NY A01210

Extends the state fiscal year from July 1 - June 30 to May 1 - April 30, effective for fiscal year 2012 and thereafter.

Shifts school district budget elections from May to June (third Tuesday, or second Tuesday if religious observance conflict exists) and budget revotes from June to July.

Requires the state comptroller to review financial plans submitted after January 1, 2012 using generally accepted accounting principles and provide advice on movement toward GAAP-based budgeting by April 30, 2013.

Mandates the state comptroller determine if financial plans are balanced under GAAP standards after January 1, 2013; if budget gaps exist and are not closed within 30 days, grants the governor authority to implement pro rata spending reductions (excluding legislative and judicial branches).

Requires five-year financial plans using generally accepted accounting principles that identify budget gaps and propose closure actions, with quarterly updates submitted to legislative leadership and the comptroller.