The COVID-19 pandemic has created a fiscal emergency for the City of New York, creating significant revenue shortfalls and increased costs associated with managing the public health crisis.
State Fiscal Year 2020-21 was another productive year for the Office of Unclaimed Funds, returning $400 million to rightful owners.
In order to ensure contractors doing business with the New York State are paid timely, Article 11-A of State Finance Law prescribes timeframes for agencies to prepare and submit vouchers to the Office of the State Comptroller (OSC) for review and approval before payment.
This report on the use of overtime by New York State agencies examines patterns over the past ten calendar years. The total cost of overtime in calendar year 2019 was over $806 million, covering roughly 18.4 million overtime hours worked.
Guarding against the investment risks presented by climate change while preparing for the transition to a low-carbon economy is central to Comptroller DiNapoli’s work as trustee of the New York State Common Retirement Fund, one of the largest public pension funds in the country.
New York City is benefiting from the longest and largest job expansion since the end of World War II.
Many New Yorkers enjoy buying Lottery tickets and taking a chance on a big prize. Some play the slot machines and other games in the State’s eight Video Lottery Terminal (VLT) facilities, four commercial casinos and seven Native American casinos. Sports wagering and interactive fantasy sports are now part of the gambling picture, and traditional betting on horses continues at racetracks and off-track betting locations.
The New York State Legislature amended the State Finance Law in 2015 by adding a new Section 8-c, which provides for the establishment of a statewide electronic system to help detect and prevent fraud, waste and abuse in government spending and to help avoid improper payment of public moneys.
The New York State Common Retirement Fund (Fund) is one of the largest public pension funds in the nation, with assets held in trust for the benefit of the more than one million members and pensioners of the New York State and Local Retirement System (System). The System is widely regarded as one of the nation’s best-managed and best funded public pension plans.
Every year, certain issues emerge as particular challenges in the State Budget. Clearly, among the most difficult this year is the structural budgetary imbalance in the State’s Medicaid program.
