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Q&A
Responsibility for ensuring relevance and effectiveness of economic tax breaks
1:52:31
·
35 sec
Council Member Farías inquires about who in the city is ultimately responsible for ensuring that economic tax breaks remain relevant and effective. Andrew Kimball explains the roles of different city entities in this process.
- Kimball identifies EDC as primarily responsible for making decisions on tax breaks
- He mentions that the Department of Finance technically provides some breaks, like REAP
- OMB is noted for its rigorous review of these programs
- Kimball acknowledges the important oversight role played by the City Council
Amanda Farías
1:52:31
Great.
1:52:31
Thank you.
1:52:31
And just for the committee's information, who in the city is ultimately responsible for ensuring that the economic tax breaks are relevant and Is it EDC or OMB?
Andrew Kimball
1:52:42
I think it's EDC first and foremost because primarily we're making the decisions.
1:52:49
You know, in a program like REAP, we don't have you know, it's it's as of right essentially, so DOF, Department of Finance, technically provides the break.
1:52:58
OMB is very rigorous in reviewing all these programs and we know that counsel oversight will be there as well playing their appropriate role.