An independently elected official, the Comptroller is the City's Chief Financial Officer and advises the Mayor, the City Council, and the public of the City's financial condition, and makes recommendations regarding City programs and operations, fiscal policies, and financial transactions. The Comptroller also audits and examines all matters relating to the City's finances; registers proposed contracts; verifies budget authorization and codes for contracts; determines credit needs, terms and conditions; prepares warrants for payment; and issues and sells City obligations.

In addition, the Comptroller's office conducts performance analyses of City agencies to promote efficiency and effectiveness relating to the delivery of City services; helps safeguard assets and ensures the accuracy of accounting data; audits City financial transactions; settles and adjusts all claims for or against the City and approves emergency contracts.

The Comptroller also is the custodian and delegated investment adviser to all five of the City's pension boards, manages the sinking funds and all other City-held trust funds, maintains the City's accounts, and publishes the City's annual financial statement.

The Comptroller is a member of the Banking Commission, State Financial Control Board, Franchise and Concession Review Committee, Industrial Development Agency, Financial Information Services Agency, and Community Action Board. The Comptroller appoints two members to the Procurement Policy Board. He is also a member of the Board of Trustees of the New York City Employees' Retirement System, the Teachers' Retirement System, the Fire Department Pension Fund, the Police Pension Fund, and numerous cultural institutions and Business Improvement Districts in the City.

The Comptroller can be removed by the Governor only on charges after a hearing. Pending the preparation and disposition of charges, the Governor may suspend the Comptroller for a period not exceeding thirty days. In the case of a vacancy, the First Deputy Comptroller "shall act as Comptroller" until a Comptroller is duly elected by the people for the remainder of the unexpired term and has qualified.