New York has been slow when it comes to using some federal relief funds earmarked to alleviate the state’s affordable housing crisis, according to an audit released today by New York State Comptroller Thomas P. DiNapoli. The audit found that, under the management of Homes and Community Renewal (HCR) and its local program administrators, the distribution of funds has been delayed, putting some of the funding at risk.
New York state should improve its track record when it comes to promoting financial literacy and providing New Yorkers with access to information and tools to build their financial knowledge and skills, according to an audit released today by New York State Comptroller Thomas P. DiNapoli.
The average household debt in New York climbed to a new high of $53,830 at the end of 2021. While New Yorkers trail the national average debt burden ($55,810), student loan and credit card debt per capita were well above the national average, with student loan balances 335% higher than they were in 2003, according to a report released today by State Comptroller Thomas P. DiNapoli.
New York State Comptroller Thomas P. DiNapoli today announced employer contribution rates for the New York State and Local Retirement System (NYSLRS). Employers’ average contribution rates for the State Fiscal Year 2023-24 will increase from 11.6% to 13.1% of payroll for the Employees’ Retirement System (ERS) and from 27.0% to 27.8% of payroll for the Police and Fire Retirement System (PFRS).
NYSLRS is made up of these two systems, which pay retirement and disability benefits to public employees and death benefits to their survivors.
The New York State Legislature amended the State Finance Law in 2015 by adding a new Section 8-c providing for the establishment of a statewide electronic system to help detect and prevent fraud, waste and abuse in government spending and to help avoid improper payment of public funds.
In July, the Office of the State Comptroller approved 1,232 contracts for state agencies and public authorities valued at $2.2 billion and approved more than 1.8 million payments worth more than $9.4 billion. The office rejected 120 contracts and related transactions valued at $294.2 million and nearly 2,100 payments valued at nearly $58.1 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.
New York state is failing to promote and increase use of a key system designed to assist people with disabilities find employment services, according to an audit released today by New York State Comptroller Thomas P. DiNapoli.
Despite the many challenges we all faced last year, State Fiscal Year 2021-22 was another productive year for the Office of Unclaimed Funds, returning $404 million to rightful owners.
The agriculture industry supports jobs and communities throughout New York State. The COVID-19 pandemic and economic shutdown led to job losses across almost all industries in New York, but the agricultural sector proved to be among the most resilient, losing just 1 percent of jobs in 2020 compared to a statewide annual employment loss of 8.7 percent. Both employment and wages in the farming sector grew in 2021 to reach new highs.
Agriculture in New York state paid close to $1 billion in wages and produced roughly $3.3 billion in gross domestic product in 2021, according to a report by New York State Comptroller Thomas P. DiNapoli. The sector has proved to be among the most resilient during the COVID-19 pandemic, losing just 1% of jobs in 2020 compared to the statewide annual employment loss of 8.7%.
