SUBJECT:

PURPOSE:

NEW YORK CITY
Thursday, December 11th, 2008
10:00 am
Assembly Hearing Room
Room 1923, 19th Floor
250 Broadway
New York, NY

ORAL TESTIMONY WILL BE BY INVITATION ONLY

The Public Authorities Accountability Act of 2005 was enacted to strengthen transparency in the oversight and administration of public authorities throughout the State. The Act imposed new regulations and requirements on the operations and organization of state and local authorities. As such, the Act subjected state and local authorities to new reporting requirements including annual reporting of financial statements, budget information and independent audits, and additional financial disclosure requirements.

Specifically, section 19 of the Act amended section 2825 of the Public Authorities Law to require all board members, employees and officers of local public authorities to submit annual financial disclosure statements to their respective County Board of Ethics pursuant to Article 18 of the General Municipal Law. The Act includes within the definition of "local authority" not-for-profit corporations affiliated with, sponsored by, or created by a county, city, town or village government. Section 811 of Article 18 of the General Municipal Law was amended in early 2008 to authorize New York City to provide more than one form of annual financial disclosure. The City Council has yet to take action on establishing additional forms, however, the New York City Conflicts of Interest Board has recently concluded that several not-for-profit organizations are not required to complete any forms.

This hearing will provide an opportunity for the Committees to evaluate the impact of these two laws, particularly examining the application of the financial disclosure requirement on local authorities.

Persons invited to present pertinent testimony to the Committees at the above hearing should complete and return the enclosed reply form as soon as possible. It is important that the reply form be fully completed and returned so that persons may be notified in the event of emergency postponement or cancellation.

Twenty copies of any prepared testimony should be submitted at the hearing registration desk. The Committees would appreciate advance receipt of prepared statements.

In order to further publicize these hearings, please inform interested parties and organizations of the Committees' interest in considering testimony from all sources.

In order to meet the needs of those who may have a disability, the Assembly, in accordance with its policy of non-discrimination on the basis of disability, as well as the 1990 Americans with Disabilities Act (ADA), has made its facilities and services available to all individuals with disabilities. For individuals with disabilities, accommodations will be provided, upon reasonable request, to afford such individuals access and admission to Assembly facilities and activities.

PUBLIC HEARING REPLY FORM

Persons invited to present testimony at the public hearing on the Impact of the Public Authorities Accountability Act of 2005 on Thursday, December 11th, 2008 are requested to complete this reply form as soon as possible and mail or fax it to:

Simonia Brown
Legislative Analyst
Assembly Committee on Corporations, Authorities and Commissions
Suite 1147, Alfred E. Smith Office Building
80 So. Swan Street
Albany, New York 12248
E-mail: browns@assembly.state.ny.us
Phone: (518) 455-4881
Fax: (518) 455-4128

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