Enacts a balanced budget requirement and establishes the New York state governmental accounting review board.

The bill enacts a balanced budget requirement for New York state, mandating that budgets include all estimated expenditures and revenues in accordance with generally accepted accounting principles. It creates the New York state governmental accounting review board, which will confer with the governor and the legislature on budget balancing and the effects of changes in accounting principles. The board will also determine if immediate compliance with the balanced budget requirement would adversely impact essential services, and if so, approve a phased implementation.

Enacts a balanced budget requirement and establishes the New York state governmental accounting review board.

The bill enacts a balanced budget requirement for New York state, mandating that budgets include all estimated expenditures and revenues in accordance with generally accepted accounting principles. It creates the New York state governmental accounting review board, which will confer with the governor and the legislature on budget balancing and the effects of changes in accounting principles. The board will also determine if immediate compliance with the balanced budget requirement would adversely impact essential services, and if so, approve a phased implementation.