NY S07855

Restricts the definition of "local authority" subject to financial reporting and accountability requirements to only those local authorities created pursuant to section two of the Public Authorities Law, narrowing the scope from all local authorities created under any state law.

Requires local authorities to submit annual financial reports within 90 days of fiscal year end to the chief executive officer, chief fiscal officer, legislative body chairperson, and authorities budget office, with detailed information on operations, finances, debt, compensation, and property transactions.

Requires local authorities to submit annual budget information 60-90 days before the start of their fiscal year to the chief executive officer, chief fiscal officer, legislative body chairperson, and authorities budget office.

Brings local authorities under the jurisdiction of the state inspector general and includes them in the definition of "agency" under the Freedom of Information Law and "public body" under the Open Meetings Law.

Establishes property disposal requirements for local authorities including adoption of disposal guidelines, competitive bidding procedures, independent appraisals, and reporting to the comptroller and local officials; allows below-market property transfers only under specified circumstances with written approval from local executive and legislative branches.