N.Y. STF Law § 22-C — New York Code / Act STF / Article 3 / Section 22-C
Capital program and financing plan
Status: in_force

§ 22-c. Capital program and financing plan. The governor shall\nannually submit to the legislature a capital program and financing plan\nconcurrent with the executive budget, in addition to the information\nrequired by section twenty-two of this article. The plan shall contain a\ncomprehensive assessment of the capital assets and program needs of all\nstate agencies, a review and analysis of how such requirements would be\nfinanced, an analysis of the affordability of state-supported debt, and\nan analysis of all costs related to the financing of such plan.\n  1. When used in this section, the following terms shall have the\nfollowing meanings:\n  (a) "Comprehensive construction program" shall mean the categories or\ngroups of one or more capital appropriations which have a common\nobjective within a capital program.\n  (b) "Director" shall mean the director of the division of the budget\nof the state of New York.\n  (c) "Pay-as-you-go" financing shall mean transfers from the general\nfund to capital projects funds, and any taxes, user fees, repayment of\nadvances, or miscellaneous receipts from non-bond proceeds deposited to\ncapital projects funds.\n  (d) "Plan" shall mean the capital program and financing plan required\nby this section.\n  (e) "State agency" shall mean any state department or agency,\nincluding any public benefit corporation, except a public benefit\ncorporation whose members are appointed by the governing board or an\nofficer of a county, city, town or village, or other instrumentality of\nthe state.\n  (f) "State-supported debt" shall mean any bonds or notes issued by the\nstate or a state public corporation for which the state is\nconstitutionally obligated to pay debt service or is contractually\nobligated to pay debt service subject to an appropriation, except where\nthe state has a contingent contractual obligation.\n  2. The governor and/or his or her designee shall conduct hearings\nannually on the capital needs of the state at which state agencies shall\npresent an assessment of the needs of their capital programs. Such\nhearings shall be open to the public who shall be afforded the\nopportunity to comment.\n  3. The capital program and financing plan shall contain the following\ninformation:\n  (a) A summary which shall include an overview of the major capital\nprograms, an explanation of the major sources of financing for such\nplan, and an assessment of the fiscal impact of the plan's financing\nmethods on the financial plan of the state.\n  (b) For each major capital program which may include, but need not be\nlimited to, transportation, mental hygiene, public protection,\nenvironment and recreation, education, housing and economic development,\nand general government, the plan shall include the following:\n  (i) an overview of the capital program's goals and objectives, agency\nresponsibilities, prior capital program activities, accomplishments\nduring the prior fiscal year and an explanation of any significant\ndelays in achieving the prior fiscal year's plans, an explanation of how\nany proposed capital funding will address continuing capital\nrequirements and new program initiatives, and an explanation of the\nimpact of the capital plan on the current and future operations of state\nagencies and their ability to deliver services or accomplish their\nmissions;\n  (ii) a summary of the capital program's remaining existing\nappropriations and anticipated future appropriations by each\ncomprehensive construction program and fund for the current fiscal year\nand each of the next five fiscal years;\n  (iii) a summary of the capital program's projected capital\nconstruction contract commitments for the current fiscal year and each\nof the next five fiscal years and a comparison with previous commitment\nplans;\n  (iv) a summary of the capital program's estimated disbursements from\nexisting appropriations and from anticipated future appropriations by\neach comprehensive construction program and fund for at least the prior\nfiscal year, the current fiscal year and each of the next five fiscal\nyears, and a summary of how these estimated disbursements are\nanticipated to be financed;\n  (v) a summary of maintenance activities which are anticipated to be\nundertaken or continued in the next five fiscal years for the state's\ncapital programs and a summary of the scheduled maintenance requirements\ndeveloped pursuant to section twenty-six of this article; and\n  (vi) a summary schedule showing the age, condition and estimated\nremaining useful life as of September thirtieth of each year for all\nexisting capital assets or capital asset types with a replacement cost\nof not less than five million dollars, under the jurisdiction of all\nstate agencies subject to the provisions of this section.