Officials in the city of Amsterdam are unable to properly assess and monitor the city’s financial condition due to inadequate, inaccurate and incomplete accounting records, according to an audit released today by State Comptroller Thomas P. DiNapoli.

Auditors found Amsterdam’s unreserved fund balance fell from $3.4 million in 2007 to $620,000 in 2011, a decrease of 81 percent. The city’s short-term borrowing to cover expenses also increased by more than 250 percent in the last three years.

New York State Comptroller Thomas P. DiNapoli today released a report showing that the Metropolitan Transportation Authority’s (MTA) short-term financial outlook has been buoyed by the economy, but that significant challenges remain, in particular closing the unprecedented funding gap in its proposed five-year capital program. 

"Edward Regan was a giant among men of public finance. He was a quiet, deliberate man who vehemently fought for the taxpayer and passionately argued against poor fiscal choices. He soundly managed the state's public pension fund and wisely argued against New York's heavy debt load. He achieved a great many things in his career and served the people of New York with great integrity and great skill. He held a deep respect for the Office of the State Comptroller. I valued his friendship and the good counsel that he provided to me.

New York State Comptroller Thomas P. DiNapoli today announced that a majority of voting shareholders supported the New York State Common Retirement Fund’s request that H&R Block disclose its spending on political activities. The Fund owns shares of H&R Block with an approximate value of $24 million. 

New York State Comptroller Thomas P.

New York State Comptroller Thomas P.

New York State Comptroller Thomas P.

Wall Street’s profits of $8.7 billion in the first half of 2014 were 13 percent lower than the same period last year. This suggests that full year profits for the broker/dealer operations of New York Stock Exchange member firms (the traditional measure of industry profitability) may not exceed the level of 2013, according to a report issued by New York State Comptroller Thomas P. DiNapoli today.

The majority of grants awarded to homeowners through the state’s Affordable Home Ownership Development Program are being given only to eligible recipients, according to an audit by New York State Comptroller Thomas P. DiNapoli. The program, overseen by the Affordable Housing Corporation, which is a division of New York State Homes and Community Renewal, provides up to $40,000 in grants to existing and prospective low- and moderate-income homeowners across the state.

The former treasurer of the Le Roy Fire Department and the Firemen’s Benevolent Association of the Village of Le Roy (Genesee County) stole nearly $50,000 in public funds by pocketing cash, writing unauthorized checks to himself and his personal business, and making electronic transfers to pay his credit card and cell phone bills, according to two audits issued today by New York State Comptroller Thomas P. DiNapoli.