From an audit conducted on the Fifth Avenue Business Improvement District (BID), it was found that the BID generally complied with its plans and contracts. It has adequate controls over its fund and operations, but communication between the BID and its members can be improved. Recommendations have been made to rectify the issue.
From an audit conducted on the Board of Elections, it was found that the Board successfully completed the S-Elect Project. The overall goals and requirements were met, but the Board needs to improve the project's security and implement a recovery plan. Recommendations have been made to address these issues.
From an audit conducted on the Pomonok Neighborhood Center, Inc., it was found that Pomonok made improper payments and did not follow the terms of the contract it made with the City. Pomonok's financial status was misrepresented and recommendations have been to address these issues.
From an audit conducted on the New York Yankees, it was found that the Yankees did not make proper payments, leading to an overstatement of the rental credits submitted for the First Quarter of 2006. Recommendations have been made to address the issue.
This report details the City of New York's financial and economic state for Fiscal Year 2006 and includes projections for Fiscal Years 2007-2010. The City's economic state for 2006 is stable and strong, though this may precede less growth in the coming years.