NY A05666

Extends the current state fiscal year from July 1 - June 30 to May 1 - April 30, effective May 1, 2015

Requires the state comptroller to review financial plans within seven days and determine if they are balanced according to generally accepted accounting principles as defined by the Financial Accounting Standards Advisory Board

Grants the governor authority to make pro rata spending reductions (excluding legislative and judicial branches) if the governor and legislature do not enact measures to close identified budget gaps within thirty days

Requires submission of quarterly updates to both current year and five-year financial plans to the state comptroller and legislative finance committee chairs and ranking minority members within ten days of each fiscal quarter

Shifts school district budget election dates from May to June and school budget revotes from June to July, with exceptions for religious observance conflicts