§ 6 — No title

New York § 6

• Jurisdiction: New York
• Law TRY: City of Troy Issuance of Serial Bonds

Text

§ 6. (a) For each fiscal year occurring during the time bonds and/or\nbond anticipation notes issued pursuant to this act are outstanding, the\nchief executive officer and the chief fiscal officer, as such terms are\ndefined in paragraphs 5 and 5-a of section 2.00 of the local finance\nlaw, of the city of Troy, shall monitor all budgets and, for each such\nbudget, such chief fiscal officer shall prepare a quarterly report of\nsummarized budget data depicting overall trends of actual revenues and\nbudget expenditures for the entire budget rather than individual line\nitems. Such reports shall compare revenue estimates and appropriations\nas set forth in such budget with the actual revenues and expenditures\nmade to date. All quarterly reports shall be accompanied by a\nrecommendation from the chief executive officer or the chief fiscal\nofficer to the city council setting forth any remedial action necessary\nto resolve any unfavorable budget variance including the overestimation\nof revenues and the underestimation of appropriations. The chief fiscal\nofficer shall also prepare a quarterly trial balance of general ledger\naccounts. The above quarterly budgetary report and trial balance shall\nbe prepared in accordance with generally accepted accounting principles\nand shall include the general, water, sewer, and general debt service\nfunds. These reports shall be completed within sixty days after the end\nof each quarter and shall be submitted to the chief executive officer,\neach member of the city council, the supervisory board, the state\ncomptroller, the director of the budget, the chair of the assembly ways\nand means committee and the chair of the senate finance committee.\n (b) The state comptroller shall examine such quarterly reports in a\ntimely fashion and make recommendations thereon to the chief executive\nofficer, the chief fiscal officer and the city council. The state\ncomptroller shall be required to submit a copy of any such\nrecommendations to the director of the budget, the chair of the senate\nfinance committee, the chair of the assembly ways and means committee,\nand the supervisory board. The chief executive officer shall be required\nto submit, within fifteen days, a written response to any\nrecommendations made by the state comptroller, to the city council, the\nstate comptroller, the director of the budget, the chair of the senate\nfinance committee, the chair of the assembly ways and means committee,\nand the supervisory board. If the city of Troy does not provide any\nreport as specified above, or respond to the recommendations made by the\nstate comptroller, the state comptroller shall notify the chief\nexecutive officer, the chief fiscal officer and the city council of such\nnoncompliance. If said report or response is not submitted to the state\ncomptroller within fifteen days after such notification, the city of\nTroy shall not issue any bonds or notes until such information is\nprovided.\n (c) Except during an emergency period, for each fiscal year occurring\nduring the time bonds and/or bond anticipation notes issued pursuant to\nthis act are outstanding, the chief fiscal officer shall submit a\ntentative budget to the supervisory board within five days after its\npreparation, and shall submit the adopted budget to the supervisory\nboard within five days after its adoption. During an emergency period, a\nfinancial plan shall be submitted to the supervisory board in accordance\nwith subdivision (d) of this section.\n (d) Pursuant to the procedures contained in this subdivision, each\nyear during any emergency period the city of Troy shall develop, and may\nfrom time to time modify, with the approval of the supervisory board, a\nfour year financial plan covering the city of Troy and the covered\norganizations. Each such financial plan and financial plan modification\nshall conform to the requirements of paragraph (i) of this subdivision\nand shall provide that the operating and capital funds of the city of\nTroy will be balanced in accordance with generally accepted accounting\nprinciples. The financial plan shall be developed and approved, and may\nfrom time to time be modified, with the approval of the supervisory\nboard, in accordance with the following procedures:\n (i) Commencing with the city of Troy's fiscal year beginning January\n1, 1996, and not later than fifty days prior to the beginning of such\nfiscal year and each fiscal year thereafter during any emergency period,\nor such other date as the supervisory board may approve at the request\nof the city of Troy, the city of Troy shall prepare and submit a\nfinancial plan to the supervisory board covering the four year period\nbeginning with such fiscal year. On such dates, the chief executive\nofficer shall also submit to the supervisory board the city of Troy's\nproposed operating and capital budgets for the ensuing fiscal year and a\ncertificate of the chief executive officer stating that such budgets are\nconsistent with the financial plan submitted therewith and that\noperation within the budgets is feasible.\n (ii) Not more than forty-five days after submission of a financial\nplan or more than thirty days after submission of a financial plan\nmodification, the supervisory board shall determine whether the\nfinancial plan or financial plan modification is complete and complies\nwith the provisions of this subdivision and shall approve or disapprove\nthe financial plan or financial plan modification in accordance with the\nprovisions of this subdivision.\n (iii) If the supervisory board determines that the financial plan or\nfinancial plan modification is complete and compiles with the standards\nset forth in this paragraph, the supervisory board shall approve the\nfinancial plan or financial plan modification. Upon making such\ndetermination, the supervisory board shall make a certification to the\ncity of Troy setting forth revenue estimates approved by the supervisory\nboard in accordance with such determination.