NY Pub Auth L § 3857 (2021)
2021 New York Laws PBA - Public Authorities Article 10-D - Miscellaneous Authorities Title 2 - Buffalo Fiscal Stability Authority 3857 - City Financial Plans.

§  3857.  City  financial  plans.  1.  Commencing  with the city's two thousand four--two thousand five fiscal year, the  mayor  shall  prepare and  submit to the authority a four-year financial plan, and the mayor's proposed city budget, not later than the date required for submission of such budget to the council pursuant to the city 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  ending June thirtieth, two thousand four through two thousand seven, such plan  may  assume  receipt  by  the  city  of  BFSA assistance  in  the  following  collective  amounts  for each respective fiscal year:           Amount         Fiscal Year Ending           2004 amount    2004           2005 amount    2005           2006 amount    2006           2007 amount    2007 As used in this subdivision: "2004 amount" means that amount expected to be provided by the authority to  ensure  balanced  major   operating   fund   operations   upon   its determination that the city has taken recurring actions to close between thirty-five per centum and forty per centum of the projected gap. "2005 amount" means that amount expected to be provided by the authority to   ensure   balanced   major   operating   fund  operations  upon  its determination that the city has taken recurring actions to close between forty-five per centum and fifty per centum of the projected gap. "2006 amount" means that amount expected to be provided by the authority to  ensure  balanced  major   operating   fund   operations   upon   its determination that the city has taken recurring actions to close between sixty per centum and sixty-five 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 city has taken recurring actions to close between eighty per centum and eighty-five per centum of the projected gap.   2. 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 city 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 mayor 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.  (a-1)  Prior  to  the approval or disapproval of the financial plan of the city by  the  authority,  the  authority  shall  request  community, educational or other entity or entities to seek public input and comment relating to the city's and/or any covered organization's financial plan. Such  community, educational or other entity or entities shall report to the authority on such public input and comment ten days after  the  city has  submitted  the financial plan to the authority. The authority shall evaluate any proposals submitted  to  the  authority  for  cost  savings and/or service delivery enhancement in the city, and shall periodically, at  least  twice  a  year,  summarize in a public report the authority's findings with respect to such proposals that,  in  the  opinion  of  the  authority,  merit  further consideration based on their potential impact on the city's budget. The authority shall provide public notice  of  the dates on which it plans to make such public reports.  (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 section thirty-eight hundred fifty-six of this  title  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 city of a budget in accordance  with  the provisions  of  the  city  charter, the mayor 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  or  section thirty-eight hundred fifty-six of this title is complete and complies with the standards set forth in this  subdivision, the  authority  shall  make  a  certification  to the city 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,  or  section  thirty-eight hundred fifty-six of this title, provide notice thereof to the city, with copies to the director  of  the budget,  the state comptroller, the chair of the assembly ways and means committee and the chair of the 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  city  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 city  and  the  covered  organizations  and  the  mayor  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 city  or  a  covered  organization  shall expend  funds  at  a  rate  that  would exceed the aggregate expenditure limitation for the city or covered organization prior to the  expiration of the fiscal year, the mayor 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 city 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  and  shall,  as  soon  as practicable thereafter, formulate and adopt a financial plan to be effective until the  authority  approves  a financial  plan submitted by the city. All budgets and operations of the  city or a covered organization shall be in  conformance  and  compliance with the financial plan then in effect.  (h)  The  city shall amend its budget or shall submit a financial plan modification for the approval of the  authority  such  that  the  city's budget  and the approved financial plan shall be consistent. In no event shall the city 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 city 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  city and  each covered organization, and (b) an accounting of the expenditure of efficiency incentive grants available to the city 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  city  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  city  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  city, for each fiscal year occurring during a control  period,  or  while  bonds,  notes  or  other obligations  issued  pursuant  to  this title are outstanding, the mayor 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 mayor  to  the  council  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 council, the authority, the director of the budget 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 mayor shall submit  a proposed  budget  or  revision  thereto to the authority concurrent with submission to the council, 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 mayor to the  authority  pursuant  to  the provisions  of  this  section, the covered organizations shall submit to  the city 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 mayor shall determine.