Assemblyman John Ceretto, R-I-C-Lewiston, passed legislation Wednesday to enhance transparency at the New York Power Authority. Ceretto, a co-sponsor of Assembly bill 4017, noted the legislation will provide increased oversight at NYPA by standardizing the annual report, making it similar to the report electric corporations currently file under the public service law.
"This legislation is a crucial step in increasing oversight at NYPA by making certain that taxpayer funds are not abused and ensuring low-cost power is available to create jobs throughout New York state," Ceretto said. "The current reporting methods are inadequate and fall short of providing taxpayers with the accountability they deserve from this massive authority. I believe additional oversights should be put into place at all of New York's public authorities, which hold $53.7 billion of taxpayer-funded state debt."
The legislation requires NYPA to submit a uniformed system of accounts and a comprehensive annual report to the governor's office, the comptroller's office and the fiscal committees of the Legislature. These reports will afford these offices greater abilities to monitor the authority's financial condition concerning all sales, personnel, plants and equipment.
"This type of comprehensive reporting will shed more light on the authority's operations and provide lawmakers with an accurate picture of how it conducts business on a daily basis," Ceretto said. "From this data, we will have a roadmap on how to reform NYPA, allowing us to lower taxpayer costs and ensure that low-cost power is used efficiently and locally to create jobs and lower energy bills."
The bill now awaits action in the State Senate, where Sen. George Maziarz sponsors it.