NYC Government Publication

An audit report was filed on June 2, 2010 on the payment by Empire City Subway (ECS) of license fees due the City and compliance with certain provisions of its license agreement. The audit determined whether ECS accurately reported its annual profit and paid its franchise tax payments on a timely basis, and whether DoITT has ensured that ECS complied with the provisions of the agreement. It was determined that ECS generally adhered to the requirements of the license agreement and paid all franchise tax payments that were due during the audit period in a timely manner. However, ECS financial statements were not certified by an independent public accounting firm. ECS also improperly ran operations to caclulate excess profits that may be due the City by including the costs of unassigned and unidentified conduits. Recommendations were made to rectify these issues.

Agency

• Comptroller (COMP)

Subject

• Finance and Budget

Report type

• Audit Report

Date published

• 2010-06-02

Items

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	7657_Audit_On_The_Payment_By_Empire_City_Subway_Of_License_Fees_Due_The_City_And_Compliance_With_Certain_Provisions_Of_Its_License_Agreement.pdf	2020-05-09	Download