2023 New York Laws › STF - State Finance › Article 6 - Funds of the State › 93-B - Dedicated Infrastructure Investment Fund.

§   93-b.  Dedicated  infrastructure  investment  fund.  1.  Dedicated
infrastructure investment fund. (a) There is hereby established  in  the
joint  custody of the state comptroller and the commissioner of taxation
and finance a special fund to be known as the "dedicated  infrastructure
investment fund".
(b)  Account.  The  dedicated  infrastructure  investment  fund  shall
consist of one account, the "infrastructure investment account".  Moneys
in this account shall be kept separate and not commingled with any other
moneys in the custody of the comptroller.
(c) Sources of funds. The sources of funds shall consist of all moneys
collected  therefor,  or  moneys  credited,  appropriated or transferred
thereto from any other fund or source  pursuant  to  law  or  any  other
moneys  made  available  for  the  purposes  of  the  fund. Any interest
received by the comptroller on moneys on deposit shall be  retained  and
become part of the fund, unless otherwise directed by law.
2.  Uses  of funds. Following appropriation by the legislature, moneys
in the infrastructure investment account shall be available  to  finance
projects,  works,  activities or purposes necessary to support statewide
investments as appropriated by the  legislature.  Nothing  contained  in
this section shall be construed to limit in any way the projects, works,
activities or purposes that can be financed from this account, including
but  not limited to loans of money to public corporations or authorities
under terms approved by the director of the budget.
3. Transfers.   Notwithstanding any other provisions  of  law  to  the
contrary,  commencing  on  April  first,  two  thousand  twenty-one, and
continuing through March thirty-first,  two  thousand  twenty-five,  the
comptroller  is  hereby authorized to transfer monies from the dedicated
infrastructure investment fund to the general fund, and from the general
fund to the dedicated  infrastructure  investment  fund,  in  an  amount
determined  by  the  director  of  the  budget  to the extent moneys are
available in the fund; provided, however, that the comptroller  is  only
authorized   to   transfer  monies  from  the  dedicated  infrastructure
investment fund to the general fund in the event of an economic downturn
as described in paragraph (a) of this  subdivision;  and/or  to  fulfill
disallowances  and/or  settlements  related  to over-payments of federal
medicare and medicaid revenues in excess of one hundred million  dollars
from anticipated levels, as determined by the director of the budget and
described in paragraph (b) of this subdivision.
(a)  Economic  downturn.  Notwithstanding any law to the contrary, for
the purpose of this section, 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  dedicated  infrastructure  investment  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 paragraph 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.
(b) Federal medicare and medicaid revenues. Notwithstanding any law to
the  contrary,  the  director of the budget may authorize and direct the
comptroller to transfer from  the  dedicated  infrastructure  investment
fund  to  the  general  fund  an  amount not to exceed the disallowances
and/or settlements related to the over-payments of federal medicare  and
medicaid  revenues.  In  the  event  this authorization is utilized, the
director of the budget may  authorize  and  direct  the  comptroller  to
transfer  such  amount  and  the  concomitant  reduction  in state share
medicare  and  medicaid  revenues  from  the   general   fund   to   the
miscellaneous special revenue fund, mental hygiene program fund (21907),
the  miscellaneous special revenue fund, patient income account (21909),
and the Medicaid Management Information System (MMIS)  Statewide  Escrow
Fund (60901).
(c)   Prior   to   authorizing   any   transfer   from  the  dedicated
infrastructure investment fund accounts 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.