New YorkS 70282025-2026 Regular SessionSenate

Enacts the "city of Little Falls deficit financing act" authorizing the city of Little Falls, in the county of Herkimer, to finance certain deficits by the issuance of bonds

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

Little Falls can borrow for deficits

Effective immediately, Little Falls in Herkimer County can issue up to $3.4 million in bonds by November 30, 2026. The borrowing covers expected deficits in its general, golf, and water funds for the year ending December 31, 2025. It can also cover remaining principal on budget, deficiency, or revenue anticipation notes outstanding when the bonds are issued. The city can issue short-term notes ahead of the bonds. This provides money to cover city shortfalls but creates city debt, not direct household payments.

Little Falls faces tighter financial oversight

The Little Falls City Council must adjust its proposed budget to follow the New York State Comptroller's recommendations. While bonds or short-term notes under this law remain unpaid, the mayor must submit quarterly budget reports and accounting balances. These are due within 30 days after each quarter to city and state officials and state legislative finance committee chairs. Reports must compare actual income and spending with the full budget and recommend fixes for unfavorable gaps. Accounting balances must cover general and special funds and follow generally accepted accounting principles. A three-year financial plan, covering the current year and next two years, is due within 90 days after borrowing. Annual plans continue while this debt or replacement debt remains unpaid, with later plans due within 30 days after budget adoption. A different state-law multiyear planning requirement can replace this requirement. While the law's bonds or short-term notes remain unpaid, officials must give the Comptroller at least 15 days' notice before any bonds, notes, or installment purchase contract. The Comptroller can request information and recommend whether the city can afford these commitments; this rule grants no express veto.

Sponsors & Cosponsors

Sponsor

Mark Walczyk
Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 227 • No: 3

House vote • 6/16/2025

Assembly floor vote

Yes: 144 • No: 0

Senate vote • 6/13/2025

FLOOR Vote

Yes: 56 • No: 3

committee vote • 6/12/2025

Rules Committee Vote

Yes: 20 • No: 0

committee vote • 5/20/2025

Local Government Committee Vote

Yes: 7 • No: 0

Actions Timeline

SIGNED CHAP.176
6/26/2025Senate
DELIVERED TO GOVERNOR
6/26/2025Senate
RETURNED TO SENATE
6/16/2025House
PASSED ASSEMBLY
6/16/2025House
HOME RULE REQUEST
6/16/2025House
ORDERED TO THIRD READING RULES CAL.815
6/16/2025House
SUBSTITUTED FOR A7902C
6/16/2025House
REFERRED TO CITIES
6/13/2025House
DELIVERED TO ASSEMBLY
6/13/2025Senate
PASSED SENATE
6/13/2025Senate
HOME RULE REQUEST
6/13/2025Senate
ORDERED TO THIRD READING CAL.1995
6/12/2025Senate
COMMITTEE DISCHARGED AND COMMITTED TO RULES
6/12/2025Senate
PRINT NUMBER 7028C
6/6/2025Senate
AMEND AND RECOMMIT TO FINANCE
6/6/2025Senate
PRINT NUMBER 7028B
6/5/2025Senate
AMEND AND RECOMMIT TO FINANCE
6/5/2025Senate
PRINT NUMBER 7028A
5/21/2025Senate
AMEND AND RECOMMIT TO FINANCE
5/21/2025Senate
REPORTED AND COMMITTED TO FINANCE
5/20/2025Senate
REFERRED TO LOCAL GOVERNMENT
3/28/2025Senate

Bill Text

Amendment C
6/6/2025
PDF
Amendment B
6/5/2025
PDF
Amendment A
5/21/2025
PDF
Original
3/28/2025
PDF

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