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The RIOC Board has a variety of conflicts of interests and serious mismanagement (including its
legal department) that permit this to happen.
The ground leases permit assessments.
RIOC has poor finances short-, medium-, and long-term.
These concerns about conflicts of interest are important because it seems that RIOC Board members
are making decisions that prioritize their own personal interests (e.g., million dollar profits for each
of those RIOC Board members) rather than the benefit of RIOC, the benefit of RIOC's long-term
financial stability, or the benefit of the Roosevelt Island community. The direct conflict of interest is: the
RIOC Board determines the ground lease and the degree of profits taken out of the sales transaction,
e.g., higher contribution to RIOC (which better for Island's long-term finances) means less profits in the
pockets of 4 of the 6 RIOC Board Members.
$300 million walking off the Island benefits the people who are leaving the Island (including 4 of 6 RIOC
Board members), not us residents who will pay higher rent/maintenance (via RIOC assessments) for
decades to come.
These problems are further aggravated by mismanagement within RIOC's legal department. The
ground lease that defines the share of profits that go back to RIOC/etc.. Unlike other buildings (e.g.,
Southtown 3-5, Island House, and most likely Westview) which had to negotiate these lease provisions
in advance of the ground lease extension, and negotiate with a party (RIOC, ESDC, DHCR, Governor)
that could simply say No, what happened was the RIOC Board approved a ground lease extension that
purportedly was for simply refinancing at Rivercross, yet in fact gave Rivercross an Escape Clause to
get the Governor, ESDC, DHCR, and RIOC out of the loop on hard negotiations.
Here's an excerpt from the minutes of the December 2010 RIOC Board meeting (see attached
document):
"... Ms. Torres provided a brief background of the Rivercross ground lease. She informed the
Board that last week there were more negotiations with the representatives of the Rivercross
residents regarding their desire for a ground lease extension in order to refinance its existing
mortgage. According to Ms. Torres, RIOC is currently negotiating a proposal, which envisions
Rivercross remaining a Mitchell-Lama project. Rivercross' tenant association wants to refinance
their building's existing mortgage tomake major capital improvements to the building. Ms.
Torres asked for the approval of the proposed resolution to allow the Rivercross tenants to
secure refinancing before the currently favorable interest rates go up and the opportunity is
lost. ..."
The minutes (attached) of the January 2011 RIOC Board meeting say:
"... The second part of the resolution gives the authorization for the President to negotiate and
enter into the various agreements contemplated by the term sheet. Further responding to Mr.
Shinozaki's inquiry, Mr. Leitner noted that unless there was a significant and material change to
the terms of the term sheet, this is the final time this matter would come for Board approval. He
also noted that the purpose of the ground lease extension was to assist Rivercross to refinance
its existing mortgage and make repairs to the building."
What was promised, including the Board Resolution, did not happen (see January 2011 minutes). The
Rivercross ground lease extension has a particular BENEFIT that no other Roosevelt Island ground
lease has: the ability to send to arbitration any dispute over the profits on sales of apartments, i.e., an
Escape Clause (see Rivercross ground lease extension excerpt below). Furthermore, unlike the Island
House, Southtown, etc. ground leases and extensions, the Rivercross Ground Lease has no provisions
for assessments (known as community facilities payments, etc.), e.g., even though Island House will be
paying a million dollars a year cost.
I'm sure every building would like to not have the Governor, ESDC, DHCR, and RIOC driving a hard
negotiating stance: Wouldn't everyone love to make windfall profits, or to skip paying RIOC a portion of
their sales profits? I've heard Mr. Kramer of Hudson-Related was unhappy about having to pay too
Page 3
much ground lease money on one of his Southtown buildings (ST #5?). If Mr. Kramer had the
Rivercross Escape Clause, then he could just go to arbitration to renegotiate portions of the ground
lease. And ditto for Island House and Westview: if we had the Rivercross Escape Clause we could
have gone to arbitration, our ground lease extension would have taken a year to negotiate instead of a
decade. As I've learned from this decade of negotiations: What were the Governor, ESDC, DHCR, and
RIOC asking all along? They couldn't see tenants making obscene profits off a project that was
funded/subsidized by the State, and they wanted RIOC (and ESDC) to get their fair share of money.
This Rivercross-only benefit bestowed by the RIOC Board (of which 4 of 7 members were from
Rivercross) is inconsistent with the RIOC Board minutes and resolution, which call for staying in
Mitchell-Lama. The actual terms negotiated permit an exit from M-L, and give the Escape Clause that
gets RIOC out of its hard negotiating stance -- a bait and switch.
Once the RIOC Board resolution was approved, Rivercross got a $50 million 10-year loan with interest
only and a balloon payment, see reporting on this in July 2011 (Roosevelt Islander Blog,
"http://rooseveltislander.blogspot.com/2011/07/roosevelt-island-rivercross-mitchell.html"). Aside from
some of the bad economics (see the blog article), it sets up Rivercross as being forced into a marketrate buyout, i.e., backing into a market-rate conversion without negotiating it directly, and having an
Escape Clause (arbitration) that allows them to complete the market-rate conversion, and leaving the
Governor, ESDC, DHCR, and RIOC powerless to stop it -- unlike other M-L buildings on Roosevelt
Island which had to negotiate directly with RIOC/etc., who had a hard stance.
