NY Olympic authority faces cash-flow crunch

Published



ALBANY, N.Y. (AP) — The New York state entity operating former Olympic venues in Lake Placid continues to face cash flow problems and has had to borrow money to make payroll, according to a state audit released Wednesday.

Auditors found that the Olympic Regional Development Authority struggled with operating losses totaling $45 million between 2010 and 2013, and last year had to use a line of credit to pay workers and make its annual state pension contributions.

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