New York, NY — Today, New York City Comptroller Mark Levine announced his appointment of Monte Tarbox as Chief Investment Officer for the Office of the New York City Comptroller’s Bureau of Asset Management (BAM). Tarbox has served as interim chief investment officer since the beginning of the year. Tarbox’s appointment comes at a crucial time for the Systems, one of the nation’s largest institutional investors valued at $316.34 billion, as mounting geopolitical pressures increase the importance of a prudent investment strategy that...
New York, NY – New York City Comptroller Mark Levine released the following statement in response to Fitch Ratings and Kroll Bond Rating Agency (KBRA) revising the City’s outlook from stable to negative. “A negative outlook from a credit rating agency is not a downgrade—but it is a warning. With today’s revisions from Fitch and Kroll now 3 of our 4 ratings agencies are sending us a similar message: New York City needs to address the underlying structural imbalances in our budget. “Thankfully, New York City’s economy...
A Message from the Comptroller Dear New Yorkers, New York City must pass a balanced budget by June 30 and as you've probably heard, this year’s negotiations are especially complex. Despite a stronger-than-expected economy — with real wages rising nearly 3%, Wall Street bonuses at record highs, and most major City tax revenues growing — the City is facing a fiscal shortfall on a scale we haven’t seen since the Great Recession. In other words, we’re spending more than we’re...
New York, NY – New York City Comptroller Mark Levine released the following statement in response to Moody’s Ratings revising the City’s outlook from “stable” to “negative.” “Moody’s decision to revise New York City’s outlook to negative is a sobering wake-up call about the fiscal challenges ahead for us. It is the first negative outlook the City has received since the COVID crisis. The fact that this is happening at a time of relative health in our local economy is all the more remarkable. The underlying challenge is clear:...
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