posted on January 20, 2011 07:16
A newly released state report is highly critical of Genesee County’s Economic Development Center over bonuses paid to EDC employees.
In one case, the report suggests a bonus payment be referred to a law enforcement agency for review.
The New York Authorities Budget Office, or the ABO, prepared the report. The ABO is responsible for financial oversight of local industrial development agencies.
The ABO recommends that the Genesee County EDC recover more than $344,118 in bonuses paid to employees over the past five years.
The report is especially critical of the bonus paid to EDC President Steve Hyde. In 2009 Hyde was paid a bonus of $60,000.
Hyde’s base pay is now $153,000, the highest in the state for any industrial development agency, according to the ABO.
The report noted that the EDC justifies the salaries and bonuses by noting that the compensation is consistent with private industry.
The ABO report goes on to note that through August of 2010, the Genesee County EDC supported 16 projects and generated commitments for only 50 jobs over the next three years.
Download entire report HERE