TRENTON – Senate President Steve Sweeney (D-Gloucester/Salem/Cumberland) issues the following statement on the Office of the State Comptroller’s (OSC) report regarding its audit of the New Jersey Economic Development Authority (EDA).

“When we passed the legislation for these tax incentive programs, we included standards for oversight and we expected them to be followed. As this report clearly states, the oversight requirements were not followed. That has to be rectified with any new incentive programs. We will work with the administration to create replacement programs that address the same priorities of generating economic growth, creating and retaining jobs and expanding long-term opportunities. The new incentives must include significant oversight and accountability so that the programs maximize their effectiveness and do not squander resources. Recommendations from the comptroller’s report should be used to make the current programs function more efficiently and should be considered to ensure the new programs are well implemented.”