The Office of the State Comptroller serves as New York’s independent fiscal watchdog, responsible for auditing government agencies, managing the state pension fund, and overseeing the integrity of public contracts. This page covers CBC’s work on state procurement oversight, competitive bidding requirements, contract review thresholds, executive budget authority, and fiscal transparency.
This page was created with AICBC Insights uses AI to group, analyze and present data and recommendations from CBC's publications. Always reference the cited sources to verify important details..
State lawmakers and the Governor must maintain the Comptroller’s current authority to review state contracts before they are executed and ensure contracts are competitively bid to the maximum extent.
The Assembly and Senate should stand firm in their rejection of budget changes that would erode the Comptroller's pre-audit authority.
The Governor and Legislature should ensure the integrity of government contracting rather than undermining it by limiting the Comptroller’s powers and conducting uncompetitive procurements.
Efforts to speed up procurement should focus on substantial improvements like assisting agencies with writing Requests for Proposals (RFPs), rather than reducing oversight.
Rigorously evaluate existing economic development incentives and programs to determine their effectiveness.
Narrow, shrink, or eliminate economic development programs that are not proven effective.
Adopt performance-based economic development incentives whenever possible.
Create a unified economic development budget.
Increase oversight powers of the State Comptroller and Authorities Budget Office regarding economic development.
Key Data
In March 2026, watchdogs highlighted data showing the Comptroller's pre-contract review is fast and efficient, taking on average only 7 days with 90% of contracts reviewed within 15 days.
In March 2026, watchdogs noted that after former Governor Cuomo removed Comptroller pre-audit review of certain contracts in 2011 and 2012, the Buffalo Billion contract bid-rigging scandal resulted in the abuse of nearly $1 billion in public funds.
In June 2023, the CBCNY reported that Governor Hochul signed legislation in December 2022 to restore prior Office of the State Comptroller oversight powers over procurement and contracting.
A December 2022 report noted that the Office of the State Comptroller provides massive oversight, having received 21,282 contract transactions valued at $102.4 billion in 2019.
In December 2019, the CBCNY highlighted that in 2017, at least 192 LDCs focused on economic development spent a total of $1.2 billion without being subject to OSC audit oversight.
Proposed budget changes threaten to erode the Office of the State Comptroller's authority to pre-audit state contracts and ensure competitive bidding, potentially leaving billions of dollars in public funds unexamined. Maintaining independent oversight is essential to deter corruption, reduce waste, and ensure fair competition in government procurement.
Recommendations related to Office of the State Comptroller (OSC)
State lawmakers and the Governor must maintain the Comptroller’s current authority to review state contracts before they are executed and ensure contracts are competitively bid to the maximum extent.
The Assembly and Senate should stand firm in their rejection of budget changes that would erode the Comptroller's pre-audit authority.
The Governor and Legislature should ensure the integrity of government contracting rather than undermining it by limiting the Comptroller’s powers and conducting uncompetitive procurements.
Efforts to speed up procurement should focus on substantial improvements like assisting agencies with writing Requests for Proposals (RFPs), rather than reducing oversight.
Key Data
$3 billion
— The amount of contract proposals eroding the Comptroller’s pre-audit authority that the Legislature rejected.
$1 billion
— The amount of taxpayer money that would go into vendors' pockets without the Comptroller’s needed scrutiny due to increased dollar thresholds for contract review.
$2 billion
— The amount of unexamined funds created by the proposal to eliminate Comptroller pre-audit review for purchases from centralized contracts administered by OGS.
$1 billion
— The amount of funds that would be exempt from Comptroller pre-audit review across 26 particular provisions in the Executive Budget.
$2.76 billion
— The total value of contracts exempted from the competitive bidding process in 36 instances within the Executive Budget.
$2.8 billion
— The amount of contracts that would continue to be or be newly bid uncompetitively under the proposed budgets.
New York State's fiscal outlook faces significant risks from rapid spending growth and structural budget gaps, necessitating restraint and improved fiscal management. To ensure accountability, the state must reject proposals that expand executive budget authority and weaken the State Comptroller's oversight of contracts.
