Pension fund return falls short by E.J. McMahon | NY Torch

New York State's largest public pension fund earned 7.16 percent — short of its 7.5 percent target — during the fiscal year ending March 31, state Comptroller Thomas DiNapoli announced today.

The $183.5 billion Common Retirement Fund, of which DiNapoli is sole trustee, had previously announced a first-quarter gain of 3.8 percent, a second-quarter loss of 0.52 percent and a third-quarter gain of 1.91 percent.

State’s ad splurge didn’t pay off by Ken Girardin | NY Torch

New York State's economic development agency spent more than $200 million to advertise its programs without attempting to measure whether the ads produced results, according to an audit by state Comptroller Tom DiNapoli.

Questioning Cuomo’s numbers by E.J. McMahon | | NY Torch

Governor Andrew Cuomo's projection of future "surpluses" rests on the expectation that he "will propose, and negotiate with the Legislature to enact, Budgets that hold State Operating Funds spending growth to 2 percent."

But is the governor really living under his own cap? A budget analysis by the state Comptroller Thomas DiNapoli's office suggests, persuasively, that he isn't.

Cuomo blocks pension changes by E.J. McMahon | NY Torch

A bill expanding the share of New York public pension funds that can be invested in complex, high-risk alternative assets such as private equity and hedge funds has been vetoed by Governor Andrew Cuomo.

“Stellar” year, but still in the hole by E.J. McMahon | | NY Torch

Comptroller Thomas DiNapoli’s announcement today of “stellar” pension fund investment earnings in fiscal 2014 doesn’t mean tax-funded pension costs will be headed rapidly back to “normal,” whatever that may be.

Profits down but bonuses up on Wall Street by E.J. McMahon | | NY Torch

Is Wall Street roaring back — as a revenue-generating force for New York’s insatiable state and city governments, that is? You might get that impression from glancing at today’s press release from state Comptroller Thomas DiNapoli, which headlines the finding that the average bonus for securities industry employees in New York “grew by 15 percent to $164,530 in 2013, which is the largest average bonus since the 2008 financial crisis, and the third highest on record.”