NY A02951

Requires every city, county, town, and village with annual budgets exceeding $10 million to annually prepare and submit a multi-year financial plan to the comptroller, unless already required by law.

Multi-year financial plans must be filed by the chief financial officer no later than 120 days after budget adoption and cover the proposed budget year plus the following three fiscal years.

Plans must include projected employment levels, expenditures for personal service, fringe benefits, non-personal services and debt service, reserve fund amounts, and estimated revenues including property tax rates and non-property tax revenue growth.

Plans must identify actions to achieve long-term fiscal stability, including improved management practices, operating expense reductions, and potential shared services agreements with other municipalities.

Comptroller may grant an extension of up to 30 days upon written request from a municipality.