2023 New York Laws › STF - State Finance › Article 3 - The Budget › 22-C - Capital Program and Financing Plan.

§  22-c.  Capital  program  and  financing  plan.  The  governor shall
annually submit to the legislature a capital program and financing  plan
concurrent  with  the  executive  budget, in addition to the information
required by section twenty-two of this article. The plan shall contain a
comprehensive assessment of the capital assets and program needs of  all
state  agencies, a review and analysis of how such requirements would be
financed, an analysis of the affordability of state-supported debt,  and
an analysis of all costs related to the financing of such plan.
1.  When  used  in  this  section,  the following terms shall have the
following meanings:
(a) "Comprehensive construction program" shall mean the categories  or
groups  of  one  or  more  capital  appropriations  which  have a common
objective within a capital program.
(b) "Director" shall mean the director of the division of  the  budget
of the state of New York.
(c)  "Pay-as-you-go"  financing  shall mean transfers from the general
fund to capital projects funds, and any taxes, user fees,  repayment  of
advances,  or miscellaneous receipts from non-bond proceeds deposited to
capital projects funds.
(d) "Plan" shall mean the capital program and financing plan  required
by this section.
(e)  "State  agency"  shall  mean  any  state  department  or  agency,
including any  public  benefit  corporation,  except  a  public  benefit
corporation  whose  members  are  appointed by the governing board or an
officer of a county, city, town or village, or other instrumentality  of
the state.
(f) "State-supported debt" shall mean any bonds or notes issued by the
state   or   a   state   public  corporation  for  which  the  state  is
constitutionally obligated to  pay  debt  service  or  is  contractually
obligated  to pay debt service subject to an appropriation, except where
the state has a contingent contractual obligation.
2. The governor and/or his or  her  designee  shall  conduct  hearings
annually on the capital needs of the state at which state agencies shall
present  an  assessment  of  the  needs  of their capital programs. Such
hearings shall  be  open  to  the  public  who  shall  be  afforded  the
opportunity to comment.
3.  The capital program and financing plan shall contain the following
information:
(a) A summary which shall include an overview  of  the  major  capital
programs,  an  explanation  of  the  major sources of financing for such
plan, and an assessment of the fiscal impact  of  the  plan's  financing
methods on the financial plan of the state.
(b)  For each major capital program which may include, but need not be
limited  to,  transportation,   mental   hygiene,   public   protection,
environment and recreation, education, housing and economic development,
and general government, the plan shall include the following:
(i)  an overview of the capital program's goals and objectives, agency
responsibilities,  prior  capital  program  activities,  accomplishments
during  the  prior  fiscal  year  and  an explanation of any significant
delays in achieving the prior fiscal year's plans, an explanation of how
any  proposed  capital   funding   will   address   continuing   capital
requirements  and  new  program  initiatives,  and an explanation of the
impact of the capital plan on the current and future operations of state
agencies and their ability  to  deliver  services  or  accomplish  their
missions;
(ii)   a   summary   of   the  capital  program's  remaining  existing
appropriations   and   anticipated   future   appropriations   by   each

comprehensive  construction program and fund for the current fiscal year
and each of the next five fiscal years;
(iii)   a   summary   of   the  capital  program's  projected  capital
construction contract commitments for the current fiscal year  and  each
of  the next five fiscal years and a comparison with previous commitment
plans;
(iv) a summary of the capital program's estimated  disbursements  from
existing  appropriations  and  from anticipated future appropriations by
each comprehensive construction program and fund for at least the  prior
fiscal  year,  the  current fiscal year and each of the next five fiscal
years,  and  a  summary  of  how  these  estimated   disbursements   are
anticipated to be financed;
(v)  a  summary  of maintenance activities which are anticipated to be
undertaken or continued in the next five fiscal years  for  the  state's
capital programs and a summary of the scheduled maintenance requirements
developed pursuant to section twenty-six of this article; and
(vi)  a  summary  schedule  showing  the  age, condition and estimated
remaining useful life as of September thirtieth of  each  year  for  all
existing  capital  assets or capital asset types with a replacement cost
of not less than five million dollars, under  the  jurisdiction  of  all
state agencies subject to the provisions of this section.
