[read complete report - pdf]

Audit Objective

Determine whether the City of Cohoes Industrial Development Agency (CCIDA) complied with the 2015 industrial development agency (IDA) legislative reform.

Key Findings

The Board did not ensure that:

• Adequate cost-benefit analyses for proposed projects were developed before project approval.
• Annual project status reports were submitted in a timely manner.
• Annual assessments of progress toward achieving project goals were performed.

Key Recommendations

• Ensure adequate project cost-benefit analyses are developed before project approval.
• Ensure annual project status reports are submitted in a timely manner.
• Annually assess the progress of projects toward achieving project goals.

CCIDA officials agreed with our recommendations and indicated they planned to initiate corrective action.