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NEWS from the Office of the New York State Comptroller
Contact: Press Office 518-474-4015

DiNapoli: Wall St. 2021 Profits near Record Levels

Wall Street’s run of prosperity extended into the first half of 2021 with $31 billion in pre-tax earnings, beating 2020’s outsized first half profits of $27.6 billion, even as job losses accelerated in New York City’s securities industry, according to State Comptroller Thomas P. DiNapoli’s annual report on Wall St.’s performance.

DiNapoli: ESD Falls Short in Evaluation of Nearly $2 Billion of Economic Development Programs

Empire State Development (ESD), the public authority responsible for administering many of New York state’s economic development programs, has failed to fully evaluate most of its programs to determine if they are boosting the state’s economy and promoting promised job and business growth, according to an audit released today by State Comptroller Thomas P. DiNapoli.

DiNapoli: State Tax Receipts Exceed Initial Projections By $7.2 Billion Through First Six Months

State tax receipts in State Fiscal Year (SFY) 2021-22 exceeded the Enacted Budget Financial Plan forecast (May estimates) by $7.2 billion through the end of September, according to the monthly State Cash Report released by New York State Comptroller Thomas P. DiNapoli. Tax collections were $1.8 billion greater than forecast by the Division of the Budget (DOB) in the First Quarter Update to the Financial Plan, released last month. Tax receipts through September 30th are $13.4 billion greater than they were through the same month in SFY 2020-21.

DiNapoli: NYC Office Market Will Take Years to Recover From Pandemic

The COVID-19 pandemic wiped out years of growth in New York City’s office sector, erasing nearly $28.6 billion in market value and more than $850 million in property taxes in City Fiscal Year (FY) 2022. Timing its recovery is an open question, however, as employers continue to offer work-from-home options, according to a report released today by State Comptroller Thomas P. DiNapoli.

DiNapoli: Former Town of Gardiner Employee Arrested for Pocketing Over $14,000 in Underserved Health Insurance Buyouts

New York State Comptroller Thomas P. DiNapoli, Ulster County District Attorney David Clegg and the New York State Police announced that Kyle Fletcher, a heavy equipment operator employed by the Town of Gardiner, was arrested for defrauding the Town of over $14,000 in health care buyout payments he was not entitled to.

“Mr. Fletcher allegedly deceived the Town to pocket over $14,000 in public funds," DiNapoli said. “Thanks to my office’s partnership with the New York State Police and Ulster County District Attorney Clegg he is being held responsible for his actions.”

DiNapoli Releases Dashboard Tracking Federal Covid Funding and State Relief Programs

New York State Comptroller Thomas P. DiNapoli announced today the launch of his new online tool to monitor spending of federal recovery aid and COVID-19 relief programs in the state, including funds for excluded workers, childcare providers, emergency rental and homeowner assistance, and small business recovery.

DiNapoli Releases Bond Calendar for Fourth Quarter

New York State Comptroller Thomas P. DiNapoli today announced a tentative schedule for the planned bond sales for New York State, New York City and their major public authorities during the fourth quarter of 2021.

The planned sales of $5.05 billion include $3.06 billion of new money and $1.99 billion of refundings and reofferings as follows:

DiNapoli: Second Former Mechanic at State Police Garage Pleads Guilty to Felony

State Comptroller Thomas P. DiNapoli, Madison County District Attorney William Gabor and New York State Police Superintendent Kevin P. Bruen today announced that former state police mechanic Jeffrey Rapasadi has pleaded guilty to corrupting the government in the third degree, a felony, and petit larceny, a misdemeanor. At the time of his plea, he paid back $12,865 in restitution and was placed on interim probation.

This is the second guilty plea that has resulted from their joint investigation.

State Contract and Payment Actions in August

In August, the Office of the State Comptroller approved 1,439 contracts for state agencies and public authorities valued at $1.4 billion and approved more than 18.9 million payments worth more than $14.7 billion. The office rejected 137 contracts and related transactions valued at $149.5 million and more than 14,800 payments valued at more than $8.9 million, primarily for mistakes, insufficient support for charges, and improper payments. More information on these contracts and payments is available at www.openbooknewyork.com