* § 7. Functions of the board. 1. In carrying out the purposes of this\nact, the board shall perform the following functions:\n a. In accordance with the provisions of section eight of this act, the\nboard shall (i) consult with the city and the covered organizations in\nthe preparation of the financial plan, and certify to the city the\nrevenue estimates approved therein, (ii) prescribe the form of the\nfinancial plan and the supporting information required in connection\ntherewith, and (iii) exercise the rights of approval, disapproval and\nmodification with respect to the financial plan, including but not\nlimited to the revenue estimates contained therein.\n b. The board, to the extent it deems it necessary or appropriate in\norder to accomplish the purposes of this act, shall establish and adopt\nprocedures with respect to the (i) proper maintenance of the board fund,\n(ii) the deposit and investment of revenues in such fund and (iii)\ndisbursement of monies from such fund.\n c. The board shall, from time to time and to the extent it deems\nnecessary or appropriate in order to accomplish the purposes of this\nact, (i) review the operations, management, efficiency and productivity\nof such city operations and of such covered organizations or portions\nthereof as the board may determine, and make reports thereon; (ii) audit\ncompliance with the financial plan in such areas as the board may\ndetermine; (iii) recommend to the city and the covered organizations\nsuch measures relating to their operations, management, efficiency and\nproductivity as it deems appropriate to reduce costs and improve\nservices so as to advance the purposes of this act; and (iv) obtain\ninformation of the financial condition and needs of the city and the\ncovered organizations. Nothing herein shall diminish the powers of the\ncomptroller otherwise provided by law and the board may request the\nassistance of the comptroller in performing the above functions.\n d. The board (i) shall receive from the city and review the reports to\nbe prepared by or on behalf of the city pursuant to section seven-a;\n(ii) shall receive from the city and the covered organizations and from\nthe deputy comptroller, and shall review such financial statements and\nprojections, budgetary data and information, and management reports and\nmaterials as the board deems necessary or desirable to accomplish the\npurposes of this act; and (iii) shall inspect, copy and audit such books\nand records of the city and the covered organizations as the board deems\nnecessary or desirable to accomplish the purposes of this act.\n e. All contracts entered into by the city or any covered organization\nmust be consistent with the provisions of this act and must comply with\nthe requirements of the financial plan as approved by the board. With\nrespect to all contracts or other obligations to be entered into by the\ncity or any covered organization after October fifteenth, nineteen\nhundred seventy-five, requiring the payment of funds or the incurring of\ncosts by the city or any covered organization:\n (i) Within twenty days from the effective date of this act the mayor\nshall present to the board proposed regulations respecting the\ncategories and types of contracts and other obligations required to be\nreviewed by the board pursuant to this subdivision e. Within thirty days\nfrom the effective date of this act, the board shall approve or modify\nand approve such proposed regulations or promulgate its own in the event\nthat such proposed regulations are not submitted to it within the twenty\ndays as provided for herein. Such regulations may thereafter be modified\nby the board from time to time on not less than thirty days notice to\nthe mayor and the mayor may from time to time propose modifications to\nthe board. Unless expressly disapproved or modified by the board within\nthirty days from the date of submission by the mayor, any such proposed\nregulations or modifications shall b
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.