Research


Administrative History

In 1969, New York State enacted legislation providing for the creation of industrial development agencies (IDAs) to facilitate economic development in specific localities and delineating the powers and status of IDAs as public benefit corporations. To improve economic conditions in their respective areas, IDAs generally attempt to attract, retain, and

expand businesses within their jurisdictions through the provision of financial incentives to private entities. IDAs are legally empowered to buy, sell, or lease property and to provide tax exempt financing for approved development projects. Real property owned or controlled by IDAs is exempt from property and mortgage recording taxes, and the value of these exemptions can be passed along to assisted businesses. Moreover, purchases related to IDA projects can be exempt from state and local sales taxes.

Since 1905, all municipal divisions of the State have been required, by the provisions of Article 3 of the General Municipal Law, to adopt uniform fiscal reporting systems and to file Annual Financial Reports subject to examination by the Office of the State Comptroller (OSC). All reports must be certified by the chief fiscal officer of the municipality and filed with the State Comptroller within 60 days after the close of the fiscal year of the municipality. The reports must be filed in a form prescribed by the State Comptroller and contain the following information which details the financial transactions and condition of the municipality:

1) Statement of the receipts of the municipality from all sources and of all accounts or revenue which may be due and uncollected at the close of the fiscal year.

2) Statement of the disbursements of the municipality during the fiscal year.

3) Detailed statement of the indebtedness of the municipality at the close of the fiscal year, the provisions made for payment thereof, together with the purposes for which it was incurred.

4) Detailed statement of installment purchase contracts entered into by the municipality, provisions made for payment thereof, the purposes for which such contract was entered into, how it was financed, and other information as the comptroller requires.

5) Statement of the costs of ownership and operation, and of the income of all public service industries owned, maintained, or operated by the municipality.

6) Any additional information related to the cost of any branch of the service, or the cost of any improvement of such municipality as may be required by the comptroller.

Annual financial reports of (IDAs) are required by law to include data related to the number of jobs created or retained and the amount of all tax exemptions provided.