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NY Olympic authority faces cash-flow crunch - WCAX.COM Local Vermont News, Weather and Sports-

NY Olympic authority faces cash-flow crunch

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ALBANY, N.Y. (AP) - A state audit has found that the public entity operating former Olympic venues in Lake Placid continues to face significant cash flow problems and has had to borrow money to make payroll.

An audit released Wednesday by New York Comptroller Thomas DiNapoli determined the Olympic Regional Development Authority needs to improve its financial practices.

The auditors found that the agency struggled with operating losses totaling $45 million between 2010 and last year. In addition, last year the authority dipped into a line of credit to pay workers and make its annual state pension contributions.

The authority operates the 1980 Olympic facilities as well as ski areas at Whiteface and Gore mountains in the Adirondacks and Belleayre in the Catskills.

A spokesman says the authority is working to reduce costs and increase revenue.

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