The New York State Financial Control Board was created in 1975 following a financial crisis and state
bailout
A bailout is the provision of financial help to a corporation or country which otherwise would be on the brink of bankruptcy.
A bailout differs from the term ''bail-in'' (coined in 2010) under which the bondholders or depositors of global sys ...
to
oversee municipal spending. The board included both government officials and citizen representatives.
The board was created pursuant to the New York State Financial Emergency Act of The City of New York, and was initially known as the Emergency Financial Control Board (EFCB). Three years later the word "Emergency" was removed from the group's name and its charter was extended for thirty years. While direct management of the city's budget ended in 1986, the board continues to monitor the city's financial health.
The mayor of
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
and the
governor of New York State
A governor is an administrative leader and head of a polity or political region, ranking under the head of state and in some cases, such as governors-general, as the head of state's official representative. Depending on the type of political r ...
both serve on the seven-member board.
See also
*
New York State Authorities Budget Office
*
New York State Comptroller
The New York State Comptroller is an elected constitutional officer of the U.S. state of New York (state), New York and head of the government of New York (state), New York state government's Department of Audit and Control. The New York State C ...
*
New York State Public Authorities Control Board
References
External links
State of New York Financial Control Board
State agencies of New York (state)
1975 establishments in New York (state)
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