Issued Date
December 22, 2021
Audit Objective
Determine whether the St. Lawrence County Industrial Development Agency (SLCIDA) Board appropriately evaluated projects before approval and subsequently monitored the performance of businesses that received financial benefits.
Key Findings
For the 10 projects we reviewed the Board appropriately evaluated the projects before approval. However, project monitoring efforts should be improved.
The Board and SLCIDA officials did not:
- Establish adequate procedures to ensure the reliability of job information. They did not verify the number of current employees for six of the 10 proposed projects we reviewed before approval or verify actual employment results for one of the 10 projects after approval.
- Obtain sufficient capital investment information for 10 approved projects to monitor actual vs. proposed investment.
Key Recommendations
- Develop procedures to ensure current employment information provided in project applications is supported by adequate documentation.
- Ensure that reported employment levels are verified and supported and capital investment information is reported and compared to project goals.
SLCIDA officials generally agreed with our recommendations and indicated they planned to initiate corrective action.