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2025 Corporate Governance Stewardship Report
Our Corporate Governance Program works to help protect the New York State Common Retirement Fund’s long-term value by exercising prudent stewardship of our portfolio by engaging with the public companies we invest in on key environmental, social, and governance issues that have a financial impact.
https://www.osc.ny.gov/files/reports/special-topics/pdf/2025-corporate-governance-stewardship-report.pdfDiNapoli: New York's Drinking Water Infrastructure Needs Fixing
… for these solutions presents a considerable challenge." Recent high profile water system failures and problems in … a large price tag. Water contamination can originate from industrial sites as well as from inadequate treatment, … and capital plans; establishing legal capital reserve funds when appropriate; and keeping taxpayers informed about …
https://www.osc.ny.gov/press/releases/2017/02/dinapoli-new-yorks-drinking-water-infrastructure-needs-fixingDiNapoli: Local Sales Tax Growth Slows
… in 2014 suffered the slowest annual growth since the end of the 2008-09 recession, according to a report issued … in 2014 suffered the slowest annual growth since the end of the 200809 recession according to a report issued …
https://www.osc.ny.gov/press/releases/2015/02/dinapoli-local-sales-tax-growth-slowsDiNapoli Honors Hispanic Leaders
… District 17 Yadira Ramos-Herbert, first Latina Mayor of the City of New Rochelle Maria Kercado, President, Labor … grown faster than the state and nation. In 2020, 269,334 people in Westchester County identified as Hispanic or … county's population, according to 2020 census data. That number represents a 30.1% increase over the past 10 years. …
https://www.osc.ny.gov/press/releases/2024/09/dinapoli-honors-hispanic-leadersOpinion 94-19
… opinion. BONDS AND NOTES -- Debt Limit (amount chargeable for zero coupon bonds); (amount chargeable for bonds sold at discount) -- Discount Bonds (amount … 1, 1994 as interest (see also Local Finance Law, §2.00[26], [27]), it is consistent to charge only the amount …
https://www.osc.ny.gov/legal-opinions/opinion-94-19Opinion 89-23
… such county, town, village, fire district or city ... The term of any lease entered into pursuant to the provisions of … our opinion that it is an agency of the State within the meaning and intent of section 72-h. Therefore, it is our …
https://www.osc.ny.gov/legal-opinions/opinion-89-23Opinion 88-42
… payments pursuant to the common law right of set-off (see Canale v Department of Taxation and Finance , 64 Misc 2d 786, …
https://www.osc.ny.gov/legal-opinions/opinion-88-42Employment Recovery Is Slow for New Yorkers with Disabilities
… The COVID-19 pandemic led to soaring unemployment rates for people with disabilities, and these rates have not declined as quickly in New York as they have … & Office of Disability Employment Policy. Unemployment rates for people with disabilities similarly show slower …
https://www.osc.ny.gov/reports/employment-recovery-slow-new-yorkers-disabilitiesNew York’s Economy and Finances in the COVID-19 Era
… among others), are presumptively eligible for CRF reimbursement. Such use of federal aid may reduce State …
https://www.osc.ny.gov/reports/covid-19-september-30-2020New York’s Economy and Finances in the COVID-19 Era (March 30, 2021)
… deep: employment in New York declined by nearly 2 million jobs from February to April 2020. New data released by the State Department of Labor show less than half of the jobs lost during that time have been recovered, and employment is still more than 1 million jobs below its pre-pandemic levels. In February 2021, total …
https://www.osc.ny.gov/reports/new-yorks-economy-and-finances-covid-19-era-march-30-2021XVI.3.H Materiality – XVI. Financial Reporting
… decisions requires the use of professional judgment to assess the quantitative and qualitative circumstances … particular case. Except as provided in the instructions to the Agency Financial Reporting Package, no omissions of … its discretion, modify or may eliminate information deemed to be immaterial. Guide to Financial Operations REV. …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xvi/xvi3h-materialityXVI.3.C State Funds Included in the ACFR – XVI. Financial Reporting
