2025-2026
Part 201.2 (a) and (b) are amended to read as follows:
(a) the annual reports of the public authority, in accordance with section 2800 of the Public Authorities Law;
(b) a transmittal letter from the public authority's chairperson or chief executive officer, representing that the reports are [is] complete and have[has] been prepared in conformity with this Part;
Part 201.2 (e) is amended to read as follows:
(e) an annual report on procurement contracts prepared in accordance with the provisions of section 2879 of the Public Authorities Law which shall include:
(1) a publicly available annual report describing procurement activity as specified in section 2879(6) of the Public Authorities Law. Such report shall include a listing of all procurement contracts entered into, all contracts entered into with New York state business enterprises and the subject matter and value thereof, the selection process used to select such contractors, all procurement contracts which were exempt from the publication requirements of article 4-C of the Economic Development Law, the basis for any such exemption, and the status of existing procurement contracts. Such report shall list for each contract the following information:
(i) contract or transaction number;
(ii) a description of the duties performed by the contractor;
(iii) the date of the contract and its duration; (iv[ii]) the total value of the contract;
([i]v) identification of and the amount of State appropriated funds used for the contract;
(vi) the full name and address of the contractor;
(vii) the status of the contract including the amount spent or other considerations given pursuant to the contract during the reporting period and for the life of the contract to date;
(viii) whether the contractor is a certified minority- or women-owned business enterprise; and
(ix[vii]) the total number of bids or proposals received prior to the award of the contract; and
Part 201.2 (i) is amended to read as follows:
(i) completed annual public authority data request report[questionnaire]; and
Part 201.4 is amended to read as follows:
(a) The documents and reports required by this Part shall be submitted by a public authority in an electronic format prescribed by the Office of Budget and Policy Analysis of the Office of the State Comptroller, within 90 days after the close of the public authority's fiscal year, to an internet address or an e-mail address specified by the Office of Budget and Policy Analysis. Such documents and reports shall also be posted on the authority’s website.
(b) Questions relating to the applicability or interpretation of this Part should be submitted to the Office of Budget and Policy Analysis.
(c) A public authority may [apply for] request a waiver of a[ny requirement set forth in this Part] deadline established by these regulations. Such request should be submitted in writing prior to the deadline. No waiver from a requirement established by law shall be granted.
(d) A request submitted in an electronic format shall be submitted to an internet address or an e-mail address specified by the Office of Budget and Policy Analysis of the Office of the State Comptroller. A request submitted in a non-electronic format should be addressed to the Office of Budget and Policy Analysis, Office of the State Comptroller, 110 State Street, Albany, NY 12236-0001. [A request for a waiver from a reporting requirement should be submitted not later than the date on which the report is due. No waiver from a requirement established by law shall be granted. A waiver from a requirement established solely by this Part may be granted for reasonable cause unless such a waiver would interfere with the fulfillment of a duty of the State Comptroller. The Office of Budget and Policy Analysis shall transmit a written determination, in electronic format, of a waiver request to the public authority requesting the waiver. A determination approving a waiver shall specify:
(1) the scope of the waiver;
(2) the reason therefor; and
(3) the new reporting date, if the waiver involves the postponement of a reporting date otherwise required by this Part.]
Part 202.2 (c) is amended to read as follows:
c. MTA subsidiaries shall mean the Long Island Rail Road Company, the Metro-North Commuter Railroad Company, the Staten Island Rapid Transit Operating Authority, the Metropolitan Suburban Bus Authority; the MTA Capital Construction Company, [and] the First Mutual Transportation Assurance Company and the MTA Grand Central Madison Operating Company, together with all other subsidiary corporations formed by the MTA in accordance with the provisions of section 1266(5) of the Public Authorities Law.
Part 202.2 (h) is amended to read as follows:
h. Gap shall mean the difference between projected revenues and expenses for any given fiscal year before a proposed fare increase or other proposed [management]actions that increase revenues or reduce costs, whether such actions are initiated by the MTA or required to be implemented by the MTA through other means, including but not limited to federal, New York State or New York City legislative action.
Part 202.2 (i) is amended to read as follows:
i. Gap-closing program shall mean any combination of [management]actions that reduce costs or increase revenues that lower a gap in any given fiscal year, whether such actions are initiated by the MTA or required to be implemented by the MTA through other means, including but not limited to federal, New York State or New York City legislative action.
