IDA Receives Clean Audit Report
The Industrial Development Agency’s Audit Committee received a clean report Tuesday morning.
Committee members met to discuss a preliminary audit performed by Buffamante Whipple Buttafaro, P.C., involving the agency’s fiscal year for 2013.
“During the course of the audit, if there are any circumstances that exist that we consider to be a material weakness or deficiency, we’re required to report on it,” said Dave Ditanna, partner with BWB. “Reports were clean and we have nothing to bring to your attention with respect to weaknesses or noncompliance.”
Ditanna said there was a positive amount of $129,000 after revenues and expenses were calculated.
“There are a lot of moving parts, but at the end of the day it’s comparable to where the IDA was last year,” he added.
Audit Committee members were most satisfied with the fact that $4 million in loans were issued to local businesses over the course of 2013, and there was $11.94 million in outstanding loans as of Dec. 30.
“We continue to try to stick with our mission and our goals,” said Rich Dixon, chief financial officer for the IDA.
The goal of the agency is to facilitate development by attracting new businesses and promote retention and expansion of existing businesses.
In 2013, 10 loans were awarded to local businesses, the largest in the amount of $904,746 to Ruhlman Industrial Properties for a new building and $2 million lathe.
An amount of $550,000 was lent to Gren Ventures LLC for an expansion project on Mason Drive in the Mason Industrial Park in the town of Ellicott. The building will be a recycling and warehousing center, and four additional employees were hired in December.
“John (Gren) could have moved his business out of the county,” Dixon said. “But he decided to invest his money and bring that business here.”
The next IDA board meeting will be at 10 a.m. on March 18 at the SUNY Incubator, 214 Central Ave. in Dunkirk.