§ 5-520 — General budgetary controls

New York § 5-520

• Jurisdiction: New York
• Law VIL: Village
• Art. 5: Finances

Text

§ 5-520 General budgetary controls. 1. A separate account shall be\nkept for each appropriation. Each such account shall show the amount\nappropriated, the several amounts expended thereform and the unexpended\nbalance.\n 2. No expenditure shall be made, nor shall any contract which in any\nmanner involves the expenditure of money or the incurring of any\npecuniary liability be entered into, unless an amount has been\nappropriated for the particular purpose and is available therefor or has\nbeen authorized to be borrowed pursuant to the local finance law.\nNothing in this subdivision shall prevent the making of a contract or\nlease for a term exceeding one year when authorized by law nor shall\nanything in this subdivision require a village which has entered into a\ncontract or lease for a term exceeding one year to pay during the\ncurrent fiscal year any amounts larger than those which become due and\nowing during that year under the terms of such lease or contract.\n 3. Whenever during a fiscal year it shall appear probable to the\nbudget officer that the moneys available for such year will be\ninsufficient to meet the amounts appropriated, he shall forthwith notify\nthe board of trustees of such fact, stating the probable amount of such\ndeficiency. The budget officer may include his recommendations as to\nthe action which should be taken. The board of trustees may reduce any\nappropriation or appropriations by resolution so as to prevent the\nmaking of expenditures in excess of moneys available. An appropriation\nshall not be reduced below the minimum amount required by law to be\nappropriated, nor shall an appropriation be reduced by more than the\nbalance therein less outstanding and unpaid claims chargeable to such\nappropriation.\n 4. The board of trustees, during a fiscal year, by resolution, may\nmake additional appropriations or increase existing appropriations.\nMoneys therefor may be provided by transfer from the unexpended balance\nof an appropriation, from the appropriation for contingencies, from\nunappropriated unreserved fund balance, or unanticipated revenues within\na fund, or by borrowing pursuant to the local finance law. For the\npurposes of this subdivision, unappropriated unreserved fund balance or\nunanticipated revenues shall be available for transfer only to the\nextent that the total of all revenues of such fund recognized or\nreasonably expected to be recognized in the current fiscal year,\nincluding unappropriated unreserved fund balance, exceeds the total of\nall revenues of such fund as estimated in the budget, including\nappropriated fund balance.\n 5. Notwithstanding the provisions of subdivision four of this section,\ngrants in aid from the state and federal governments, other gifts which\nare required to be expended for particular objects or purposes, and\ninsurance proceeds for the loss, theft, damage or destruction of real or\npersonal property, when proposed to be used or applied to repair or\nreplace such property, may be appropriated by resolution of the board of\ntrustees at any time for such objects and purposes.\n