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The State Comptroller is New York State`s chief fiscal officer. The Comptroller is charged with auditing government operations and operating the Statewide Retirement Systems. His responsibilities include: Managing the State`s assets and issuing General Obligation debt; Conducting management and financial audits of State agencies and public benefit corporations; Issuing reports on State finances; Overseeing the fiscal affairs of local governments, including New York City; Reviewing State contracts, payrolls and payments before they are issued; Maintaining the State`s accounting system and issuing monthly cash financial statements; Overseeing the Justice Court and Abandoned Property Programs; and Operating the retirement systems for State and local retirees, valued at $140.5 billion as of March 2006. These systems provide services to over 260,000 retirees and their beneficiaries, over 600,000 members, and 2,700 employers who comprise one of the world`s largest public pension fund. OSC monitors, reports on, and coaches other public entities, and works to ensure that governments at all levels are discharging their responsibilities in an efficient, effective, and timely manner.
Responsibilities that fall directly under the chief financial officer include: ▪ Overseeing the state`s accounting and auditing functions, including review of state contracts and safeguarding unclaimed property. ▪ Monitoring the investment of state funds and managing the deferred compensation program for state employees. ▪ Investigating fraud, including identity theft and insurance fraud. ▪ Overseeing cemeteries and funeral homes that sell pre-need contracts. ▪ Licensing and oversight of insurance agents and agencies. ▪ Ensuring businesses have workers` compensation coverage in place for employees and helping injured workers with benefit payments and re-employment. ▪ As state fire marshal, investigating fires and suppressing arson.
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