March (pdf) - New York Power Authority

March 29, 2011
4. 2010 Financial Reports Pursuant to
Section 2800 of the Public Authorities Law and
Regulations of the Office of the State Comptroller
SUMMARY
The President and Chief Executive Officer submitted the following report:
“The Trustees are requested to approve the financial report for the year ended December 31, 2010 and
authorize the Corporate Secretary to submit this report to the Governor, legislative leaders and the State
Comptroller pursuant to Section 2800 of the Public Authorities Law, as amended by the Public Authorities
Accountability Act of 2009 (‘PAAA’). In accordance with regulations adopted by the Office of the State
Comptroller (‘OSC’), the Trustees are also requested to approve and authorize posting of a report of actual vs.
budgeted results for the year 2010 on the Authority’s web site.
BACKGROUND
“The PAAA reflects the State’s commitment to maintaining public confidence in public authorities by
ensuring that the essential governance principles of accountability, transparency and integrity are followed at all
times. To facilitate these objectives, the PAAA established an independent Authorities Budget Office (‘ABO’)
that monitors and evaluates the compliance of State authorities with the requirements of the Act. The PAAA
became effective with the Authority’s fiscal year beginning January 1, 2006. The PAAA amended Section 2800
of the Public Authorities Law to require that financial reports submitted by a State authority under Section 2800
be certified by the chief executive officer and chief financial officer and approved by the authority’s board.
“Following rulemaking proceedings undertaken pursuant to the State Administrative Procedure Act, OSC
implemented regulations on March 29, 2006 that address the preparation of annual budgets and related reporting
requirements by ‘covered’ public authorities, including the Authority. These regulations establish various
procedural and substantive requirements relating to the budgets and require the chief financial officer to report
publicly not later than 90 days after the close of each fiscal year on actual versus budgeted results.
DISCUSSION
“The Trustees are requested to approve the required financial report for the year ended December 31, 2010
(Exhibit ‘4-A’) and authorize the Corporate Secretary to submit this report to the Governor, legislative leaders, the
State Comptroller and the ABO pursuant to Section 2800 of the Public Authorities Law, as amended by the PAAA.
This report was reviewed by the Audit Committee at its meeting of March 14, 2011. The Trustees are also
requested to approve a report of actual vs. budgeted results for the year 2010 (Exhibit ‘4-B’) and authorize posting
it on the Authority’s website.
FISCAL INFORMATION
“There is no anticipated fiscal impact.
RECOMMENDATION
“The Vice President and Controller recommends that the Trustees approve and authorize submittal of the
attached reports (Exhibits ‘4-A’ and ‘4-B’) as discussed herein.
“For the reasons stated, I recommend the approval of the above-requested action by adoption of a
resolution in the form of the attached draft resolution.”
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