Did you know? Well now you do! – DiNapoli says Govs fav agency, the ESDC, is as an opaque and profligate silo / Plus debt has grown by 20%

Here and Now, DiNapoli, the ESDC is as an opaque and profligate silo

State Comptroller Tom DiNapoli took a major swipe at one of the governor’s favorite agencies, saying ESDC, the primary economic-development arm of the Cuomo administration, is as an opaque and profligate silo that pays almost a quarter of its employees more than $100,000 a year.

http://www.nystateofpolitics.com/2015/02/here-and-now-1204/

DiNapoli Surveys Empire State Development Corp.

An economic profile of the state’s job-creating entity, the Empire State Development Corp., found little available financial data for its various subsidiaries, while reports that highlight its results were similarly lacking, a report conducted by Comptroller Tom DiNapoli’s office found.

Debt at ESDC, meanwhile, has grown by 20 percent over the 2013 fiscal year, totaling more than $10.7 billion.

“New York state spends hundreds of millions of dollars each year to spur economic development and job creation through ESDC programs,” DiNapoli said. “New Yorkers deserve more thorough accounting about whether these programs are achieving desired results.”

ESDC’s reported job creation from its various programs totaled 2,424, but it’s unclear from its public assessments of how those jobs are actually created.

Cuomo on Long Island pushed back against questions over whether the tax credits and incentives provided by ESDC have been effective.

“I disagree with the comptroller fundamentally and on his concept on economic development,” Cuomo said. “This state lost its primacy in creating jobs over the last decades. To the extent that the comptroller thinks we should go back to the old way that saw New York losing jobs, I couldn’t disagree more strongly.”

http://www.nystateofpolitics.com/2015/02/dinapoli-surveys-empire-state-development-corp/

Here’s the full report:

PA by the Numbers ESDC 2 15 by Nick Reisman

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