§ 5-502 — Submission of estimates

New York § 5-502

• Jurisdiction: New York
• Law VIL: Village
• Art. 5: Finances

Text

§ 5-502 Submission of estimates. l. On or before the eighth day of\nFebruary in each year, or such other date as may be applicable pursuant\nto section 5-510 of this article, the budget officer shall give written\nnotification to the head of each administrative unit that he shall\nsubmit estimates, schedules, and statements as hereinafter provided.\nSuch notice shall specify the form in which such information shall be\nsubmitted.\n 2. On or before the first day of March in each year, or such other\ndate as may be applicable pursuant to section 5-510 of this article or\nsection 17-1729 of article seventeen, and except as may be otherwise\nprovided in subdivision four of this section, the head of each\nadministrative unit shall submit to the budget officer an estimate of\nrevenues and expenditures of such administrative unit for the ensuing\nfiscal year. Such estimate shall show the sources of all revenue, shall\nitemize the character and object of each expenditure and shall contain\nsuch additional information as the budget officer shall prescribe.\n 3. If the head of an administrative unit shall fail to submit an\nestimate as herein provided, the budget officer shall forthwith prepare\nan estimate for such administrative unit.\n 4. An estimate shall not be submitted as above provided for a\nmunicipal electric, gas or steam utility service, but the head of such\nutility service shall submit in lieu thereof a statement showing:\n a. The amount required for payment of installments of principal of and\ninterest on indebtedness incurred for the purposes of the service to\nbecome due and payable during the next fiscal year; and\n b. The estimated operating and non-operating income and estimated\nexpenditures for the next fiscal year, classified in accordance with the\nrequirements of the public service commission, but in such detail only\nas the board of trustees shall require; and\n c. A proposed schedule of salaries and wages to be paid for personal\nservices.\n 5. The board of trustees of a village which owns and operates a water\nutility and which maintains an alternate system of accounts approved by\nthe state comptroller as defined in subdivision six of section 5-500 of\nthis article may require that a statement shall be submitted in lieu of\nan estimate as in the case of a municipal electric, gas, or steam\nutility service.\n