Financial Control Board, New York State

Agency Web Site: https://fcb.ny.gov/

Mission

The New York State Financial Control Board (the Control Board) was created by the State Legislature in September 1975 pursuant to the New York State Financial Emergency Act of the City of New York (the Act). The Act gives the Control Board powers to oversee the financial management of the New York City government and certain related public authorities. The Control Board must review the City's four-year financial plan at least quarterly, and must notify the City if a plan or modification to the financial plan does not conform with standards set forth by the Act. In addition, the Control Board must make an annual determination whether a new control period should be recommended.

Organization and Staffing

The Control Board consists of the Governor (Chair), State Comptroller, Mayor of the City of New York, City Comptroller, and three members appointed by the Governor, with the advice and consent of the State Senate. Various elected officials of the State and City are entitled to appoint non-voting representatives to the Control Board. The Control Board acts by majority vote of the entire seven-member board, each of whom has one vote.

An Executive Director is jointly appointed by the Governor and the Mayor of the City of New York.

Budget Highlights

The Executive Budget recommends $3.497 million in Special Revenue Funds appropriations and a workforce of 12 FTEs

Note: Most recent estimates as of 01/19/2021