Bill Text: NY S06435 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides that audits of service award programs in certain political subdivisions may be obtained from the chief fiscal officer of such political subdivision.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2012-06-11 - referred to local governments [S06435 Detail]

Download: New_York-2011-S06435-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6435
                                   I N  S E N A T E
                                   February 9, 2012
                                      ___________
       Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
         when printed to be committed to the Committee on Local Government
       AN ACT to amend the general municipal law,  in  relation  to  audits  of
         certain service award programs
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 3 of section 219-a  of  the  general  municipal
    2  law,  as  amended by chapter 458 of the laws of 2008, is amended to read
    3  as follows:
    4    3. The sponsor or designated program  administrator  shall  obtain  an
    5  annual  audit of its records by an independent certified public account-
    6  ant or an independent public accountant, PROVIDED  THAT  FOR  A  SERVICE
    7  AWARD  PROGRAM FOR A POLITICAL SUBDIVISION IN WHICH FIFTY OR FEWER FIRE-
    8  FIGHTERS PARTICIPATE IN SUCH PROGRAM, SUCH AUDIT MAY  BE  OBTAINED  FROM
    9  THE CHIEF FISCAL OFFICER OF SUCH POLITICAL SUBDIVISION. Such audit shall
   10  examine the program's financial conditions, actuarial assumptions, fidu-
   11  ciary  investment  and control, and asset allocations, including whether
   12  current assets are adequate to fund future liabilities. A  copy  of  the
   13  audit  shall  be presented to the program sponsor and to the state comp-
   14  troller by such accountant. Copies of  the  audit  shall  also  be  made
   15  available for public inspection and copying. The audit must be completed
   16  within two hundred seventy days of the program sponsor's fiscal year.
   17    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14533-01-2