\n  (c) A statement of the mix of financing sources for the plan which\nshall include, for the current fiscal year and each of the next five\nfiscal years, the following:\n  (i) the annual total of pay-as-you-go financed capital disbursements\nproposed for each capital program, by agency, and the annual total of\npay-as-you-go financed capital disbursements as a percentage of the\nannual total of capital projects disbursements;\n  (ii) the annual total of bond-financed capital disbursements proposed\nfor each capital program, by agency, identified separately for general\nobligation bonds and revenue bonds of the state, and any other bonds,\nand the annual total of bond-financed capital disbursements as a\npercentage of the annual total of capital projects disbursements;\n  (iii) the annual total of federal-grant-financed capital disbursements\nfor each capital program, by agency, and the annual total of\nfederal-grant-financed capital disbursements as a percentage of the\nannual total of capital projects disbursements;\n  (iv) schedules of the projected annual state-supported bond issuances,\nproposed for each capital program, by agency, by issuer, and an analysis\nof existing debt authorizations and the need for any additional\nauthorizations;\n  (v) schedules of projected outstanding bonds, including retirements by\nyear identified separately for state-supported bond issuances by issuer,\nand by capital program by agency, where practicable;\n  (vi) schedules of the projected personal income of the state and the\nprojected ratio of outstanding state-supported bonds to personal income;\n  (vii) schedules of projected state-supported debt service costs by\nissuer, and by capital program by agency, where practicable; and\n  (viii) an analysis of trends in municipal bond interest rates and an\nexplanation of the interest rate assumptions, timing of principal and\ninterest payments, and the timing and size of projected state-supported\nbond sales used in the debt service projections.\n  (d) The capital program and financing plan, which is current, accurate\nand reflective of all previous legislative enactments and of the\ngovernor's plan, shall also include the following: A detailed schedule,\nby state agency and for each state agency by fund, of all capital\nprojects which the governor recommends or anticipates be undertaken or\ncontinued by any state agency in the next five fiscal years, which shall\nprovide the following information for each such capital projects:\n  (i) a capital plan project reference number which shall be\nconsistently assigned each year solely to such project,\n  (ii) a description of the project in less than thirty words,\n  (iii) an indication of the category into which the project has been\nclassified in the capital plan,\n  (iv) the estimated total cost of the project,\n  (v) the total of all disbursements for the project made prior to the\nthen current fiscal year,\n  (vi) the total amount of disbursements for the project estimated to be\nmade during the current fiscal year and during each of the next ensuing\nfive fiscal years, provided however, that (A) the information required\nby this subparagraph may be provided for groupings of projects in those\ncases where the governor determines it cannot be provided on a project\nby project basis, and (B) the total of all disbursements estimated in\naccordance with the requirements of this subparagraph to be made for all\ncapital projects during the current fiscal year and during each of the\nnext ensuing five fiscal years, excluding those disbursements which are\nestimated in accordance with the requirements of this subparagraph to be\nmade by public benefit corporations and which are not subject to\nappropriations, shall be equal, respectively, to the total of all\ndisbursements estimated, in the financial projections required by\nsubdivisions one and three of section twenty-two of this article, to be\nmade for all capital projects during the then current fiscal year and\nduring each of the next ensuing five fiscal years,\n  (vii) the estimated date of project completion,\n  (viii) the amount of the project cost for which the state or state\nagency will be contractually obligated as of the close of the then\ncurrent fiscal year, and\n  (ix) subtotals of the information required by subparagraphs four,\nfive, six and eight of this paragraph by agency and within each agency\nfor each of the categories into which the individual capital projects\nappropriations are classified in the appropriations bill involved.\n  (e) A comprehensive financial report and plan for the dedicated\nhighway and bridge trust fund established by section eighty-nine-b of\nthis chapter, which shall be submitted to the comptroller at the same\ntime as the plan is submitted to the legislature, and which shall\ninclude the following information pertaining to the dedicated highway\nand bridge trust fund separately stated for the last completed fiscal\nyear, the current fiscal year and the next five fiscal years:\n  (i) a detailed description of all actual and projected revenues of the\ndedicated highway and bridge trust fund, separately stating the amount\nreceived or expected to be received from bond proceeds, and the amounts,\nseparately identified, received or expected to be received from taxes,\nfees, transfers, or other sources;\n  (ii) a detailed description of actual or planned disbursements and\ntransfers from the dedicated highway and bridge trust fund, separately\nstating in the aggregate the amounts disbursed or transferred or planned\nto be disbursed or transferred for (A) debt service costs, (B) capital\nproject costs, (C) state operations costs, (D) costs of contracts for\nengineering and similar or related services related to capital project\ncosts and state operations, and (E) the costs of state employees to\nprovide similar services on projects for which service contracts are not\nexpected to be used, and further separately stating the amounts of such\ncapital project and state operations costs disbursed or planned to be\ndisbursed for personal service and non-personal service costs\n  (f) For the preceding four fiscal years and the current fiscal year,\nthe bond coverage ratio on an annual basis, including the formula used\nto compute such ratio and the source of that formula.