The Office of Comptroller of New York City
is the chief fiscal officer and chief auditing officer of the city. The comptroller is elected, citywide, to a four-year term and can hold office for three consecutive terms. The current comptroller is Democrat John Liu
, formerly a member of the New York City Council
. Liu was elected on November 3, 2009.
The comptroller is responsible for auditing the performance and finances of city agencies, making recommendations regarding proposed contracts, issuing reports on the state of the city economy, marketing and selling municipal bonds, managing city debt, and serving as managing trustee of the public employees pensions funds. As managing trustee, the comptroller presides over the boards of the funds, along with managing assets. Overall fund governance is with boards of the individual funds.
The office was created as an appointive office in 1801, and in 1831, the Comptroller became head of the department of finance. In 1884 the office became elective, and in 1938 the comptroller became head of a separate, independent department of the City's government
Until it was found unconstitutional in 1989, the Comptroller served on the eight-member New York City Board of Estimate
, which was composed of the Mayor of New York City
, the Comptroller and the President of the New York City Council
, each of whom was elected citywide and had two votes, and the five Borough presidents
, each having one vote.
If vacancies should... Read More