NYS Pension Fund Commits $2 Billion to Climate Transition Index

Link:https://www.osc.state.ny.us/press/releases/2021/12/nys-pension-fund-commits-2-billion-climate-transition-index?utm_source=weekly%20news&utm_medium=email&utm_term=climate%20transition%20index&utm_content=20211212&utm_campaign=pension%20fund&section=feature

Excerpt:

The New York State Common Retirement Fund (Fund) will invest $2 billion in an index focused on reducing the risks of climate change and capitalizing on the opportunities arising from the transition to a low-carbon economy, State Comptroller Thomas P. DiNapoli, trustee of the fund, announced today. This is part of the Comptroller’s Climate Action Plan announced in 2019 and his goal for the Fund of net-zero greenhouse gas emissions by 2040.

The Fund will allocate $2 billion within its internally managed public equity portfolio to FTSE Russell’s Russell 1000 TPI Climate Transition Index (CTI) in connection with the Fund’s Sustainable Investment & Climate Solutions (SICS) program.

Author(s): Thomas DiNapoli

Publication Date: 9 Dec 2021

Publication Site: Office of the NY State Comptroller

State Comptroller DiNapoli and Orange County District Attorney Hoovler Announce Guilty Plea in Bethel Tax Collector Pension Fraud Case

Link:https://www.osc.state.ny.us/press/releases/2021/11/state-comptroller-dinapoli-and-orange-county-district-attorney-hoovler-announce-guilty-plea-bethel

Excerpt:

State Comptroller Thomas P. DiNapoli and Orange County District Attorney David M. Hoovler today announced that former Town of Bethel Tax Collector Debra Gabriel, of Bethel, pleaded guilty before Judge Peter Feinberg in the Town of Rockland Justice Court to Offering a False Instrument for Filing in the Second Degree, in connection with a scheme to defraud the New York State and Local Retirement System. Gabriel, 62, had resigned her public office and retired in August 2020.

At the time that she pleaded guilty, Gabriel admitted having submitted a false “Record of Activity” with the Town of Bethel for filing with the State Comptroller. Records of Activity are documents in which certain appointed or elected officials must record a daily detail of their hours worked and duties and certify their accuracy. The information is used to calculate their service time for retirement benefits.

An investigation of Gabriel’s Records of Activity conducted by the New York State Comptroller’s Office and the New York State Police revealed that from April 1, 2009 to Aug. 31, 2019, she falsely claimed credit for full-time work for the Town of Bethel when her actual hours were far less. For example, in 2018 and 2019, she had a full-time job with a private healthcare company, while claiming to also have worked full-time as a Tax Collector for Bethel. Her false claims increased her service credit toward retirement by more than seven years, according to Comptroller DiNapoli. Gabriel turned over a certified check in the amount of $6,377.46 to prosecutors from the Orange County District Attorney’s Office as restitution to the State of New York for the amount of pension benefits that she was overpaid.

Author(s): Thomas DiNapoli

Publication Date: 5 Nov 2021

Publication Site: NY Office of the Comptroller

COVID-19 Relief Program Tracker (NY)

Link:https://www.osc.state.ny.us/reports/covid-relief-program-tracker

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Excerpt:

The Office of the State Comptroller has created this dashboard to track federal relief funds received during the pandemic and eight programs that offer targeted assistance to New Yorkers most severely impacted by the COVID-19 pandemic. 

The tracker explains when each funding stream or program was authorized, how it is designed and how much has been received and spent to date. The data will be updated monthly and will be expanded over time as more information becomes available. We hope the information presented here can be used to help New Yorkers understand how federal aid is used and to inform future conversations about budget investments.

Select a relief program to view its funding and spending, or download this month’s data for all programs.

Author(s):Thomas DiNapoli

Publication Date: accessed 17 Oct 2021

Publication Site: Office of the Comptroller of the State of New York

DiNapoli: Chatham Police Chief Sentenced for Pension Double-Dipping

Link: https://www.osc.state.ny.us/press/releases/2021/07/dinapoli-chatham-police-chief-sentenced-pension-double-dipping

Excerpt:

Former Village of Chatham Chief of Police Peter Volkmann was sentenced to pay $92,829 in restitution and perform 200 hours of community service today for defrauding the New York State pension system by concealing his unlawful post-retirement public income and for stealing from the village through sham requests for reimbursement. His fraud was discovered during a joint investigation by State Comptroller Thomas P. DiNapoli, Columbia County District Attorney Paul Czajka, and the New York State Police.

…..

Volkmann pleaded guilty in February 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 pled 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, 57, of Stuyvesant, served as a Chief of Police for the town of Stockport until 2016. He was also the Chief of Police for the Village of Chatham since the fall of 2013 and he served as unpaid Commissioner of the Hudson Police Department from January 2020, until this investigation became public.

