Includes#consumption-based solutions to the definition of fixed assets

◆ The sponsor's argument

Why Jeremy Cooney says this is needed

Effective June 2022, the Government Accounting Standards Board (GASB) updated their guidance to provide paths for government entities to use capital dollars for the purchasing of subscription-based information technology. Due to the language of the underlying law governing the state's primary capital programs, New York State agencies cannot utilize these funds in the way the GASB envisioned requiring them to continue to use operating funds for the purchase of these technology solutions. This gives state and local agencies, including libraries, less flexibility in managing their funds including state capital grants for local libraries and school districts. This legislation, by amending the definition of "fixed asset," will give state entities and recipients of state capital grants the ability to buy the technology solutions that best meet the needs of their organizational mission. The bill also aligns state law with current practice in New York City as detailed in New York City Comptroller Directive Ten of 2023.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.