Bill Text: NY A05589 | 2017-2018 | General Assembly | Introduced
Bill Title: Authorizes a school district to transfer excess money in an employee benefit fund to the school's general fund to offset property tax increases.
Spectrum: Slight Partisan Bill (Democrat 8-4)
Status: (Introduced - Dead) 2018-01-03 - referred to education [A05589 Detail]
Download: New_York-2017-A05589-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5589 2017-2018 Regular Sessions IN ASSEMBLY February 10, 2017 ___________ Introduced by M. of A. ENGLEBRIGHT, ZEBROWSKI, JAFFEE, HOOPER, OTIS -- Multi-Sponsored by -- M. of A. FINCH, GIGLIO, KOLB, MAGEE, RAIA, SEPULVEDA, THIELE -- read once and referred to the Committee on Educa- tion AN ACT to authorize certain school districts to elect to withdraw excess monies from the employee benefit accrued liability reserve fund; and to repeal subdivision 3 of section 33 of the general municipal law, relating to the examination of accounts The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Any school district having monies in an employee benefit 2 accrued liability reserve fund established pursuant to section 6-p of 3 the general municipal law, on the effective date of this act, may make a 4 one time election, by resolution of its governing board adopted no later 5 than one year after such effective date, to transfer up to fifty percent 6 of the total of such monies or one hundred percent of the excess of such 7 monies, whichever is greater, into the general fund of the school 8 district. Such funds transferred by this section shall only be used to 9 mitigate an anticipated increase in school property taxes and/or restore 10 anticipated or actual staff level reductions. 11 § 2. Subdivision 3 of section 33 of the general municipal law is 12 REPEALED. 13 § 3. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03256-01-7