CONFIDENTIAL DRAFT – DO NOT DISTRIBUTEQuestions for Candidates for NYC Comptroller

Government Accountability & Transparency.

As the

Chief Financial Officer of New York City, the Comptroller has the power to audit all city agencies to ensure taxdollars are spent in the public’s best interest. Will you:

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Make information publicly available detailing which entities are receiving pension fund investments and at what levels? The best way to ensure that NYC pension fund investments are in the best interests of both the city and fund beneficiaries – city employees, educators, fire-fighters and police-officers – is to be completely transparent about where funds are being invested.

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Audit how city agencies or authorities use federal American Recovery andReinvestment Act stimulus funds to ensure the public’s interest is being advanced,e.g. jobs are being created for city residents?

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Support the creation of an Office of Authorities Oversight (OAO) at the statelevel empowered to financially review the MTA and all other public authorities?2)

City Schools.

A recent analysis of the Department of Education (DOE) capital budget reveals that many new schools are being built in districts that don’t face thegreatest need for new seats or have the worst overcrowding problems. Will you auditexpenditures of DOE capital funds and advocate that all new public and charter schools be built in districts based on need?3)

Greening NYC.

The quickest way to reduce our energy use, cut carbon emissions,and slash New Yorker’s energy bills is to invest in making buildings more energyefficient on a mass scale. Will you:

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Conduct a city-wide energy audit of all public buildings to see where energy can be reduced through retrofits and how much taxpayer money would be saved?

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Support a bond issuance and use “Economically Targeted Investments” of pension funds to support initiatives that promote retrofitting buildings for energyefficiency (like the Working Families proposed Green Jobs/Green Homes NY

Residential Retrofit Investment Fund)?4)

Affordable Housing.

Last year, it was discovered that city pension funds hadinvested $85 million in a company that purchased a former Mitchell-Lamadevelopment, contributing to an erosion of affordable housing. To provide greater oversight to real estate investments, will you:

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Hold public hearings regarding all purchases of affordable housing by debt-leveraged investors and block any city pension fund investments without acommitment and plan to maintain the permanent affordability of all housingunits?

CONFIDENTIAL DRAFT – DO NOT DISTRIBUTE

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Introduce an “investment directive” that prohibits fund managers from investingin companies that have bought affordable housing and have a history of housingcode violations or conversions to non rent stabilized or regulated housing?

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Introduce “shareholder resolutions” targeted at companies holding mortgagesecuritizations that include affordable housing to be required to commit to a planto maintain affordability?

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Audit all companies receiving 421-a subsidies to identify the number of affordable units created, the median cost per unit, and if prevailing-wage buildingand construction jobs are being created through the work?5)

Stemming Foreclosures.

At the end of last year, New York City’s foreclosure rate jumped 50% from the previous year. To help working families keep their homes – particularly as many are pension fund beneficiaries – will you help stem foreclosures by:

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Introducing an “investment directive” that prohibits fund managers from investingin mortgage lenders that refuse loan modifications to help reduce foreclosures?

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Introduce “shareholder resolutions” targeted at companies holding mortgagesecuritizations that require them to actively undertake and document loanmodifications?

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Refuse to sell city bonds through broker-dealers connected to mortgage lendersthat refuse to negotiate loan modifications?

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Work with other state and city Comptrollers (i.e., CalPERS, SERS) to jointlyrequire that all mortgage lenders receiving pension fund investments release dataon the number of loan modifications granted and the degree to which interest ratesand principal loans have been reduced?6)

Fair Economic Development.

As the share of New Yorkers working in low-wagesectors continues to increase, the city must take all necessary steps to ensure taxdollars go towards creating jobs with decent wages. Towards this end, will you:

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Require that all companies that receive city contracts to perform public work document jobs created and file records detailing employee wages and benefits?

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Audit all companies receiving city economic development subsidies to identifythe number of jobs created, examine employee payroll and benefits on all jobscreated, and the economic and racial diversity of employees on all jobs created?

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Reject city contracts with bidders that have a history of violating wage standardsand occupational safety and health regulations?