Mayor’s Executive Budget

A Local Law in relation to the date of issuance and publication by the Mayor of a ten-year capital strategy, the date of submission by the Mayor of the proposed executive budget and budget message, the date of submission by the Borough Presidents of recommendations in response to the Mayor’s executive budget, the date of publication of a report by the director of the independent budget office analyzing the executive budget, the date by which the Council hearings pertaining to the executive budget shall conclude, the date by which if the expense budget has not been adopted, the expense budget and tax rate adopted as modified for the current fiscal year shall be deemed to have been extended for the new fiscal year until such time as a new expense budget has been adopted, the date by which if a capital budget and a capital program have not been adopted, the unutilized portion of all prior capital appropriations shall be deemed reappropriated, the date of submission by the Mayor of an estimate of the probable amount of receipts, the date by which any person or organization may submit an official alternative estimate of revenues, the date by which if the Council has not fixed the tax rates for the ensuing fiscal year, the commissioner of finance shall be authorized to complete the assessment rolls using estimated rates, and related matters, relating to the fiscal year two thousand sixteen

Various provisions in the New York City Charter (the “Charter”) prescribe the actions that need to be taken as part of the annual budget submission process during a fiscal year. Such provisions also prescribe dates on which these actions must be taken. This legislation would amend the Charter prescribed dates for Executive budget action. The new dates are as follows: 1. Mayor’s submission of the proposed executive budget and budget message no later than May 7, 2015. 2. Mayor’s submission of the Ten-Year Capital Strategy no later than May 7, 2015. 3. Borough Presidents’ submission of recommendations in response to Mayor’s executive budget no later than May 15, 2015. 4. Director of Independent Budget Office’s submission of report analyzing the Mayor’s executive budget no later than May 26, 2015. 5. Completion of City Council’s executive budget hearings no later than June 15, 2015. 6. If an expense budget has not been adopted by June 16, 2015, the expense budget and tax rate adopted as modified for the current fiscal year shall be deemed to have been extended for the new fiscal year until such time as a new expense budget has been adopted. 7. If a capital budget and capital program have not been adopted by June 16, 2015, the unutilized portion of all prior capital appropriations shall be deemed reappropriated. 8. Mayor’s submission to Council of an estimate of probable amount of receipts no later than June 16, 2015. 9. Any person/organization’s submission of an official alternative estimate of revenues no later than May 26, 2015. 10. If the Council has not fixed the tax rates for the ensuing year on or before June 16, 2015, the Department of Finance is authorized to complete the rolls and collect property tax using estimated rates. 11. If the Council has not fixed the tax rates for ensuing fiscal year on or before June 16, 2015, the Council shall fix the tax rates for ensuing fiscal year at percentages differing from the estimated rates, and property tax payments shall be paid at the estimated rates. In this event DOF must revise the assessment roll before January 1st and send out an amended bill to reflect the tax rates fixed by the Council.