Latest news with #StateComptroller
Business Wire
31-07-2025
- Business
- Business Wire
KBRA Assigns AA+ Rating, Stable Outlook to the City of New York General Obligation Bonds
NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of AA+, with a Stable Outlook to the City of New York (the City) General Obligation Bonds, Fiscal 2026 Series A, B and C, consisting of Tax-Exempt Bonds, Subseries A-1, Tax-Exempt Bonds, Subseries B-1, Taxable Bonds, Subseries B-2, Tax-Exempt Bonds, Subseries C-1, and Taxable Bonds, Subseries C-2. At June 30, 2025, there was approximately $46.72 billion of General Obligation (G.O.) Bonds outstanding. G.O. Bonds are secured by the City's faith and credit pledge. All City taxable real property is subject to the levy of ad valorem taxes, without limitation as to rate or amount, for payment of debt service. Pursuant to the Financial Emergency Act for the City of New York, a general debt service fund ('the Fund') is established for G.O. Bonds and certain notes. Payments of the City real estate tax must be deposited into the Fund upon receipt and retained under a statutory formula. Since its inception in 1978, the Fund, which is held by the State Comptroller as Custodian, has been fully funded at the beginning of each payment period. A detailed discussion of key rating determinants pertaining to the City of New York's General Obligation Bonds is provided in KBRA's report dated April 7, 2025. Key Credit Considerations The ratings reflect the following key credit considerations: Credit Positives The City's role as an international business and cultural center, and its position as the hub of the country's largest metropolitan economy highlight the diversity and resilience of the resource base supporting G.O. Bonds. Institutionalized, long-range financial management and capital planning practices support financial stability. Reserves stand at a record $8.5 billion (approximately 10% of City Funds revenue), although the City did not contribute to the General Reserve or the Rainy Day Reserve for FY 2026. Upward revisions to forecast tax revenues - combined with asylum seeker savings through FY 2027 and decreases in pension contributions through FY 2028 - contribute to near-term budgetary stability and manageable out-year gaps of approximately $5.04 billion in 2027, $6.10 billion in 2028, and $5.96 billion in FY 2029. Pension funded ratios and unfunded liabilities have trended favorably in recent years, while annual debt service requirements are projected to remain below 15 percent of City tax revenues over the 2025-2029 forecast period. Credit Challenges Material risks to the City's FY 2026 Financial Plan include potential reductions in federal categorical grant funding, as well as spending cuts included in the One Big Beautiful Bill Act (OBBBA), which may be passed through to both the City and New York City Health + Hospitals (NYCHH). A July 2025 appellate court ruling upholding City Council-enacted expansions to the CityFHEPS rental assistance program, if not successfully appealed, could entail estimated costs ranging from $10 billion to $17 billion over five years, none of which are currently incorporated into baseline budget projections. Costs of compliance with State mandated class size requirements in FY 2027 and beyond is also unbudgeted. Mitigating the City's exposure to rising sea levels, coastal and inland flooding, and extreme heat is expected to entail substantial, long-term City, State, and Federal investment. The Stable Outlook reflects the resilient performance of the City's diverse revenue portfolio, underscored by well-established fiscal oversight and tracking mechanisms embedded in the Act and the City Charter. While we expect the recent trend of positive operating performance, record reserves, and ample budgetary flexibility to provide a satisfactory buffer against a possible economic downturn, budgetary uncertainty posed by potential reductions in federal categorical and discretionary funding represents a key risk to the City's otherwise positive financial and economic outlook. Rating Sensitivities For Upgrade Maintenance of sound fiscal posture, employment growth and revenue resiliency in the face of prevailing policy and economic headwinds. Adoption of a formalized reserve policy targeting reserve size and conditions for deposits and withdrawals. Formalization, through incorporation to the City Charter, of the City's policy of limiting debt service to 15 percent of tax revenues in each year of the Financial Plan. Trend of reduced projected out-year budget gaps. For Downgrade Reduced Federal or State grants for education, community development, social services, and entitlement programs, and/or adverse changes to Medicaid or other third-party payor programs impacting NYCHH, of a magnitude sufficient to upend the City's Financial Plan assumptions, resulting in budgetary instability. Secular economic decline and/or deterioration in a key economic segment, of a magnitude sufficient to challenge budgetary balance. Relaxation of, or diminished adherence to, well-established policies and procedures. To access ratings and relevant documents, click here. Related Publication Methodologies Public Finance: U.S. Local Government General Obligation Rating Methodology ESG Global Rating Methodology Disclosures A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1010557
Yahoo
02-07-2025
- Politics
- Yahoo
Comptroller annual report: 67% of public complaints about Israel-Hamas War justified