Part 202.3 (l) is amended to read as follows:
(l) be accompanied by a certification by the Executive Director of the MTA to the effect that, to the best of [his or her] their knowledge and belief after reasonable inquiry, the Budget or Plan, as the case may be, is based on reasonable assumptions and methods of estimation and that the requirements of sections 202.3 and 202.4 of this regulation have been satisfied.
Part 202.5 (c) is amended to read as follows:
(c) each quarter, until implemented or rescinded, the status of each gap-closing program [initiative] with a projected value equal to or greater than $1,000,000 in any given fiscal year including milestones, impact on staffing, current implementation status, actual savings or revenues to date and projected annual savings or revenues in comparison to Budget and Plan projections. (The MTA, with the consent of the State Comptroller, may limit reporting to the largest initiatives that comprise 90 percent of the value of the agency gap-closing program);
Part 203.1 is amended to read as follows:
[(a) Purpose.] The purpose of this Part is to set forth specific requirements in connection with the submission and format of, the preparation of supporting documentation for, and the monitoring of, annual budgets and financial plans of the public authorities covered by this Part. All requirements of this Part apply immediately upon the effective date of this Part, except as otherwise consented to by the State Comptroller at the request of individual public authorities, upon good cause shown.
[(1) Affiliate or affiliated with shall mean a corporate body or company controlling, controlled by, or under common control with another corporate body.
(2) Subsidiary shall mean a corporate body or company:
(i) having more than half of its voting shares owned or held by a public authority or other public corporation covered by this Part; or
(ii) having a majority of its directors, trustees or members in common with the directors, trustees or members of a public authority or other public corporation covered by this Part or as designees of a public authority or other public corporation covered by this Part.
(b) Scope.
This Part applies to all public authorities and other public corporations created by or existing under any law of the State of New York, including any and all affiliates and subsidiaries of such public authorities or public corporations, other than:
(1) a public authority or other public corporation created pursuant to agreement or compact with another state or with a foreign power, except where the parties to such agreement or compact have consented to the supervision of the authority's or corporation's accounts by the State Comptroller;
(2) a local authority as defined in section 2 of the Public Authorities Law.]
Part 203.2 is amended to read as follows:
[Except as provided in the next sentence, t]This Part shall apply to all public authorities and other public corporations created by or existing under any law of the State of New York, including any and all affiliates and subsidiaries of such public authorities or public corporations, other than:
(1) A public authority or other public corporation created pursuant to agreement or compact with another state or with a foreign power, except where the parties to such agreement or compact have consented to the supervision of the authority’s or corporation’s accounts by the State Comptroller;
(2) A local authority as defined in section 2 of the Public Authorities Law.
[every authority, commission or public benefit corporation identified as a "public authority" in section 203.1 of this Part, unless] Notwithstanding the foregoing, this Part shall not apply when the State Comptroller has granted a waiver [is granted by the State Comptroller] upon good cause shown. Additionally, the[The] Metropolitan Transportation Authority and its agencies shall continue to be governed by Part 202 of this Title with the exception that sections 203.4(a)-(e), 203.6(d)-(g), and 203.8 (b) and (c) of this Part shall also apply to the Metropolitan Transportation Authority and its agencies; provided, however, that with respect to the Metropolitan Transportation Authority and its agencies, the definitions set forth in Part 202 of this chapter shall be used for purposes of determining compliance with the applicable provisions of this Part.
Part 203.3 is amended to read as follows:
For purposes of this Part:
(a) Affiliate or affiliated with shall mean a corporate body or company controlling, controlled by, or under common control with another corporate body.
(b) Board shall mean the governing board, members of the public authority, board of directors, board of trustees or trustees or other similar governing body as described in the laws, articles of incorporation or corporate by-laws creating and/or governing the authority.
(c[b]) Budget shall mean the proposed and approved budgets, and any amendments or modifications thereto, of the public authority. The budget shall include all the organizations, programs, activities, and functions of the public authority that comprise its accounting entity in accordance with accounting principles generally accepted in the United States of America.
(d[c]) Chief financial officer shall mean the treasurer, chief fiscal officer or other executive level officer directly responsible for overseeing the financial activities of the public authority.
(e[d]) Chief operating officer shall mean the executive director or other executive level officer responsible for overseeing the day-to-day activities of the public authority.
(f[e]) Debt shall mean bonds, notes, contractual financing arrangements, or other evidences of indebtedness issued by the public authority for any purpose.
