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NY Olympic authority faces cash-flow crunch

Wednesday, July 9, 2014
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— A state audit has found that the public entity operating former Olympic venues in Lake Placid continues to face significant cash flow problems and has had to borrow money to make payroll.

An audit released Wednesday by New York Comptroller Thomas DiNapoli determined that the Olympic Regional Development Authority needs to improve its financial practices.

The auditors found that the agency struggled with operating losses totaling $45 million between 2010 and 2013. In addition, last year the authority used a line of credit to pay workers and make its annual state pension contributions.

The authority operates the 1980 Olympic facilities and ski areas at Whiteface and Gore mountains in the Adirondacks and Belleayre in the Catskills.

A spokesman says the authority is working to reduce costs and increase revenue.

 
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