WILLIAM C. THOMPSON, JR.
NEW YORK CITY COMPTROLLER
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Press
Economic Growth Rate in New York Slows Down
New York Times
Published: July 25, 2008
By PATRICK MCGEEHAN
The growth of New York City’s economy slowed to a crawl at the start of this year, falling below the national growth rate after exceeding it for most of the last two years, according to a report released on Thursday by the city comptroller.
The city’s total output, known as the gross city product, increased by 0.8 percent in the first quarter of 2008, slower than the 1 percent growth in the gross domestic product, the comptroller’s report showed.
Delayed Improvements Could Threaten Subway Safety
WCBS-TV
Published: Jul 9, 2008
Could there be new dangers for New York City subway passengers?
City Comptroller William Thompson Jr. and the head of the firefighters' union, Steve Cassidy, charged Wednesday that proposed cutbacks could hamper rescue efforts in the event of a fire or a terrorist attack. They say the new delays in subway improvements could mean riders might not get home safely.
City Parcel in Manhattan Is in Dangerous Condition, Comptroller Warns
New York Times
Published: July 9, 2008
A two-acre city property that stretches from East 18th to East 23rd Streets along the East River has serious structural damage, including corroded piers, water penetration and a parking garage that is at risk of “catastrophic failure,” according to an audit released on Tuesday by the city comptroller.
Audit Faults Police Department for Losing Track of Guns
New York Times
Published: July 2, 2008
By CHRISTINE HAUSER
Nearly one out of three handguns and rifles that had been turned in to the police could not be immediately accounted for in a Manhattan property clerk’s office, according to a city audit released on Tuesday that criticized the Police Department’s storage procedures.
The audit, conducted by the office of William C. Thompson Jr., the city comptroller, examined the records of 324 weapons chosen at random out of thousands in storage in the Manhattan property division. Ninety-four of them could not be immediately found in their assigned storage areas.
Buildings Department Criticized As Too Slow on Violations
New York Sun
Published: June 25, 2008
By ELIZABETH GOODWIN, Special to the Sun
The city's Department of Buildings is again under scrutiny following an audit by the city's comptroller that claims the department is too slow in correcting building violations.
The department failed to follow up on about 20% of the violations it issued last September, neglected to reinspect buildings with long-standing multiple hazards, and completed only about a third of its required internal auditing, according to the report issued yesterday by Comptroller William Thompson Jr.
Brooklyn Jail Opponents Speak Out
New York Sun
Published: June 27, 2008
By HOPE HODGE, Special to the Sun
Elected officials and neighbors of the long-closed Brooklyn Detention Center are protesting plans to reopen and expand the facility.
The jail at 275 Atlantic Ave. closed its doors in 2003, and since plans to reopen the facility and double its inmate capacity were announced in 2007, a tense tug-of-war between the city's Department of Correction and local officials has ensued. The city is expected to announce a developer and begin a $440 million redevelopment by the end of July.
Yesterday, dozens of Brooklyn residents waving "Stop the Jail" signs stood in protest with the local City Council member, David Yassky, the city comptroller, William Thompson Jr., and a handful of state legislators.
"This is a case where the Department of Correction is saying, 'If it isn't broke, break it,'" Mr. Thompson, an expected mayoral candidate in 2009, said yesterday.
Audit Says Follow-Up on Buildings Is Lacking
New York Times
Published: June 25, 2008
By SEWELL CHAN
The city’s Department of Buildings, which has already been the object of intense scrutiny over fatal construction accidents and accusations of corruption, is facing more criticism.
On Tuesday, City Comptroller William C. Thompson Jr. released an audit finding that the department had repeatedly failed to make sure that hazardous conditions were fixed.
What's the Rush?
Community Journal
Published: Summer 2008
by William C. Thompson, Jr.
New York City's senior population is rising. Our Department for the Aging (DFTA) estimates it will grow by an incredible 44% by the year 2030.
Thompson vows more help for small biz
Queens Business
Published: June 2008
by Pete Davis
New York City Comptroller Bill Thompson praised the hard work and economic contributions of Queens small business and said the city must increase their efforts to make sure that small businesses continue to thrive.
