Bill Text: NY S04373 | 2023-2024 | General Assembly | Introduced

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Bill Title: Requires the director of the budget to provide monthly budget updates to the legislature including a detailed description of revenue shortfalls, spending overages, and any proposed adjustments to appropriations or disbursements pursuant to authorization granted in the two thousand twenty-three-twenty-four enacted budget.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO FINANCE [S04373 Detail]

Download: New_York-2023-S04373-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4373

                               2023-2024 Regular Sessions

                    IN SENATE

                                    February 7, 2023
                                       ___________

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

        AN  ACT  to  amend  the  state finance law, in relation to requiring the
          director of the budget to provide monthly budget updates to the legis-
          lature; and providing for the repeal of such provisions upon the expi-
          ration thereof

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

     1    Section  1.  The  state finance law is amended by adding a new section
     2  22-d to read as follows:
     3    § 22-d. Monthly financial updates. 1. On or before the first  of  each
     4  month,  the  director of the budget shall provide monthly updates on the
     5  economic and revenue outlook of the state. Such updates  shall  include,
     6  but  not  be  limited  to, a detailed description of revenue shortfalls,
     7  spending overages, cash flows, borrowing, and any  proposed  adjustments
     8  to  appropriations or disbursements pursuant to authorization granted in
     9  the two thousand twenty-three--twenty-four enacted  budget.  A  copy  of
    10  such  updates shall be sent to the temporary president of the senate and
    11  the speaker of the assembly.  Such updates shall also be posted conspic-
    12  uously on the division of budget's website.
    13    2. The director of the budget shall  provide  a  means  by  which  any
    14  stakeholder  or  member of the public may submit comments or suggestions
    15  on such updates. The director of the budget shall take such comments and
    16  suggestions into consideration when making any adjustments to  appropri-
    17  ations  and  disbursements  pursuant to authorization granted in the two
    18  thousand twenty-three--twenty-four enacted budget.
    19    3. The director of the budget may provide any additional updates as he
    20  or she deems appropriate. Such additional updates shall be done pursuant
    21  to the process established in this section.
    22    § 2. This act shall take effect immediately and shall  expire  and  be
    23  deemed repealed April 1, 2024.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08681-01-3