* § 8. Development of the financial plan. 1. Pursuant to the\nprocedures contained in subdivision three of this section, each year the\ncity shall develop, and may from time to time modify, with the approval\nof the board during a control period, a four year financial plan\ncovering the city and the covered organizations.\n Each such financial plan and financial plan modification shall comply\nwith the requirements of subdivision four of this section and shall,\nexcept as otherwise provided pursuant to subdivision two-a of this\nsection, conform to the following standards:\n a. For its fiscal years ending June thirtieth, nineteen hundred\nseventy-nine through June thirtieth, nineteen hundred eighty-one, the\ncity's budget covering all expenditures other than capital items shall\nbe prepared and balanced so that the results thereof would not show a\ndeficit when reported in accordance with the accounting principles set\nforth in the state comptroller's uniform system of accounts for\nmunicipalities, as the same may be modified by the comptroller, in\nconsultation with the city comptroller, for application to the city;\nsubject to the provision of subdivision four of section three thousand\nthirty-eight of the public authorities law with respect to contributions\nby the city or other public employer to any retirement system or pension\nfund and subject to the provision of paragraph (c) of subdivision five\nof section three thousand thirty-eight of the public authorities law\nwith respect to expense items included in the capital budget of the\ncity. For the fiscal year ending June thirtieth, nineteen hundred\neighty-two, and for each fiscal year thereafter, the city's budget\ncovering all expenditures other than capital items shall be prepared and\nbalanced so that the results thereof would not show a deficit when\nreported in accordance with generally accepted accounting principles and\nwould permit comparison of the budget with the report of actual\nfinancial results prepared in accordance with generally accepted\naccounting principles. With respect to financial plans that include the\nfiscal years ending June thirtieth, nineteen hundred seventy-nine\nthrough June thirtieth, nineteen hundred eighty-one, the city's budget\ncovering all expenditures other than capital items shall be prepared in\naccordance with generally accepted accounting principles and there shall\nbe substantial progress in each such fiscal year towards achieving a\ncity budget covering all expenditures other than capital items the\nresults of which would not show a deficit when reported in accordance\nwith generally accepted accounting principles. The city shall eliminate\nexpense items from its capital budget not later than the commencement of\nthe fiscal year ending June thirtieth, nineteen hundred eighty-two. For\nthe fiscal year ending June thirtieth, nineteen hundred eighty-nine, and\nfor each fiscal year thereafter, the budgets covering all expenditures\nother than capital items of each of the covered organizations shall be\nprepared and balanced so that the results thereof would not show a\ndeficit when reported in accordance with generally accepted accounting\nprinciples; and for each fiscal year prior thereto, there shall be\nsubstantial progress towards such goal. Notwithstanding the foregoing\nand the provisions of any general or special state law or local law to\nthe contrary, including but not limited to the New York city charter:\n(i) all costs that would be capital costs in accordance with generally\naccepted accounting principles, but for the application of governmental\naccounting standards board statement number forty-nine, shall be deemed\nto be capital costs for purposes of this act and any other provision of\nstate or local law, including but not limited to the New York city\ncharter, relevant to the treatment of such costs; and (ii) the\ndetermination as to the existence of a deficit pursuant to this act and\nany other provision of st
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