Annual Report on Public Authorities in New York State

Source: State of New York, Authorities Budget Office, July 1, 2014

From the press release:
The Authorities Budget Office has released its annual report on the finances and activities of New York’s 568 state and local authorities. Some of the significant findings and observations presented by the ABO include:
• The operating expenses of state authorities for 2013 totaled $30.3 billion, an increase of 17.6 percent from 2009. State authority operating expenses increased approximately $1.5 billion over 2012. This while adjusted staffing levels at state authorities declined by more than 2,800 staff in the last 5 years. …
• LDCs [Local Development Corporations] rarely are a major factor in large economic development/job creation projects. For example, of the 195 LDCs that reported operating expenses in 2013, only 25 awarded grants. These grants averaged nearly $395,000, yet produced less than one job per grant. Similarly, 43 LDCs made loans that were outstanding in 2013. The average LDC loan created fewer than five jobs, but was valued at more than $213,300. Forty-eight percent of LDCs reported that they provided no direct financial assistance to economic development projects. ….
• The ABO looked at IDA [Industrial Development Agency] projects that were first approved in 2009 and remained active in 2013. These 186 projects have received $126 million in financial assistance based and created 4,500 new jobs. More importantly, 25 IDAs reported that those projects, taken together, created more jobs than originally promised. The projects at 27 IDAs generated fewer jobs than anticipated, and 10 IDAs saw an actual decrease in existing jobs at those assisted projects…..