It has an oversight role since the recovery from the last crisis, but could resume control if the city's budget went out of balance.
"The state will continue to have an oversight role," he said.
The ministry was also stripped of its oversight role in the banking and financial services industries.
The Common Council has the chief policy making and administrative oversight role in city government.
That official and others said the report represented a clear criticism of Congress's oversight role.
He said the administration needed to give Congress a more hands-on oversight role.
"We defined an active oversight role for first deputy commissioner," he said.
Do not keep from Parliament information that it should rightly have in its oversight role.
There could, however, be ways to limit the Government's oversight role.
But several made it clear that Congress was not prepared to vacate its oversight role.