DUTCHESS COUNTY COMPTROLLER ROBIN LOIS ISSUES AUDIT REPORT ON DUTCHESS STADIUM

DUTCHESS COUNTY COMPTROLLER ROBIN LOIS ISSUES AUDIT REPORT ON DUTCHESS STADIUM

Poughkeepsie, NY – Dutchess County Comptroller Robin Lois today issued an Audit Report on Dutchess Stadium, the County-owned facility that serves as home of the Hudson Valley Renegades. This audit was performed at the request of the Legislature upon a rushed approval for $3 million in capital improvements in December of 2018, and in anticipation of an additional $4.5 million in capital improvements slated to begin in 2021.

This audit report finds the capital projects for the Stadium have not been properly planned for and fully disclosed in the County’s 5-year capital plan.

“Adopting and following a comprehensive capital plan must be emphasized as a necessary tool to prioritize projects, plan for debt financing, and ensure transparency to the taxpayers,” stated Dutchess County Comptroller Robin Lois. “Although the County had knowledge of the needed repairs for several years prior to 2018, the request for funding was hurried and omitted from the budget.”

The County currently has an Empire State Development Incentive Proposal which offers to reimburse the County $1.5 million of a total capital investment of $11.945 million at the Stadium. The 2021 proposed 5-year capital plan falls $4.4 million short in planning for the funds that must be expended by April 2022. Although the full project funding is not disclosed in the capital plan, the full $1.5 million grant revenue is incorrectly being budgeted as receivable. This overstatement of revenue has been cited in the report as an additional audit finding.

“All budgeted grant revenues should match source agreements or not be budgeted at all,” said Comptroller Lois.

The County currently has a 5-year lease extension with the tenant that expires December 31, 2023 and will soon need to be re-negotiated. “The new lease agreement must safeguard taxpayer funds while planning for improvements to the quality and experience for the Stadium tenants and visitors alike,” stated Comptroller Lois. “A fair and equitable lease would include remittance for operating expenses and allowance for anticipated increase in annual capital bond and interest costs incurred by the County.”

This audit report proves timely as the Hudson Valley Renegades and the New York Yankees recently confirmed their affiliation, with the Renegades to be the Yankee organization’s new high Single-A level minor league team. This venture is expected be an economic boon for the ball club and county tourism with a large increase in season games and visitors to the Stadium.

A full copy of the audit report and its findings can be found by clicking here (.pdf)

Author: Harlem Valley News