Comptroller Stringer Releases Fiscal Year 2021 Annual Comprehensive Financial Report

 

 New York City Comptroller Scott M. Stringer released the City’s  Annual Comprehensive Financial Report for Fiscal Year (FY) 2021, which includes the City’s audited financial statements for the year, outlines important economic and financial data about New York City, and highlights the work of the Comptroller’s Office during the fiscal year. This year’s Annual Report highlights that while New York City’s economy grew robustly through much of the fiscal year, it has yet to make a full recovery from the devastating economic impacts of the pandemic.

“As we work to rebuild our economy after the challenges of the pandemic, transparency, accountability and sound fiscal management are paramount,” said Comptroller Stringer. “This year’s Annual Report provides a comprehensive review of the City’s pandemic response and financial performance across municipal government during one of the most trying periods in our history. While we have a long road to recovery ahead of us, I am pleased to report steady growth—and I am confident that our city continues to be the best place to live, work, and raise a family. I thank the dedicated professionals who serve in the five pension systems, the Mayor’s Office of Management and Budget, the Office of the Actuary, and the staff of our Bureau of Accountancy, led by Deputy Comptroller Jacqueline Thompson, for their diligent work to compile this important report.”

In accordance with the City Charter, the Annual Report is released annually no later than October 31. In addition to the financial statements of the City as a whole and for each of the City’s accounting funds, explanatory notes to the financial statements, and supplemental financial and statistical information about the City, the Annual Report contains the basic financial statements of the City’s five pension systems and closely-related entities such as NYC Health + Hospitals, the NYC Water and Sewer System, and the New York City Economic Development Corporation (EDC).

Highlights from the FY 2021 Annual Report include:

New York City’s Finances and Economy

• New York City entered the fiscal year with much of the economy closed, private employment at 3.36 million and record unemployment.
• New York City ended the fiscal year with steady economic growth. Employment rose to a seasonally adjusted 3.6 million in June 2021, up 226,000 from the start of the fiscal year, but still 505,000 below pre-pandemic highs. The bulk of these job losses were in lower paying sectors of the economy providing in-person goods and services, while higher income workers telecommuted and were largely spared the worst impacts of the pandemic.
• Final total revenues for FY 2021, including restricted fund revenues, were $99.587 billion. Net of restricted funds activities, which are not included in the calculation of the annual surplus or deficit for purposes of the Financial Emergency Act, revenues were $99.073 billion, up 13.2 percent from projections in the Adopted Budget, due to $6.9 billion in additional tax revenues and nearly $5.3 billion in additional categorical Federal aid.

The Comptroller’s Office Bureau of Asset Management — The Comptroller’s Bureau of Asset Management is the investment advisor to the City’s five retirement systems.

• As of June 30, 2021, the Bureau of Asset Management had responsibility for $266.1 billion of the City’s combined five Systems investment assets. This represented an increase of $52.5 billion from the June 30, 2020 value of $213.6 billion.
• During the Fiscal Year, the market value of the assets ranged from a low of $221.6 billion (July 2020) to a high of $266.1 billion (June 2021). The time-weighted return (net of manager fees) of the aggregate portfolio was 25.8% in Fiscal Year 2021 and 4.4% in Fiscal Year 2020.

Bureau of Public Finance — The Bureau of Public Finance works with the Mayor’s Office of Management and Budget to issue bonds to finance the City’s extensive capital program and to refund outstanding bonds for savings.

• In FY 2021, the City and the New York City Transitional Finance Authority (TFA) issued $5.37 billion of long-term debt to finance the City’s capital needs.
• The New York City Municipal Water Finance Authority (Water Authority), a discretely presented component unit, issued $981.30 million of long-term debt to finance the City’s water- and sewer-related capital needs.
• The City, TFA, and Water Authority issued a total of $7.41 billion of refunding bonds in FY 2021. This accounted for 54% of the total issuance for these credits and generated a total of $932.64 million in budgetary savings and $400.57 million of savings for ratepayers.
• In FY 2021, Moody’s Investors Service downgraded its rating of the City’s General Obligation (GO) bonds to Aa2 from Aa1 and later revised its outlook to stable from negative. Standard & Poor’s Global Ratings maintained its rating of the City’s GO bonds at AA, revising its outlook to negative and later back to stable. Fitch Ratings downgraded its rating of GO bonds to AA- from AA. In FY 2021, the City also engaged Kroll Bond Rating Agency to rate its GO bonds.

