Thomas DiNapoli

IDAs need to be more transparent, accountable, says comptroller

Kate O'Connell — Wed, 08 May 2013 20:48:22 +0000

The New York state comptroller’s office has released its annual report on New York’s 113 Industrial Development Agencies (IDAs), with concerns raised about the effectiveness and transparency of the organizations.

Comptroller warns local governments that fixing fiscal crises won't be easy

Karen Dewitt — Tue, 09 Apr 2013 09:10:00 +0000

New York state’s comptroller kicked off a week long forum at SUNY’s Rockefeller Institute to examine the plight of economically stressed local governments and school districts across the state.

State pension funds invests in central New York business

Ellen Abbott — Fri, 29 Mar 2013 13:30:06 +0000

Money from a state pension fund is flooding into an Auburn company that manufactures, distributes and services electrical products. It's one way the state is trying to encourage economic growth in upstate New York.

Budget watchdog group urges rejection of Cuomo's pension bailout plan

Karen Dewitt — Mon, 25 Feb 2013 22:11:00 +0000

A leading budget watchdog group is urging rejection of a key component of Gov. Andrew Cuomo’s budget plan. It would allow cities and schools to put off some payments to their pension funds.

DiNapoli says Syracuse's finances suffer from "systemic problems"

Ryan Delaney — Thu, 21 Feb 2013 14:02:18 +0000

New York State's financial overseer is warning Syracuse's finances face "systemic problems."

State report shows Utica in fiscal decline

Ellen Abbott — Wed, 30 Jan 2013 19:19:31 +0000

A new state report describes the city of Utica as a city in fiscal decline. The state Comptroller's office has released a fiscal snapshot of the city as part of its new fiscal monitoring system.

Assembly Speaker Silver waiting for comptroller's view of pension plan

Karen Dewitt — Wed, 30 Jan 2013 13:31:32 +0000

Gov. Andrew Cuomo’s pension stabilization plan could face some obstacles in the legislature. Assembly Speaker Sheldon Silver says he wants to know what the state comptroller thinks of the idea first.

Local governments will be graded on fiscal health

Ellen Abbott — Tue, 29 Jan 2013 19:24:20 +0000

Municipalities and school districts in New York state will soon get graded on their fiscal health. A fiscal monitoring system run by the state comptroller's office will publicly identify local governments that may be heading towards a fiscal cliff.

Cuomo to deliver budget address

Karen Dewitt — Tue, 22 Jan 2013 11:22:35 +0000

Governor Andrew Cuomo’s annual budget presentation is slated for Tuesday afternoon. It comes as the state’s comptroller, Tom DiNapoli, finds revenues are not coming to New York in quite the amount anticipated.

State comptroller predicts Wall Street profits up in volatile economic climate

Karen Dewitt — Wed, 10 Oct 2012 13:39:56 +0000

Profits on Wall Street are going to be up this year, according to a new report from the New York state comptroller, but are still below their pre-recession highs. The report also finds fewer job losses in the securities industry, and many economic uncertainties ahead.

State officials predict tight budget

Karen Dewitt — Wed, 03 Oct 2012 13:17:11 +0000

Top state officials say it is going to be another difficult year for the state budget. Governor Andrew Cuomo has already told state agencies to keep spending flat, and those that depend on state programs are not counting on big increases.

"Super control board" idea to help struggling municipalities still possible

Ellen Abbott — Mon, 10 Sep 2012 12:44:45 +0000

New York State continues looking for ways to help local governments on the edge of fiscal collapse. And, the idea of a "super control board" is still a possibility.

State's finances deemed to be improving

Karen Dewitt — Fri, 31 Aug 2012 14:02:35 +0000

There are signs that the New York state’s finances are getting healthier, but local governments in New York continue to flounder.

Agriculture still big business in New York state

Ellen Abbott — Tue, 28 Aug 2012 12:38:52 +0000

Farms still drive New York state's economy, according to a report from the New York State Comptroller's office, which outlines just how important agriculture is to the state's economy.

Public nursing homes face potential crisis

Karen Dewitt — Sat, 11 Aug 2012 12:01:00 +0000

County-run nursing homes across New York state face growing crises as county governments, strapped for cash, consider ending their historical role as providers of inpatient care to the elderly.

Comptroller: Local governments face grim fiscal reality

Karen Dewitt — Thu, 02 Aug 2012 13:37:08 +0000

A report from the state comptroller finds local governments in New York are struggling financially. Around 10 percent are running deficits or suffering from cash flow problems, and there is no end in sight.

DiNapoli wants Local Development Corporations held accountable

Ellen Abbott — Thu, 21 Jun 2012 20:22:57 +0000

New York's fiscal watchdog wants lawmakers to give his office more power over economic development organizations that he says are being misused in some cases, by local governments in New York state. Comptroller Thomas DiNapoli has his eye on Local Development Corporations.

Local governments struggle; tax cap presents new challenges

Ellen Abbott — Thu, 21 Jun 2012 14:06:00 +0000

Local governments continue struggling in the wake of the recession. At a Local Government Leadership Institute meeting in Syracuse Wednesday, officials looked for answers to some of the problems they still face following the Wall Street meltdown.

DiNapoli: IDAs not delivering on job creation promises

Ryan Delaney — Thu, 03 May 2012 13:07:45 +0000

More tax breaks does not equal more jobs.

That's according to State Comptroller Thomas DiNapoli's latest report on New York's industrial development agencies (IDAs).

In his fifth report on IDAs [PDF], DiNapoli says the number of jobs created by the local economic development engines dropped by 22,000 from the year before.

DiNapoli also cites a $483 million gap in what IDAs gave out in tax breaks and how much they took in via payments-in-lieu-of-taxes (PILOTs).

That breaks down, the report finds, to a $2,659 cost per job - up 9 percent from the year before.

"Taxpayers are not getting enough bang for their buck when it comes to IDAs," DiNapoli said in a statement.

Governor Cuomo is late with the mid year financial report

Karen Dewitt — Fri, 11 Nov 2011 16:45:06 +0000

The governor says he’s waiting for some uncertainties in the world markets to stabilize before updating the state’s financial picture, and has delayed releasing the state’s mid year budget report, which was due in late October.

Cuomo budget officials have said they are also waiting to count some tax collections delayed by the hurricanes. They’ve also post poned some scheduled budget hearings that have been part of an effort in recent years to jump start the budget process.

Bad year on Wall St. could have negative impact on state budget

Karen Dewitt — Wed, 12 Oct 2011 11:47:11 +0000

The State Comptroller finds that Wall Street is having another bad year, and that could have a negative impact on New York State's budget.