2023 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; and
3. 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.