Recommendations related to Office of the State Comptroller (OSC)
The Legislature should reject universal appropriation transfer and interchange authority included in the State Operations bill.
The Legislature should reject language that exempts individual appropriations from competitive bidding requirements and Comptroller pre-audit oversight.
The Legislature should reject the proposal to eliminate Comptroller pre-approval of centralized contracts and increase thresholds for Comptroller review of other State contracts.
The Legislature should reject the permanent executive authority to issue revenue anticipation notes totaling $3 billion annually.
The State should protect State Comptroller oversight of contracting.
Key Data
$1 billion
— The amount of the transfer from the General Fund to the 'Health Care Transformation Account' that should be rejected unless uses are defined.
$1 billion
— The recommended level for the 'Special Emergency Appropriation,' returning it to its pre-pandemic level.
$3 billion
— The total amount of revenue anticipation notes the state should reject the permanent executive authority to issue annually.
Citizens Budget Commission held its 94th annual gala—a must-attend event for New York's business and Civic Leaders—on March 5th, 2026. CBC honored Lazard CEO and Chairman Peter Orszag with the Medal for High Civic Service, given to a current or former public servant who exemplifies CBC’s values and a dedication…
The proposed Fiscal Year 2027 Executive Budget includes provisions that would grant the Executive branch excessive control over state finances while significantly weakening the Office of the State Comptroller's oversight of contracts and spending. These changes threaten fiscal accountability by raising contract review thresholds and allowing the Executive to bypass standard competitive bidding and pre-audit requirements.
Recommendations related to Office of the State Comptroller (OSC)
Reject universal appropriation transfer and interchange authority included in the State Operations bill, as this grants the Executive unnecessarily broad control over appropriations.
Reject language that exempts individual appropriations from competitive bidding requirements and Comptroller pre-audit oversight.
Reject the $1 billion transfer from the General Fund to the “Health Care Transformation Account,” unless its uses are defined in appropriations.
Reduce the “Special Emergency Appropriation” from $2 billion to $1 billion, returning it to its level prior to the pandemic.
Reject the permanent executive authority to issue revenue anticipation notes totaling $3 billion annually, as this circumvents the normal budget process.
Reject the proposal to increase the threshold for Comptroller review of State contracts from $50,000 to $300,000 and eliminate Comptroller pre-approval of centralized contracts purchase orders that exceed $200,000.
Key Data
$1 billion
— Proposed transfer from the General Fund to the “Health Care Transformation Account” without defined appropriations.
$2 billion
— Current level of the “Special Emergency Appropriation” that should be reduced.
$1 billion
— Targeted level for the “Special Emergency Appropriation” to return to pre-pandemic standards.
$3 billion
— Annual total of revenue anticipation notes the Executive seeks permanent authority to issue.
$50,000
— Current threshold for Comptroller review of State contracts.
$300,000
— Proposed increased threshold for Comptroller review of State contracts.
791 is the number of staff the City Comptroller can employ for the vital task of auditing City agencies, managing the $306 billion pension fund, registering contracts, analyzing the budget, monitoring the economy—essentially serving as the people's check on the Mayor's office. This episode of What's the Data Point involves…
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The state budget should not include extraordinary powers that bypass competitive bidding and limit the Comptroller's oversight of bond transactions. These measures, which were originally enacted for pandemic-era flexibility, are no longer necessary and risk enabling wasteful spending.
Recommendations related to Office of the State Comptroller (OSC)
The state should not remove competitive bidding requirements and the Comptroller’s oversight via provisions added to individual appropriations.
The budget should not limit the scope of Comptroller review of certain bond transactions, as proposed for the first time in last year’s Executive Budget.
The state should not allow universal appropriation transfer and interchange authority within the State Operations bill.
The budget should not authorize up to $4 billion in short-term revenue anticipation notes.
The budget should not authorize transfer of $1 billion from the General Fund to the “Health Care Transformation Account” absent more clearly defined uses in appropriations.
