2023 New York Laws › GMU - General Municipal › Article 2 - General Municipal Finances › 6-J - Workmen's Compensation Reserve Fund.

§  6-j. Workmen's compensation reserve fund. 1. The governing board of
  any municipal corporation, school district or fire district,  which  is,
  or  shall  hereafter  become  a  self-insurer  under  the  provisions of
  subdivision four of section fifty of the workers'  compensation  law  or
  section  thirty of the volunteer firefighters' benefit law may establish
  a reserve fund to be known as the workers' compensation reserve fund  of
  such municipal corporation, school district or fire district.
2.  There  may  be  paid into any such fund (a) such amounts as may be
  provided therefor by budgetary appropriations and (b) such other sums as
  may be legally appropriated.
3. The moneys in such fund shall  be  deposited  and  secured  in  the
  manner  provided  by section ten of this article. The money in such fund
  so deposited shall be accounted for separate and apart  from  all  other
  funds of the municipality, school district or fire district, in the same
  manner  as provided in subdivision ten of section six-c of this article.
  The governing board, or the chief fiscal officer of  such  municipality,
  school  district or fire district, if the governing board shall delegate
  such duty to him, may invest the moneys  in  such  fund  in  the  manner
  provided  in  section  eleven  of  this  article. Any interest earned or
  capital gain realized on the money so deposited or invested shall accrue
  to and become part of such fund. The  separate  identity  of  such  fund
  shall be maintained whether its assets consist of cash or investments or
  both.
4. An expenditure shall be made from such fund only for the payment of
  compensation and benefits, medical, hospital or other expense authorized
  by  article  two  of  the workers' compensation law and by the volunteer
  firefighters'  benefit   law   and   expenses   of   administering   the
  self-insurance  program  for such municipal corporation, school district
  or fire district.
5. If at the end of any fiscal year the  moneys  in  such  fund  shall
  exceed  the  amounts required to be paid pursuant to subdivision four of
  this section plus any additional amount  required  to  pay  all  pending
  claims,  the  governing  board  of  the  municipal  corporation,  school
  district, board of cooperative educational  services  or  fire  district
  may,  within  sixty days of the close of such fiscal year, elect to: (a)
  transfer said excess, or any part thereof, to  any  fund  authorized  by
  this  article  or  section thirty-six hundred fifty-one of the education
  law; and/or (b) apply said excess, or any part  thereof  to  the  budget
  appropriation of the next succeeding fiscal year.
6.  If  the  municipal  corporation,  school district or fire district
  shall, after the establishment of such fund, cease to be a self-insurer,
  the moneys remaining in such fund may be transferred to any  other  fund
  authorized  by  this  chapter or section thirty-six hundred fifty-one of
  the education law only to the extent that the moneys in such fund  shall
  exceed  in  amount the sum sufficient to pay all expenditures authorized
  in paragraph numbered four, both accrued and contingent.