Section 6 - Enacted without section heading(a) For each fiscal year occurring during the time bonds and/or bond anticipation notes issued pursuant to this act are outstanding, the chief executive officer and the chief fiscal officer, as such terms are defined in paragraphs 5 and 5-a of section 200 of the local finance law, of the city of Troy, shall monitor all budgets and, for each such budget, such chief fiscal officer shall prepare a quarterly report of summarized budget data depicting overall trends of actual revenues and budget expenditures for the entire budget rather than individual line items. Such reports shall compare revenue estimates and appropriations as set forth in such budget with the actual revenues and expenditures made to date. All quarterly reports shall be accompanied by a recommendation from the chief executive officer or the chief fiscal officer to the city council setting forth any remedial action necessary to resolve any unfavorable budget variance including the overestimation of revenues and the underestimation of appropriations. The chief fiscal officer shall also prepare a quarterly trial balance of general ledger accounts. The above quarterly budgetary report and trial balance shall be prepared in accordance with generally accepted accounting principles and shall include the general, water, sewer, and general debt service funds. These reports shall be completed within sixty days after the end of each quarter and shall be submitted to the chief executive officer, each member of the city council, the supervisory board, the state comptroller, the director of the budget, the chair of the assembly ways and means committee and the chair of the senate finance committee.(b) The state comptroller shall examine such quarterly reports in a timely fashion and make recommendations thereon to the chief executive officer, the chief fiscal officer and the city council. The state comptroller shall be required to submit a copy of any such recommendations to the director of the budget, the chair of the senate finance committee, the chair of the assembly ways and means committee, and the supervisory board. The chief executive officer shall be required to submit, within fifteen days, a written response to any recommendations made by the state comptroller, to the city council, the state comptroller, the director of the budget, the chair of the senate finance committee, the chair of the assembly ways and means committee, and the supervisory board. If the city of Troy does not provide any report as specified above, or respond to the recommendations made by the state comptroller, the state comptroller shall notify the chief executive officer, the chief fiscal officer and the city council of such noncompliance. If said report or response is not submitted to the state comptroller within fifteen days after such notification, the city of Troy shall not issue any bonds or notes until such information is provided.(c) Except during an emergency period, for each fiscal year occurring during the time bonds and/or bond anticipation notes issued pursuant to this act are outstanding, the chief fiscal officer shall submit a tentative budget to the supervisory board within five days after its preparation, and shall submit the adopted budget to the supervisory board within five days after its adoption. During an emergency period, a financial plan shall be submitted to the supervisory board in accordance with subdivision (d) of this section.(d) Pursuant to the procedures contained in this subdivision, each year during any emergency period the city of Troy shall develop, and may from time to time modify, with the approval of the supervisory board, a four year financial plan covering the city of Troy and the covered organizations. Each such financial plan and financial plan modification shall conform to the requirements of paragraph (i) of this subdivision and shall provide that the operating and capital funds of the city of Troy will be balanced in accordance with generally accepted accounting principles. The financial plan shall be developed and approved, and may from time to time be modified, with the approval of the supervisory board, in accordance with the following procedures:(i) Commencing with the city of Troy's fiscal year beginning January 1, 1996, and not later than fifty days prior to the beginning of such fiscal year and each fiscal year thereafter during any emergency period, or such other date as the supervisory board may approve at the request of the city of Troy, the city of Troy shall prepare and submit a financial plan to the supervisory board covering the four year period beginning with such fiscal year. On such dates, the chief executive officer shall also submit to the supervisory board the city of Troy's proposed operating and capital budgets for the ensuing fiscal year and a certificate of the chief executive officer stating that such budgets are consistent with the financial plan submitted therewith and that operation within the budgets is feasible.(ii) Not more than forty-five days after submission of a financial plan or more than thirty days after submission of a financial plan modification, the supervisory board shall determine whether the financial plan or financial plan modification is complete and complies with the provisions of this subdivision and shall approve or disapprove the financial plan or financial plan modification in accordance with the provisions of this subdivision.(iii) If the supervisory board determines that the financial plan or financial plan modification is complete and compiles with the standards set forth in this paragraph, the supervisory board shall approve the financial plan or financial plan modification. Upon making such determination, the supervisory board shall make a certification to the city of Troy setting forth revenue estimates approved by the supervisory board in accordance with such determination.