The budget should not increase the “Special Emergency Appropriation” from $1 billion to $2 billion.
Key Data
$4 billion
— Amount of short-term revenue anticipation notes the state is urged not to authorize.
$1 billion
— Amount of funds the state is urged not to transfer from the General Fund to the 'Health Care Transformation Account' without clearly defined uses.
$1 billion
— Current level of the 'Special Emergency Appropriation' that the state is urged not to increase.
$2 billion
— Proposed level of the 'Special Emergency Appropriation' that the state is urged not to adopt.
3 is the number of current and former Comptrollers who sat down to discuss the City and State's finances, economy, population loss and more. While jobs and tourism have recovered, New York continues to face challenges with hybrid work affecting downtowns and the office market, housing affordability, future budget gaps,…
NYC Comptroller Brad Lander Comptroller Brad Lander serves as New York City’s chief financial officer, leading an office of roughly 800 public servants in their work to promote the financial health, integrity, and effectiveness of City government and secure a more thriving and sustainable future for all New Yorkers.…
New York State should enact legislation requiring the publication of details for all contracts currently exempt from oversight by the Office of the State Comptroller to increase transparency and reduce the risk of corruption. This measure addresses the growing prevalence of emergency and exempt contracts that bypass standard competitive procurement rules and financial review.
Recommendations related to Office of the State Comptroller (OSC)
The Governor should sign A10281/S9171 to require State agencies and authorities to publish information related to contracts that are exempt from prior approval by the Office of the State Comptroller.
The Governor should no longer include exemptions to OSC oversight in executive budget bills and reject any proposed by the Legislature to prevent the misspending of public dollars.
The Governor should sign the legislation with no changes other than a technical correction to clarify that “contract terms” should read “contract term.”
Key Data
5.3 days
— The average time it takes for the Office of the State Comptroller to complete a prompt review of contracts submitted by State agencies and authorities.
$368 million
— The total value of Enacted Budget appropriations exempt from section 112 of the State Finance Law, which requires prior approval by the Comptroller.
$1.5 billion
— The total value of appropriations exempt from section 163 of the State Finance Law, which governs competitive procurement rules.
Legislative leaders are being urged to reject executive budget proposals that would grant the Governor unchecked authority to transfer funds, issue debt, and bypass competitive bidding requirements. These proposals threaten to undermine the oversight capabilities of the Office of the State Comptroller regarding bond sales and appropriation management.
Recommendations related to Office of the State Comptroller (OSC)
Reject the proposal to limit the scope of Comptroller review of certain bond transactions, as proposed in sections 49 and 50 of Part X of the Public Protection and General Government bill.
Reject provisions added to individual appropriations that remove competitive bidding requirements and the Comptroller’s oversight.
Key Data
$4 billion
— The Governor's permanent authority to issue short-term revenue anticipation notes.
$1 billion
— A transfer from the General Fund to the “Health Care Transformation Account” that should be rejected unless uses are clearly defined.
$2 billion
— The original amount of the “Special Emergency Appropriation” that should be reduced.
$1 billion
— The reduced amount proposed for the “Special Emergency Appropriation”.
CBC's Gala is a must-attend event for New York's business and civic leaders. The 92nd Annual Gala was held on February 29, 2024, and honored The Federal Reserve Bank of New York President & CEO John C. Williams with the Medal for High Civic Service, which is given to a…
The Fiscal Year 2025 Executive Budget includes provisions that would limit the State Comptroller's oversight of bond transactions and remove competitive bidding requirements, while also granting the Governor authority to issue up to $4 billion in short-term revenue anticipation notes. Watchdog groups are urging state legislators to reject these measures, which threaten to undermine the essential checks and balances provided by the Comptroller's office.
Recommendations related to Office of the State Comptroller (OSC)
Reject provisions added to individual appropriations that remove competitive bidding requirements and the Comptroller’s oversight.
Reject the proposal to limit the scope of Comptroller review of certain bond transactions, as proposed in sections 49 and 50 of Part X of the Public Protection and General Government bill.