Author(s): Thomas DiNapoli

Publication Date: 19 July 2021

Publication Site: NY State Comptroller

DiNapoli: Local Sales Taxes Jump 49.2 Percent in Second Quarter

Link: https://www.osc.state.ny.us/press/releases/2021/07/dinapoli-local-sales-taxes-jump-49-point-2-percent-second-quarter

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Excerpt:

Sales tax revenue for local governments in New York state rose by 49.2% in the second quarter (April to June 2021) compared to the same period last year, a dramatic increase from last year’s weak collections during the first wave of the COVID-19 pandemic, according to State Comptroller Thomas P. DiNapoli. Sales tax collections during this period grew by just over $1.6 billion and even surpassed collections reported during the second quarter of 2019, before the onset of the pandemic.

…..

The size of the increase largely reflects extremely weak collections in the April to June period of 2020. However, even compared to pre-pandemic collections for the same period in 2019, statewide collections in 2021 were up 8.7% or $396 million. Every region outside of New York City experienced two-year growth over 18%. The Mid-Hudson and North Country regions both reported increases of more than 29%.

Author(s): Thomas DiNapoli

Publication Date: 23 July 2021

Publication Site: NY State Comptroller

Report Reveals Albany’s Balanced Budget a Gimmick

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The dramatic reversal that shrank the state’s four-year budget gap from $38.7 billion in January to the current $3.4 billion occurred, incredibly, despite the Governor and legislature adopting a budget that increases state spending significantly in education and other areas. What turned the tide was a massive injection of federal aid—including $12.7 billion in no-strings federal aid awarded to the state in March under the American Rescue Plan—along with tax collections that defied earlier projections of vast, pandemic-induced revenue loss, and new tax hikes inflicted on high earners estimated to yield $2.75 billion in new revenue this year alone. As a result, the enacted budget financial plan the Governor’s budget office issued last month shows a balanced budget for this fiscal year and next. Even the red ink that starts accumulating in 2024 and 2025 looks manageable.

But looks are deceiving here. Extending the budget window—as does a chart on page nine of the Comptroller’s report, shown below—reveals large, yawning budget gaps growing from nearly $8 billion in 2026 to nearly $20 billion by the end of the decade. The dual expiration of American Rescue Plan funds in 2026 and a temporary hike in the PIT in 2027 sends the budget deep into the red.

Author(s): Peter Warren

Publication Date: 28 June 2021

Publication Site: Empire Center for Public Policy

DiNapoli Moves State Pension Fund Toward Net Zero Target, Restricts Investments in Oil Sands Companies

Link: https://www.osc.state.ny.us/press/releases/2021/04/dinapoli-moves-state-pension-fund-toward-net-zero-target-restricts-investments-oil-sands-companies

Excerpt:

The New York State Common Retirement Fund (Fund) will restrict investments in oil sands companies that have not demonstrated that they are prepared for the transition to a low-carbon economy, New York State Comptroller Thomas P. DiNapoli, trustee of the third largest public pension plan in the country, announced today.

This action is tied to DiNapoli’s comprehensive Climate Action Plan to lower investment risks from climate change and transition the Fund’s investment portfolio to net zero greenhouse gas emissions by 2040.

“As nations around the world become increasingly serious about addressing the threat of climate change and as market forces drive a low-carbon economic transition, we need to make sure our investments line up with this reality,” said DiNapoli. “We have carefully reviewed companies in the oil sands industry and are restricting investments in those that do not have viable plans to adapt to the low-carbon future. Companies responsible for large greenhouse gas emissions like those in this industry, pose significant risks for investors.”

Publication Date: 12 April 2021

Publication Site: Office of the NY State Comptroller

DiNapoli: NYS Pension Fund Announces $400 Million in Sustainable Investments

Link: https://www.osc.state.ny.us/press/releases/2021/04/dinapoli-nys-pension-fund-announces-400-million-sustainable-investments

Excerpt:

The Fund committed approximately $300 million to Copenhagen Infrastructure Partners IV, a European investment fund that will focus on investments in renewable assets including onshore and offshore wind and solar, as well as climate infrastructure assets that support renewable power.

Additionally, the Fund committed $100 million to Excelsior Renewable Energy Investment Fund I, a North American-focused investment fund that will target investments in renewable power assets such as solar and wind.

Publication Date: 20 April 2021

Publication Site: Office of the NY State Comptroller

NY State Pension Commits to $400 Million in Sustainable Investments

Link: https://www.ai-cio.com/news/ny-state-pension-commits-400-million-sustainable-investments/

Excerpt:

The $247.7 billion New York State Common Retirement Fund has committed approximately $400 million to two funds as part of its Sustainable Investments and Climate Solutions (SICS) Program.

The commitments are part of New York State Comptroller Thomas DiNapoli’s climate action plan to lower investment risks from climate change and help shift the pension fund to net-zero greenhouse gas emissions within the next 20 years.

Author(s): Michael Katz

Publication Date: 26 April 2021

Publication Site: ai-CIO

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

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

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.

….

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

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