In the Rivercross ground lease extension (attached), provisions 4-5 were unnecessary if the purpose of
the ground lease extension were only addressing "refinancing" according to RIOC President Leslie
Torres: "which envisions Rivercross remaining a Mitchell-Lama project. Rivercross' tenant association
wants to refinance their building's existing mortgage to make major capital improvements to the
building".
I don't understand how the RIOC General Counsel can permit such an inconsistent implementation of
the RIOC Board resolution: reading the Board resolution, one gets the idea this is simply about
enabling "refinancing" and "remaining a Mitchell-Lama project", but the Rivercross ground lease
extension is very different. In the Board meeting minutes, there was no disclosure by RIOC Board
members that they had a conflict of interest in approving the Board resolution to extend the ground
lease of their apartments -- this is unconscionable for a General Counsel to overlook such a concern.
Furthermore, I have FOILed RIOC for documents declaring/reporting interests, including RIOC Board
members, but RIOC legal department reports there are no such records. Given these kinds of conflicts,
it seems that the RIOC legal department is doing a terrible job understanding conflicting interests, and
guiding this public authority on proper procedure and implementation of board resolutions.
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got its fair share to support the Island's finances. This, in fact, works towards the favor of the tenants of
those buildings to keep the building affordable long-term.
However, for Rivercross the owners are the tenants, so what Mr. Shane was fighting in Rivercross was
the unjust taking of windfall profits and, unfortunately, 4 of the 7 members of the RIOC Board were from
Rivercross. (Note: I made these points in Summer 2010 when Mr. Shane was fired.)
The following are some rough back-of-envelope numbers to get a sense of why windfall profits should
not go to Rivercross tenants. To get a refined Deserved Value, actual numbers would need to be
supplied, based upon historical data. There are three sets of numbers that are necessary to determine
that actual Deserved Value. To simplify, I'll assume the person purchased their apartment in 1977 and
kept it since.
The first number (X) is the purchase price of the apartment. Many Rivercross apartments were
purchased for very low prices (approximately $10,000) and remained low because profit-taking was
limited. The second number (Y) is that the building had a mortgage, which was paid off. I've heard the
average cost per apartment (for the 360 apartments) was $60,000.
The third number (Z) is the benefit each tenant received, which includes the tax benefits and low
mortgages because of the M-L program. I guestimate this by comparing M-L rentals to market rate
rentals, which I will use $200/month in 1977 as a differential (actual number is probably higher), and an
annual increase to this benefit of 6% (rate R2), which seems commonplace in real estate, but would
actually be replaced by historical numbers from, say, the Rent Guidelines Board.
This third number would increase every year: in 1977 the consumed benefit would be $200/month,
1978 it would be $212, and 1979 it would be $225, and so on. Even at at 6% rate (rate R2), the number
in 2013 would be approximately $1629, i.e., the cost of a two-bedroom Rivercross is at least $1629 less
per month (with tax benefits, etc. factored in) than a comparable market rate 2-bedroom apartment.
The first two numbers (X, Y) are the value of the asset: the purchase price + the underlying mortgage
(I'm ignoring the fact that the mortgage was paid over time, which would further decrease the value of
the investment). So in 1977 let's say the apartment was worth $70,000 ($10K purchase + $60K
mortgage). With the long-term appreciation of real estate at 6% (rate R1), this means the $70,000
asset in 1977, would then be worth $74,200 in 1978.
However, to get the value of what is deserved (Deserved Value), it's not just the raw appreciation, it's
also the additional benefits that are consumed every year that must be subtracted -- Mr. Shane's point.
With a consumed benefit of $200/month ($2400) in 1977, this would mean that a $70,000 asset would
subtract the $2400, which means $67,600 is the basis for then adding the 6% (rate R1) increase in
value, which would be $71,656 (not $74,200) for 1978.
In 1978, the monthly consumed benefit is now $212 ($200 * R2), so the result is $71,656 minus $212 *
12 ($200 * R2 * 12), which is $71,565 - $2,544, which equals $69,112; then it is appreciated by 6% (R1),
which gives $73,259 as the deserved value for year 1979.
Rolling that forward to 2013, the balance is a negative (-$127,159): so even if the Rivercross tenant
received zero dollars for selling their apartment, they would have come out ahead with $127K in other
benefits consumed over the years. (Note: Even if the numbers are tweaked with smaller growth of
benefit, the result is still negative in 2013.)
Essentially, that is what got Mr. Shane in trouble with the majority of the RIOC Board: there was no
reason to give windfall profits to the Rivercross tenants, who had already received their benefits during
the years of the M-L program. The windfall profits should go to the State (RIOC, etc.), who built the
infrastructure to make this all possible.
Page 6
Ashton Barfield
April 30, 2010
Roosevelt Island
Operating Corporation
of the State of New York
591 Main Street
Roosevelt Island, NY 10044
(212) 832-4540
rioc.ny.gov
Andrew M. Cuomo
Governor
Leslie Torres
President
Chief Executive Officer
Fernando Martinez
Vice President
Operations
Kenneth A. Leitner
Vice President
General Counsel
Steven Chironis
Vice President
Chief Financial Officer
Board of Directors
Brian Lawlor
Chairperson
Fay Fryer Christian
Katherine Teets Grimm
Jonathan Kalkin
David Kraut
Robert L. Megna
Howard Polivy
Michael Shinozaki
Margaret Smith
Director
The RIOC Board Meeting commenced following a public comment period, which was not part of the
RIOC Board Meeting.
