Tag: Thomas DiNapoli

Arts, Entertainment and Recreation in New York City

Mary Pat Campbell

Recent Trends and Impact of COVID-19

Link: https://www.osc.state.ny.us/reports/osdc/arts-entertainment-and-recreation-new-york-city-recent-trends-and-impact-covid-19

Graphic:

Excerpt:

In 2019, New York City’s arts, entertainment and recreation sector employed 93,500 people in 6,250 establishments. These jobs had an average salary of $79,300 and generated $7.4 billion in total wages.

In 2019, 128,400 residents (including nearly 31,000 self-employed residents) drew their primary source of earnings from the arts, entertainment and recreation sector.

From 2009 to 2019, employment in the sector grew by 42 percent, faster than the 30 percent rate for total private sector employment. Establishments and total wages in the sector also grew faster than all establishments and wages citywide.

As of December 2020, arts, entertainment and recreation employment declined by 66 percent from one year earlier, the largest decline among the City’s economic sectors.

The Chelsea/Clinton/Midtown Manhattan Business District neighborhood, home to 1,921 venues, accounted for 46 percent of all jobs in the sector, far more than any other City neighborhood.

Publication Date: February 2021

Publication Site: Office of the New York State Comptroller

NYC Pension Funds Rebound After Missing Fiscal 2020 Target

Mary Pat Campbell

Link: https://www.ai-cio.com/news/nyc-pension-funds-rebound-missing-fiscal-2020-target/

Excerpt:

New York City’s five pension systems have bounced back from a 4.4% return for fiscal year 2020 that missed an actuarial target of 7%, to return roughly 18% in the first seven months of fiscal year 2021, according to a report from New York State Comptroller Thomas DiNapoli.

Since fiscal 2012, the pension funds, which had approximately $239.8 billion in assets under management (AUM) as of November, have earned an average of 7.5% annually on their investments.

According to the Comptroller Office’s Review of the Financial Plan of the City of New York, pension contributions have stabilized after growing rapidly for many years, mainly due to higher-than-expected investment returns and savings from lower-cost pension plans enacted for employees hired after March 2012. However, the contributions are still forecast to total $10.1 billion in fiscal 2022.

Author(s): Michael Katz

Publication Date: 25 February 2021

Publication Site: ai-CIO

N.Y. Pension Prods Companies to ‘Confront Institutional Racism,’ Or Else

Mary Pat Campbell

Link: https://www.bloomberg.com/news/articles/2021-02-25/n-y-pension-prods-companies-to-boost-diversity-or-face-a-vote

Excerpt:

The New York State Common Retirement Fund, the third-largest U.S. public plan, said it’s pressing companies to boost their ethnic and gender diversity, and will vote against directors who fail to act.

“Companies must root out racial inequality, just as they would root any other systemic problem that puts their long-term success at risk,” New York State Comptroller Thomas P. DiNapoli said in a statement Thursday. “Corporate America must join in the national reckoning over racial injustice and confront institutionalized racism.”

The New York pension, which has $248 billion of assets, plans to file shareholder proposals supporting increased diversity on corporate boards. It also will seek better disclosures about the gender and ethnic breakdown of companies’ employees. The fund said it will vote against board members who ignore these requests.

Author(s): Saijel Kishan

Publication Date: 25 February 2021

Publication Site: Bloomberg

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

Graphic:

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

Graphic:

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.

….

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

DiNapoli: Tax Revenues Through December Were $2.5 Billion Lower Than Last Year

Mary Pat Campbell

Link: https://www.osc.state.ny.us/press/releases/2021/01/dinapoli-tax-revenues-through-december-were-25-billion-lower-last-year

Excerpt:

State tax receipts through the first nine months of the state fiscal year were $2.5 billion lower than last year, but were $1.8 billion higher than anticipated by the state Division of the Budget (DOB), according to the monthly State Cash Report released by New York State Comptroller Thomas P. DiNapoli.

Tax receipts in the month of December totaled $8.4 billion, $422.5 million above last year, and $1.4 billion above DOB’s latest projections.

Author(s): Thomas P. DiNapoli

Publication Date: 15 January 2021

Publication Site: Office of the New York State Comptroller