Comptroller blasts city on water bill oversight
Queens Courier By Victor G. Mimoni
Published: Wednesday, June 11, 2008
“As ordinary New Yorkers cope with annual double-digit increases in their water bills, the city has lost millions in unbilled charges to the Economic Development Corporation (EDC) - a ‘non-profit’ city agency that made over $7.3 million last year. A recently-announced audit conducted by New York City Comptroller William C. Thompson found that the EDC hasn’t paid for water and sewers at the Brooklyn Army Terminal for 22 years. At the announcement, on Monday, June 9, Thompson called on Mayor Michael Bloomberg to review whether all city agencies are paying their water and sewer bills. ‘It is unconscionable that the Economic Development Corporation would not pay these bills or collect the costs from its sub-tenants since 1986,’ Thompson said. ‘A single family homeowner has watched the city’s water bill skyrocket by 464 percent over the last 22 years, while the Terminal has watched its bill go up from zero to… zero!’ ”
'MOB' EATERY'S CONTRACT KILLED
NY Post By David Seifman
Published: June 13, 2008
The Parks Department is seeking a new operator for a high-grossing restaurant and banquet hall in Queens after a scathing audit by Comptroller Bill Thompson questioned whether the current operator was reporting all its revenues, officials said yesterday….Thompson's auditors determined the eatery owes the city $120,607 in additional license fees and late penalties for 2006 and 2007. But the auditors said they were far more disturbed by the shoddy bookkeeping. Five of 12 guest checks were "not correctly reported on point-of-sales contracts," while 23 of 66 banquets "had at least one recording irregularity," according to the audit. Parks officials said they're going to recoup the entire $120,607 and are also looking for a new restaurateur.
Comptroller: Pension Funds Can Be Social Change Engines
New York Sun By Benjamin Sarlin
Published: June 11, 2008
“Comptroller William Thompson, Jr. is defending the use of pension funds as an engine for social change. ‘As public pension funds, we can have it all,’ he said in prepared remarks for the keynote address at a Harvard Law School national conference on pensions. ‘We can meet the highest fiduciary standards while revitalizing communities, creating affordable housing, spurring economic development, and investing in clean technology and more.’ Mr. Thompson, a likely candidate for mayor in 2009, praised the city's practice of investing in institutions with social agendas, such as a variety of funds that promote the construction of ‘affordable’ housing in the city. since he took office in 2002, Mr. Thompson said New York has invested about $500 million in ‘economically targeted investments,’ intended to benefit New York City residents.’
THOMPSON: ECONOMIC DEVELOPMENT CORPORATION FAILED TO PAY WATER & SEWAGE FEES FOR OVER TWO DECADE
New York Times
Published: June 9, 2008
New York City Comptroller William C. Thompson, Jr. today called on Mayor Bloomberg to review whether all City agencies are paying their water and sewer bills after his auditors discovered that the New York City Economic Development Corporation failed to pay and bill sub-tenants for water and sewage use at the Brooklyn Army Terminal for 22 years.
Speaking at a news conference, Thompson harshly criticized the City for not paying its own bills while at the same time squeezing New Yorkers by repeatedly hiking water rates.
“It is unconscionable that the Economic Development Corporation would not pay these bills or collect the cost from its sub-tenants since 1986,” Thompson said. “During this time, the City has made it incredibly difficult for average New Yorkers to pay their bills. A single family homeowner has watched the City’s water bill skyrocket by 464 percent over the last 22 years, while the Terminal has watched its bill go up from zero to… zero!”
As a result of the audit, Comptroller Thompson called on Mayor Michael Bloomberg to immediately ensure that EDC and those agencies overseeing leased properties are paying all appropriate water and sewer bills.
Comptroller Criticizes Homeless Program
New York Times
Published: June 9, 2008
By Fernanda Santos
Five years after the Bloomberg administration pledged to change the practice, the city continues to hire providers of temporary housing for homeless families without contracts, the comptroller, William C. Thompson, Jr., said on Sunday.
The informal deals have existed since 2000, when the Department of Homeless Services began offering provisional shelter to families in private apartments and hotels whenever there was a sudden increase in demand for housing. Three years later, noncontractual units were being used to house nearly a quarter of all homeless families. Under the program, landlords are paid a daily rate for the apartments and rooms they provide.
Homeless Services officials said on Sunday that there will be about half as many shelter units operating without a contract in coming months as there were in 2003, when Mayor Michael R. Bloomberg announced that the emergency housing program would have to abide by the same contractual rules applied to other city services.
But cash transfers from the city’s treasury to an account set up to pay for the per-diem shelter services have increased by $45 million, or more than 38 percent, since 2006 — an indication that the city is still investing in a program it pledged to discontinue, Mr. Thompson said. “That’s a major concern, and it needs to end,” he said in an interview.
UN WORK A $12 MIL STIFF JOB
NY Post
Published: May 30, 2008
A government agency created to provide office and residential space for UN workers stiffed the city on more than $12 million in rent, Comptroller William Thompson charged yesterday.
Thompson said the United Nations Development Corp. forked over half the amount, $6 million, on April 2, right after his auditors delivered their preliminary findings.
Asked if the agency would have made the payment without the shove, Thompson responded, "Absolutely not."
