It's about making sure that City government is working for people who need it the most. Okay, so please succinctly describe the role of comptroller, your top three priorities and how you will use the power of the office to achieve them. Two departments really come to mind as a place that need a lot of attention. What's your investment strategy to minimize so that pension future growth doesn't eat up the operating budget? Zach Iscol: Their failure to act on our proposal only delayed the creation of this potentially life-saving tool and created shareholder risk from their ability to see something, but not say something.. Now, you mentioned one of your priorities is to audit every city agency every year, now the requirement is some function of every city agency once every four years. I think a lot of us often forget that businesses, nonprofits, people that work outside of government have as much a stake in the City's future as any of us do. What is your favorite 1970s New York City music genre, disco, punk or hip hop? No, no, I'm talking about the version where how Brown is paying the chief our chief investment officer $1, because he graduated from Brown, did extraordinarily well in the private sector, and wanted to give back. We don't have to always reinvent the wheel here at home. Andrew Rein: That's not productive for the City, and it's not productive for them. Our Bedford-Stuyvesant headquarters has served the community for over 75 years, Essie Gregory, the president of the Tents, said in a statement, and with this tax exemption, we will be able to continue our legacy for many more years to come.. That's our agencies have responsibility for language access to provide services to people in the languages that those folks speak, as well as access for people with disabilities to the sites that the City provides. But clearly, if you think about the fact that real estate values, which is what that 10% is based upon, real estate values are probably lower, given what we have been seeing, less foot traffic etc. Pick one of those, music, food or sports. Everyone, please stay tuned for our next candidate Michelle Caruso-Cabrera. To me, accountability to those shared values of more equal thriving within our means, that's how I see the job. City Comptroller Brad Lander released an audit Wednesday which shows that the Department of Homeless Services has had limited success in getting New Yorkers experiencing homelessness into shelters during sweeps of encampment sites. We want to make sure that these things are actually operating in sync in some ways. Andrew Rein: David Weprin: Brian Benjamin: The Office of the State Comptroller does not warrant, promise, assure or guarantee the accuracy of the translations provided. If you were comptroller today, how would you use your office to push the City to manage its long run finances better? Third, I want to focus on getting New York City more ready for future crises than we were for this one. A four. I know how to use income statements, balance sheets and cash flows to be both tools, and in the right hands, they can be weapons. Andrew Rein: So I think the question is Yep. Andrew Rein: Secondly, the comptroller is responsible, in my view, for the $250 billion public pension fund, five separate funds. We think it's both a win for public safety and a win for traffic in the environment, DOT Deputy Commissioner Eric Beaton told Gothamist. Well, first of all, I serve on the Board of Trustees of Brown University, where our investment committee has been stellar. Brian Benjamin: Good. So first, right now, the way we do the PEG Program, the Citywide Savings Program, City commissioners don't get any credit or fault if the things they propose reduce headcount, which saves us money and health benefits and pension costs. What are the performance metrics? You guys know this already. I'm grateful to be here this evening with you, Andrew. Audit, it's a definition. The three pension funds also sent a letter with theCalifornia State Teachers' Retirement System (CalSTRS) toAmerican Express,Mastercard, andVisa. Please stay tuned for Zach Iscol, our next candidate. Brad Lander: If those things don't happen over the next couple of years, it could be much more severe than a $15 billion deficit. Obviously to get it passed, we had to, how do you say, we got to do some compromises. Mental health challengesand substance use can make it inherently difficult to get people into temporary shelter because people are more likely to resist accepting shelter, they said. I want to know, because it's very controversial right now, right? Audits are about having objectives and finding deficiencies against a set of benchmarks and criteria. I applaud Comptroller Lander for leading this shareholder action to demand responsible leadership and a true public-private partnership to end gun violence., Gun violence is a crisis that has been tearing apart too many families for far too long. Well, thank you very much. Thank you, Andrew. When I was at Harvard Business School, a five. That was the first time it was actually done. What's different, quite frankly, when you're a comptroller? Andrew Rein: That's covering the costs for retirees, we need to put money aside. What do you do with the tools of your office with