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• Full Finding Aid
• Overview
• Arrangement
• Administrative History
• Scope and Contents
• Related Material
• Related Publications
• Other Finding Aids
• Access Restrictions
• Access Terms
• Detailed Description

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New York State Department of Audit and Control Bureau of Municipal Research and Statistics Annual Financial Reports of Industrial Development Agencies

Some content may contain outdated and offensive terminology. See: New York State Archives Statement on Language in Descriptive Resources

Overview of the Records

Arrangement

Reports are arranged chronologically by fiscal year and therein alphabetically by name of industrial development agency.

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.

Scope and Content Note

This series consists of annual financial reports of industrial development agencies (IDAs), which are public benefit corporations created to facilitate economic development in specific localities. In addition to the general reporting requirements for all municipalities in the state, IDAs are legally required to submit annual financial reports to the Office of the State Comptroller that include data related to the number of jobs created or retained and the amount of all tax exemptions provided.

Related Material

Summaries of the financial data in this record series are published in the "Special Report on Municipal Affairs by the State Comptroller" (1945-1993), and "Comptroller's Special Report on Municipal Affairs" (1994+).

Related Publications

Summaries of the financial data in this record series are published in the "Special Report on Municipal Affairs by the State Comptroller" (1945-1993), and "Comptroller's Special Report on Municipal Affairs" (1994-).

Other Finding Aids

Available at Repository

13317-94, 13317-95, 13317-97A, 13317-99, 13317-01, 13317-02, 13317-04, 13317-05, 13317-05B, 13317-09, 13317-09A: Container lists are available at the repository.

Access Restrictions

There are no restrictions regarding access to or use of this material.

Access Terms

Detailed Description