Tag: Office of the New York State Comptroller

Impact of the COVID-19 Pandemic on Subway Ridership in New York City

Mary Pat Campbell

Link: https://www.osc.state.ny.us/reports/osdc/impact-covid-19-pandemic-subway-ridership-new-york-city

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Excerpt:

Subway turnstile data published by the Metropolitan Transportation Authority (MTA) shows a correlation between median household income and subway ridership. Neighborhoods with lower median household incomes tended to have significantly higher ridership as a share of 2019 levels compared to wealthier neighborhoods. This trend was clear not only in April, when COVID-19 had its most dramatic impact on ridership, but has continued through the recovery to date.

In high-income neighborhoods, residents are more likely to be employed in sectors that have easily adapted to remote-work models, such as financial activities and business services. In neighborhoods where residents are more likely to continue using the subway during the pandemic, common areas of employment are the health care and social assistance sector and the leisure and hospitality sector.

Author(s): Thomas DiNapoli

Date Accessed: 28 March 2021

Publication Site: Office of New York State Comptroller

NYS Comptroller DiNapoli: Wall Street’s 2020 Bonuses Rose Amid Volatility

Mary Pat Campbell

Link: https://www.osc.state.ny.us/press/releases/2021/03/nys-comptroller-dinapoli-wall-streets-2020-bonuses-rose-amid-volatility

Excerpt:

The average bonus paid to employees in New York City’s securities industry grew by 10 percent in 2020 to $184,000, in line with the city’s most recent 9.9 percent projection, likely allowing the city to meet or exceed its income tax revenue projections in FY2021, according to annual estimates released today by New York State Comptroller Thomas P. DiNapoli.

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As a major source of revenue, DiNapoli estimates that the securities industry accounted for 18 percent ($15.1 billion) of state tax collections in state fiscal year (SFY) 2020 and 6 percent ($3.9 billion) of city tax collections in city fiscal year (CFY) 2020.

Pretax profits in 2020 for the broker/dealer operations of New York Stock Exchange member firms (the traditional measure of securities industry profits) increased by 81 percent to $50.9 billion. It was the fifth consecutive year of growth in profits, which are up 256 percent since 2015. Profitability in 2020 was the second highest on record, trailing $61.4 billion recorded in 2009.

Author(s): Thomas DiNapoli

Publication Date: 26 March 2021

Publication Site: Office of New York State Comptroller

DiNapoli: DOH Needs to Step Up Enforcement of Patient Safety Violations

Mary Pat Campbell

Link: https://www.osc.state.ny.us/press/releases/2021/03/dinapoli-doh-needs-step-enforcement-patient-safety-violations

Excerpt:

The State Department of Health (DOH) has failed to hold accountable certain health care providers including hospitals, nursing homes and individual nurses, for patient safety violations and use its power under the law to impose stronger fines. Additionally, DOH does not ensure amounts collected are directed to increase patient safety, as required, according to an audit released today by State Comptroller Thomas P. DiNapoli.

“Lisa’s Law was created to make health care in New York safer and give patients the knowledge they need to make informed decisions,” DiNapoli said. “The Department of Health generally has improved the public’s access to health care information. Too often, however, it gives negligent health care providers a slap on the wrist by not issuing financial penalties that can act as a deterrent against future incidents and help fund improvements in patient safety. DOH needs to do better.”

Author(s): Thomas DiNapoli

Publication Date: 10 March 2021

Publication Site: Office of the NY State Comptroller

DiNapoli: State’s Fiscal Picture Has Improved, but Impact of Pandemic Revenue Losses Will Linger

Mary Pat Campbell

Link: https://www.osc.state.ny.us/press/releases/2021/03/dinapoli-states-fiscal-picture-has-improved-impact-pandemic-revenue-losses-will-linger

Excerpt:

New York State Comptroller Thomas P. DiNapoli today said there are some positive developments for the state’s fiscal recovery from the pandemic, including higher than expected personal income tax collections and the prospect of significant aid from the federal government, in his review of the Executive Budget for State Fiscal Year (SFY) 2021-22, as amended by the Governor. However, risks remain and could threaten the state’s fragile improvement.

DiNapoli urged the Governor and the Legislature to avoid short-sighted choices when adopting the new budget, to maintain transparency and include oversight measures. He recommended that actions be taken to address the state’s long-term structural imbalance and put the state’s finances on a sustainable path once emergency federal aid ends.

