What's happening
This bill requires the New York Power Authority to file annual reports using the same accounting standards as electric corporations.
Why it matters
Increases transparency and accountability for the New York Power Authority (NYPA). by requiring it to use the same detailed accounting standards and reporting practices as private electric companies, making it easier for oversight bodies and the public to assess NYPA’s financial operations.
Enables more direct comparisons between NYPA and private electric utilities,. which could inform debates about the efficiency, cost-effectiveness, and public value of government-run versus private power providers.
Expands oversight by mandating that NYPA’s annual reports be submitted to key state officials and legislative committees,. potentially increasing legislative scrutiny and influencing future policy decisions regarding state energy management and public utilities.
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Who cares
New York Power Authority
The authority would have to follow the uniform system of accounts required for electric corporations and file an annual report in the same format as those corporations’ reports to the Public Service Commission.
Governor and state comptroller
They would receive the authority’s report for the preceding calendar year each March 31, beginning in 2023.
Assembly Ways and Means and Senate Finance committee chairs
Both chairs would receive the authority’s annual financial reporting under the prescribed accounting requirements.
Authority Budget Office
The office would be a required recipient of the authority’s annual report.
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
- Referred to energy and telecommunications
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
7830
IN SENATE
February 25, 2020
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-three 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.
LBD01946-02-0
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
2019:S.1873/A.435 Vetoed. 2018:A.9982 Passed 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.425CA (Gabryszak) Passed Assembly / S.5549 Referred to Ener- gy. 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.