About Us

Mission Statement

The New York State Financial 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 and responsibilities of review and oversight with respect to the financial management of the New York City government and certain related public authorities. Among other things the Act requires the City to prepare and submit a "rolling" four-year financial plan to the Control Board prior to the beginning of each City fiscal year and, to modify the plan as necessary from time to time to conform with standards set forth in the Act. Prior to July 1, 1986, all financial plans, financial plan modifications, and borrowings, together with certain contracts, were subject to the approval of the Control Board prior to implementation. However, on June 30, 1986, the Control Board determined and ordered that the control period terminate, at which time the Board's approval powers sunset.

During sunset, the Control Board must review the four-year financial plan at least quarterly and must notify the City if a plan or modification to the financial plan does not conform to the Act's standards. In addition, the Control Board must make a determination annually whether a new control period, under which the suspended powers are reimposed, should be reinstated by the State Legislature. The Control Board reviews the following events in making the determination:

  • The City fails to pay debt service on any of its obligations when due or payable.
  • The City incurs an operating deficit of more than $100 million during a fiscal year.
  • The City issues notes in violation of the Act.
  • The City violates any provision of the Act which violation substantially impairs the ability to repay its notes or bonds or its ability to adopt or adhere to a balanced budget, or
  • The State and City Comptroller's cannot make the joint certification, described above, on the basis of existing facts.

This determination is usually made in July.

The Act also directs that the Control Board coordinate various of its activities with the Office of the State Deputy Comptroller ("OSDC"). The Act also directs the Control Board to coordinate with OSDC with respect to the Control Board's review and monitoring of revenues and expenditures.

Board Members

Membership on the Control Board consists of the Governor (Chairperson), State Comptroller, Mayor, City Comptroller, and three members who are appointed by the Governor, with the advice and consent of the State Senate, and who serve at the Governor's pleasure. 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.  Board members are not eligible for payment of expenses or other compensation in the performance of their duties as members of the board. 

 

Chairwoman 

Kathy Hochul, Governor

Kathy Hochul is the 57th and first female Governor of New York State. 

She began her career in public service on her local Town Board, before serving as Erie County Clerk and as a Member of Congress for New York’s 26th Congressional District.

As Lieutenant Governor, she chaired the statewide Regional Economic Development Councils, and served as co-chair of the State’s Heroin and Opioid Task Force, Women’s Suffrage Commission, and Childcare Availability Task Force.

Since being sworn into office in 2021, Governor Hochul has led by establishing a bold vision for New York’s future. Governor Hochul has spearheaded comprehensive policies and initiatives to help New Yorkers and their families, while building an economy that is stronger and more inclusive than before. Governor Hochul is making historic investments in the people, places, and things to make that happen – from healthcare workers, small businesses, and working families to infrastructure, education, and workforce development. And in the wake of the U.S. Supreme Court’s reckless decisions to strip away abortion rights and strike down commonsense gun regulations, Governor Hochul led the charge in Albany to protect reproductive health care and strengthen gun safety laws, ensuring New York continues to stand as a beacon of hope and freedom for the rest of the nation.

Governor Hochul was born and raised in Western New York. She and her husband, Bill Hochul, are the proud parents of two children and one granddaughter.
 

 

Board Members

Thomas P. DiNapoli, Comptroller, State of New York

A life-long Long Islander, Tom was raised in a middle-class, union household and saw the value of hard work and stretching every dollar in the example set by his parents.

In 1972, Tom won his first election and served as a trustee on the Mineola Board of Education, becoming the first 18-year-old in New York State to hold public office. He attended Hofstra University, earning a bachelor's degree in history and graduated magna cum laude in 1976. He worked in the telecommunications industry for 10 years and attended night classes to earn his master's degree from The New School University's Graduate School of Management and Urban Professions.

In 1986, he ran for the New York State Assembly and was elected to represent the 16th District in northwestern Nassau County for the next 20 years. Tom was elected State Comptroller on February 7, 2007, by a bipartisan majority of the State Legislature. He was elected Comptroller by New York's voters in 2010, 2014, 2018 and 2022.

