Bill > S05563

This bill amends the New York General Municipal Law to empower county comptrollers to conduct audits of industrial development agencies (IDAs) and not-for-profit corporations associated with local governments. Specifically, county comptrollers can now perform comprehensive examinations of projects and actions undertaken by IDAs located within their county. For counties without a dedicated comptroller, the chief elected official must designate a budget or finance director to conduct these audits. The bill defines IDAs and not-for-profit corporations by referencing definitions in the Public Authorities Law, ensuring a clear scope of what entities can be examined. In counties where there is no county comptroller, the chief elected official will be responsible for appointing someone to perform these audit functions. This legislation aims to increase transparency and financial oversight of local government-affiliated agencies and organizations by allowing more direct scrutiny of their projects, spending, and operations. The bill will take effect 90 days after becoming law, providing time for local governments to prepare for the new audit requirements.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S5563