§ 25 — Treatment of capital costs and certain fund balances of the city of New York; revenue stabilization fund of such city

New York § 25

• Jurisdiction: New York
• Law GMU: General Municipal
• Art. 2: General Municipal Finances

Text

§ 25. Treatment of capital costs and certain fund balances of the city\nof New York; revenue stabilization fund of such city. Notwithstanding\nthe provisions of any general or special state law or local law to the\ncontrary, including but not limited to the New York city charter, the\nfollowing shall apply with respect to the budget and accounts of the\ncity of New York:\n 1. All costs that would be capital costs in accordance with generally\naccepted accounting principles, but for the application of governmental\naccounting standards board statement number forty-nine, shall be deemed\nto be capital costs for purposes of this chapter and any other provision\nof state or local law, including but not limited to the New York city\ncharter, relevant to the treatment of such costs;\n 2. The determination as to the existence of a deficit pursuant to the\nNew York state financial emergency act for the city of New York, while\nsuch act remains in effect, and any other provision of state or local\nlaw, including but not limited to the New York city charter, shall be\nmade without regard to changes in restricted fund balances, as defined\nby the governmental accounting standards board, where restrictions in\nrelation to such fund balances are imposed by state or federal law or\nregulation, or otherwise by private or governmental parties other than\nthe city of New York, and without regard to funds held in the health\nstabilization fund, the school crossing guards health insurance fund,\nany revenue stabilization fund established pursuant to section fifteen\nhundred twenty-eight of the New York city charter and the management\nbenefits fund established by the city of New York. Deposits into any\nsuch revenue stabilization fund shall be deemed to be expenses of such\ncity for all purposes in the fiscal year during which such deposits are\nmade, and withdrawals from such fund shall be deemed to be revenues of\nsuch city for all purposes in the fiscal year during which such\nwithdrawals are made; provided however, that surpluses of such city,\nwhether accumulated from fiscal years ending prior to the effective date\nof the chapter of the laws of two thousand twenty that amended this\nsubdivision or existing at the close of any fiscal year ending after\nsuch effective date, shall be deposited into such revenue stabilization\nfund as soon as practicable, and such deposits shall not be deemed\nexpenses of the city in the fiscal years during which such deposits are\nmade; and\n 3. The city of New York may establish and maintain a revenue\nstabilization fund pursuant to section fifteen hundred twenty-eight of\nthe New York city charter. Except as required by subdivision two of this\nsection with respect to surpluses, deposits into and withdrawals from\nsuch fund may be made by means of the procedures set forth in such\ncharter for adoption or modification of the expense budget of such city,\nas applicable, provided that no more than fifty percent of the total\namount of such fund may be withdrawn in any fiscal year unless the mayor\nhas certified that there is a compelling fiscal need, which may be based\non circumstances including, but not be limited to, a national or\nregional recession, a reduction in total revenues from the preceding\nfiscal year as projected in the financial plan of the city of New York,\na natural or other disaster, or a declared state of emergency in the\ncity of New York or the state of New York. The authority to establish a\nrevenue stabilization fund set forth in this subdivision shall be in\naddition to any other authorization set forth in this article or other\napplicable law.\n