Bill > A03940

This bill amends the state finance law to require the governor to provide the legislature with a comprehensive summary financial plan no later than one day before voting on key budget-related appropriation bills. The summary financial plan must include detailed financial estimates across multiple fiscal dimensions, such as all fund and general fund estimates for the new fiscal year and three subsequent years, comparing these against the executive budget financial plan and previous fiscal year actuals. Additionally, the plan must outline tax receipts projections, three-year general fund budget surplus or gap projections, and the balances of principal reserve funds like the economic uncertainties reserve fund. The bill also maintains existing requirements for quarterly financial plan updates, which provide ongoing transparency about actual revenue and expenditure experiences, and allows the governor to provide more frequent reports if deemed necessary. The changes aim to enhance legislative oversight and provide more comprehensive financial information before budget-related votes, ensuring lawmakers have a clearer picture of the state's fiscal landscape before making appropriation decisions.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3940