(c)  A  statement  of  the mix of financing sources for the plan which
shall include, for the current fiscal year and each  of  the  next  five
fiscal years, the following:
(i)  the  annual total of pay-as-you-go financed capital disbursements
proposed for each capital program, by agency, and the  annual  total  of
pay-as-you-go  financed  capital  disbursements  as  a percentage of the
annual total of capital projects disbursements;
(ii) the annual total of bond-financed capital disbursements  proposed
for  each  capital program, by agency, identified separately for general
obligation bonds and revenue bonds of the state, and  any  other  bonds,
and  the  annual  total  of  bond-financed  capital  disbursements  as a
percentage of the annual total of capital projects disbursements;
(iii) the annual total of federal-grant-financed capital disbursements
for  each  capital  program,  by  agency,  and  the  annual   total   of
federal-grant-financed  capital  disbursements  as  a  percentage of the
annual total of capital projects disbursements;
(iv) schedules of the projected annual state-supported bond issuances,
proposed for each capital program, by agency, by issuer, and an analysis
of  existing  debt  authorizations  and  the  need  for  any  additional
authorizations;
(v) schedules of projected outstanding bonds, including retirements by
year identified separately for state-supported bond issuances by issuer,
and by capital program by agency, where practicable;
(vi)  schedules  of the projected personal income of the state and the
projected ratio of outstanding state-supported bonds to personal income;
(vii) schedules of projected state-supported  debt  service  costs  by
issuer, and by capital program by agency, where practicable; and
(viii)  an  analysis of trends in municipal bond interest rates and an
explanation of the interest rate assumptions, timing  of  principal  and
interest  payments, and the timing and size of projected state-supported
bond sales used in the debt service projections.
(d) The capital program and financing plan, which is current, accurate
and reflective  of  all  previous  legislative  enactments  and  of  the
governor's  plan, shall also include the following: A detailed schedule,
by state agency and for each  state  agency  by  fund,  of  all  capital
projects  which  the governor recommends or anticipates be undertaken or

continued by any state agency in the next five fiscal years, which shall
provide the following information for each such capital projects:
(i)   a   capital   plan  project  reference  number  which  shall  be
consistently assigned each year solely to such project,
(ii) a description of the project in less than thirty words,
(iii) an indication of the category into which the  project  has  been
classified in the capital plan,
(iv) the estimated total cost of the project,
(v)  the  total of all disbursements for the project made prior to the
then current fiscal year,
(vi) the total amount of disbursements for the project estimated to be
made during the current fiscal year and during each of the next  ensuing
five  fiscal  years, provided however, that (A) the information required
by this subparagraph may be provided for groupings of projects in  those
cases  where  the governor determines it cannot be provided on a project
by project basis, and (B) the total of all  disbursements  estimated  in
accordance with the requirements of this subparagraph to be made for all
capital  projects  during the current fiscal year and during each of the
next ensuing five fiscal  years, excluding those disbursements which are
estimated in accordance with the requirements of this subparagraph to be
made by public  benefit  corporations  and  which  are  not  subject  to
appropriations,  shall  be  equal,  respectively,  to  the  total of all
disbursements  estimated,  in  the  financial  projections  required  by
subdivisions  one  and four of section twenty-two of this article, to be
made for all capital projects during the then current  fiscal  year  and
during each of the next ensuing five fiscal years,
(vii) the estimated date of project completion,
(viii)  the  amount  of  the project cost for which the state or state
agency will be contractually obligated as  of  the  close  of  the  then
current fiscal year, and
(ix)  subtotals  of  the  information  required by subparagraphs four,
five, six and eight of this paragraph by agency and within  each  agency
for  each  of  the categories into which the individual capital projects
appropriations are classified in the appropriations bill involved.
(e) A comprehensive  financial  report  and  plan  for  the  dedicated
highway  and  bridge  trust fund established by section eighty-nine-b of
this chapter, which shall be submitted to the comptroller  at  the  same
time  as  the  plan  is  submitted  to  the legislature, and which shall
include the following information pertaining to  the  dedicated  highway
and  bridge  trust  fund separately stated for the last completed fiscal
year, the current fiscal year and the next five fiscal years:
(i) a detailed description of all actual and projected revenues of the
dedicated highway and bridge trust fund, separately stating  the  amount
received or expected to be received from bond proceeds, and the amounts,
separately  identified,  received or expected to be received from taxes,
fees, transfers, or other sources;
(ii) a detailed description of actual  or  planned  disbursements  and
transfers  from  the dedicated highway and bridge trust fund, separately
stating in the aggregate the amounts disbursed or transferred or planned
to be disbursed or transferred for (A) debt service costs,  (B)  capital
project  costs,  (C)  state operations costs, (D) costs of contracts for
engineering and similar or related services related to  capital  project
costs  and  state  operations,  and  (E) the costs of state employees to
provide similar services on projects for which service contracts are not
expected to be used, and further separately stating the amounts of  such
capital  project  and  state operations costs disbursed or planned to be
disbursed for personal service and non-personal service costs
(f) For the preceding four fiscal years and the current  fiscal  year,
the  bond  coverage ratio on an annual basis, including the formula used
to compute such ratio and the source of that formula.