Author(s): Thomas DiNapoli

Publication Date: 2 March 2021

Publication Site: Office of the New York State Comptroller

DiNapoli: State Pension Fund Calls on Companies to Address Climate Risk, Transition to Cleaner Operations

Mary Pat Campbell

Link: https://www.osc.state.ny.us/press/releases/2021/03/dinapoli-state-pension-fund-calls-companies-address-climate-risk-transition-cleaner-operations

Excerpt:

The New York State Common Retirement Fund (Fund) has reached agreements with five major U.S. companies, including Domino’s Pizza Inc., to set targets to reduce their greenhouse gas emissions (GHG), adopt new energy efficiency measures and increase their use of renewable energy, New York State Comptroller Thomas P. DiNapoli, trustee of the Fund, announced today. In response to the agreements, the Fund withdrew the shareholder resolutions with the companies.

“More and more companies understand that addressing climate change, by reducing their carbon emissions, helps their long-term success and benefits investors,” DiNapoli said. “The transition to a low carbon future and meeting our country’s renewed commitment to the Paris Agreement present enormous opportunities for smart, sustainable investments. My thanks to these companies for recognizing their role in building a lower-carbon economy and their responsibility to shareholders’ concerns about climate risk.”

Author(s): Thomas DiNapoli

Publication Date: 4 March 2021

Publication Site: Office of the New York State Comptroller

New York Unemployment Claims Show a Year of Economic Devastation

Mary Pat Campbell

Link: https://www.osc.state.ny.us/reports/impact-covid-19-march-4-2021

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Excerpt:

Immediately before the pandemic hit New York, for weeks ending in late February and early March 2020, statewide UI claims averaged around 167,000. Those claims almost doubled to over 314,000, as the shutdown went into effect, starting a weeks-long upward spike that reached more than 3.1 million in mid-May. The historic peak of nearly 3.4 million claimants came in the last week of May 2020. The totals from May onward include claimants under the Pandemic Unemployment Assistance program (PUA) which provides benefits to individuals not traditionally eligible for unemployment assistance because of self-employment or certain other reasons. (Due to the PUA and other factors, the numbers of workers claiming unemployment benefits differ from the count of those officially counted as unemployed, which peaked in New York State at 1.5 million or 15.9 percent of the labor force in July 2020.)

The longstanding, regular State program of UI benefits funded by employer contributions was the only source of benefits for the first six weeks shown in the graph and continued to fund the largest numbers of claims into early August. (These payments were supplemented by additional federally funded benefits of $600 or $300 weekly for much, though not all, of the period shown.)

Author(s): Thomas DiNapoli

Publication Date: 4 March 2021

Publication Site: Office of the New York Comproller

FirstEnergy Corp. to publicly disclose more political spending under deal with New York pension fund

Mary Pat Campbell

Link: https://www.cleveland.com/open/2021/02/firstenergy-corp-to-publicly-disclose-more-political-spending-under-deal-with-new-york-pension-fund.html

Excerpt:

COLUMBUS, Ohio—FirstEnergy Corp. has agreed to regularly open its books to the public about its political spending, under an agreement the scandal-ridden utility has reached with a New York State public pension fund.

Under the deal with the New York State Common Retirement Fund, FirstEnergy has agreed to post comprehensive reports on its website twice per year through May 2024 detailing all its spending on any candidates, political parties, and ballot measures in any state. The agreement was released Monday by New York State Comptroller Thomas P. DiNapoli, the pension’s trustee.

Author(s): Jeremy Pelzer

Publication Date: 22 February 2021

Publication Site: cleveland.com

DiNapoli: January Local Sales Tax Collections Down 5.9 Percent

Mary Pat Campbell

Link: https://www.osc.state.ny.us/press/releases/2021/02/dinapoli-january-local-sales-tax-collections-down-5-point-9-percent

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Excerpt:

Local government sales tax collections statewide were down 5.9 percent in January compared to the same time last year, State Comptroller Thomas P. DiNapoli announced today. Collections totaled $1.5 billion, down $95 million from January 2020.

The decline was less than the 8.4 percent drop in December and the double-digit declines in the earlier months of the pandemic (April-June).

“The COVID-19 pandemic continues to weigh heavily on New York’s local governments, even as vaccines are being distributed and infection rates are declining from all-time highs,” DiNapoli said. “Congress must pass a COVID relief bill that helps our local governments during this crisis. Majority Leader Schumer and the entire New York congressional delegation know how much our local communities are suffering and are working diligently to get them aid.”

