N.Y. State Finance Law 99-E – State university stabilization account
§ 99-e. State university stabilization account. 1. There is hereby established in the joint custody of the state comptroller and the commissioner of taxation and finance an account in the miscellaneous special revenue fund to be known as the state university stabilization account.
Terms Used In N.Y. State Finance Law 99-E
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
2. Such account shall consist (a) of any and all unexpended and unencumbered moneys received by the state university of New York from tuition, fees, user charges, or other sources and deposited into the income offset account, and (b) any other undisbursed balance of the general fund appropriation as of the last day of the state university fiscal year as reduced pursuant to subparagraph six of paragraph c of subdivision four of § 355 of the education law to reflect any aggregate amount established by the director of the budget less than the amount appropriated. Such moneys shall be transferred by the state comptroller into the stabilization account on or before September fifteenth within thirty days of such date. In addition, all or a portion of the account balances in other state university income accounts, except the dormitory income reimbursable account, shall be transferred by the state comptroller, at the request of the state university, to the stabilization account.
3. Moneys of the account shall only be available to the state university of New York and following appropriation by the legislature, shall be credited to the state operated institutions, statutory or contract colleges, hospitals and/or system administration stabilization subaccounts from which the savings were achieved. Notwithstanding section forty of this chapter, § 355 of the education law or any other law to the contrary, all appropriations made from this account to the state university of New York shall remain in full force and effect for two years from July first of the effective year of the chapter in which the appropriations were made. Moneys shall be paid out of the account on the audit and warrant of the state comptroller on vouchers certified or approved by the chancellor of the state university of New York or his or her designee.