The purpose of this bulletin is to amend our January 2001 bulletin entitled ‘Tobacco Settlement Payments’ based upon the release of GASB Technical Bulletin No. 2004-1 ‘Tobacco Settlement Recognition and Financial Reporting Entity Issues.’
Issued to: County, City, Town and Village Chief Fiscal Officers, School District and BOCES Business Officials.
Chapter 83 of the Laws of 1995 adds Social Services Law section 153-i, Block Grants for family and children’s services. The law requires the New York State Department of Social Services to apportion the state funds appropriated among the social services districts by a formula contained in section 153-i, subdivision 1, paragraph b.
This bulletin highlights accounting and budgeting changes for counties who share their own sales tax revenues with other local governments within their boundaries. These changes are necessitated by the recent Statements from the Governmental Accounting Standards Board (GASB).
State law requires that all deposits and investments with banks or trust companies (e.g., checking accounts, time deposit accounts, certificates of deposit, etc.) in excess of FDIC coverage be properly secured.
Effective August 13, 2010, Chapter 386 of the Laws of New York amended Section 63.00 of the Local Finance Law to increase the cap on bonds issued through private sales from $1 million to $5 million (this provision sunsets on June 1, 2012, at which time the cap will revert to $1 million absent action by the State Legislature).
Chapter 497 of the Laws of 1999 amends the Vehicle and Traffic Law effective onApril 1, 2000 to provide that every county and the City of New York shall establish a handicapped parking education program for the purpose of providing education, advocacy and increased public awareness of handicapped parking laws.
An agreement for the purpose of protecting New York City’s drinking water supply and the economic vitality of the upstate Watershed communities. The agreement provides for expenditures by New York City and the State of New York on various long-range watershed protection and water quality enhancement programs.
Account codes have been established to record revenues received from natural gas lease and royalty payments and wind farm revenues received from host community fees and payments in lieu of taxes (PILOTs).
Multi-Modal Projects will be accounted for in a Capital Projects Fund or in an Enterprise Fund. Capital Projects fund revenues will be recorded in subsidiary revenue account code 3505 - Multi-Modal Program and expenditures will be classified by functional unit based on the type of project being undertaken. Enterprise funds should capitalize assets and recognize revenue using account 3505.
