Posted by The state’s shadow government may soon be getting some sunlight.
In one of the Senate’s final acts last week, lawmakers passed an overhaul of the state’s hundreds of public authorities, from the Metropolitan Transportation Authority to the Empire State Development Corporation, in a move aimed at making them more accountable to outside oversight.
The legislation would create an independent budget office with an array of powers over authorities, including the ability to issue subpoenas as part of investigations. Authorities would also be required to turn over financial records to the budget office.
Contracts awarded by authorities over $1 million would have to be reviewed by the state comptroller. New limits would be placed on the ability of authorities to issue debt, a major area of concern among financial watchdogs.
The legislation makes clear that those who serve on authority boards have a fiduciary responsibility to the authority and its mission. Spelling out this duty holds directors to a defined standard of conduct and is aimed at curbing favoritism and corruption.
