New York Constitution Article VII - State Finances
New York Constitution – Article VII: State Finances
Article VII of the New York Constitution sets forth the principles and rules governing the state’s financial management, including budgeting, expenditures, borrowing, and taxation. It ensures fiscal responsibility, transparency, and oversight of public funds.
Key Provisions of Article VII:
1. Budget and Appropriations
The Governor must submit an annual budget to the Legislature.
The Legislature has the authority to approve, amend, or reject appropriations.
All state expenditures must be authorized by law through appropriations.
2. Public Debt and Borrowing
The State can incur debt only in accordance with limits and conditions established by the Constitution or statutes.
The issuance of bonds or notes requires legislative approval.
There are specific provisions for debt limits, to ensure the state does not accumulate excessive debt.
3. Taxation and Revenue
The State has the power to levy and collect taxes as authorized by law.
The Constitution requires taxes to be imposed in a manner that is uniform and equitable.
4. State Comptroller and Financial Oversight
Establishes the role of the State Comptroller as the chief fiscal officer.
The Comptroller oversees the disbursement of public funds, audits state agencies, and ensures compliance with financial laws.
5. Fiscal Accountability
Requires regular financial reporting and audits to maintain transparency.
Mandates the preparation of a state budget that balances revenues and expenditures over time.
Summary:
Article VII creates a framework to:
Control and oversee state spending.
Regulate state borrowing and debt.
Ensure responsible taxation.
Promote transparency and accountability in managing public finances.
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