(iv) The supervisory board shall disapprove, by resolution, the financial plan proposed by the city of Troy if, in the judgment of the supervisory board, such plan: (B) fails to contain projections of revenues and expenditures that are based on reasonable and appropriate assumptions and methods of estimation;(C) fails to provide that operations of the city of Troy and the covered organizations will be conducted within the cash resources available according to the supervisory board's revenue estimates; or(D) fails to comply with the provisions of this subdivision;(v) In disapproving a financial plan or financial plan modification proposed by the city of Troy, the supervisory board shall direct that the aggregate expenditures in any period conform to the revenue estimates certified by the supervisory board to achieve the objectives set forth in this subdivision.(vi) In the event that the city of Troy shall, for any reason, fail to submit a financial plan, as required pursuant to paragraph (i) of this subdivision, or to adopt a financial plan approved by the supervisory board, or in the event that the supervisory board has not, for any reason permitted under this act, approved a financial plan submitted by the city of Troy, the supervisory board, after enactment of a resolution so finding, shall formulate and adopt a financial plan to be effective until the supervisory board approves a financial plan submitted by the city of Troy. All budgets and operations of the city of Troy or a covered organization shall be in conformance and compliance with the financial plan then in effect.(vii) After the initial adoption of the financial plan, the revenue estimates certified by the supervisory board and the financial plan shall be regularly reexamined by the supervisory board in consultation with the city of Troy and the covered organizations and the city of Troy shall provide a modified financial plan in such detail and within such time periods as the supervisory board may require. In the event of reductions in such revenue estimates, or in the event the city of Troy or a covered organization shall expend funds at a rate that would exceed the aggregate expenditure limitation for the city of Troy or covered organization prior to the expiration of the fiscal year, the city of Troy shall submit a financial plan modification to effect such adjustments in revenue estimates and reductions in total expenditures as may be necessary to conform to such revised revenue estimates or aggregate expenditure limitations. If, within a time period specified by the supervisory board, the city of Troy fails to make such modifications after reductions in revenue estimates, or to provide a modified plan in detail and within such time period required by the supervisory board, the supervisory board, after enactment of a resolution so finding, may formulate and adopt such modifications to the financial plan, such modifications to become effective on their adoption.(viii) The city of Troy may, from time to time, submit financial plan modifications for review by the supervisory board. The supervisory board shall approve such modifications unless, in the judgment of the supervisory board, such modifications would constitute grounds for disapproval of a financial plan pursuant to paragraph (iv) of this subdivision.(e) The financial plan shall be in such form and shall contain such information for each year during which the financial plan is in effect as the supervisory board may specify, and shall include the city of Troy and all the covered organizations, and shall, in such detail as the supervisory board from time to time prescribe, include statements of all estimated revenues and of all expenditures and cash flow projections of the city of Troy and each of the covered organizations.(f) The financial plan shall, except to the extent waived by the supervisory board with respect to any limited period, include any information which the supervisory board may request to satisfy itself that (i) projected employment levels, collective bargaining agreements and other action relating to employee costs, capital construction and such other matters as the supervisory board may specify, are consistent with the provisions made for such obligations in the financial plan, (ii) the city of Troy and the covered organizations are taking whatever action is necessary with respect to programs mandated by state and federal law to ensure that expenditures for such programs are limited to and covered by the expenditures stated in the financial plan, and (iii) adequate reserves are provided to maintain essential programs in the event revenues have been overestimated or expenditures underestimated for any period.(g) For each financial plan and financial plan modification to be prepared and submitted by the city of Troy to the supervisory board pursuant to the provisions of this section, the covered organizations shall submit to the city of Troy such information with respect to their projected expenditures, revenues and cash flows for each years covered by such financial plan or modification as the city of Troy shall determine. Notwithstanding any other provision of law limiting the authority of the city of Troy with respect to any covered organization, the city of Troy, in the preparation and submission of the financial plan and modifications thereof, shall (except for debt service or for other expenditures to the extent that such expenditures are required by law) have the power to determine the aggregate expenditures to be allocated to any covered organization in the financial plan and any modifications thereto.N.Y. City of Troy Issuance of Serial Bonds Law § 6