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Section 3.
Mr. Lawlor noted that a new item, the authorization regarding the extension of the
Rivercross ground lease and transmission of explanatory statement, has been added to the
agenda. Although the item was marked as number seven, Mr. Lawlor suggested discussing this
item prior to the sixth item of new business.
Ms. Torres provided a brief background of the Rivercross ground lease. She informed
the Board that last week there were more negotiations with the representatives of the Rivercross
residents regarding their desire for a ground lease extension in order to refinance its existing
mortgage. According to Ms. Torres, RIOC is currently negotiating a proposal, which envisions
Rivercross remaining a Mitchell-Lama project. Rivercross tenant association wants to refinance
their buildings existing mortgage to make major capital improvements to the building. Ms.
Torres asked for the approval of the proposed resolution to allow the Rivercross tenants to secure
refinancing before the currently favorable interest rates go up and the opportunity is lost.
In response to Ms. Smiths question, Mr. Leitner explained that the resolution currently
before the Board contemplates the preparation of an extension of the ground lease to enable
Rivercross to remain a Mitchell-Lama project. He noted that the proposed resolution facilitates
the Rivercross residents efforts in two ways: (1) it allows for the preparation of a reasonable
lease extension sufficient to obtain refinancing commitments from a lender; and (2) it authorized
the Corporation to send out an explanatory statement required under the Public Authority Law to
expedite the process of legal compliance.
In response to Mr. Krauts question, Mr. Leitner explained that the next step would be for
Rivercross representatives to come to RIOC with a specific proposal containing the terms and
conditions of an actual refinance offer from a lender. Mr. Lawlor noted that any lease extension
to be signed will be consistent with the terms of the proposed resolution, including a 3% rent
increase and no increase in the tax equivalency payments. Mr. Leitner also noted that the
remaining terms of the lease extension would be negotiated and summarized into a term-sheet.
Furthermore, an appraisal would be prepared. Once the term-sheet and the appraisal are
finalized, a comprehensive deal would be brought back before the Board for a final
authorization, pursuant to the Public Authorities Law.
Mr. Kalkin noted that the extension of the Rivercross ground lease is a matter where time
is of the essence. However, he also noted that it has been a process that has been reviewed by
the Real Estate Development Advisory Committee (REDAC) and is not a last minute deal. In
turn, Mr. Kraut stated that while the time might be of the essence for Rivercross, it is not
necessarily so for RIOC. He also noted that REDAC has not voted on this matter. Nevertheless,
Mr. Kraut stated that he will vote for the measure because he would like for his neighbors in
Rivercross to improve their building. He also stated that he would hope to see, in any future
deals, that Rivercross and other WIRE buildings contribute to RIOC and Roosevelt Island in a
way that is similar to Eastwood and the other projects on the Island.
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Upon a motion duly made, seconded and carried by a unanimous vote in favor (Mr.
Lawlor, Ms. Anderson, Ms. Christian, Dr. Grimm, Mr. Kalkin, Mr. Kraut, Mr. Polivy and Ms.
Smith), the following resolution was ADOPTED:
RESOLUTION
AUTHORIZATION REGARDING EXTENSION OF RIVERCROSS GROUND LEASE AND
TRANSMISSION OF EXPLANATORY STATEMENT
_____________________________________________________________________________
WHEREAS, Rivercross Tenants Corp. (Rivercross) is the lessee under a
Ground Lease from the New York State Urban Development Corporation (UDC), as amended
and restated November 30, 1977 (the Ground Lease); and
WHEREAS, UDC's interest in the Ground Lease has been assigned to RIOC; and
WHEREAS, Rivercross wishes to refinance the mortgage on its property in order to
raise funds for necessary capital improvements and to keep the project in the Mitchell-Lama
program, and, in order to do so, needs to extend the term of the Ground Lease, which currently
expires in 2028;
now, therefore be it
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RESOLVED, that the President of RIOC be, and she hereby is, authorized and
directed to cause an extension of the Ground Lease to be prepared reflecting, that so long as
Rivercross continues in the Mitchell-Lama program (i) the term of the Ground Lease shall be
extended for an additional term of years sufficient to facilitate the proposed refinancing by
Rivercross, (ii) the Base Ground Rent payable to RIOC shall continue at the current level of
$2,624.48 per month, escalating 3% as of January 1, 2012, and cumulatively thereafter on each
anniversary of such date during the term,(iii) the Tax Equivalent Payments to the ESDC shall
continue to be determined under the "Shelter Rent" formula in accordance with the letter
between Rivercross and ESDC dated February 5, 2008, and (iv) and containing such other terms
as are mutually satisfactory to both parties, and in compliance with the terms of the Public
Authorities Law; and be it further
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RESOLVED, that the President be, and she hereby is, authorized to cause an
explanatory statement of the proposed transaction to be prepared and transmitted to those parties
entitled to receive such a statement under the Public Authorities Law; and be it further
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RESOLVED, that the President/Chief Executive Officer or her designee be, and she
hereby is, authorized and directed to take such further actions and execute such further
documents as are necessary or desirable to effectuate the foregoing; and be it further
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Directors Present:
Garry Connor
The RIOC Board Meeting commenced following a public comment period, which was not part
of the RIOC Board Meeting.
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Dr. Grimm arrived during the Presidents Report.
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Section 3.
