NYC audit rips de Blasio handling of costly ferry project
Fox News
Under Mayor Bill de Blasio, a New York City agency hid more than $224 million in spending on a city ferry system that lost millions of dollars every year, a new report shows.
"The audit determined that EDC did not disclose over $224 million in expenditures as ferry-related in its audited financial statements and that the actual subsidy per ride is approximately double the originally projected cost," City Comptroller Brad Lander said in a letter to New York City residents that accompanied the audit report.
Lander continued, stating that the audit found that "EDC understated the City’s subsidy for the ferry operations by $2.08, $2.10, $3.98, and $4.29 for Fiscal Years 2018, 2019, 2020, and 2021, respectively." According to the audit report, during that time, the ferry system’s net losses were, respectively, $44 million, $53 million, $53 million, and $33 million.