N.Y. Public Housing Law § 646: Audit and annual reports

§ 646. Audit and annual reports. The trust shall have an internal

audit function and shall annually prepare and submit reports as required

by this section, provided that no report shall be required during the

earlier of the first year after the trust commences its operations or

one year and nine months after the effective date of this section.

1. Within one one hundred twenty days of the end of the city's fiscal

year, the trust shall submit to the mayor of the city, the recognized

citywide council of presidents, or an equivalent successor body, and the

NYCHA board a report on its operations during such fiscal year. An

annual audit of the trust shall be conducted by an independent certified

public accountant, and the trust's independently audited financial

statements shall be included in this report. The report shall also

detail the extent of completion of all projects for development, design,

construction, reconstruction, improvement, rehabilitation, repairing and

operation of housing facilities, including, by project, identified

shortfalls in schedule performance and providing explanation for such

shortfalls. Such report shall detail the extent of completion as existed

on the last day of the city's fiscal year. Such report shall also

include a description of each alternative project delivery contract,

information regarding the procurement process for each such alternative

project delivery contract including the list of responding entities that

demonstrated the general capability to perform such alternative project

delivery contract pursuant to paragraph (a) of subdivision one of

section six hundred thirty-four of this article, the total cost of each

alternative project delivery contract, an explanation of the estimated

savings attributable from the alternative project delivery contract

structure used, and the participation rate of and total dollar value of

monies paid to minority and women owned business enterprises under such

contract. Such report shall also include a description of the employment

and other economic opportunities directed to residents of the housing

facilities, such as reporting related to section three of the federal

housing and urban development act of nineteen hundred sixty-eight, as

amended, pursuant to subdivision three of section six hundred thirty-one

of this article. Such report shall also include (i) an assessment of the

effectiveness of internal controls, (ii) organization chart, (iii)

salary information for all employees, (iv) debt issuance information

(including outstanding debt and any new debt to be issued, costs of

issuance data, bonds redeemed), (v) certain summary financial

information, including receipts and disbursements, as well as assets and

liabilities, (vi) annual procurement report, (vii) investment of agency

funds information, (viii) information regarding the disposition of

tenant complaints, maintenance of apartments and facilities, and other

information pertaining to the rights of tenants to remain in their

apartment; and (ix) information regarding the level of outreach to, and

participation of, residents related to the trust. The trust shall

transmit the portion of such report relating to alternative project

delivery contracts to the governor, the temporary president of the

senate and the speaker of the assembly. Such report shall be made

publicly available.

2. On the last business day in November of each calendar year, the

trust shall submit a report describing its strategic planning framework

for the upcoming calendar year to the mayor of the city and to the NYCHA

board. Such report shall describe any capital improvements to be

undertaken and the approximate costs of such improvements and shall

provide information regarding operations, programs, and services of the

trust. The trust shall present a draft of this report at a meeting of

the board scheduled to occur no less than forty-five calendar days prior

to the last business day in November. The trust shall make such draft

available for public review no less than fifteen calendar days before

such meeting. The trust shall offer the public an opportunity to provide

oral comment on the report at such meeting and to submit written

comments to the trust until a specified date prior to the date on which

the report is finalized. The trust shall consider all comments received

during such period prior to finalizing the report required by this

subdivision.