The fiscal year of the City of Rye shall be
the calendar year.
On or before November 7 of each year, the City
Manager shall submit to the Council a tentative budget for the ensuing
fiscal year. In an accompanying message, the Manager shall outline
proposed financial policies of the city for the ensuing fiscal year;
describe the important features of the tentative budget; indicate
any major changes from the current year in financial policies, expenditures
and revenues together with the reasons for such changes; summarize
the city's debt position; and include such other material as the Manager
deems desirable. He shall also indicate therein the substantial changes
which he has recommended, if any, in the budget estimates of the boards,
commissions, departments, offices and agencies not under his direction
and supervision.
[Amended 2-20-1991 by L.L. No. 1-1991]
The City Manager may at any time during the
fiscal year transfer part or all of any unencumbered appropriation
balance among programs or accounts within a department, office or
agency under his supervision, and such transfers shall be reported
to the Council at or prior to the next Council meeting. The Council
may by resolution transfer part or all of any unencumbered appropriation
balance among programs or accounts of a board or commission or within
a department, office or agency, or from one board, commission, department,
office or agency to another. No appropriation for debt service may
be reduced or transferred, and no appropriation may be reduced below
any amount required by law to be appropriated or by more than the
amount of the unencumbered balance thereof.
All appropriations shall lapse at the close
of the fiscal year to the extent that they shall not have been expended
or encumbered.
No board, commission, department, office or
agency of the city government shall expend or commit any funds of
the city unless the City Comptroller shall first certify that there
is an unencumbered balance of appropriation and funds available for
the purpose.
The City Manager shall submit to the Council
a capital program at least three months prior to the final date for
the submission of the budget, listing the proposed capital improvements
with appropriate supporting information, indicating the cost estimates,
method of financing, recommended time schedules for each improvement,
and the estimated annual cost of operating and maintaining the facilities
to be constructed or acquired.
[Amended 9-5-2001 by L.L. No. 3-2001; 12-15-2004 by L.L. No.
4-2004; 12-7-2011 by L.L. No. 8-2011; 11-2-2016 by L.L. No. 3-2016]
A. All bond resolutions, except as hereinafter provided, authorizing
the issuance of bonds in excess of 30% of the average of the gross
annual budget of the city for the preceding three years shall be adopted
by a vote of at least five members of the council and shall be subject
to the approval of a majority of the qualified voters voting at a
general or special election.
B. The Council may, by a vote of at least five members thereof, authorize
the issuance of bonds not in excess of 30% of the average of the gross
annual budget of the city for the preceding three years, provided
that the aggregate of the proposed bond issue and the outstanding
obligations under bonds previously issued without being subject to
any referendum does not exceed 30% of such average.
C. All bond resolutions, except as hereinafter provided, authorizing
the issuance of bonds in excess of $1,000,000 for the acquisition
of real property shall be adopted by a vote of at least five members
of the council and shall be subject to the approval of a majority
of the qualified voters voting at a general or special election.
D. The provisions of this section shall not apply to bond resolutions
authorizing the issuance of bonds for the payment of judgment, or
compromised or settled claims against the City, or awards or sums
payable by the City pursuant to a determination by a court, or an
officer, body or agency in an administrative or quasi-judicial capacity,
or any capital improvement or equipment proposed to be constructed
or acquired where the expense thereof, other than operation and maintenance,
is to be borne by local assessment upon the several lots and parcels
of land which the Council shall determine and specify to be especially
benefited thereby, or capital improvements or equipment to be constructed
or acquired which have been determined by resolution of the council
to be required to implement a Federal, State or County of Westchester
mandate failure of which to comply with could, in the judgment of
the Council expressed in resolution, result in the imposition of a
fine or penalty, or authorizing the issuance of obligations to be
sold to the New York State Environmental Facilities Corporation or
any successor thereto.
E. The provisions of this section shall not apply to bond resolutions
authorizing the issuance of bonds for the payment of capital improvements
or equipment proposed to be constructed or acquired for purposes determined
by resolutions of the council to be required for public safety purposes
requiring urgent action, in an amount not exceeding $1,000,000 in
the aggregate in any fiscal year, and provided that on the date of
adoption of said bond resolution, the Council determines that the
aggregate of the proposed bond authorization and the outstanding principal
amount of obligations previously issued for public safety purposes
requiring urgent action in reliance on this paragraph E does not exceed
$2,500,000. In making such determination, the Council shall disregard
certain such outstanding obligations to the extent provided below.
