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NY S07447
Bill
Status
6/28/2010
Primary Sponsor
Brian Foley
Click for details
AI Summary
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Allows school districts with employee benefit accrued liability reserve funds to make a one-time election to transfer funds to their general fund by resolution within one year of the act's effective date.
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Permits transfer of either up to 50 percent of total reserve funds or 100 percent of excess funds, whichever amount is greater.
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Restricts use of transferred funds to mitigating anticipated school property tax increases and/or restoring anticipated or actual staff level reductions.
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Repeals subdivision 3 of section 33 of the general municipal law relating to examination of accounts.
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Takes effect immediately upon enactment.
Legislative Description
Authorizes a school district to transfer excess money in an employee benefit fund to the school's general fund to offset property tax increases.
Last Action
referred to education
6/28/2010