In July of 2013 the N.Y.S. Department of Financial Services (DFS) with a lot of fanfare announced the start of an audit of the seven state & city pension funds.
It's now January 20, 2015 and DFS has not yet produced any of the pension audits. Just a reminder, DFS has not produced an audit of NYCERS since 2002 in spite of the agency's statutory obligation to produce an audit every five years.
Of course, DFS collected $611,536 from NYCERS during FY-2014 for audit work that DFS supposedly did during that year.
When I saw the charges for 2014, I thought I'd do a little research. Here are the DFS audit charges to NYCERS since 2004:
- 2004: $ 55,007
- 2005: $ 64,612
- 2006: $361,681
- 2009: $179,542
- 2010: $ 32,009
- 2011: $ 29,713
- 2014: $611,536
This is an agency adrift. They are lost.