Section 33. Local laws and budget modifications; fiscal impact statements

a. No proposed local law or budget modification shall be voted on  by  a
  council  committee  or the council  unless it is accompanied by a fiscal
  impact statement containing the information set forth in  subdivision  b
  of this section.
    b.  A fiscal impact statement shall  indicate the fiscal year in which
  the proposed law or modification would first become  effective  and  the
  first  fiscal  year  in  which  the  full  fiscal  impact  of the law or
  modification is expected to occur; and contain an estimate of the fiscal
  impact of the law or modification on the revenues  and  expenditures  of
  the  city  during the fiscal year in which the law or modification is to
  first become effective, during the succeeding fiscal  year,  and  during
  the  first  fiscal  year  in  which the full fiscal impact of the law or
  modification is expected to occur.
    c.  All agency heads shall promptly provide to any  council  committee
  any  information  that  it requests   to assist it in preparing a fiscal
  impact statement.
    d.  Each  fiscal  impact  statement  shall  identify  the  sources  of
  information used in its preparation.
    e.  If  the  estimate  or  estimates  contained  in  the fiscal impact
  statement are inaccurate, such inaccuracies shall not affect, impair, or
  invalidate the local law or budget modification.