Bill Text: NY S01169 | 2023-2024 | General Assembly | Introduced

New York Senate Bill 1169

Introduced

Bill Title: Authorizes school districts with low combined wealth ratios to establish a reserve fund to ensure compliance with the tax cap in future school years.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2024-01-03 - REFERRED TO EDUCATION [S01169 Detail]

Download: New_York-2023-S01169-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          1169

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 10, 2023
                                       ___________

        Introduced by Sen. OBERACKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Education

        AN  ACT  to  amend  the education law, in relation to authorizing school
          districts with low combined wealth ratios to establish tax cap reserve
          funds

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. Section 3651 of the education law is amended by adding two
     2  new subdivisions 1-c and 3-b to read as follows:
     3    1-c.  Notwithstanding  the  provisions  of  subdivision  one  of  this
     4  section,  any school district having a combined wealth ratio, as defined
     5  in paragraph c of subdivision three of section thirty-six hundred two of
     6  this title, which is thirty-five one-hundredths or less, may establish a
     7  reserve fund for the payment of school  district  expenditures  for  any
     8  school year to the extent the expenditure of monies therefor would cause
     9  such  school  district  to exceed its tax levy limit pursuant to section
    10  two thousand twenty-three-a of this chapter,  without  approval  by  the
    11  qualified  voters  of the district; provided, however, that the total of
    12  the monies held in such reserve fund shall not exceed that amount  which
    13  might  reasonably  be  deemed  necessary  to  meet anticipated increased
    14  expenditures by the school district in future school years.  Any  monies
    15  deposited  to such reserve fund which will not reasonably be required to
    16  be expended for the purpose of complying with the  district's  tax  levy
    17  limit  shall  be returned to the general fund on or before the first day
    18  of the fourth fiscal year following the deposit of such monies  to  said
    19  reserve fund.
    20    3-b.  Notwithstanding  the  provisions  of  subdivision  three of this
    21  section, any school district which establishes a reserve fund in accord-
    22  ance with subdivision one-c of this section may make  expenditures  from
    23  such fund for the purposes specified in such subdivision without author-
    24  ization of the voters.
    25    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03508-01-3