2004 Yellow Book
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Change Percent


Special Revenue-Other 70,088,000 77,547,000 7,459,000 10.6%
Special Revenue-Federal 500,000 0 (500,000) -100.0%
Total for Agency: 70,588,000 77,547,000 6,959,000 9.9%
Total Contingency: 2,700,000 2,700,000 0 0.0%

Total for AGENCY SUMMARY: 73,288,000 80,247,000 6,959,000 9.5%


Fund Current

All Other Funds: 569 587 18

TOTAL: 569 587 18

Budget Highlights

The Banking Department is charged with protecting the public interest by regulating and supervising an estimated 3,400 State-chartered banking institutions with total assets of approximately $1.9 trillion.

The Banking Department is included in the Public Protection and General Government appropriation bill.

The Executive proposes All Funds appropriations totaling $80,247,000, an increase of $6,959,000 or 9.5 percent over State Fiscal Year (SFY) 2003-04. The Banking Department is supported entirely by fees charged to regulated financial institutions and organizations.

State Operations

The Executive recommends support in SFY 2004-05 for the following programs:

  • an increase of $4,059,000 to reflect fringe benefit adjustments, utility expenses and costs associated with the Departmentís move of its main offices in New York City from Rector Street to State Street;

  • an increase of $2,900,000 for the creation of 18 new positions within the Regulation Program that will be responsible for budget planning, check cashing, inspections of Automated Teller Machines (ATM) and information technology upgrades;

  • a suballocation in the amount of $227,000 from the Banking Department to the Office of Inspector General for services and expenses related to investigating fraud; and

  • a suballocation to the Departments of Law and Taxation and Finance in the amount of $938,000 for the services and expenses incurred on behalf of the Crime Proceeds Task Force.

The Executive recommends $1,200,000 to continue the ongoing efforts of the Holocaust Claims Processing Office. This Office funds 12 Full Time Equivalent (FTE) positions to assist survivors of the Holocaust or their heirs in making claims on assets believed to have been in existence during the time period of 1933-1945. In addition, the Executive proposes to suballocate $447,000 from the State Insurance Department to the Banking Department to assist these efforts.

The Banking Department maintains offices in two overseas locations, London and Tokyo. The cost of these offices are funded through assessments made on banking institutions. The costs of maintaining these offices in SFY 2004-05 will be $1,160,000 and $1,230,000, respectively.

The Executive includes $400,000 to support the ATM Safety Program, allowing the Banking Department to comply with the Automated Teller Machine Safety Act of 1996. The Executive also provides $2,700,000 in a Contingency appropriation for services and expenses related to the insurance of funds transmitted by certain entities electronically, in the event of insolvency on the part of these entities.

Article VII

The Executive recommends legislation authorizing the Superintendent of the Banking Department to establish various assessments, fees, and penalties by regulation.

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