State report adds Valatie LDC to ‘delinquent’ list

ALBANY – The state Authorities Budget Office (ABO) has released a report identifying state and local authorities that have failed to file one or more required financial reports as of January 20. As a result, these authorities are considered out of compliance with accountability, transparency and reporting requirements of state law.

Authorities are independent entities created by state or local governments to perform specific governmental tasks. Two of the delinquent authorities on the new list are in Columbia County: the Village of Valatie Local Development Corporation (LDC) and the City of Hudson Community Development Agency.

According to the report, Hudson’s Community Development Agency is delinquent with its annual report, which was due in March of last year. The Valatie LDC did not submit its budget, annual report or audit.

Most of the 139 delinquent authorities on the list have annual reports or audit reports that have remained uncertified and un-submitted more than 60 days past the statutory reporting deadline or have not certified and submitted a budget report more than 90 days after the reporting deadline.

Releasing this list publicly constitutes an official warning to the directors and management of these authorities pursuant to Section (6)(2)(f) of Public Authorities Law.

Failure to correct to submit the necessary reports leads to additional enforcement action by the ABO, the agency’s release said.

Valatie Mayor Diane Argyle said that the LDC is a corporation separate from the village. She confirmed that the LDC owns the US Hotel building and the Trolley Station on Main Street in the village.

Jason Nastke, the president of the LDC, said in an email, “We apologize to the public for not timely filing the budget report. We are currently in the middle of auditing our financials, which will be posted immediately upon release.”

He said the US Hotel is for sale and the LDC is looking for a buyer. “Once we have disposed of the US Hotel, we look forward to dissolving the LDC,” he wrote.

The ABO reports that 139 delinquent authorities have failed to file one or more required reports, of which 96 are not-for-profit corporations; 31 are local public authorities; 7 are industrial development agencies; and 5 are state authorities. Sixty-two of these authorities failed to file any of the required reports (budget, annual and audit reports) for the most recent reporting period. Fifty of these authorities are not-for-profit corporations.

The Authorities Budget Office has posted the complete list of delinquent authorities on its website: www.abo.ny.gov.

 

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