Westchester County IDA reports strong financial position and continued economic impact

White Plains, NY The Westchester County Industrial Development Agency (WIDA) reported a strong financial position and continued economic impact across Westchester County, according to a financial review presented by its Audit Committee and independent auditor, PKF O’Connor Davies, at the agency’s March 30 monthly meeting.

The report showed that total revenue and financing sources reached $1,481,936 in 2025, an increase of $465,784 from $1,016,151 in 2024. Total expenditures in 2025 were $916,221, representing a decrease of $358,066 from $1,274,287 in 2024.

Total assets as of December 31, 2025 were $8,386,809, and total liabilities were $2,903,542, resulting in a net position of $5,483,267. This represents an increase of $565,715 from the 2024 net position of $4,917,552. The Agency also earned $178,259 in gross interest income for the period January 1, 2025 through December 31, 2025 from interest-bearing operating accounts, money market accounts, and certificates of deposit.

Westchester County executive Ken Jenkins said, “The latest auditor’s report highlights the fiscal discipline and the successful impact of our strategic economic development efforts that have kept Westchester on a strong path forward. Our growing assets reflect responsible decisions and a stable financial position. This strong foundation allows us to further invest in projects that create jobs, expand our tax base and keep Westchester a premiere destination for innovation, investment and opportunity.”

Westchester County deputy county executive and Industrial Development Agency board chair Joan McDonald said, “This report reflects the strong governance, financial oversight, and transparency demonstrated by our Audit Committee. Their work maintaining strong internal controls and sound financial management practices has helped reinforce the Agency’s financial position and long-term stability. I thank the members of the Audit Committee for their continued dedication and service.”

Westchester County Industrial Development Agency audit committee chair Aleida Frederico said,“The Audit Committee remains focused on maintaining strong financial controls, transparency, and accountability while supporting projects that align with Westchester County’s economic development goals. We are proud to help ensure that the IDA remains financially strong and well positioned to support strategic economic growth in Westchester County.”

In 2025, WIDA continued to further its mission to strategically provide resources and encourage economic investment and job growth within Westchester County through a variety of programs. During the year, WIDA closed two residential projects – Crescent Manor in Ossining and 70 Westchester in White Plains  –  approving approximately $6.5 million in sales tax and mortgage recording tax exemptions. These two projects represent a total private investment of $142.3 million and are expected to create 264 construction jobs and 41 full-time equivalent jobs.

In addition, in 2025 WIDA, through the County’s Housing Flex Program, closed on $38.5 million in loans to six projects. An additional four approved project loans totaling $23.5 million are forecast to close in 2026.

The Westchester County IDA continues to play a critical role in supporting economic development, housing development, and job creation throughout Westchester County by leveraging private investment and providing strategic financial assistance to projects that strengthen the County’s economy.