ABO report contains data on GCEDC's work and staff compensation
The Authorities Budget Office has released an annual report, along with several spreadsheets, that contain a range of data about the state's multitude of public authorities, including industrial development agencies, such as the Genesee County Economic Development Center.
Here's what the report shares about GCEDC:
- Total staff compensation for GCEDC's 12 employees was $772,360 in 2012, the third highest in the state behind Erie County, with 19 employees at $1.2 million and Yonkers with 20 employees at $1.14 million. Yonkers and Erie also have the largest staff of IDAs in the state, followed by Genesee and Jefferson with 12 apiece.
- Eighteen authorities in the state paid performance bonuses in 2012, but only three were IDAs, and only GCEDC among IDAs paid bonuses in excess of $10,000. In all, six employees received bonuses of $10,000 or higher, including Steve Hyde, whose bonus of $142,000 put his total compensation for the year at $312,388.
- The 51 other authority employees in the state that received performance bonuses in excess of $10,000 all work for health care agencies, such as the Roswell Park Cancer Institute, and pulled in total compensation packages two and three times Hyde's compensation. The president and CEO of the Westchester County Health Care Corporation was paid $1.4 million in total compensation.
- GCEDC has 11 projects that were approved in 2008 with total tax exemptions awarded of $2 million. Those projects were supposed to create 66 new jobs. There were actually only 14 jobs created, according to the ABO report. That's far from the worst performance in the state, however. The Albany IDA's projects came up 2,138 jobs short on promises and 14 other IDAs had greater deficits than GCEDC's projects.
- In the list of new IDA projects for 2012, GCEDC ranks third with 13. Topping the list is Monroe County's IDA with 33 followed by New York City with 16.
- On the same list, GCEDC is third in total net exemptions, having awarded $3.6 million, behind Jefferson County with $5.34 million on six projects and Westchester County with $4.2 million on 11 projects. Monroe's 33 projects received $2 million in exemptions and NYC's $1.5 million.
- Those 13 projects for GCEDC are expected to net 341 new FTE positions, which is the seventh highest projection in the state. NYC is number one with 1,409 estimated FTEs followed by Monroe County with 501.
- Jobs created by IDA-funded projects are a self-reported number from the employer to the sponsoring IDA. As the sponsoring IDA, GCEDC reported 244 jobs created for its 2012 projects, which is 137 new FTE positions that didn't exist before the projects were approved, but still 97 fewer jobs than promised by the projects.
- Those 137 additional jobs are enough to place GCEDC fourth in the state for IDAs creating jobs from approved projects. Tops is Monroe County with 1,369 new jobs, followed by NYC, 206, and Syracuse, 198.
- Erie County actually lost 56 jobs on its 10 projects that received $1.18 million in exemptions.
- Orleans County had one project in 2012 that received $3,000 in exemptions that promised three new jobs and three new jobs were created.
- The Genesee Gateway LDC gave out $5.8 million in loans for projects expected to create 244 jobs with 99 FTEs positions reportedly created in 2012. That's $58,435 of loan money per new FTE position, 10th on the list for highest loan amount per job. Topping the list is Washington County LDC, which gave out 33 loans totaling $3.4 million and had two FTEs created for an average of $1.7 million per job. At the other end of the scale, Livingston County gave out 16 loans totaling $1.1 million and those projects created 243 positions, for an average of $4,501 loaned per job.