Keep "In the Loop" with NYGFOA! 
June 26, 2019
OSC Issues Accounting Bulletin
(Retirement Reserve Funds
for School Districts)
As part of the enacted SFY 2020 State Budget (Chapter 59, Laws of 2019), Section 6-r of the General Municipal Law was amended to provide eligible participating employers in the New York State Teachers Retirement System (NYSTRS) the option to establish a retirement contribution reserve sub-fund.

When this reserve was originally established in 2004, it permitted local governments and school districts to set aside funds in reserve for New York State and Local Employee Retirement System (NYSERS) contributions -- not NYSTRS contributions.

In response to this change, the Office of the State Comptroller (OSC) has issued an Accounting Bulletin to provide updated account code guidance for school districts recording contributions to NYSERS and NYSTRS.

To download the Bulletin, please click on the following link:

Public Authority Reporting Bill
Description Revised
The description for the following bill has been updated since the In the Loop sent on 6/25/19 (for information on other bills being followed by NYGFOA click on the link at the bottom of this page or reference the 6/25 ITL :


PUBLIC AUTHORITY REPORTING (REVISED):   This bill would authorize the NY Authorities Budget Office (ABO) to suspend local authority board members and chief executive officers for up to 90 days who knowingly fail or neglect to file required reports mandated under the Public Authorities Law 36 months or more after their due date. 

Reports are due 90 days after the end of the authority's fiscal year. Currently, the ABO is only authorized to make recommendations and issue a public censure letter. This would apply to the financial disclosure reporting mandated for public authorities under the Public Authorities Law (PARIS system).