N.Y. Village Law § 17-1729: Change in fiscal years

§ 17-1729 Change in fiscal years. 1. The board of trustees of any

village in which a majority of the electors has approved a proposition

submitted to the voters in accordance with subdivision three of section

17-1708 or of any village in which a proposition has been submitted to

the voters in accordance with subdivision one of section 17-1703-a,

hereof, may, by resolution, adopt a fiscal year for such village to

commence on the first day of January and end on the thirty-first day of

December. If the board of trustees shall so adopt a fiscal year

commencing on the first day of January as aforesaid, all of the

provisions of article five, sections 17-1722 and 17-1722-a of this

chapter and of the real property tax law fixing times or dates within

which or by which certain acts shall be performed in relation to the

preparation of the assessment roll, the preparation of the budget and

the levy and collection of taxes and special assessments shall be

changed to the times and dates applying to the town which is coterminous

with such village and the board of review of such town shall constitute

the board of review of such village.

2. A certified copy of a resolution adopting a new fiscal year shall

be filed within ten days in the office of the state department of audit

and control at Albany, New York.

3. Whenever the fiscal year of a village is changed by action of the

board of trustees taken pursuant to subdivision one of this section, the

current fiscal year shall be automatically extended to include the

interim period between the last day of the current fiscal year and the

first day of the new fiscal year, unless the board of trustees shall

elect to treat such interim period as a separate fiscal year, as

provided in subdivision five of this section.

4. The board of trustees may raise all or part of the amount necessary

to pay the obligations and other expenses of the village for the interim

period by the issuance of obligations pursuant to the local finance law;

provided, however, that revenues and other income resulting from special

assessments for capital projects or from operation of revenue producing

undertakings, enterprises and utilities, including but not limited to

water supply, sewerage, electric, steam or gas, for which obligations

may become due during the interim period shall be applicable to payment

of obligations and expenses therefor as provided by law and to that

extent bonds or notes shall not be issued therefor.

5. The board of trustees may treat such interim period as a separate

fiscal year, in which case all the provisions of article five of the

village law and of the real property tax law relative to the preparation

of a budget and the assessment, levy and collection of taxes shall apply

to such interim period; provided, however, that the amount to be raised

by tax on real estate in any such interim period shall not exceed the

limitations prescribed by article eight of the constitution, divided by

twelve and multiplied by the number of months contained in such interim

period.