Last Thursday, Comptroller Tom DiNapoli released a report that is critical of the Empire State Development Corporation (ESDC), the state’s primary economic development agency. The report finds little evidence that the monies that ESDC provides to companies in tax breaks to attract and retain jobs actually work. The report also finds that ESDC has increased its debt load by 20% from 2013 to 2014, and that nearly a quarter of ESDC’s 290 employees earn $100,000 or more.
According to the report:
“While ESDC has been charged with administering more than 50 economic development programs, it provides little public information regarding the results of taxpayer-funded investments in its initiatives. ESDC makes no public assessment of whether its disparate programs work effectively together, whether such initiatives have succeeded or failed at creating good jobs for New Yorkers, or whether its investments are reasonable in relation to jobs created and retained.”
Gov. Cuomo, when asked about the report and its findings, said that he disagrees with it, and that he sees ESDC as reversing the trend of the state losing jobs, and instead bringing jobs back to the state.