Purpose

To determine the extent of implementation of the 19 recommendations included in our initial report, Selected Financial Management Practices (2013-S-56).

Background

Our prior audit found the Hudson River Park Trust (Trust) needed to improve its practices related to revenue collection, procurement, investments, payroll, budgeting, and equipment inventories. Among the weaknesses identified, the Trust did not: maximize the amount of revenues from certain tenants; adequately ensure that the Economic Development Corporation reported revenues correctly; document the contractor selection process and contracts were awarded and modified by $16.9 million, but the documentation in support of contract modification was incomplete.

Key Finding

We found that the Trust made progress in correcting the problems we identified in the initial report. However, additional actions are still needed. We note, ten recommendations were implemented, eight were partially implemented, and one was no longer applicable.

Key Recommendation

We found that the Trust made progress in correcting the problems we identified in the initial report. However, additional actions are still needed. We note, ten recommendations were implemented, eight were partially implemented, and one was no longer applicable