N.Y. Comp. Codes R. & Regs. tit. 2 § 27.9

Current through Register Vol. 46, No. 36, September 4, 2024

Section 27.9 - Financial information

The parts of the official statement containing financial information shall present material facts relating to the financial position and the results of the operations of the issuer, and shall contain at least the following information:

(a) a brief description of the types of funds and account groups of the issuer, and a summary of budgetary processes or financial plan processes in the case of a municipality subject to section 8 of the New York State Financial Emergency Act, significant accounting policies, and the procedures for the levy or imposition and collection of taxes and other major revenues;

(b) a statement of the issuer's real property taxing power, the issuer's tax limitation, if any, and the total tax levy;

(c) in tabular form, the assessed valuation of taxable real property, State equalization rate, full valuation, and real property tax rates for the last five fiscal years;

(d) in tabular form, the total tax levy, the amount of delinquent taxes as of the end of each of the issuer's last five fiscal years, and the tax delinquency rate for each of such fiscal years;

(e) except as otherwise provided in this subdivision, in tabular form, by major items of revenue and appropriation:

(1) for the immediately preceding fiscal year:

(i) the operating budget:

(a) as adopted;

(b) as modified; and

(ii) to the extent available, actual revenues and expenditures;

(2) for the current fiscal year, the operating budget:

(i) as adopted; and

(ii) as modified;

(3) for the next fiscal year the operating budget as adopted, if any; and

(4) in the case of a municipality subject to section 8 of the New York State Financial Emergency Act, in tabular form, by major items of revenue and expenditure:

(i) for the immediately preceding fiscal year:

(a) the financial plan as in effect at the beginning of such fiscal year; and

(b) to the extent available, actual revenues and expenditures;

(ii) for the current fiscal year, the financial plan:

(a) as in effect at the beginning of such current fiscal year; and

(b) as forecast at the time of issuance of the official statement; and

(iii) for the next fiscal year the financial plan as forecast, if any;

(f) except as otherwise provided in this subdivision, a brief discussion of any material differences, by major items of revenue and appropriation, between:

(1) the operating budget:

(i) as adopted; and

(ii) as modified;

(2) actual results for the current fiscal year through the latest date such results are available; and

(3) in the case of a municipality subject to section 8 of the New York State Financial Emergency Act, a brief discussion of any material differences by major items of revenue and expenditure, between:

(i) the financial plan as in effect at the beginning of the current fiscal year; and

(ii) actual results for the current fiscal year through the latest date such results are available;

(g) in tabular form, the following statements presented separately, including any such statements that have been independently audited with the auditors' reports, and indicating any such statements which are in the process of being audited:

(1) a balance sheet by type of fund for the prior two fiscal years; and

(2) a summary of operation of the funds by type for each of the issuer's last two fiscal years as to revenues and expenditures and, to the extent available, for the three years prior thereto. Any variation in the basis for reporting between fiscal years shall be noted. If any such statements have not been independently audited, a copy of the most recent annual report of the issuer made pursuant to section 30 of the General Municipal Law shall be made available upon request;

(h) if appropriate, a brief narrative description of any circumstances having a material bearing on any such statements; and

(i) with respect to interim borrowing for operational purposes, such as revenue anticipation notes or tax anticipation notes, a statement of anticipated cash flow for the current fiscal year, the form of which shall be presented on not less than a monthly basis, and, if possible, for the period the notes are to be outstanding.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 27.9