What are the Comptroller's Responsibilities?
- Administering the New York State and Local Retirement System for public employees, with more than one million members, retirees and beneficiaries and more than 3,000 employers;
- Acting as sole trustee of the $160.7 billion Common Retirement Fund (As of March 31, 2013), one of the largest institutional investors in the world;
- Maintaining the State's accounting system and administering the State’s approximately $15 billion payroll;
- Issuing reports on State finances;
- Managing the State's assets and issuing debt;
- Reviewing State contracts and payments before they are issued;
- Conducting audits of State agencies and public benefit corporations;
- Overseeing the fiscal affairs of local governments, including New York City;
- Overseeing the Justice Court Fund and the Oil Spill Fund; and
- Acting as custodian of more than $12 billion in abandoned property and restoring unclaimed funds to their rightful owners.
The Office of the State Comptroller also establishes regulations, issues publications, conducts training and proposes legislation to improve government operations at all levels. Headquartered in Albany, OSC employs a staff of more than 2600 people and maintains offices in New York City, as well as eight regional offices which audit and provide technical assistance to local governments throughout the State. A fundamental orientation unites all the diverse activities of the Office: the State Comptroller is responsible for ensuring that the taxpayers’ money is being used effectively and efficiently to promote the common good.