Bill Text: NY A03081 | 2023-2024 | General Assembly | Introduced
Bill Title: Enacts the local government fiscal indicator system act.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-07-15 - enacting clause stricken [A03081 Detail]
Download: New_York-2023-A03081-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3081 2023-2024 Regular Sessions IN ASSEMBLY February 2, 2023 ___________ Introduced by M. of A. ZEBROWSKI -- read once and referred to the Committee on Local Governments AN ACT to amend the general municipal law, in relation to enacting the local government fiscal indicator system act The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. This act shall be known as the "local government fiscal 2 indicator system act". 3 § 2. The general municipal law is amended by adding a new article 4-A 4 to read as follows: 5 ARTICLE 4-A 6 LOCAL GOVERNMENT FISCAL INDICATOR SYSTEM 7 Section 60. Definitions. 8 61. Review of financial information; request for response. 9 62. Level one fiscal stress. 10 63. Level two fiscal stress. 11 64. Level three fiscal stress. 12 65. Fiscal crisis. 13 66. New York state board of local government deficit financing 14 authorization. 15 67. Inconsistency with other laws. 16 68. Notice of benchmarks and additional criteria. 17 69. Reports. 18 69-a. No duplication. 19 § 60. Definitions. As used in this article: 20 1. "Municipality" shall mean any county, town, village, school 21 district or city other than a city having a population of one million or 22 more. 23 2. "Comptroller" shall mean the New York state comptroller. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06371-01-3A. 3081 2 1 3. "Annual financial report" shall mean the report of a municipality's 2 financial condition required to be made annually to the comptroller 3 pursuant to section thirty of this chapter. 4 4. "Tentative budget" shall mean the tentative budget prepared pursu- 5 ant to section three hundred fifty-four of the county law, section one 6 hundred six of the town law or section 5-504 of the village law, the 7 annual estimate proposed pursuant to section seventy-five of the second 8 class cities law, or similar document prepared pursuant to general, 9 special or local law. 10 5. "Benchmark" shall mean a standard or reference point based on an 11 analysis of other municipalities of similar size and character, state- 12 wide or national trends or similar commonly accepted factors in munici- 13 pal finance. 14 6. "Major operating fund" shall mean a municipality's general fund and 15 any other fund that represents more than twenty per centum of that 16 municipality's total funds. 17 7. "Financial control board" shall mean a public authority created by 18 the state that has legal control over a municipality for a period of 19 time in order to improve the financial condition. During that control 20 period, the board shall have powers including but not limited to 21 approval of contracts, issuance of debt, approval of financial plan and 22 ability to conduct meetings. The board shall remain in control until 23 certain triggers are met indicating that the financial condition of the 24 municipality has improved. 25 § 61. Review of financial information; request for response. In furth- 26 erance of the purposes of this article, the comptroller shall establish 27 a program for the review of annual financial report data of munici- 28 palities, and such other related data and information as may be deemed 29 relevant. The comptroller may request the submission by any municipality 30 of additional information or data for this purpose. The comptroller 31 shall consult with municipal officials, as appropriate, during the 32 review process. Based upon the comptroller's review, the comptroller, in 33 such manner as he or she deems appropriate, may make recommendations to 34 the chief executive officer and chief fiscal officer of the municipality 35 as to actions which may be taken by the municipality in connection with 36 the fiscal affairs of the municipality. The chief executive officer or 37 chief fiscal officer shall respond to the comptroller's recommendations, 38 in such manner as the comptroller deems appropriate, by indicating 39 actions taken or proposed to be taken or, if the chief executive officer 40 or the chief fiscal officer indicates that no action is warranted or is 41 to be taken or proposed, by providing an explanation. 42 § 62. Level one fiscal stress. 