2022 Year in Review

Year in Review

2022

Office of the New York State Comptroller

Year in Review

2022

Office of the New York State Comptroller

A Message from Comptroller DiNapoli

Dear Friends:

The past year certainly presented its share of challenges—an unpredictable economy, rising inflation and geopolitical tensions. However, through it all, New Yorkers have remained resilient, as our economy continues to recover from the effects of the pandemic.

The focus of my Office this year has been helping New York get back up and running after the pandemic. We accomplished this by regularly reporting on the State’s economic outlook, identifying pandemic-related operational problems at State agencies and tracking how federal relief aid is being disbursed.

As you’ll see in this annual report, our auditors uncovered widespread fraud in the Unemployment Insurance program and revealed ineffective COVID-19 infection control and reporting at nursing homes. We issued important policy reports on pandemic-related issues such as taxpayer migration and examined the pandemic’s effects industry by industry.

We have also kept our State pension fund strong and steady through volatile times and returned approximately $1.5 million a day in unclaimed funds to rightful owners. We also continued working with local governments and school districts to help them improve their finances and operations.

It is a great privilege to begin a new term as your State Comptroller. Looking back on 2022, I’m proud of what my Office has accomplished. In the coming year, I’ll continue to help State government serve you and your family more effectively and efficiently.

Best wishes for a peaceful and joyful New Year.

Sincerely,
Thomas P. DiNapoli
New York State Comptroller

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The Office of the New York State Comptroller is proud of our achievements and continued dedication to serving New Yorkers statewide.

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2022 Highlights

	The State Pension Fund’s long-term, diversified investment strategy helped it weather persistent market volatility and maintain an estimated value of $233.2 billion as of September 30, 2022.
	The State Pension Fund reached agreements with 11 companies, including Amazon, Dollar General, Dollar Tree, and Match Group, to review and report on their civil rights, equity, diversity, and inclusion policies, practices and impacts.
	Building on the State Pension Fund’s $20 billion in climate solutions investments, Comptroller DiNapoli committed $750 million to a global transition infrastructure fund and over $1 billion in solar-related asset-backed securities.
	The State Pension Fund continued its track record of supporting New York State businesses by committing another $350 million in investments. As of June 30, 2022, the program has supported 537 companies across the State.
	Total State Pension Fund assets managed by Minority- and Women-Owned Business Enterprise (MWBE) managers grew to an all-time high of nearly $31 billion in fiscal year 2022. In total, over $1 billion in capital commitments were deployed to Emerging and/or MWBE managers across the fund’s asset classes.
	Comptroller DiNapoli’s investigative team, working with the New York County District Attorney’s Office, uncovered a $3.5 million 6-year fraud orchestrated by the former Director of Finance and administration for a research center at New York University.
	The Office of Unclaimed Funds processed over 425,000 claims and returned over $400 million in lost money to New York State households, businesses, and nonprofits.
	Extensive reporting on New York City and State economic, fiscal and performance issues analyzed New York’s finances, public health and social impacts of the pandemic and recovery efforts.
	The Division of State Government Accountability released 86 audit reports that uncovered $5.4 billion in cost savings and reviewed critical programs that touch the everyday lives of millions of New Yorkers.
	The Division of Local Government and School Accountability reached 11,331 local officials and stakeholders with trainings covering a wide range of topics, from cybersecurity to using the Office’s new Annual Financial Report application.
	Comptroller DiNapoli’s legislative program focused on upholding the interests of New Yorkers, delivering premier retirement services and pension fund management, ensuring transparency and protecting public trust, and restoring the Comptroller’s pre-audit contract review and approval process.