A 10-member board tasked with developing restructuring plans for—and potentially distributing additional state money to—struggling local governments was unveiled by Gov. Andrew Cuomo on Thursday.
The Financial Restructuring Board, which was created as part of a flurry of laws passed before lawmakers left the Capitol in June, will have the ability to step in and make financial recommendations to municipal governments who request help and are deemed fiscally stressed.
The board would then come up with a long-term plan for the government to consider and would be authorized to approve up to $5 million in additional state funds for the municipality. If a municipality agrees to the recommendations, it would be forced to carry them through.
As laid out in the law, the board will be chaired by Robert Megna, Cuomo’s budget director, and will also include state Attorney General Eric Schneiderman, Comptroller Thomas DiNapoli and Secretary of State Cesar Perales.
The remaining six appointments were released Thursday, including Assemblyman Denny Farrell, D-Manhattan, and Sen. Jack Martins, D-Nassau County, who were recommended by their chamber leaders.
Cuomo dipped into his own administration for three other picks, tapping former Syracuse mayor and current Environmental Facilities Corp. CEO Matthew Driscoll, General Services Commissioner RoAnn Destito and Sydney Cresswell, a policy advisor.
The law also required Cuomo to select someone with significant financial restructuring experience. He picked Todd Snyder, who is the executive vice chairman of the North American Global Financial Advisory and senior managing director of Rothschild, Inc. It’s not the first time Cuomo has turned to Snyder; he’s on the state Gaming Commission and Cuomo’s Labor Negotiating Team, as well.