1. Based upon the comptroller's review 43 of annual financial report data, and other appropriate data and informa- 44 tion pursuant to section sixty-one of this article, the comptroller may 45 identify those municipalities that: 46 a. have failed to timely provide additional information or data 47 requested by the comptroller or have failed to sufficiently respond to 48 any recommendations made by the comptroller pursuant to section sixty- 49 one of this article; or 50 b. the comptroller determines that the municipality meets one of the 51 following criteria: 52 (i) the municipality, in the last completed fiscal year, had an 53 unplanned operating deficit in a major operating fund in excess of one 54 and one half per centum of such major operating fund's expenditures in 55 the last completed fiscal year;A. 3081 3 1 (ii) the municipality, in its last completed fiscal year, had an unap- 2 propriated or unreserved fund balance deficit in the municipality's 3 general fund; or 4 (iii) the municipality, in its last completed fiscal year, had a ratio 5 of non-recurring revenues used to fund recurring expenditures to total 6 expenditures in excess of a benchmark determined by the comptroller and 7 had a ratio of debt service to total revenue in excess of a benchmark 8 determined by the comptroller. 9 2. For each municipality identified pursuant to subdivision one of 10 this section, the comptroller shall notify the chief executive officer, 11 chief fiscal officer and governing body of the affected municipality 12 that the municipality has fallen within the criteria set forth in subdi- 13 vision one of this section and of their designation of level one fiscal 14 stress. The notification shall include details of the determination and 15 the criteria used. Such notification shall be made in such manner as the 16 comptroller deems appropriate. Within thirty days after receipt of such 17 notification, the chief executive officer of the municipality shall 18 respond to the comptroller's notification in such form as required by 19 the comptroller, with a self-evaluation of the fiscal affairs of the 20 municipality, addressing the matters raised in the notification. Such 21 response shall include a corrective action plan that details specific 22 courses of action that have been taken or will be taken to address the 23 fiscal stress identified by the comptroller. After receipt and review of 24 the response, the comptroller may require any local official or employee 25 of the municipality, or his or her designee, to attend a relevant munic- 26 ipal training course conducted or approved by the comptroller. The chief 27 executive officer or chief fiscal officer of the municipality may 28 request assistance from the comptroller in reviewing the matters raised 29 in the comptroller's notification and shall receive such assistance as 30 may be reasonably necessary from any officer or employee of the munici- 31 pality. 32 § 63. Level two fiscal stress. 1. Based upon the comptroller's review 33 of annual financial report data and other appropriate data and informa- 34 tion pursuant to section sixty-one of this article, the comptroller may 35 identify those municipalities that: 36 a. have failed to timely provide additional information or data 37 requested by the comptroller or have failed to sufficiently respond to 38 any recommendations made by the comptroller pursuant to section sixty- 39 one of this article; or 40 b. the comptroller determines that the municipality meets the follow- 41 ing criteria that the municipality, in each of its last two completed 42 fiscal years, had at least one of the following: 43 (i) an unplanned operating deficit in a major operating fund in excess 44 of one and one half per centum of such major operating fund's expendi- 45 tures in the last completed fiscal year; 46 (ii) an unappropriated or unreserved fund balance deficit in the 47 municipality's general fund; or 48 (iii) a ratio of non-recurring revenues used to fund recurring expend- 49 itures to total expenditures in excess of a benchmark determined by the 50 comptroller and had a ratio of debt service to total revenue in excess 51 of a benchmark determined by the comptroller. 52 2. For each municipality identified pursuant to subdivision one of 53 this section, the comptroller shall notify the chief executive officer, 54 chief fiscal officer and governing body of the affected municipality 55 that the municipality has fallen within the criteria set forth in subdi- 56 vision one of this section and of their designation of level two fiscalA. 3081 4 1 stress. The notification shall include details of the determination and 2 the criteria used. Such notification shall be made in such manner as the 3 comptroller deems appropriate. The chief executive officer and governing 4 body of the municipality, upon notification by the comptroller that they 5 have been designated level two fiscal stress, shall be required to 6 fulfill the following conditions within the next succeeding fiscal year: 7 a. develop a corrective action plan that details specific courses of 8 action that have been taken or will be taken to address the fiscal 9 stress identified by the comptroller; and 10 b. adopt a four-year financial plan in such form as may be prescribed 11 by the comptroller. 12 3. The financial plan shall be adopted no later than the last date on 13 which the municipality's budget is required to be adopted, and may be 14 modified from time to time. The financial plan shall provide that the 15 operating funds of the municipality will be in balance. 