OLEAN – Now in existence for three years, the Olean Local Development Corporation is operating in the red after paying to help get the Olean Oilers baseball franchise off the ground.
An audit of the fiscal years ending May 31 presented by Scott Reed, an accountant with Buffamante, Whipple, Buttafaro of Olean, found the OLDC’s books in order and showed it had a steady account of about $2,100 in 2010 and 2011.
That amount ballooned in 2012.
“That’s when the activity really began for the corporation,” Reed said. “That was when donations and other income was starting to really hit the account.”
The corporation began the 2012 fiscal year with $33,150 in its accounts.
“That was the apex of the funds,” said Fred Saradin, city of Olean Auditor.
From that amount, a $12,140 payment to the New York Collegiate Baseball League for franchising of the Oilers, and some other licensing-related fees, as well as $5,568 in other fees and expenses, left the OLDC with $17,542 in its accounts at the end of May 2012.
When bills yet to be paid – such as transportation and lodging for the players – were factored in, the corporation closed the year $3,000 to $5,000 in debt, according to Saradin.
In other news, a construction update from Olean Public Works Director Tom Windus revealed that plans to extend the southern curb on the north side of Bradner Stadium by four feet will have to be altered because of utility lines under the road.
The renovations to the stadium’s access tunnel are planned to begin after the high school regular season ends Oct. 12.
The corporation’s next meeting is scheduled for 9 a.m. Aug. 15 in the mayor’s conference room of the Olean Municipal Building.