New York Comptroller Tom DiNapoli claimed Gov. Kathy Hochul (D-NY) is attempting to deprive him of his office’s oversight authority in a recent report on the state’s executive budget.
In his 38-page report released last week, DiNapoli critiqued Hochul’s 2024-25 budget proposal, saying that it contained “concerning proposals” regarding transparency, debt, and oversight limitations. Hochul is excluding $160 million and another $1.4 billion from his office’s oversight and competitive bidding, according to the report.
“Executive Budget includes a new proposal to severely restrict the State Comptroller’s terms and conditions approval of certain State bond issuances. This critical oversight and approval role protects taxpayers from short-sighted financing decisions that too often burden taxpayers with debt that is risky and costly,” DiNapoli noted in the report.
In addition to limiting his office’s oversight of state bond issuances, which he said provides a check on fiscal irresponsibility, DiNapoli said Hochul’s budget will expand her powers and could result in “costlier and riskier bonding choices with State PIT and Sales Tax bond issues.”
“It would also create a dangerous legislative precedent, likely to be sought by other public authority bond issuers, such as the MTA, which has a history of poor debt practices,” he said in the report. “A lack of oversight by the State Comptroller would inevitably lead to more bad bond structuring decisions that will cost New York State taxpayers over the long run.”
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
In 2022, Hochul signed legislation that would return oversight authority on certain state contracts to DiNapoli after it was removed from him by the state’s previous Democratic Gov. Andrew Cuomo in 2011.
“My office’s independent contract review is an essential and important deterrent to waste, fraud and abuse in the state’s procurement process,” DiNapoli said in a statement. “By reviewing contracts before they are awarded, my office protects taxpayers and state agencies by uncovering significant fiscal and integrity issues and helps to ensure a level playing field for vendors.”
