NY S09835

Redefines "surplus" in the public campaign financing law to mean the difference between public matching funds received and qualified campaign expenditures, rather than the difference between total contributions plus public funds and total expenditures.

Changes the requirement for candidates to reimburse the public campaign finance fund from reimbursing only the amount of surplus public matching funds received to reimbursing the entire surplus amount.

Clarifies that surplus funds must be repaid when unspent public matching funds exceed a participating candidate's total qualified campaign expenditures at the end of an election cycle.

Requires candidates to make surplus repayments within twenty-seven days after all election liabilities are paid or by the date of the PCFB's final audit report, whichever is earlier.

Takes effect immediately upon enactment and authorizes the Public Campaign Finance Board to adopt necessary rules and regulations for implementation.