The State Comptrollers Office has conducted an audit of the Cortland County Industrial Agency and has found the agency is using taxpayer-funded incentives responsibly and is in compliance with all state rules and regulations.
The state audit was completed earlier this month following several months of document review by state auditors.
The report praised the IDA for its organizational soundness, the transparency with which it operates, and the quality of the deals it assembles in its efforts to attract and retain business and jobs in Cortland County.
The audit looked at 11 IDA projects and found that for each one the board had completed a comprehensive cost-benefit analysis to support any tax breaks or incentives that were granted to support the projects. The audit finds those IDA tax breaks have improved the local tax base in the community.
Auditors estimated that the value of all 11 projects totals nearly $12 million, which includes increased property assessments and correlating tax revenues when the tax breaks expire.