N.Y. Rapid Trans. Law § 37 Municipal Operation; Revenue and Accounts; Operating and Other Funds

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Rapid Trans. Law § 37

a. The aggregate amount of the gross receipts of moneys derived directly or indirectly from or in connection with the operation by the city of any road shall be known as the revenue thereof. Such revenue shall be derived from fares to be charged persons riding thereon; from rates to be charged for carrying property thereon; from rentals or fees to be charged for concessions or privileges thereon in connection therewith; from the sale of surplus power, and any other receipts from whatever source derived.

b. The board of transportation shall establish and maintain a system of accounts to show at all times the cost of the several classes of property used in operation and the sources of funds used in the acquisition of such property; the several classes of operating revenue and other income; maintenance expenses; interest, amortization, depreciation and all other charges against earnings. Such accounts shall be kept in accordance with the uniform system of accounts prescribed for railroads by the public service commission or other duly constituted authority and published in the City Record.

c. The revenue derived from all sources of income of any such road shall be deposited daily by the board in the name of the city in banks to be designated by the board of transportation and shall be held separate and apart from all other funds of the city as the operating fund for the payment therefrom of the expenses of operation, maintenance and repairs, and depreciation, interest and amortization charges. An accurate report of all moneys received shall be made daily to the comptroller of the city, who shall have power and whose duty it shall be to audit currently all the financial details of municipal operation, which audit shall not preclude examination of such account by any other properly constituted authority. An itemized report of the result of such municipal operation shall be filed each month by the board of transportation with the mayor and the board of estimate.

d. From the operating fund thus derived there shall be deducted the following charges in the order named and a separate accounting be made of each:

1. Operating expenses, exclusive of maintenance, including all expenses for personal service, materials and supplies used in operation.

2. Expense of maintenance and repairs of structures and equipment, which shall be the actual cost of keeping the structures and equipment in thoroughly good order and repair, and shall include the replacement of parts of construction and parts of equipment units, but shall not include the renewal or replacement of any complete units of property, as such units are defined and specified from time to time by the board of transportation for renewal or replacement from the capital reserve fund.