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MEMORANDUM IN SUPPORT

A BUDGET BILL submitted by the Governor
in accordance with Article VII of the Constitution

AN ACT to amend chapter 61 of the laws of 2005 relating to authorizing certain payments, deposits and transfers for the support of government; and to amend the state finance law, in relation to the school tax relief fund

Purpose: This bill is intended to facilitate implementation of the 2005-06 State budget by amending Chapter 61 of the Laws of 2005 to transfer $130 million in one-time resources from the General Fund to the Lottery Fund as a reserve for Sound Basic Education Aid; and amending the State Finance Law relating to making additional funds available for payments related to the School Tax Relief program for 2005-06.

Section 1 of this bill authorizes transfer of $130 million in one-time resources from the General Fund to the State Lottery Fund, VLT Education Account, during 2005-06, to be held in reserve for Sound Basic Education Aid for State fiscal year 2006-07.

Section 2 of this bill amends subdivision 5 of section 97-rrr of the State Finance Law, as added by section 9 of part Y of Chapter 61 of the Laws of 2005, to transfer sufficient moneys to support the recommended $97 million deficiency appropriation for the increased reimbursement to New York City relating to the STAR program.

Section 3 provides that the bill shall take effect immediately and be deemed to have been in full force and effect on and after April 1, 2005.

Existing Law: This is a new bill.

Statement in Support: Enactment of this bill is necessary to provide funding for liabilities occurring in the 2005-06 fiscal year that exceed the budgeted resources, and to otherwise facilitate complete implementation of the 2005-06 budget.

Budget Implications: The provisions of this bill are accommodated in the current Financial Plan for 2005-06.

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