Empire State Development Corporation
Funding Commitments for Economic Development Projects The Empire State Development Corporation (ESDC) is a public benefit corporation responsible for managing economic development projects for New York State. It offers grants and loans to businesses, not-for-profit organizations and government entities for use on projects that create or retain jobs and otherwise promote economic development in the State. As of November 3, 2008, ESDC’s records indicated that its actual and prospective funding commitments on such projects totaled $2.4 billion, of which $570 million had already been expended.
Information about ESDC’s funding commitments is maintained on its project tracking system. We tested the accuracy of this information and found that, for most part, it was accurate and reliable for decision-making purposes. However, certain improvements were needed in the accuracy of some of the information. In particular, several projects classified as active were not, in fact, active, and as a result, $2.4 million in State funding was needlessly sitting idle waiting for the projects to be completed. We recommend that the funding be returned to the State and steps be taken to improve the reliability of ESDC’s project tracking system.
For a complete copy of Report 2008-S-162 click here.
For a copy of the 90-day response click here.