§ 3857 — City financial plans

New York § 3857

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 2: Buffalo Fiscal Stability Authority
• Art. 10-D: Miscellaneous Authorities

Text

§ 3857. City financial plans. 1. Commencing with the city's two\nthousand four--two thousand five fiscal year, the mayor shall prepare\nand submit to the authority a four-year financial plan, and the mayor's\nproposed city budget, not later than the date required for submission of\nsuch budget to the council pursuant to the city charter. Such financial\nplan shall, in addition to the requirements for financial plans set\nforth in subdivisions two and three of this section, contain actions\nsufficient to ensure with respect to the major operating funds for each\nfiscal year of the plan that annual aggregate operating expenses for\nsuch fiscal year shall not exceed annual aggregate operating revenues\nfor such fiscal year. For purposes of determining operating revenues in\nthe fiscal years ending June thirtieth, two thousand four through two\nthousand seven, such plan may assume receipt by the city of BFSA\nassistance in the following collective amounts for each respective\nfiscal year:\n Amount Fiscal Year Ending\n 2004 amount 2004\n 2005 amount 2005\n 2006 amount 2006\n 2007 amount 2007\nAs used in this subdivision:\n"2004 amount" means that amount expected to be provided by the authority\nto ensure balanced major operating fund operations upon its\ndetermination that the city has taken recurring actions to close between\nthirty-five per centum and forty per centum of the projected gap.\n"2005 amount" means that amount expected to be provided by the authority\nto ensure balanced major operating fund operations upon its\ndetermination that the city has taken recurring actions to close between\nforty-five per centum and fifty per centum of the projected gap.\n"2006 amount" means that amount expected to be provided by the authority\nto ensure balanced major operating fund operations upon its\ndetermination that the city has taken recurring actions to close between\nsixty per centum and sixty-five per centum of the projected gap.\n"2007 amount" means that amount expected to be provided by the authority\nto ensure balanced major operating fund operations upon its\ndetermination that the city has taken recurring actions to close between\neighty per centum and eighty-five per centum of the projected gap.\n 2. Each financial plan and financial plan modification shall conform\nto the requirements of paragraph (a) of this subdivision and shall\nprovide that the major operating funds of the city will be balanced in\naccordance with generally accepted accounting principles. The financial\nplan shall be developed and approved, and may from time to time be\nmodified, in accordance with the following procedures:\n (a) The mayor shall submit to the authority a certificate stating that\nthe budget submitted to the authority is consistent with the financial\nplan submitted therewith and that operation within the budget is\nfeasible.\n (a-1) Prior to the approval or disapproval of the financial plan of\nthe city by the authority, the authority shall request community,\neducational or other entity or entities to seek public input and comment\nrelating to the city's and/or any covered organization's financial plan.\nSuch community, educational or other entity or entities shall report to\nthe authority on such public input and comment ten days after the city\nhas submitted the financial plan to the authority. The authority shall\nevaluate any proposals submitted to the authority for cost savings\nand/or service delivery enhancement in the city, and shall periodically,\nat least twice a year, summarize in a public report the authority's\nfindings with respect to such proposals that, in the opinion of the\nauthority, merit further consideration based on their potential impact\non the city's budget. The authority shall provide public notice of the\ndates on which it plans to make such public reports.\n (b) Not more than twenty days after submission of a financial plan or\nmore than fifteen days after submission of a financial plan\nmodification, the authority shall determine whether the financial plan\nor financial plan modification is complete and complies with the\nprovisions of this section and section thirty-eight hundred fifty-six of\nthis title and the other requirements of this title, and shall submit\nits recommendations with respect to the financial plan or financial plan\nmodification in accordance with the provisions of this subdivision.\n (c) Upon the approval by the city of a budget in accordance with the\nprovisions of the city charter, the mayor shall submit such approved\nbudget and financial plan to the authority accompanied by expenditure,\nrevenue and cash flow projections on a quarterly basis and certify to\nthe authority that such budget is consistent with the financial plan to\nbe submitted to the authority.\n (d) If the authority determines that the financial plan or financial\nplan modification provided pursuant to paragraph (c) or (f) of this\nsubdivision or section thirty-eight hundred fifty-six of this title is\ncomplete and complies with the standards set forth in this subdivision,\nthe authority shall make a certification to the city setting forth\nrevenue estimates agreed to by the authority in accordance with such\ndetermination.\n (e) The authority shall, in the event it disagrees with elements of\nthe financial plan provided pursuant to paragraph (c) or (f) of this\nsubdivision, or section thirty-eight hundred fifty-six of this title,\nprovide notice thereof to the city, with copies to the director of the\nbudget, the state comptroller, the chair of the assembly ways and means\ncommittee and the chair of the senate finance committee, if, in the\njudgment of the authority, such plan: (i) is incomplete; (ii) fails to\ncontain projections of revenues and expenditures that are based on\nreasonable and appropriate assumptions and methods of estimations; (iii)\nfails to provide that operations of the city and the covered\norganizations will be conducted within the cash resources available; or\n(iv) fails to comply with the provisions of this title or other\nrequirements of law.