Bureau of Accountancy

The Bureau of Accountancy (BOA) is responsible for all aspects of the City’s accounting and financial reporting.

It oversees the City’s accounting operations throughout the year and prepares the Comptroller’s Comprehensive Annual Financial Report (CAFR) each year as required by the New York City Charter, which contains the City’s official, audited financial statements. These financial statements are also included in the City’s Official Statements prepared in conjunction with the City’s issuance and sale of debt. BOA is also primarily responsible for the design and management of the accounting aspects of the City’s centralized accounting and budgeting system, the Financial Management System, or “FMS Accounting.”

Most of the functions of the Bureau are performed by one of its six divisions, whose duties and responsibilities are summarized below:

Financial Reporting Division:

The Financial Reporting Division reconciles the City’s central treasury and main bank accounts, issues emergency checks, reissues stale dated (over 180 days) checks , establishes and monitors Fiduciary Accounts (Trust and Agency) for City agencies, and manages Custody Accounts held in lieu for Retainage and Franchise. The Financial Reporting Division also monitors the General Fund expenditures and Balance Sheet accounts throughout the year.

Accounting Compliance Division:

The Accounting Compliance Division ensures that the accounting information prepared by all City agencies is accurate, which includes the monitoring of revenue, accrued expenditures, and the City’s agency bank accounts, as well as issuing the Comptroller’s Internal Control and Accountability Directives and Comptroller’s Memoranda.

Capital and Fixed Asset Division

The Capital and Fixed Asset Division responsible for reviewing New York City’s capital project contracts, processing all condemnation awards and oversees the recording of the City’s capital assets.

Debt Service Division

The Debt Service Division is responsible for servicing the General Obligation Debt of New York City as well as handling the reimbursements between the General Fund and Capital Fund.

Fiduciary Services Division

The Fiduciary Services Division performs the investment accounting for the City’s five main pension plans and the City’s nine variable supplement funds (VSFs), as well as records payment of pension benefits to members of the City’s pension plans and VSFs, including.  In addition, the Fiduciary Services Division responsible for issuing pension related replacement checks and reconciling the pension bank accounts.

Fiscal Services Division:

The Fiscal Services Division is responsible for issuing various payments related to personal injury and property damage claims, labor law, court examiner fees, reimbursement of community college tuition for students that have obtained a certificate of residency, and the cancellation and funding of workers compensation.

Vendor Support Division:

The Vendor Support Division is responsible for vendor approval, data management of vendor information in FMS Accounting, administration of Backup Withholding procedures, and monitors the issuance of 1099-MISC and 1099-INT forms. The division also advises and holds training sessions for City agencies on Backup Withholding, 1099 and 1042S procedures and reporting guidelines.