The New York Authorities Budget Office (ABO) revealed that 147 public authorities failed to file one or more of their required financial reports last year. The ABO report stated that 32 local public authorities and 108 non-profit corporations were among the entities that failed to file. The remaining entities included five industrial development agencies and two state authorities.
The ABO was established as part of reforms aimed at creating more oversight of quasi-public entities in New York. These entities are responsible for funding development projects but have been criticized in the past for a lack of transparency.
Furthermore, the report revealed that 93 public authorities did not file any of their required reports such as budgets and audits during the most recent period.
It is important to note that a list of delinquent authorities was not issued in 2020 as reports in that year and in 2021 were impacted by the COVID-19 pandemic.
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