The Office of the Comptroller
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:
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 and accrued expenditures.
Bank Reconciliation Division:
The Bank Reconciliation Division is responsible for reconciling over 100 bank accounts as it relates to the City’s Central Treasury, Citywide Payments and Receivables Services, and Retirement System’s and Agency Bank Accounts. The Division also drafts the Cash and Investment Note Disclosure and prepares the financial presentation of the City’s discretely presented Component Units for the Comprehensive Annual Financial Report.
Capital, Technical & Professional Standards Division:
The Capital, Technical & Professional Standards Division responsible for reviewing New York City’s capital project contracts, processing all condemnation awards, oversees the recording of the City’s capital assets and issuing the Comptroller’s Internal Control and Accountability Directives and Comptroller’s Memoranda.
Cash and Pension Accounting Division:
The Cash and Pension Accounting Division performs the investment accounting for the City’s five main pension plans and the City’s eleven variable supplement funds (VSFs), as well as records payment of pension benefits to members of the City’s pension plans and VSFs. In addition, the Cash and Pension Division is also responsible for the day to day cash flow of the five major retirement systems and the VSFs. The Division also issues pension replacement checks to retirees upon request.
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.
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.
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.