§ 71-b. Expenditure of check-off monies. 1. To the extent practicable, for every fund established pursuant to this chapter or any other law, for which a tax check-off is a source of the monies in such fund, the head of the agency or entity administering the expenditure of such monies shall ensure that all tax check-off monies received during a fiscal year are expended prior to the end of such fiscal year.

Terms Used In N.Y. State Finance Law 71-B

  • 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. The head of the agency or entity administering the expenditure of tax check-off monies shall report annually on the use of such monies to the temporary president of the senate, speaker of the assembly, chair of the senate finance committee, chair of the assembly ways and means committee, chair of the appropriate committee in the senate or assembly, the state comptroller and the public. Such report shall include the amount of money dispersed from the fund and the award process used for such disbursements, recipients of awards from the fund, the amount awarded to each, the purposes for which such awards were granted, and a summary financial plan for such monies which shall include estimates of all receipts and all disbursements for the current and succeeding fiscal years, along with the actual results from the prior fiscal year.

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