Tom believes in making government accountable to the people and has earned praise for his early warning system that identifies local governments and school districts in fiscal stress, his transparency initiative called Open Book New York and his online tool to track COVID-19 relief spending.

He is a strong advocate for disability inclusion in the workplace. He also manages a savings program to improve the lives of New Yorkers with disabilities, NY ABLE.

He administers the State's 529 College Savings Program to help New York families invest to pay for high education costs. 

Tom streamlined the claims process for individuals to recover lost money. He returns hundreds of millions in unclaimed funds to rightful owners each year, averaging $1.5 million a day.

Thomas DiNapoli currently resides in Nassau County.

 

Eric L. Adams, Mayor, City of New York

Like so many New Yorkers, Mayor Eric Adams grew up with adversity—and overcame it.

As one of six children, born in Brownsville and raised in South Jamaica by a single mom who cleaned houses, Eric and his family did not always know if they would come home to an eviction notice on the front door or food on the table.   And when he was beaten by police in the basement of a precinct house at 15, Eric faced a life-changing act of injustice.

But instead of giving into anger, Eric turned his pain into purpose and decided to change the police department from within.  He joined the NYPD and became one of its most outspoken officers, calling out racism and bias in the department and pushing for major reforms.

As a founder of 100 Blacks in Law Enforcement Who Care, Eric would often police the streets in a bulletproof vest one day during the high-crime 1980’s and 1990’s and protest bad behavior by cops the next, marching side-by-side with his fellow civil rights advocates.   He rose to the rank of captain, helping to build the first computerized system for tracking crime in the city, which led to historic gains in public safety.

Eric’s efforts to change policing began his lifelong work to improve and protect New York. From the NYPD, he moved on to the State Senate, where he represented sections of central and Brownstone Brooklyn. In Albany, Eric built winning coalitions to advance New York City’s values and goals, helping to push through measures to protect tenants and workers, combat gun violence, end the NYPD’s abuses of stop and frisk, and advance human rights — including marriage equality. He also became the first person of color to chair the Senate’s Homeland Security Committee.

Eric was then elected Brooklyn Borough President in 2013 by putting together a diverse coalition of Brooklynites to become the borough’s first Black leader.   As the representative of one of the nation’s largest counties, Eric fought tirelessly to grow the local economy, invest in schools, reduce inequality, improve public safety, and advocate for smart policies and better government that delivers for all New Yorkers.

When the COVID-19 pandemic struck the city, Eric moved a mattress into his office and worked around the clock to deliver donated meals and PPE to essential workers and vulnerable New Yorkers, demanding government produce more equitable relief.

In addition to continuing to fight for struggling New Yorkers and a better quality of life for all, Eric became a national leader on public health policy after learning he had developed Type 2 diabetes.   Following his diagnosis, Eric completely changed his diet and his body, reversing the disease and launching a personal mission to educate New Yorkers about preventative care and wellness. His work has already led to successful proactive public health efforts across the city and increased education in schools and with high-risk populations in lower-income areas, partnering with civic organizations and health experts.

Eric is a lifelong New Yorker. He received his master’s degree in public administration from Marist College and is a graduate of New York City Technical College and the John Jay College of Criminal Justice. He is also a proud product of New York City public schools, including Bayside High School in Queens. Today he lives in Bedford-Stuyvesant, where he has resided for over 20 years. Eric is the proud father of Jordan, an aspiring filmmaker and graduate of American University.

 

Brad Lander, Comptroller, City of New York

Comptroller Brad Lander serves as New York City’s chief financial officer, leading an office of roughly 800 public servants in their work to promote the financial health, integrity, and effectiveness of city government and secure a more thriving and sustainable future for all New Yorkers.

As investment advisor and custodian for the City’s public pension funds, Comptroller Lander stewards the retirement security of over 750,000 current and retired public sector workers, with a prudent, diversified, long-term approach to the City’s investments and obligations. Under Comptroller Lander’s leadership, three of the City’s funds have adopted a detailed plan to reach net zero emissions by 2040, among the most aggressive in the nation. The plan includes divesting from fossil fuels, engaging asset managers and portfolio companies toward decarbonization across the economy, and dramatically scaling up investments in climate solutions.

