Experienced CFO served for 16 years, clashed with Mayor Koch, and lost in a primary election to succeed him.
Harrison J. Goldin, a prominent figure in New York City’s financial history, passed away at the age of 88 in Manhattan. Goldin served as the city’s comptroller for 16 years, during a tumultuous period that included the city’s near-bankruptcy in the 1970s. He was known for his confrontational approach and was often at odds with Mayor Edward I. Koch. Goldin’s tenure as comptroller began in 1973, coinciding with Abraham D. Beame’s term as mayor. Beame’s administration faced a $1.5 billion deficit, a legacy of previous administrations’ overspending and budgetary gimmicks. Despite the city’s financial crisis, Goldin was re-elected three times, in 1977, 1981, and 1985, while Mayor Koch also won re-election twice, leading to tensions between the two officials.
The fiscal challenges that New York City faced during Goldin’s time as comptroller were severe. Previous administrations had engaged in irresponsible spending practices, such as inflating revenue projections and borrowing money to cover operating expenses. Beame’s attempts to address the deficit were insufficient to restore confidence in the city’s finances, leading to a downward spiral towards insolvency. The bond market was reluctant to lend to the city, exacerbating the financial crisis.
Goldin’s confrontational style and commitment to financial transparency were evident throughout his tenure. Despite the city’s dire financial straits, he continued to push for accountability and responsible budgeting practices. His clashes with Mayor Koch, who succeeded Beame in 1977, were well-documented and reflected their differing approaches to governance. Goldin’s re-elections demonstrated the public’s confidence in his ability to navigate the city through its financial troubles.
Goldin’s legacy extends beyond his time as comptroller. His efforts to steer New York City away from bankruptcy and his advocacy for fiscal responsibility left a lasting impact on the city’s financial management practices. His passing marks the end of an era in New York City’s financial history, but his contributions will be remembered for years to come.
Source: The NY Times
