The fiscal year shall commence on the first
day of January and end on the last day of December.
[Amended 3-11-1986 by L.L. No. 1-1986]
A. No expenditures shall be made, and no contract liability
shall be incurred for any fiscal year beyond the appropriations for
such year except as otherwise provided by the Local Finance Law.
B. Notwithstanding the provisions of the New York State Constitution, Article
VIII, Section 10, the amount to be raised by tax on real estate in any fiscal year, in addition to providing for the interest on and the principal of all indebtedness, shall not exceed an amount equal to 1.75% of the five-year average full valuation of taxable real estate in the city, less the amount to be raised by tax on real estate in such year for the payment of the interest on and redemption of certificates or other evidence of indebtedness described in paragraphs A and D of Section 5 of Article
VIII of the New York State Constitution, or renewals thereof.
[Amended 6-28-2016 by L.L. No. 12-2016]
C. In all other respects, the provisions of the New York
State Constitution of average full valuation shall remain in full
force and effect.
D. Contracts for public utilities shall not be made for
a longer period than five years.
[Amended 6-28-2016 by L.L. No. 12-2016]
[Amended 6-28-2016 by L.L. No. 12-2016]
The City Council may transfer the surplus not
needed in any other fund.
[Amended 6-28-2016 by L.L. No. 12-2016]
The funds of the city shall be deposited in
a commercial bank. Such depositories shall secure said deposits in
excess of FDIC limits by furnishing sufficient collateral in accordance
with the provisions of General Municipal Law.
[Amended 6-28-2016 by L.L. No. 12-2016]
A. No demand against the city for money shall be paid,
unless itemized in writing. Invoices or other written demands may
be paid only when validated by at least two signatures. One signature
shall be that of the City Controller upon audit of such invoice or
demand for payment. The second signature shall be that of the department
head to whom the material and/or services are furnished. The department
head’s signature shall indicate that the expenditure was properly
authorized and in keeping with approved procedure and that the material
or service has been received.
B. For the purposes of this section, a department head
shall be any person reporting directly to the Mayor. All approved
demands shall be submitted to the Controller for audit, review and
payment as shall be directed by the Controller.