[read complete report – pdf] [read complete 2020 report – pdf]

Purpose of Review

The purpose of our review was to assess the Jefferson County Industrial Development Agency’s (JCIDA) progress, as of July 2024, in implementing our recommendations in the audit report released in October 2020.

Background

JCIDA is an independent public benefit corporation established in 1971. JCIDA’s Board is composed of seven members appointed by the County Legislature and responsible for JCIDA’s general management and financial and operational affairs. The Board-appointed Chief Executive Officer (CEO) and Chief Financial Officer (CFO) are responsible for day-to-day operations. JCIDA funds its operations, in part, with fees charged for processing applications and for administering financial assistance. JCIDA annually reports information for approved projects, including granted tax exemptions, payments in lieu of taxes (PILOT) and project employment. 

Results of Review

We determined that the JCIDA has demonstrated minimal progress implementing corrective action. Of the five audit recommendations, one recommendation was fully implemented, two recommendations were partially implemented and two recommendations were not implemented.