As the individual responsible for overseeing the pension system for current and former state employees, New York Comptroller Thomas P. DiNapoli needs to make wise decisions when it comes to investments.
The New York State Common Retirement Fund recorded an estimated value of $247.7 billion at the end of last year. This makes it the third-largest public pension plan in the country.
So itâs vital for DiNapoli and his staff members to understand what investments will bring the best returns. With more than 1 million participants counting on the expertise of the comptrollerâs office, managing the 100-year-old retirement fund for state workers and retirees is a serious undertaking.
NY sales tax revenue drops 10% in 2020, more than 2009 recession
Associated Press Photo
New York State Comptroller Thomas DiNapoli says sales tax collections in the state dropped by 10% in 2020 compared to 2019.
Posted: Feb 2, 2021 2:11 PM
Posted By: Associated Press
ALBANY, N.Y. (AP) - New York State Comptroller Thomas DiNapoli says sales tax collections in the state dropped by 10% in 2020 compared to 2019.
That’s more than in the 2009 recession, when collections dropped 6%. Sales tax revenue dropped most sharply in the second quarter as Gov. Andrew Cuomo closed non-essential businesses statewide during the coronavirus pandemic.
“Local governments depend heavily on sales taxes as a major source of revenue, but as New Yorkers stayed home and bought less in their communities during the pandemic it created significant shortfalls. New York’s localities need federal aid to help get through this crisis, said New York Comptroller Thomas DiNapoli.