Hudson River Park Trust

 

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NYS Comptroller

THOMAS P. DiNAPOLI

Taxpayers' Guide to State and Local Audits

Hudson River Park Trust
Selected Financial Management Practices (Follow-Up)


Issued: September 15, 2017
Link to full audit report 2016-F-22

Purpose
To determine the extent of implementation of the 19 recommendations included in our initial report, Selected Financial Management Practices (2013-S-56).

Background
Our prior audit found the Hudson River Park Trust (Trust) needed to improve its practices related to revenue collection, procurement, investments, payroll, budgeting, and equipment inventories. Among the weaknesses identified, the Trust did not: maximize the amount of revenues from certain tenants; adequately ensure that the Economic Development Corporation reported revenues correctly; document the contractor selection process and contracts were awarded and modified by $16.9 million, but the documentation in support of contract modification was incomplete.

Key Finding

  • We found that the Trust made progress in correcting the problems we identified in the initial report. However, additional actions are still needed. We note, ten recommendations were implemented, eight were partially implemented, and one was no longer applicable.

Key Recommendation

  • We found that the Trust made progress in correcting the problems we identified in the initial report. However, additional actions are still needed. We note, ten recommendations were implemented, eight were partially implemented, and one was no longer applicable

Other Related Audits/Reports of Interest

None


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