§ 6. (a) For each fiscal year occurring during the time bonds and/or\nbond anticipation notes issued pursuant to this act are outstanding, the\nchief executive officer and the chief fiscal officer, as such terms are\ndefined in paragraphs 5 and 5-a of section 2.00 of the local finance\nlaw, of the city of Troy, shall monitor all budgets and, for each such\nbudget, such chief fiscal officer shall prepare a quarterly report of\nsummarized budget data depicting overall trends of actual revenues and\nbudget expenditures for the entire budget rather than individual line\nitems. Such reports shall compare revenue estimates and appropriations\nas set forth in such budget with the actual revenues and expenditures\nmade to date. All quarterly reports shall be accompanied by a\nrecommendation from the chief executive officer or the chief fiscal\nofficer to the city council setting forth any remedial action necessary\nto resolve any unfavorable budget variance including the overestimation\nof revenues and the underestimation of appropriations. The chief fiscal\nofficer shall also prepare a quarterly trial balance of general ledger\naccounts. The above quarterly budgetary report and trial balance shall\nbe prepared in accordance with generally accepted accounting principles\nand shall include the general, water, sewer, and general debt service\nfunds. These reports shall be completed within sixty days after the end\nof each quarter and shall be submitted to the chief executive officer,\neach member of the city council, the supervisory board, the state\ncomptroller, the director of the budget, the chair of the assembly ways\nand means committee and the chair of the senate finance committee.\n (b) The state comptroller shall examine such quarterly reports in a\ntimely fashion and make recommendations thereon to the chief executive\nofficer, the chief fiscal officer and the city council. The state\ncomptroller shall be required to submit a copy of any such\nrecommendations to the director of the budget, the chair of the senate\nfinance committee, the chair of the assembly ways and means committee,\nand the supervisory board. The chief executive officer shall be required\nto submit, within fifteen days, a written response to any\nrecommendations made by the state comptroller, to the city council, the\nstate comptroller, the director of the budget, the chair of the senate\nfinance committee, the chair of the assembly ways and means committee,\nand the supervisory board. If the city of Troy does not provide any\nreport as specified above, or respond to the recommendations made by the\nstate comptroller, the state comptroller shall notify the chief\nexecutive officer, the chief fiscal officer and the city council of such\nnoncompliance. If said report or response is not submitted to the state\ncomptroller within fifteen days after such notification, the city of\nTroy shall not issue any bonds or notes until such information is\nprovided.\n (c) Except during an emergency period, for each fiscal year occurring\nduring the time bonds and/or bond anticipation notes issued pursuant to\nthis act are outstanding, the chief fiscal officer shall submit a\ntentative budget to the supervisory board within five days after its\npreparation, and shall submit the adopted budget to the supervisory\nboard within five days after its adoption. During an emergency period, a\nfinancial plan shall be submitted to the supervisory board in accordance\nwith subdivision (d) of this section.\n (d) Pursuant to the procedures contained in this subdivision, each\nyear during any emergency period the city of Troy shall develop, and may\nfrom time to time modify, with the approval of the supervisory board, a\nfour year financial plan covering the city of Troy and the covered\norganizations. Each such financial plan and financial plan modification\nshall conform to the requirements of paragraph (i) of this subdivision\nand shall provide that the operating and capital funds o
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