Capital District Transportation Authority

 

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NYS Comptroller

THOMAS P. DiNAPOLI

Taxpayers' Guide to State and Local Audits

Capital District Transportation Authority
Real Estate Portfolio


Issued: April 26, 2013
Link to full audit report 2012-S-91

Purpose
To determine whether the Capital District Transportation Authority properly accounted for and reported all its real estate and disposed of or leased real property on terms beneficial to the State. The audit covered from January 1, 2010 through September 27, 2012.

Background
The Capital District Transportation Authority’s (Authority) primary operating responsibility is the management of the Capital region’s bus services.  Under the Public Authorities Law, Sections 2800 and 2896, the Authority must report its real property holdings, listings of properties purchased or sold and its sale/lease procedures annually.  Policy Guidance from the Authorities Budget Office requires the real property reports and procedures be maintained on the Authority’s website.  In disposing of property (sale or lease), the Authority must comply with Public Authorities Law Section 2897.  Generally, the Authority must follow a competitive process and obtain fair market value in exchange for release of its property rights. The Authority has a real estate portfolio that consists of nine properties/facilities.  In connection with this portfolio the Authority reported that it has entered into 23 leases that generate about $808,000 annually.

Key Findings

  • The Authority’s Annual Report for 2011-2012 omitted three properties (the Rotterdam cell tower, the DeFreestville Park and Ride and vacant land in Saratoga).  In addition, these three properties were not disclosed on the Authority website and the report that was available on the website was not dated.
  • The Authority could not document that it achieved fair market value or that a competitive process was not required under the Public Authorities Law Section 2897.

Key Recommendations

  • Maintain an accurate and complete Annual Report reflecting the real estate portfolio, post the report to the website and distribute it as required.
  • Document that leases of Authority property achieve fair market value and ensure that competition is used when required.

Other Related Audits/Reports of Interest

Rochester Genesee Regional Transportation Authority: Real Estate Portfolio (2012-S-90)


State Government Accountability Contact Information:
Audit Director: Carmen Maldonado
Phone: (212) 417-5200; Email: StateGovernmentAccountability@osc.state.ny.us
Address: Office of the State Comptroller; Division of State Government Accountability; 110 State Street, 11th Floor; Albany, NY 12236