… is a comprehensive list of those funds included in the New York State reporting entity, organized under GAAP*, as of … Fund 20600-20601 Charter Schools Stimulus Fund 21500-21503 New York State Infrastructure Trust Fund 21900-22266** … FUNDS SFS Fund Value Fund Title 20900-20904 State Lottery Fund 20950-20960 Combined Student Loan Fund …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xvi/xvi3c-state-funds-included-cafrTransportation and Warehousing Sector – New York City Industry Sector Dashboards
From moving people into and around New York City to delivering food and storing goods the transportation and warehousing sector is an important component of the local economy
https://www.osc.ny.gov/osdc/reports/nyc-sectors/transportation-and-warehousingExcessive Payments for Durable Medical Equipment Rentals (Follow-Up)
… purchasable under Medicaid. Therefore, Medicaid’s current reimbursement policy does not limit the number of rental … under both FFS and managed care. By comparison, under Medicare—a federal health insurance program for people age 65 … of $8.6 million if DOH had adopted a similar policy to Medicare’s 36-month cap on oxygen equipment rental payments. …
https://www.osc.ny.gov/state-agencies/audits/2024/12/04/excessive-payments-durable-medical-equipment-rentals-followSelected Management and Operations Practices – BuildSmart NY/Executive Order 88 (Follow-Up)
… 88 (Report 2023-S-27 ). About the Program The New York Power Authority (NYPA) is a fiscally independent public corporation authorized by the Power Authority Act to help provide a continuous and adequate … the required oversight to the Affected State Entities in line with EO 88 Guidelines. The audit found NYPA did not …
https://www.osc.ny.gov/state-agencies/audits/2025/12/31/selected-management-and-operations-practices-buildsmart-nyexecutive-order-88-followState Agencies Bulletin No. 2089
… to notify agencies that the pensionable overtime earnings limit for Tier 5 ERS and Tier 5 TRS members for calendar year … established an annual, pensionable overtime earnings limit of $15,000 effective January 1, 2010. This amount … PayServ to reflect the pensionable overtime earnings limit for 2023 of $22,028.01 for Tier 5 ERS and TRS members. …
https://www.osc.ny.gov/state-agencies/payroll-bulletins/state-agencies/2089-tier-5-pensionable-overtime-ot-earnings-limit-calendar-year-2023New York City Airport Lease
… Purpose To determine whether the Port Authority of New York and New Jersey was in compliance with certain key terms of the lease and ancillary agreements with New York City for the municipal airports. The audit covers … To determine whether the Port Authority of New York and New Jersey was in compliance with certain key …
https://www.osc.ny.gov/state-agencies/audits/2017/04/19/new-york-city-airport-leaseCollection of Petroleum Business Tax and Motor Fuel Excise Tax (Follow-Up)
… Transactions exempt from PBT include sales to federal, state, and local governments and sales of certain types of … imported or when diesel fuel is first sold or used in the State. Effective January 1, 2022, the MFT rate is 8 cents per … is imposed on gasoline and similar motor fuels. For the 2 State Fiscal Years ended March 31, 2021 and 2020, PBT …
https://www.osc.ny.gov/state-agencies/audits/2022/06/08/collection-petroleum-business-tax-and-motor-fuel-excise-tax-followCompliance With Executive Order 88 – Energy Efficiency of State Buildings (Follow-Up)
… government buildings while advancing economic growth, environmental protection, and energy security in the State. … The Division also maintains all heating, ventilation, and air conditioning systems and all auxiliary mechanical … of its energy savings. The SAP was met with criticism from environmental and community advocates, and its implementation …
https://www.osc.ny.gov/state-agencies/audits/2020/10/15/compliance-executive-order-88-energy-efficiency-state-buildings-followImproper Fee-for-Service Payments for Services Covered by Managed Care (Follow-Up)
… Fee-for-Service Payments for Services Covered by Managed Care (Report 2017-S-74 ). About the Program The Department of … providers using the fee-for-service (FFS) or managed care method. Under the FFS method, the Department, through … rendered to Medicaid recipients. Under the managed care method, the Department pays managed care plans a monthly …
https://www.osc.ny.gov/state-agencies/audits/2021/02/11/improper-fee-service-payments-services-covered-managed-care-follow