[Adopted 12-4-2012 by L.L. No. 10-2012]
This article shall be known as the "Rockland County Deficit
Reduction Act (RCDRA)."
It is the intention of the Legislature of Rockland County to
develop a written plan to reduce the deficit in Rockland County over
a series of years. In 2012, the Legislature of Rockland County had
requested from the New York State Legislature a deficit bond, which
would have allowed the County of Rockland to bond the deficit of approximately
$80,000,000 and pay the bond back over a period of 10 years. The deficit
reduction bond was approved by the New York State Assembly but not
approved by the New York State Senate. As a result thereof, the County
of Rockland must develop its own internal plan to reduce the deficit.
As used in this article, the following terms shall have the
meanings indicated:
The unassigned fund balance of the general fund as certified
by the County Auditor as of the end of each fiscal year, to wit, December
31.
A fund created and appropriated in the annual budget and funded each year as provided in § 70-18 of this article, entitled "for deficit reduction." This fund shall be "reserved" for reduction of the budget deficit and no monies, once deposited in the fund, can be removed or transferred without prior approval of the County Executive and the Legislature by legislative resolution duly adopted pursuant to the Rockland County Charter.
[Amended 12-4-2014 by L.L. No. 6-2014]
The County of Rockland, in adopting its annual budget, commencing
with the budget for calendar year 2015, shall allocate a sum of no
less than $4,000,000 on a reoccurring annual basis for the reduction
of the deficit of Rockland County fund, which sum shall be held in
the account designated "for deficit reduction," which account is a
deficit reserve fund and cannot and will not be used for any purpose
other than to eliminate the deficit in Rockland County. Any transfer
or allocation of funds for a purpose other than deficit reduction
shall require a resolution which must be approved by a two-thirds
majority of the Legislature.
[Amended 12-4-2014 by L.L. No. 6-2014]
Such annual budgetary allocation of not less than $4,000,000
in the fund "for deficit reduction" shall be cumulatively held and
deposited in a depository approved by the Rockland County Investment
Policy.[1]
[Added 12-4-2014 by L.L. No. 6-2014]
Unless and until this article is amended or repealed, the County
Executive is mandated to include deficit reduction in the proposed
annual budget in strict compliance with this article.