\n  (g) An explanation of any deficit projected for the end of any fiscal\nyear covered by the plan stating whether the projected deficit is\nexpected to be caused by an imbalance between projected revenues and\nprojected expenditures, or by the timing of payments within a fiscal\nyear, or by other causes.\n  (h) A detailed description of actual or proposed appropriations and\nreappropriations from the dedicated highway and bridge trust fund, and\nthe actual or planned disbursements pursuant to such appropriations and\nreappropriations.\n  (i) An explanation of any actions proposed to be taken to achieve\nincreased opportunity for meaningful participation in the performance of\nstate contracts by minority and women-owned business enterprises in\naccordance with article fifteen-A of the executive law, including a\ncompliance report to be submitted by July first of each year commencing\nwith the two thousand five--two thousand six fiscal year and for each\nsubsequent year thereafter that includes: all the items of information\nrequired in accordance with regulations promulgated by the director of\nthe division of minority and women's business development in the\ndepartment of economic development under article fifteen-A of the\nexecutive law; goals for participation by certified minority or\nwomen-owned business enterprises for such fiscal year; and a description\nof the types of expenditures, projects or contracts.\n  (j) Such other information as shall be necessary to present a full and\naccurate description of the financial position of the dedicated highway\nand bridge trust fund.\n  For the purposes of this subdivision, capital projects of less than\nfifty thousand dollars may be grouped into appropriate categories.\n  4. (a) For the purposes of subdivision three of this section, the term\n"state agency" shall mean any state department or agency, including any\npublic benefit corporation, except a public benefit corporation whose\nmembers are appointed by the governing board or an officer of a county,\ncity, town or village, or other instrumentality of the state.\n  (b) For the purposes of subdivision three of this section, the term\n"capital project" as defined in a subdivision two-a of section two of\nthis chapter shall include any project which is being, has been or is\nproposed to be:\n  (i) financed by the issuance of bonds, notes or other evidences of\nindebtedness of the state or any public benefit corporation thereof,\nexcept a public benefit corporation whose members are appointed by the\ngoverning board or an officer of a county, city, town or village;\n  (ii) funded by an appropriation from any fund of the state classified\nby the comptroller, in accordance with section seventy of this chapter,\nas a capital project fund; or\n  (iii) funded by an appropriation from any fund of the state, other\nthan a fund classified as a capital projects fund, where the specific\nexpenditure involved is declared by law to be for a capital project or\nis determined to be for a capital project under standards as they may be\nprescribed from time to time by the director with the concurrence of the\ncomptroller; provided further that\n  (iv) the governor may exempt from the requirements of subdivision\nthree of this section any project financed by public benefit corporation\nprograms which are used as sources of capital for private clients\nprovided that neither the state nor the public benefit corporation\ninvolved are in any way liable for the debt of such projects, and he may\nalso exempt debt issued by the job development authority pursuant to\ntitle eight of article eight of the public authorities law, and provided\nfurther that any such exemptions shall not impair the effectiveness of\nthe capital plan being prepared and submitted pursuant to this\nsubdivision.\n  5. Within forty days following the submission of the budget submitted\nannually by the governor to the legislature, in accordance with article\nseven of the constitution, the director of the budget shall submit to\nthe chairs of the senate finance committee and the assembly ways and\nmeans committee a listing of any changes to the capital program and\nfinancing plan submitted originally with the executive budget. At the\nsame time, the director of the budget shall also submit to the\ncomptroller a copy of the portion of such listing showing any changes to\nthe comprehensive financial plan required by paragraph (e) of\nsubdivision three of this section.\n  6. By the later of July thirtieth or ninety days after the enactment\nof all bills that constitute the budget by the legislature, the governor\nshall submit to the legislature an update to the capital program and\nfinancing plan, which shall contain such updated information in the same\nform as prescribed in subdivision three of this section, and an\nexplanation of any changes from the previously submitted capital program\nand financing plan. At the same time, the governor shall also submit to\nthe comptroller a copy of the portion of such update containing updated\ninformation in the same form as prescribed by paragraph (e) of\nsubdivision three of this section, and an explanation of any changes to\nthe comprehensive financial plan required by paragraph (e) of\nsubdivision three of this section.\n