N.Y. State Finance Law § 22-c: Capital program and financing plan

§ 22-c. Capital program and financing plan. The governor shall

annually submit to the legislature a capital program and financing plan

concurrent with the executive budget, in addition to the information

required by section twenty-two of this article. The plan shall contain a

comprehensive assessment of the capital assets and program needs of all

state agencies, a review and analysis of how such requirements would be

financed, an analysis of the affordability of state-supported debt, and

an analysis of all costs related to the financing of such plan.

1. When used in this section, the following terms shall have the

following meanings:

(a) "Comprehensive construction program" shall mean the categories or

groups of one or more capital appropriations which have a common

objective within a capital program.

(b) "Director" shall mean the director of the division of the budget

of the state of New York.

(c) "Pay-as-you-go" financing shall mean transfers from the general

fund to capital projects funds, and any taxes, user fees, repayment of

advances, or miscellaneous receipts from non-bond proceeds deposited to

capital projects funds.

(d) "Plan" shall mean the capital program and financing plan required

by this section.

(e) "State agency" shall mean any state department or agency,

including any public benefit corporation, except a public benefit

corporation whose members are appointed by the governing board or an

officer of a county, city, town or village, or other instrumentality of

the state.

(f) "State-supported debt" shall mean any bonds or notes issued by the

state or a state public corporation for which the state is

constitutionally obligated to pay debt service or is contractually

obligated to pay debt service subject to an appropriation, except where

the state has a contingent contractual obligation.

2. The governor and/or his or her designee shall conduct hearings

annually on the capital needs of the state at which state agencies shall

present an assessment of the needs of their capital programs. Such

hearings shall be open to the public who shall be afforded the

opportunity to comment.

3. The capital program and financing plan shall contain the following

information:

(a) A summary which shall include an overview of the major capital

programs, an explanation of the major sources of financing for such

plan, and an assessment of the fiscal impact of the plan's financing

methods on the financial plan of the state.

(b) For each major capital program which may include, but need not be

limited to, transportation, mental hygiene, public protection,

environment and recreation, education, housing and economic development,

and general government, the plan shall include the following:

(i) an overview of the capital program's goals and objectives, agency

responsibilities, prior capital program activities, accomplishments

during the prior fiscal year and an explanation of any significant

delays in achieving the prior fiscal year's plans, an explanation of how

any proposed capital funding will address continuing capital

requirements and new program initiatives, and an explanation of the

impact of the capital plan on the current and future operations of state

agencies and their ability to deliver services or accomplish their

missions;

(ii) a summary of the capital program's remaining existing

appropriations and anticipated future appropriations by each

comprehensive construction program and fund for the current fiscal year

and each of the next five fiscal years;

(iii) a summary of the capital program's projected capital

construction contract commitments for the current fiscal year and each

of the next five fiscal years and a comparison with previous commitment

plans;

(iv) a summary of the capital program's estimated disbursements from

existing appropriations and from anticipated future appropriations by

each comprehensive construction program and fund for at least the prior

fiscal year, the current fiscal year and each of the next five fiscal

years, and a summary of how these estimated disbursements are

anticipated to be financed;

(v) a summary of maintenance activities which are anticipated to be

undertaken or continued in the next five fiscal years for the state's

capital programs and a summary of the scheduled maintenance requirements

developed pursuant to section twenty-six of this article; and

(vi) a summary schedule showing the age, condition and estimated

remaining useful life as of September thirtieth of each year for all

existing capital assets or capital asset types with a replacement cost

of not less than five million dollars, under the jurisdiction of all

state agencies subject to the provisions of this section.