your own team for example? I mean, I think it should be 10% of the City's budget or maybe even a little more than that. I'm the only Latina in the race, and as you're going to hear over the next few minutes, I'm the only candidate who has the experience it's needed right now to be New York City's top financial officer and watchdog and lead an economic comeback that leaves no one behind for this very critical moment for the City. So let's start on the big picture on structural fiscal deficiencies, as you said. Can we expect the MTA to have the level of activity that it needs in order to sustain the cost? Of course people have talked about all sorts of different strategies on economically targeted investments, you've talked about making that being this core part of the housing portfolio. Andrew Rein: Andrew Rein: Andrew Rein: Andrew Rein: A dog has retrieved 155 discs from woods. So what can the comptroller do? Brad Lander: So it's a tell the truth. Zach Iscol: David Weprin: Thank you very much. Andrew Rein: Because then you're talking about lower returns, might have a social and economic good, but your lower returns me a bigger hit on the City's operating budget. New York doctors to prescribe and send abortion pills to patients in states that have outlawed abortion. Now hes their intern. Legislative committees pushed the budget through without public input, barely in time to avoid a shutdown. The law assesses an impact ratio, a calculation of the effect of using the software on a protected group of job candidates. Andrew Rein: Second, and this is an issue I'm proud to have done a lot of work on with the CBC, is to reform capital projects management to save money and prepare for the future through better infrastructure investment. Then I saw a $20 bill float through the air into the intersection. But how long will it take? Could you please first succinctly describe the role of comptroller, your top three priorities and how you will use the powers the office to achieve them. Are you talking about that or a different version? Well, I would try to avoid it. So could you please give us your assessment of the City's long run fiscal health and what tools you use as comptroller to improve the City's structural balance? Corey Johnson: Brian Benjamin: Suspect Wasteful Spending? I'm constantly telling people, "Yeah, the city is resilient, it'll bounce back. It's a time of great uncertainty, but also a time of great possibility. That's what I've done in the council, I organize together with people, find what's broken, bring the data to it and make strategic action to change it so government serves everybody and works better. It's even a bigger problem now is that a lot of nonprofits who are doing services at the City really should be doing in some cases, often can't afford to lay out the money. We need more people to be invested in this race and make informed choices. On the fiscal health of the City, what is your assessment of the fiscal health of the City, the mayor's budget? Thank you again for the invitation. But its much better than not having a law, she said. The agencys response letter to Landers audit said DHS is committed to continually improving its operations. But I think you have to look at it long term. We'll have around three minutes, then follow-up Q&A for around eight minutes, then a two minute lightning round. But yes, I do. That's why it's an independently elected office who works for the people of the City as opposed to the mayor. Heres todays Mini Crossword and Spelling Bee. Does that make sense? Thanks to everyone on the Citizens Budget Commission. Newsroom. It's an economic engine of New York. I chaired, I chaired the Finance Committee in the City Council for eight years. Andrew Rein: We're spending almost $800 million in investment fees that are being used for outside investment managers. Do you support requiring mandatory deposits into a rainy day fund when the economy is growing and limiting withdrawals from that fund only to times of recessions or severe emergency? The outside contracting the budget of the City of New York started exploding under Mayor Bloomberg when I was there. Thank you so much. Now, let me answer your question. What would I look at there? The law also requires companies to have independent auditors test the technology annually for bias in race, ethnicity and gender. Andrew Rein: I think there's a real opportunity for the investment class to play an important role in our recovery. Let's drill down a little off on those audits. It's a real pleasure, Andrew. Our last, please choose a topic, New York City music, food or sports. Andrew Rein: Yeah. Scott Stringer has implemented about 18 of them. Did she dare jump into traffic? Are there ? Andrew Rein: Five pension funds, $250 billion. Can you tell us specifically what's similar about those tools and techniques and implementation strategies for being a journalist? That's got to be a real willingness to look at the labor cost there, why we're still having so many people for so many fewer detainees. I'm very concerned right now about whether or not we are at a turning point in inflation. You have to fund them adequately. If you would like to watch the nominee, visit the link forCouncilmember Brad Lander. Cahn, of the