a. No public hearing on a proposed local law shall be held by a council committee, and no proposed local law shall be voted on by the council, unless: (i) the council committee, the council, or the speaker has provided no fewer than 8 days’ notice of such hearing or the council’s intent to vote on such proposed local law, as applicable, to the director of management and budget, provided that such notice shall not be required if the mayor shall have certified as to the necessity for the immediate passage of such local law; and (ii) such proposed local law is accompanied by a fiscal impact statement containing the information set forth in subdivision c of this section.
b. No proposed budget modification shall be voted on by a council committee or the council unless such budget modification is accompanied by a fiscal impact statement containing the information set forth in subdivision c of this section.
c. A fiscal impact statement required by subdivision a of this section shall contain estimates from the council and the office of management and budget, provided, however, that an estimate from the office of management and budget shall not be required where such office has not provided such estimate to the council at least 3 days before a hearing or vote subject to such subdivision a. A fiscal impact statement required by subdivision b of this section need only contain an estimate from the council. Each such estimate in a fiscal impact statement shall: indicate the fiscal year in which the proposed law or modification would first become effective and the first fiscal year in which the full fiscal impact of the law or modification is expected to occur; and contain an estimate of the fiscal impact of the law or modification on the revenues and expenditures of the city during the fiscal year in which the law or modification is to first become effective, during the succeeding fiscal year, and during the first fiscal year in which the full fiscal impact of the law or modification is expected to occur.
d. All agency heads shall promptly provide to any council committee any information that it requests to assist it in preparing a fiscal impact statement.
e. Each estimate contained in a fiscal impact statement shall identify the sources of information used in its preparation.
f. If the estimate contained in a fiscal impact statement is inaccurate, such inaccuracy shall not affect, impair, or invalidate the local law or budget modification.
(Am. L.L. 2024/117, 12/3/2024, eff. 12/3/2024)