NY A03733

Requires school district boards to include detailed schedules of all reserve funds in annual budget statements, showing fund names, purposes, balances as of third quarter, and planned use for the ensuing fiscal year.

Establishes that no monies may be paid into any reserve fund unless expressly authorized by a resolution of the school district board of education or trustees.

Authorizes school districts to establish contingency and tax stabilization reserve funds by board resolution, with unused monies deposited within three fiscal years required to be returned to the general fund by the fourth fiscal year.

Authorizes school districts to establish reserve funds for payment of bonded indebtedness and permits transfer of bonded indebtedness reserves to capital reserve funds.

Authorizes school districts and boards of cooperative educational services to establish retirement contribution reserve funds for the New York State Teachers' Retirement System.