The Central New York Regional Market Authority is facing “poor financial management” according to a recent state audit.
In the audit release New York State Comptroller Thomas DiNapoli said the CNY Regional Market “needs to turn its financial operations around.” The audit found that the board did not properly manage the authority’s financial condition relating to budget, operations and expenses and some property purchases. Assemblymember Bill Magnarelli said the board needs to address the concerns.
“Now more than ever we are going to have to have a board that is really looking at things, finding out exactly what the revenues are, the expenses are, how to make better decisions as far as revenues and expenses are concerned,” Magnarelli said.
A statement released by the Regional Market Authority’s Executive Director Amanda Vitale, says that “loss throughout the pandemic, in addition to the stress of managing a fifty acre facility that is largely original to its 1930s construction” were a “huge stressor” to the Authority. The statement said the board is working “diligently” on a new corrective plan.
Vitale said the market is still looking to revitalize their facilities.
“Our ultimate goal is really to better serve our community through the modernization of our space,” Vitale said.
Magnarelli, whose 129th district is home to the market, said the market will need serious help to stay afloat, something that could take years to achieve.
“It’s very troubling to have such an audit come out, but I do believe that we can put things back together and hopefully rectify things in the future,” Magnarelli said.
