New York S02052 redefines surplus funds for school districts starting in 2027-2028.

New York S02052 amends the real property tax law to redefine surplus funds for school districts. Starting from the 2027-2028 school year, surplus funds will be defined as any operating funds exceeding six percent of the current school year budget. This definition excludes funds retained under other legal provisions. This change applies to the warrant of the collecting officer, which must state the amount of unexpended surplus funds. The bill ensures that these funds have been applied in determining the school tax levy, except as authorized or required by law.

New York S02052 redefines surplus funds for school districts starting in 2027-2028.

New York S02052 amends the real property tax law to redefine surplus funds for school districts. Starting from the 2027-2028 school year, surplus funds will be defined as any operating funds exceeding six percent of the current school year budget. This definition excludes funds retained under other legal provisions. This change applies to the warrant of the collecting officer, which must state the amount of unexpended surplus funds. The bill ensures that these funds have been applied in determining the school tax levy, except as authorized or required by law.