(g)  An explanation of any deficit projected for the end of any fiscal
year covered by the  plan  stating  whether  the  projected  deficit  is
expected  to  be  caused  by an imbalance between projected revenues and
projected expenditures, or by the timing of  payments  within  a  fiscal
year, or by other causes.
(h)  A  detailed  description of actual or proposed appropriations and
reappropriations from the dedicated highway and bridge trust  fund,  and
the  actual or planned disbursements pursuant to such appropriations and
reappropriations.
(i) An explanation of any actions proposed  to  be  taken  to  achieve
increased opportunity for meaningful participation in the performance of
state  contracts  by  minority  and  women-owned business enterprises in
accordance with article fifteen-A of  the  executive  law,  including  a
compliance  report to be submitted by July first of each year commencing
with the two thousand five--two thousand six fiscal year  and  for  each
subsequent  year  thereafter that includes: all the items of information
required in accordance with regulations promulgated by the  director  of
the  division  of  minority  and  women's  business  development  in the
department of  economic  development  under  article  fifteen-A  of  the
executive   law;  goals  for  participation  by  certified  minority  or
women-owned business enterprises for such fiscal year; and a description
of the types of expenditures, projects or contracts.
(j) Such other information as shall be necessary to present a full and
accurate description of the financial position of the dedicated  highway
and bridge trust fund.
For  the  purposes  of this subdivision, capital projects of less than
fifty thousand dollars may be grouped into appropriate categories.
4. (a) For the purposes of subdivision three of this section, the term
"state agency" shall mean any state department or agency, including  any
public  benefit  corporation,  except a public benefit corporation whose
members are appointed by the governing board or an officer of a  county,
city, town or village, or other instrumentality of the state.
(b)  For  the  purposes of subdivision three of this section, the term
"capital project" as defined in a subdivision two-a of  section  two  of
this  chapter  shall  include any project which is being, has been or is
proposed to be:
(i) financed by the issuance of bonds, notes  or  other  evidences  of
indebtedness  of  the  state  or any public benefit corporation thereof,
except a public benefit corporation whose members are appointed  by  the
governing board or an officer of a county, city, town or village;
(ii)  funded by an appropriation from any fund of the state classified
by the comptroller, in accordance with section seventy of this  chapter,
as a capital project fund; or
(iii)  funded  by  an  appropriation from any fund of the state, other
than a fund classified as a capital projects fund,  where  the  specific
expenditure  involved  is declared by law to be for a capital project or
is determined to be for a capital project under standards as they may be
prescribed from time to time by the director with the concurrence of the
comptroller; provided further that
(iv) the governor may exempt  from  the  requirements  of  subdivision
three of this section any project financed by public benefit corporation
programs  which  are  used  as  sources  of  capital for private clients
provided that neither the  state  nor  the  public  benefit  corporation
involved are in any way liable for the debt of such projects, and he may
also  exempt  debt  issued  by the job development authority pursuant to

title eight of article eight of the public authorities law, and provided
further that any such exemptions shall not impair the  effectiveness  of
the   capital  plan  being  prepared  and  submitted  pursuant  to  this
subdivision.
5.  Within forty days following the submission of the budget submitted
annually by the governor to the legislature, in accordance with  article
seven  of  the  constitution, the director of the budget shall submit to
the chairs of the senate finance committee and  the  assembly  ways  and
means  committee  a  listing  of  any changes to the capital program and
financing plan submitted originally with the executive  budget.  At  the
same  time,  the  director  of  the  budget  shall  also  submit  to the
comptroller a copy of the portion of such listing showing any changes to
the  comprehensive  financial  plan  required  by   paragraph   (e)   of
subdivision three of this section.
6.  By  the later of July thirtieth or ninety days after the enactment
of all bills that constitute the budget by the legislature, the governor
shall submit to the legislature an update to  the  capital  program  and
financing plan, which shall contain such updated information in the same
form  as  prescribed  in  subdivision  three  of  this  section,  and an
explanation of any changes from the previously submitted capital program
and financing plan. At the same time, the governor shall also submit  to
the  comptroller a copy of the portion of such update containing updated
information  in  the  same  form  as  prescribed  by  paragraph  (e)  of
subdivision  three of this section, and an explanation of any changes to
the  comprehensive  financial  plan  required  by   paragraph   (e)   of
subdivision three of this section.