§ 9. Development of the financial plan. 1. Pursuant to the procedures\ncontained in subdivision two of this section, each year the city shall\ndevelop, and may from time to time modify, with the approval of the\nboard, a four year financial plan covering the city and the covered\norganizations. Each such financial plan and financial plan modification\nshall conform to the requirements of subdivision three of this section\nand shall (a) provide that the operating and capital funds of the city\nwill be balanced in accordance with the accounting system and procedures\nprescribed by the comptroller pursuant to section thirty-six of the\ngeneral municipal law, and (b) comply with the requirements of the\nspecial fiscal act.\n 2. The financial plan shall be developed and approved, and may from\ntime to time be modified, with the approval of the board, in accordance\nwith the following procedures:\n a. Commencing with the city's fiscal year beginning July first,\nnineteen hundred eighty-four, and not later than fifty days prior to the\nbeginning of such fiscal year and each fiscal year thereafter, or such\nother date as the board may approve at the request of the city, the city\nshall prepare and submit a financial plan to the board covering the four\nyear period beginning with such fiscal year. On such dates, the mayor\nshall also submit to the board the city's proposed operating and capital\nbudgets for the ensuing fiscal year and a certificate of the mayor\nstating that such budgets are consistent with the financial plan\nsubmitted therewith, that the budgets conform in all respects to the\nrequirements of the special fiscal act, and that operation within the\nbudgets is feasible.\n b. Not more than forty-five days after submission of a financial plan\nor more than thirty days after submission of a financial plan\nmodification, the board shall determine whether the financial plan or\nfinancial plan modification is complete and complies with the provisions\nof subdivision one of this section and shall approve or disapprove the\nfinancial plan or financial plan modification in accordance with the\nprovisions of this section.\n c. If the board determines that the financial plan or financial plan\nmodification is complete and complies with the standards set forth in\nsubdivision one of this section, the board shall approve the financial\nplan or financial plan modification. Upon making such determination, the\nboard shall make a certification to the city setting forth revenue\nestimates approved by the board in accordance with such determination.\n d. The board shall disapprove, by resolution, the financial plan\nproposed by the city if, in the judgment of the board, such plan:\n (i) is incomplete;\n (ii) fails to contain projections of revenues and expenditures that\nare based on reasonable and appropriate assumptions and methods of\nestimation;\n (iii) fails to provide that operations of the city and the covered\norganizations will be conducted within the cash resources available\naccording to the board's revenue estimates; or\n (iv) fails to comply with the provisions of subdivision one of this\nsection.\n e. In disapproving a financial plan or financial plan modification\nproposed by the city, the board may direct that the aggregate\nexpenditures in any period be reduced to conform to the revenue\nestimates certified by the board to achieve the objectives set forth in\nsubdivision one of this section.\n f. In the event that the city shall, for any reason, fail to submit a\nfinancial plan, as required pursuant to paragraph a of this subdivision,\nor to adopt a financial plan approved by the board, or in the event that\nthe board has not, for any reason permitted under this act, approved a\nfinancial plan submitted by the city, the board, after enactment of a\nresolution so finding, shall formulate and adopt a financial plan to be\neffective until the board approves a financial plan submitted by the\ncity. All budgets and
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