NY Pub Auth L § 3957 (2021)
2021 New York Laws PBA - Public Authorities Article 10-D - Miscellaneous Authorities Title 3 - Erie County Fiscal Stability Authority 3957 - County Financial Plans.

§  3957.  County financial plans.  1. Commencing with the county's two thousand six fiscal year, the county executive shall prepare and  submit to  the authority a four-year financial plan, and the county executive's proposed county budget, not later than the date required for  submission of  such  budget to the legislature pursuant to the county charter. Such financial plan shall, in addition  to  the  requirements  for  financial plans  set  forth in subdivisions two and three of this section, contain actions sufficient to ensure with respect to the major  operating  funds for  each  fiscal  year  of  the  plan  that  annual aggregate operating expenses  for  such  fiscal  year  shall  not  exceed  annual  aggregate operating  revenues  for  such  fiscal year. For purposes of determining operating revenues in the fiscal years two  thousand  five  through  two thousand  nine,  such  plan  may  assume  receipt by the county of ECFSA assistance in the  following  collective  amounts  for  each  respective fiscal year:           Amount              Fiscal Year           2005 amount         2005           2006 amount         2006           2007 amount         2007           2008 amount         2008           2009 amount         2009 As used in this subdivision: "2005 amount" means that amount expected to be provided by the authority to   ensure   balanced   major   operating   fund  operations  upon  its determination that the county has taken recurring actions subsequent  to June  first,  two  thousand  five  to close at a minimum between ten per centum and fifteen per centum of the projected gap. Provided, however, for this purpose "projected  gap"  means  the  amount identified  by  a  report  of the state comptroller in June two thousand five. "2006 amount" means that amount expected to be provided by the authority to  ensure  balanced  major   operating   fund   operations   upon   its determination  that the county has taken recurring actions to close at a minimum between thirty-five per centum  and  forty  per  centum  of  the projected gap. "2007 amount" means that amount expected to be provided by the authority to   ensure   balanced   major   operating   fund  operations  upon  its determination that the county has taken recurring actions to close at  a minimum  between  forty-five  per  centum  and  fifty  per centum of the projected gap. "2008 amount" means that amount expected to be provided by the authority to  ensure  balanced  major   operating   fund   operations   upon   its determination  that the county has taken recurring actions to close at a minimum between sixty per  centum  and  sixty-five  per  centum  of  the projected gap. "2009 amount" means that amount expected to be provided by the authority to   ensure   balanced   major   operating   fund  operations  upon  its determination that the county has taken recurring actions to close at  a minimum  between  eighty  per  centum  and eighty-five per centum of the projected gap.   2. Pursuant to the procedures contained in this subdivision, each year during an advisory period or during a control period  the  county  shall develop,  and  may  from  time  to  time  modify,  taking  into  account recommendations of the authority, a four-year  financial  plan  covering the  county  and  the  covered  organizations.  Each  financial plan and financial  plan  modification  shall  conform  to  the  requirements  of paragraph  (a)  of  this  subdivision  and  shall provide that the major operating funds of the  county  will  be  balanced  in  accordance  with  generally  accepted  accounting  principles. The financial plan shall be developed and approved, and may  from  time  to  time  be  modified,  in accordance with the following procedures:  (a)  The  county executive shall submit to the authority a certificate stating that the budget submitted to the authority  is  consistent  with the  financial  plan  submitted  therewith and that operation within the budget is feasible.  (b) Not more than twenty days after submission of a financial plan  or more   than   fifteen   days   after  submission  of  a  financial  plan modification, the authority shall determine whether the  financial  plan or  financial  plan  modification  is  complete  and  complies  with the provisions of this section and the other requirements of this title, and shall submit its recommendations with respect to the financial  plan  or financial  plan  modification  in accordance with the provisions of this subdivision.  (c) Upon the approval by the county of a budget in accordance with the provisions of the county charter, the county executive shall submit such approved budget and financial  plan  to  the  authority  accompanied  by expenditure,  revenue and cash flow projections on a quarterly basis and certify to the  authority  that  such  budget  is  consistent  with  the financial plan to be submitted to the authority.  (d)  If  the authority determines that the financial plan or financial plan modification provided pursuant to paragraph  (c)  or  (f)  of  this subdivision  is  complete  and  complies with the standards set forth in this subdivision, the authority shall make a certification to the county setting forth revenue estimates agreed to by the authority in accordance with such determination.  (e) The authority shall, in the event it disagrees  with  elements  of the  financial  plan  provided  pursuant to paragraph (c) or (f) of this subdivision provide notice thereof to the county,  with  copies  to  the director  of  the  budget, the state comptroller, the chair of the state assembly ways and means committee and the  chair  of  the  state  senate finance  committee, if, in the judgment of the authority, such plan: (i) is incomplete;  (ii)  fails  to  contain  projections  of  revenues  and expenditures  that  are  based on reasonable and appropriate assumptions and methods of estimations; (iii) fails to provide  that  operations  of the  county  and  the covered organizations will be conducted within the cash resources available; or (iv) fails to comply with the provisions of this title or other requirements of law.  (f) After the initial adoption of  an  approved  financial  plan,  the revenue  estimates  certified  by  the  authority and the financial plan shall be regularly reexamined by the authority in consultation with  the county  and  the  covered  organizations  and the county executive shall provide a modified financial plan in such detail and  within  such  time periods as the authority may require. In the event of reductions in such revenue  estimates, or in the event the county or a covered organization shall expend funds at a rate that would exceed the aggregate expenditure limitation  for  the  county  or  covered  organization  prior  to   the expiration  of  the  fiscal  year,  the  county executive shall submit a financial plan  modification  to  effect  such  adjustments  in  revenue estimates  and  reductions  in total expenditures as may be necessary to conform to such  revised  revenue  estimates  or  aggregate  expenditure limitations.  (g)  If,  within  a time period specified by the authority, the county fails to make such modifications after reductions in revenue  estimates, or  to  provide  a  modified  plan in detail and within such time period required by the authority, the authority shall  adopt  a  resolution  so finding.  (h) The county shall amend its budget or shall submit a financial plan modification  for  the  approval of the authority such that the county's budget and the approved financial plan shall be consistent. In no  event shall  the  county  operate  under a budget that is inconsistent with an approved financial plan.   3.  The  financial  plan  shall be in such form and shall contain such information for each year during which the financial plan is  in  effect as  the  authority may specify, and shall include the county and all the covered organizations, and shall, in such detail as the  authority  from time  to  time  may  prescribe,  include (a) statements of all estimated revenues and of all expenditures and cash flow projections of the county and each covered organization, and (b) an accounting of the  expenditure of  efficiency incentive grants available to the county for each year of the plan.   4.  The  financial  plan  shall  include  any  information  which  the authority  may  request to satisfy itself that: (a) projected employment levels, collective bargaining agreements and other actions  relating  to employee  costs,  capital  construction  and  such  other matters as the authority may specify are consistent with the provisions made  for  such obligations  in  the  financial  plan;  (b)  the  county and the covered organizations are taking whatever action is necessary  with  respect  to programs  mandated  by state and federal law to ensure that expenditures for such programs are limited to and covered by the expenditures  stated in  the  financial  plan; (c) adequate reserves are provided to maintain essential programs in the event  revenues  have  been  overestimated  or expenditures  underestimated  for  any  period;  and  (d) the county has adequate cash resources to meet its obligations. In addition, except  to the  extent  such  reporting  requirements  may  be modified pursuant to agreement between the authority and the county,  for  each  fiscal  year occurring  during  a  control  period,  or  while  bonds, notes or other obligations issued pursuant to this title are  outstanding,  the  county executive  shall  prepare  a  quarterly report of summarized budget data depicting overall trends, by major  category  within  funds,  of  actual revenues  and  budget  expenditures  for  the  entire budget rather than individual  line  items,  as  well  as  updated  quarterly   cash   flow projections  of  receipts  and disbursements. Such reports shall compare revenue estimates and appropriations as set forth in such budget and  in the  quarterly  revenue and expenditure projections submitted therewith, with the actual revenues and expenditures made  to  date.  Such  reports shall  also compare actual receipts and disbursements with the estimates contained in the cash flow  projections,  together  with  variances  and their  explanation.  All  quarterly  reports  shall  be  accompanied  by recommendations from the county executive  to  the  legislature  setting forth  any  remedial  action necessary to resolve any unfavorable budget variance   including   the   overestimation   of   revenues   and    the underestimation  of  appropriations.  These  reports  shall be completed within thirty days after the end of each quarter and shall be  submitted to the legislature, the authority, the director of the budget, the chair of  the  state senate finance committee, the chair of the state assembly ways and means committee and the state comptroller. For each fiscal year occurring during a control or advisory period or while bonds,  notes  or other  obligations  issued  pursuant  to this title are outstanding, the county executive shall submit a proposed budget or revision  thereto  to the  authority  concurrent with submission to the legislature, and shall submit  the  adopted  budget  to  the  authority  immediately  upon  its adoption.   5.  For  each  financial  plan  and  financial plan modification to be prepared and submitted by the county executive to the authority pursuant  to the provisions of  this  section,  the  covered  organizations  shall submit  to  the  county such information with respect to their projected expenditures, revenues and cash flows for each of the years  covered  by such  financial  plan  or  modification  as  the  county executive shall determine.