16 4. The chief fiscal officer of the municipality shall, until otherwise 17 notified by the comptroller, prepare and submit to the governing body of 18 the municipality monthly financial reports, within fifteen days from the 19 end of each month, and prepare and submit to the comptroller quarterly 20 financial reports, within fifteen days from the end of each quarter, 21 both in such form as may be prescribed by the comptroller. In the event 22 that the comptroller provides any recommendations regarding any reports 23 required by this subdivision, the chief executive officer shall prepare 24 a response to the comptroller's recommendations. Such response shall 25 include, with respect to each recommendation, an acceptance statement 26 for actions taken or proposed to be taken and if no action is warranted 27 or is to be taken or proposed, a local law shall be proposed by the 28 chief executive officer and must be approved by a majority of the 29 governing body. 30 § 64. Level three fiscal stress. 1. Based upon the comptroller's 31 review of annual financial report data and other appropriate data and 32 information pursuant to section sixty-one of this article, the comp- 33 troller may identify those level two fiscal stress municipalities that 34 the comptroller believes fit within any of the following criteria: a 35 level two fiscal stress municipality, in each of its last two completed 36 fiscal years, had at least one of the following: 37 a. an unplanned operating deficit in a major operating fund in excess 38 of one and one half per centum of the major operating fund's expendi- 39 tures in the last completed fiscal year; 40 b. an unappropriated or unreserved fund balance deficit in the munici- 41 pality's general fund; or 42 c. a ratio of non-recurring revenues used to fund recurring expendi- 43 tures to total expenditures in excess of a benchmark determined by the 44 comptroller and had a ratio of debt service to total revenue in excess 45 of a benchmark determined by the comptroller. 46 2. a. For each municipality identified pursuant to subdivision one of 47 this section, the comptroller shall notify the chief executive officer, 48 chief fiscal officer and governing body of the affected municipality 49 that the municipality has fallen within the criteria set forth in subdi- 50 vision one of this section and of their designation of level three 51 fiscal stress. The notification shall include details of the determi- 52 nation and the criteria used. Such notification shall be made in such 53 manner as the comptroller deems appropriate. The chief executive officer 54 and governing body of the municipality, upon notification by the comp- 55 troller that they have been designated level three fiscal stress, shallA. 3081 5 1 be required to fulfill the following conditions within the next succeed- 2 ing fiscal year: 3 (i) develop a corrective action plan that details specific courses of 4 action that have been taken or will be taken to address the fiscal 5 stress identified by the comptroller; and 6 (ii) adopt a four-year financial plan in such form as may be 7 prescribed by the comptroller. 8 b. (i) The chief executive officer or individual or body responsible 9 for the preparation of the tentative budget, until otherwise notified by 10 the comptroller, shall annually submit the tentative budget for the next 11 succeeding fiscal year and the proposed four-year financial plan for 12 review by the comptroller. Such tentative budget shall be submitted to 13 the comptroller within five days after its preparation, but in no event 14 later than thirty days prior to the commencement of the next succeeding 15 fiscal year. The proposed four-year financial plan shall be submitted at 16 the same time as the tentative budget. The comptroller shall in each 17 such year examine such tentative budget and financial plan and make 18 recommendations thereon to the municipality, within fifteen days of 19 receipt thereof. Such recommendations shall be made after review of the 20 estimates of revenues and expenditures of such municipality and such 21 other information as the comptroller deems appropriate, and shall be 22 made prior to the adoption of the final budget. At least forty-eight 23 hours prior to the adoption of the final budget, the chief executive 24 officer or individual or body responsible for the preparation of the 25 tentative budget of the municipality shall prepare a response to the 26 comptroller's recommendations. Such response shall include, with respect 27 to each recommendation, an acceptance statement for actions taken or 28 proposed to be taken and if no action is warranted or is to be taken or 29 proposed, a local law shall be proposed by the chief executive officer 30 and must be approved by a majority of the governing body. The comp- 31 troller's recommendations and the acceptance statement and rejected 32 recommendations thereto shall be distributed to each member of the 33 governing body, filed with the clerk of the municipality and made a part 34 of the budget document. When so filed, such response shall be a public 35 record open to inspection by any interested person. The response shall 36 also be delivered to the state division of the budget, the office of the 37 state comptroller, the chair of the assembly ways and means committee 38 and the chair of the senate finance committee. 