The OBSERVER’s View: DiNapoli keeping entities in check
DiNapoli keeping entities in check
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Incumbent state Comptroller Thomas DiNapoli has a strong challenger this year in Republican challenger Joseph Hernandez.
Hernandez has raised questions about DiNapoli’s role in the growth of the state’s debt load, wants to create a Medicaid Fraud Strike Team as Medicaid spending increases and fraud convictions decrease and proposes additional checks on $21 billion in state aid to New York City. Hernandez, like past challengers to DiNapoli, also wants to pull back from investing state pension funds in accordance with the state's environmental, social and governance goals and invest the money in funds that generate greater return.
If elected, Hernandez would serve as a different type of comptroller than DiNapoli has been since 2007. But, just as we are critical of Attorney General Letitia James for inserting too much politics into her daily job, we're not sure that approach is the best one for the state comptroller.
DiNapoli has been state comptroller since 2007. On state matters, there are times we do wish DiNapoli would be more aggressive in stating his opinions on corruption in government. But, doing so too often risks DiNapoli losing the even-keeled demeanor that gives his office such weight. Were DiNapoli to weigh in on something like Gov. Kathy Hochul’s $637 million purchase of COVID-19 tests from a major campaign donor without first doing his due diligence, he would become the political hack that we so often lament. DiNapoli has spoken out against both Hochul and former Gov. Andrew Cuomo and, even more importantly, regularly finds waste in major state programs. He is a good watchdog over your tax dollars who straddles the line well between politics and being a financial watchdog.
And while Hernandez disagrees with the state Comptroller’s Office’s adherence to environmental, social and governance when managing the pension fund – think divesting from fossil fuel companies — the state’s pension fund earns a healthy rate of return and its obligations to retirees and their families are virtually fully funded. It consistently maintains a funding ratio well over 90% (historically around 96%), making it one of the most solvent public retirement systems nationally. One can disagree with the way DiNapoli manages the fund, but it's hard to argue with the results he achieves for the 1.3 million employees counting on the pension fund for their retirement.
Finally, DiNapoli’s office plays an important role in ferreting out fraud and theft in town and village governments and some school districts. We have seen it here in Chautauqua County, where the Comptroller’s Office has found far too much fraud locally for our liking. But when the fraud is discovered, DiNapoli and his staff are quick to assist local governments in piecing together a criminal case against those who are stealing from the public coffers as well as helping implement better procedures to prevent theft from happening again. We may quibble with the way the Comptroller's Office calculates local fiscal stress, but appreciate the office's willingness to design an early warning system to keep local residents aware of potential financial problems for local governments.
DiNapoli has been a good comptroller for the past three terms. He should be returned to Albany.