The annual report is an important indicator of where public dissatisfaction lies, and can indicate to the government specific improvement points. There were 21,592 complaints about public authorities in 2024, and just under half (46%) were justified or had already been rectified, the office of Matanyahu Engleman, State Comptroller and Ombudsman, announced on Tuesday. The annual report is an important indicator of where public dissatisfaction lies, and can indicate to the government specific improvement points. On October 12, 2023, just five days after Hamas's massacre, the State Comptroller's Office opened a hotline to gather complaints and requests, and clarify people's rights for them. Its representatives visited 90 evacuee sites throughout the country. From October 7, 2023, to December 31, 2024, the ombudsman received 3,872 complaints related specifically to the war – 2,269 of them from 2024 alone. Over half (67.1%) were found to be justified. By far, complaints regarding theNational Security Ministry outweigh the rest, at 1,577 complaints and at a 500% increase from 2023 – mostly concerning the hundreds of thousands of requests for personal weapons licenses, which caused delays in the process, leading to complaints – 85% of which were justified. 'A 500% rise in complaints on the matter of requests for personal weapons licenses demands a thorough examination of the management of this office. By the end of 2024 – over a year after theIsrael-Hamas War began, there had been thousands of justified criticisms of government offices. It is on the national security minister and the other relevant ministers to prioritize public service and make the necessary changes,' Engleman said. Up next was the National Insurance Institute (NII) at 370 complaints, mostly regarding war-related compensations, and the Israel Tax Authority (ITA) at 338 complaints, regarding compensation grants. The Tourism Ministry received 171 complaints, dealing with alternative housing locations for evacuees and those whose homes were damaged in the war, while 139 complaints were regarding the Ashkelon municipality, concerning grants and treatment of evacuees. These issues characterize the issues of the war itself. From the start of the war until 2024, 999 complaints were levied by evacuees regarding the emergency situation, making up 26% of such complaints. One example was a Nova music festival victim who continued receiving electric bills to his address, even after his murder, including demands for interest. His parents complained to the ombudsman and got the bills canceled, a saga they said caused them much disgust and frustration. Another was in Nahariya, where a children's kindergarten didn't have a shelter nearby. A complaint to the ombudsman got it set up. Overall, around NIS 10 million were granted to citizens who made requests through the Ombudsman's office. The annual report details that 33% of the complaints were about public service, 9% about education, 7% consumerism, 5% licensing, and 4% health and taxes. Nearly all the complaints took 59 days to be dealt with, even though they were not complicated enough to warrant such a long waiting time. The complaints against the Labor Ministry were found to be 72% justified, and of those against the Israel Postal Company, 60% were justified. Complaints to the Transport Ministry, in contrast, dropped by 15%. By gender, men submitted more complaints (59.1%) than women (40.1%).
Days of Palestine
18-06-2025
- Politics
- Days of Palestine
Palestinian citizens denied access to missile shelters, exposing internal apartheid in Israel
DaysofPal – As sirens blared across Israel and missiles streaked through the night sky, most residents instinctively sought cover. But for many Palestinian citizens of Israel, the scramble for safety ended not at the door of a shelter but in front of it, turned away by neighbors and locked out by systems meant to protect them. The recent wave of Iranian missile strikes has laid bare longstanding disparities that leave Palestinian citizens, roughly 21 percent of the population, especially vulnerable during times of crisis. Turned away at the door Samar al-Rashed, a 29-year-old single mother living near Acre, was one of many to experience this exclusion firsthand. When air raid sirens pierced the night, she grabbed her five-year-old daughter, Jihan, and rushed toward their building's bomb shelter. 'I didn't have time to pack anything,' she said. 'Just water, our phones, and my daughter's hand in mine.' But at the shelter entrance, another resident heard her speaking Arabic and physically blocked their way. 'I was stunned,' she recalled. 'I speak Hebrew fluently. I tried to explain. But he looked at me with contempt and just said, 'Not for you.'' Terrified, Samar returned to her apartment and watched from the balcony as missiles lit up the sky. 'It felt like the end of the world,' she said. 'And still, even under attack, we're treated as a threat, not as people.' A system built unequally Though Palestinian citizens of Israel hold Israeli passports, their treatment often falls far short of full equality. Structural discrimination has left many communities underdeveloped, underfunded, and underprotected. Reports have long highlighted severe disparities in infrastructure. A 2022 audit by the State Comptroller found that more than 70 percent of homes in Palestinian communities lacked a reinforced safe space, compared to just a quarter of homes in Jewish areas. Funding for civil defense in Arab towns and villages lags significantly behind that of their Jewish counterparts. This isn't just a matter of neglected planning; it has deadly consequences. In mixed cities, such as Lydd (Lod), where Jewish and Palestinian citizens live side by side, shelter access remains unequal. Yara Srour, a 22-year-old nursing student from the neglected al-Mahatta neighborhood, recounted trying to find safety for her family during one of the heaviest nights of bombardment. 'We went to the new part of Lydd, where there are proper shelters,' she said. 