NYC Government Publication
The City of New York Office of the Comptroller Audit Report on the Compliance of Brooklyn Baseball Company , L.L.C., (The Cyclones) with Their Lease Agreement June 15-2001 - December 31, 2002 FN03-111A
In June 2001, Brooklyn Baseball Company, L.L.C, and the NYC Department of Parks and Recreation entered into a 20-year lease agreement. This grants the Cyclones the exclusive rights to use KeySpan Park on Surf Avenue in Brooklyn. This audit determined whether the Cyclones complied with their lease agreement with the City; paid the appropriate fees to the City and whether they paid them on time. The Cyclones paid the City $1,131,196 in rental fees and Parks paid the Cyclones $200,000 related to net parking lot income. Audit findings include the significant weakness in the Cyclones internal controls that prevented the determination of whether actual attendance, no-shows, and recreated area attendees were reported accurately, and whether all appropriate fees due the City were paid. The Cyclones did not report $98,600 recorded on their books as rent revenue, therefore owe the City $49,300 in additional fees. The audit recommends to base actual attendance on their turnstile counts, as required by the lease, along with other recommendations.
- Agency
- Subject
- Report type
- Audit Report
- Date published
- 2003-06-27
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161_The_City_of_New_York_Office_of_the_Comptroller.pdf | 2020-05-10 | Download |