Such determination shall be conclusive for all purposes of this paragraph
E, irrespective of whether through inadvertence or otherwise such
determination is later found to be inaccurate. In the event that the
Council determines that the aggregate of the proposed bond authorization
and the outstanding obligations issued for public safety purposes
requiring urgent action exceeds $2,500,000, the Council may authorize
a mandatory public referendum on the question of whether such bond
authorization shall become effective. In the event of approval of
such authorization at a referendum, such authorization shall become
effective and i) the obligations issued or to be issued in reliance
on such bond authorization, and ii) the outstanding amount of obligations
previously issued or authorized for public safety purposes requiring
urgent action in reliance on this paragraph E on the date of adoption
of such bond authorization, shall be thereafter disregarded for all
purposes of this paragraph E.
F. The provisions of this section shall not apply to bond resolutions
authorizing the issuance of bonds for the payment of capital improvements
or equipment proposed to be constructed or acquired for purposes determined
by resolution of the Council to be required for natural disaster reconstruction
as a result of a natural disaster, as declared by the Federal Government
or the State government requiring urgent action, in an amount not
exceeding $2,500,000 in the aggregate in any fiscal year, and provided
that on the date of adoption of said bond resolution, the Council
determines that the aggregate of the proposed bond authorization and
the outstanding principal amount of obligations previously issued
for natural disaster reconstruction purposes requiring urgent action
in reliance on this paragraph F does not exceed $2,500,000. In making
such determination, the Council shall disregard certain outstanding
obligations to the extent provided below. Such determination shall
be conclusive for all purposes of this paragraph F, irrespective of
whether through inadvertence or otherwise such determination is later
found to be inaccurate. In the event that the Council determines that
the aggregate of the proposed bond authorization and the outstanding
obligations issued for natural disaster reconstruction purposes requiring
urgent action exceeds $2,500,000, the Council may authorize a mandatory
public referendum on the questions whether such bond authorization
shall become effective. In the event of approval of such authorization
at a referendum, such authorization shall become effective and i)
the obligations issued or to be issued in reliance on such bond authorization,
and ii) the outstanding amount of obligations previously issued or
authorized for natural disaster reconstruction purposes requiring
urgent action in reliance on this paragraph F on the date of adoption
of such bond authorization, shall be thereafter disregarded for all
purposes of this paragraph F.
G. The provisions of this section shall not apply to bond resolutions authorizing the issuance of bonds for the payment of capital improvements or equipment proposed to be constructed or acquired for a purpose determined by resolution of the Council in an amount not exceeding an amount determined by resolution of the Council in any fiscal year if the principal of and interest on the bonds is paid first from moneys in an enterprise fund. For purposes of this Subsection
G an enterprise fund shall be an account separate from the general fund containing user fees or assessments paid for a service or purpose of the City, in lieu of or in addition to real property taxes. No bonds shall be authorized or issued pursuant to the provisions of this Subsection
G unless: 1) the Council or a committee thereof holds a public hearing upon no less than ten (10) days' notice prior to taking action on such bond resolution, at which hearing the object or purpose to be financed and financial tests relating to such object or purpose are presented; and 2) the financing structure and the object or purpose to be financed with such bonds has been approved by a majority of the Council. For the purpose of this Subsection
G, financial tests shall mean: i) financial statements of the enterprise fund for the current and last four fiscal years demonstrating that full coverage of operating and debt service expenses have been paid in full from user fees or assessments in the enterprise fund as verified by the City Comptroller and the City Manager; ii) pro forma financial statements for the next five fiscal years demonstrating full coverage of operating expenses, outstanding debt service, and debt service generated from the issuance of such bonds as verified by the City Comptroller and the City Manager; iii) a current fiscal year reserve in the enterprise fund equal to or in excess of 10% of current year operating and debt service expenses; iv) a pro forma reserve in the enterprise fund for each fiscal year such bonds are outstanding equal to or in excess of 10% of pro forma operating expenses, outstanding debt service and debt service generated from the issuance of such bonds in each such fiscal year; and v) representations to the Council by the enterprise fund that such fund shall establish user fees and assessments to be paid at the times and in the amounts sufficient to satisfy the requirements of clauses ii) and iv) of this Subsection
G.
[Added 9-18-2019 by L.L. No. 6-2019]
[Added 9-17-1986 by L.L. No. 13-1986]
The City Comptroller shall require from any
bank, trust company or other depositary in which the funds of the
city are deposited, whether in certificates of deposit, time deposits
or demand deposits, pledged collateral consisting of bonds, certificates
or notes of the United States of America, or any obligation fully
guaranteed or insured as to interest and principal by the United States
of America, acting through an agency, subdivision, department or division
thereof, the State of New York, or bonds or notes of any municipal
corporation, school district or district corporation of the State
of New York, as security for the funds deposited. Such bonds, certificates
or notes shall be subject to the approval of and be deposited in such
place and under such conditions as the City Comptroller may determine.