New York City's fiscal year 2025 preliminary budget faces a $3.6 billion funding shortfall, with additional budget gaps projected to reach between $8.8 billion and $9.7 billion in fiscal years 2026 through 2028 if current service levels are maintained. To address these precarious fiscal conditions, the City must improve budget transparency by fully funding planned programs or explicitly identifying which services will be reduced or eliminated.
Recommendations related to Office of the State Comptroller (OSC)
The City should implement an additional PEG in the Executive Budget and shrink or eliminate programs that the available resources cannot fully support.
The City should build on that progress and finish the job by including funding for all planned programs and acknowledging that under- and un-funded programs will shrink or end.
The City Council should ensure that its proposals for added or modified spending are affordable based on fully funding or reducing the current set of planned programs.
The Administration should continue with its original plan to implement a PEG in the Fiscal Year 2025 Executive Budget.
The City should prioritize and fund effective and impactful programs, shrink or eliminate less critical and effective programs, and increase efficiency.
Key Data
$3.6 billion
— Fiscal year 2025 projected spending does not include $3.6 billion needed to fully fund current and planned service levels.
$8.8 billion to $9.7 billion
— Fully funding current services in fiscal years 2026 to 2028 would increase budget gaps for those years to between $8.8 billion and $9.7 billion.
$560 million
— Another nearly $560 million of City-fund fiscal cliff programs identified by the office of the State Comptroller (OSC) remain unfunded in fiscal year 2024.
$800 million
— Chronic underbudgeting of $800 million includes $655 million for uniformed overtime and $145 million for mandated MTA subsidies.
$2.5 billion
— The Preliminary Budget added $2.5 billion to fiscal year 2024 to fund fiscal cliff programs and underbudgeted expenses.
$194.9 million
— The PEG restorations for fiscal years 2024 and 2025 total $194.9 million.
151,700 is the net loss of New York personal income tax filers in 2020 and 2021. Was this primarily due to the pandemic? CBC is relaunching its podcast with a focus on policy discussions, starting with the podcast's founder and CBC alum Maria Doulis, Deputy New York State Comptroller for…
New York State agencies frequently bypass the Office of the State Comptroller's oversight through budget exemptions, allowing billions of dollars in contracts to proceed without competitive bidding or prior approval. Legislation is needed to mandate the public disclosure of these exempt contracts to ensure transparency and reduce the risk of wasteful or corrupt spending.
Recommendations related to Office of the State Comptroller (OSC)
The Governor should sign A7404/S6941 to require State agencies and authorities to publish contracts that are exempt from prior approval by the Office of the State Comptroller.
The Governor should no longer include exemptions to sections 112 and 163 of State Finance Law in executive budget bills.
The Governor should reject any exemptions to State Finance Law proposed by the Legislature.
Key Data
5 days
— Average time for the Comptroller's Office to complete a prompt review of contracts submitted by State agencies and authorities.
$50,000
— Minimum contract value floor for which oversight provisions apply.
$12.8 billion
— Total value of 14 appropriations in the Executive Budget that were exempt from both sections 112 and 163 of State Finance Law.
$2.6 billion
— Total value of 17 appropriations that were exempt from section 163 of State Finance Law alone.
New York State and its localities spent $10.7 billion on economic development in 2022, a figure projected to reach $13 billion annually by 2025 despite insufficient evidence that these programs effectively create jobs. To address this, officials should implement a unified economic development budget, adopt performance-based incentives, and increase oversight powers of the State Comptroller and Authorities Budget Office.
Recommendations related to Office of the State Comptroller (OSC)
Rigorously evaluate existing economic development incentives and programs to determine their effectiveness.
Narrow, shrink, or eliminate economic development programs that are not proven effective.
Adopt performance-based economic development incentives whenever possible.
Create a unified economic development budget.
Increase oversight powers of the State Comptroller and Authorities Budget Office regarding economic development.
Key Data
$10.7 billion
— Total state and local economic development spending in 2022.
$13 billion
— Projected annual economic development spending by 2025.
