Comptroller Stringer Announces Additional Transparency In Economic Development Corporation Spending Through Checkbook NYC Website
August 18, 2014
NEW YORK, NY – Comptroller Scott M. Stringer today unveiled a first-of-its-kind agreement with the New York City Economic Development Corporation (NYCEDC) to provide vendor names, contract amounts and payments to prime vendors contracted by NYCEDC to work on taxpayer-funded projects.
Comptroller Stringer also announced a new system-wide ‘Create Alert’ function that allows users to be sent emails if additional payments are paid to specific vendors or if payments are made on a specific contract.
“This is a landmark moment for transparency in City government that will benefit all stakeholders,” said Comptroller Scott Stringer. “With this data, taxpayers and policymakers alike will be better equipped to assess the role of economic development spending to ensure that it is being used to strengthen our workforce and create new jobs. I commend EDC on their commitment to sharing the details of these contracts, as well as all those they sign in the future.”
NYCEDC is a not-for-profit, mayoral-controlled public benefit corporation that operates under an annual contract with the City. This new NYCEDC Agency view in Checkbook NYC provides vendor information for $1.015 billion in spending across 260 separate NYCEDC contracts worth $1.5 billion registered with the Comptroller in Fiscal Years 2013, 2014, and 2015. Under the agreement, NYCEDC has committed to update vendor information for all projects contracted with New York City.
“We are proud to continue to work with the Office of the Comptroller to highlight critical economic development efforts underway,” said NYCEDC President Kyle Kimball. “Via the new Checkbook measures, and as part of the de Blasio administration’s commitment to transparency, New Yorkers can take a deeper look at how tax monies are being used to their benefit, fueling projects and programs that strengthen the economy and create new economic opportunity across the City.
In July 2010, the New York City Comptroller’s Office launched the beta version of Checkbook NYC, an online transparency tool that for the first time placed the City’s day-to-day spending in the public domain. The website provides unprecedented access to view and track how New York City government spends its nearly $75 billion annual budget. With the addition of NYCEDC contracts, Checkbook becomes a more complete and valuable tool to understand City spending.
Checkbook has since been ranked the top transparency tool in the nation for tracking government spending by the United States Public Interest Research Group, and was named the “Best External Application” in 2013 by Government Technology Magazine.
To see the update or view other contracts, spending, payroll, budget and revenue data, visit Checkbook NYC here.