NY A08562

Requires all cities, counties, and towns/villages with annual budgets exceeding $10 million to annually prepare and submit a multi-year financial plan to the state comptroller

Financial plans must be filed within 120 days after budget adoption and cover four fiscal years: the proposed budget year, the next fiscal year, and two years thereafter

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

Municipalities must identify actions to achieve long-term fiscal stability, including improved management practices, expense reduction initiatives, and potential shared services agreements with other municipalities

The comptroller may grant up to a 30-day extension upon written request from a municipality