Bill > A07902

This bill authorizes the city of Little Falls in Herkimer County to issue serial bonds up to $3.4 million to cover deficits in its general, golf, and water funds by the end of 2025. The bill requires the city's mayor to prepare quarterly budget reports that compare estimated revenues and expenditures, including recommendations for addressing any budget variances. Additionally, the mayor must create quarterly trial balances of fund ledger accounts using generally accepted accounting principles and develop a three-year financial plan within 90 days of issuing debt. The bill mandates that these reports be submitted to various local and state officials, including the state comptroller, and requires the mayor to notify the state comptroller at least 15 days before issuing any bonds or notes. The city must also make budget adjustments consistent with recommendations from the state comptroller. The legislation is designed to provide financial oversight and help the city of Little Falls manage its fiscal challenges by ensuring transparency and proactive financial planning.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A7902