(b) Quarterly reports shall be prepared for authority members on operating performance of fixed route bus operations. The first such report shall cover the three-month period commencing April first, nineteen hundred ninety-five and shall be submitted no later than thirty days after the end of the quarter. Thereafter, quarterly reports shall be submitted on the last day of October, January, April, and July of each year. The report shall compare the performance indicators for the most recent quarter and the year-to-date performance indicators with the same time period in the previous year with the annual goals established pursuant to this subdivision. 2. (a) On or before October first, nineteen hundred ninety-four, and annually thereafter on or before April first, the authority shall adopt a capital program plan for the five-year period commencing April first. The plan shall contain the capital program, separately itemized, by the following functions: regular fixed route bus service, demand responsive bus service, and any aviation facilities and any marine facilities for which it currently has or shall assume responsibility.

(b) The plan shall set goals and objectives by function for capital spending, establish standards for service and operation, describe each capital project to be initiated in each of the years covered by the plan and explain how each proposed project supports the goals and objectives and the service and operational standards established in the performance plan. The plan shall list separately by function those projects contributing to the maintenance of the system infrastructure and those intended to enhance the system. The plan shall also include an estimated cost for each project and set forth an estimate of the amount of capital funding required for each year of the plan and the expected sources of such funding. It shall also include a project schedule for the initiation and completion of each project. Each plan subsequent to the first such plan shall describe the current status of each capital project which has a total estimated cost of one hundred thousand dollars or more and which was included in the previously adopted plan.

(c) In addition to the annual update, a quarterly capital plan status report shall be provided to the authority members and shall include, but not be limited to, a description of any material change in the scope, cost, funding or time of initiation or completion of a project which has a total estimated cost of one hundred thousand dollars or more, as adopted in the plan. The first such report shall cover the three-month period commencing April first, nineteen hundred ninety-five and shall be submitted no later than thirty days after the end of the quarter. Thereafter, quarterly reports shall be submitted on the last day of October, January, April, and July of each year. 3. (a) On or before October first, nineteen hundred ninety-four, and annually thereafter on or before April first, the authority shall adopt an operating finance plan for the five-year period commencing April first. The plan shall include the annual estimated operating cost for the following authority functions: fixed bus operations, demand responsive bus operations, and any aviation facilities and any marine facilities for which it currently has, or shall assume responsibility. The plan shall include the proposed method of financing for the level of service defined for each year of the plan and shall fully allocate the authority's general costs to each of the above separate functions. The plan shall provide a narrative describing the overall financial condition of the operating budget of the authority.

(b) In addition to the annual update, quarterly operating budget reports shall be prepared for the authority members on the financial condition of each of the authority's functions. The first such report shall cover the three-month period commencing April first, nineteen hundred ninety-five and shall be submitted no later than thirty days after the end of the quarter. Thereafter, quarterly reports shall be submitted on the last day of October, January, April, and July of each year. The reports shall include a budgetary comparison of the most recent quarter and year-to-date actual revenue and expenditures with the same time period in the previous year and with the projections for that time period based on the board approved budget. The reporting for fixed route bus operations shall be separate from the reporting for demand responsive bus service. 4. Any and all reports, including interim reports, shall be submitted to the director of the division of the budget, the commissioner of transportation and the chief executive officers of Genesee, Livingston, Monroe, and Wayne counties, the county legislatures of Genesee, Livingston, Monroe, and Wayne counties, the temporary president of the senate, the speaker of the assembly, the chairpersons of the senate finance committee and the assembly ways and means committee, and the chairpersons of the senate and assembly transportation committees.