'But they wouldn't let us in. Jews from poorer areas were also turned away. It was only for the 'new residents,' mostly middle-class Jewish families.' Yara's mother, who suffers from chronic knee pain, struggled to walk. 'We were begging, knocking on doors,' she said. 'People just looked through the peephole. No one helped. Meanwhile, the sky was burning.' No protection, no recourse In Haifa, 33-year-old mobile phone technician Mohammed Dabdoob shared a similar experience. After closing his shop amid missile alerts, he rushed to a nearby shelter, only to find it locked. 'I tried the code. It didn't work. I banged on the door and called in Hebrew. No one opened,' he said. Seconds later, a missile landed nearby, shattering windows and sending glass flying. 'There was smoke and screaming. It felt like a nightmare, like the Beirut port explosion,' he said, describing how he hid behind a parked car until the danger passed. When the shelter door eventually opened and people emerged, Mohammed stood silently, watching. 'There's no real safety for us,' he said. 'Not from the missiles, and not from the people who are supposed to be our neighbors.' Citizenship in name only The state's failure to ensure equal protection during wartime reflects a broader pattern of marginalization. Palestinian citizens are often treated with suspicion, policed more harshly during periods of unrest, and sometimes even criminalized for online posts or political expression. 'The state expects our loyalty in war,' said Mohammed. 'But when it's time to protect us, we're invisible.' After witnessing the violence and being denied access to shelter, Samar moved with her daughter to her parents' home in the Galilee village of Daburiyya, where a reinforced room offered some degree of safety. But she is now considering fleeing to Jordan. 'I wanted to protect Jihan. She doesn't know this world yet,' she said. 'But I also didn't want to leave my land. That's the dilemma for us: survive or stay and suffer.' Following the attacks, Prime Minister Benjamin Netanyahu declared that 'Iran's missiles target all of Israel, Jews and Arabs alike.' Yet the disparity in protection and response leaves Palestinian citizens unconvinced. While Palestinians were detained for online reactions or symbols of solidarity, online calls for violence against them went largely unaddressed. Many feel their citizenship is conditional, offered in form but denied in substance. For Yara, who dreams of becoming a nurse, the contradiction is painful. 'I want to help people,' she said. 'But how can I serve a country that won't protect my mother?' Shortlink for this post:
Shafaq News
15-06-2025
- Politics
- Shafaq News
Iran thwarts Israeli attacks, launches retaliatory strikes
Shafaq News/ Iran's air defenses intercepted Israeli strikes targeting Ahvaz and Tabriz, as both countries escalate their ongoing military confrontation, Iranian media reported on Sunday. Tabriz's Crisis Management Directorate confirmed that Israeli munitions were aimed at railway infrastructure in East Azerbaijan province, which Iran claims was an attempt to cripple key transport routes. 'Our air defenses responded decisively.' In retaliation, Iran's military said it launched precision strikes on what it described as 'residential locations of several Israeli commanders and scientists.' A military spokesperson revealed that the attacks hit 'critical sites and key facilities,' warning that Tehran has an extensive target bank and accusing Israel of using civilians as human shields. Meanwhile, Israeli media highlighted growing concerns over civil defense preparedness. The State Comptroller flagged major deficiencies in shelter infrastructure in Bat Yam, a coastal city near Tel Aviv now under increased threat from Iranian missile fire. The latest escalation began on June 13 with Israel's Operation Rising Lion, which struck Iranian nuclear facilities, IRGC compounds, and research centers. Iran responded with True Promise 3, launching drones and ballistic missiles at Israeli military targets and cities including Haifa and Tel Aviv.
Yahoo
02-06-2025
- Business
- Yahoo
Businessman Morris Talansky, witness in Ehud Olmert trial, passes away at 92
According to the verdict, Talansky transferred hundreds of thousands of dollars to former prime minister Olmert over several years. Jewish-American businessman Morris Talansky passed away on Monday evening at the age of 92. Talansky, who also goes by "Moshe," was known for serving as a key witness in the "Cash Envelopes" affair, in which former Prime Minister Ehud Olmert was convicted of receiving money illegally while serving as mayor of Jerusalem. According to the verdict, Talansky transferred hundreds of thousands of dollars to Olmert over several years. At the trial, Olmert said in 2011 that he denied ever demanding cash bribes from Talansky, and added that the Jewish-American philanthropist's testimony at the trial claiming he lent Olmert tens of thousands of dollars was nothing but a made-up fantasy. Olmert responded by saying he received money from Talansky in the form of campaign donations. Olmert's defense later said in September of that year that the donations from Talansky were legal, after prosecutors alleged that the former prime minister failed to report the donations to the State Comptroller. The indictment said that Talansky gave Olmert the money as a personal loan, which the Israeli leader allegedly stashed away unreported to the tax authority. He was laid to rest in a cemetery in Beit Shemesh, according to Ynet. He was an Orthodox Jew from Long Island, New York. Both he and Olmert jointly founded the New Jerusalem Fund, a charity aimed at raising money for projects in Israel's capital. Yaakov Lappin, Ron Friedman, and Joanna Paraszczuk contributed to this report.
