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Wall Street Bonuses Fell 26%

State Comptroller DiNapoli released his annual estimate of bonuses paid to employees of New York City’s securities industry this week. The average bonus for 2022 dropped to $176,700, a 26% decline from the previous year’s $240,400. As a result, bonuses returned to pre-pandemic levels after strong growth during the pandemic fueled record profits on Wall Street.

Wall Street bonuses have a significant impact on tax revenue for the State and City, and State Comptroller DiNapoli estimates that 1 in 11 jobs in New York City is either directly, or indirectly, associated with the securities industry.

NYS Pension Fund Commits $1.3 Billion to Sustainable Investment Program

The New York State Common Retirement Fund (Fund) committed $1.3 billion to two funds as part of its Sustainable Investments and Climate Solutions Program, State Comptroller DiNapoli, trustee of the Fund, announced.

DiNapoli Announces Review of State Health Department's Progress in Addressing Nursing Home Pandemic Failures

State Comptroller DiNapoli announced that his office will conduct a follow up review of the State Department of Health (DOH) after an audit released in March 2022 exposed weaknesses in DOH’s ability to address the COVID-19 pandemic in nursing homes.

State Contract and Payment Actions in February

In February, the Office of the State Comptroller approved 2,012 contracts for State agencies and public authorities valued at $7.2 billion and approved nearly 2.9 million payments worth more than $12.7 billion. The office rejected 152 contracts and related transactions valued at $205.8 million and nearly 6,600 payments valued at more than $24.4 million, primarily for mistakes, insufficient support for charges, and improper payments. More information on these contracts and payments is available at Open Book New York.

Audits

State Education Department (Preschool Special Education Audit Initiative)
Department of Taxation and Finance – Efforts to Collect Delinquent Taxes
New York City Department of Education – Compliance with Special Education Requirements – Evaluations
New York City Department of Education – Compliance with Special Education Regulations for the Provision of Services
New York City Department of Social Services – Controls Over Capital Improvements at City-Owned Homeless Shelters

ALSO IN THE NEWS THIS WEEK

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• Wall Street bonuses fall 26% to $176,700 on average
  
  
• Wall St. Bonuses Drop 26% as Deal-Making Cools
  
  
• The average Wall Street bonus fell by 26% last year
  
  
• The average Wall Street banker’s bonus dropped to $176,700 in 2022
  
  
• New York comptroller plans new review of nursing home policy
  
  
• The Editorial Board: DiNapoli rightly urges districts to use targeted funding but it must be strategic
  
  

• New York Comptroller Presses Blackstone on Child Labor Use at Meat Plants

  Tweet of the Week
Tom DiNapoli @NYSComptroller