39 (ii) Notwithstanding the provisions of section thirty of this chapter, 40 the chief fiscal officer of the municipality, until otherwise notified 41 by the comptroller, shall submit the annual financial report no later 42 than thirty days from the close of the fiscal year for which the report 43 is prepared. 44 § 65. Fiscal crisis. 1. Based upon the comptroller's review of annual 45 financial report data and other appropriate data and information pursu- 46 ant to section sixty-one of this article, the comptroller shall identify 47 those municipalities that fit within any of the following criteria: 48 a. the municipality had unplanned general fund operating deficit that 49 exceeded twenty percent of general fund expenditures as of the close of 50 the last preceding fiscal year and had an unappropriated or unreserved 51 fund balance deficit that exceeds twenty-five percent of the expendi- 52 tures in the general fund as of the close of the last preceding fiscal 53 year; 54 b. twice, within a five-year period, the municipality either has been 55 authorized pursuant to law to issue, and has adopted resolutions author- 56 izing the issuance of, bonds to finance a deficit, and/or directly orA. 3081 6 1 indirectly utilized the proceeds of debt issued by any public benefit 2 corporation or not-for-profit corporation to fund a deficit of the muni- 3 cipality; 4 c. the municipality, due to conditions of fiscal stress, has defaulted 5 in the payment of principal or interest on its bonds or notes, or such 6 default is imminent; 7 d. the municipality, due to conditions of fiscal stress or negative 8 credit factors, is unable to sell its obligations in the general public 9 market. 10 2. a. For each municipality identified pursuant to subdivision one of 11 this section, the comptroller shall notify the chief executive officer, 12 chief fiscal officer and governing body of the affected municipality 13 that the municipality has fallen within the criteria set forth in subdi- 14 vision one of this section and of their designation of fiscal crisis. 15 The notification shall include details of the determination and the 16 criteria used. Such notification shall be made in such manner as the 17 comptroller deems appropriate. The chief executive officer and governing 18 body of the municipality, upon notification by the comptroller that they 19 have been designated fiscal crisis, shall be required to fulfill the 20 following conditions within the next succeeding fiscal year: 21 b. Each municipality identified as fiscal crisis shall be subject to 22 the provisions of this section, and such requirements of sections 23 sixty-two, sixty-three and sixty-four of this article as the comptroller 24 shall deem appropriate. 25 3. The comptroller shall, within forty-five days after notifying a 26 municipality of their designation of fiscal crisis, introduce program 27 legislation authorizing the creation of a financial control board as 28 defined in this article for the affected municipality. The comptroller 29 shall present a report detailing the designation of fiscal crisis for 30 the affected municipality and their recommendations regarding the need 31 for a financial control board to the governor, speaker of the assembly 32 and temporary president of the senate no later than thirty days after 33 the introduction of the program legislation. The assembly ways and 34 means committee and senate finance committee shall hold a joint legisla- 35 tive hearing on the affected municipality and the proposed imposition of 36 a financial control board no later than fourteen days after receiving 37 such report from the comptroller. The assembly and senate shall have 38 eight months after such hearing is held to either approve or disapprove 39 the comptroller's program legislation creating a financial control board 40 for the affected municipality. 41 4. The municipality shall not issue any further bonds or bond antic- 42 ipation notes unless and until the affordability of such additional debt 43 to the tax base supporting the indebtedness has been reviewed by the 44 comptroller and the terms of the debt is approved by the comptroller. 45 The municipality shall respond in writing to recommendations, if any, 46 which the comptroller may make thereon. The comptroller may require the 47 chief fiscal officer of the municipality to prepare and submit (a) a 48 plan which details the projected fiscal impact of the proposed issuance 49 of bonds or bond anticipation notes including financing costs, future 50 direct and indirect operating costs of, and any resulting revenues from, 51 the object or purpose to be financed; and (b) an analysis of the afford- 52 ability to the tax base supporting the debt service or the bonds or 53 notes. The comptroller may require such other information as the comp- 54 troller deems necessary to complete the review of affordability. The 55 comptroller shall make any recommendations and approve or disapproveA. 