surveillance technology group, raised broader objections. He handed it to the woman. Michelle Caruso-Cabrera: If the economy is not working, nothing is working in this town. So every decision they make is actually done through their personal political lens and what's good for their future, rather than what is better for the City of New York and for New Yorkers. So one of the first I want to do is the Department of Corrections, where we're detaining a third as many people, pretrial, as we were a decade ago, but spending twice as much, $447,000 a year per detainee. Theres nothing more important that we could teach our kids than mindfulness, deliberative breathing, Banks said. Senior Resource Guide, 2021-22 Edition -- a comprehensive list of services and resources available for seniors in New York City, covering nearly every possible subject area! If we don't get this election right, we could go back there again. We have to be mindful of those things. On this year's executive budget, it needs to be broken out. Of course, you have the check on the mayor's agencies, the audit function, a very important function. The Office of Comptroller of New York City, a position established in 1801, is the chief financial officer and chief auditor of the city agencies and their performance and spending. The charter, the City charter only requires you to audit some aspect of every city agency once every four years. Last year, an Illinois law took effect that allows students to take as many as five mental health days off from school. But it isn't just about dollars and cents. Like what you're reading? Thanks for being here. The hotels are really struggling. We've had 10% returns year over year for the last 10 years, 12% in the last three. Corey Johnson: Michelle Caruso-Cabrera: We're going to move, if you don't mind to our lightning round asking-. But the public may not understand you're not auditing the entire city agency all at once, you're picking a specified area. It's a pleasure to be here. That would actually save us this much more through OPEB and pension and long term costs, and this cost wouldn't. Mary Vaccaro, the United Federation of Teachers vice president for education, said at the news conference that thousands of teachers are being trained to lead the exercises. Zach Iscol: I actually finance and do business models for them. So one of the things I'm worried about is if you don't get That assumes if we get 400,000 people back to work. technology is used ethically and responsibly.. Andrew Rein: Instead of having bullets, we will have breath, Adams said. Since you mentioned another acronym CLIMB, we'll switch to management of pensions, and if I get this right, capital lending and investment for minority-owned businesses to provide low cost financing. Unfortunately, the credit card companies have failed to support this simple, practical, potentially lifesaving tool. I really, really appreciate you joining us today. New York had the chance to push back against this dangerous and discriminatory technology, but these new rules dont go far enough., Julia Stoyanovich, an associate professor at New York University and the director of its Center for Responsible A.I., said last month that she was concerned that loopholes in the law could weaken its impact. David Weprin: What are the recurring sources and the recurring uses? Particularly given the way the markets are looking and invest in communities that have been underrepresented with economically targeted investments. Super. NYC Budget Director Jacques Jiha briefed CBC Trustees on the New York City Fiscal Year 2024 Executive Budget. Okay, thank you very much, Brian Benjamin. I ended up getting involved as an organizer for tenants rights and on behalf of New Yorkers, like myself, people living with HIV and AIDS, I w.s appointed to my local community board and I worked my way up the ranks. more students seeking mental health services, incorporated in schools across the country for more than a decade. Yes. Permanent supportive housing is a real issue. So before we get back to audits, which I'm very interested in, you mentioned this $5 billion budget gap. The debt, how is it during one of the greatest times of economic growth in the City of New York, we've added our debt service by over a third. The population of New York in 1990 was smaller than it was in 1940, and that is because of the 70s. Absolutely. Fund that rainy day fund so we'll be more prepared for future fiscal crises down the road. Number one, the comptroller, in my estimation, has to be completely focused on auditing and investigating city agencies, particularly in a time like this, as we're looking to come out of COVID, we're looking at recover as a City. Because if those two agencies don't work for the City of New York, particularly for those who are most underserved and marginalized, that whole system doesn't work. Subscribe to our e-alerts to stay up-to-date on new publications and the latest insights from CBC. Brad Lander: Understood. There are a number of important priorities that I think need to get the attention of the next comptroller, but let me talk about three since you asked for three. Okay? The goal is to provide that information to the council and to the next mayor so that when they're making budgetary decisions, they're hopefully putting money into programs that are working and taking money away from programs that aren't working. Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily. We are spending about $10,000 per capita, that's our debt level, presently. I understand. It's really predicated upon two key concepts. Andrew Rein: Andrew Rein: But for the second year in a row, rents are set to rise. So we are at a crucial point. It's about helping our City rebuild and recover. Andrew Rein: Locations for the lockers have not yet been determined, but Beaton said the department is looking for spots this summer, with the goal of having the lockers on the street later this year. So you have an audit team. So what is your favorite 1970s New York City music genre, disco, punk or hip hop? Corey Johnson: We'll wait for a moment. Thank you. You can take those benchmarks that are created from how other cities have solved this problem and made sure that are spending, that those City contracts are designed in a way that we are solutions-oriented and not just paying for a business model that isn't helping anybody. Let me go back to my original point, what I see over and over again in crises, those who can least afford to pay always end up paying the most. applications in the workplace, health care and finance. Yeah. We spent $3.2 billion a year on homelessness, and yet the problem's getting worse, not better. Sorry about The technical issues. New York, NY 10001 The rules flesh out a law enacted in 2021 that covers only applicants and employees who live in New York City, but labor experts expect it to influence practices nationally. We prepare our children to be academically smart, Adams said at the news conference. However, DHS disagreed with the rest of the recommendations, arguing that the number of people who engaged with the agency at cleanup sites and checked in at shelters is already public, its system already captures shelter entry data, and the department continually assesses how to connect New Yorkers at sites to services. Number one, having the chief investment officer who's really top of the line and really understands how to think about markets, not in just sort of dogmatic percentage based structure, but more in terms of managers selection, in terms of how markets are moving, contrarian points of views. The Citizens Budget Commission, thank you for giving me this opportunity to share my thoughts. Thanks for joining us. We have a homelessness crisis. Thank you for your service and have a great evening. Jennifer Freeman | [emailprotected] | 518-669-7444, Press Office[emailprotected] | 518-474-4015 (Albany) or 212-383-1388 (NYC), Communications Director This is probably the worst fiscal crisis that the City of New York has ever faced. It leads to rising levels of tension. The City pension contribution's going to be 10.3 billion next year, up a billion dollars over what it had been five years prior to that. He meant to donate $150 to a charity. Because you've talked about using some of the economically target investments for housing, community development, social programs there, what's your overall strategy? The City can still pass legislation. But then I also chaired the Finance Committee during the 2008 recession, which was also a major crisis. The city is set to begin enforcing the law on July 5. You have different divisions inside the comptroller's office that are working separately. Sign up here to get this newsletter in your inbox. Let's move, if we may, to our lightning round. What kind of recommendations? We'll see how we do. I'm going to go somewhere between halal because it brings back memories from deployments overseas. So I think those are the some of the things we need to think of. Can you repeat that? I mean, your forum is titled, Accountability: Not Just Accounting. As comptroller, what would you do about that? This year, New York City received an Aa2 bond rating by Moody's. New York City also has an AA rating from Standard & Poor's and an AA- rating from Fitch. Corey Johnson: I will say, I do think that the portfolio is broadly invested in a sensible range of places, in equity, in fixed income. When I was a financial journalist, I was looking at income statements, balance sheets all the time and cash flow statements when I was interviewing CEOs. Andrew Rein: We should look at would common index funds actually get a similar return on investment than some of the outside investment funds we're using right now. Fantastic. I want to thank all the candidates for participating and their staffs for helping out. There's ways to finance those things that made sense, particularly at a time like this. I'll be a watchdog over all 145 city agencies and our City's $98 billion budget. Our retirees need to know that the benefits that they have promised will be there, and there is risk of that right now. They sold part of their lot to a developer and spent the money on repairs that did not go smoothly. That's because we're not making the investments in the City's workforce. Potentially, potentially increasing the audit staff as we go. We, of course, got a large infusion of money from Washington this year. Before entering politics, I was a journalist. Andrew Rein: Is that the best use of the