A MESSAGE FROM THE COMPTROLLER

Welcome to the winter edition of Labor New York.

The new year is a time to pursue resolutions based on lessons learned over the past year. More than ever, it’s clear that if we want to move New York State forward, we must increase transparency and accountability in our government. By empowering citizens to ask questions and participate in the decision-making process within their communities, we can work together to secure a better future that benefits all New Yorkers.

The Office of the State Comptroller continues to help citizens understand how their government works. This is our third year of releasing fiscal stress scores for local governments, providing early warning to communities in trouble and giving local officials and the public enough time to discuss options and correct the course. We expanded our Open Book New York website so taxpayers can see how their dollars are being spent in greater detail. And we proposed and supported newly enacted legislation that reforms the practices of Industrial Development Agencies (IDAs), helping ensure that the public’s investment pays off and that IDAs succeed in actually creating jobs for hard-working New Yorkers.

Our efforts did not go unnoticed by the Center for Public Integrity, which ranked our State first in the nation for internal auditing. I’m proud of what we’ve accomplished and I’m excited to build on our successes this year.

I hope you enjoy our newsletter, and wish you and your loved ones a safe and warm winter.

INSIDE THIS ISSUE

1 A Message from the Comptroller

2 DiNapoli Applauds IDA Reform Legislation

2 DiNapoli Expands In-State Investment Program

3 Labor Leader Profile: Terrence L. Melvin

3 New York City’s Immigrant Population Helps Spur Economic Growth

4 DiNapoli Returns $460 Million in Unclaimed Funds

4 Join the Conversation on Social Media

L-R: Marjory Schuster, Delegate of Retiree Council 7, Matty Wolfson, NYSUT PAC Coordinator, Comptroller DiNapoli, Mel Stern,

President of Retiree Council 20, Rosemary Catanzariti, Co-President of

Retiree Council 19, and Andrew Pallotta, NYSUT Executive Vice President, at the NYSUT Retiree Conference in Albany.

L-R: Assemblyman Richard N. Gottfried, Assemblywoman Shelley Mayer, Comptroller DiNapoli, Jill Furillo, Executive Director of the New York State Nurses Association (NYSNA),

Saratoga Mayor Joanne Yepsen and Assemblywoman Aileen M. Gunther at the 2015 NYSNA Annual Convention in Scotia.

New York State Comptroller

THOMAS P. DiNAPOLI

LABORNew York

Winter 2016

110 State Street Albany, NY 12236

518-474-4044

osc.state.ny.us

Like THOMAS P. DiNAPOLI on Facebook at

Facebook.com/nyscomptroller

Keep up on the latest happenings.COMPTROLLER

Office of the NEW YORK STATE

LABOR New York

2

implementing growth strategies, expanding operations or transitioning ownership. The program is targeted at New York

companies with revenue between $5 million and $50 million.

New York’s State pension fund is now one of just a few public pension funds across the country offering multiple sources of capital for in-state companies, including credit (SBIC), equity (In-State Private Equity Investment Program) and small business loans (New York Business Development Corporation).

Since 2007, Comptroller DiNapoli has doubled the capital committed to the In-State Private Equity Program, which partners with private equity managers investing in New York-based companies.

As of June 2015, the In-State Program has invested $820 million in 310 companies, created or supported more than 4,500 jobs, and achieved $322 million in returns for the State pension fund.

New York State Comptroller Thomas P. DiNapoli announced the creation of the $200 million New York Credit Small Business Investment Company (SBIC) Fund to provide credit financing to eligible companies in New York while delivering attractive returns to the State pension fund. The New York State Common Retirement Fund, the third largest public pension fund in the country, is one of the first to offer credit financing through an in-state-focused fund. 

“The State pension fund is helping New York’s growing businesses move to the next level,” said DiNapoli. “These investments are in line with our priority of generating returns for the pension fund, while helping to boost our State’s economy.”

