Exuding a clear-eyed confidence tempered with a keen awareness of the tremendous responsibility to the people that the office of state comptroller carries, Tom DiNapoli greeted all the "Welcome back home, Tom" sentiments expressed over and over at the Great Neck Chamber of Commerce breakfast by quipping, "I still sleep here." He went on to add that he does miss having an office here and bumping into people casually on the street to chat, but that Great Neck is still home to him.

Clearly touched, but in full control, Comptroller DiNapoli thanked the packed roomful of people for supporting him when he was being criticized and disparaged from all directions when he was elected to serve in the position by the state legislature after his predecessor resigned. He said, "All of you know who I am and what I stand for and that made a difference to me." He noted that his office is cooperating fully with the Office of Attorney General investigation into his predecessor, Alan Hevesi's dealings.

He obliquely referred to a New York Times editorial that suggested that a board of governors be in charge of investing for the state retirement system rather than a sole trustee by saying, "Just because I am the sole trustee doesn't mean that I get up in the morning, read the Wall Street Journal and call in 'buy! sell!' orders. Our office has an excellent professional staff and we have outside financial advisory committees to assist me in all investment matters." There are four such committees: The Advisory Council for the Retirement System, the Actuarial Advisory Committee, Real Estate Advisory Committee and the Investment Advisory Committee.

According to Comptroller DiNapoli, the New York State Common Retirement Fund monies are getting good solid returns on investments at a rate of 8 percent. In fact, for the fiscal year ending in March 31, 2007, the fund returned 12.58 percent, outperforming its 8 percent goal. He went on to add that this will translate into savings for local municipalities that will not have to pay the high rates into the system as they did a few years ago after the technology stock bubble burst and the retirement system suffered. The pension fund currently has $154.5 billion and is protected from being raided to make up state shortfalls as other states have imprudently done.

The Wilshire's Trust Universe Comparison Service ranks the Fund's results in the top 10th percentile of comparable public funds and notes that the CRF has among the lowest risk profiles of public pension funds.

One of the functions of the comptroller's office is to perform audits on various entities such as school districts, fire and water districts, towns or state programs such as the New York State Health Insurance Program. While sometimes fraud and illegal acts are discovered, oftentimes there are opportunities for his office to use an audit for a teaching tool, helping entities institute better practices, policies and procedures to maximize their accountability and effectiveness. He said, "We're not about playing 'Gotcha' and although we are 'watchdogs,' I like to think that we are also 'guide dogs' leading toward better practices."

As new accounting measures are required of local governments, his office provides technical support and training courses to assist in compliance.

Comptroller DiNapoli's preference for this positive approach comes as no surprise to the people back home.

Having long established himself as a leading environmental champion before it became fashionable, he is also guiding audits to evaluate best practices for energy conservation and recycling. He is setting the example in his own agency saying, "Green begins at home." The Office of State Comptroller (OSC) has negotiated a contract with a waste management company where the OSC will receive financial credit for every ton of paper and cardboard that is recycled. His office is looking internally to discover methods to save energy costs and reductions in paper and other resources. Already they know that by using double-sided photocopies instead of single-sided copies, millions of dollars may be saved.

Another function of OSC, which has 2600 employees, includes taking a hard look at the long range financial situation of the state by overseeing and commenting on the state budget and the projected revenue numbers

During the question and answer period, Mr. DiNapoli was asked about the latest push for consolidation and whether audits could reveal money to be saved. Mr. DiNapoli responded that the short answer is "yes," but that his office was not involved in the consolidation movement. He said, "We're trying to promote shared services." The questioner noted that he would rather pay a little more and have local control and quality services and Mr. DiNapoli agreed saying, "It has taken communities decades to build quality services...they should be protected."

Are we having fun yet? Mr. DiNapoli says that one of the most enjoyable aspects of his new job is reuniting people with their money. OSC safeguards $22 million of unclaimed funds. These monies may come from banks, insurance companies, utilities and investment companies that are required by state law to turn over inactive accounts to the state. He encouraged everyone to check his office website at www.osc.state.ny.us and use the "search" function to determine if there is a pleasant surprise waiting.

In 1797, New York's first comptroller was Samuel Jones from Oyster Bay whose family owned "a real nice beach." It only took 210 years for another Long Islander to hold the post and you may be sure that Tom DiNapoli will do his best to make his tenure exemplary, committed to a high standard of ethics within OSC and beyond.