Bureau of Labor Law — The Comptroller’s Office sets and enforces prevailing wage rates for construction work on New York City public work projects and building service work on City funded work sites. In FY21, the office:

• Assessed over $5.6 million in underpayments and interest against employers covered by prevailing wage requirements.
• Assessed over $138,000 in civil penalties against City contractors. During the same fiscal year, BLL opened up 50 new cases and resolved 51 cases.
• Debarred three contractors from New York State and City public works for egregious conduct.

Bureau of Economic Development — Since 1981, the City Pension Funds have invested in Economically Targeted Investments (ETIs). As of June 30, 21:

• The one-year overall performance of core ETIs was 0.68% net of fees and the ten-year overall performance was 4.47% as compared to the benchmark performance of -0.33%.
• During Fiscal Year 2021, the ETI program made cumulative investments of $62.1 million in individual multifamily projects through its Public/Private Apartment Rehabilitation (PPAR) program. These investments financed the rehabilitation or new construction of 974 units of affordable housing.

Bureau of Audit and Investigation — The City Charter requires the Comptroller’s Office to audit some aspect of every City agency at least once every four years. In Fiscal Year 2021, the Comptroller’s Office Bureau of Audit:

•  Issued 56 audits and special reports focused on the effectiveness and service quality of City programs and on financial issues.

Office of Diversity Initiatives — The Comptroller’s Office of Diversity Initiatives works to develop innovative solutions that expand economic opportunities for all, serving as a watchdog for the inclusion of women and people of color in City business. In Fiscal Year 2021, the Comptroller’s Office:

• Met its goal to allocate 12 percent ($18.3 billion) of actively managed assets under management to emerging managers across each asset class and set an additional goal to target $1 billion in new commitments to M/WBE fund managers.
• Spent over $9 million with M/WBEs, 49% of its Local Law 1-eligible dollars. This is a $6.7 million and   36 percentage point increase from 2014, the first year of the administration.
• Surveyed more than 500 M/WBEs on the impact of COVID-19 on their firms and highlighted that 85% of M/WBEs believed they could not survive for six more months due to limited access to COVID related contracts and financial aid. The Office of Diversity Initiatives conducted a follow up survey of 500 M/WBEs in Fiscal Year 2021 and found that 50% of them had to lay off and furlough employees, and more than 30% projected being unable to pay rent in the next three months.
• Released its eighth annual Making the Grade report, which evaluates each City agency’s spending with M/WBEs.
• The Office of Diversity Initiatives has advocated for a Chief Diversity Officer in City Hall and within every City agency to serve as executive level diversity and inclusion strategists driving the representation of people of color and women across government. In Fiscal Year 2021, the Mayor issued an Executive Order to appoint Chief Diversity Officers within every City agency.

To view the full report, click here.

Governor Hochul Announces Administration Nominations and Appointments - Nivardo Lopez Has Been Appointed Deputy Secretary for Transportation.

 

 Governor Kathy Hochul today announced new administration nominations and appointments.

"In New York, we are working toward a better, brighter future for generations to come — there is no doubt in my mind that these are the best people to bring on to our team with that goal in mind," Governor Hochul said. "With diverse backgrounds and wide-ranging experience, this team brings invaluable knowledge to the table. New Yorkers can rest assured that these positions are filled with individuals who will fight for them and with their best interests at heart."

Kerri Neifeld will be nominated as Commissioner, Office for People with Developmental Disabilities (OPWDD). Previously, Ms. Neifeld served as Assistant Secretary for Human Services & Mental Hygiene in the governor's office and as Assistant Deputy Commissioner at the New York State Office of Temporary and Disability Assistance where she managed the newly-created Division of Shelter Oversight and Compliance. Before that, she worked as Special Assistant to the Deputy Commissioner at OTDA while serving as an Excelsior Service Fellow. Prior to the Excelsior Service Fellowship Program, Ms. Neifeld was a Fellow on Women & Public Policy at Rockefeller College's Center for Women in Government & Civil Society. Ms. Neifeld has worked as a Project Manager at the Mental Health Association of Columbia-Greene Counties, a Child Protective Services Caseworker at the Albany County Department of Child and Family Services and a Youth Care Worker at WAIT House Homeless Youth Shelter. Ms. Neifeld holds a B.A. from Elmira College and an M.S.W. from the University at Albany School of Social Welfare. Ms. Neifeld will serve as Acting Commissioner until confirmation by the Senate.

