Bill Text: NY S06669 | 2019-2020 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Requires the metropolitan transportation authority to publish certain financial reports, including reports relating to revenue and expenditures of funds on the authority's website.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-02-25 - PRINT NUMBER 6669A [S06669 Detail]

Download: New_York-2019-S06669-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6669

                               2019-2020 Regular Sessions

                    IN SENATE

                                     August 23, 2019
                                       ___________

        Introduced  by  Sen.  RAMOS  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        AN ACT to amend the public authorities law, in relation to requiring the
          metropolitan transit authority to publish certain financial reports on
          the authority's website

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Section 1269-e of the public authorities law, as added by
     2  section 13 of part H of chapter 25 of the laws of 2009,  is  amended  to
     3  read as follows:
     4    §  1269-e.  Financial and operational reports.  1. The authority shall
     5  submit to the governor, the temporary president of the  senate  and  the
     6  speaker  of  the  assembly,  no  later  than  thirty  days following the
     7  submission of the annual independent audit report  pursuant  to  section
     8  twenty-eight  hundred two of this chapter, a complete detailed report or
     9  reports setting  forth,  to  the  extent  such  matters  are  not  fully
    10  addressed in the annual independent audit report, the following:
    11    [1.] (a) its financial reports, including:
    12    [a.]  (i)  audited  financials in accordance with all applicable regu-
    13  lations  and  following  generally  accepted  accounting  principles  as
    14  defined in subdivision ten of section two of the state finance law;
    15    [b.] (ii) grant and subsidy programs;
    16    [c.] (iii) operating and financial risks;
    17    [d.]  (iv) current ratings of its bonds issued by recognized municipal
    18  bond rating agencies and notice changes in such ratings; and
    19    [e.] (v) long-term liabilities, including leases and employee  benefit
    20  plans; and
    21    [2.]  (b)  an  assessment of the effectiveness of its internal control
    22  structure and procedures, including:
    23    [a.] (i) descriptions of the authority and its major units and subsid-
    24  iaries;

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10263-01-9
        S. 6669                             2

     1    [b.] (ii) the number of employees, and minority and  women  employees,
     2  for each;
     3    [c.] (iii) an organizational chart;
     4    [d.] (iv) its charter, if any and by-laws;
     5    [e.]  (v)  the  extent  of  participation  by minority and women owned
     6  enterprises in authority contracts and services in accordance with arti-
     7  cle fifteen-A of the executive law; and
     8    [f.] (vi) a listing of material changes  in  internal  operations  and
     9  programs during the reporting year.
    10    2.  (a) The authority shall publish data, as defined in section 23-501
    11  of  the  administrative code of the city of New York, on the authority's
    12  website pertaining to the finances of the  authority.  Such  data  shall
    13  include  all  financial  reports  of  the  authority, including, but not
    14  limited to, reports regarding: (i)  revenue;  (ii)  expenditures;  (iii)
    15  short term allocation of funds; and (iv) long term allocation of funds.
    16    (b)  The  data  required  to  be  published on the authority's website
    17  pursuant to paragraph (a) of this subdivision shall be updated at  least
    18  once every three months.
    19    (c)  The  data  required  to be published pursuant to this subdivision
    20  shall be public data sets and shall be accessible through the web portal
    21  established pursuant to chapter five of title twenty-three of the admin-
    22  istrative code of the city of New York.
    23    § 2. This act shall take effect immediately.