About Us

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.

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.

Zohran K. Mamdani, Mayor, City of New York

Zohran Mamdani was sworn in as Mayor of the City of New York on January 1st, 2026. Prior to becoming Mayor, he represented the 36th New York State Assembly District and its neighborhoods of Astoria, Ditmars-Steinway, and Astoria Heights

Mark D. Levine, Comptroller, City of New York

Mark D. Levine has been at the forefront of advancing more affordable, equitable, and healthy communities for nearly 25 years. He began his career as a bilingual math and science teacher in the South Bronx and went on to found Neighborhood Trust Federal Credit Union, which has since provided more than $100 million in loans to families and small businesses across Northern Manhattan and the South Bronx.

Mark served for eight years on the New York City Council, including as Chair of the Committee on Parks, Chair of the Jewish Caucus, and Chair of the Committee on Health. In the latter role, he brought a science-based, data-driven approach to helping lead New York City through the worst public health crisis in a century. During his tenure, he authored and passed landmark tenant protections, including the nation’s first Right to Counsel law, guaranteeing legal representation to tenants facing eviction who cannot afford an attorney.

In 2022, Mark was elected Manhattan Borough President, where he focused on confronting the city’s affordability crisis. He identified opportunities to deliver tens of thousands of new housing units, advanced policies to expand affordable housing, and strengthened protections to help tenants remain in their homes. As Borough President, he also launched initiatives to plant one million additional trees, deploy millions of dollars in low-interest loans for small businesses, improve the city’s mental health system, enhance street safety and mobility, and strengthen New York City’s preparedness for climate change.

Mark was elected New York City Comptroller in November 2025 and assumed office on January 1, 2026.

Outside of work, Mark spends time with his family and enjoys studying languages. He speaks Spanish and Hebrew fluently and is currently studying Greek and French. He holds a B.A. in physics from Haverford College and a master’s degree in public policy from Harvard University’s Kennedy School.

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. 

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 Marin, Associate 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 McManus, Deputy 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.  Additionally, Ms. McManus was 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.  The Corporation was terminated on June 27, 2023, after all operational and financial transactions were completed. 

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.

Vacant, Deputy Director for Expenditure and Covered Organization Analysis

Eng-Kai Tan, Deputy 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.