2023 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.