N.Y. Public Authorities Law § 1736: Funding of the authority

§ 1736. Funding of the authority. 1. Each year the authority shall

prepare and the board shall adopt an itemized estimate of the sum of

money it deems necessary from the city board to cover the authority's

operating expenses for the ensuing fiscal year. Such estimate shall take

into account any prior year's surplus and shall be delivered to the city

board for review at least ten business days prior to the date for

submission of the city board's annual estimate pursuant to section

twenty-five hundred seventy-six of the education law and shall be

included as part of such city board estimate. Upon appropriation of the

city's expense budget for such ensuing fiscal year, the amount of the

authority's estimate shall be paid to the authority by the city in

twelve equal payments, each payable on the first day of each month of

the fiscal year. The authority shall not be required to present any

vouchers for such payments, but shall issue quarterly reports not later

than thirty days after the end of each quarter comparing actual

expenditures to estimated expenditures and analyzing any significant

variances. The authority shall develop procedures to ensure that it

operates at all times within the amounts payable to it pursuant to this

section, after taking into account funds available to the authority for

such purpose from sources other than the city. Expenditures of the

authority from funds paid to it by the city shall be subject to audit by

the comptroller, who may recommend procedures designed to improve the

authority's accounting and expenditure control expenditures. In the

event the authority's cash flow projections require that funds be

advanced more rapidly during a fiscal year than would occur pursuant to

the payment dates set forth in this section, the authority shall advise

the city board, the director of management and budget and the

comptroller of such requirement. Such officials shall, in consultation

with the authority, develop a schedule of advance payments to the

authority designed to cover projected cash shortfalls during a fiscal

year and to provide the authority with cash balances at all times

sufficient to permit prompt payment of the authority's creditors.

2. The authority shall present vouchers for payment of costs incurred

for projects the detailed scope of which approval has been obtained and

for activities for which no such scope approval is required as provided

in section twenty-five hundred ninety-p of the education law to the

comptroller, which vouchers shall contain the following information:

the amounts to be paid; the payees; the project or purpose for which the

costs were incurred; a statement that the amounts to be paid are within

city capital budget appropriations available therefor; and, with respect

to projects for which scope approval has been obtained, a statement that

the amounts to be paid are in accordance with such approved project

scope. The authority shall not be required to furnish any additional

information prior to payment of a voucher pursuant to this subdivision,

and the comptroller is hereby authorized and directed to take such

actions as may be necessary to make such payment.

3. The authority shall not be deemed a "covered organization" as

defined in the New York state financial emergency act for the city of

New York.