New York 2025-2026 Regular Session

New York Assembly Bill A07902

Introduced

4/11/25

Refer

4/11/25

Caption

Authorizes the city of Little Falls, in the county of Herkimer, to issue serial bonds in an aggregate principal amount not to exceed three million four hundred thousand dollars for the purpose of liquidating deficits in its general, golf, and water funds; requires that the city of Little Falls prepare quarterly budget reports, quarterly trial balances and a three-year financial plan.

Impact

Upon enactment, this legislation will directly influence the city's ability to navigate its financial difficulties by giving it access to capital via bond sales. The funding is meant to stabilize the municipal finances of Little Falls, which has become critical given the projected deficits across multiple city funds. Furthermore, the bill outlines the necessity for the city to adhere to established finance laws while issuing bonds, thus ensuring compliance with state regulations regarding municipal financial management.

Summary

Bill A07902, known as the 'city of Little Falls deficit financing act', empowers the city of Little Falls, located in Herkimer County, to issue serial bonds up to a maximum of $3,400,000. This funding is specifically designated for covering anticipated deficits in the city's general, golf, and water funds as the fiscal year concludes on May 31, 2025. The bill aims to provide a legal framework under which the city can manage its financial shortfalls effectively by allowing it to refinance and liquidate underlying deficits through bond issuance.

Contention

Discussions surrounding A07902 may center on the implications of municipal bond issuance, specifically regarding fiscal accountability. Some skeptics may raise concerns about the long-term viability of relying on bonds to address deficits, questioning whether this could lead to a cycle of debt rather than sustainable financial health. There may also be differing opinions regarding the adequacy of oversight as the bill requires the city to create periodic budgetary reports for external review. This provision is intended to enhance transparency and fiscal discipline but may provoke debates on local governance autonomy versus state oversight.

Latest A07902 Activity

Companion Bills

NY S07028

Same As Authorizes the city of Little Falls, in the county of Herkimer, to issue serial bonds in an aggregate principal amount not to exceed three million four hundred thousand dollars for the purpose of liquidating deficits in its general, golf, and water funds; requires that the city of Little Falls prepare quarterly budget reports, quarterly trial balances and a three-year financial plan.

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