Real Estate Portfolio

Issued Date
April 26, 2013
Agency/Authority
Rochester - Genesee Regional Transportation Authority

Purpose

To determine whether the Rochester-Genesee Regional Transportation Authority has accounted for all of its real estate holdings, established a value for those holdings, and determined the need to either hold or dispose of properties. The audit covers from January 2010 through October 2012.

Background

The Rochester-Genesee Regional Transportation Authority (Authority) provides public transportation services in Monroe, Genesee, Livingston, Orleans, Wayne, Wyoming, and Seneca counties. Public Authorities Law Section 2896 requires each authority to maintain adequate inventory controls for its property and report annually on all property held. It also requires authorities to determine which property shall be disposed of and transfer or dispose of such property as promptly as possible. The Authority reports it owned 21 properties as of March 31, 2012.

Key Findings

  • The Authority has accounted for all of its property holdings and established a value for them. However, it owns two properties that have been identified as excess holdings for over 14 years.
  • The Authority did not accurately report its property holdings during the three years ended March 31, 2012. Its annual property reports showed different totals even though it did not buy or dispose of any property during this period.

Key Recommendations

  • Promptly dispose of properties once they have been determined to be excess and unneeded for transportation purposes.
  • Verify the completeness and accuracy of annual property reports before they are published.

Other Related Audits/Reports of Interest

Metropolitan Transportation Authority: Real Estate Portfolio (2009-S-10)
Metropolitan Transportation Authority: Real Estate Portfolio (Follow-Up) (2011-F-30)
Department of Transportation: Review of Real Property Holdings for Disposal (2010-S-48)

Carmen Maldonado

State Government Accountability Contact Information:
Audit Director: Carmen Maldonado
Phone: (212) 417-5200; Email: [email protected]
Address: Office of the State Comptroller; Division of State Government Accountability; 110 State Street, 11th Floor; Albany, NY 12236