The New York State Financial Control Board was created in 1975 following a financial crisis and state
bailout
A bailout is the provision of financial help to a corporation or country which otherwise would be on the brink of bankruptcy.
A bailout differs from the term ''bail-in'' (coined in 2010) under which the bondholders or depositors of global sys ...
to
oversee municipal spending. The board included both government officials and citizen representatives.
The board was created pursuant to the New York State Financial Emergency Act of The City of New York, and was initially known as the Emergency Financial Control Board (EFCB). Three years later the word "Emergency" was removed from the group's name and its charter was extended for thirty years. While direct management of the city's budget ended in 1986, the board continues to monitor the city's financial health.
The mayor of
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
and the
governor of New York State both serve on the seven-member board.
See also
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New York State Authorities Budget Office
The New York State Authorities Budget Office (ABO) is an independent office in the state of New York established by the Public Authorities Accountability Act of 2005 and signed into law by Governor Pataki in 2006. In 2009, the ABO was restructured ...
*
New York State Comptroller
The New York State Comptroller is an elected constitutional officer of the U.S. state of New York and head of the New York state government's Department of Audit and Control. The New York State Comptroller is the highest-paid state auditor or ...
*
New York State Public Authorities Control Board
The New York State Public Authorities Control Board is composed of five members, appointed by the Governor, some upon the recommendation of members of the Legislature. The five members of PACB are appointed by the Governor to serve one-year terms, ...
References
External links
State of New York Financial Control Board
State agencies of New York (state)
1975 establishments in New York (state)
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