New York S01884 mandates state agencies to spend funds within 90 days of budget approval; agencies that fail face a 1% budget cut.

New York S01884 amends the state finance law by requiring state agencies to disburse funds to approved organizations within 90 days of receiving budget approval from the director of the budget. If an agency fails to meet this deadline, its budget for the following fiscal year will be reduced by 1% of the amount authorized under the approval certificate. The bill also tasks the state comptroller with developing procedures for calculating interest due to not-for-profit organizations and reporting these calculations to the governor and the senate finance committee.

New York S01884 mandates state agencies to spend funds within 90 days of budget approval; agencies that fail face a 1% budget cut.

New York S01884 amends the state finance law by requiring state agencies to disburse funds to approved organizations within 90 days of receiving budget approval from the director of the budget. If an agency fails to meet this deadline, its budget for the following fiscal year will be reduced by 1% of the amount authorized under the approval certificate. The bill also tasks the state comptroller with developing procedures for calculating interest due to not-for-profit organizations and reporting these calculations to the governor and the senate finance committee.