Purpose of Audit

The purpose of our audit was to review CIDA’s operations for the period January 1, 2012 through March 4, 2015.

Background

The Concord Industrial Development Agency was created in 1980 to further the economic development of the Town of Concord. CIDA is governed by a five-member Board of Directors appointed by the Town Board of Concord. CIDA’s budgeted appropriations for 2015 are $9,700.

Key Finding

• The Board has not taken sufficient action to initiate new projects and encourage the creation or expansion of new business, significantly affecting CIDA’s viability. Specifically, CIDA has undertaken no new projects since 2012 and the Board has not actively pursued new sources of revenue or taken sufficient action to reduce expenditures.

Key Recommendation

• The Board should reevaluate CIDA’s overall goals and operations and consider dissolving and merging into Erie County IDA or partnering with a local IDA. If the Board determines that CIDA operations should continue the Board will need to actively pursue new projects, encourage the creation or expansion of new businesses, identify new sources of revenue and reduce unnecessary expenditures.