Bill Text: NY A04437 | 2019-2020 | 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: Bipartisan Bill

Status: (Introduced - Dead) 2020-01-08 - referred to education [A04437 Detail]

Download: New_York-2019-A04437-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          4437
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 4, 2019
                                       ___________
        Introduced  by  M.  of A. ENGLEBRIGHT, ZEBROWSKI, JAFFEE, OTIS -- Multi-
          Sponsored by -- M. of A. FINCH, GIGLIO, KOLB,  RAIA,  THIELE  --  read
          once and referred to the Committee on Education
        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    12  REPEALED.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.
                                                                   LBD08816-01-9
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