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The governor shall annually submit to the legislature a capital program and financing plan concurrent with the executive budget, in addition to the information required by section twenty-two of this article. The plan shall contain a comprehensive assessment of the capital assets and program needs of all state agencies, a review and analysis of how such requirements would be financed, an analysis of the affordability of state-supported debt, and an analysis of all costs related to the financing of such plan.
1. When used in this section, the following terms shall have the following meanings:
(a) “Comprehensive construction program” shall mean the categories or groups of one or more capital appropriations which have a common objective within a capital program.
(b) “Director” shall mean the director of the division of the budget of the state of New York.
(c) “Pay-as-you-go” financing shall mean transfers from the general fund to capital projects funds, and any taxes, user fees, repayment of advances, or miscellaneous receipts from non-bond proceeds deposited to capital projects funds.
(d) “Plan” shall mean the capital program and financing plan required by this section.
(e) “State agency” shall mean any state department or agency, including any public benefit corporation, except a public benefit corporation whose members are appointed by the governing board or an officer of a county, city, town or village, or other instrumentality of the state.
(f) “State-supported debt” shall mean any bonds or notes issued by the state or a state public corporation for which the state is constitutionally obligated to pay debt service or is contractually obligated to pay debt service subject to an appropriation, except where the state has a contingent contractual obligation.
2. The governor and/or his or her designee shall conduct hearings annually on the capital needs of the state at which state agencies shall present an assessment of the needs of their capital programs. Such hearings shall be open to the public who shall be afforded the opportunity to comment.
3. The capital program and financing plan shall contain the following information:
(a) A summary which shall include an overview of the major capital programs, an explanation of the major sources of financing for such plan, and an assessment of the fiscal impact of the plan's financing methods on the financial plan of the state.
(b) For each major capital program which may include, but need not be limited to, transportation, mental hygiene, public protection, environment and recreation, education, housing and economic development, and general government, the plan shall include the following:
(i) an overview of the capital program's goals and objectives, agency responsibilities, prior capital program activities, accomplishments during the prior fiscal year and an explanation of any significant delays in achieving the prior fiscal year's plans, an explanation of how any proposed capital funding will address continuing capital requirements and new program initiatives, and an explanation of the impact of the capital plan on the current and future operations of state agencies and their ability to deliver services or accomplish their missions;
(ii) a summary of the capital program's remaining existing appropriations and anticipated future appropriations by each comprehensive construction program and fund for the current fiscal year and each of the next five fiscal years;
(iii) a summary of the capital program's projected capital construction contract commitments for the current fiscal year and each of the next five fiscal years and a comparison with previous commitment plans;
(iv) a summary of the capital program's estimated disbursements from existing appropriations and from anticipated future appropriations by each comprehensive construction program and fund for at least the prior fiscal year, the current fiscal year and each of the next five fiscal years, and a summary of how these estimated disbursements are anticipated to be financed;
(v) a summary of maintenance activities which are anticipated to be undertaken or continued in the next five fiscal years for the state's capital programs and a summary of the scheduled maintenance requirements developed pursuant to section twenty-six of this article; and
(vi) a summary schedule showing the age, condition and estimated remaining useful life as of September thirtieth of each year for all existing capital assets or capital asset types with a replacement cost of not less than five million dollars, under the jurisdiction of all state agencies subject to the provisions of this section.