Nivardo Lopez has been appointed Deputy Secretary for Transportation. Most recently, Mr. Lopez served as Bronx Borough Commissioner for the New York City Department of Transportation (NYCDOT). In that role, Mr. Lopez advised the Commissioner on all policy issues affecting transportation in the Bronx and worked with the various divisions within the agency to ensure effective service delivery in the Bronx. Mr. Lopez joined NYCDOT in 2014, as the Director of Legislative Affairs, responsible for developing the agency's legislative agenda. During his tenure he helped to secure the passage of a local law increasing the yearly amount of Accessible Pedestrians Signal installation and on State legislation expanding the Bus Lane Camera Enforcement Program. Prior to working for NYCDOT, Mr. Lopez worked for Comptroller Scott Stringer as Director of City Legislative Affairs and also for the Bloomberg Administration as the Bronx Director for the Mayor's Community Affairs Unit. Mr. Lopez began his career in government working at the New York City Council, first for Bronx Councilman James Vacca and then as a Legislative Policy Analyst for the City Council's Committee on Transportation. Mr. Lopez is a longtime resident and native of the Bronx. He holds a B.A. in History from Saint Joseph's University and a M.A. in History from The City College of New York (CUNY).

Jihoon Kim, LMSW has been appointed Deputy Secretary for Human Services and Mental Hygiene. He most recently served as Special Assistant to the Executive Deputy Commissioner at the Office of Mental Health. Mr. Kim previously served in the Executive Chamber as Deputy Director of Policy, where he was responsible for coordinating major policy initiatives and as a Senior Policy Advisor for Human Services and Mental Hygiene, where he was responsible for assisting with the oversight of eight State agencies. Prior to joining the Executive Chamber, Mr. Kim worked for the New York Attorney General as the Deputy Director of Legislative Affairs. He is a Licensed Master Social Worker and holds a Master of Social Work degree from the Silberman School of Social Work at Hunter College and a Bachelor in Science degree from Marist College.

Kate C. Harris has been appointed Deputy Secretary for Financial Services and Technology. She previously served as Director of the Reimagine New York Commission working on the State's recovery from the pandemic. Prior to that, Ms. Harris was minority counsel for the Senate Select Committee on Intelligence which oversees the U.S. intelligence agencies and led a bipartisan investigation into foreign election interference. During the Obama Administration, Kate worked on domestic and international economic policy including access to credit for small businesses, smart financial regulation, consumer protection, global anti-corruption, and broadband technologies. She was a member of the Policy Planning Staff at the State Department under Secretary John Kerry and worked on the Treasury Department's financial crisis response under Secretary Tim Geithner. She also clerked for Judge Jose Cabranes on the Court of Appeals for the Second Circuit and was a Senior Fellow at Yale University. Kate graduated summa cum laude from Harvard College and received her J.D. from Yale Law School. She is a term member on the Council on Foreign Relations, chair of the Brookings Society, and a leader of UNICEF NextGen.

EDITOR'S NOTE:

Governor Hochul is going to need more than pulling the now former Bronx Commissioner of Transportation, unless she is thinking of having a statewide Escooter program. She is going to have to pull some high profile elected official(s) if is she is to win the Democratic Primary.

One such way would to have several opponents from the New York City area such as Attorney General Letitia James, Public Advocate Jumanne Williamss, and Mayor Bill de Blasio to split the downstate vote. One such Bronx elected official that comes to mind is current Assemblywoman Nathalia Fernandez who spoke so highly of Kathy (Governor Hochul) at a recent area community meeting. 

State Senator Jamaal Bailey very recently had a meeting with the two Democratic District Leaders from the 80th Assembly District. There is currently no County Committee in effect in the 80th A.D. due to oversubscription last year. The Male District Leader of the 80th A.D. berated the Bronx Democratic Party for choosing to endorse the District Leader from the 81st A.D. Eric Dinowitz over him in the recent 11th City Council Democratic Primary. The Female District Leader from the 80th A.D. was the only person to abstain, thus preventing Senator Bailey from being elected with a unanimous vote for Bronx Democratic Party Leader. Two names have reportedly been floated by the Bronx Democratic Party to replace the current District Leaders from the 80th A.D.