(g[f]) Financial plan shall mean the budget for the current fiscal year and revenue and expenditure projections, in a format consistent with the budget, for at least the three following years.
(h[g]) Gap shall mean the difference between projected revenues and other financing sources and expenditures and other financing uses for any given fiscal year before proposed management actions that would increase revenues or reduce costs.
(i[h]) Gap-closing program shall mean any combination of management actions that reduce costs or increase revenues that lower a gap in any given fiscal year.
(j) Subsidiary shall mean a corporate body or company:
(1) having more than half of its voting shares owned or held by a public authority or other public corporation covered by this Part; or
(2) having a majority of its directors, trustees or members in common with the directors, trustees or members of a public authority or other public corporation covered by this Part or as designees of a public authority or other public corporation covered by this Part.
Part 203.4 is amended to read as follows:
(a) All public authorities shall prepare an annual budget and financial plan in accordance with this Part.
(b) The budget and financial plan, and all amendments or modifications thereto, shall be approved by the Board prior to the start of the authority’s fiscal year in accordance with applicable statute.
(c) All proposed budgets and financial plans shall be made available for public inspection at least 30 days before consideration for approval by the Board[, and not less than 60 days before the commencement of the next fiscal year].
(d) All approved budgets and financial plans shall be made available for public inspection[, whenever practicable, not less than 7 days before the commencement of the next fiscal year, and shall be submitted to the State Comptroller] within 7 days [of]after approval by the board[,]. Approved budgets and financial plans shall be submitted to the State Comptroller in accordance with applicable statute, in an electronic format prescribed by the State Comptroller.
(e) For purposes of making budgets and financial plans available for public inspection under subdivisions (c) and (d) of this section, the public authority shall [make the budgets and financial plans available for a period of not less than for five days in not less than five convenient public places throughout the area of jurisdiction of the authority and notify the State Comptroller of such locations. The public authority shall also] post the budgets and
financial plans on its website, [if any] and also provide copies for public inspection at its offices.
Part 203.6 is amended to read as follows:
(l) a statement of any transaction transferring funds to other State or local authorities or agencies or to any non-governmental organization;
(m) a statement of borrowed debt projected to be outstanding at the end of each fiscal year covered by the budget or financial plan; the planned use or purpose of debt issuances; scheduled debt service payments for both issued and proposed debt; the principal amount of proposed debt and assumed interest rate(s); debt service for each issuance as a percentage of total pledged revenues, listed by type or category of pledged revenues; cumulative debt service as a percentage of available revenues; and amount of debt that can be issued until legal limits are met; [and]
(n[m]) a statement of the annual projected capital cost broken down by category and sources of funding, and for each capital project, estimates of the annual commitment, total project cost, expected date of completion and the annual cost for operating and maintaining those capital projects or capital categories that, when placed into service, are expected to have a material impact on the operating budget;[.]
(o) if one has been completed, a needs assessment outlining capital project requirements the authority needs to maintain good repair of its assets.
Part 203.8 (c) is amended to read as follows:
(c) inform the State Comptroller, in [writing] an electronic format prescribed by the Comptroller, at any point during the fiscal year when the chief financial officer learns of the potential financial impact of any [adverse]development that would materially affect the budget or financial plan, in whole or in part.
Part 203.9 is amended to read as follows:
Included in each budget and financial plan shall be a certification by the chief operating officer to the effect that, to the best of [his or her]their knowledge and belief after reasonable inquiry, the budget or plan, as the case may be, is based on reasonable assumptions and methods of estimation and that these regulations have been satisfied. The certification shall be presented to the Board and shall be released to the public along with the budget or financial plan, as the case may be.
Part 204.3 (5) is amended to read as follows:
(5) Debt shall mean all State-supported debt as defined in section 67-a of the State Finance Law or any other debt instrument, including lines of credit, loans and other financing arrangements, issued for State purposes and for which the State is the primary beneficiary of the proceeds of such borrowing, and for which the State is the obligated party required to make principle, interest or other installment payments to repay such debt.
Part 204.3 (15) is amended to read as follows:
(15) State bond issuance charge[fee] shall mean any fee paid upon the issuance of debt collected pursuant to section 2976 of the Public Authorities Law.
