NY A10594

Transfers all funds currently held in the tax stabilization reserve fund to the rainy day reserve fund and repeals the tax stabilization reserve fund.

Increases the maximum balance of the rainy day reserve fund from 25% to 30% of projected general fund disbursements for the fiscal year.

Increases the amount that can be transferred into the rainy day reserve fund at the budget director's request from 15% to 20% of projected general fund disbursements.

Requires annual deposits of two-thirds of common rate and base tax receipts growth exceeding 2%, and requires at least 10% of nonrecurring monetary settlements of $10 million or more to be deposited into the rainy day fund.

Prohibits establishment of funds for economic uncertainties outside of legislative action, and requires any existing such funds to transfer their amounts to the rainy day reserve fund.