Comptroller Lander serves as the City’s budget watchdog and chief accountability officer. His audits revealed nearly a quarter of a billion dollars underreported in NYC Ferry expenditures, inadequate cost controls in Covid-19 emergency procurement, and the ineffectiveness of the City’s homeless sweeps.

Comptroller Lander’s team published the first detailed report on emergency shelter costs for asylum seekers and identified more effective strategies for addressing the humanitarian crisis. The office launched the Department of Correction Dashboard to provide much-needed transparency into City jails. And his initiative with Mayor Eric Adams to pay nonprofit human service providers on time has reduced nearly year-long payment delays.

As Comptroller, Lander has strengthened the office’s efforts to combat the climate crisis, create and preserve affordable housing, and protect workers. His Public Solar NYC plan includes an innovative “public option” to scale up rooftop solar and create good green jobs. Under his leadership, the NYC pension funds led shareholder advocacy through which most Starbucks investors voted for an independent review of the company’s labor and human rights policies and actions.

As part of his commitment to New York City’s thriving and sustainable future, Comptroller Lander is focused on improving the City’s public infrastructure. As of July 2023, Comptroller Lander has managed the issuance of a total of $7.8 billion in municipal bonds to invest in schools, parks, transportation, water and sewer, and climate resiliency projects. The office’s public finance work includes innovative social bonds and tender solicitations that have generated hundreds of millions of dollars in savings, even amid rising interest rates. Comptroller Lander also worked with the Adams Administration to improve the City’s capacity to ensure infrastructure projects are built on time and on-budget.

Prior to being elected Comptroller in 2021, Lander spent 12 years in the City Council, where he co-founded the Council’s Progressive Caucus and won transformative changes to expand workers’ rights, secure tenant protections, create affordable housing, integrate and strengthen the district’s public schools, and make streets safer. He served previously as the director of the Fifth Avenue Committee and the Pratt Center for Community Development.

Brad lives with his wife, Meg Barnette, in Brooklyn where they raised two children, Marek and Rosa, who still roll their eyes at his dad jokes.

 

Dean Fuleihan, Member

Dean Fuleihan is a Senior Fellow at the CUNY Institute for State and Local Governance providing budget, finance and policy analysis to governments, public institutions and non-profits. Dean served as the New York City First Deputy Mayor from 2018 through 2021 under Mayor Bill de Blasio with direct operational and policy responsibilities for education, criminal justice, labor, the New York City Budget, climate and sustainability.  Dean was the Director of the NYC Office of Management and Budget from 2014 through 2018, building the City’s reserves and funding major policy initiatives including Universal Pre-K.  He was Executive Vice President for Strategic Partnerships at the University at Albany College of Nanoscale Science and Engineering from 2011 to 2013.  For more than 30 years, Dean held senior staff positions in the New York State Assembly, including both Secretary to the Speaker for Program and Policy and Secretary to the Assembly Ways and Means Committee. In addition, Dean serves as Chair of the Advisory Board of the NYC Independent Budget Office.  Mr. Fuleihan currently resides in New York County. 

 

Marjorie E. Henning, Member

Prior to her retirement in 2023, Marjorie Henning was a 35+ year veteran of the municipal finance industry, working in both the public and private sectors.  She most recently served as Deputy Comptroller for Public Finance in the New York City Comptroller’s Office, managing bond issues by the City of New York, the New York City Transitional Finance Authority and the New York City Municipal Water Finance Authority, as well as other smaller issuers.  Prior to that, she worked as an investment banker in Citigroup’s municipal finance division, covering Northeast issuers and large issuers throughout the country. She spent over 20 years at the New York City Office of Management and Budget, first as Counsel and then as General Counsel.  She began her career as an associate at the law firm of Willkie Farr & Gallager where she worked on both public and corporate finance matters.  Marjorie is a graduate of SUNY Buffalo and the Harvard Law School. Ms. Henning currently resides in Kings County. 

 

William Thompson, Jr., Member

The Honorable William Thompson, Jr., joined Siebert Brandford Shank in April 2010, having previously served eight years as the Comptroller for the City of New York—from January 2002 to December 2009. In November 2015, Mr. Thompson became a partner in the firm.

