UTICA, N.Y. (WUTR/WFXV/WPNY) – New York State comptroller Thomas DiNapoli has released an audit of the Utica Harbor Point Development Corporation, which looks at their financial activity and if they established realistic budgeting.

“We didn’t have any money forever right and then everything after that was consultants they were tracking a grant so every meeting we were talking about how we need to spend this money do we have the money in the grant and then we can take it from here so there was oversight going on but it wasn’t transparent enough,” said Vincent Gilroy, Chairman of the Utica Harbor Point Development Corporation.

The audit’s key findings showed that the board adopted budgets that did not include realistic revenue and expense estimates, which caused funding gaps, and as of December 9th of this past year the corporation’s projected costs exceeded revenues by about $2.3 million. Gilroy explains that they did not have anything to budget for because at the time they did not have any money coming in.

“So, now we’re projecting and looking at what’s going to happen down the road we have a lot of activity in there again all of sudden after covid so we’re budgeting accordingly because we’re going to have some excess money once we’re done selling the land,” said Gilroy.

The report also found that while funds for two projects, officials relied on lines of credit to provide cash flow for several years.

“We would go to NBT Bank and they would advance the line of credit against the grants we would get reimbursed by the state we would pay the bank and that was going great until covid hit, and everything stopped, and getting the money back from the grants and the states slowed down so we have an agreement with the bank now,” said Gilroy.