The eighth item of new business was the presentation of the FY 2010-2011 QTR 3
procurement report.
Mr. Jagdharry briefly outlined the highlights of the third quarter procurement report.
Ms. Smith requested a more detailed report on the expenses from the Tram opening
event, including the cost of the scarves that were given out, as well as the media relations
contract. Furthermore, she requested to receive more information on the costs of benches and
waste receptacles across the Island. Mr. Jagdharry stated that the requested materials will be
provided to the Board.
*
Mr. Connor noted that Ms. Torres requested to reopen the Presidents Report. Ms. Torres
stated that the negotiations over Rivercross were recently completed, and that certain documents
were previously distributed to the Board including: (1) the proposed resolution authorizing RIOC
to enter into an extension of the ground lease and related documents; (2) term sheet; (3)
supporting memorandum from Jones Lang LaSalle; (4) financial analysis by Jones Lang LaSalle;
and (5) an appraisal. Therefore, Ms. Torres inquired whether there is a Board consensus to add
this item to the meetings agenda.
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Upon a motion duly made, seconded and carried by a unanimous vote in favor (Mr.
Connor, Ms. Christian, Dr. Grimm, Mr. Kalkin, Mr. Kraut, Mr. Polivy, Mr. Shinozaki, and Ms.
Smith), the proposed resolution authorizing RIOC to enter into an extension of the ground lease
and related documents was added to the agenda of this Board meeting.
In response to Ms. Smiths question, Ms. Torres stated that the present resolution is in
furtherance of the previous resolution on this matter, which was approved at the last Board
meeting. As such, now that the terms had been negotiated, an approval package is being
presented to the Board. In response to Mr. Krauts question, Mr. Leitner noted that, under the
proposed agreement, as stated in term sheet item nine, the base ground rent paid to the Empire
State Development Corporation (ESDC) would remain the same, while the amount paid to
RIOC will increase by 4% compounded annually. Mr. Shinozaki noted that the entire buildings
rent is less than that of some individual residential units in other buildings on Roosevelt Island.
Mr. Kalkin noted that the low rent was consistent with the purpose of Mitchell-Llama properties
to create and preserve affordable housing.
In response to Mr. Shinozakis inquiry, Mr. Leitner explained that there were two parts to
the resolution. The first part contains or refers to the materials that the Board is required to
review, as well as to the approvals and findings that need to be made in compliance with the
Public Authorities Law (PAL). The second part of the resolution gives the authorization for
the President to negotiate and enter into the various agreements contemplated by the term sheet.
Further responding to Mr. Shinozakis inquiry, Mr. Leitner noted that unless there was a
significant and material change to the terms of the term sheet, this is the final time this matter
would come for Board approval. He also noted that the purpose of the ground lease extension
was to assist Rivercross to refinance its existing mortgage and make repairs to the building. In
response to Mr. Krauts inquiry, Mr. Chironis stated he is confident in Jones Lang LaSalles
ability to deliver competent service.
Upon a motion duly made, seconded and carried by a vote of seven in favor (Mr. Connor,
Ms. Christian, Dr. Grimm, Mr. Kalkin, Mr. Kraut, Mr. Polivy, and Ms. Smith) and one opposed
(Mr. Shinozaki), the following resolution was ADOPTED.
RESOLUTION
AUTHORIZATION TO EXTEND GROUND LEASE
WITH RIVERCROSS TENANTS CORP.
AND ENTER INTO RELATED AGREEMENTS
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WHEREAS, Rivercross wishes to refinance the mortgage on its property in order to raise
funds for necessary capital improvements and to keep the project in the Mitchell-Lama program,
and, in order to do so, needs to extend the term of the Ground Lease, which currently expires in
2028; and
WHEREAS, by resolution of the Board of Directors of RIOC dated December 15, 2010,
the President of RIOC was authorized and directed to take such steps to negotiate an appropriate
amendment and extension of the Ground Lease on terms mutually satisfactory to both parties,
and in compliance with the terms of the Public Authorities Law, and to cause an explanatory
statement of the proposed transaction to be prepared and transmitted to those parties entitled to
receive same under the Public Authorities Law; and
WHEREAS, an explanatory statement was forwarded to such parties on December 17,
2010; and
WHEREAS, in conjunction with the extension of the Ground Lease, the parties also
intend to: (i) extend the term of the sublease to RIOC of the commercial space in the building
(the "Sublease"), (ii) provide for the continued payment of the Public Service Safety Fee during
the extended term, and (iii) provide for the reimbursement to RIOC of the expenses it will incur
in connection with these transactions; and
WHEREAS, RIOC's real estate advisor, Jones Lang LaSalle, prepared a (i) term sheet
dated January 16, 2011 setting forth the terms of the above-referenced agreements, a copy of
which is annexed to this Resolution, and (ii) a memorandum dated January 16, 2011 in support
of this transaction, which was distributed to the members of the Board of Directors of RIOC; and
WHEREAS, RIOC obtained an appraisal for this transaction, a copy of which has been
distributed to the members of the Board of Directors of RIOC;
NOW, THEREFORE, The Board of Directors finds and resolves as follows:
RESOLVED, that the Board finds as follows:
Section 1.
that the extension of the term of the Ground Lease is necessary in order to
allow Rivercross to refinance its existing mortgage in order to take
advantage of the low interest rates currently available in the market, while
still remaining in the Mitchell-Lama program, thereby enhancing
affordability for all its residents;
Section 2.