Council Member Ruben Diaz Sr. - WHAT YOU SHOULD KNOW

 

Is Requiring Voter I.D. Racist and Voter Suppression?

 You should know that a Monmouth National Poll shows that 80% of the U.S. population favor voters I.D. laws and that 70% favor voting in person.  It is important that you know that “The for the People Act 2021” known as the (HR1) legislative bill passed in the House of Representatives. All the Democrats voted in favor of it, except one.   You should also know that HR1 would do away with all voter I.D. law requirements, among other drastic changes to our nation's voting process.  

 

Too often we hear a lot about how to require voters to present an I.D. card at their polling site is a form of voter suppression. Therefore requiring a voter I.D. is somehow racist because it’s geared toward preventing people of color from voting.  

 

Frankly this argument doesn’t hold water.   First because it implies that people of color don’t possess I.D. cards, and as result cannot exercise their right to vote.  Therefore, a law that requires the voter to present an I.D.  is racist.  To hear this argument, you would think that people of color are living under a rock.  

 

I have often wondered how this is possible.  How are voters I.D., laws racist?   Upon analyzing this issue, I found that their argument is in fact quite racist for the following reasons.   First it implies that people of color are either too lazy, or too ignorant to acquire an I.D. card.   That we as people of color lack the ability to get something as simple as an I.D. card. or can’t even follow voter instructions. 

 

Then I asked myself if everyone is required to show and I.D. card when boarding a plane, or when cashing a check, or when applying for a bank loan, or when driving a car, or when opening a bank account, or when entering a government building, or when registering at a college, or going into a hospital or clinic, or even to enter a restaurant to have a decent meal we are required to show an I.D. that proves we have been vaccinated otherwise we are not allowed to eat, and we must go hungry.

 

Then why is it that having to show an identification card for everything in our society is not racist, but when it comes to something as important as our elections, suddenly, having to present an I.D., the card is racist.  Why is that?

 

I’m sure you know that voters I.D. laws are vital to the integrity of our election (voting) process.   Every free country has some form of election I.D. requirements.    Even in third world, underdeveloped countries the people are required to present some form of voter I.D.      In Puerto Rico, Dominican Republic, Mexico, Honduras, and other Spanish speaking Countries its citizenry waits in line to cast their votes proudly and patriotically show off their voter I.D. Cards and in those countries the percentage of voters are twice higher than here in the United States.   This proves that I.D. cards does not prevent people from voting. 

 

If we don’t mind having voters I. D. laws in our country of origin, why would we take issue with having to do the same in America.   Voting is not only a right, but also a privilege for all its citizens, be they Black, Brown, or White.   Our voting rights and its process must be protected, and not undermined.   We should all take offense when we (people of color) are used as pawns to prevent the enactment of voter I.D. laws.   Protecting the integrity of our elections should be a bi-partisan issue.   This is not a Republican, or Democrat issue, it is an American Constitutional issue.   

 

You should know that voter suppression does, in fact, exist.  But it exists in our leader’s failure to require that all voters show their identification cards when voting.   Failure to do so leaves amble room for voter fraud, and it nullifies the votes that are cast legitimately by the U.S. Citizens.  

 

So, my analysis of this racist argument has led me to this conclusion.  Those who oppose voter I.D. cards, seriously believe that people of color are too ignorant to acquire something as simple as an I.D. card.  This is incredibly insulting, and we should all be offended by it.  Or the argument of voter suppression, racism, and people of color are being used as pawns to cover up intentions of voter fraud, thereby suppressing and nullifying all our votes.   

 

I’m Councilman Rev. Ruben Diaz for 61 more days, and this is what you should know. 

61 Days and Counting

 

Let me make sure I read this correctly, but leave out some important information. 

