N.Y. State Finance Law § 72: General fund

§ 72. General fund. 1. Notwithstanding any provision of law to the

contrary, the general fund of this state shall be defined and maintained

in accordance with the provisions of this section and shall account for

all financial resources of the state except those required to be

accounted for in other funds as defined in this chapter.

2. (a) There shall be within the general fund a separate account which

shall be designated and known as the local assistance account and shall

reflect all expenditures made for local assistance.

(b) There shall be within the general fund a separate account which

shall be designated and known as the state purposes account and shall

reflect all expenditures made for state purposes.

3. Notwithstanding any inconsistent provision of subdivision five of

section four of this chapter, any moneys in the general fund not

required for cash disbursements pursuant to general fund appropriations

may, in amounts determined and certified by the director of the budget,

be transferred to the capital projects fund or any debt service fund for

the purpose of making payments from such fund pursuant to appropriations

by law, provided that, any balance of moneys so transferred, remaining

in such fund at the close of each month shall be returned to the general

fund. No such transfer shall be made until a certificate of approval of

availability for so much as shall be necessary to make disbursements

pursuant to appropriations by law from such capital projects or debt

service fund for the balance of the month shall have been issued by the

budget director and a copy of such certificate of approval filed with

the state comptroller, the chairman of the senate finance committee and

the chairman of the assembly ways and means committee.

4. (a) Any balance of moneys in any debt service fund in excess of

both the debt principal and interest payments required to be made from

such fund during the current fiscal year, or during future fiscal years,

and any reserve requirement established by statute or by a relevant bond

covenant, shall be transferred to the general fund.

* (b) On or before the beginning of each quarter, the director of the

budget may certify to the state comptroller the estimated amount of

monies that shall be reserved in the general debt service fund for the

payment of debt service and related expenses payable by such fund during

each month of the state fiscal year, excluding payments due from the

revenue bond tax fund. Such certificate may be periodically updated, as

necessary. Notwithstanding any provision of law to the contrary, the

state comptroller shall reserve in the general debt service fund the

amount of monies identified on such certificate as necessary for the

payment of debt service and related expenses during the current or next

succeeding quarter of the state fiscal year. Such monies reserved shall

not be available for any other purpose. Such certificate shall be

reported to the chairpersons of the Senate Finance Committee and the

Assembly Ways and Means Committee. The provisions of this paragraph

shall expire June thirtieth, two thousand twenty-six.

* NB Expires June 30, 2026