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Clifton Park IDA censured by state

The New York State Authorities Budget Office sent a letter of censure to the Clifton Park IDA Economic Development Fund.

The letter, which is available below, follows three letters over the last year notifying the local developmental agency that they were out of compliance with the state's Public Authorities Law.

"As a public authority, Clifton Park IDA Economic Development Fund, Inc. is expected to be timely and transparent with its financial reporting and to be accountable to the public," reads the letter. "This letter of censure is the result of the board’s collective failure to take appropriate corrective action when the authority was previously warned that it was out of compliance."

"Those warnings constitute reasonable evidence that the board and the authority’s management were made aware of this situation. The fact you continue to ignore your legal obligations is unacceptable. This behavior demonstrates a fundamental misunderstanding of your fiduciary responsibilities and is a serious violation of your duty as a director or officer of this authority," reads the letter.

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ABO Review of Clifton Park IDA

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