NY State Fin L § 92-CC (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 92-CC - Rainy Day Reserve Fund.

§ 92-cc. Rainy day reserve fund. 1. There is hereby established in the state  treasury a fund to be known as the "rainy day reserve fund". Such fund shall consist of moneys  deposited  therein  and  monies  shall  be withdrawn from such fund only for the purposes as provided therein.   2.  Such  fund  shall  have  a  maximum balance not to exceed five per centum of the aggregate  amount  projected  to  be  disbursed  from  the general   fund   during   the  fiscal  year  immediately  following  the then-current fiscal year. At the request of the director of the  budget, the  state  comptroller  shall  transfer monies to the rainy day reserve fund  up  to  and  including  an  amount  equivalent   to   seventy-five one-hundredths of one per centum of the aggregate amount projected to be disbursed  from  the  general  fund during the then-current fiscal year, unless such transfer would increase the rainy day  reserve  fund  to  an amount in excess of five per centum of the aggregate amount projected to be  disbursed  from  the general fund during the fiscal year immediately following the then-current fiscal year, in  which  event  such  transfer shall  be  limited to such amount as will increase the rainy day reserve fund to such five per centum limitation.   3. a. The amounts available  in  such  reserve  may  be  used  if  the following conditions are met:  (i)  Economic  downturn. The commissioner of labor shall calculate and publish, on or before the fifteenth day of each month, a composite index of business cycle indicators.  Such  index  shall  be  calculated  using monthly data on New York state private sector employment, average weekly hours  of  manufacturing  workers, and the unemployment rate prepared by the department of labor or its successor agency,  and  total  sales  tax collections  adjusted  for  inflation,  prepared  by  the  department of taxation and finance or  its  successor  agency.  Such  index  shall  be adjusted  for  seasonal  variations  in  accordance  with the procedures issued by the United States Census Bureau or its  successor  agency.  If the   composite   index   declines  for  five  consecutive  months,  the commissioner of labor shall notify the  governor,  the  speaker  of  the assembly,  the  temporary  president  of  the  senate,  and the minority leaders of the assembly and the  senate.  Upon  such  notification,  the director  of  the  budget  may  authorize  and direct the comptroller to transfer from the rainy day  reserve  fund  to  the  general  fund  such amounts  as  the  director  of  the  budget  deems necessary to meet the requirements of the state financial  plan.  The  authority  to  transfer funds  under  the  provisions  of  this subdivision shall lapse when the composite index shall have increased  for  five  consecutive  months  or twelve  months  from  the  original  notification of the commissioner of labor, whichever occurs  earlier.  Provided,  however,  that  for  every additional  and  consecutive  monthly  decline succeeding the five month decline so noted by the commissioner of labor, the  twelve  month  lapse date shall be extended by one additional month; or  (ii)  Catastrophic  events.  In the event of a need to repel invasion, suppress insurrection, defend the state in war, or  to  respond  to  any other emergency resulting from a disaster, including but not limited to, a disaster caused by an act of terrorism, the director of the budget may authorize  and  direct  the  comptroller  to transfer from the rainy day reserve fund to the general fund such amounts as  the  director  of  the budget  deems  necessary to meet the requirements of the state financial plan.   b. Prior to authorizing any transfer from the rainy day  reserve  fund pursuant  to  the provisions of this section, the director of the budget shall notify the speaker of the assembly, the temporary president of the senate, and the minority leaders of the assembly and  the  senate.  Such letter  shall  specify  the  reasons  for  the  transfer  and the amount  thereof. Any amounts transferred from the rainy day reserve fund to  the general  fund  shall  be subject to all the repayment provisions of this section.   4.  Any transfer authorized in subdivision three of this section shall be repaid in cash within a period of three years  after  the  date  that such   authority   to  transfer  funds  under  the  provisions  of  this subdivision lapses, provided however that any transfer authorized  as  a result  of a catastrophic event shall be subject to repayment provisions to be proposed by the  governor  and  implemented  by  appropriation  or transfer of funds.   5.  Moneys  in the rainy day reserve fund may be temporarily loaned to the general fund during any fiscal year in anticipation of  the  receipt of  revenues from taxes, fees and other sources required to be paid into the general fund during such fiscal year. Moneys so  temporarily  loaned shall be repaid in cash during the same fiscal year.