Requires the dormitory authority of the state of New York to fulfill all outstanding monetary commitments made to any local government for a fiscal year prior to allocating any moneys to economic development grant programs for the following fiscal year.
Summary
Bill S02376 amends the public authorities law to require the Dormitory Authority of the State of New York to fulfill all outstanding monetary commitments made to local governments for a fiscal year before allocating funds to economic development grant programs for the subsequent fiscal year. This change aims to ensure that local governments receive the financial commitments owed to them before new funds are distributed for development purposes, thereby prioritizing existing obligations over new expenditures.
Impact
The bill will have a significant impact on the management of funds by the Dormitory Authority, as it mandates the fulfillment of prior commitments to local governments. This could lead to a more structured approach to funding allocation, ensuring that local governments are not left waiting for owed funds while new programs are funded. It may also affect the timing and availability of economic development grants, as the authority will need to assess its outstanding commitments before proceeding with new allocations.
Sentiment
The general sentiment around Bill S02376 appears to be supportive, as it addresses the concerns of local governments regarding delayed financial commitments. However, there may be some apprehension about the potential impact on the availability of funds for new economic development initiatives, as prioritizing past commitments could limit resources for future projects.
Contention
Notable points of contention may arise from stakeholders who advocate for immediate funding for economic development projects, fearing that this bill could delay necessary investments. Local government representatives are likely to support the bill, while some economic development advocates may oppose it, arguing that it could hinder growth opportunities by tying up funds in past commitments.
Same As
Requires the dormitory authority of the state of New York to fulfill all outstanding monetary commitments made to any local government for a fiscal year prior to allocating any moneys to economic development grant programs for the following fiscal year.
Requires the dormitory authority of the state of New York to fulfill all outstanding monetary commitments made to any local government for a fiscal year prior to allocating any moneys to economic development grant programs for the following fiscal year.
Requires the dormitory authority of the state of New York to fulfill all outstanding monetary commitments made to any local government for a fiscal year prior to allocating any moneys to economic development grant programs for the following fiscal year.
Requires the dormitory authority of the state of New York to fulfill all outstanding monetary commitments made to any local government for a fiscal year prior to allocating any moneys to economic development grant programs for the following fiscal year.
An Act to Make Supplemental Allocations from the Highway Fund and Other Funds for the Expenditures of State Government and to Change Certain Provisions of the Law Necessary to the Proper Operations of State Government for the Fiscal Year Ending June 30, 2025
Establishing the congressional budget for the United States Government for fiscal year 2025 and setting forth the appropriate budgetary levels for fiscal years 2026 through 2034.
Changes the due date by which the New York State teachers' retirement system is required to submit the annual MWBE report to on or before December thirty-first following the end of the teachers retirement system's fiscal year.
An Act Making Supplemental Allocations from the Highway Fund and Other Funds for the Expenditures of State Government and Changing Certain Provisions of the Law Necessary to the Proper Operations of State Government for the Fiscal Years Ending June 30, 2026 and June 30, 2027
An Act Making Supplemental Appropriations and Allocations from the General Fund and Other Funds for the Expenditures of State Government and Changing Certain Provisions of the Law Necessary to the Proper Operations of State Government for the Fiscal Years Ending June 30, 2026 and June 30, 2027