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Section 3.
the result of these actions will help RIOC maintain high quality, affordable
housing stock on Roosevelt Island, which is within the mission and
statutory purposes of RIOC;
Section 4.
and be it further
RESOLVED, that the President of RIOC be, and she hereby is, authorized and directed
to negotiate and enter into, in compliance with the terms of the Public Authorities Law, an
appropriate amendment and extension of the Ground Lease, an amendment and extension of the
Sublease of the commercial space, an agreement regarding payment of the Public Safety Service
Fee during the extended term, and a reimbursement agreement, all substantially on the terms and
conditions set forth in the attached term sheet; and be it further
RESOLVED, that the President/Chief Executive Officer or her designee be, and she
hereby is, authorized and directed to take such further actions and execute such further
documents as are necessary or desirable to effectuate the foregoing; and be it further
RESOLVED, that these resolutions shall take effect immediately.
*
COMMITTEE REPORTS
AUDIT COMMITTEE
Mr. Kraut stated that the Audit Committee did not meet.
GOVERNANCE COMMITTEE
Mr. Kraut stated that the Governance Committee did not meet.
OPERATIONS ADVISORY COMMITTEE
Mr. Kalkin reminded the Board that the Operations Advisory Committee last met on
December 9, 2010. Mr. Kalkin noted that, among other topics discussed, the Committee went
over the bus schedule, the LED lighting fixtures, the parking sensor pilot program, the possible
charging station at Motorgate, and the ferry dock service. He also announced that RIOC is now a
part of the Clean Cities project, which entails a non-binding commitment to certain
environmental protection policies.
REAL ESTATE DEVELOPMENT ADVISORY COMMITTEE
11
3/28/11
[End of Text]
By:
CONSENTED TO:
Senior
5TATEOF _ _ _ _ _ _ _ _ _ __
55:
COUNTY OF _ _ _ _ _-'---_ _
One the2
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personally appeared
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r. . . . Ei:;ZABETHSENCioN..........j
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COUNTY OF
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i
ELIZABETH SENelON
I
i Notary Public. State of New York !
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ary I2-t:Jblic
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
16.
Miscellaneous.
Nothing herein shall be deemed to amend or otherwise affect the notice of intent dated
December 8, 2011 or to toll any period with respect to the anticipated date of dissolution
stated therein, it being the intention of Sponsor that until the Affordability Plan Effective
Date occurs as and when contemplated herein, Sponsor shall retain all of its existing
rights with respect to dissolution.
17.
18.
Reimbursement.
Sponsor shall pay to RIOC the sum of $1 00,000 for reimbursement of all expenses
incurred or to be incurred by RIOC in connection with the Affordability Plan and the
Ground Lease Modification Agreement which shall be payable at the earlier of the
Master Cooperative Closing or three years from the date of the Ground Lease
Modification Agreement.
19.
20.
This is not an offering. An offering may only be made pursuant to an offering plan accepted for
filing by the New York State Department ofLaw. This Affordability Plan is intended to describe
the method for withdrawal of the property from the Mitchell Lama Law in accordance with the
regulations of the Division ofHousing and Community Renewal.
-237051879.9
the manner of the existing allocation for Public Safety Fees as between the Project (and
the other projects constituting the WIRE Buildings) and the other projects on Roosevelt
Island so as to equalize, on an equitable aggregate basis, the community facilities
charges, assessments and Public Safety Fees paid by all projects on Roosevelt Island
under the jurisdiction of the RIoe or its successors.
21.
This is not an offering. An offering may only be made pursuant to an offering plan accepted for
filing by the New York State Department ofLaw. This Affordability Plan is intended to describe
the method for withdrawal of the property from the Mitchell Lama Law in accordance with the
regulations of the Division ofHousing and Community Renewal.
-247051879.9
ARTICLE 40
service,
(ii) the central pneumatic collection system :for the disposal and removal of refuse
("AVAC"), (iii) minibus service, (iv) public safety or security services, (v) "community
service" worker, and (vi) maintenance of (A) landscape of all areas no_At
leased to other
tenants of Landlord, (B)the
(C) recreational and athletic facilities, and (D) parking in the Motorgate Parking Facility
and parking in other areas.
(b)
Base Rent, for the furnishing of any Island Service, except for services referred to in
Sections 3.1, 11.2 and 40.4 and charged under such Sections, but only if Landlord
imposes a charge for such Island Service on all other lessees of buildings on Roosevelt
Island containing residential
apartments,
otherwise provided herein, its pro-rata share (computed on the basis of the number of
Completed Units in the Building as a percentage of the then total of the completed
residential units on Roosevelt Island) of such charge as Rental under Article 3. Tenant's
share of such charges shall not be decreased by reason of a decrease in the number of
Completed Units in the Building resulting from a combination
or diminution in the
number of Units by Tenant. If Tenant fails to pay such charge, Landlord (in addition to
any other rights; and remedies provided herein) shall have all of the rights and remedies
provided in this Lease in the ease of non-payment of Rental.
142
collection
processes
acknowledges
for
such
charges
shall
be non-discriminatory.
Landlord
Island
pursuant to its enabling legislation, and charges for Island Services, if imposed, will be
for the purpose ,of providing funds for the provision thereof. Landlord agrees that it may
not impose charges for Island Services as a means of covering litigation costs or losses
incurred by Landlord as a result of litigation due to inadequate insurance coverage by
Landlord.
