N.Y. FEA Law § 7-A — New York Code / Act FEA / Section 7-A
Reports of the city
Status: in_force

* § 7-a. Reports of the city. 1. The city shall take such action as\nmay be necessary to enable a nationally recognized independent certified\npublic accounting firm or consortium of firms, one of which at least is\na nationally recognized independent certified public accounting firm, to\nperform an annual audit in accordance with generally accepted auditing\nstandards and to furnish to the board the report on such audit prepared\nby such firm or consortium of firms, which report shall include an\nopinion as to whether the city's financial statements have been prepared\nin accordance with generally accepted accounting principles subject to\nthe provisions of subdivision two-a of section eight of this act and\nshall state whether the audit of such financial statements was made in\naccordance with generally accepted auditing standards and accordingly\nincluded such tests of the accounting records and such other auditing\nprocedures as were considered necessary under the circumstances. Such\nreport shall note the nature and extent of variations, if any, from\ngenerally accepted accounting principles reflected in the city's\nfinancial statements. The city shall make available for inspection and\ncopying all books, records, work papers and other data and material as\nrequired by such auditors, and the city shall make its officers and\nemployees available to, and shall cooperate with such auditors so as to\npermit such annual audit to be completed and the report issued to the\ncity and to the board within four months after the close of the city's\nfiscal year.\n  2. Not later than January fifteenth, nineteen hundred eighty-one, the\ncity shall issue a report to the board on its program designed to enable\nthe city (i) during its fiscal years ending June thirtieth, nineteen\nhundred eighty-three and June thirtieth, nineteen hundred eighty-four,\nto minimize its dependence upon the state financing agency to the extent\nthat it shall be prudent to satisfy the city's financing needs by the\nsale of obligations of the city or its agencies in the public markets,\nand (ii) thereafter to satisfy its financing needs entirely by the sale\nof such obligations. The report shall describe such actions that the\ncity proposes to take, in addition to those actions required by law, to\nimplement the program and shall contain such further information as the\nboard may reasonably specify. After the issuance of such initial report,\nthe city shall report to the board at least semi-annually through June\nthirtieth, nineteen hundred eighty-two and thereafter at least quarterly\non the actions it has taken to implement the program and on the results\nthereof. The city may revise the program from time to time but shall\npromptly describe any revisions and the reasons therefor to the board.\nThe city may comply with the requirements of this subdivision by\nsubmitting the necessary information as supplementary material to a\nfinancial plan or financial plan modification in accordance with the\nstandards and procedures of section eight of this act. The provisions of\nthis subdivision shall terminate on June thirtieth, nineteen hundred\neighty-five.\n  * Terminates July 1, 2035 or ... see § 13\n