3081 7 1 within thirty days of receipt of all information necessary to complete 2 the review of affordability. 3 5. Notwithstanding any other provision of law, no municipality which 4 is subject to this section shall file any petition authorized by title 5 six-A of article two of the local finance law. 6 § 66. New York state board of local government deficit financing 7 authorization. 1. a. There is hereby created the New York state board 8 of local government deficit financing authorization which shall have and 9 exercise the powers and duties set forth in subdivision two of this 10 section. 11 b. Such board shall consist of five members as follows: one of the 12 members shall be appointed by the governor, who shall be the chair, one 13 of the members shall be appointed by the temporary president of the 14 senate, one of the members shall be appointed by the speaker of the 15 assembly, one of the members shall be appointed by the minority leader 16 of the senate and one of the members shall be appointed by the minority 17 leader of the assembly. Each member of the board shall be entitled to 18 designate a representative to attend meetings of the board in his or her 19 place, and to vote or otherwise act on his or her behalf in his or her 20 absence. Notice of such designation shall be furnished in writing to the 21 board by the designating member. A representative shall serve at the 22 pleasure of the designating member during the member's term of office. A 23 representative shall not be authorized to delegate any of his or her 24 duties or functions to any other person. 25 c. The members of the board shall serve for a term of one year. 26 d. Three members of the board shall constitute a quorum, and the board 27 shall have the power to act by a majority vote of the total number of 28 members of the board without a vacancy. 29 e. The members of the board shall not receive compensation but shall 30 be reimbursed for actual and necessary expenses incurred in the perform- 31 ance of their official duties. 32 2. a. The board shall have the power to authorize the issuance of 33 bonds by a municipality to fund a deficit existing as of the close of 34 the last preceding fiscal year of the municipality or projected to exist 35 as of the close of the current fiscal year of the municipality. 36 b. The board shall only be authorized to authorize the issuance of 37 bonds by a municipality to fund such a deficit upon a: (i) two-thirds of 38 the total membership of the legislative body of a municipality; or (ii) 39 the chief executive officer of a municipality concurred in by a majority 40 of the total membership of the legislative body for such municipality; 41 and (iii) a designation of level three fiscal stress pursuant to section 42 sixty-four of this article; or (iv) a designation of fiscal crisis 43 pursuant to section sixty-five of this article. 44 c. Prior to the board authorizing the issuance of bonds to fund such a 45 deficit pursuant to this subdivision, the comptroller shall first review 46 and confirm the existence of the deficit, as well as certify the amount 47 of the deficit. As soon as practicable after the request to the board is 48 made, but in no event prior to the close of the current fiscal year of 49 the municipality in the case of a projected deficit, the municipality 50 shall prepare a report detailing the amount and cause of the deficit and 51 submit to the comptroller such report, together with the municipality's 52 independent audit report for its last completed fiscal year, if any such 53 audit report has been or is to be prepared, and such other information 54 as the comptroller may deem necessary. Within thirty days after receiv- 55 ing all necessary reports and information, the comptroller shall: (i)A. 3081 8 1 perform such reviews as may be necessary; (ii) confirm the existence and 2 certify the amount of the deficit; and (iii) so notify the board. 3 d. After the comptroller notifies the board of the existence of the 4 deficit and the amount of the deficit as certified by the comptroller, 5 the board shall then make a determination whether to authorize the issu- 6 ance of bonds by the municipality to fund the deficit. In making such a 7 determination, the board may consider several factors, including, but 8 not limited to: 9 (i) the size of the deficit as a percentage of the municipality's 10 overall budget; 11 (ii) the ability of the municipality to liquidate the deficit by means 12 other than through the issuance of bonds; 13 (iii) the existence of deficits in the past five years and the actions 14 taken by the municipality to liquidate the deficit; 15 (iv) other factors as deemed relevant by the board. 16 e. Once the board has determined that a municipality shall have 17 authorization for the issuance of bonds pursuant to this section, the 18 board shall issue a written instrument authorizing the municipality to 19 issue bonds in the amount of the deficit, as certified by the comp- 20 troller pursuant to paragraph c of this subdivision. In anticipation of 21 the issuance of such bonds, bond anticipation notes may be issued by the 22 municipality. 