Listen, we've said it so clearly – vaccination is the key to our recovery. Bringing back New York City, a recovery for all of us depends vaccination. From the very beginning, I've said it's up to you, New York. It's up to New Yorkers to get it right and New Yorkers have answered the call time and time again. New Yorkers have done the right thing. And now, our City employees are doing the right thing. We said we would climb the ladder of vaccination mandates to help us move forward, to keep our employees safe, to keep all the people they serve safe, to keep their families safe, our neighborhoods safe, our city safe. Time and time again, we put the mandates in place and they've worked with Health + Hospitals – largest public health system in America, 95 percent-plus vaccination level. Now, with Department of Education – largest public school system in America – 96 percent-plus, now, continuing to grow. But we needed to go farther, to go where a very few cities or states have done in this country. Very few have gone to this place of a full vaccination mandate for all employees, but it's time. I'm going to say upfront to every mayor in America, every Governor in America, to every CEO of a company in America, go to a full vaccination mandate because it will allow us to end the COVID era once and for all. We’ve got to end it. This is how we do it. 

Did I forget to say that it is only one dose of the vaccine in many city workers?

Congresswoman Ocasio-Cortez Host Halloween Festival in Pelham Bay Park

As she did last year, Congresswoman Alexandria Ocasio-Cortez hosted a Halloween Festival in Pelham Bay Park by the Nature Center. Councilman Kevin Riley and soon to be Councilwoman Marjorie Velazquez were on hand, but State Senator Alessandra Biaggi was unable to attend, while she quaranteed herself after testing positive for the COVID virus. 

The congresswoman came dressed as one of the Ghostbusters, and put smiles on the faces of children, many of which she posed with. After a tour of the picnic area with organizations that were set up, Congresswoman Ocasio-Cortez stopped to be interviewed by the local media, and then she went back to being with the children. 

Staffers and volunteers waited at the booth for Congresswoman Ocasio-Cortez to come.

Here is Ghostbuster Ocasio-Cortez holding Kace Riley, the daughter of Councilman Kevin Riley. Kace is either looking for her father or a ghost. 

Soon to be Councilwoman Velazquez and Councilman Riley and daughter Kace watch as the congresswoman listens to Kace's sister. 

Two crime fighters stop for a photo together.

Another young child feels at home in the arms of Congresswoman Ocasio-Cortez. 

All the children, no matter how old they were, took a shining to the congresswoman. 

After greeting all the children and the adults, Congresswoman Ocasio-Cortez had time for an interview with local media.

Even Pelham Bay Park advisor Nika Martell wanted her photo with Congresswoman  Ocasio-Cortez.                                                        

Governor Hochul Updates New Yorkers on State’s Progress Combating COVID-19 - OCTOBER 31, 2021

 

76,057 Vaccine Doses Administered Over Last 24 Hours   

26 COVID-19 Deaths Statewide Yesterday

 Governor Kathy Hochul today updated New Yorkers on the state's progress combating COVID-19.   

"I'm proud of New Yorkers' commitment to getting vaccinated and defeating this virus," Governor Hochul said. "The vaccine is our strongest weapon in this fight. Getting the shot is easy and accessible, so make the effort if you haven't already and let's enjoy a fun and COVID-safe Halloween.

Today's data is summarized briefly below: 

• Test Results Reported - 166,598
• Total Positive - 3,588 
• Percent Positive - 2.15% 
• 7-Day Average Percent Positive - 2.18% 
• Patient Hospitalization - 1,842 (-22)
• Patients Newly Admitted - 224 
• Patients in ICU - 448 (-7) 
• Patients in ICU with Intubation - 253 (-1) 
• Total Discharges - 208,391 (+222)
• New deaths reported by healthcare facilities through HERDS - 26 
• Total deaths reported by healthcare facilities through HERDS - 45,567 

The Health Electronic Response Data System is a NYS DOH data source that collects confirmed daily death data as reported by hospitals, nursing homes and adult care facilities only. 

• Total deaths reported to and compiled by the CDC - 57,913

This daily COVID-19 provisional death certificate data reported by NYS DOH and NYC to the CDC includes those who died in any location, including hospitals, nursing homes, adult care facilities, at home, in hospice and other settings. 

