The COVID-19 pandemic has caused property tax disparity to worsen in New York City, driving housing costs higher for many, according to a report released today by New York State Comptroller Thomas P. DiNapoli. Property tax disparities have been well documented for decades by advocates, fiscal monitors and the city, but the report found even when property values declined for many condos, co-ops and rental apartments due to the pandemic, property tax bills continued to rise.

New York State Comptroller Thomas P. DiNapoli announced today the following audits have been issued.

New York State Comptroller Thomas P. DiNapoli issued the following statement after giving remarks at New York City Financial Control Board’s annual meeting today:

“New York City’s 2024 budget increased spending to address growing demand for services using stronger than expected revenues and remaining federal pandemic aid.

“Significant risks are on the horizon, however. Unbudgeted costs for housing asylum seekers and other humanitarian efforts will quickly exceed the city’s resources. Federal aid and policy guidance are needed to assist the growing burden on the city.

New York State Comptroller Thomas P. DiNapoli today announced the following local government audits were issued.

New York State Comptroller Thomas P. DiNapoli today announced employer contribution rates for the New York State and Local Retirement System (NYSLRS) for State Fiscal Year (SFY) 2024-25. Employers’ average contribution rates will increase from 13.1% to 15.2% of payroll for the Employees’ Retirement System (ERS) and from 27.8% to 31.2% of payroll for the Police and Fire Retirement System (PFRS).

In July, the Office of the State Comptroller approved 1,580 contracts for state agencies and public authorities valued at $2.7 billion and approved nearly 1.8 million payments worth more than $9.1 billion.

The office rejected 209 contracts and related transactions valued at $2.4 billion and nearly 1,600 payments valued at nearly $12.5 million, primarily for mistakes, insufficient support for charges, and improper payments. More information on these contracts and payments is available at Open Book New York.

Arrests Follow Joint Investigation Between the State Comptroller's Office, the Otsego County District Attorney, the Otsego County Sheriff's Office, the Oneonta Police Department and the U.S. Department of Health and Human Services - Office of Inspector General

August 28, 2023

New York State Comptroller Thomas P. DiNapoli today announced the following local government and school audits were issued.

The Bond Buyer published an op-ed from New York State Comptroller Thomas P. DiNapoli and William Glasgall, Senior Director, Public Finance, at the Volcker Alliance, a nonprofit based in New York City. The full op-ed is below:

In 2020 and 2021, the federal government sent an unprecedented amount of money to states and localities to blunt the impact of lockdowns and other COVID-19 pandemic-related challenges.

New York State Comptroller Thomas P. DiNapoli today announced that the estimated value of the New York State Common Retirement Fund (Fund) was $254.1 billion at the end of the first quarter of state fiscal year 2023-24. For the three-month period ending June 30, 2023, Fund investments returned an estimated +3.08%.