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Seddio Says NY Budget Reform In The Works Assemblyman Frank Seddio recently announced that state legislators reached an agreement on a reform package designed to deliver a sound, on-time budget. The budget reform package provides the Legis-lature with more accurate revenue forecasts and gives additional time to review the details of the governor’s budget proposal so legislators can make better decisions:. The changes include: • Changing the fiscal year from April 1 to May 1; • Implementing an "enhanced fast start plan," a discussion between the governor and Legislature on revenue forecasts and projected expenses that would begin on November 15; • Creating a joint independent budget office, another Assembly priority, to provide objective, non-partisan analyses of state revenues that can be used to make decisions in a timely manner - without the time consuming debate that often occurs; and • Requiring the governor to submit his budget by January 15 (February 1 for a newly-elected governor) and shortening the amendment period from 30 to 21 days to allow time for legislative review. Assemblyman Seddio noted that additional fin-ancial reporting would be required in the executive budget relating to the financial plan cash flow, personnel expenditures, disbursement of lump sums, and technology purchases. In addition, all agency budget submissions would be made public prior to submission to the governor. If a budget is not adopted by May 1, Seddio said the agreement would automatically impose a contingency budget that would essentially continue the previous year’s budget. The package would require a three-year projection by the governor and Legislature of the financial impact of any changes to the executive budget to provide better long-term planning. To put more money away in "rainy day" funds, the plan would create a reserve fund equal to 5 percent of all state funds to cushion against economic downturns, revenue shortfalls and natural disasters.
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