NY Gen Mun L § 25 (2021)
2021 New York Laws GMU - General Municipal Article 2 - General Municipal Finances 25 - Treatment of Capital Costs and Certain Fund Balances of the City of New York; Revenue Stabilization Fund of Such City.

§ 25. Treatment of capital costs and certain fund balances of the city   of  New  York;  revenue stabilization fund of such city. Notwithstanding   the provisions of any general or special state law or local law  to  the   contrary,  including  but  not limited to the New York city charter, the   following shall apply with respect to the budget  and  accounts  of  the   city of New York:1.  All costs that would be capital costs in accordance with generally   accepted accounting principles, but for the application of  governmental   accounting  standards board statement number forty-nine, shall be deemed   to be capital costs for purposes of this chapter and any other provision   of state or local law, including but not limited to the  New  York  city   charter, relevant to the treatment of such costs;2.  The determination as to the existence of a deficit pursuant to the   New York state financial emergency act for the city of New  York,  while   such  act  remains  in effect, and any other provision of state or local   law, including but not limited to the New York city  charter,  shall  be   made  without  regard to changes in restricted fund balances, as defined   by the governmental accounting standards board,  where  restrictions  in   relation  to  such  fund balances are imposed by state or federal law or   regulation, or otherwise by private or governmental parties  other  than   the  city  of  New  York, and without regard to funds held in the health   stabilization fund, the school crossing guards  health  insurance  fund,   any  revenue  stabilization fund established pursuant to section fifteen   hundred twenty-eight of the New York city  charter  and  the  management   benefits  fund  established  by  the city of New York. Deposits into any   such revenue stabilization fund shall be deemed to be expenses  of  such   city  for all purposes in the fiscal year during which such deposits are   made, and withdrawals from such fund shall be deemed to be  revenues  of   such  city  for  all  purposes  in  the  fiscal  year  during which such   withdrawals are made; provided however, that  surpluses  of  such  city,   whether accumulated from fiscal years ending prior to the effective date   of  the  chapter  of  the  laws of two thousand twenty that amended this   subdivision or existing at the close of any  fiscal  year  ending  after   such  effective date, shall be deposited into such revenue stabilization   fund as soon as practicable, and  such  deposits  shall  not  be  deemed   expenses  of the city in the fiscal years during which such deposits are   made; and3. The  city  of  New  York  may  establish  and  maintain  a  revenue   stabilization  fund  pursuant to section fifteen hundred twenty-eight of   the New York city charter. Except as required by subdivision two of this   section with respect to surpluses, deposits into  and  withdrawals  from   such  fund  may  be  made  by  means of the procedures set forth in such   charter for adoption or modification of the expense budget of such city,   as applicable, provided that no more than fifty  percent  of  the  total   amount of such fund may be withdrawn in any fiscal year unless the mayor   has certified that there is a compelling fiscal need, which may be based   on  circumstances  including,  but  not  be  limited  to,  a national or   regional recession, a reduction in total  revenues  from  the  preceding   fiscal  year as projected in the financial plan of the city of New York,   a natural or other disaster, or a declared state  of  emergency  in  the   city  of New York or the state of New York. The authority to establish a   revenue stabilization fund set forth in this  subdivision  shall  be  in   addition  to  any other authorization set forth in this article or other   applicable law.