Author(s): Thomas DiNapoli

Publication Date: 17 February 2021

Publication Site: Office of the New York State Comptroller

DiNapoli: State Tax Revenues $2 Billion Lower Than Last Fiscal Year

Mary Pat Campbell

Link: https://www.osc.state.ny.us/press/releases/2021/02/dinapoli-state-tax-revenues-2-billion-lower-last-fiscal-year

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Excerpt:

State tax receipts cumulatively through January of State Fiscal Year 2020-21 are nearly $2 billion lower than last year, according to the monthly State Cash Report released by New York State Comptroller Thomas P. DiNapoli. Overall, tax receipts are $1.7 billion higher than anticipated by the state Division of the Budget’s (DOB) January projections.

Tax receipts for the month of January totaled $11.4 billion. This is $550.5 million above last year and $1.7 billion above DOB’s latest projections.

Author(s): Thomas DiNapoli

Publication Date: 18 February 2021

Publication Site: Office of the New York State Comptroller

NY State Comptroller DiNapoli Statement on McDonald’s Agreement to Tie Executive Compensation to Diversity, Workforce Management

Mary Pat Campbell

Link: https://www.osc.state.ny.us/press/releases/2021/02/ny-state-comptroller-dinapoli-statement-mcdonalds-agreement-tie-executive-compensation-diversity?utm_source=weekly%20news&utm_medium=email&utm_term=municipal%20audit&utm_content=20210221&utm_campaign=fiscal%20oversight&section=body

Excerpt:

New York State Comptroller Thomas P. DiNapoli, trustee of the New York State Common Retirement Fund, released the following statement today in response to McDonald’s decision to disclose workforce diversity data and tie executive compensation to the company’s ability to foster inclusion and ensure improved human capital management. As a result of McDonald’s new policy, DiNapoli and the Fund are withdrawing their shareholder proposal that had asked the company to connect executive compensation to the company’s management of ESG and workforce issues. The Fund owned 1,674,102 shares in McDonald’s valued at $359,229,000 as of Dec. 31, 2020.

…..

“It’s my hope that other companies follow McDonald’s example, particularly those corporations where New York state’s pension fund has filed similar shareholder proposals seeking greater attention to, and respect for, their human capital. 

Author: Thomas DiNapoli

Publication Date: 18 February 2021

Publication Site: Office of the New York State Comptroller

DiNapoli: Chatham Police Chief Pleads Guilty to Pension Double-Dipping and Defrauding Village

Mary Pat Campbell

Link: https://www.osc.state.ny.us/press/releases/2021/02/dinapoli-chatham-police-chief-pleads-guilty-pension-double-dipping-and-defrauding-village

Excerpt:

State Comptroller Thomas P. DiNapoli, Columbia County District Attorney Paul Czajka, and the New York State Police today announced the guilty plea of former Village of Chatham Chief of Police Peter Volkmann following a joint investigation. As a result of his conviction, Volkmann is required to leave public office.

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Volkmann pleaded guilty to grand larceny in the fourth degree for circumventing New York state’s post-retirement income restrictions and cheating the New York State and Local Retirement System out of $74,222. Volkmann hid public-source income from 19 municipalities and school districts in excess of the statutory limit by funneling the earnings through a private business, PF Volkmann & Associates. He also plead to official misconduct, a misdemeanor, for stealing $18,607 from the Village of Chatham by falsifying mileage vouchers and other reimbursements to increase his income. Volkmann will pay a total amount of restitution prior to sentencing in the amount of $92,829 as part of his plea and as a result of his conviction has been removed from office.

Author(s): Thomas DiNapoli

Publication Date: 11 February 2021

Publication Site: Office of the New York State Comptroller

DiNapoli: Westchester Sisters Sentenced for Stealing Deceased Mother’s Pension

Mary Pat Campbell

Link: https://www.osc.state.ny.us/press/releases/2021/02/dinapoli-westchester-sisters-sentenced-stealing-deceased-mothers-pension

Excerpt:

State Comptroller Thomas P. DiNapoli and Westchester County District Attorney Miriam E. Rocah announced the sentencings of Annette Bigelow, 61, and Mary Nash, 59, who hid their mother’s death to pocket nearly $22,000 from the New York State and Local Employees Retirement System, which DiNapoli administers, from 2013 to 2015.

The two daughters pleaded guilty to felony grand larceny last September. They were sentenced to a three-year conditional discharge and ordered to pay full restitution of $22,000.

Author(s): Thomas P. DiNapoli

Publication Date: 10 February 2021

Publication Site: Office of the New York State Comptroller