N.Y. Village Law § 5-520: General budgetary controls

§ 5-520 General budgetary controls. 1. A separate account shall be

kept for each appropriation. Each such account shall show the amount

appropriated, the several amounts expended thereform and the unexpended

balance.

2. No expenditure shall be made, nor shall any contract which in any

manner involves the expenditure of money or the incurring of any

pecuniary liability be entered into, unless an amount has been

appropriated for the particular purpose and is available therefor or has

been authorized to be borrowed pursuant to the local finance law.

Nothing in this subdivision shall prevent the making of a contract or

lease for a term exceeding one year when authorized by law nor shall

anything in this subdivision require a village which has entered into a

contract or lease for a term exceeding one year to pay during the

current fiscal year any amounts larger than those which become due and

owing during that year under the terms of such lease or contract.

3. Whenever during a fiscal year it shall appear probable to the

budget officer that the moneys available for such year will be

insufficient to meet the amounts appropriated, he shall forthwith notify

the board of trustees of such fact, stating the probable amount of such

deficiency. The budget officer may include his recommendations as to

the action which should be taken. The board of trustees may reduce any

appropriation or appropriations by resolution so as to prevent the

making of expenditures in excess of moneys available. An appropriation

shall not be reduced below the minimum amount required by law to be

appropriated, nor shall an appropriation be reduced by more than the

balance therein less outstanding and unpaid claims chargeable to such

appropriation.

4. The board of trustees, during a fiscal year, by resolution, may

make additional appropriations or increase existing appropriations.

Moneys therefor may be provided by transfer from the unexpended balance

of an appropriation, from the appropriation for contingencies, from

unappropriated unreserved fund balance, or unanticipated revenues within

a fund, or by borrowing pursuant to the local finance law. For the

purposes of this subdivision, unappropriated unreserved fund balance or

unanticipated revenues shall be available for transfer only to the

extent that the total of all revenues of such fund recognized or

reasonably expected to be recognized in the current fiscal year,

including unappropriated unreserved fund balance, exceeds the total of

all revenues of such fund as estimated in the budget, including

appropriated fund balance.

5. Notwithstanding the provisions of subdivision four of this section,

grants in aid from the state and federal governments, other gifts which

are required to be expended for particular objects or purposes, and

insurance proceeds for the loss, theft, damage or destruction of real or

personal property, when proposed to be used or applied to repair or

replace such property, may be appropriated by resolution of the board of

trustees at any time for such objects and purposes.