Sunday, April 28, 2024

State Comptroller Thomas P. DiNapoli's Weekly News - Monitoring State and Local Finances

 

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Oversight and Monitoring of
State and Local Finances

This week, State Comptroller DiNapoli commented on the Enacted State Budget and the Fiscal Year 2025 New York City Executive Budget. He also released a quarterly analysis of local sales tax collections which found that year-over-year growth in collections were being driven by New York City, with many regions of the State experiencing year-over-year declines. 

Statement on Enacted State Budget
Statement on NYC Executive Budget
Quarterly Local Sales Tax Collections

Environmental Challenges and
Opportunities of the Past Year

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Over the last year, State Comptroller DiNapoli released audits of the State’s air quality monitoring, the MTA’s preparedness for extreme weather events, the security of our water supply and more. As Trustee of the New York State Common Retirement Fund, Comptroller DiNapoli continues his market-leading work to protect the Fund’s investments from the impacts of climate change through his Sustainable Investment and Climate Solutions Program and Corporate Governance activities.

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State Retirement Fund Adopts
Workforce Management Policies 

State Comptroller DiNapoli announced the State Pension Fund’s (Fund) adoption of its Responsible Workforce Management Policy and Principles this week, and discussed the importance of adopting strong labor principles in private equity at the White House Workers’ Capital Event. The Fund believes that investment managers in its private equity asset class should encourage their portfolio companies to adopt workforce management practices that prioritize workers‘ rights and protections, health and safety, fair compensation, skills development and training, and other benefits. A diverse, reasonably compensated, and well-trained workforce can deliver higher quality products and services and that provides a competitive advantage for companies and their investors.

“The Fund is dedicated to championing workforce management best practices because they have the ability to enhance the performance and resilience of portfolio companies and, in turn, our investments,” DiNapoli said.

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Renewable Energy Projects Taking Years To Become Operational in NYS

Renewable energy projects have been taking more than three years to receive siting permits due to application delays, according to an audit released by State Comptroller DiNapoli. The audit of the Office of Renewable Energy Siting (ORES) found permit applications were often delayed due to missing or insufficient documentation. The audit suggests ORES should be more transparent about the timeliness of the application process and where delays occur, as these projects are meant to help the State meet its ambitious clean energy goals.

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Former NYU Finance Director Pays Over $660,000 in Restitution for Role in Multi-Million Dollar Fraud

A former director of finance and administration at New York University paid full restitution of $663,209 after pleading guilty to grand larceny for orchestrating a $3.5 million, 6-year fraud relating to two NYU programs, State Comptroller DiNapoli and Manhattan District Attorney Alvin L. Bragg Jr. announced. 

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Former Utica School District Superintendent Sentenced for Public Corruption, Must Pay Over $160K to District

State Comptroller DiNapoli, Oneida County District Attorney Todd Carville, and the New York State Police announced that Bruce Karam, the former long-time superintendent of the Utica City School District (UCSD), was sentenced to pay the UCSD restitution of $11,549 for the resources improperly diverted, serve five years’ probation and perform 250 hours of community service. Karam was also ordered to pay UCSD $150,000 by May 17, representing a reduction in his pension earnings from the date of his crime until his termination.

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Municipal & School Audits 

ALSO IN THE NEWS THIS WEEK

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Tom DiNapoli @NYSComptroller 

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