23 f. It is hereby determined that the financing of deficits as hereinbe- 24 fore described is an object or purpose of the municipality for which 25 indebtedness may be incurred, the period of probable usefulness of which 26 is determined to be ten years, computed from the date of such bonds or 27 the date of the first bond anticipation note issued in anticipation of 28 the sale of such bonds, whichever is earlier. The board, in authorizing 29 the issuance of bonds, may prescribe a maximum maturity of the bonds, 30 not to exceed ten years, computed from the date of such bonds or the 31 date of the first bond anticipation note issued in anticipation of such 32 bonds, whichever is earlier. 33 g. The board shall make a determination whether to authorize the issu- 34 ance of bonds to finance a deficit pursuant to this subdivision within 35 thirty days of receiving the report from the comptroller pursuant to 36 paragraph c of this subdivision. 37 3. A municipality that has requested authorization to issue bonds to 38 fund a deficit pursuant to this section may issue bond anticipation 39 notes for a term not to exceed one year for the purpose of liquidating 40 such deficit prior to a determination by the board to authorize the 41 issuance of bonds by the municipality to fund the deficit pursuant to 42 this section. In the event that bond anticipation notes are issued in an 43 amount in excess of the amount of such deficit as certified by the comp- 44 troller, such municipality shall, from funds other than proceeds of 45 bonds or bond anticipation notes, either redeem such bond anticipation 46 notes in the amount by which the amount of such bond anticipation notes 47 exceed the amount of such deficit as certified by the comptroller or 48 deposit a sum equal to the amount by which such bond anticipation notes 49 exceed the amount of such deficit as certified by the comptroller into a 50 reserve fund for the payment of bonded indebtedness established pursuant 51 to section six-h of this chapter. In the event that bond anticipation 52 notes are issued and the board does not authorize the issuance of bonds 53 to finance such deficit, such municipality shall, from funds other than 54 the proceeds of bonds or bond anticipation notes, redeem the full amount 55 of such bond anticipation notes.A. 3081 9 1 4. The determination of the board whether to authorize the issuance of 2 bonds pursuant to this section shall be deemed final and may only be 3 subject to review by a proceeding commenced under article seventy-eight 4 of the civil practice law and rules, provided that such proceeding is 5 commenced within thirty days of the notice of the determination given by 6 certified mail return receipt requested rendering such final determi- 7 nation. 8 5. The comptroller shall provide all necessary assistance to the board 9 including, but not limited to, staffing and support, so that the board 10 may carry out its powers and duties pursuant to this section. 11 6. To facilitate the marketing of bonds authorized pursuant to law to 12 be issued to fund a deficit, the municipality may, notwithstanding any 13 limitation on the private sales of bonds provided by law and subject to 14 the approval of the comptroller of the terms and conditions of such 15 sales: (a) arrange for the underwriting of such bonds at private sale 16 through negotiated fees or by sale of such bonds to an underwriter at a 17 price less than the sum of par value of, and the accrued interest on, 18 such obligations; or (b) arrange for the private sale of such bonds 19 through negotiated agreement, with compensation for such sales to be 20 provided by negotiated agreement and/or negotiated fee, if required. 21 The cost of such underwriting or private placement shall be deemed a 22 preliminary cost for purposes of section 11.00 of the local finance law. 23 7. Except as provided in this article, all proceedings in connection 24 with the issuance of bonds or bond anticipation notes authorized to be 25 issued pursuant to this section shall be had and taken in accordance 26 with the provisions of the local finance law, provided, however, that 27 any resolution or resolutions authorizing the issuance of such bonds 28 shall not be subject to either a mandatory or permissive referendum. 29 8. A municipality which is hereafter authorized pursuant to law to 30 issue bonds to fund a deficit: 31 a. Shall be subject to such requirements of subdivision two of section 32 sixty-four of this article as the comptroller deems appropriate. 