Panel: N.Y. Authorities Need More Oversight

Cataldo, Adam
May 2006
Bond Buyer;5/19/2006, Vol. 356 Issue 32385, p1
Trade Publication
The article reports on the recommendations by the New York State Commission on Public Authority Reform to increase the oversight and transparency of the Authority Budget Office (ABO), part of the New York State Division of the Budget. The Commission in its report released recently focused on defining and increasing the powers of the ABO. The panel recommended restructuring the ABO to protect it from political influence. The reform panel recommended that the powers of the ABO should also be clarified, giving it the power to establish the fiduciary responsibilities of public authorities, monitor their performance, and enforce compliance. Commission chairman Ira Millstein said the goal of the reform panel's recommendations is to protect the ABO from the governor's office.


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