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This entry was published on 2014-09-22
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SECTION 1276-B
Authority budget and financial plan
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 11
§ 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.

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.