Many banks have been reluctant to lend smaller businesses capital due to scale, efficiency and risk requirements. The SBIC fund will provide capital to businesses that are

DiNAPOLI EXPANDS IN-STATE INVESTMENT PROGRAM

DiNAPOLI APPLAUDS IDA REFORM LEGISLATIONreassure taxpayers that private businesses are being adequately scrutinized prior to receiving public support and that communities can recoup benefits if job creation goals are not met.”

New York State has 109 active IDAs responsible for 4,709 projects, which were cumulatively valued at $76.8 billion at the end of State fiscal year 2013. Since taking office, DiNapoli has issued annual reports on IDA performance, and the Comptroller has long called for improvements in IDA reporting, oversight and accountability so they may realize their potential as economic engines for local communities. In a statement, Comptroller DiNapoli thanked Governor Cuomo for supporting the law, legislative sponsors Assemblyman William Magnarelli and Senator Kathleen Marchione for their leadership in passing the bill, and the New York Economic Development Council for helping craft the legislation.

Late last year, new legislation was enacted that increases the transparency and accountability of Industrial Development Agencies (IDAs). IDAs are public benefit corporations that grant tax breaks and other incentives to selected businesses to promote job retention and growth in their local area. The new law, put forward by Comptroller DiNapoli, provides uniform criteria for evaluating business projects and even establishes a process to allow local governments to recoup their investment should the businesses fail to fulfill their economic promises.

“New York is in a better position to evaluate Industrial Development Agencies and the projects that receive tax breaks with new reforms now signed into law,” said DiNapoli.

“These measures build upon many of the best practices employed by some IDAs around the State and should

L-R: Robert Root, Assistant Vice President of New York Business Development Corp. (NYBDC) and Michael D’Antoni, owner of Versa-Tel, Inc.

with Comptroller DiNapoli at the Versa-Tel offices in East Meadow.

Winter 2016

3

LABOR LEADER PROFILE: TERRENCE L. MELVIN, SECRETARY-TREASURER, NEW YORK STATE AFL-CIO

NEW YORK CITY’S IMMIGRANT POPULATION HELPS SPUR ECONOMIC GROWTHDiNapoli’s report showed that more than 1.9 million immigrants (including 297,000 commuters) work in New York City. These employees accounted for 43 percent of the work force in 2013, up from 31 percent in 1990. Immigrants also have a strong presence in a wide range of occupations and industries, such as technology and finance.

Increased educational attainment has provided workers with the opportunity to obtain higher-skilled and better- paying jobs. While a smaller share of the City’s immigrant population (28 percent) has either a bachelor’s degree or a more advanced degree than in the native-born population (43 percent), this gap is narrower among immigrants who have arrived in the past decade (31 percent).

The report is available on the Comptroller’s website at osc.state.ny.us /osdc/rpt7-2016.pdf.

Immigrants accounted for $257 billion in economic activity in New York City in 2013, nearly one-third of the City’s total economic output and nearly twice the level achieved in 2000, according to a report issued by New York State Comptroller Thomas P. DiNapoli. The report also revealed that immigrants account for 37 percent of the City’s population, the largest share in 100 years.

“Immigrants are playing an increasingly important role in New York City’s economy,” said DiNapoli. “The workforce is becoming more diverse, and the neighborhoods with the highest concentrations of immigrants are experiencing economic growth that far exceeds the city-wide average. Clearly, a more diverse, skilled and educated workforce is vital for the City and our State to compete and succeed in the global economy.”

In the community, Melvin is a long-time activist who has touched many lives. In 2012, he was unanimously elected

as the president of the Coalition of Black Trade Unionists (CBTU), an international organization dedicated to addressing the unique concerns of black workers and their communities. Melvin succeeded his long-time mentor, William Lucy, a heralded civil rights and labor leader who had held the position since he co-founded the CBTU in 1972.

In the political realm, Melvin knows the power of the vote.  He is continuously working to increase voter registration, promoting Get-Out-The-Vote drives, and is active in national,

state, local, city and school board elections. Along with his various labor and community roles, he is an ordained Baptist minister and serves as Associate Minister and Assistant to the Pastor at Second Baptist Church in Lackawanna, New York.

