Annual Report of the Office of Unclaimed Funds - SFY 2021-22
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.
New York State
New York’s Agriculture Industry: A Resilient Part of State and Local Economies
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.
DiNapoli: Despite Challenges, Agriculture Among the Most Resilient State Industries During the Pandemic
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%.
NYS Common Retirement Fund Reports Estimated First Quarter Results
The New York State Common Retirement Fund’s (Fund) estimated return in the first quarter of the State Fiscal Year (SFY) 2022-23 was -8.24% for the three-month period ending June 30, 2022, according to New York State Comptroller Thomas P. DiNapoli. The Fund ended the quarter with an estimated value of $246.3 billion.
NYS Pension Fund Launches Review of Integrated Oil & Gas Companies
The New York State Common Retirement Fund (Fund) is evaluating 28 publicly traded integrated oil and gas companies to determine if they are prepared for the transition to a low-carbon economy, New York State Comptroller Thomas P. DiNapoli, the Fund’s trustee, announced today. Each company is being asked to provide information on its readiness to transition to the emerging net zero economy.
Progress Report on Climate Action Plan
The Climate Action Plan Progress Report for the New York State Common Retirement Fund highlights the Fund’s recent efforts to address climate risks and opportunities.
DiNapoli: Lax Oversight of Medicaid Payments Behind $700 Million in Improper Payments
Hundreds of millions of dollars were spent on Medicaid Managed Long-Term Care (MLTC) costs for individuals who no longer qualified for the program, according to an audit by State Comptroller Thomas P. DiNapoli. The audit found that inadequate oversight by the state Department of Health (DOH) over a period of more than six years resulted in over $700 million in overpayments for ineligible members and $2.8 billion for minimal services for eligible members.
DiNapoli: State Pension Fund Posts 9.5% Annual Investment Return
New York State Comptroller Thomas P. DiNapoli today announced that the New York State Common Retirement Fund’s (Fund) investment return was 9.51% for the state fiscal year that ended March 31, 2022. The return on investments increased the Fund’s value to $272.1 billion.
State Contract and Payment Actions in June
In June, the Office of the State Comptroller approved 1,449 contracts for state agencies and public authorities valued at $1.5 billion and more than 3.3 million payments worth nearly $13.2 billion. The office rejected 128 contracts and related transactions valued at $1.4 billion and more than 4,900 payments valued at nearly $11.5 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.
DiNapoli: Three Arrested for Scheme to Steal Unclaimed Funds from New York State
New York State Comptroller Thomas P. DiNapoli, Damian Williams, the United States Attorney for the Southern District of New York, and Daniel B. Brubaker, Postal Inspector in Charge, Postal Service Inspection Service, New York Division, announced the arrest of BAKARE DOUKOURE, SANNEH TUNKARA, and LASSANA SYLLA on mail fraud and identity theft charges arising out of their scheme to fraudulently obtain unclaimed funds held by the New York State Comptroller’s Office of Unclaimed Funds. TUNKARA was arrested on July 19, 2022 and presented before the Hon. Andrew E.