Contact: Colleen Roche (212) 788-2958 or Dwight Williams (212) 788-2972
The last bill before me is Introductory Number 896, introduced at my request by Council Member Berman . This bill would amend the City Charter to provide for an extension for the submission of the preliminary management report and the date prior to which the council shall conduct public hearings and the date by which the council shall submit a report or reports pertaining thereto, the date of submission by the City Planning Commission of a report on the draft ten-year capital strategy, the date of submission by the Mayor of the preliminary certificate regarding debt reserves and appropriations and expenditures for capital projects, the date of submission by the Mayor of the preliminary budget, the date of the publication by the Director of the Independent Budget Office of a report on revenues and expenditures, the date of submission by the community boards of statements in regard to the preliminary budget, the date of submission by the Commissioner of Finance of an estimate of the assessed valuation of real property taxes due, expected to be received, and uncollected, the date of submission by the Mayor of a tax benefit report, the date of submission by the borough boards of statements on budget priorities, the date of submission by the council of estimates of the financial needs of the Council, the date of submission of the Borough Presidents of proposed modifications of the preliminary budget, the date of publication by the Director of the Independent Budget Office of a report analyzing the preliminary budget, and the date by which the council shall hold hearings and submit recommendations in regard to the preliminary budget, relating to the fiscal year 1998.
This legislation changes the dates for Charter specified actions which must occur in the budget submission process for fiscal year nineteen hundred and ninety eight. This bill would change the date for the submission by the Mayor of the preliminary budget (January Financial Plan) from January 16 to not later than January 30; the submission by the Mayor of the preliminary management report from January 30 to not later than February 13; the City Council's public hearings and report on the preliminary management report from prior April 8 to prior to April 21; the draft of the 10-year capital plan from January 16 to not later than March 17; the Mayor's preliminary certificate on maximum capital debt and obligations from January 16 to not later than January 30; the Independent Budget Office's revenue report from February 1 to not later than February 14; the Community boards submission of assessment of the preliminary budget from February 15 to not later than February 28; the Finance Commissioner's submission of estimate of assessed valuation and of taxes due and uncollected from February 15 to not later than February 28; the Mayor's submission of tax benefit report from February 15 to not later than February 28; the Borough board's statement on borough priorities from February 15 to not later than March 10; the City Council's submission of its operating budget from March 10 to not later than March 20; the Borough President's submission of recommended modifications to the preliminary budget from March 10 to not later than March 24; the Independent Budget Office preliminary budget report from March 15 to not later than March 22; and the City Council's preliminary budget hearings and submission of recommendations from March 25 to not later than March 31.
The financial situation confronting New York City in fiscal year 1998 is fluid. Events that impact upon the City's ability to develop a well structured financial plan are changing steadily. Therefore, more time is necessary to take into account the impact of major tax receipts on the City's revenue projections, particularly the effect of Wall Street profits.
I will now turn to the bill's sponsors; next to any other elected official wishing to speak.I will now turn to the general audience, and to anyone wishing to speak in favor of this legislation. Is there anyone who wishes to speak in opposition to this legislation?
There being none, and for reasons previously stated, I will now sign the bill.