33 b. In any fiscal year beginning with the fiscal year in which the 34 municipality issues debt to fund such deficit, to and including the last 35 fiscal year during which such debt or any debt incurred to refund such 36 debt is outstanding, the municipality shall not issue any further bonds 37 or bond anticipation notes unless and until the affordability of such 38 additional debt to the tax base supporting the indebtedness has been 39 reviewed by the comptroller and the municipality has responded in writ- 40 ing to recommendations, if any, which the comptroller may, in his 41 discretion, make thereon. The comptroller may require the chief fiscal 42 officer of the municipality to prepare and submit: (i) a plan which 43 details the projected fiscal impact of the proposed issuance of bonds or 44 bond anticipation notes including financing costs, and future direct and 45 indirect operating costs of, and any resulting revenues from, the object 46 or purpose to be financed; and (ii) an analysis of the affordability to 47 the tax base supporting the debt service on the bonds or notes. The 48 comptroller may require such other information as the comptroller deems 49 necessary to complete the review of affordability. The comptroller shall 50 make any recommendations within thirty days of receipt of all informa- 51 tion necessary to complete the review of affordability. 52 c. For each fiscal year occurring during the time deficit bonds or 53 notes are outstanding, the chief fiscal officer of the municipality on 54 whose behalf such deficit bonds or notes have been issued shall monitor 55 its budgets and for each budget, prepare a quarterly report of summa- 56 rized budget data depicting overall trends of actual revenues and budgetA. 3081 10 1 expenditures for the entire budget rather than individual line items. 2 Such reports shall compare revenue estimates and appropriations as set 3 forth in such budget with the actual revenues and expenditures made to 4 date. All quarterly reports shall be accompanied by a recommendation by 5 the chief executive officer setting forth any remedial action necessary 6 to resolve any unfavorable budget variance including the overestimation 7 of revenues and the underestimation of appropriations, and shall be 8 completed within thirty days of the end of each quarter. The above quar- 9 terly budgetary report shall be prepared in accordance with generally 10 accepted accounting principles. These reports shall be submitted to the 11 local governing body and chief executive officer of such municipality, 12 the state director of the budget, the state comptroller, the chairman of 13 the assembly ways and means committee and the chairman of the senate 14 finance committee. 15 d. Paragraphs a, b and c of this subdivision shall also apply to any 16 municipality that directly or indirectly utilizes the proceeds of debt 17 issued by any public benefit corporation or not-for-profit corporation 18 to fund a deficit of the municipality. Any such municipality shall 19 comply with such paragraphs beginning with its fiscal year in which such 20 debt has been issued, to and including the last fiscal year during which 21 such debt or any debt to refund such debt is outstanding. 22 § 67. Inconsistency with other laws. To the extent this article is 23 inconsistent with any general, special or local law concerning budget 24 procedures, this article shall apply. 25 § 68. Notice of benchmarks and additional criteria. The comptroller, 26 at least biennially, shall provide to municipalities notice, in such 27 manner as the comptroller deems appropriate, of all benchmarks, all 28 commonly accepted criteria or fiscal stress or susceptibility to fiscal 29 stress, and any definition of non-recurring revenues as may be specified 30 by the comptroller for purposes of this article. 31 § 69. Reports. Not later than December thirty-first of each year, the 32 comptroller shall file an annual report with the governor, the chair of 33 the senate finance committee, the chair of the assembly ways and means 34 committee, and the state director of the budget on the financial condi- 35 tion, during their last completed fiscal years, of the municipalities 36 which are subject to the provisions of section sixty-three, sixty-four, 37 sixty-five or sixty-six of this article. The report shall be in suffi- 38 cient form and detail to permit an accurate depiction of the financial 39 condition of each such municipality. The comptroller shall also notify 40 the governor, the chair of the senate finance committee, the chair of 41 the assembly ways and means committee, and the state director of the 42 budget, as soon as practicable, in any case where the comptroller has 43 identified a municipality pursuant to section sixty-three, sixty-four or 44 sixty-six of this article. 45 § 69-a. No duplication. Nothing in this article shall be interpreted 46 to require either the comptroller or a municipality to duplicate an 47 oversight or reporting function due to the application of more than one 48 provision of this article or any other related provision of law to such 49 function. 50 § 3. This act shall take effect immediately. Effective immediately 51 the addition, amendment and/or repeal of any rule or regulation neces- 52 sary for the implementation of this act on its effective date are 53 authorized to be made and completed on or before such date.
