Section 11-2045. Deposit and disposition of revenue

(a) The tax commission
  shall deposit daily to the credit of the comptroller of the state of New
  York, all taxes, penalties and interest collected under this  subchapter
  in  such  responsible banks, banking houses or trust companies as may be
  designated by the comptroller. Such deposits shall be kept in trust  for
  the  city and separate and apart from all other monies in the possession
  of the comptroller. The comptroller shall require adequate security from
  all such depositories. Of the revenue collected  under  this  subchapter
  the  comptroller  shall  retain  in  his or her hands such amount as the
  commissioner of taxation and finance  of  the  state  of  New  York  may
  determine  to  be  necessary  for  refunds under this subchapter and for
  reasonable costs of the tax commission in administering, collecting  and
  distributing   the  taxes  under  this  subchapter,  out  of  which  the
  comptroller shall pay any refunds made  under  the  provisions  of  this
  subchapter.  The  comptroller, after reserving such refund fund and such
  costs, shall on or before the twelfth day of  each  month,  pay  to  the
  commissioner  of  finance of this city all taxes, interest and penalties
  collected under this  subchapter  and  remaining  to  the  comptroller's
  credit  in such banks, banking houses or trust companies at the close of
  business on the last day of the preceding month, provided, however, that
  the comptroller shall on or before the last day  of  June  and  December
  make  a  partial  payment  consisting of the collections made during and
  including the first twenty-five days of said months to the  commissioner
  of finance of this city. The amount so payable shall be certified to the
  comptroller  by  the president of the tax commission or such president's
  delegate, who shall not be  held  liable  for  any  inaccuracy  in  such
  certificate.  Where  the amount so paid over in any such distribution is
  more or less than the amount then due to this city, the  amount  of  the
  overpayment or underpayment shall be certified to the comptroller by the
  president  of the tax commission or such president's delegate, who shall
  not be held liable for any inaccuracy in such certificate. The amount of
  the overpayment shall be so certified to the comptroller as  soon  after
  the  discovery of the overpayment or underpayment as reasonably possible
  and subsequent payments and distributions by  the  comptroller  to  this
  city shall be adjusted by subtracting the amount of any such overpayment
  from  or by adding the amount of any such underpayment to such number of
  subsequent  payments  and  distributions  as  the  comptroller  and  the
  president  of the state tax commission shall consider reasonable in view
  of the amount of the overpayment or underpayment and all other facts and
  circumstances.
    (b)  All  payments  to  the  commissioner  of  finance   pursuant   to
  subdivision  (a)  of  this section shall be credited to and deposited in
  the general fund of this city, but no  part  of  such  revenues  may  be
  expended unless appropriated in the annual budget of this city.