Cortland County I-D-A in Compliance With State Reporting Requirements
The State Authorities Budget Office which oversees local public authorities like Industrial Development Agencies has released its list of authorities that are not in compliance with report filing and record keeping; Cortland County appears to be in full compliance.
The Cortland County Industrial Development Agency and its affiliated groups including the County Business Development Corporation were not included in the state’s list for similar agencies that have not filed their financial reports on time.
I-D-A Director Gary VanGorder says while the state record keeping and filing requirements can be onerous. VanGorder says his office works diligently to be in compliance, he recognized his staff for the hard work they do to make sure all reporting is accurate and up to date.
Over the past few years the state has placed a fair amount of scrutiny on I-D-A’s and similar agencies which hand out tax payer funded incentives and tax breaks to private businesses. The additional reporting and filing requirements came about after a review of abuses in the State’s Empire Zone program that found some companies simply changed names or created few jobs to take advantage of thousands of dollars in tax benefits.
While Cortland County is on its game when it comes to meeting the state reporting requirements some surrounding counties and agencies are not.
The Tompkins County Area Development Agency, Ithaca Urban Renewal Agency, the Tioga County Local Development Corporation, Auburn Local Development Corporation, Cayuga Tobacco Asset Securitization Corporation, and the Chenango Industrial Development Agency are among the agencies listed as being out of compliance.
The authorities’ office can force agencies to comply with the law by publicly censuring the agency, which can hurt the agency's ability to issue bonds; call for the removal of agency board members; and ask a judge to force the agency to release the reports.