Section 861. Powers and duties

a. The agency shall have the power and duty
  to:
    (1) implement and manage the integrated financial management system;
    (2) control  and  exercise  responsibility  for  all  data  processing
  functions  and  operations  of  the city which support the activities of
  those officers, employees, and agencies  of  the  city  responsible  for
  organizing,  compiling,  coordinating  and  reporting  upon  the  city's
  central financial records, data and other related information;
    (3)  provide  efficient,  coordinated  and  rapid   access   to   such
  information  for  the  use of those officers, employees, and agencies of
  the city responsible for the determination  and  administration  of  the
  estimated  and  actual expenditures of the city; the receipt, investment
  and disbursement of city funds; the issuance and  payment  of  principal
  and  interest  on obligations of the city; and for the use of such other
  officers, employees, or agencies as may require such information;
    (4) render services to, and receive information and  assistance  from,
  such  other  bodies  defined  as "covered organizations" in the New York
  state financial emergency act for the city of New York, as amended, upon
  such terms and conditions as may be agreed to by  the  agency  and  each
  such body.
    b.  All  agencies shall furnish such information or equipment in their
  possession as shall be necessary and proper to carry out  the  functions
  of  the  financial  information  services  agency  as  determined by its
  executive director with the approval of its directors.