New York bill A06008 amends the real property tax law to redefine surplus funds for school districts.

New York bill A06008 amends the real property tax law to redefine surplus funds for school districts. For the 2024-2025 school year through the 2028-2029 school year, surplus funds are defined as any operating funds in excess of 8% of the current school year budget. This definition excludes funds properly retained under other sections of law. The bill also specifies that the collecting officer's warrant must state the amount of unexpended surplus funds and confirm their application in determining the school tax levy.

New York bill A06008 amends the real property tax law to redefine surplus funds for school districts.

New York bill A06008 amends the real property tax law to redefine surplus funds for school districts. For the 2024-2025 school year through the 2028-2029 school year, surplus funds are defined as any operating funds in excess of 8% of the current school year budget. This definition excludes funds properly retained under other sections of law. The bill also specifies that the collecting officer's warrant must state the amount of unexpended surplus funds and confirm their application in determining the school tax levy.