New York Consolidated Laws, State Finance Law - STF § 92-cc. Rainy day reserve fund

(i) Economic downturn.  The commissioner of labor shall calculate and publish, on or before the fifteenth day of each month, a composite index of business cycle indicators.  Such index shall be calculated using monthly data on New York state private sector employment, average weekly hours of manufacturing workers, and the unemployment rate prepared by the department of labor or its successor agency, and total sales tax collections adjusted for inflation, prepared by the department of taxation and finance or its successor agency.  Such index shall be adjusted for seasonal variations in accordance with the procedures issued by the United States Census Bureau or its successor agency.  If the composite index declines for five consecutive months, the commissioner of labor shall notify the governor, the speaker of the assembly, the temporary president of the senate, and the minority leaders of the assembly and the senate.  Upon such notification, the director of the budget may authorize and direct the comptroller to transfer from the rainy day reserve fund to the general fund such amounts as the director of the budget deems necessary to meet the requirements of the state financial plan.  The authority to transfer funds under the provisions of this subdivision shall lapse when the composite index shall have increased for five consecutive months or twelve months from the original notification of the commissioner of labor, whichever occurs earlier.  Provided, however, that for every additional and consecutive monthly decline succeeding the five month decline so noted by the commissioner of labor, the twelve month lapse date shall be extended by one additional month;  or

(ii) Catastrophic events.  In the event of a need to repel invasion, suppress insurrection, defend the state in war, or to respond to any other emergency resulting from a disaster, including but not limited to, a disaster caused by an act of terrorism, the director of the budget may authorize and direct the comptroller to transfer from the rainy day reserve fund to the general fund such amounts as the director of the budget deems necessary to meet the requirements of the state financial plan.