The Board did not properly approve and monitor projects that were provided financial assistance. For example, the Board did not develop and adopt, by resolution, uniform criteria for the evaluation and selection for each category of projects to be provided financial assistance, including the preparation of a written cost-benefit analysis (CBA), as required by New York State General Municipal Law (GML). Of the nine approved projects we reviewed, a written CBA was not prepared for four of the projects, and the CBAs prepared for the other five projects did not include all the information required by GML. As a result, the Board could not properly assess these projects, before their approval, to ensure the benefit to the community would be a sufficient return for the financial assistance to be provided.

The purpose of our review was to assess the City of Poughkeepsie Industrial Development Agency’s (IDA’s) progress, as of September 2024, in implementing our recommendations in the audit report City of Poughkeepsie Industrial Development Agency – Project Approval and Monitoring (2021M-168), released in July 2022.

Determine whether the Lewis County Industrial Development Agency (LCIDA) Board (Board) ensured staff service fees were accurately calculated and paid in accordance with written agreements.

The Board and AIDA officials did not properly approve and monitor projects. The Board and AIDA officials did not review all supplemental documentation for project approval or properly monitor the 16 active projects.

Determine whether Rensselaer County (County) Industrial Development Agency (RCIDA) officials ensured payments in lieu of taxes (PILOTs) were properly billed, collected and distributed to taxing jurisdictions timely.

The purpose of our review was to assess the Chenango County Industrial Development Agency’s (CCIDA’s) progress, as of November 2024, in implementing our recommendations in the audit report released in April 2022.

The purpose of our review was to assess the Jefferson County Industrial Development Agency’s (JCIDA) progress, as of July 2024, in implementing our recommendations in the audit report released in October 2020.

The City of Poughkeepsie Industrial Development Agency (CPIDA) Board did not properly evaluate and approve projects and monitor the performance of businesses that received financial benefits.

The Board and officials did not properly approve and monitor projects. Therefore, the Board could not effectively evaluate projects or hold project owners accountable.

Although the Board evaluated projects prior to approval, the Board did not adequately establish and document its evaluation and approval process. In addition, the Board did not properly monitor the performance of businesses receiving financial benefits.

We reviewed 100 claims totaling $846,279 and determined they were for appropriate purposes and generally supported by adequate invoices and/or other documentation. However, none of these claims were independently reviewed and approved prior to payment.

COIDA did not adequately plan for the 2017 acquisition of the Rail Yards.

Although the tested disbursements were for valid purposes, LDC officials did not always ensure they were properly authorized and supported.

For the 10 projects we reviewed, the Board appropriately evaluated the projects before approval. However, project monitoring efforts should be improved.

While the Board evaluated projects prior to their approval, Board members should improve TCIDA's efforts to monitor businesses' job performance and tax exemptions.

The Board did not properly approve and monitor projects.

The Board did not properly approve or monitor its projects.

The Board and officials did not properly approve and monitor projects or take action when goals were not met.

JCIDA officials did not appropriately evaluate all projects prior to approval or monitor the performance of businesses that received financial benefits.

Although we did not find any significant errors in how cash receipts and disbursements were recorded and reported, we identified weaknesses. For example, the Board did not require pre-numbered duplicate receipts or cancelled checks to facilitate the review of accounting records and reports. In addition, controls over receipts and disbursements would be strengthened by adding mitigating controls. Finally, a privately contracted payroll vendor has access to the Yates County Industrial Development Agency's bank account to withdraw funds for payroll and processing fees.