N.Y. Public Authorities Law 1276-B – Authority budget and financial plan
§ 1276-b. Authority budget and financial plan. 1. In addition to the requirements of section twenty-eight hundred two of this chapter, each authority budget and plan shall be posted on its website and shall: (a) present information relating to the authority and each of its agencies in a clear and consistent manner and format; (b) be prepared in accordance with generally accepted accounting principles, except as otherwise consented to by the comptroller upon good cause shown; (c) be based on reasonable assumptions and methods of estimation; (d) include estimates of projected operating revenues and expenses; (e) identify any planned transaction that would shift resources, from any source, from one fiscal year to another, and the amount of any reserves; and (f) contain a summary in plain English of the principal information in the budget and conclusions to be drawn from it.
Terms Used In N.Y. Public Authorities Law 1276-B
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
2. Supporting documentation. The authority shall prepare and make available for public inspection on its website information that details the sources of data and the assumptions and methods of estimation used to calculate all operating and capital budget projections, consistent with generally accepted budgetary practices.
3. The authority shall establish at least annually the quarterly revenue and expense targets for the authority, and for each subsidiary or other authority created by the authority itself and for which it reports financial data.
4. Monitoring the budget and financial plan. The authority shall prepare and make available for public inspection on its website: (a) within sixty days of the release of the adopted budget and any updates to the budget (except updates released within ninety days of the close of the fiscal year), monthly projections for the current fiscal year of all revenues and expenses, staffing for the authority and each of its agencies, and utilization for each of the authority's agencies that operate transportation systems, including bridges and tunnels; (b) within sixty days after the close of each quarter, a comparison of actual revenues and expenses, actual staffing and actual utilization to planned or projected levels for each of the authority's agencies that operate transportation systems, including bridges and tunnels, with an explanation of each material variance and its budgetary impact; and (c) within ninety days after the close of each quarter, the status of each gap-closing initiative with a projected value greater than one million dollars in any given fiscal year; the status of capital projects by capital element, including but not limited to commitments, expenditures and completions; and an explanation of material variances from the plan, cost overruns and delays.
5. Strategic operation plan. Financial information required to be submitted by the authority pursuant to paragraphs d and e of subdivision one of section twelve hundred sixty-nine-c of this title shall be presented in a format consistent with the budget and plan, in downloadable, searchable format.
6. The authority shall publish all data pertaining to each authority's budget and financial plans as required by this section in a common, machine readable format on the authority's website as defined by executive order number ninety-five of two thousand thirteen, "Using Technology to Promote Transparency, Improve Government Performance and Enhance Citizen Engagement" or any successor order. Such data shall include, but not be limited to:
(a) estimates of projected operating revenues and expenses, including monthly projections for the current fiscal year of all revenues and expenses;
(b) quarterly revenue and expense targets;
(c) staffing for the authority and each of its agencies;
(d) a comparison of actual revenues and expenses, actual staffing and actual utilization to planned or projected levels for each of the authority's agencies that operate transportation systems;
(e) the status of each gap-closing initiative with a projected value greater than one million dollars in any given fiscal year; and
(f) the status of capital projects by capital element, including but not limited to commitments, expenditures and completions; and material variances from the plan, cost overruns and delays.
7. The data required to be published pursuant to this section shall be made in a single tabular data file in a common, machine readable format and shall be accessible on the authority's website and the website data.ny.gov or such other successor website maintained by, or on behalf of, the state, as deemed appropriate by the New York state office of information technology services under executive order number ninety-five of two thousand thirteen, or any successor agency or order.