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Between the sixth day of May and the twenty-fifth day of May, the council shall hold public hearings on the budget as presented by the mayor. The council may hold such hearings either as a body or by its finance committee or other committees. Officers of agencies and representatives of community boards and borough boards shall have the right, and it shall be their duty when requested by the council, to appear and be heard in regard to the executive budget and to the capital and service needs of the communities, boroughs and the city.
a. The council may not alter the budget as submitted by the mayor pursuant to section two hundred forty-nine except to increase, decrease, add or omit any unit of appropriation for personal service or other than personal service or any appropriation for any capital project or add, omit or change any terms or conditions related to any or all such appropriations; provided, however, that each increase or addition must be stated separately and distinctly from any items of the budget and refer each to a single object or purpose; and, provided, further, that the aggregate amount appropriated for capital projects shall not exceed the maximum amount of appropriations contained in the mayor's certificate issued pursuant to subdivision sixteen of section two hundred fifty.
b. The council shall consider, and act upon, all recommendations made by the borough presidents pursuant to section two hundred fifty-one of this chapter and all recommendations made by the mayor pursuant to paragraph thirteen of section two hundred fifty of this chapter.
c. The budget when adopted by the council shall become effective immediately without further action by the mayor, except that appropriations for the council or appropriations added to the mayor's executive budget by the council or any changes in terms and conditions, shall be subject to the veto of the mayor.
d. If an expense budget has not been adopted by the fifth day of June pursuant to subdivisions a and b of this section, the expense budget and tax rate adopted as modified for the current fiscal year shall be deemed to have been extended for the new fiscal year until such time as a new expense budget has been adopted.
e. If a capital budget and a capital program have not been adopted by the fifth day of June pursuant to subdivisions a and b of this section, the unutilized portion of all prior capital appropriations shall be deemed reappropriated.
a. The mayor, not later than the fifth day after the council has acted upon the budget or capital program submitted with the executive budget, may disapprove any increase or addition to the budget, any unit of appropriation, or any change in any term or condition of the budget. The mayor, by such date, may also disapprove any item or term or condition included in such budget pursuant to the provisions of section two hundred forty-three of this chapter. The mayor shall return the budget by that date to the council, setting forth objections in writing.
b. The council, by a two-thirds vote of all the council members, may override any disapproval by the mayor pursuant to subdivision a of this section; provided, however, that if no such action by the council is taken within ten days of such disapproval, the expense budget to which such disapprovals relate shall be deemed adopted as modified by the disapprovals by the mayor.
Not later than the day after the budget is finally adopted, the budget as finally adopted in such year shall be certified by the mayor, the comptroller and the city clerk as the budget for the ensuing fiscal year, and the several amounts therein specified as appropriations or units of appropriation shall be and become appropriated to the several purposes therein named, whether payable from the tax levy or otherwise and subject to the terms and conditions of the budget. The budget shall thereupon be filed in the offices of the comptroller and the city clerk, and shall be published forthwith. When finally adopted in accordance with sections two hundred fifty-four and two hundred fifty-five, such budget as adopted and as modified during the fiscal year in accordance with sections one hundred seven and two hundred sixteen shall have the force of law.
Not later than thirty days after the budget is finally adopted, the mayor shall prepare a statement of how the capital budget and program as finally adopted vary, if at all, from the ten-year capital strategy, submitted pursuant to section two hundred forty-eight. Such statement shall be published as an appendix to the ten year capital strategy.
a. The operations of the city shall be such that, at the end of the fiscal year, the results thereof shall not show a deficit when reported in accordance with generally accepted accounting principles unless such deficit is offset by funds withdrawn for such purpose from the revenue stabilization fund established pursuant to section one thousand five hundred twenty-eight. The mayor shall take all actions necessary in accordance with the provisions of the charter, including but not limited to section one hundred six, or other applicable law to ensure that the city is in compliance with this subdivision.
b. Pursuant to the procedures contained in subdivision c of this section, each year the mayor shall develop, and from time to time modify, a four year financial plan. Each such financial plan and financial plan modification shall comply with the requirements of subdivision d of this section and shall conform to the following standards:
(1) For each fiscal year, the city's budget covering all expenditures other than capital items shall be prepared and balanced so that the results thereof would not show a deficit when reported in accordance with generally accepted accounting principles, unless such deficit is offset by funds withdrawn for such purpose from the revenue stabilization fund established pursuant to section one thousand five hundred twenty-eight, and would permit comparison of the budget with the report of actual financial results prepared in accordance with generally accepted accounting principles.
