The state comptroller is in effect New York's chief fiscal officer. Article V, Section 1, of the New York Constitution requires the state comptroller "to audit all vouchers before payment and all official accounts", "to audit the accrual and collection of all revenues and receipts", and "to prescribe such methods of accounting as are necessary for the performance of the foregoing duties". Furthermore, the State Constitution vests the safekeeping and protection of all state funds in the state comptroller, stating: "[t]he payment of any money of the state, or of any money under its control, or the refund of any money paid to the state, except upon audit by the comptroller, shall be void..." In accordance with this constitutional framework, the state comptroller has broad superintending authority unlike any other state auditor or treasurer in the nation to ensure that state agencies and local governments alike use taxpayer money effectively and efficiently to promote the common good. For example, the state comptroller: • Serves as sole trustee of the $267.36 billion
New York State Common Retirement Fund (
assets under management as of close of the 2024 fiscal year), making the State Comptroller and his or her Department of Audit and Control one of the largest institutional investors in the world; • Administers a statewide
pension plan for public employees known as the New York State and Local Retirement System (NYSLRS). With over one million members, retirees and beneficiaries and more than 3,000 employers, NYSLRS is the largest such public pension system in the United States; • Prescribes and maintains the statewide
accounting system and administers approximately $16.7 billion in
payroll to state employees. • Issues reports disclosing the condition of state finances, including New York's
annual comprehensive financial report; • Manages and issues the
state debt; • Reviews
state contracts for
compliance with legal requirements and audits payments made by state agencies to
vendors for goods or services
procured; • Conducts
financial,
compliance, and
performance audits of local governments, state agencies, and public benefit corporations; • Oversees the fiscal affairs of local governments, including
New York City, and prescribes uniform systems of
accounts,
budgets, and
financial reports therefor; • Investigates
waste,
fraud, and
abuse of public resources; • Stewards the Justice Court Fund and the Oil Spill Fund; • Functions as custodian of more than $17 billion in
unclaimed property, restoring lost accounts to their rightful owners; and • Supports local governments and state agencies with
training seminars and
technical assistance to improve their operations. ==History==