With the same earnest spirit he’s had since he first took office at the age of 21, Terry Melvin continues to build strong ties between labor, religious organizations and community partners.

Terrence L. Melvin holds the second highest office in the New York State labor movement: Secretary-Treasurer of the New York State AFL-CIO, which represents 2.5 million working New Yorkers. Elected as Secretary-Treasurer in 2007, Terry Melvin soon spearheaded the development of the AFL-CIO Community Outreach Department, where he oversees day-to-day operations. The program is designed to make a lasting connection between AFL-CIO constituency groups, local communities and religious leaders. 

Melvin has extensive knowledge and experience in the labor movement, having served more than 30 years in union leadership. In 1983, at age 21, he became the youngest CSEA Local President when he was elected to the position of President of CSEA Local 427, a local union representing over 2,000 members. Melvin rose through the ranks of CSEA, holding numerous elected and appointed positions, including Secretary of CSEA Western Region 6 and Executive Assistant to CSEA Statewide President Danny Donohue, where he oversaw and directed the day-to-day activities of the President’s office and was responsible for overall coordination of the union’s Senior Staff.

Comptroller DiNapoli and Terrence L. Melvin, Secretary-Treasurer of the New York State AFL-CIO.

DiNAPOLI RETURNS $460 MILLION IN UNCLAIMED FUNDSA record amount of unclaimed funds, totaling $460 million, were paid out to individuals and organizations in 2015, according to State Comptroller Thomas P. DiNapoli. This new record surpasses the previous year’s mark by $60 million.

Currently, there is $14 billion in lost or forgotten money that is still waiting to be claimed. For the public’s protection, banks, insurance companies, utilities, investment companies and many other businesses are required by State law to surrender inactive accounts, or unclaimed funds, to the State Comptroller.

DiNapoli and his Office of Unclaimed Funds help connect lost money with its rightful owners by working with the media, State and national associations, and community organizations, as well as by attending events all across the State, including the State Fair. Most New Yorkers can search for and claim lost money directly through the Comptroller’s website at osc.state.ny.us/ouf.

4

JOIN THE CONVERSATION ON SOCIAL MEDIA

The best (and most fun) way of getting to know the Comptroller and his fight against fraud and abuse is by following him on social media. Don’t miss out on DiNapoli’s reactions to current events, photos of his travels from around the State and abroad, and videos promoting his initiatives. And of course, you’ll get the latest news, reports and important announcements from our office. Follow the Comptroller on Facebook, Twitter and YouTube and be sure to share his stories with your friends, family and colleagues.

Comptroller DiNapoli speaking with attendees of the 2015 PEF Convention in Syracuse.

Comptroller DiNapoli being welcomed by Peter D. Meringolo, Chairman of the Public Employee Conference, at the Public Employee Conference Breakfast in Albany.

Comptroller DiNapoli presents an Unclaimed Funds check to Jack McPadden, President of the Retired Public Employees Association (RPEA), and Paul Moore, former RPEA president, at the RPEA Annual Convention in Albany.

LABOR New York Winter 2016

Like us on Facebook at facebook.com/nyscomptroller Follow us on Twitter @nyscomptroller

ARE YOU ON OUR EMAIL LIST?You could be receiving this same material in your email.

Send your name and address to kmccormack@osc.state.ny.us and we’ll add you to our digital subscribers.

THOMAS P. DINAPOLI, STATE COMPTROLLER 110 State Street, Albany, NY 12236 Email: kmccormack@osc.state.ny.us

Phone: 518-473-8409

Feel free to contact us for an electronic version of this publication to share electronically with your membership.

Email: kmccormack@osc.state.ny.us

Labor New York is produced quarterly by the Office of the New York State Comptroller’s Office of Intergovernmental Affairs & Community Relations in cooperation with other OSC divisions and offices. It is intended to present information in a nontechnical way and is not intended to be a legal

interpretation of government relations and policies. Mention of a product, service or company does not constitute an endorsement.

If you have any comments or suggestions for future topics to be addressed in this newsletter,

we want to hear from you!