Empire State Development Corporation (ESDC or ESD)

"ESDC does not publicly assess whether individual projects would have occurred without its involvement, or the overall impact of its programs on New York’s economic performance relative to the nation."   - pg 5

"ESDC is both an economic development agency and a financing vehicle for the State. Its debt outstanding totaled more than $10.7 billion for its fiscal year ended March 31, 2014, and increased 20 percent compared to 2013. Almost that entire total is State-supported debt, or borrowing conducted on behalf of the State. ESDC is one of the primary vehicles for such “backdoor borrowing,” which is conducted on behalf of the State with no requirement for voter approval."  pg 5

from page 8:

"Most public authority spending is not appropriated in the State Budget and, therefore, not captured by New York’s Statewide Financial System. This reliance on spending outside the State budget makes it difficult to track public authority expenditures in detail and assess whether authorities are operating efficiently and in the public’s interest. The off-budget nature of spending by public authorities can also undermine capital planning efforts, as it is difficult to assess whether the State’s critical infrastructure needs are being met."   page 22

ESDC programs and subsidiaries are listed in App A and B.


Ref: http://www.osc.state.ny.us/reports/pubauth/PA_by_the_numbers_ESDC_2_15.pdf (Feb 2015)