The UNDC, created in 1968 by the state Legislature, operates three buildings adjacent to the United Nations on property that is mostly city-owned at 1, 2 and 3 UN Plaza.
Rent collections exceed $33 million a year.
Under the terms of its lease, the agency pays base rents to the city as well as 90 percent of its surplus after expenses.
In 2004, the city allowed the UNDC to establish a reserve to provide swing space for the United Nations in an office tower that was to be constructed in nearby Robert Moses Park.
But the Legislature refused to give its approval - required for any alteration to park land - leaving the UNDC holding $13.3 million.
Thompson said $12 million of that sum should have been forwarded to the city after the project collapsed in 2005 and the UNDC wrote off more than $4 million in planning costs.
"There's been no movement, no discussion for the last three years," he pointed out.
Thompson blamed the city's Economic Development Corp., which oversees the UNDC lease, for dereliction of duty.
"This is something EDC just permitted," he said.
In a written response April 21, UNDC President Jeff Feldman insisted the comptroller's auditors got it all wrong.
"All reserves referred to in the draft audit report were set aside in strict compliance with the express provisions of city leases," he wrote.
"Such amounts are not required to be paid to the city as additional rent because once reserved, they are no longer part of the 'consolidated surplus' as defined in the city leases."
Feldman didn't explain why the UNDC's board of directors decided on March 26 to turn over the $6 million.
He said further that the United Nations has other pressing needs for space for which the reserve might be needed as it begins rebuilding its headquarters. EDC said it would "consult" with UNDC to determine its needs.
A Wilderness, Lost in the City
New York Times
Published: May 29, 2008
By WILLIAM C. THOMPSON Jr. and ROBERT F. KENNEDY Jr.
MANY people are astounded to learn that there is a teeming wildlife preserve in New York City. Ridgewood Reservoir on the Brooklyn-Queens border is an oasis where an amazing range of plant and animal species thrive in a verdant landscape of steep hills and narrow valleys amid the city’s paved sidewalks.
But what’s more astounding, the city’s Parks Department could wind up destroying it.
Ridgewood is an accidental wilderness, tucked alongside the Jackie Robinson Parkway. Built in 1858 to provide drinking water to Brooklyn, the reservoir was abandoned in 1989.
As the 50 acres reverted to wetlands, meadows and forests, tens of thousands of plants and trees took root and flourished. Turtles, fish, frogs and millions of insects moved in. Songbirds nested in the glades, transforming the area into a migratory rest stop.
An Interview with NYC Comptroller, Wiltriam C. Thompson, Jr.
Village Politics
Published: May 2008
By Aubrey Lees
New York City Comptroller William (Bill)Thompson was first elected in 2001 and was re-elected
to a second four-year term in 2005. Due to term limits, he must leave the position in 2009. A Democrat, Thompson is widely rumored to be
running for mayor (he has not yet made a public announcement) and has already raised $4.2 million,
more than any of the other potential candidates: Anthony Weiner, Christine Quinn and Tony Avello.
Thompson is the son of a judge and a teacher, a lifelong resident of Brooklyn, and a product of the New York City public school system. Before being elected comptroller, he worked for a Brooklyn congressman, served as Brooklyn/'s youngest-
ever Deputy Borough President and was appointed to the New York City Board of Education in 7994,
serving five terms as its president. During the 1990s, Thompson was also employed as a Senior Vice President for Public Finance at an
investment-banking firm.
People - Muni Forum of New York Honors Three Industry Veterans
The Bond Buyer
Published: May 22, 2008
by Michelle Kaske
The Municipal Forum of New York Tuesday night hosted its 19th annual awards dinner to honor three members of the municipal bond industry: New York City Comptroller William Thompson, long-time municipal banker Samuel Ramirez, and Wisconsin capital finance director Frank Hoadley, who was awarded the forums lifetime achievement award.
The forum granted Ramirez, founder and president of Ramirez & Co., its private-sector honor, the Austin V. Koenen award for his work in the municipal industry. Ramirez began his investment banking firm in 1971 and expressed his respect for the municipal market and its participants during his acceptance speech.
"Receiving an award for something you love doing is a moving experience. I have to confess I am deeply touched this evening," Ramirez said before an audience of more than 400 municipal bankers, issuers, credit analysts, and bond lawyers. "I imagine my feelings are very much similar to many of you sitting here - gratitude for working in an industry that values integrity and ethics, appreciation for having so many colleagues who are friends, and satisfaction for working in a field that does make a difference."
Thompson, whom the forum honored with its public service award, also talked about the industrys distinction among other financial trades and thanked the muni community for helping to bring New York City back from 10 consecutive quarters of economic recession after the terrorist attacks of Sept. 11, 2001, and for helping the city achieve a general obligation upgrade from all three credit agencies to double-A.