(c)
Additional
Island Service.
Landlord
additional
community services as "Island Services," provided, however, that New York City would
no longer be responsible as the local municipal government as a matter of law in the
absence of any contractual or lease obligations whatsoever
services.
In the event Landlord desires to have furnished any reasonable, necessary and
common areas and facilities in Southtown, which Landlord is not then providing without
charge elsewhere on Roosevelt Island, Landlord shall first offer Tenant and any other
subtenants of residential buildings that would be affected the opportunity to elect (x) to
perform or arrange for the performance of such services themselves,
without cost or
expense to Landlord, (y) to have Landlord perform (or arrange for the performance of)
such services at the sole cost and expense of Tenant and such other subtenants or (z) to
not have such services performed.
such service for Tenant if Tenant does not make any such election.
Any contractors
proposed for the provision of any such service shall be subject to Landlord's prior
written consent:, which shall not be unreasonably withheld or delayed if the proposed
contractor is not a Prohibited Person.
(d)
It is not the intention of this Article 40 to relieve the lessor under the Master Lease of its
obligation under Paragraph 3 of the Master Lease not to discriminate against residents of
143
Roosevelt
to the provision
of police,
service, in light of the need to implement substitutes therefor. Nothing contained herein shall be deemed
to relieve Landlord from liability to Tenant by reason of the negligence or wrongful acts of Landlord, its
agents or employees.
Section 40.3 Security.
(a)
Notwithstanding
safety services and Tenant's monthly payments therefor, Tenant, in addition, upon at
least forty-five (45) days' prior written notice to Landlord, may hire its own security
personnel
beyond the Premises without the approval of Landlord and provided further that the
public safety services of Landlord shall not be impeded or limited in their access to the
Building. Tenant acknowledges and agrees that Landlord shall not take responsibility for
patrolling the Premises or for the internal control and security of the Premises.
(b)
Landlord shall have the right to enter the Premises, subject to the rights of Subtenants,
in connection with performance of Landlord's public safety services, including the right
to enter the Building in response to calls from Subtenants or other occupants of the
Building or while in pursuit.
144
(c)
Landlord shall have the fight, at its cost and expense, to install antennae on the roofs of
the Building for a security radio provided (i) Tenant shall have approved the plans
therefor, which approval shall not be unreasonably withheld, (ii) the antennae shall
comply with all Requirements applicable thereto, (iii) such installation shall not violate
the provisions of any insurance maintained by Tenant, (iv) Landlord's transmissions
shall not interfere with Tenant's then existing Permitted Rooftop Equipment, and (v)
Landlord shall indemnify Tenant with respect to the installation, operation, maintenance
and repair of Landlord's antennae and the roof area to which it is attached, except to the
extent any loss, cost, damage, claim or expense results from the acts or omissions of
Tenant or any Subtenant (or any Person claiming by, through or under Tenant or any
Subtenant), or their respective agents, contractors, representatives, licensees or invitees.
Section 40.4 AVAC/Refuse Disposal.
(a) Tenant shall use the AVAC system serving Roosevelt Island for the disposal and removal of
all refuse for which it was designed by depositing all such refuse into the AVAC input stations which
Tenant shall construct. Refuse which the AVAC is not designed to process shall not be disposed in or
through the AVAC. Tenant agrees that, at its sole cost and expense, it shall dispose of and remove from
the Premises all refuse which the AVAC is not designed to process, in such manner as Landlord shall
approve pursuant to agreements entered into by Landlord on behalf of Tenant, which agreements shall be
subject to Tenant's approval, such approval not to be unreasonably withheld, or such other agreements as
Landlord shall approve, such approval not to be unreasonably withheld. If such disposal and removal is
pursuant to agreements entered into by Landlord, Tenant shall pay to Landlord, within ten (10) days after
demand, at Landlord's option, either (i) Tenant's pro rata share of all costs and expenses incurred by
Landlord under such agreements, or (ii) the costs and expenses attributable to the Premises which are
incurred by Landlord under such agreements. If Tenant fails to pay such costs and expenses, Landlord (in
addition to any other fights and remedies provided herein) shall have all of the fights and remedies
provided for by law in the case of non-payment
there is no condition or event to Landlord's knowledge, that would cause the termination of AVAC
service. Tenant shall, at Tenant"s expense, connect the Premises to the existing AVAC system and
maintain, repair and replace all AVAC facilities located on the Premises. Tenant and the other tenants of
buildings within Southtown, Roosevelt Island shall be collectively responsible for fifty percent (50%),
and Landlord shall be responsible for fifty percent (50%), of the costs of maintenance,
repair and
replacement of AVAC facilities serving Southtown; such collective fifty percent share to be allocated
severally to Tenant and other tenants served by a particular AVAC facility on the basis of the number of
buildings served thereby (e.g., :if an AVAC facility serves the Building and two other Southtown
buildings, Tenant's portion of such fifty percent share shall be one third).
(b) Notwithstanding
replacement of the AVAC facilities to be installed to serve the Building and Building #2, Building #3,
Building #4 and Building #6 (as such terms are defined in the Development Agreement) within the leased
premises of each such building shall be shared by those of such buildings as have been completed and are
occupied on a pro-rata basis (e.g, if the Building and such Building #2, Building #3, Building #4 and
Building #6 are completed and o,zcupied, then the tenants of each of them shall be responsible for onefifth (1/5) of such costs).