(c) A statement of the mix of financing sources for the plan which shall include, for the current fiscal year and each of the next five fiscal years, the following:
(i) the annual total of pay-as-you-go financed capital disbursements proposed for each capital program, by agency, and the annual total of pay-as-you-go financed capital disbursements as a percentage of the annual total of capital projects disbursements;
(ii) the annual total of bond-financed capital disbursements proposed for each capital program, by agency, identified separately for general obligation bonds and revenue bonds of the state, and any other bonds, and the annual total of bond-financed capital disbursements as a percentage of the annual total of capital projects disbursements;
(iii) the annual total of federal-grant-financed capital disbursements for each capital program, by agency, and the annual total of federal-grant-financed capital disbursements as a percentage of the annual total of capital projects disbursements;
(iv) schedules of the projected annual state-supported bond issuances, proposed for each capital program, by agency, by issuer, and an analysis of existing debt authorizations and the need for any additional authorizations;
(v) schedules of projected outstanding bonds, including retirements by year identified separately for state-supported bond issuances by issuer, and by capital program by agency, where practicable;
(vi) schedules of the projected personal income of the state and the projected ratio of outstanding state-supported bonds to personal income;
(vii) schedules of projected state-supported debt service costs by issuer, and by capital program by agency, where practicable; and
(viii) an analysis of trends in municipal bond interest rates and an explanation of the interest rate assumptions, timing of principal and interest payments, and the timing and size of projected state-supported bond sales used in the debt service projections.
(d) The capital program and financing plan, which is current, accurate and reflective of all previous legislative enactments and of the governor's plan, shall also include the following: A detailed schedule, by state agency and for each state agency by fund, of all capital projects which the governor recommends or anticipates be undertaken or continued by any state agency in the next five fiscal years, which shall provide the following information for each such capital projects:
(i) a capital plan project reference number which shall be consistently assigned each year solely to such project,
(ii) a description of the project in less than thirty words,
(iii) an indication of the category into which the project has been classified in the capital plan,
(iv) the estimated total cost of the project,
(v) the total of all disbursements for the project made prior to the then current fiscal year,
(vi) the total amount of disbursements for the project estimated to be made during the current fiscal year and during each of the next ensuing five fiscal years, provided however, that (A) the information required by this subparagraph may be provided for groupings of projects in those cases where the governor determines it cannot be provided on a project by project basis, and (B) the total of all disbursements estimated in accordance with the requirements of this subparagraph to be made for all capital projects during the current fiscal year and during each of the next ensuing five fiscal years, excluding those disbursements which are estimated in accordance with the requirements of this subparagraph to be made by public benefit corporations and which are not subject to appropriations, shall be equal, respectively, to the total of all disbursements estimated, in the financial projections required by subdivisions one and four of section twenty-two of this article, to be made for all capital projects during the then current fiscal year and during each of the next ensuing five fiscal years,
(vii) the estimated date of project completion,
(viii) the amount of the project cost for which the state or state agency will be contractually obligated as of the close of the then current fiscal year, and
(ix) subtotals of the information required by subparagraphs four, five, six and eight of this paragraph by agency and within each agency for each of the categories into which the individual capital projects appropriations are classified in the appropriations bill involved.
(e) A comprehensive financial report and plan for the dedicated highway and bridge trust fund established by section eighty-nine-b of this chapter, which shall be submitted to the comptroller at the same time as the plan is submitted to the legislature, and which shall include the following information pertaining to the dedicated highway and bridge trust fund separately stated for the last completed fiscal year, the current fiscal year and the next five fiscal years:
(i) a detailed description of all actual and projected revenues of the dedicated highway and bridge trust fund, separately stating the amount received or expected to be received from bond proceeds, and the amounts, separately identified, received or expected to be received from taxes, fees, transfers, or other sources;
(ii) a detailed description of actual or planned disbursements and transfers from the dedicated highway and bridge trust fund, separately stating in the aggregate the amounts disbursed or transferred or planned to be disbursed or transferred for (A) debt service costs, (B) capital project costs, (C) state operations costs, (D) costs of contracts for engineering and similar or related services related to capital project costs and state operations, and (E) the costs of state employees to provide similar services on projects for which service contracts are not expected to be used, and further separately stating the amounts of such capital project and state operations costs disbursed or planned to be disbursed for personal service and non-personal service costs
(f) For the preceding four fiscal years and the current fiscal year, the bond coverage ratio on an annual basis, including the formula used to compute such ratio and the source of that formula.
