Dear Albany County Residents:

Welcome to the Albany County Department of Audit & Control. I am proud to serve the taxpayers as the first woman elected as Albany County Comptroller.

Since January of 2020, I have worked diligently to professionalize the Comptroller’s Office and ensure a smooth transition. My priorities as a manager have been focused on creating individual career development plans for my staff to increase their aptitude and ability to best serve county residents. I have prioritized staff development by promoting my staff to attend related seminars, achieve industry related certifications and join sector specific membership affiliations. This staff development initiative has cultivated an environment of learning and growth that has and will continue to pay dividends in the future due to minimal staff turnover in key positions within the department.

The Department of Audit & Control has continued to effectively uphold its responsibility to annually audit over 55,000 expense/vendor claims, conduct multiple departmental petty cash reviews and conduct dozens of hotel audits to ensure operators compliance with county hotel occupancy tax requirements.

Under my leadership as the Albany County Comptroller, the County has maintained a strong credit rating and reputation in the municipal bond market, which has resulted in an impressive savings for its taxpayers. Despite the COVID-19 Pandemic, S&P Global Ratings reaffirmed the County’s overall long-term credit rating as AA with a Stable Outlook. This strong credit rating ensures a lower interest rate for the County while other municipalities have been downgraded during the pandemic. 

Highlights:

Beginning in 2020, the Department completed an audit of time and attendance, which identified several areas to improve policies and procedures related to tracking and recording of Albany County employees’ time and attendance. The recommendations from this audit substantially reduced the risk that inappropriate or erroneous payroll time records would go undetected. 

In June 2020, our office completed a refinancing of a portion of the County’s outstanding debt that saved Albany County taxpayers over $1 million at a 0.598% interest rate.  Later in 2020, the Comptroller’s office completed a preemptive short-term cash flow borrowing of $40 million, which has since been repaid, to provide much needed relief to navigate cash shortfalls at the end of 2020 and beginning of 2021. This short term borrowing gave the County the ability to take advantage of the NYS Retirement early payment program, resulting in $168,606 in countywide savings.

In 2021 the Comptroller’s office completed a thorough and exhaustive analysis of the County’s Debt Service Fund.  This analysis resulted in the identification of $6.7 million in available state/federal funding that allowed the County to contribute this previously earmarked $6.7 million towards 2022 debt service payments. Furthermore, this analysis also located capital that has subsequently been used towards the creation of two separate reserve funds, one being a Capital Reserve fund that is expected to be used to fund projects traditionally paid for from bonding, and a Retirement Contribution Reserve that has resulted in reductions in annual retirement related payments for the next 10 years. 

In 2022 my office issued $23.2 million in bonds while maintaining a high-grade municipal bond rating (AA with stable outlook) and attracting 12 bidders at a favorable interest rate (3.07%). Further, my office collaborated with Management & Budget and the County Legislature to update the County’s Debt Policy and achieve a strong credit rating for Albany County.  I also collaborated with Human Resources to lower a post-employment liability by $180 million (a 26% reduction), improving the County’s fiscal position.

In 2023, I worked closely with the Department of Management & Budget to strategically invest County surplus funds to maximize investment returns. Total 2023 year-end projected investment income is estimated to be nearly $15 million, which will exceed budget by over $13.5 million.  This increase in investment revenue, along with the prior year operating surplus, has allowed the county to avoid the issuance of bonds in 2023, which are traditionally used to pay for the County’s capital improvements.

Currently, as a member of the American Rescue Plan Act (ARPA) Executive Committee, I have worked collaboratively with the other Committee members, sub-committees and county staff to ensure compliance processes, policies, and procedures were both effective and easily implemented. Recently, my office also conducted asset forfeiture audits of the District Attorney and County Sheriff. Moving forward both claim approval and determination of the permissibility of the spending of forfeiture funds will be determined by the Department of Audit & Control.

These achievements would not be possible without the dedication and professionalism of my staff. I am proud every day to lead such a talented group of accountants, auditors and support staff in my office. 

Aside from my duties as County Comptroller, I also serve as Albany County’s Public Administrator. A public administrator is the government official tasked with representing the estates of county residents who died intestate (without a will), or if a decedent has no one to unravel their estate. The public administrator has the legal authority to take protective custody of the property of a decedent, and to investigate the decedent’s assets, obligations, and locate the decedent’s heirs for distribution of remaining assets. 

Assisting in this area allows me to help address blight in the community while also bolstering the County’s tax rolls. The Public Administrator paid from the estates nearly $70,000 in past due taxes in 2022 and $80,000 to date in 2023.

Please continue to visit our website periodically for more information as we continue to control spending, identify additional revenue opportunities, and assist in the professional investment of County funds.

I consider public service to my community to be a great privilege. I have been fortunate to have previously served the City of Albany as its Chief City Auditor and to now serve the County of Albany as its Comptroller.

Thank you for your time and interest in the Department of Audit & Control and the opportunity to serve you with integrity.

Sincerely,

Susan A. Rizzo
Albany County Comptroller