstein
Yes
Jones
Yes
Nolan
No
Salka
Yes
Williams
Yes
Buttenschon
Yes
Fahy
Yes
Joyner
No
Norris
Yes
Santabarbara
Yes
Woerner
Yes
Byrne
Yes
Fall
Yes
Kim
Yes
O'Donnell
Yes
Sayegh
Yes
Wright
Yes
Byrnes
Yes
Fernandez
No
Kolb
Yes
Ortiz
ER
Schimminger
Yes
Zebrowski
Yes
Cahill
ER
Finch
Yes
Lalor
Yes
Otis
Yes
Schmitt
Yes
Mr. Speaker
Yes
Carroll
No
Fitzpatrick
Yes
Lavine
No
Palmesano
Yes
Seawright
Yes
Colton
No
Friend
Yes
Lawrence
Yes
Palumbo
Yes
Simon
Yes
Cook
Yes
Frontus
Yes
Lentol
Yes
Paulin
Yes
Simotas
‡ Indicates voting via videoconference
S08400 Text:
Go to top STATE OF NEW YORK ________________________________________________________________________ 8400 IN SENATE May 21, 2020 ___________ Introduced by Sen. BENJAMIN -- read twice and ordered printed, and when printed to be committed to the Committee on Cities AN ACT to amend the general municipal law and the New York state finan- cial emergency act for the city of New York, in relation to the estab- lishment by the city of New York of a revenue stabilization fund and variations from generally accepted accounting principles as applied to the budget and accounts of such city in connection with such fund The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 25 of the general municipal law, as added by chap- 2 ter 406 of the laws of 2019, is amended to read as follows: 3 § 25. Treatment of capital costs and [restricted] certain fund 4 balances of the city of New York; revenue stabilization fund of such 5 city. Notwithstanding the provisions of any general or special state 6 law or local law to the contrary, including but not limited to the New 7 York city charter, the following shall apply with respect to the budget 8 and accounts of the city of New York: 9 1. All costs that would be capital costs in accordance with generally 10 accepted accounting principles, but for the application of governmental 11 accounting standards board statement number forty-nine, shall be deemed 12 to be capital costs for purposes of this chapter and any other provision 13 of state or local law, including but not limited to the New York city 14 charter, relevant to the treatment of such costs; [and] 15 2. The determination as to the existence of a deficit pursuant to the 16 New York state financial emergency act for the city of New York, while 17 such act remains in effect, and any other provision of state or local 18 law, including but not limited to the New York city charter, shall be 19 made without regard to changes in restricted fund balances, as defined 20 by the governmental accounting standards board, where restrictions in 21 relation to such fund balances are imposed by state or federal law or 22 regulation, or otherwise by private or governmental parties other than 23 the city of New York, and without regard to funds held in the health 24 stabilization fund, the school crossing guards health insurance fund, 25 any revenue stabilization fund established pursuant to section fifteen EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15355-03-0S. 8400 2 1 hundred twenty-eight of the New York city charter and the management 2 benefits fund established by the city of New York. Deposits into any 3 such revenue stabilization fund shall be deemed to be expenses of such 4 city for all purposes in the fiscal year during which such deposits are 5 made, and withdrawals from such fund shall be deemed to be revenues of 6 such city for all purposes in the fiscal year during which such with- 7 drawals are made; provided however, that surpluses of such city, whether 8 accumulated from fiscal years ending prior to the effective date of the 9 chapter of the laws of two thousand twenty that amended this subdivision 10 or existing at the close of any fiscal year ending after such effective 11 date, shall be deposited into such revenue stabilization fund as soon as 12 practicable, and such deposits shall not be deemed expenses of the city 13 in the fiscal years during which such deposits are made; and 14 3. The city of New York may establish and maintain a revenue stabili- 15 zation fund pursuant to section fifteen hundred twenty-eight of the New 16 York city charter. Except as required by subdivision two of this section 17 with respect to surpluses, deposits into and withdrawals from such fund 18 may be made by means of the procedures set forth in such charter for 19 adoption or modification of the expense budget of such city, as applica- 20 ble, provided that no more than fifty percent of the total amount of 21 such fund may be withdrawn in any fiscal year unless the mayor has 22 certified that there is a compelling fiscal need, which may be based on 23 circumstances including, but not be limited to, a national or regional 24 recession, a reduction in total revenues from the preceding fiscal year 25 as projected in the financial plan of the city of New York, a natural or 26 other disaster, or a declared state of emergency in the city of New York 27 or the state of New York. The authority to establish a revenue stabili- 28 zation fund set forth in this subdivision shall be in addition to any 29 other authorization set forth in this article or other applicable law. 30 § 2. Paragraph a of subdivision 1 of section 8 of section 2 of chapter 31 868 