City Agencies Found with Millions in Unregistered Accounts

The city's Department of Finance has found nearly 2,700 unregistered accounts maintained by city agencies, totaling more than $122 million. The mayor had criticized Manhattan District Attorney Robert Morgenthau for having similar accounts, but Bloomberg has denied any wrongdoing. "Nobody alleges that there is anything wrong going on, but that doesn't mean you shouldn't follow the law, and that doesn't mean we shouldn't have full disclosure," Bloomberg says.

He added that some of the accounts are small, and contain money from things like PTA bake sales, and that the public should know about every dime. A spokesman for the mayor's office says a preliminary review has found about $290 million in the accounts, and nearly 500 of those have no obvious link to a particular agency, and contain about $70 million. The rest are linked to agencies.

All accounts held by city agencies are required to register with the comptroller's office.