BOOKS IN GOOD ORDER: Yonkers IDA And YEDC Pass Auditing Process With Flying Colors

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A rendering of Extell’s proposed redevelopment of Alexander Street riverfront property, that expected to be built in phases over a 10-year period with Yonkers IDA incentives. Some Yonkers officials say this property that sits between the Yonkers and Glenwood Train stations would help the city to turn around its yearly budget sagas.

YONKERS: In Two Separate Public Meetings Accountants PKF O’Connor Davies LLP Informed The Yonkers Industrial Agency (YIDA) And The Yonkers Economic Development Corporation Audit Committees That After A Detailed And Legal Government Auditing Standards Process They Found no Control Deficiencies.

This is commendable, because the the Yonkers IDA, Executive Director Jaime McGill has an exceptionally small staff that deals with extremely complex financial structures.

However, the Yonkers IDA did suffer a $500,000 loss for the year that was made up by the fund balance.

This was mainly because a seven year old $2.6 Million loan to the currently unprofitable Larkin Garage was forgiven, by converting it into a grant.

But, Shawn Griffin, Esq. of Harris Beach LLP put in place a legal caveat, that if and when the Larkin Garage became profitable it would be required to repay the IDA for over $300,000 in expenses inured on the deal for over seven years.

YIDA And YEDC Chairwoman Hon. Cecile D. Singer and other board members did their due diligence by engaging the PKF O’Connor Davies repeatedly with questions about the highly complex financial arrangements covered in the audit.

IDA Executive Director Jaime McGill’s staff was very transparent in providing any and all documents requested and needed by the press to properly inform the taxpayers of Yonkers.