Bill > S07028

This bill authorizes the city of Little Falls in Herkimer County to issue serial bonds up to $3.4 million to cover anticipated deficits in its general, golf, and water funds by the end of fiscal year 2025. The bill requires the city's mayor to prepare quarterly budget reports that compare projected revenues and expenditures, and include recommendations for addressing any budget variances. Additionally, the mayor must prepare quarterly trial balances of fund ledger accounts following generally accepted accounting principles, and develop a three-year financial plan within 90 days of issuing any debt, which must be shared with various government officials including the state comptroller and legislative committee chairs. The bill subjects the city to section 10.10 of the local finance law, with the stipulation that the city council must make budget adjustments consistent with state comptroller recommendations. The mayor must also notify the state comptroller at least 15 days before issuing any bonds or entering into purchase contracts, allowing the comptroller to review and provide affordability recommendations. The bonds can be issued on or before November 30, 2026, and bond anticipation notes are also authorized in preparation for the bond issuance.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7028