§ 17-1729 — Change in fiscal years

§ 17-1729 Change in fiscal years. 1. The board of trustees of any\nvillage in which a majority of the electors has approved a proposition\nsubmitted to the voters in accordance with subdivision three of section\n17-1708 or of any village in which a proposition has been submitted to\nthe voters in accordance with subdivision one of section 17-1703-a,\nhereof, may, by resolution, adopt a fiscal year for such village to\ncommence on the first day of January and end on the thirty-first day of\nDecember. If the board of trustees shall so adopt a fiscal year\ncommencing on the first day of January as aforesaid, all of the\nprovisions of article five, sections 17-1722 and 17-1722-a of this\nchapter and of the real property tax law fixing times or dates within\nwhich or by which certain acts shall be performed in relation to the\npreparation of the assessment roll, the preparation of the budget and\nthe levy and collection of taxes and special assessments shall be\nchanged to the times and dates applying to the town which is coterminous\nwith such village and the board of review of such town shall constitute\nthe board of review of such village.\n 2. A certified copy of a resolution adopting a new fiscal year shall\nbe filed within ten days in the office of the state department of audit\nand control at Albany, New York.\n 3. Whenever the fiscal year of a village is changed by action of the\nboard of trustees taken pursuant to subdivision one of this section, the\ncurrent fiscal year shall be automatically extended to include the\ninterim period between the last day of the current fiscal year and the\nfirst day of the new fiscal year, unless the board of trustees shall\nelect to treat such interim period as a separate fiscal year, as\nprovided in subdivision five of this section.\n 4. The board of trustees may raise all or part of the amount necessary\nto pay the obligations and other expenses of the village for the interim\nperiod by the issuance of obligations pursuant to the local finance law;\nprovided, however, that revenues and other income resulting from special\nassessments for capital projects or from operation of revenue producing\nundertakings, enterprises and utilities, including but not limited to\nwater supply, sewerage, electric, steam or gas, for which obligations\nmay become due during the interim period shall be applicable to payment\nof obligations and expenses therefor as provided by law and to that\nextent bonds or notes shall not be issued therefor.\n 5. The board of trustees may treat such interim period as a separate\nfiscal year, in which case all the provisions of article five of the\nvillage law and of the real property tax law relative to the preparation\nof a budget and the assessment, levy and collection of taxes shall apply\nto such interim period; provided, however, that the amount to be raised\nby tax on real estate in any such interim period shall not exceed the\nlimitations prescribed by article eight of the constitution, divided by\ntwelve and multiplied by the number of months contained in such interim\nperiod.\n