Bill Text: NY A05589 | 2017-2018 | General Assembly | Introduced

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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

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                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    12  REPEALED.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