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Glen Cove IDA prepares for state audit

The comptroller's office will conduct a report on "internal controls" at the city IDA. Mayor Timothy Tenke had requested an audit when he took office last year. 

The state audit of the Glen Cove IDA

The state audit of the Glen Cove IDA will cover 2018 through mid-May, officials said.  Photo Credit: Howard Schnapp

The New York State Comptroller’s Office is planning to audit the Glen Cove Industrial Development Agency, officials said.  

The IDA was notified by the comptroller’s office earlier this month that it had been selected for an audit, which will focus on “policies and procedures related to internal controls at the District,” a letter from the comptroller’s office to the IDA reads.

Tania Lopez, a spokeswoman for State Comptroller Thomas DiNapoli, said the audit is part of an initiative to review several of the state’s IDAs.

Anne LaMorte, IDA chief financial officer, said the audit will likely cover 2018 to mid-May 2019 but didn’t know when it would be completed. LaMorte said the IDA is cooperating with auditors and has gathered financial information for the comptroller’s office to inspect.  

“We don’t have anything to hide,” LaMorte said. “They call every year, we go over a couple of numbers. I send them back up. It’s pretty benign.”

Some of the requested 2018 and 2019 documents include cash disbursements, cash receipt, payroll activities, a list of vendors and customers and a monthly retirement report, according to an attachment to the letter.

Glen Cove Mayor Timothy Tenke, the chairman of the IDA, requested an audit when he first took office last year, LaMorte said. A spokesman for Tenke confirmed the mayor requested the audit but declined to comment further.

LaMorte said the timing of the audit could also be related to “recent hype about the IDA.”

Five members of the Glen Cove City Council last month called on the IDA to determine if RXR Glen Isle Partners — the developer of the $1 billion waterfront development at Garvies Point — was in default for failing to submit certain documents.

The 2016 agreement, in which the IDA approved hundreds of millions of dollars in tax breaks, required RXR to annually submit documents detailing the number of jobs the project would create. Some of those documents appeared to have been filed almost two years past due, though the IDA did not issue a default letter.

Councilwoman Marsha Silverman at a pre-council meeting Tuesday discussed possible legislation that would require the IDA provide the city with a financial impact statement whenever they grant financial assistance.

“It’s to make sure that when they are impacting the finances of the city, that the city actually sees it,” Silverman said.

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