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May 21, 2014 - 3:31pm

Comptroller's audit declares GCEDC effective in economic development

posted by Howard B. Owens in business, GCEDC.

Press release:

The Genesee County Economic Development Center (GCEDC) recently underwent an audit by the Office of the State Comptroller (OSC) to review the agency’s process for evaluating, approving and monitoring projects from Jan. 1, 2012 through Janu. 27, 2014. The audit found that the GCEDC is “effective in its efforts to promote, develop and assist in economic development projects in Genesee County.”

“We are very pleased with the results from the Comptroller’s audit,” said Wolcott Hinchey the chairman of the GCEDC. “It verifies our approach to economic development as it pertains to having shovel-ready sites available in order to bring new jobs and capital investment into our region. In particular we were very pleased that the Comptroller’s audit recognized the success of the Agri-Business Park with the opening of Alpina and Muller-Quaker yogurt manufacturing facilities.”

The audit also provided the GCEDC with some suggestions and opportunities to improve the agency’s controls and accountability. These included: developing evaluation criteria and process and performance appraisals for potential projects; monitoring procedures for companies that receive benefits from the GCEDC -- as far as achieving capital investment and pledged job creation totals in completed applications for assistance; the development of a cost-benefit analysis ratio or ratios that is reflective of its economic environment and is an appropriate and reasonable measurement of the incentives being offered, among others.

These items will be addressed through a corrective action plan that will be submitted by the GCEDC to the Comptroller’s office.

“We appreciate the recommendations suggested by the Comptroller’s office and will incorporate them into our corrective action plan,” said Steve Hyde, president and CEO of the GCEDC. “Anything we can do to improve upon our transparency, especially with our public sector partners and the taxpayers is something we always take very seriously.”

Link to Audit- NYS Comptroller Audit of the GCEDC

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