$4.4 billion
— Total state economic development spending in 2022.
$6.3 billion
— Total local and county government economic development spending in 2022.
$2.5 billion
— Foregone revenue from state tax expenditures in 2022.
$3.1 billion
— Foregone local sales tax revenue resulting from state sales tax exemption programs in 2022.
New York State has made minimal progress on structural budget reforms, failing to implement most recommendations needed to improve fiscal stability and transparency. While oversight of state contracts and procurements was restored, the state continues to lack essential fiscal controls, independent analysis, and comprehensive long-term planning.
Recommendations related to Office of the State Comptroller (OSC)
Manage, report, and balance the budget in accordance with Generally Accepted Accounting Principles (GAAP) on a modified accrual basis.
Strengthen the debt cap by applying it more comprehensively and codifying it in the Constitution.
Tightly tie appropriations to planned spending by reducing unfunded and undefined spending authority.
Strengthen the Rainy Day Fund by raising deposit and balance caps and mandating deposits when revenues are strong.
Require basic financial plan tables with enacted and one-house budgets to allow for public comparison.
Require fiscal estimates with all legislation passed outside of the budget process.
Prevent the use of messages of necessity for budget bills to ensure they age for three days before voting.
Implement comprehensive, transparent long-term capital planning processes to ensure cost-effective infrastructure investments.
Fully fund the Authorities Budget Office (ABO) with at least $5 million annually to provide appropriate oversight.
Establish an independent fiscal analyst's office to provide timely and accurate analyses of the State’s fiscal condition.
Key Data
$19 billion
— Reserve balances currently held by the state.
$27 billion
— The recommended amount in savings for the Rainy Day Fund.
$220+ billion
— The amount of annual spending that requires a performance measurement and management system.
$3.4 million
— The current funding level for the Authorities Budget Office.
$5 million
— The recommended annual funding level for the Authorities Budget Office.
$2.9 million
— The previous funding level for the Authorities Budget Office.
New York State's budget and fiscal management processes require significant reforms to improve transparency, accountability, and long-term stability. Key strategies include standardizing accounting practices, strengthening reserve funds and debt caps, and restoring the oversight authority of the State Comptroller to ensure fiscal integrity.
Recommendations related to Office of the State Comptroller (OSC)
Fully restore Comptroller’s oversight of procurement and contracting.
Establish the Independent Fiscal Analysis Office to provide rigorous, nonpartisan data analysis and monitoring of the State’s budget.
Require the State Comptroller to assess the enacted budget and quarterly financial plan updates to determine whether they are compliant with the balanced budget requirement.
Key Data
21,282
— Number of contract transactions received by the Office of the State Comptroller in 2019.
$102.4 billion
— Value of contract transactions received by the Office of the State Comptroller in 2019.
$30 million
— Amount of State-guaranteed debt not subject to the debt cap despite being issued by the State.
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New York's state budget relies on billions of dollars in opaque "lump sum" appropriations that bypass public notice and oversight, creating significant corruption risks. To address this, the state should itemize planned spending, increase transparency, and restore the Comptroller's authority to review state contracts before they are finalized.
Recommendations related to Office of the State Comptroller (OSC)
The state should avoid using lump sum pots in the state budget or, at minimum, ensure they are limited in scope, subject to Comptroller review, and publicly disclosed.
The state must fully disclose all details of past and future lump sum pots in an open data format, including recipients of funds and legislative sponsors.
The Governor should support and sign into law A7925-A / S6809-A to restore many of the Comptroller’s powers to review state contracts before they are signed.
Key Data
$350 million
— The amount planned for the 'Long Island Investment Fund,' an example of a broadly defined pot for unidentified purposes.
$8 billion
— The total amount of lump sum funds approved in the state operations budget for the final FY 2023 budget.
$6 billion
— The size of the 'public health emergency' pot included in the FY 2023 budget that is exempt from Comptroller review.
$2 billion
— The size of the 'special emergency' pot in the FY 2023 budget that is solely for transfer by the governor and exempt from Comptroller review.