of the laws of 1975, constituting the New York state financial emer- 32 gency act for the city of New York, as amended by chapter 406 of the 33 laws of 2019, is amended to read as follows: 34 a. For its fiscal years ending June thirtieth, nineteen hundred seven- 35 ty-nine through June thirtieth, nineteen hundred eighty-one, the city's 36 budget covering all expenditures other than capital items shall be 37 prepared and balanced so that the results thereof would not show a defi- 38 cit when reported in accordance with the accounting principles set forth 39 in the state comptroller's uniform system of accounts for munici- 40 palities, as the same may be modified by the comptroller, in consulta- 41 tion with the city comptroller, for application to the city; subject to 42 the provision of subdivision four of section three thousand thirty-eight 43 of the public authorities law with respect to contributions by the city 44 or other public employer to any retirement system or pension fund and 45 subject to the provision of paragraph (c) of subdivision five of section 46 three thousand thirty-eight of the public authorities law with respect 47 to expense items included in the capital budget of the city. For the 48 fiscal year ending June thirtieth, nineteen hundred eighty-two, and for 49 each fiscal year thereafter, the city's budget covering all expenditures 50 other than capital items shall be prepared and balanced so that the 51 results thereof would not show a deficit when reported in accordance 52 with generally accepted accounting principles and would permit compar- 53 ison of the budget with the report of actual financial results prepared 54 in accordance with generally accepted accounting principles. With 55 respect to financial plans that include the fiscal years ending June 56 thirtieth, nineteen hundred seventy-nine through June thirtieth, nine-S. 8400 3 1 teen hundred eighty-one, the city's budget covering all expenditures 2 other than capital items shall be prepared in accordance with generally 3 accepted accounting principles and there shall be substantial progress 4 in each such fiscal year towards achieving a city budget covering all 5 expenditures other than capital items the results of which would not 6 show a deficit when reported in accordance with generally accepted 7 accounting principles. The city shall eliminate expense items from its 8 capital budget not later than the commencement of the fiscal year ending 9 June thirtieth, nineteen hundred eighty-two. For the fiscal year ending 10 June thirtieth, nineteen hundred eighty-nine, and for each fiscal year 11 thereafter, the budgets covering all expenditures other than capital 12 items of each of the covered organizations shall be prepared and 13 balanced so that the results thereof would not show a deficit when 14 reported in accordance with generally accepted accounting principles; 15 and for each fiscal year prior thereto, there shall be substantial 16 progress towards such goal. Notwithstanding the foregoing and the 17 provisions of any general or special state law or local law to the 18 contrary, including but not limited to the New York city charter: (i) 19 all costs that would be capital costs in accordance with generally 20 accepted accounting principles, but for the application of governmental 21 accounting standards board statement number forty-nine, shall be deemed 22 to be capital costs for purposes of this act and any other provision of 23 state or local law, including but not limited to the New York city char- 24 ter, relevant to the treatment of such costs; and (ii) the determination 25 as to the existence of a deficit pursuant to this act and any other 26 provision of state or local law, including but not limited to the New 27 York city charter, shall be made without regard to changes in restricted 28 fund balances, as defined by the governmental accounting standards 29 board, where restrictions in relation to such fund balances are imposed 30 by state or federal law or regulation, or otherwise by private or 31 governmental parties other than the city of New York, and without regard 32 to funds held in the health stabilization fund, the school crossing 33 guards health insurance fund, any revenue stabilization fund established 34 pursuant to section fifteen hundred twenty-eight of the New York city 35 charter and the management benefits fund established by the city of New 36 York. Deposits into any such revenue stabilization fund shall be deemed 37 to be expenses of such city in the fiscal year in which such deposits 38 are made, and withdrawals from such fund shall be deemed to be revenues 39 of such city in the year in which such withdrawals are made; provided 40 however, that surpluses of such city, whether accumulated from fiscal 41 years ending prior to the effective date of the chapter of the laws of 42 two thousand twenty that amended this paragraph or existing at the close 43 of any fiscal year ending after such effective date, shall be deposited 44 into such revenue stabilization fund as soon as practicable, and such 45 deposits shall not be deemed expenses of the city in the fiscal year in 46 which such deposits are made. 47 § 3. This act shall take effect immediately.