N.Y.
State Finance Law Section 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.
Source:
Section 93-B — Dedicated infrastructure investment fund, https://www.nysenate.gov/legislation/laws/STF/93-B (updated Apr. 23, 2021; accessed Apr. 20, 2024).