(c) A statement of the mix of financing sources for the plan which

shall include, for the current fiscal year and each of the next five

fiscal years, the following:

(i) the annual total of pay-as-you-go financed capital disbursements

proposed for each capital program, by agency, and the annual total of

pay-as-you-go financed capital disbursements as a percentage of the

annual total of capital projects disbursements;

(ii) the annual total of bond-financed capital disbursements proposed

for each capital program, by agency, identified separately for general

obligation bonds and revenue bonds of the state, and any other bonds,

and the annual total of bond-financed capital disbursements as a

percentage of the annual total of capital projects disbursements;

(iii) the annual total of federal-grant-financed capital disbursements

for each capital program, by agency, and the annual total of

federal-grant-financed capital disbursements as a percentage of the

annual total of capital projects disbursements;

(iv) schedules of the projected annual state-supported bond issuances,

proposed for each capital program, by agency, by issuer, and an analysis

of existing debt authorizations and the need for any additional

authorizations;

(v) schedules of projected outstanding bonds, including retirements by

year identified separately for state-supported bond issuances by issuer,

and by capital program by agency, where practicable;

(vi) schedules of the projected personal income of the state and the

projected ratio of outstanding state-supported bonds to personal income;

(vii) schedules of projected state-supported debt service costs by

issuer, and by capital program by agency, where practicable; and

(viii) an analysis of trends in municipal bond interest rates and an

explanation of the interest rate assumptions, timing of principal and

interest payments, and the timing and size of projected state-supported

bond sales used in the debt service projections.

(d) The capital program and financing plan, which is current, accurate

and reflective of all previous legislative enactments and of the

governor's plan, shall also include the following: A detailed schedule,

by state agency and for each state agency by fund, of all capital

projects which the governor recommends or anticipates be undertaken or

continued by any state agency in the next five fiscal years, which shall

provide the following information for each such capital projects:

(i) a capital plan project reference number which shall be

consistently assigned each year solely to such project,

(ii) a description of the project in less than thirty words,

(iii) an indication of the category into which the project has been

classified in the capital plan,

(iv) the estimated total cost of the project,

(v) the total of all disbursements for the project made prior to the

then current fiscal year,

(vi) the total amount of disbursements for the project estimated to be

made during the current fiscal year and during each of the next ensuing

five fiscal years, provided however, that (A) the information required

by this subparagraph may be provided for groupings of projects in those

cases where the governor determines it cannot be provided on a project

by project basis, and (B) the total of all disbursements estimated in

accordance with the requirements of this subparagraph to be made for all

capital projects during the current fiscal year and during each of the

next ensuing five fiscal years, excluding those disbursements which are

estimated in accordance with the requirements of this subparagraph to be

made by public benefit corporations and which are not subject to

appropriations, shall be equal, respectively, to the total of all

disbursements estimated, in the financial projections required by

subdivisions one and three of section twenty-two of this article, to be

made for all capital projects during the then current fiscal year and

during each of the next ensuing five fiscal years,

(vii) the estimated date of project completion,

(viii) the amount of the project cost for which the state or state

agency will be contractually obligated as of the close of the then

current fiscal year, and

(ix) subtotals of the information required by subparagraphs four,

five, six and eight of this paragraph by agency and within each agency

for each of the categories into which the individual capital projects

appropriations are classified in the appropriations bill involved.

(e) A comprehensive financial report and plan for the dedicated

highway and bridge trust fund established by section eighty-nine-b of

this chapter, which shall be submitted to the comptroller at the same

time as the plan is submitted to the legislature, and which shall

include the following information pertaining to the dedicated highway

and bridge trust fund separately stated for the last completed fiscal

year, the current fiscal year and the next five fiscal years:

(i) a detailed description of all actual and projected revenues of the

dedicated highway and bridge trust fund, separately stating the amount

received or expected to be received from bond proceeds, and the amounts,

separately identified, received or expected to be received from taxes,

fees, transfers, or other sources;

(ii) a detailed description of actual or planned disbursements and

transfers from the dedicated highway and bridge trust fund, separately

stating in the aggregate the amounts disbursed or transferred or planned

to be disbursed or transferred for (A) debt service costs, (B) capital

project costs, (C) state operations costs, (D) costs of contracts for

engineering and similar or related services related to capital project

costs and state operations, and (E) the costs of state employees to

provide similar services on projects for which service contracts are not

expected to be used, and further separately stating the amounts of such

capital project and state operations costs disbursed or planned to be

disbursed for personal service and non-personal service costs

(f) For the preceding four fiscal years and the current fiscal year,

the bond coverage ratio on an annual basis, including the formula used

to compute such ratio and the source of that formula.

