What's happening
This bill requires the New York Power Authority to file an annual report using the same accounting standards as electric corporations.
Why it matters
Boosts transparency and accountability. By requiring the New York Power Authority (NYPA) to file annual reports using the same detailed accounting standards as private electric corporations, the bill ensures public oversight of NYPA’s finances and operations.
Enables better comparison with private utilities. Standardized reporting allows lawmakers, regulators, and the public to directly compare NYPA’s performance, costs, and efficiency with those of investor-owned electric companies.
May influence policy and regulation. With more comparable and detailed financial data, state officials and policymakers can make more informed decisions about NYPA’s role, rates, and future projects.
Could affect public debate on energy policy. Increased transparency might fuel discussion about the benefits and drawbacks of public power versus private utilities, potentially impacting future energy initiatives in New York.
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Who cares
Headline styles
Standardize Power Authority Accounting
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 14
No co-sponsors yet.
History
- Substituted by A435
- Ordered to third reading cal.1154
- Committee discharged and committed to rules
- Referred to energy and telecommunications
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Standardize Power Authority Accounting
Vetoed · Sponsor Amy Paulin
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1873
2019-2020 Regular Sessions
IN SENATE
January 17, 2019
Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Energy and Telecommunications
AN ACT to amend the public authorities law, in relation to prescribing a uniform system of accounts for the power authority of the state of New York
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 1002 of the public authorities law is amended by adding a new subdivision 3 to read as follows:
3. On March thirty-first, two thousand twenty-two and every year thereafter on such date, the authority shall file with the governor, the comptroller, the chair of the assembly ways and means committee, the chair of the senate finance committee and the authority budget office, an annual report for the preceding calendar year that shall conform, in exact like manner, to the annual report filed by electric corporations with the public service commission pursuant to subdivision six of section sixty-six of the public service law. In so doing, the authority shall comply with the uniform system of accounts required for electric corporations pursuant to subdivision six of section sixty-six of the public service law and all applicable rules and regulations.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01946-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the public authorities law, in relation to prescribing a uniform system of accounts for the power authority of the state of New York
Purpose or general idea of bill
To require the Power Authority of the State of New York (NYPA) to conform their annual report and books of account with the ones submitted by electric and gas corporations to the Public Service Commission (PSC).
Summary of specific provisions
Section one amends section 1002 of the public authorities law by adding a new subdivision which would require NYPA to file an annual report with the Governor, the Comptroller and the fiscal committees of the Legisla- ture, in exact likeness to the annual report which electric and gas corporations submit to the PSC. This subdivision also requires NYPA to conform their books of account to the Uniform System of Accounts of the PSC.
Section two provides the effective date.
Justification
The report that NYPA presently files with the Governor, the Comptroller and the fiscal committees of the Legislature is comparable to the annual reports that corporations send to their stockholders. These reports tend to be more flash than fact. The uniform system of accounts and the annu- al report, which this bill asks NYPA to submit to the Governor, the Comptroller and the fiscal committees of the Legislature, is a thorough disaggregation of a utility's financial condition with respect to all sales, personnel, plant and equipment. Such a report could shed much more light on the Authority's operations than does the annual report which they are now required to submit.
Prior legislative history
2018:A.9982Passed Assembly / S.8364 Reported and Committed to Rules
2017:A.3773(Dinowitz)Passed Assembly
2016:A.1975(Brennan)Committed to Corporations
2015:A.1975(Brennan)Passed Assembly
2014:A.8477(Brennan)Referred to Corporations.
2013: A.4017 (Gabryszak) Passed Assembly
2011-12: A.4250A (Gabryszak) Passed Assembly / S.5549 Referred to Energy
2009-10: A.918 (DelMonte) Referred to Corporations.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:; None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.