(2) The city shall issue no obligations which shall be inconsistent with the financial plan prepared in accordance with this section.
(3) Provision shall be made for the payment in full of the debt service on all bonds and notes of the city and for the adequate funding of programs of the city which are mandated by state or federal law and for which obligations are going to be incurred during the fiscal year.
(4) All projections of revenues and expenditures contained in the financial plan shall be based on reasonable and appropriate assumptions and methods of estimation. All cash flow projections shall be based upon reasonable and appropriate assumptions as to sources and uses of cash (including but not limited to the timing thereof), and shall provide for operations of the city to be conducted within the cash resources so projected.
(5) A general reserve shall be provided for each fiscal year to cover potential reductions in projected revenues or increases in projected expenditures during each such fiscal year. The amount provided for such general reserve shall be estimated in accordance with paragraph four of this subdivision, but in no event shall it be less than one hundred million dollars at the beginning of any fiscal year.
(6) In the event that the results of the city's operations during the preceding fiscal year have not comported with subdivision a of this section, the first fiscal year included in any financial plan shall make provision for the repayment of any deficit incurred by the city during the preceding fiscal year.
c. The financial plan shall be developed and may from time to time be modified, in accordance with the following procedures:
(1) The mayor shall, in conjunction with the preliminary budget prepared pursuant to section one hundred one, prepare a financial plan covering the four ensuing fiscal years (the first year of which is the year for which such preliminary budget is being prepared) as well as updating the current fiscal year.
(2) After the preparation by the mayor of a financial plan in accordance with the preceding paragraph, the mayor shall reexamine, at least on a quarterly basis, the projections of revenues and expenditures and other estimates contained in the financial plan, and shall prepare modifications in accordance with the following procedures:
(a) The budget message, issued pursuant to section two hundred fifty of this chapter, shall include an update of the financial plan covering the four ensuing fiscal years (the first year of which is the year for which such budget message is being prepared) as well as an update for the current fiscal year.
(b) Not later than thirty days after the budget is finally adopted, the mayor shall issue an update of the financial plan covering the four ensuing fiscal years (the first year of which shall be the year for which such budget has been adopted) as well as an update for the fiscal year that is ending or has just ended. Such update shall reflect changes which were made in the budget in accordance with sections two hundred fifty-four and two hundred fifty-five; provided, however, that the budget adopted in accordance with such sections shall be consistent with the standards applicable to the financial plan set forth in this section.
(c) During the second quarter of the fiscal year, the mayor shall issue an update of the financial plan covering the fiscal year in which such quarter occurs and the three ensuing fiscal years.
(d) In addition, on such schedule as the mayor deems appropriate, the mayor may issue further updates of the financial plan during the fiscal year.
d. The financial plan shall include projections of all revenues, expenditures and cash flows (including but not limited to projected capital expenditures and debt issuances) and a schedule of projected capital commitments of the city. In addition, each financial plan and financial plan modification shall include a statement of the significant assumptions and methods of estimation used in arriving at the projections contained therein.
e. When the mayor issues modifications to the financial plan pursuant to subdivision c of this section, and such modifications would require the mayor to make a notification or submission to the council pursuant to subdivision b or e of section 107, the mayor shall make such notification or submission within 30 days of issuance of such modifications to the financial plan.
f. Notwithstanding any inconsistent provision of this charter, in the event of any change in generally accepted accounting principles, or change in the application of generally accepted accounting principles to the city, if the mayor determines that immediate compliance with such change will have a material effect on the city's budget over a time period insufficient to accommodate the effect without a substantial adverse impact on the delivery of essential services, the mayor may authorize and approve a method of phasing the requirements of such change into the budget over such reasonably expeditious time period as the mayor deems appropriate.
g. The powers, duties, and obligations set forth in this section shall be subject to the powers, duties, and obligations placed upon any state or local officer or agency, including but not limited to the New York state financial control board, by or pursuant to the New York State Financial Emergency Act for the City of New York, while such act remains in effect.
(Am. L.L. 2019/215, 12/11/2019, eff. 7/1/2020)
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