IDA Report: Cost to Create Jobs Increases,
While Actual Jobs Declined
Industrial Development Agencies (IDAs) reported 4,130 projects in 2007 compared to 3,813 projects in 2006, yet the total number of jobs created declined by more than 2,000 jobs and the cost to create a job increased from $4,195 in 2006 to $4,527 in 2007, according to an annual report examining the performance of IDAs released today by State Comptroller Thomas P. DiNapoli.
This is the second annual report released by DiNapoli looking at the performance of the stateís 115 IDAs. Last yearís report found data reported by IDAs was inconsistent and incomplete, making it difficult to determine the number of jobs created and the cost to taxpayers. As a result, DiNapoli announced that his office would increase oversight of IDAs and would suspend IDAs from offering state tax exemptions if they failed to meet reporting requirements. In 2008, DiNapoli suspended nine IDAs. IDA Financial and Employment Statistics
- IDA: Broome County; Cost per Job: $15,211
- IDA: Steuben County; Cost per Job: $952
- IDA: Tioga County; Cost per Job: $1,164
- IDA: Chemung Conty; Cost per Job: $2,174
In 2003, the Comptrollerís office undertook efforts to improve the accuracy and quality of the data reported by IDAs, and collaborated with the Authority Budget Office to develop a comprehensive online reporting system called the Public Authorities Reporting Information System (PARIS) that was implemented in November 2007. This is the first year that IDAs have reported their data in PARIS. DiNapoli noted that changes have been made in PARIS to make it easier to evaluate job creation goals, clawback provisions and other information.
IDAs are independent public authorities that offer real property tax, sales and mortgage recording tax exemptions, and low interest rate bonds to attract, retain and expand businesses. There are currently 115 active IDAs. New York State Comptroller
February 26, 2009