Section 204. Appointment of supervising agency

The local legislative body
  of a city is hereby authorized by general  ordinance  or  local  law  to
  appoint,  establish or designate the chief financial officer of the city
  or some other official or bureau, commission or agency as the person  or
  body  to exercise the powers and perform the duties held by or incumbent
  upon a supervising agency pursuant to this article, except that if there
  is a board of estimate in the city no such appointment, establishment or
  designation shall be made and the board of estimate shall exercise  such
  powers  and  perform  such duties or may delegate one or more of them to
  the chief financial officer of the  city  or  to  some  other  official,
  bureau, commission or agency.