New York A 8562: Requires municipalities to submit a multi-year financial plan to the comptroller

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A08562 Summary:

BILL NOA08562 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORRajkumar (MS)

&nbsp

COSPNSRBrabenec

&nbsp

MLTSPNSRCook

&nbsp

Add §40, Gen Muni L

&nbsp

Requires municipalities to submit a multi-year financial plan to the comptroller which shall identify actions necessary to achieve and maintain long-term fiscal stability.

Go to top A08562 Actions:

BILL NOA08562 

&nbsp

05/20/2025referred to local governments

01/07/2026referred to local governments

Go to topA08562 Committee&nbspVotes:

Go to topA08562 Floor&nbspVotes:

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

Go to topA08562 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8562

 2025-2026 Regular Sessions

 IN ASSEMBLY

 May 20, 2025
 ___________

 Introduced by M. of A. RAJKUMAR, BRABENEC -- Multi-Sponsored by -- M. of
 A. COOK -- read once and referred to the Committee on Local Govern-
 ments

 AN ACT to amend the general municipal law, in relation to requiring
 municipalities to submit a multi-year financial plan to the comp-
 troller

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

 1 Section 1. The general municipal law is amended by adding a new
 2 section 40 to read as follows:
 3 § 40. Multi-year financial plan. Except if already required by law,
 4 every city, county and every town and village with annual budgets in
 5 excess of ten million dollars shall annually prepare and submit a
 6 multi-year financial plan to the comptroller. Such multi-year financial
 7 plans shall be filed with the comptroller by the chief financial officer
 8 of the municipality no later than one hundred twenty days after the
 9 adoption of the municipality's budget. The multi-year financial plan
 10 shall cover the proposed budget, the next succeeding fiscal year and the
 11 two fiscal years thereafter. The multi-year financial plan shall at
 12 minimum include projected employment levels, projected annual expendi-
 13 tures for personal service, fringe benefits, non-personal services and
 14 debt service; appropriate reserve fund amounts; estimated annual reven-
 15 ues including projected property tax rates, the value of the taxable
 16 real property and resulting tax levy, annual growth in sales tax and
 17 non-property tax revenues, and the proposed use of one-time revenue
 18 sources. The financial plan shall also identify actions necessary to
 19 achieve and maintain long-term fiscal stability, including, but not
 20 limited to, improved management practices, initiatives to minimize or
 21 reduce operating expenses, and potential shared services agreements with
 22 other municipalities. The comptroller may, upon written request from a
 23 municipality, grant an extension of up to thirty days.
 24 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD13023-01-5

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