dollars compared to some of the other money that we're throwing at certain programs? I did the Time Square Alliance, we did a tour of Chinatown. Please continue to learn more about tonight's participants, and as I said, the other candidates for comptroller, and certainly please tell two friends. NYC Comptroller Statement on . Right now more than half of that is over budget or behind schedule. So that is what the actuary requires. See, it's like speed dating round. Customers will be able to access lockers using secure codes. He oversees New York Citys fiscal policy, including the development of the Expense and Capital Budgets, the Citys bond finance program, and the budgets of more than 90 City agencies and entities. Yeah. Understood, thank you. It's good to be here. So now if we can move to our lightning round. We're governed by 150 trustees who not only support us but guide our research. But yeah, I guess no is the answer to that. The office rejected 192 contracts and related transactions valued at $309 million . I mean, it's supposed to be an objective audit, you really want to go where the facts take you. I'm probably going to leave something out. I am the president of the board of the Ballet Hispanico. Andrew Rein: Robert Holden, center, was chairman of the City Councils technology committee when the A.I. I actually think that when you make cuts, when you don't pay people market rates, you're not investing in the workforce. Isolation during the coronavirus pandemic heightened students mental health problems, causing an uptick in teenage suicide attempts. I just want to say to put it simply, as New York City's Chief Financial Officer, I will use the powers and duties of the comptroller's office to improve the lives of New Yorkers because I love the City so much. Well, yes. He is also responsible for evaluating the efficiency, cost-effectiveness, and fiscal impact of City policies and services. I'll first ask a general question. Is there any circumstance that should require the New York State Financial Control Board be empowered to approve City fiscal actions? In May, the Office of the State Comptroller approved 2,046 contracts for state agencies and public authorities valued at $2.2 billion and approved more than 2.5 million payments worth nearly $17.1 billion. But I think if we actually implemented more of them, paid folks in the Bureau of Asset Management, tried to recruit market-rate talent, moved more to a model more akin of the Canadian model, where we're making more investments directly from the City, that alone, their estimates could lead to another 1 to 2% in gained returns because you're not getting killed by fees, you're not investing in funds and funds of funds where you're getting killed by fees. Do you support requiring mandatory deposits into a rainy day fund when the economy is growing and limiting withdrawals only to times of recessions or severe emergency? Adams, who is from Brooklyn, said he wouldve appreciated the exercises when he was a troublemaking student in the school system 50 years ago. Prepare for possible showers and thunderstorms at night. Andrew Rein: Andrew Rein: Thomas DiNapoli, New Yorks comptroller, called on New York City Public Schools last year to provide more mental health resources to students. I highly recommend the reading as I was brushing up. regulation as policymakers wrestle with applying lofty-sounding principles. Michelle Caruso-Cabrera: May 22, 2017 Several important references are now available from our office. The video was lightly edited to remove technical glitches. There's also a way of doing this in the spirit of cooperation and bringing to bear every resource we have to help solve some of these problems the City's facing. One of the one of the big powers that we don't talk enough about with the Comptroller's Office is approving City contracts. Andrew Rein: Do you have a target reserve amount that after a healthy recovery, the City should have? I'm not sure that working on an endowment method is exactly what we're going to want to do because universities have very, very different needs. Andrew Rein: Yes or no, except where specified. Now, given that the charter doesn't provide the comptroller with the power to reject a contract based on their someone's commitment for the City or the comptroller to require that page memo, what do you think the impact of that proposal would be? At the same time, there were allegations of sexual abuse by women in the shelter, and I think that's still being investigated and potentially being prosecuted. It's a bully pulpit. law was passed. Andrew Rein: Protecting public pension funds isn't just about managing the $251 billion in assets. On a scale of from one being not very familiar to five being extremely familiar, how would you rate yourself familiar already with generally accepted accounting principles? Specifically, the comptroller is the City's top financial officer and watchdog. From a lender point of view, you get lower returns. A new pilot program launching this summer will install public package lockers on city streets in an effort to minimize package thefts and reduce delivery truck trips, Department of Transportation officials announced on Friday.
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