NY S08400

Authorizes New York City to establish and maintain a revenue stabilization fund under NYC Charter section 1528, with deposits and withdrawals treated as expenses and revenues respectively in the fiscal year they occur.

Requires city surpluses (whether accumulated before or after the law's effective date) to be deposited into the revenue stabilization fund as soon as practicable, with such deposits not counted as expenses in the year deposited.

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

Excludes the revenue stabilization fund from deficit calculations under the New York State Financial Emergency Act for NYC, similar to existing exclusions for health stabilization fund and management benefits fund.

Clarifies that certain capital costs under governmental accounting standards board statement 49 shall be treated as capital costs, and that restricted fund balances imposed by external parties do not factor into deficit determinations.