Landlord shall cause similar provisions to be inserted in the lease, if any, for
Building #6.
Section 40.5 Community Facilities
(a) As its allocable share of the cost of operating, maintaining, repairing, restoring, replacing and
upgrading the open spaces (including park land), the curbs, the street trees and similar community
facilities
(collectively,
the "Cornmunity
Facilities")
on Roosevelt
Island,
including, at Landlord's
election, the costs of creating and maintaining a reasonable reserve fund and of insuring the Community
Facilities or any part thereof, Landlord may require Tenant, for each Lease Year or portion thereof during
the Term, to pay to Landlord annually (the "Community
Facilities Payment")
an amount equal to
Tenant's Pro Rata Share of such costs, provided that such obligation to make the Community Facilities
146
reasonable detail, the costs and calculations used in determining the Community Facilities Payment.
Co)
For each Lease Year or portion thereof, as soon as shall be practicable after the end of
such Lease Year, Landlord shall submit to Tenant a statement setting forth (1) the costs incurred by
Landlord during such Lease Year and attributable to the Community Facilities, together with supporting
documentation,
and (2) Tenant's Community Facilities Payments as calculated pursuant to this Section
40.5. Within thirty (30) days of the date any such statement and documentation are submitted to Tenant,
Tenant shall pay the Community Facilities Payment made by Tenant for the Lease Year. Alternatively,
Landlord may require that Tenant pay one-twelfth (1/12) of the annual Community Facilities Payment on
a monthly basis, on the first day of each month.
Facilities Payment to calculate the monthly amount due. After the end of each Lease Year, Landlord shall
determine the actual Community Facilities Payment and if there is a shortfall, Tenant shall pay it to
Landlord within thirty (30) days of demand. If Tenant has overpaid, such amount will be credited against
Rental next due from Tenant.
Tenant shall continue to pay its monthly amount until a new amount is
delivered to Tenant.
(c)
Landlord shall have the right to transfer to a trust or other entity the responsibility of
performing Landlord's maintenance obligations and the right to receive installments of the Community
Facilities Payment directly from Tenant. Landlord shall give Tenant notice of the consummation of any
such transfer.
Notwithstanding
Thereafter, for .each Lease Year, such trust or other entity shall submit to
and other information required by this Section 40.5 and shall give notice
Tenant covenants and agrees that any outdoor recreational facilities and plazas which are
a part of the Premises shall not be fenced or otherwise enclosed nor access thereto restricted in any
unreasonable manner and, shall be maintained by Tenant in good repair and appearance.
Section 40.6 No Third Party Rights.
147
The provisions of this Article 40 shall not be deemed to grant any rights to any Person, including,
without limitation, any subtenant or other resident on or visitor to Roosevelt Island, except Tenant and/or
Landlord, and the terms of this Article 40 shall be enforceable only by Tenant and/or Landlord.
148
Budget Highlights
2-6
7-8
9-10
11
12
13-14
Budget Risks
15
16-19
20
21-41
42-62
63
Andrew M. Cuomo
Governor
Board of Directors
Donald D. Lewis
Acting President/Chief Executive Officer
Vice President/General Counsel
Steven Chironis
Vice President, CFO
(1,006,924) (4,021,848)
$1,705520
$2,517,012
(258,740)
$1,894,429
(170,326) (250,000)
(250,000)
Operations:
Staffing & Wages for the 5th consecutive year all non-union employees have not been budgeted for wage and COLA increases. As of the time of
the preparation of this budget, RIOC has proposed the same union wage increases as agreed to by the major State unions of 0%, 0%, 0%, 2% and
2% for the next 5 years to its union employees. The union wage contracts are presently in negotiation but with little progress towards an
agreement. The approved budget includes the addition of one full-time position, Engineering Project Manager with a starting salary of $68K and
three part-time positions that will required the pre-approval of The New York State Department of Budget due to the State hiring freeze.
Bus & Motorpool the seven bus fleet is not schedule to start replacement until 2018. The bus fare of $.25 has not risen since 1992 and the issue of
raising the fare will be addressed this year. The department has lost money each year and the amount subsidized is on an increasing trend as
follows:
Net Loss:
Projected
Approved
Actual
Actual
Actual
Actual
Actual
Budget
2009
2010
2011
2012
2013
2014
($596,513) ($635,714) ($711,798) ($863,574) ($1,068,960) $(1,051,515)
======= ======= ======= ======= =======
========
Page
Motorgate Garage is jointly operated by RIOC and Roosevelt Island Associates, owners of Manhattan Park Apartments, and is managed by
Central Parking, Inc. The net profits are shared RIOC (61%) & RIA (39%). RIOCs share of projected net income FY 2014 is $1,502,500.
Tramway the Tram operator, Leitner/Poma USA (LP) has entered into a five year operating agreement to operate the Tram through November
30, 2015. The agreement requires LP to pay all operating expenses including labor, training, parts & supplies and liability insurance (except
utilities and third party equipment maintenance costs) for a fixed monthly fee of $283,100 per month. Since the re-opening of the new Tram in
November 2010, ridership has increased whereby we are forecasting a net profit of $567,000 FY 2014. With operating costs fixed for the next five
years and with a projected increase in ridership we expect the net operating profit to trend upward.
