New York Codes, Rules and Regulations
Chapter VI - Transportation Regulations
Subchapter G - Mass Transportation Operating Assistance
Part 975 - Statewide Mass Transportation Operating Assistance Program
Section 975.16 - Interest recovered on overpayments of state operating assistance

Current through Register Vol. 44, No. 51, December 21, 2022

In the event that an audit of a public transportation system or private operator discloses the existence of an overpayment of state operating assistance, recovery will include interest on the amount of the overpayment in accordance with a rate to be established by the Department of Taxation and Finance in addition to recovering the amount of state operating assistance overpaid. The recovery of interest will be made in the case of an overpayment resulting from an audit of revenue passengers and revenue vehicle mile operating statistics and/or in the case of an audit of private operators where more than a reasonable return based on equity or operating revenues and expenses has resulted. Interest will be calculated over a time period marked by:

(1) the estimated date of receipt by the system of the STOA overpayment (which will be identified as the date of the State Comptroller's warrant, plus five more days for delivery); and

(2) the date of the Department letter which provides a final determination regarding a STOA overpayment. Interest will not be charged on any maximum profit overpayments discovered as an outgrowth of the normal, annual regulatory cap case. Such ROE overpayments are specifically exempted from interest recovery provisions.

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