2006 New York Code - County Financial Plans.

 
    § 3667. County financial plans.  1. The county executive shall prepare
  and  submit  to  the authority a four-year financial plan, initially for
  the fiscal years ending December thirty-first, two thousand one  through
  two thousand four, together with the proposed budget for the fiscal year
  ending  on  December  thirty-first, two thousand one, not later than the
  date required for submission of such budget to the legislature  pursuant
  to  the  county  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  December
  thirty-first, two thousand one through two thousand seven, such plan may
  assume  (a)  borrowings  by  the  county or the authority to finance tax
  certiorari judgments or settlements in annual amounts not exceeding  one
  hundred  million  dollars, or, in the aggregate for all such years, four
  hundred million dollars; however, of said four hundred million  dollars,
  no more than fifteen million dollars may be counted as operating revenue
  in the fiscal year two thousand six and no more than ten million dollars
  may  be  counted as operating revenue in fiscal year two thousand seven,
  and (b) receipt by the county of NCIFA assistance and transitional state
  aid in the following collective amounts for each respective fiscal year:
                           Amount              Fiscal Year
                           2001 amount         2001
                           2002 amount         2002
                           2003 amount         2003
                           2004 amount         2004.
  The one hundred million dollars annual limit on assumed  tax  certiorari
  borrowings  may  be  waived by the authority respecting any fiscal year,
  upon its determination that the results of any increased and accelerated
  settlement or litigation efforts by the county justify such waiver.
    As used in this subdivision:
    "2001 amount" means  that  amount  expected  to  be  provided  by  the
  authority  to  ensure  balanced major operating fund operations upon its
  determination that the county  has  taken  recurring  actions  to  close
  between  thirty-five  per centum (35%) and forty per centum (40%) of the
  projected gap.
    "2002 amount" means  that  amount  expected  to  be  provided  by  the
  authority  to  ensure  balanced major operating fund operations upon its
  determination that the county  has  taken  recurring  actions  to  close
  between  forty-five  per  centum (45%) and fifty per centum (50%) of the
  projected gap.
    "2003 amount" means  that  amount  expected  to  be  provided  by  the
  authority  to  ensure  balanced major operating fund operations upon its
  determination that the county  has  taken  recurring  actions  to  close
  between  sixty  per  centum (60%) and sixty-five per centum (65%) of the
  projected gap.
    "2004 amount" means  that  amount  expected  to  be  provided  by  the
  authority  to  ensure  balanced major operating fund operations upon its
  determination that the county  has  taken  recurring  actions  to  close
  between  eighty per centum (80%) and eighty-five per centum (85%) of the
  projected gap.
    2. Pursuant to the procedures contained in this subdivision, each year
  during the interim finance period or during a control period the  county
  shall  develop,  and  may  from time to time modify, taking into account
  recommendations of the authority, a four year  financial  plan  covering
  the  county  and the covered organizations. Each such 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  county  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 county executive shall prepare and submit to the authority and
  the  legislature  a revised financial plan to the authority covering the
  four year period beginning with the ensuing fiscal year,  together  with
  the proposed budget for the ensuing fiscal year, not later than the date
  required  for  submission of such budget pursuant to the county charter.
  On such dates, the county executive shall also submit to the authority a
  certificate stating that such budget is consistent  with  the  financial
  plan  submitted  therewith  and  that  operation  within  the  budget is
  feasible.
    (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 section thirty-six hundred sixty-six and this section  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 county of a budget in accordance with the
  provisions  of  the county charter and approval of the financial plan by
  the legislature, the county executive 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 paragraphs (c) or (f) of this
  subdivision is complete and complies with the  standards  set  forth  in
  this subdivision, the authority shall make a certification to the county
  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 paragraphs (c) or  (f)  of  this
  subdivision,  provide  notice  thereof  to  the  county  executive,  the
  legislature and the comptroller, 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
  estimation;
    (iii)  fails  to provide that operations of the county and the covered
  organizations will be conducted  within  the  cash  resources  available
  according to the authority's revenue estimates; 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
  county  and  the  covered  organizations  and the county executive 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 county or a covered organization
  shall expend funds at a rate that would exceed the aggregate expenditure
  limitation  for  the  county  or  covered  organization  prior  to   the
  expiration  of  the  fiscal  year,  the  county executive 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 county
  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.
    (h) The county shall amend its budget or shall submit a financial plan
  modification  for  the  approval of the authority such that the county's
  budget and the approved financial plan shall be consistent. In no  event
  shall  the  county  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 county 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 county
  and  each  of  the  covered organizations, (b) a report on the status of
  efforts to reform and streamline the tax certiorari claims  process  and
  eliminate  the need in each year of the plan for the county to borrow to
  finance such  claims  or  judgments,  including  an  accounting  of  the
  expenditure  of any transitional state aid for such purposes, and (c) an
  accounting of the expenditure of any remaining  transitional  state  aid
  available to the county 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  county  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  county  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 county, for each fiscal year
  occurring during the  interim  finance  period  or  while  bonds  issued
  pursuant  to  this  title  are  outstanding,  the county executive shall
  prepare a quarterly report of summarized budget data  depicting  overall
  trends  of actual revenues and budget expenditures for the entire budget
  rather than individual  line  items  and  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 county executive  to  the  legislature  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  legislature,  the authority, the director of the budget and the
  state comptroller. Except during a control period, for each fiscal  year
  occurring  during  the  interim  finance  period  or  while bonds issued
  pursuant to this title  are  outstanding,  the  county  executive  shall
  submit a proposed budget or revision thereto to the authority concurrent
  with  submission to the legislature, 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 county executive to the authority pursuant
  to  the  provisions  of  this  section,  the covered organizations shall
  submit to the county 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  county  executive  shall
  determine.  Notwithstanding  any  other  provision  of  law limiting the
  authority of the county with respect to any  covered  organization,  the
  county,  in  the  preparation  and  submission of the financial plan and
  modifications thereof, shall (except  for  debt  service  or  for  other
  expenditures  to  the extent that such expenditures are required by law)
  have the power to determine the aggregate expenditures to  be  allocated
  to  any covered organization in the financial plan and any modifications
  thereto.
    6. The authority and the county shall confer concerning the  projected
  effect on the budgets of the county and the covered organizations of any
  change  in  generally  accepted  accounting principles, or change in the
  application of generally accepted accounting principles  to  the  county
  and  the  covered  organizations,  made  or  to be implemented after the
  effective date of this title. If the authority determines that immediate
  compliance with such change will have a material effect on such  budgets
  over  a  time  period  insufficient  to accommodate the effect without a
  substantial adverse impact on the delivery of essential services by  the
  county,  the authority may authorize and approve a method of phasing the
  requirements of such change  into  such  budgets  over  such  reasonably
  expeditious time period as the authority deems appropriate.