\n (f) After the initial adoption of an approved financial plan, the\nrevenue estimates certified by the authority and the financial plan\nshall be regularly reexamined by the authority in consultation with the\ncity and the covered organizations and the mayor shall provide a\nmodified financial plan in such detail and within such time periods as\nthe authority may require. In the event of reductions in such revenue\nestimates, or in the event the city or a covered organization shall\nexpend funds at a rate that would exceed the aggregate expenditure\nlimitation for the city or covered organization prior to the expiration\nof the fiscal year, the mayor shall submit a financial plan modification\nto effect such adjustments in revenue estimates and reductions in total\nexpenditures as may be necessary to conform to such revised revenue\nestimates or aggregate expenditure limitations.\n (g) If, within a time period specified by the authority, the city\nfails to make such modifications after reductions in revenue estimates,\nor to provide a modified plan in detail and within such time period\nrequired by the authority, the authority shall adopt a resolution so\nfinding and shall, as soon as practicable thereafter, formulate and\nadopt a financial plan to be effective until the authority approves a\nfinancial plan submitted by the city. All budgets and operations of the\ncity or a covered organization shall be in conformance and compliance\nwith the financial plan then in effect.\n (h) The city shall amend its budget or shall submit a financial plan\nmodification for the approval of the authority such that the city's\nbudget and the approved financial plan shall be consistent. In no event\nshall the city operate under a budget that is inconsistent with an\napproved financial plan.\n 3. The financial plan shall be in such form and shall contain such\ninformation for each year during which the financial plan is in effect\nas the authority may specify, and shall include the city and all the\ncovered organizations, and shall, in such detail as the authority from\ntime to time may prescribe, include (a) statements of all estimated\nrevenues and of all expenditures and cash flow projections of the city\nand each covered organization, and (b) an accounting of the expenditure\nof efficiency incentive grants available to the city for each year of\nthe plan.\n 4. The financial plan shall include any information which the\nauthority may request to satisfy itself that (a) projected employment\nlevels, collective bargaining agreements and other actions relating to\nemployee costs, capital construction and such other matters as the\nauthority may specify are consistent with the provisions made for such\nobligations in the financial plan, (b) the city and the covered\norganizations are taking whatever action is necessary with respect to\nprograms mandated by state and federal law to ensure that expenditures\nfor such programs are limited to and covered by the expenditures stated\nin the financial plan, (c) adequate reserves are provided to maintain\nessential programs in the event revenues have been overestimated or\nexpenditures underestimated for any period, and (d) the city has\nadequate cash resources to meet its obligations. In addition, except to\nthe extent such reporting requirements may be modified pursuant to\nagreement between the authority and the city, for each fiscal year\noccurring during a control period, or while bonds, notes or other\nobligations issued pursuant to this title are outstanding, the mayor\nshall prepare a quarterly report of summarized budget data depicting\noverall trends, by major category within funds, of actual revenues and\nbudget expenditures for the entire budget rather than individual line\nitems, as well as updated quarterly cash flow projections of receipts\nand disbursements. Such reports shall compare revenue estimates and\nappropriations as set forth in such budget and in the quarterly revenue\nand expenditure projections submitted therewith, with the actual\nrevenues and expenditures made to date. Such reports shall also compare\nactual receipts and disbursements with the estimates contained in the\ncash flow projections, together with variances and their explanation.\nAll quarterly reports shall be accompanied by recommendations from the\nmayor to the council setting forth any remedial action necessary to\nresolve any unfavorable budget variance including the overestimation of\nrevenues and the underestimation of appropriations. These reports shall\nbe completed within thirty days after the end of each quarter and shall\nbe submitted to the council, the authority, the director of the budget\nand the state comptroller. For each fiscal year occurring during a\ncontrol or advisory period or while bonds, notes or other obligations\nissued pursuant to this title are outstanding, the mayor shall submit a\nproposed budget or revision thereto to the authority concurrent with\nsubmission to the council, and shall submit the adopted budget to the\nauthority immediately upon its adoption.\n 5. For each financial plan and financial plan modification to be\nprepared and submitted by the mayor to the authority pursuant to the\nprovisions of this section, the covered organizations shall submit to\nthe city such information with respect to their projected expenditures,\nrevenues and cash flows for each of the years covered by such financial\nplan or modification as the mayor shall determine.\n