N.Y. State Finance Law § 93-b: Dedicated infrastructure investment fund

§ 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-five, and

continuing through March thirty-first, two thousand thirty, 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.