N.Y. Village Law 5-502 – Submission of estimates
§ 5-502 Submission of estimates. l. On or before the eighth day of February in each year, or such other date as may be applicable pursuant to section 5-510 of this article, the budget officer shall give written notification to the head of each administrative unit that he shall submit estimates, schedules, and statements as hereinafter provided. Such notice shall specify the form in which such information shall be submitted.
Terms Used In N.Y. Village Law 5-502
- 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. On or before the first day of March in each year, or such other date as may be applicable pursuant to section 5-510 of this article or section 17-1729 of article seventeen, and except as may be otherwise provided in subdivision four of this section, the head of each administrative unit shall submit to the budget officer an estimate of revenues and expenditures of such administrative unit for the ensuing fiscal year. Such estimate shall show the sources of all revenue, shall itemize the character and object of each expenditure and shall contain such additional information as the budget officer shall prescribe.
3. If the head of an administrative unit shall fail to submit an estimate as herein provided, the budget officer shall forthwith prepare an estimate for such administrative unit.
4. An estimate shall not be submitted as above provided for a municipal electric, gas or steam utility service, but the head of such utility service shall submit in lieu thereof a statement showing:
a. The amount required for payment of installments of principal of and interest on indebtedness incurred for the purposes of the service to become due and payable during the next fiscal year; and
b. The estimated operating and non-operating income and estimated expenditures for the next fiscal year, classified in accordance with the requirements of the public service commission, but in such detail only as the board of trustees shall require; and
c. A proposed schedule of salaries and wages to be paid for personal services.
5. The board of trustees of a village which owns and operates a water utility and which maintains an alternate system of accounts approved by the state comptroller as defined in subdivision six of section 5-500 of this article may require that a statement shall be submitted in lieu of an estimate as in the case of a municipal electric, gas, or steam utility service.