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NY A10158
Bill
Status
Engrossed
5/31/2022
Primary Sponsor
Edward Braunstein
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AI Summary
- Establishes a target amount of 12-18 percent of the operating budget for New York City's revenue stabilization fund, with the adequacy reviewed periodically based on revenue volatility and risk factors
- Requires the mayor to certify in writing that a compelling fiscal need exists and obtain a two-thirds vote of the city council to withdraw monies from the fund
- Defines compelling fiscal need as including a national or regional recession of at least two quarters of declining real gross city product, natural disasters, terrorist attacks, or a declared state of emergency
- Limits withdrawals to no more than 50 percent of the fund in any fiscal year and requires them to commence within 12 months of the triggering event, with replenishment within the shortest practicable period
- Mandates the city publish its budget reserve policy on its official website describing the fund's purpose, target reserves, deposit/withdrawal procedures, and replenishment policies
Legislative Description
Provides that monies may not be withdrawn from the revenue stabilization fund of the city of New York in any fiscal year unless the mayor has certified that there is a compelling fiscal need, including a national or regional recession of at least two quarters of declining real gross city product, a natural or other disaster, including terrorist attacks, or a declared state of emergency in the city of New York or the state of New York.
Last Action
REFERRED TO CITIES 1
5/31/2022
Committee Referrals
Cities 15/31/2022
Rules5/17/2022
Ways and Means5/10/2022
Cities5/4/2022
Full Bill Text
No bill text available