Bill > A03067

This bill amends the county law to expand the county comptroller's authority to examine and audit the financial records of industrial development agencies (IDAs) in their respective counties. Currently, the law specifically mentioned Nassau County, but the proposed amendment broadens the scope to apply to all counties. The bill allows the county comptroller to audit all accounts, contracts, books, and records of the municipal IDA, including bank statements, either on their own initiative or when directed by the board of supervisors. IDAs are economic development entities established under New York State law that provide financial assistance to businesses through tools like tax breaks and low-interest financing. The change removes gender-specific language (replacing "his" with "their") and updates the reference to the specific section of the general municipal law governing IDAs. This expansion of auditing power aims to increase financial transparency and accountability of these local economic development agencies.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A3067