N.Y. Public Authorities Law 3856 – City fiscal year two thousand three–two thousand four budget modification and four-year financial plan
§ 3856. City fiscal year two thousand three–two thousand four budget modification and four-year financial plan. 1. Not later than September first, two thousand three, the city shall submit to the authority a financial plan which may reflect a declaration of need as provided for in section thirty-eight hundred sixty-one. The plan shall cover the city's two thousand three–two thousand four fiscal year and the three subsequent fiscal years.
Terms Used In N.Y. Public Authorities Law 3856
- City: means the city of Buffalo. See N.Y. Public Authorities Law 3851
- Financial plan: means the financial plan of the city and the covered organizations to be developed pursuant to section thirty-eight hundred fifty-seven of this title, as from time to time amended. See N.Y. Public Authorities Law 3851
- 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. Not later than fifteen days after such submission, the authority shall approve or disapprove the financial plan.
3. In the event the authority shall disapprove such financial plan based on disapproval of certain actions or assumptions, the authority shall promptly thereafter notify the city of its reasons. Within fifteen days from the receipt of such notification the city shall modify the financial plan, and unless such financial plan modification is approved by the authority, the authority shall impose a financial plan of its own formulation as soon as practicable, as provided for in section thirty-eight hundred fifty-eight of this title.