Hudson River Park Trust

Internal Controls Over Financial Operations (Follow-Up Report)

The Hudson River Park Trust is a public benefit corporation responsible for planning, developing, constructing, operating and maintaining a planned 550-acre park in New York City. All revenue generated by the Hudson River Park is to be applied toward the cost of operating and maintaining the Park. This revenue is to be generated by lease and commission payments from the private companies providing food and recreational facilities within the Park.

In audit report 2004-S-37, we found that improvements were needed in the Trustís revenue collection, procurement and contracting, and equipment and asset management practices. For example, lease payments from the private companies operating in the Park were not always collected in a timely manner and may not have been accurately recorded when they were collected. We noted that, if the Trust did not improve its revenue collection practices, its ability to be financially self-sustaining might be jeopardized. We recommended improvements in various Trust practices, and when we followed up on these matters with Trust officials, we found that progress had been made in implementing our recommendations.

For a complete copy of Report 2006-F-1 click here.