Even as a budget agreement eludes New York lawmakers, both houses of the Legislature have found common ground in seeking a shift to generally accepted accounting principles budgeting.
Last week, Sen. Liz Krueger, D-Manhattan, introduced S. 7284, which would require the state to enact balanced budgets under GAAP beginning next year. Earlier last month, Assembly Speaker Sheldon Silver, D-Manhattan, introduced budget reform legislation closely resembling a plan crafted by Lieut. Gov. Richard Ravitch that included changing the state's budgeting to GAAP.