The state's executive budget proposals include broad, unilateral spending and borrowing authorities that lack necessary oversight and should be rejected or amended. These measures, originally enacted during the pandemic, are no longer required and threaten fiscal accountability by bypassing standard legislative and comptroller review.
Recommendations related to Office of the State Comptroller (OSC)
Reject the $6 billion “Special Public Health Emergency Appropriation” to ensure proper legislative and oversight control over emergency spending.
Reject the universal appropriation transfer and interchange authority within the State Operations bill to prevent the Executive from having unilateral authority to re-program spending authorizations without Legislative input.
Reject the authority to issue up to $3 billion in revenue anticipation notes to avoid granting the Executive unchecked borrowing power.
Reject the authority to utilize a $2 billion line of credit to prevent unnecessary expansion of executive borrowing authorities.
Amend the $2 billion “Special Emergency Appropriation” to ensure it is in the same amount and subject to Comptroller procurement oversight as was the case in fiscal year 2020.
Amend the $2 billion appropriation for “Reserve For COVID-19 Public Health Response” so that this relief spending is appropriated as clearly defined line items with oversight.
Amend the transfer of $1 billion from the General Fund to the “Health Care Transformation Account” so that this spending is appropriated as clearly defined line items with oversight.
Key Data
$6 billion
— Proposed “Special Public Health Emergency Appropriation” that should be rejected.
$3 billion
— Authority to issue revenue anticipation notes that should be rejected.
$2 billion
— Authority to utilize a line of credit that should be rejected.
$2 billion
— “Special Emergency Appropriation” that should be amended to include Comptroller oversight.
$1 billion
— Total of the “Special Emergency Appropriation” prior to the pandemic.
$2 billion
— Appropriation for “Reserve For COVID-19 Public Health Response” that should be amended.
New York State's budget process requires enhanced transparency and oversight, specifically through the restoration of procurement powers to the Office of the State Comptroller. Strengthening these oversight mechanisms is essential to ensuring fiscal accountability and preventing the obfuscation of state spending.
Recommendations related to Office of the State Comptroller (OSC)
The State should improve oversight by restoring procurement powers of the Comptroller’s office.
The state's new mid-year budget modification process, which grants the Executive enhanced powers to address COVID-19 revenue shortfalls, requires greater transparency and public disclosure of planned spending reductions. Providing advance notice of these budget adjustments is essential for localities and school districts to effectively manage the financial impact of the crisis.
Recommendations related to Office of the State Comptroller (OSC)
The Executive should make the notification and details of the budget plan publicly available as soon as practicable to ensure the Legislature and the public can reasonably understand possible reductions for each affected program and the impact on each local government or school district.
The notification regarding budget modifications should include a detailed description of revenue shortfalls or spending overages.
The Division of the Budget, Senate, and Assembly should fulfill their existing obligation to provide “Quick Start” revenue and spending forecasts in the fall of each year.
The state should provide as much advance notice as possible regarding budget cuts to allow localities and agencies to plan and manage the impact.
By publicly stating their revenue and spending expectations, the Senate and Assembly can improve and accelerate the revenue consensus and budget negotiation process that occurs in March.
The Executive Budget includes proposals that would obscure state spending by expanding "refunds of appropriation" and allowing the Division of the Budget to transfer funds between agencies without legislative approval. These changes threaten the transparency of government finances and undermine the independent oversight authority of the Office of the State Comptroller.
Recommendations related to Office of the State Comptroller (OSC)
Reject the measure in the Executive Budget which broadens so-called refunds of appropriation to ensure state spending remains transparent and accurate.
Reject the proposal that would authorize the Director of the Division of the Budget to transfer funding from state operations to any department, agency, or public authority.
Ensure the Comptroller’s Office retains its independent constitutional authority to utilize best practices in monitoring state revenues and expenditures.
Key Data
100
— Number of appropriations throughout the State Operations appropriation bill that would be affected by the proposal to allow the transfer of funding.