(g) An explanation of any deficit projected for the end of any fiscal year covered by the plan stating whether the projected deficit is expected to be caused by an imbalance between projected revenues and projected expenditures, or by the timing of payments within a fiscal year, or by other causes.
(h) A detailed description of actual or proposed appropriations and reappropriations from the dedicated highway and bridge trust fund, and the actual or planned disbursements pursuant to such appropriations and reappropriations.
(i) An explanation of any actions proposed to be taken to achieve increased opportunity for meaningful participation in the performance of state contracts by minority and women-owned business enterprises in accordance with article fifteen-A of the executive law, including a compliance report to be submitted by July first of each year commencing with the two thousand five--two thousand six fiscal year and for each subsequent year thereafter that includes: all the items of information required in accordance with regulations promulgated by the director of the division of minority and women's business development in the department of economic development under article fifteen-A of the executive law; goals for participation by certified minority or women-owned business enterprises for such fiscal year; and a description of the types of expenditures, projects or contracts.
(j) Such other information as shall be necessary to present a full and accurate description of the financial position of the dedicated highway and bridge trust fund.
For the purposes of this subdivision, capital projects of less than fifty thousand dollars may be grouped into appropriate categories.
4. (a) For the purposes of subdivision three of this section, the term “state agency” shall mean any state department or agency, including any public benefit corporation, except a public benefit corporation whose members are appointed by the governing board or an officer of a county, city, town or village, or other instrumentality of the state.
(b) For the purposes of subdivision three of this section, the term “capital project” as defined in a 1 subdivision two-a of section two of this chapter shall include any project which is being, has been or is proposed to be:
(i) financed by the issuance of bonds, notes or other evidences of indebtedness of the state or any public benefit corporation thereof, except a public benefit corporation whose members are appointed by the governing board or an officer of a county, city, town or village;
(ii) funded by an appropriation from any fund of the state classified by the comptroller, in accordance with section seventy of this chapter, as a capital project fund; or
(iii) funded by an appropriation from any fund of the state, other than a fund classified as a capital projects fund, where the specific expenditure involved is declared by law to be for a capital project or is determined to be for a capital project under standards as they may be prescribed from time to time by the director with the concurrence of the comptroller; provided further that
(iv) the governor may exempt from the requirements of subdivision three of this section any project financed by public benefit corporation programs which are used as sources of capital for private clients provided that neither the state nor the public benefit corporation involved are in any way liable for the debt of such projects, and he may also exempt debt issued by the job development authority pursuant to title eight of article eight of the public authorities law, and provided further that any such exemptions shall not impair the effectiveness of the capital plan being prepared and submitted pursuant to this subdivision.
5. Within forty days following the submission of the budget submitted annually by the governor to the legislature, in accordance with article seven of the constitution, the director of the budget shall submit to the chairs of the senate finance committee and the assembly ways and means committee a listing of any changes to the capital program and financing plan submitted originally with the executive budget. At the same time, the director of the budget shall also submit to the comptroller a copy of the portion of such listing showing any changes to the comprehensive financial plan required by paragraph (e) of subdivision three of this section.
6. By the later of July thirtieth or ninety days after the enactment of all bills that constitute the budget by the legislature, the governor shall submit to the legislature an update to the capital program and financing plan, which shall contain such updated information in the same form as prescribed in subdivision three of this section, and an explanation of any changes from the previously submitted capital program and financing plan. At the same time, the governor shall also submit to the comptroller a copy of the portion of such update containing updated information in the same form as prescribed by paragraph (e) of subdivision three of this section, and an explanation of any changes to the comprehensive financial plan required by paragraph (e) of subdivision three of this section.
Cite this article: FindLaw.com - New York Consolidated Laws, State Finance Law - STF § 22-c. Capital program and financing plan - last updated January 01, 2021 | https://codes.findlaw.com/ny/state-finance-law/stf-sect-22-c.html
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