NY A09789

Establishes authority for New York City to create and maintain a revenue stabilization fund under section 1528 of the New York City Charter.

Allows deposits into the revenue stabilization fund to be treated as city expenses and withdrawals to be treated as revenues in their respective fiscal years, except that accumulated surpluses must be deposited into the fund as soon as practicable without being counted as expenses.

Limits withdrawals from the revenue stabilization fund to no more than 50 percent of the total fund balance per fiscal year, unless the mayor certifies a compelling fiscal need such as recession, revenue decline, natural disaster, or declared state of emergency.

Excludes the revenue stabilization fund, along with the health stabilization fund, school crossing guards health insurance fund, and management benefits fund, from deficit calculations under the New York state financial emergency act for the city of New York.

Applies to certain capital costs that would normally be classified differently under generally accepted accounting principles, treating them as capital costs for budgeting purposes in the city.