The CNY Regional Market is looking at a new financial plan and structure, thanks to efforts from county and state leaders.
Onondaga County Legislators and State Assemblyman Bill Magnarelli are stepping in to help the Regional Market get its finances under control. The lawmakers’ help is in response to a state audit released last month which found the market in a poor financial state.
The Onondaga County legislature voted this week to accept a $100,000 grant from the Empire State Development to help fund the creation of a new financial plan. The county will also be providing up to $225,000 of county money. County Legislator Brian May said it’s an investment for the community’s future.
“The fact that Onondaga County is stepping up and being the catalyst for this whole initiative is a wonderful thing and should only be taken that way,” May said.
And newly passed state legislation will alter how the board is structured, adding more financial accountability. Assemblyman Bill Magnarelli (D-Syracuse) sponsored legislation to create additional spaces for county and city positions on the market authority’s board among other accountability precautions.
“What we are trying to do is bring more accountability to that entity, making sure we strengthen the board a little bit and move forward with trying to reconstruct the market and bring it into the 21st century,” Magnarelli said.
Additional precautions include creating an updated Code of Ethics and requiring a full board majority vote to take action.
Magnarelli said he commends the county legislators for stepping in but expects a majority of the funding will need to come from the state.
