STATE OF NEW YORK ________________________________________________________________________ 3940 2025-2026 Regular Sessions IN ASSEMBLY January 30, 2025 ___________ Introduced by M. of A. RA -- read once and referred to the Committee on Ways and Means AN ACT to amend the state finance law, in relation to requiring enacted budget financial plan estimates to be provided to the legislature prior to a vote on certain budget bills The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 4 of section 23 of the state finance law, as 2 amended by chapter 1 of the laws of 2007, is amended and a new subdivi- 3 sion 3-a is added to read as follows: 4 3-a. Enacted budget financial plan estimates. No later than one day 5 before a legislative vote on the aid to localities, state operations, or 6 capital projects appropriation bills, the governor shall submit to the 7 legislature a summary financial plan. Such summary financial plan shall 8 include: 9 (a) all fund, general fund, and state operating fund estimates for the 10 new fiscal year compared with the executive budget financial plan and 11 previous fiscal year closeout actuals, and estimates for the three 12 subsequent fiscal years; 13 (b) all fund tax receipts for the new fiscal year compared with the 14 executive budget financial plan and previous fiscal year closeout actu- 15 als, and estimates for the three subsequent fiscal years; 16 (c) three-year projections of general fund budget surpluses or gaps; 17 and 18 (d) enacted budget principal reserve fund balances, including the 19 economic uncertainties reserve fund balance. 20 4. Financial plan updates. Quarterly, throughout the fiscal year, the 21 governor shall submit to the comptroller, the chairs of the senate 22 finance and the assembly ways and means committees, within thirty days 23 of the close of the quarter to which it shall pertain, a report which 24 summarizes the actual experience to date and projections for the remain- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05917-01-5
A. 3940 2 1 ing quarters of the current fiscal year and for each of the next two 2 fiscal years of receipts, disbursements, tax refunds, and repayments of 3 advances presented in forms suitable for comparison with the financial 4 plan submitted pursuant to subdivisions one, four, and five, of section 5 twenty-two of this article and revised in accordance with the provisions 6 of subdivision three of this section. The governor shall submit with the 7 budget a similar report that summarizes revenue and expenditure experi- 8 ence to date in a form suitable for comparison with the financial plan 9 submitted pursuant to subdivision two of section twenty-two of this 10 article and revised in accordance with the provisions of subdivision 11 three of this section. Such reports shall provide an explanation of the 12 causes of any major deviations from the revised financial plans and, 13 shall provide for the amendment of the plan or plans to reflect those 14 deviations. The governor may, if [he] the governor determines it advis- 15 able, provide more frequent reports to the legislature regarding actual 16 experience as compared to the financial plans. The quarterly financial 17 plan update most proximate to October thirty-first of each year shall 18 include the calculation of the limitations on the issuance of state-sup- 19 ported debt computed pursuant to the provisions of subdivisions one and 20 two of section sixty-seven-b of this chapter. 21 § 2. This act shall take effect immediately.