"I always thought that municipal finance was the one area of the securities industry where finance professionals could use their imagination and expertise to directly serve our communities," Thompson said.
Hoadley graciously accepted his lifetime achievement award in a speech that combined a humorous top 10 list of personal self-disclosure along with his apprehensions about certain practices in the municipal market.
"My worry closet is first of all what I see as a shrinking municipal bond industry. I am very, very worried about that tonight," he said. "I am also worried about the shrinking capacity for credit analysis because I think that in more and more of this industry, the investors are looking to shortcuts to credit analysis that are ultimately harming this industry."
NEW YORKERS DEAL WITH THE CRUNCH
NY Post
Published: May 15, 2008
FEEL THE CRUNCH In recent years, New York real estate could for the most part be summed up thusly: Person buys apartment, person sees apartment's value go through the roof, person sells apartment and makes a killing. Lately, however, the story has gotten a lot more complicated. Yes, there's still a fair amount of moneymaking going on (we're looking at you, 15 CPW), but with the ongoing credit crisis and market slowdown, it's crunch time for many.
Yom Hashoah: New York has more reason than ever to remember the Holocaust
Long Island Jewish World, Manhattan Jewish Sentinel and the Jewish Tribune
Published: May 2, 2008
By WILLIAM C. THOMPSON JR.
We remember the Holocaust first and foremost never to forget. At a time when the world has seen renewed ethnic conflict — in Rwanda, Darfur, Serbia and, most recently, in Kenya, the risk we take in averting our eyes is all too obvious. Closer to home in New York City, there has been a recent spike in anti-Semitic incidents — from violent attacks against Jewish New
Yorkers to the painting of hateful swastikas on synagogues and other Jewish establishments. With the Yom Hashoah remembrance of the Holocaust upon us, we must confront and overcome these expressions of hate in our time.
SOHO JOURNAL POLITICAL PROFILE: WILLIAM C. THOMPSON JR.
SOHO JOURNAL
Published: April 30th, 2008
The rumors about Bill Thompson’s interest in running for Mayor in 2009 were certainly not denied, but when we spoke he was more interested in talking about his current job.
And what he is particularly proud of is his role in helping the City’s disadvantaged through improvement of health care and education. Through the powers of his office, he has conducted audits of several City agencies (including the Department of Education and the Human Resource Administration) in order to uncover waste, mismanagement and fraud. He has also helped to save programs such as Meals-on-Wheels for the elderly and protected the City’s recycling program through the efforts of the Comptroller’s Office.
NYC Pledges Millions for North
Irish Voice
Published: April 16, 2008
FIRST Minister of Northern Ireland Dr. Ian Paisley and Deputy First Minister Martin McGuinness were in New York on Friday welcoming the announcement of a $150 million investment from New York Pension Funds to Northern Ireland.
New York City Comptroller William C. Thompson announced the largest U.S. investment to date since the peace process in the north at his office.
Emerald windfall: NYC launches $150M investment in North future
Irish Echo
Published: April 16, 2008
It left even Ian Paisley confessing to speechlessness. The City of New York has announced a huge financial investment in the future economic prosperity of Northern Ireland.
Four city pension funds are to invest a total of $150 million in the newly formed Emerald Infrastructure Development Fund.
Details of the fund were unveiled at a press conference last Friday by New York City Comptroller, William Thompson at his offices in lower Manhattan.
WATER RATES: AN HONEST FIX
NY Post
Published: April 11, 2008
By WILLIAM C. THOMPSON
AT a time when New Yorkers are feeling the pinch of rising food, energy and shelter costs, they'll soon find out how much more they'll have to pay for another essential: water. After getting an 11.5 percent rate increase last July, the city Water Authority is expected today to propose new hikes of at least that much - and probably more.
New York pension funds invest £75m in Northern Ireland
Guardian News and Media
Published: Friday April 11 2008
The largest public US investment in Northern Ireland, worth £75m ($150m) was announced today in New York.
The money from four New York pension funds will contribute towards a £380m ($750m) investment package, which will fund infrastructure projects such as new hospitals.
The deal was announced at a meeting in Manhattan between Northern Ireland's first and deputy first ministers, the Reverend Ian Paisley and Martin McGuinness, and the New York City comptroller William Thompson.
US unveils NI investment package
BBC News
Published: Friday, 11 April 2008
Four New York city pension funds are to invest a total of $150m in the Emerald Infrastructure Development Fund. NI's First and Deputy First Ministers Ian Paisley and Martin McGuinness heard New York City Comptroller William Thompson make the announcement.