(g) An explanation of any deficit projected for the end of any fiscal

year covered by the plan stating whether the projected deficit is

expected to be caused by an imbalance between projected revenues and

projected expenditures, or by the timing of payments within a fiscal

year, or by other causes.

(h) A detailed description of actual or proposed appropriations and

reappropriations from the dedicated highway and bridge trust fund, and

the actual or planned disbursements pursuant to such appropriations and

reappropriations.

(i) An explanation of any actions proposed to be taken to achieve

increased opportunity for meaningful participation in the performance of

state contracts by minority and women-owned business enterprises in

accordance with article fifteen-A of the executive law, including a

compliance report to be submitted by July first of each year commencing

with the two thousand five--two thousand six fiscal year and for each

subsequent year thereafter that includes: all the items of information

required in accordance with regulations promulgated by the director of

the division of minority and women's business development in the

department of economic development under article fifteen-A of the

executive law; goals for participation by certified minority or

women-owned business enterprises for such fiscal year; and a description

of the types of expenditures, projects or contracts.

(j) Such other information as shall be necessary to present a full and

accurate description of the financial position of the dedicated highway

and bridge trust fund.

For the purposes of this subdivision, capital projects of less than

fifty thousand dollars may be grouped into appropriate categories.

4. (a) For the purposes of subdivision three of this section, the term

"state agency" shall mean any state department or agency, including any

public benefit corporation, except a public benefit corporation whose

members are appointed by the governing board or an officer of a county,

city, town or village, or other instrumentality of the state.

(b) For the purposes of subdivision three of this section, the term

"capital project" as defined in a subdivision two-a of section two of

this chapter shall include any project which is being, has been or is

proposed to be:

(i) financed by the issuance of bonds, notes or other evidences of

indebtedness of the state or any public benefit corporation thereof,

except a public benefit corporation whose members are appointed by the

governing board or an officer of a county, city, town or village;

(ii) funded by an appropriation from any fund of the state classified

by the comptroller, in accordance with section seventy of this chapter,

as a capital project fund; or

(iii) funded by an appropriation from any fund of the state, other

than a fund classified as a capital projects fund, where the specific

expenditure involved is declared by law to be for a capital project or

is determined to be for a capital project under standards as they may be

prescribed from time to time by the director with the concurrence of the

comptroller; provided further that

(iv) the governor may exempt from the requirements of subdivision

three of this section any project financed by public benefit corporation

programs which are used as sources of capital for private clients

provided that neither the state nor the public benefit corporation

involved are in any way liable for the debt of such projects, and he may

also exempt debt issued by the job development authority pursuant to

title eight of article eight of the public authorities law, and provided

further that any such exemptions shall not impair the effectiveness of

the capital plan being prepared and submitted pursuant to this

subdivision.

5. Within forty days following the submission of the budget submitted

annually by the governor to the legislature, in accordance with article

seven of the constitution, the director of the budget shall submit to

the chairs of the senate finance committee and the assembly ways and

means committee a listing of any changes to the capital program and

financing plan submitted originally with the executive budget. At the

same time, the director of the budget shall also submit to the

comptroller a copy of the portion of such listing showing any changes to

the comprehensive financial plan required by paragraph (e) of

subdivision three of this section.

6. By the later of July thirtieth or ninety days after the enactment

of all bills that constitute the budget by the legislature, the governor

shall submit to the legislature an update to the capital program and

financing plan, which shall contain such updated information in the same

form as prescribed in subdivision three of this section, and an

explanation of any changes from the previously submitted capital program

and financing plan. At the same time, the governor shall also submit to

the comptroller a copy of the portion of such update containing updated

information in the same form as prescribed by paragraph (e) of

subdivision three of this section, and an explanation of any changes to

the comprehensive financial plan required by paragraph (e) of

subdivision three of this section.