S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1060
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 10, 2017
                                ___________
 
 Introduced  by  M.  of  A.  PAULIN  --  Multi-Sponsored  by  -- M. of A.
   BUCHWALD, COOK -- read once and referred to the Committee on Education
 
 AN ACT to amend the education law, in relation to long  range  financial
   planning for school districts
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The education law is amended by adding a new  section  3817
 to read as follows:
   §  3817.  LONG RANGE FINANCIAL PLAN. 1. EACH YEAR, COMMENCING WITH THE
 PROPOSED BUDGET FOR THE TWO  THOUSAND  EIGHTEEN--TWO  THOUSAND  NINETEEN
 SCHOOL  YEAR,  THE  SUPERINTENDENT  OF  SCHOOLS IN CONSULTATION WITH THE
 CHIEF FINANCIAL OFFICER OF EACH SCHOOL DISTRICT, AND THE BOARD OF  TRUS-
 TEES,  SHALL  PREPARE FOR APPROVAL BY THE BOARD OF TRUSTEES A LONG RANGE
 FINANCIAL PLAN TO ASSIST SUCH DISTRICTS  IN  ESTABLISHING  AND  PLANNING
 FINANCIAL GOALS AND PROJECTIONS.
   2.  A LONG RANGE FINANCIAL PLAN SHALL MEAN A PLAN THAT INCLUDES INFOR-
 MATION FOR THE CURRENT SCHOOL YEAR AND  PROJECTIONS  FOR  AT  LEAST  THE
 SUBSEQUENT  TWO  YEARS OF THE SCHOOL DISTRICT THAT COVERS: (A) REVENUES;
 (B) EXPENDITURES; (C)  UNASSIGNED  FUND  BALANCE;  (D)  RESTRICTED  FUND
 BALANCE;  (E)  GRANT  AWARDS; AND (F) CAPITAL CONSTRUCTION PROJECT PLAN-
 NING.
   3. A SCHOOL DISTRICT MUST POST ON ITS WEBSITE, IF  AVAILABLE,  AND  IN
 FIVE PUBLIC PLACES IN SAID DISTRICT, THE DISTRICT'S LONG RANGE FINANCIAL
 PLAN,  ANNUAL  AUDITED  FINANCIAL  STATEMENT,  INCLUDING  ANY CORRECTIVE
 ACTION PLAN AS REQUIRED BY SECTION TWENTY-ONE HUNDRED SIXTEEN-A OF  THIS
 CHAPTER, AND ADOPTED ANNUAL BUDGET.
   4.  A  DISTRICT  MAY  APPLY  TO  THE  COMMISSIONER FOR A WAIVER OF THE
 REQUIREMENT TO PREPARE A LONG TERM FINANCIAL PLAN UNDER SUBDIVISION  ONE
 OF  THIS  SECTION, WHICH MAY BE GRANTED AT THE DISCRETION OF THE COMMIS-
 SIONER IF THE COMMISSIONER DEEMS THAT COMPLIANCE WITH  SUCH  SUBDIVISION
 WOULD BE UNDULY BURDENSOME OR IMPRACTICABLE FOR THE SCHOOL DISTRICT.
   §  2. This act shall take effect one year after it shall have become a
 law.
 
              

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01071-01-7