Bill > A08562

This bill requires cities, counties, towns, and villages with annual budgets exceeding $10 million to prepare and submit a comprehensive multi-year financial plan to the state comptroller annually. The financial plan must be submitted by the municipality's chief financial officer within 120 days of budget adoption, covering the proposed budget year and the subsequent three fiscal years. The plan must include detailed projections such as employment levels, expenditures for personal services, fringe benefits, non-personal services, and debt service, as well as reserve fund amounts and estimated annual revenues. Specifically, the plan must detail property tax rates, taxable real property value, tax levy, sales tax projections, and one-time revenue sources. Additionally, the plan must identify specific actions to achieve long-term fiscal stability, which may include improved management practices, strategies to reduce operating expenses, and potential shared services agreements with other municipalities. The comptroller has the discretion to grant a 30-day extension upon a municipality's written request. This legislation aims to enhance financial transparency and proactive fiscal planning for local governments.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A8562