New York S 10382: Authorizes capital reserve funds for special act school districts

Bill Text

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S10382 Summary:

BILL NOS10382 

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SAME ASNo Same As

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SPONSORMAYER

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COSPNSRROLISON

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MLTSPNSR

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Amd §§4004 & 4405, Ed L

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Authorizes capital reserve funds for special act school districts; provides that funds retained in this way can only be expended pursuant to an authorization by governing boards of such schools; provides that annual reports must be provided.

Go to top S10382 Actions:

BILL NOS10382 

&nbsp

05/15/2026REFERRED TO EDUCATION

Go to topS10382 Committee&nbspVotes:

Go to topS10382 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS10382 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10382

 IN SENATE

 May 15, 2026
 ___________

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

 AN ACT to amend the education law, authorizing capital reserve funds for
 special act school districts

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

 1 Section 1. Subdivision 5 of section 4004 of the education law, as
 2 added by section 37-e of part A of chapter 56 of the laws of 2021, is
 3 amended to read as follows:
 4 5. The board of education of a special act school district shall be
 5 authorized to establish a (i) fiscal stabilization reserve fund; and
 6 (ii) capital reserve fund. There may be paid into such [fund] funds an
 7 amount as may be provided pursuant to the requirements of paragraph k
 8 for the fiscal stabilization reserve fund and paragraph l for the capi-
 9 tal reserve fund of subdivision four of section forty-four hundred five
 10 of this title.
 11 § 2. Subdivision 4 of section 4405 of the education law is amended by
 12 adding a new paragraph l to read as follows:
 13 l. (i) The tuition methodology established pursuant to this subdivi-
 14 sion for the two thousand twenty-six--two thousand twenty-seven school
 15 year shall authorize special act school districts to retain funds in
 16 excess of their allowable and reimbursable costs incurred for services
 17 and programs provided to school-age students for contributions to a
 18 capital reserve fund. The amount of funds that may be annually retained
 19 shall not exceed one percent of the school's or school district's total
 20 allowable and reimbursable costs for services and programs provided to
 21 school-age students for the school year from which the funds are to be
 22 retained; provided that the total accumulated balance that may be
 23 retained shall not exceed four percent of such total costs for such
 24 school year; and provided further that such funds shall not be recovera-
 25 ble on reconciliation of tuition rates, and shall be separate from and
 26 in addition to any other authorization to retain surplus funds on recon-
 27 ciliation.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15837-02-6

 S. 10382 2

 1 (ii) The tuition methodology established pursuant to this subdivision
 2 for the two thousand twenty-seven--two thousand twenty-eight school year
 3 and annually thereafter shall authorize special act school districts to
 4 retain funds in excess of their allowable and reimbursable costs
 5 incurred for services and programs provided to school-age students. The
 6 amount of funds that may be annually retained shall not exceed the
 7 allowable surplus percentage of the special act school districts total
 8 allowable and reimbursable costs for services and programs provided to
 9 school-age students for the school year from which the funds are to be
 10 retained, as defined in subparagraph (iii) of this paragraph; provided
 11 that such funds shall not be recoverable on reconciliation of tuition
 12 rates and provided further that any interest earned or investments real-
 13 ized on such funds shall supplement and not supplant any funds provided
 14 by the tuition methodology once retained.
 15 (iii) The approved surplus percentage shall be as follows: eleven
 16 percent for the two thousand twenty-six--two thousand twenty-seven
 17 through two thousand twenty-seven--two thousand twenty-eight school
 18 years, eight percent for the two thousand twent