Part 204.4 (2) is amended to read as follows:
(2) a schedule of sources and uses of proceeds associated with the debt that clearly sets forth:
i. any market premium or market discount;
ii. the amount of debt proceeds to be used to pay issuance costs excluding underwriters' discount and State bond issuance charges[fees];
iii. the amount of proceeds to be used to pay State bond issuance charges[fees];
iv. the amount of proceeds to be used to pay the underwriters' discount;
v. the amount of proceeds to be deposited to the project proceeds account;
vi. the amount of proceeds to be deposited to a reserve fund that could be used to pay debt service; and
vii. the amount of proceeds to be deposited to an account that will be used to make debt service payments;
Part 204.6 is amended to read as follows:
(9) The following information related to cash and investments held at the end of the State's fiscal year related to debt service reserve accounts, debt service accounts, and debt proceeds accounts for State-reported debt, in each case, discretely presented for each separate statutory authorization and account type:
i. a copy of the investment policies that have been formally adopted for investments related to debt;
ii. a description of the type of investment;
iii. the credit rating on investments, excluding investments in obligations of the U.S. Government or guaranteed by the U.S. Government;
iv. the unamortized purchase cost of the investment;
v. the purchase date of the investment;
vi. the maturity date of the investment;
vii. the market value of the investment;
viii. the name in which the investment is held;
ix. an indication if the investment is held by a custodial agent;[.]
x. any uninvested cash being held.
(10) The following information related to investments fair market value at the end of the State’s fiscal year related to debt service reserve accounts, debt service accounts, and debt proceeds accounts for State-reported debt, in each case, discretely presented for each separate statutory authorization and account type;
i. an indication of the valuation techniques used, whether market, cost or income approach; and
ii. which level of inputs, Level 1, 2, or 3, of the fair value hierarchy the fair market value of the investments can be observed.
(11[0]) The following information related to investments liquidated during the State's fiscal year related to debt service reserve accounts, debt service accounts, and debt proceeds accounts for State-reported debt, in each case, discretely presented for each separate statutory authorization and account type:
i. a description of the type of investment that matured, was sold or liquidated;
ii. the original unamortized purchase cost of the investment;
iii. the purchase date of the investment;
iv. the date the investment was sold, matured or was otherwise liquidated;
v. the proceeds received for the investment.
(12[1]) A schedule of all debt that has been defeased, whether by a legal or economic defeasance, by depositing cash or securities issued by the U.S. Government or guaranteed by the U.S. Government in an irrevocable trust but which remained legally outstanding. In addition to:
i. a general description of the transactions including the amount of defeased debt;
ii. a letter of instruction informing the trustee of the authority’s decision to defease bonds;
iii. amount of any remaining prepaid insurance related to defeased debt; and
iv. risk of substitution for all in-substance defeasances.
(13) Additional debt disclosures, including:
i. a description of any direct borrowings and/or direct placements including outstanding amount;
ii. amount of unused lines of credit;
iii. assets pledged as collateral for debt;
iv. terms specified in debt agreements related to significant (a) events of default with finance-related consequences, (b) termination events with finance-related consequences, and (c) subjective acceleration clauses.
Part 206.1 (b) is amended to read as follows:
(b) Nothing contained in this Part shall diminish, or in any way adversely affect, the Comptroller's existing authority to approve state authority contracts where such approval is otherwise required, or provided for, by law or by resolution of a state authority.[, including, but not limited to, contracts made "for" the State by a state authority. A contract is made "for" the State by a state authority where the state authority is entering into a contract with a third party, but the primary role of the state authority is to act on behalf of the State or a state agency. Such third-party contracts are contracts for the State and are subject to the Comptroller's approval under section one hundred twelve of the State Finance Law notwithstanding any of the thresholds or criteria contained in this Part.]
Part 206.4 is amended to read as follows:
(b) The Comptroller's determination of which eligible contracts or eligible contract amendments shall be subject to [his or her]their approval may include, but shall not be limited to, consideration of one or more of the following criteria:
(1) number and dollar value of contracts entered into, or anticipated to be entered into, by the state authority:
(2) past practices of the state authority with respect to its contracting or procurement process as identified by audits performed by regulating bodies including, but not limited to, the Office of the State Comptroller;
(3) the types of contracts entered into by the state authority;
(4) the presence or absence of competition in the procurements process;
(5) the level of financial risk posed by the state authority's contracts;
(6) any potential liability for the State posed by the state authority's contracts;
(7) the content and adequacy of the state authority's existing procurement guidelines; and
(8) the state authority's compliance with the provisions in section 206.7 regarding the filing of exempt contracts, exempt contract amendments, certain eligible contracts and certain eligible contract amendments.