Mr. Thompson’s extensive experience in successfully managing the finances of one of the nation’s largest cities has afforded him unique insight into the needs of local municipal issuers. As Comptroller, Mr. Thompson also served as custodian and investment advisor to the five New York City Pension Funds, where he managed a combined portfolio amounting to more than $100 billion at the close of his tenure. In this role, Mr. Thompson invested hundreds of millions of dollars in affordable housing and commercial real estate in New York City. During his tenure, Mr. Thompson also worked with leaders of the financial services industry to reform the operations of the New York Stock Exchange and spearheaded the City’s innovative Banking Development District program. Mr. Thompson also served as a Senior Vice President in Public Finance in the mid-1990s.

Mr. Thompson is a graduate of Tufts University. Prior to his work as Comptroller, he had served as Brooklyn Deputy Borough President and as a member and five-term President of the New York City Board of Education.  Mr. Thompson currently resides in New York County. 

Senior Staff

The Governor and the Mayor jointly appoint the Executive Director of the Control Board, who serves at the pleasure of the full board.

 

Vacant, Executive Director

 

Barbara MarinAssociate Director of Administration

Barbara Marin began her career at the Financial Control Board in May 2001, and is currently the Associate Director of Administration. In this role, she oversees the day-to-day operations of the agency and serves as the Secretary of the Board whose members include the Governor, the Mayor, State and City Comptroller, as well as three private members appointed by the Governor.

 

Michelle McManusDeputy Director for Finance and Capital Analysis

Michelle M. McManus is currently the Deputy Director of Finance and Capital Analysis at the New York State Financial Control Board, whose responsibilities include the review and oversight to the financial management of the New York City government and certain related public authorities.  As head of the unit, Ms. McManus assumes responsibility for monitoring capital and financing activities to assure consistency with the New York City’s financial plan assumptions for capital commitments and spending, bond issuances, outstanding debt, and debt service costs.  Ms. McManus has worked at the Financial Control Board since December 1993, when she started as an analyst.  Ms. McManus is also the Director of Finance for the Municipal Assistance Corporation for the City of Troy, New York, which was created for purposes of providing financing assistance as well as maintaining the integrity of the Corporation’s fiscal health to protect the interest of the bond holders and the City of Troy.

Ms. McManus has a Master of Business Administration in Finance and a Bachelor of Arts in English Literature from Baruch College, City University of New York.

 

Steven A. BollonDeputy Director for Expenditure and Covered Organization Analysis

Steven A. Bollon is currently the Associate Deputy Director of Expenditure and Covered Organization Analysis at the New York State Financial Control Board, whose responsibilities includes the review and oversight of the financial management of New York City government and certain related public authorities. As head of the Expenditures unit, Mr. Bollon assumes responsibility for monitoring all expenditure activities to assure consistency with the New York City’s financial plan assumptions for spending in citywide agencies.  Of particular importance are the oversight of pension fund performance, retiree healthcare benefits, and labor contracts.  Mr. Bollon has worked at the Financial Control Board since November 2001, when he started as a financial analyst. In addition to his work at the Financial Control Board, Mr. Bollon is an Adjunct Associate Professor of Economics at the State University of New York since September 2008. 

Mr. Bollon has a Doctoral Degree in Economics, Master of Arts in Economics, Master of Business Administration in Finance and a Bachelor of Science in Finance from the New School, Pace University and City University of New York.

 

Eng-Kai TanDeputy Director for Economic and Revenue Analysis

Eng-Kai Tan is currently the Associate Director of Economic and Revenue Analysis at the New York State Financial Control Board, whose responsibilities include the review and oversight to the financial management of the New York City government and certain related public authorities.  As head of the unit, Mr. Tan assumes responsibility for monitoring and analyzing the City’s revenues, the national and local economy and their impact on the City’s revenues, as well as Federal and State grants to the City.  Prior to joining the Financial Control Board, Mr. Tan was the Bureau Chief for the Budget Bureau at the Office of the City Comptroller. Mr. Tan began his career in NYC budget analysis as a budget analyst at the New York State Financial Control Board.

Mr. Tan has a Master of Business Administration in Finance from New York University and a Bachelor of Science in Industrial Engineering from the New York Institute of Technology.