State Comptroller Thomas DiNapoli today submitted legislation that would allow state and local governments to save for retiree health insurance costs through a separate pool, saying state and local governments each face a unfunded liability of a whopping $68 billion.
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.
New York's top economic development agency isn't releasing enough information to determine whether billions of dollars are being misspent.
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.
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.
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.”
In 2008, around the time the Empire Center launched its transparency website SeeThroughNY, state Comptroller Thomas DiNapoli was moving on the same track with the creation of OpenBookNewYork.
Leveraging his clout as sole trustee of New York State’s $160 billion Common Retirement Fund, Comptroller Thomas DiNapoli is making increased use of corporate shareholder resolutions to push political and social agendas that have little or nothing to do with corporate performance