• Total vaccine doses administered - 27,209,232
• Total vaccine doses administered over past 24 hours - 76,057 
• Total vaccine doses administered over past 7 days - 571,442 
• Percent of New Yorkers ages 18 and older with at least one vaccine dose - 84.3% 
• Percent of New Yorkers ages 18 and older with completed vaccine series - 76.6% 
• Percent of New Yorkers ages 18 and older with at least one vaccine dose (CDC) - 87.5% 
• Percent of New Yorkers ages 18 and older with completed vaccine series (CDC) - 78.7% 
• Percent of all New Yorkers with at least one vaccine dose - 71.4% 
• Percent of all New Yorkers with completed vaccine series - 64.8% 
• Percent of all New Yorkers with at least one vaccine dose (CDC) - 74.2% 
• Percent of all New Yorkers with completed vaccine series (CDC) - 66.6% 

New York Gang Member Pleads Guilty To Racketeering And Drug Trafficking Offenses, Including 2010 East Harlem Murder

 

 Damian Williams, the United States Attorney for the Southern District of New York, announced that JAMAL ADAMSON, a/k/a “J-Rock,” pled guilty today in Manhattan federal court for his participation in crimes with the Cash Money Boys gang, including the June 2010 murder of David Moore in East Harlem.  United States District Judge Gregory H. Woods accepted the defendant’s guilty plea.

U.S. Attorney Damian Williams said: “As a member of the violent Cash Money Boys street gang, Jamal Adamson caused the death of a 23-year-old man, attempted to kill another individual, and dealt dangerous drugs.  Now, Adamson faces significant prison time for his crimes and the harm he inflicted on his community.”

As alleged in the Indictment and other documents filed in federal court, and based on statements made in public court proceedings:

 The Cash Money Boys, or “CMB,” gang was a criminal enterprise involved in committing numerous acts of violence, including murder, attempted murder, robberies, and assaults in and around Manhattan.  Members and associates of CMB engaged in violence to retaliate against rival gangs, to promote the standing and reputation of CMB, and to protect the gang’s narcotics sales. 

From at least in or about 2006 to in or about 2017, members and associates of CMB regularly distributed crack cocaine and other drugs in the vicinity of Lexington Avenue between East 122nd Street and East 123rd Street.  CMB controlled drug sales within this area by prohibiting and preventing non-members, outsiders, and rival drug dealers from selling drugs in the area controlled by the gang.  This included gang members shooting at, assaulting, and/or robbing other drug dealers and members of rival gangs who entered CMB’s territory.  

On or about June 20, 2010, after members of CMB and a rival gang got into a physical altercation, ADAMSON shot and killed David Moore, 23, near the corner of East 122nd Street and Lexington Avenue. 

ADAMSON, 28, of New York, New York, pled guilty to a Superseding Information charging him with one count of racketeering conspiracy, in violation of 18 U.S.C. § 1962(d), which carries a maximum penalty of 20 years in prison, and one count of narcotics distribution conspiracy, in violation of 18 U.S.C. § 371, which carries a maximum penalty of five years in prison.    

The statutory maximum penalties are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant would be determined by the judge.

Mr. Williams praised the outstanding work of the New York City Police Department and the Special Agents of the United States Attorney’s Office for the Southern District of New York.

Attorney General James Announces 67 Guns Turned in at Community Gun Buyback in the Southern Tier

 

AG James Has Taken More Than 2,600 Firearms Out of Communities Since 2019

 New York Attorney General Letitia James announced that 67 firearms were turned in to law enforcement at a gun buyback event in the Southern Tier hosted by her office and the Elmira Police Department. The Office of the Attorney General (OAG) accepts — with no questions asked — working and non-working, unloaded firearms in exchange for compensation on site. To date, Attorney General James has taken more than 2,600 firearms out of communities through gun buyback events and other efforts since taking office in 2019.

“Gun violence continues to endanger too many communities throughout New York,” said Attorney General James. “The first step to prevent this violence and stop any potential devastation is to get these dangerous weapons off our streets, and that’s exactly what we’re doing with these buyback events. The safety and wellbeing of New Yorkers is paramount, and I thank our partners in law enforcement for their invaluable support and collaboration on this vital program.”

Gun violence is a public health crisis that is plaguing communities throughout New York, and this event is the latest action that Attorney General James has taken to combat this crisis and protect New Yorkers from harm. This year alone, Attorney General James has held 17 gun buybacks across the state, and has also secured dozens of dangerous firearms through takedowns of violent groups terrorizing New York. To date, Attorney General James has taken a total of more than 2,600 guns out of communities since 2019.