N.Y. State Comptroller Pushes Financial Oversight for Buffalo

Braun, Martin Z.
May 2003
Bond Buyer;5/29/2003, Vol. 344 Issue 31645, p1
Trade Publication
New York State Comptroller Alan Hevesi proposed creation of a financial control board to look after the finances of Buffalo, the state's second-largest city. The seven-member board would have the power to authorize deficit borrowing through the state's Municipal Bond Bank, allowing the city to get control of its finances. It would also have power to approve or modify a required four-year financial plan submitted by Mayor Anthony Masiello, sign off on labor contracts, and freeze wages in the event of a board-declared fiscal crisis. As an immediate boost, Buffalo should get 20 million dollars in state aid and should be allowed to borrow through the Municipal Bond Bank with the approval of the oversight board, according to Hevesi's proposal. The panel would consist of representatives of governor GeorgePataki, Hevesi, Assembly Speaker Sheldon Silver of Manhattan, Senate Majority Leader Joseph Bruno of Brunswick, Erie County Executive Joel Giambra, Masiello, and the city comptroller.


Related Articles

  • Are You on Board? KINSELLA, GAIL // Business Journal (Central New York);2/28/2014, Vol. 28 Issue 9, p5B 

    The article outlines the financial functions of the board of directors including the collection of income, payment of debt, and the protection of the assets of an organization.

  • ARRIVALS.  // Money Management Executive;9/16/2013, Vol. 21 Issue 35, p5 

    The article offers money management executive news briefs as of September 16, 2013 on topics including the additional three mutual fund board of directors of Prudential Investments and election of Michael A. Neal and Linda B. Bammann as Board of Directors of JPMorgan Chase & Co.

  • How a Small Organization Can Audit Its Books. Dalsimer, John Paul // Nonprofit World;Jul/Aug90, Vol. 8 Issue 4, p30 

    Recommends several approaches for financial auditing and management for nonprofit organizations. Financial record-keeping methods; Role of the volunteer treasurer of the board of directors; Methods for monitoring cash receipts and disbursements; Types of records for auditing; Purposes of the...

  • Breaking Down the Risk-Assessment Process. Thompson Jr., Louis // Compliance Week;Jul2010, Vol. 7 Issue 78, p40 

    The article discusses the author's views on risk management as the topic focused during the Compliance Week 2010 conferences. He muses on risk assessment and compliance to improve the information that boards of directors need to implement their risk-management role. The author believes that even...

  • OpenStack Foundation Expands Its Efforts at Tokyo Summit. Kerner, Sean Michael // eWeek;10/29/2015, p1 

    The article offers brief information on OpenStack Summit held in Tokyo on October 29, 2015, that has 24-person board of directors that provides strategic and financial oversight for the organization. Topics discussed in the meeting issues on how to advance adoption, organization's collaboration...

  • WHAT EXPLAINS STOCK MARKET REACTIONS TO PROPOSALS TO INCREASE THE AUTHORIZED COMMON STOCK? Vithessonthi, Chaiporn // Journal of International Finance & Economics;1/20/2008, Vol. 8 Issue 1, p126 

    Announcements of a proposal to increase the authorized common stock by the board of directors are relevant information that has a major impact on stock price. Despite the extensive research on the impact of new equity issue announcements on stock price performance, a major gap in the literature...

  • PRESIDENT'S MESSAGE. Vickland, Vick // Let's Dance;Mar2007, Vol. 64 Issue 3, p3 

    The article focuses on the problems facing the Folk Dance Federation of California Inc. in the U.S. As of March 2007, the federation has two problems looming. First, the nominating committee is having a difficulty in finding members willing to serve on the Board of Directors. Second is that some...

  • THE IMPACT OF CORPORATE GOVERNANCE ON EARNINGS MANAGEMENT IN KOREA. Hyo Jin Kim; Soon Suk Yoon // Malaysian Accounting Review;2008, Vol. 7 Issue 1, p43 

    The purpose of this study is to analyze whether an improvement in corporate governance can mitigate earnings management. Our study further investigates corporate governance factors that mitigate the earnings management practices. Our sample consists of the companies listed on the Korea Stock...

  • La función financiera busca la excelencia mediante una mayor influencia en la empresa.  // Estrategia Financiera;2010, Vol. 25 Issue 273, p62 

    No abstract available.


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics