§ 1736 — Funding of the authority

New York § 1736

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 6: The New York City School Construction Authority Act
• Art. 8: Miscellaneous Authorities

Text

§ 1736. Funding of the authority. 1. Each year the authority shall\nprepare and the board shall adopt an itemized estimate of the sum of\nmoney it deems necessary from the city board to cover the authority's\noperating expenses for the ensuing fiscal year. Such estimate shall take\ninto account any prior year's surplus and shall be delivered to the city\nboard for review at least ten business days prior to the date for\nsubmission of the city board's annual estimate pursuant to section\ntwenty-five hundred seventy-six of the education law and shall be\nincluded as part of such city board estimate. Upon appropriation of the\ncity's expense budget for such ensuing fiscal year, the amount of the\nauthority's estimate shall be paid to the authority by the city in\ntwelve equal payments, each payable on the first day of each month of\nthe fiscal year. The authority shall not be required to present any\nvouchers for such payments, but shall issue quarterly reports not later\nthan thirty days after the end of each quarter comparing actual\nexpenditures to estimated expenditures and analyzing any significant\nvariances. The authority shall develop procedures to ensure that it\noperates at all times within the amounts payable to it pursuant to this\nsection, after taking into account funds available to the authority for\nsuch purpose from sources other than the city. Expenditures of the\nauthority from funds paid to it by the city shall be subject to audit by\nthe comptroller, who may recommend procedures designed to improve the\nauthority's accounting and expenditure control expenditures. In the\nevent the authority's cash flow projections require that funds be\nadvanced more rapidly during a fiscal year than would occur pursuant to\nthe payment dates set forth in this section, the authority shall advise\nthe city board, the director of management and budget and the\ncomptroller of such requirement. Such officials shall, in consultation\nwith the authority, develop a schedule of advance payments to the\nauthority designed to cover projected cash shortfalls during a fiscal\nyear and to provide the authority with cash balances at all times\nsufficient to permit prompt payment of the authority's creditors.\n 2. The authority shall present vouchers for payment of costs incurred\nfor projects the detailed scope of which approval has been obtained and\nfor activities for which no such scope approval is required as provided\nin section twenty-five hundred ninety-p of the education law to the\ncomptroller, which vouchers shall contain the following information:\nthe amounts to be paid; the payees; the project or purpose for which the\ncosts were incurred; a statement that the amounts to be paid are within\ncity capital budget appropriations available therefor; and, with respect\nto projects for which scope approval has been obtained, a statement that\nthe amounts to be paid are in accordance with such approved project\nscope. The authority shall not be required to furnish any additional\ninformation prior to payment of a voucher pursuant to this subdivision,\nand the comptroller is hereby authorized and directed to take such\nactions as may be necessary to make such payment.\n 3. The authority shall not be deemed a "covered organization" as\ndefined in the New York state financial emergency act for the city of\nNew York.\n