Speakupwny.com
Buffalo News, Forums and Opinions
Live Forums and Blogs | Onlinebuffalo.com | Erie County | City of Buffalo 

Last Updated: Nov 23rd, 2017 - 15:04:57 

Speakupwny.com 
Development
Editorials
Education
WNY News
Government Waste
Labor & Management
Letters to the Editor
Local Opinions
Local WNY Websites
New Government Structure
Politics
Preservation
Press Releases
Taxes and Fees
WNY Health
WNY Business
Reviews
Buffalo Sports
Insiders Corner



Government Waste

State Comptroller's Report on Industrial Development Agencies
By
Jul 13, 2011, 09:24
Email this article
 Printer friendly page
Comptroller Tom DiNapoli is out today with a report on the progress of New York State's Industrial Development Authorities that questions how effective they are in creating jobs with taxpayer subsidies.

"For four years, I've called on IDAs to improve the accuracy of the jobs data," DiNapoli said. "Taxpayers should know if the projects they’re paying for are creating the jobs that were promised. Year after year, we've had serious questions about the effectiveness of IDAs. We need to make sure that the tax breaks given for these projects are promoting job retention and growth. New York has a lot of local economic development entities; developing a regional, coordinated approach is very difficult. We have to fix that."

From the report:

"The overlapping nature of these economic development efforts can make the task of establishing a regional, coordinated approach difficult. Moreover, there have been and continue to be persistent problems and questions related to local governments' use of LDCs, and to IDA performance and accountability. In response, Comptroller DiNapoli recently advanced a reform package that would limit municipal use of LDCs to finance local government operations and the acquisition or improvement of their assets. He has also increased oversight of IDA operations through audits, issuance of an annual performance report and more rigorous review of IDA reports. Presently, if an IDA's annual audited financial statement is not filed or is found to be incomplete, the IDA's authority to offer financial assistance which provides exemptions from certain State taxes is suspended.

• IDAs provided total gross tax exemptions of $1.2 billion in 2009. These exemptions were partially offset by the receipt of payments-in-lieu-of-taxes (PILOTs) totaling nearly $700 million, resulting in net tax exemptions of almost $500 million. Net exemptions declined by almost $150 million from 2008 due largely to ongoing adjustments in reporting methods by the New York City IDA. These adjustments also affect the average cost per job gained.

• Projects receiving IDA assistance employed 724,390 full-time equivalent workers in 2009. This represents a cumulative net gain of 204,172 jobs from IDA projects over the life of the projects."

The full report is here: http://www.osc.state.ny.us/localgov/pubs/research/idaperformance2011.pdf

© Copyright 2017 - Speakupwny.com
hosted by Online Media, Inc
Buffalo Web Design and Web Hosting

Top of Page

Government Waste
Latest Headlines
Town of Lancaster gets scathing Comptroller’s report on purchase of Colecraft Building and fire contracts – Part I: Colecraft Building purchase
Lancaster held no public hearings on reliever airport expansion
Town of Lancaster did not act responsibly on police building project say residents; Part III: Lawsuit
Town of Lancaster did not act responsibly on police building project say residents; Part II: David vs. Goliath
Town of Lancaster did not act responsibly on police building project say residents; Part I
State Comptroller's Report on Industrial Development Agencies
Lancaster Town Board non committal on possible change in police building project/location, Part II: Resident and student comments
Lancaster Town Board non committal on possible change in police building project/location, Part I
Kevin Gaughan's Report - The Cost
Who Does Lancaster’s Town Attorney Work For?



Buffalo Web hosting and Buffalo Web Design By OnLineMedia, Inc
www.olm1.com

Part of
www.onlinebuffalo.com