From an audit conducted on the Social Service Employees Union Local 371 Welfare Fund, it was found that the Welfare Fund complied with general procedures and reporting requirements of the Comptroller's Directive #12, Employee Benefit Funds - Uniform Reporting and Auditing Requirements. However, it was also found that there are weaknesses in the Welfare Fund's financial, operating, and benefit processing procedures. Recommendations have been made to try to rectify the issues.
From an audit conducted on the Social Service Employees Union Local 371 Administrative Fund, it was found that the Administrative Fund complied with general procedures and requirements of the Comptroller's Directive #12, Employee Benefit Funds - Uniform Reporting and Auditing Requirements. However, there is a lack of written policies regarding the completion of employee time records and the Administrative Fund did not adequately authorize checks, as required by the Administrative Fund's Trust Agreement. Recommendations have been made to try to rectify these issues.
This is an audit on the financial and operating practices of the Legal Services Fund and the Educational Fund for Fiscal Year 2008. The Legal Services Fund received
$3,900,521 for legal benefits, and the Educational Fund received $332,269 for educational benefits for Fiscal Year 2008.
From an audit conducted on the New York One, LLC, it was found that New York One lacked sales records and adequate internal controls over the collecting, recording, and reporting of revenues generated from its carousel operations. In addition, the sales reports were inadequate and New York One failed to comply with agreement provisions. The Department of Parks and Recreation also failed to efficiently oversee the company and recommendations have been made to both parties to try to rectify these problems.
In accordance with the requirements of the New York State Municipal Assistance Corporation Act and the New York State Financial Emergency Act, the City of New York is required to submit monthly financial reports. This is the financial report for February 2011, detailing financial plan statements, revenue activity, capital commitments, and capital cash flow.
This report analyzes the data from the City's Comprehensive Annual Financial Reports and fiscal notes to study the rise/fall of pension costs in the City over the past decade. Government contributions to pensions has become an issue in the wake of the recent recession and the City, facing large budget gaps, is no exception.
This report lists the budget options the City faces after the recession. The recession caused the loss of a significant amount of state aid and federal cutbacks, as well as growing pension and health expenditures, debt service, and other costs. These problems must be rectified and the options listed are potential solutions.