Honoring Richard Ravitch, the NYS Attorney General, and NYS Comptroller The CBC Annual Dinner honoring Richard Ravitch, the Office of the New York State Attorney General, and the Office of the New York State Comptroller.
New York State should authorize the Office of the State Comptroller to audit local development corporations to ensure accountability and prevent the misuse of public resources. Currently, these entities manage significant financial assistance, yet many fail to submit accurate or required annual reports.
Recommendations related to Office of the State Comptroller (OSC)
The Governor should sign A7476/S5445, which will provide needed oversight by authorizing the Office of the State Comptroller (OSC) to audit local development corporations (LDCs).
New York State should improve oversight of LDCs to safeguard against the misuse of public resources.
Key Data
$5.6 billion
— Annual financial assistance provided by local governments in New York State to businesses directly or through municipally controlled Industrial Development Agencies (IDAs) and LDCs.
192
— Number of LDCs focused on economic development that spent a total of $1.2 billion in 2017.
$1.2 billion
— Total amount spent by 192 LDCs focused on economic development in 2017.
approximately a quarter
— Portion of LDCs that fail to submit required annual reports, with submitted information frequently being inaccurate.
The state government is urged to finalize, publicize, and codify an agreement that restores the Comptroller's pre-audit authority over specific state contracts, including those for SUNY and CUNY. This reform is considered essential for improving the integrity of the contracting process and maintaining public trust.
Recommendations related to Office of the State Comptroller (OSC)
The Governor and Comptroller should finalize the details of the agreement announced earlier this year regarding the restoration of pre-audit authority.
The Governor and Comptroller should make public the details of the agreement regarding the restoration of pre-audit authority.
The Governor and Comptroller should support the agreement being codified in law during this legislative session.
New York State Comptroller Tom Dinapoli addressed CBC on March 26, 2018. His remarks covered Wall Street performance and the City economy, the State and City budgets, and State pension funds.
17% is the increase in the average bonus paid by Wall Street in 2017, bringing the average bonus to more than $161,000. NYS Comptroller Tom DiNapoli discusses Wall Street, the State and City budgets, State pension funds and more in remarks to CBC and a Q & A with Ben…
The federal tax overhaul passed last month may have enormous impacts in New York and could upend the relationship between the federal government and the states. CBC and the CUNY Graduate School of Journalism gathered experts to assess the impact and potential city and state responses in a special half-day…
This week's data point is $780 million - the value of contracts involved in the alleged bid-rigging and corruption scandal involving State economic development programs. Special guest New York State Comptroller Tom Dinapoli discusses his proposal for independent review and reform of state procurement practices with Ben Max and Maria…
NY1 Inside City Hall's Errol Louis wrapped up last night's state comptroller debate with vice president and director of State Studies at Citizens Budget Commission, Elizabeth Lynam; Former City Comptroller John Liu; and Manhattan Institute Fellow and New York Post Columnist Nicole Gelinas.
The Governor's proposal to implement a 'fixed rate' pension contribution plan for local governments threatens the long-term financial stability of state pension funds by artificially capping payments and deferring necessary costs. Instead of adopting this risky stabilization measure, the state should maintain its historic practice of fully funding pension obligations as they come due to ensure constitutional guarantees are met.
Recommendations related to Office of the State Comptroller (OSC)
The Comptroller should reject the Governor's proposal to allow local governments to opt into a 'fixed rate' contribution plan to fund their public employee pension obligations.
The State should maintain its historic practice of fully funding its pension obligations on an annual basis rather than adopting additional underfunding options.
Key Data
12%
— Pension payment rate for members of the Employees’ Retirement System under the proposed fixed rate plan.
12.5%
— Pension payment rate for members of the Teachers’ Retirement System under the proposed fixed rate plan.
18.5%
— Pension payment rate for members of the Police and Fire Retirement System under the proposed fixed rate plan.
94%
— New York's pension funding ratio in 2010, with assets covering this portion of liabilities.
7.5%
— The assumed rate of return for pension investments.
6.4%
— The ten-year earnings average for pension investments.