\n (iv) The supervisory board shall disapprove, by resolution, the\nfinancial plan proposed by the city of Troy if, in the judgment of the\nsupervisory board, such plan:\n (A) is incomplete;\n (B) fails to contain projections of revenues and expenditures that are\nbased on reasonable and appropriate assumptions and methods of\nestimation;\n (C) fails to provide that operations of the city of Troy and the\ncovered organizations will be conducted within the cash resources\navailable according to the supervisory board's revenue estimates; or\n (D) fails to comply with the provisions of this subdivision;\n (v) In disapproving a financial plan or financial plan modification\nproposed by the city of Troy, the supervisory board shall direct that\nthe aggregate expenditures in any period conform to the revenue\nestimates certified by the supervisory board to achieve the objectives\nset forth in this subdivision.\n (vi) In the event that the city of Troy shall, for any reason, fail to\nsubmit a financial plan, as required pursuant to paragraph (i) of this\nsubdivision, or to adopt a financial plan approved by the supervisory\nboard, or in the event that the supervisory board has not, for any\nreason permitted under this act, approved a financial plan submitted by\nthe city of Troy, the supervisory board, after enactment of a resolution\nso finding, shall formulate and adopt a financial plan to be effective\nuntil the supervisory board approves a financial plan submitted by the\ncity of Troy. All budgets and operations of the city of Troy or a\ncovered organization shall be in conformance and compliance with the\nfinancial plan then in effect.\n (vii) After the initial adoption of the financial plan, the revenue\nestimates certified by the supervisory board and the financial plan\nshall be regularly reexamined by the supervisory board in consultation\nwith the city of Troy and the covered organizations and the city of Troy\nshall provide a modified financial plan in such detail and within such\ntime periods as the supervisory board may require. In the event of\nreductions in such revenue estimates, or in the event the city of Troy\nor a covered organization shall expend funds at a rate that would exceed\nthe aggregate expenditure limitation for the city of Troy or covered\norganization prior to the expiration of the fiscal year, the city of\nTroy shall submit a financial plan modification to effect such\nadjustments in revenue estimates and reductions in total expenditures as\nmay be necessary to conform to such revised revenue estimates or\naggregate expenditure limitations. If, within a time period specified by\nthe supervisory board, the city of Troy fails to make such modifications\nafter reductions in revenue estimates, or to provide a modified plan in\ndetail and within such time period required by the supervisory board,\nthe supervisory board, after enactment of a resolution so finding, may\nformulate and adopt such modifications to the financial plan, such\nmodifications to become effective on their adoption.\n (viii) The city of Troy may, from time to time, submit financial plan\nmodifications for review by the supervisory board. The supervisory board\nshall approve such modifications unless, in the judgment of the\nsupervisory board, such modifications would constitute grounds for\ndisapproval of a financial plan pursuant to paragraph (iv) of this\nsubdivision.\n (e) 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 supervisory board may specify, and shall include the city of Troy\nand all the covered organizations, and shall, in such detail as the\nsupervisory board from time to time prescribe, include statements of all\nestimated revenues and of all expenditures and cash flow projections of\nthe city of Troy and each of the covered organizations.\n (f) The financial plan shall, except to the extent waived by the\nsupervisory board with respect to any limited period, include any\ninformation which the supervisory board may request to satisfy itself\nthat (i) projected employment levels, collective bargaining agreements\nand other action relating to employee costs, capital construction and\nsuch other matters as the supervisory board may specify, are consistent\nwith the provisions made for such obligations in the financial plan,\n(ii) the city of Troy and the covered organizations are taking whatever\naction is necessary with respect to programs mandated by state and\nfederal law to ensure that expenditures for such programs are limited to\nand covered by the expenditures stated in the financial plan, and (iii)\nadequate reserves are provided to maintain essential programs in the\nevent revenues have been overestimated or expenditures underestimated\nfor any period.\n (g) For each financial plan and financial plan modification to be\nprepared and submitted by the city of Troy to the supervisory board\npursuant to the provisions of this section, the covered organizations\nshall submit to the city of Troy such information with respect to their\nprojected expenditures, revenues and cash flows for each years covered\nby such financial plan or modification as the city of Troy shall\ndetermine. Notwithstanding any other provision of law limiting the\nauthority of the city of Troy with respect to any covered organization,\nthe city of Troy, in the preparation and submission of the financial\nplan and modifications thereof, shall (except for debt service or for\nother expenditures to the extent that such expenditures are required by\nlaw) have the power to determine the aggregate expenditures to be\nallocated to any covered organization in the financial plan and any\nmodifications thereto.\n