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December 2, 2008

 

DiNapoli's Office Completes Local Government Audit

State Comptroller Thomas P. DiNapoli today announced his office completed the audit of the Tioga County Industrial Development Agency – Management Responsibilities.

“My office’s audits of local governments improve their financial management practices,” DiNapoli said. “These audits are tools for local officials to make sure proper policies and procedures are in place to protect taxpayer dollars and provide the best possible service these taxpayer dollars can deliver.”

Tioga County Industrial Development Agency – Management Responsibilities
Tioga County Industrial Development Agency (TCIDA) officials did not adequately monitor the use of sales tax exemptions or the amount of capital investment for IDA-sponsored projects to ensure they met, or made reasonable progress toward, their goals as stated in their applications. In addition, TCIDA officials failed to institute adequate internal controls over TCIDA operations. The board had not implemented adequate compensating controls over the business administrator’s handling of cash transactions, and bank reconciliation and recordkeeping processes. As a result, auditors identified underpayment of PILOT payments to municipalities of more than $4,100. Finally, TCIDA’s 2006 annual financial report submitted to the Office of the State Comptroller and the Tioga County Legislature was inaccurate.

Click here to view the audit above.

If you have any questions or would like a comment from the Comptroller’s office regarding this audit, please call 518-474-4015.

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