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The Comptroller's role far surpasses the traditional mandate of a financial custodian. The duties entrusted to the Comptroller range from handling public finances and scrutinizing state expenditures to fortifying integrity and transparency in fiscal affairs.
The role of the New York State Comptroller is steeped in a rich history, dating back to the era of Dutch colonization, making it one of the oldest public positions in the United States. Established by the New York State Legislature in 1797, the job of the Comptroller, initially termed 'Controller,' was conceived to provide rigorous supervision over public finances.
Initially, the Comptroller was selected by the state's governor, a process that lasted until 1846. It was in this year, following the amendment of the New York Constitution, that the process was transformed, designating the Comptroller as a role that would be decided by popular vote. This shift allowed the citizens of New York to have a direct hand in selecting the individual responsible for overseeing the state's fiscal affairs, marking a significant milestone in the democratic governance of New York's financial infrastructure.
At the apex of the Comptroller's responsibilities lies the stewardship of the New York State Pension Fund. The fund bestows financial security to over a million members, retirees, beneficiaries, and employers via the New York State and Local Retirement System.
Another duty of the Comptroller's office is to uphold fiscal integrity throughout government operations. By employing stringent measures to detect and mitigate waste, fraud, and abuse and relentlessly combating public corruption and pension fraud, this office not only preserves taxpayers' hard-earned money but also consolidates the public's faith in government fiscal dealings.
A distinctive facet of the Comptroller's mandate is to reunite unclaimed funds with their rightful owners. Overseeing an enormous reserve of more than $18 billion in unclaimed funds, the Comptroller's Office has instituted an efficacious system that redistributes over $1.5 million per day to rightful beneficiaries, reinstating lost assets to the state's citizens.
To foster transparency, the Comptroller's office harnesses various tools, including Open Book New York and other digital platforms, to trace and report the dispensation of federal COVID relief funding. This proactive transparency enables New York taxpayers to follow the path of their tax dollars.
Additionally, the Comptroller's office administers essential savings schemes for New Yorkers, such as the 529 College Savings Program and the NY Achieving a Better Life Experience (ABLE) program. Developed in partnership with the NYS Higher Education Services Corporation, these initiatives aim to facilitate savings for higher educational pursuits and to empower disabled New Yorkers and their families to save money without forfeiting access to benefits and services.
The Office of the State Comptroller forms a vital cog in the financial machinery of New York. The indispensable role this office performs is the administration of public funds, steadfast commitment to transparency, and protection of taxpayer interests.
For further information, please contact contactus@osc.ny.gov.
Albany Office: 110 State Street, Albany, NY 12236. Phone: 518-474-4044.
New York City Office: 59 Maiden Lane, New York, NY 10038. Phone: 212-383-1600.