1. The Laws of New York
  2. Consolidated Laws
  3. Public Authorities
  4. Article 5: Public Utility Authorities
  5. Title 11: Metropolitan Commuter Transportation Authority

Section 1269-E Financial and operational reports

Public Authorities (PBA)

The authority shall submit to the governor, the temporary president of the senate and the speaker of the assembly, no later than thirty days following the submission of the annual independent audit report pursuant to section twenty-eight hundred two of this chapter, a complete detailed report or reports setting forth, to the extent such matters are not fully addressed in the annual independent audit report, the following:

  1. its financial reports, including:

  a. audited financials in accordance with all applicable regulations and following generally accepted accounting principles as defined in subdivision ten of section two of the state finance law;

  b. grant and subsidy programs;

  c. operating and financial risks;

  d. current ratings of its bonds issued by recognized municipal bond rating agencies and notice changes in such ratings; and

  e. long-term liabilities, including leases and employee benefit plans; and

  2. an assessment of the effectiveness of its internal control structure and procedures, including:

  a. descriptions of the authority and its major units and subsidiaries;

  b. the number of employees, and minority and women employees, for each;

  c. an organizational chart;

  d. its charter, if any and by-laws;

  e. the extent of participation by minority and women owned enterprises in authority contracts and services in accordance with article fifteen-A of the executive law; and

  f. a listing of material changes in internal operations and programs during the reporting year.