An audit released by State Comptroller Thomas DiNapoli on May 14 found significant financial mismanagement by the Central New York Regional Market Authority board. The audit highlighted a decline in the authority’s financial position from FY 2020-21 to FY 2022-23, with a cash deficit of $6,539 by the end of FY 2022-23.
The audit criticized the board for unrealistic budgeting, poor expense monitoring, and inadequate financial analysis before spending $2.3 million on a warehouse needing extensive renovations. The authority faced recurring annual net losses, depleted cash reserves, and a projected $410,000 shortfall in commercial lease revenues for FY 2023-24.
DiNapoli urged the board to take immediate corrective actions, including reducing spending and increasing revenues. The board acknowledged the audit findings and is working on a corrective action plan to address the issues.
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