Public Safety management is committed to limiting the current Public Safety level to 41.50 employees (PS Director, Deputy Director, Captain, 37
Public Safety Officers, and an administrative assistant and a part-time crossing guard), the same level that has been maintained the past four
years. Even though a number of recent events have placed additional demands on the public safety department: (i) The NYPD request to post a
public safety officer at each Tram station during rush hours (7am-10am & 4pm-7pm). (ii) The full occupancy of Southtown Buildings 5 & 6 has
increased overall population. (iii) Multiple construction projects, construction workers, traffic and dangerous work sites. (iv) Opening of
Southpoint Park has increased more areas to patrol and an increase of visitors to the Island. (v.) Increase in gang activity requiring special training,
overall crime has decreased on the Island. As discussed in last years budget, the Island Security Camera Project will enable the increase in
demands to be met through enhancing patrols and also strategic Island surveillance. For the 5 year period below the Public Safety net loss has
essentially remain constant as follows:
Net Loss:
Projected
Approved
Actual
Actual
Actual
Actual
Actual
Budget
2009
2010
2011
2012
2013
2014
($1,209,257) ($987,862) ($1,171,083 ($1,203,126) ($1,167,726) ($1,209,850)
======= =======
=======
=======
=======
=======
Engineering & Maintenance as discussed in the Capital Projects section, there are many major capital projects that are budgeted for the next 2
years. As a result, Management believes that it is imperative that an additional Project Manager be hired to help oversee these projects.
Page
Grounds this year Grounds Department was increased from 9 to 10 full time employees. With the opening of Southpoint Park and the
anticipated opening of the FDR Memorial we will wait and see if additional personnel will be needed. The basic maintenance (trash collection,
snow removal, lawn maintenance and Public Safety patrols) of FDR Memorial will be performed by RIOC with the understanding that our
services will be compensated by State Parks.
Sportspark / Field / Filming Fee / Other Revenues revenues are forecasted to increase approximately 15% from $522,000 to $598,000 FY 2014.
This is primarily from the result of an increase in projected Sportspark fees of $33,000 and Field Rental fees of $35,000.
Commercial Retail Rental Income as of August 1, 2011, all of the commercial retail spaces in the WIRE Buildings and at Motorgate under the
control of RIOC (except the Child School) were subleased to Hudson/Related Retail, LLC (HRR). Terms of the contract called for a guaranteed
monthly rent of $75,000 plus 50% of net profits after payment of the guaranteed rent and rental operating expenses. The terms also require HRR to
invest a minimum of $2,350,000 in capital improvements over a five year period. The capital invested will accrue at 9% per annum which will be
repaid from future profits, if any. The return of capital invested is not guaranteed. As of the date of this report, several significant retail leases
have been signed and are in the construction process.
Mitchell / Lama Buildings Ground Rent - for projected budget purposes only, the State subsidized ground rents for the (2) remaining
Mitchell/Lama Buildings (Westview and Rivercross) we have assumed buildings to remain in the Mitchell/Lama program and the continuation
of the current ground rents. We are presently in the final negotiations with Island House and have included the projected ground rents for
budgetary purposes.
Hurricane Irene & Sandy RIOC estimates that Hurricane Irene has caused a total of $1.4 million in damages. RIOC received preliminary
approval from FEMA for $414,781 and is awaiting approval for the remainder. FEMA will provide final approval for reimbursement upon
submission by RIOC of expenditures for completed projects. To date, RIOC has incurred approximately $107,000 in reimbursable expenses.
With reference to Hurricane Sandy, RIOC has filed the requisite applications to FEMA for preliminary damage assessment and is currently
working to assess and quantity the cost of the damage.
Page
Sports Fields / Parks - with the completion of Southpoint Park scheduled in the fall of 2011 and the completion of Octagon Soccer Field last year
all major Sports Field / Parks projects have been completed. Only two minor projects are scheduled for FY 2014, Tennis Resurfacing for the
Octagon Courts ($60,000) and Bathroom Rehab for Octagon Soccer Field Bathrooms ($60,000).
Historic & Landmark Structures - the interior of Blackwell House is scheduled to start April 2013 at an estimated net cost (less: NYC Cultural
Affairs grant of $364,000) of $800,000. Budgeted for the Good Shepherd interior doors ($100,000), faade repoint ($100,000) and upgrading of the
fire alarm system ($80,000). The Lighthouse Renovation Project which would entail replacing the interior spiral staircase, replace the roof and repointing the faade is expected to take place in FY 2014/2015 estimated at $700,000.
Infrastructure Improvements funds budgeted for the next 15 years for Seawall Improvements is approximately $29,000,000 including
replacement of the railings. Replacement of both seawalls adjacent to Southpoint Park (approx. 1,600 linear feet) have been budgeted for an
amount of $10,000,000 that is scheduled to be completed by August 2013. Replacement of seawall railings is scheduled to start in 2013 to be
performed piecemeal over the next 5 years for a total cost of $5,000,000. Also budgeted is the replacement of the Helix Ramp for a budgeted
amount of $2,500,000.
Facilities & Offices - two major facility renovation projects are schedule for 2014; Warehouse Renovation for an amount of $3,500,000 and the
Sportpark HVAC system for $3,000,000. The Warehouse Renovation design will be completed this year with construction scheduled for 2014.
With the anticipated closing of the Steam Plant in early 2014, the 75,000 sq Sportpark facility will require major retrofitting work for new
mechanical systems.
Steam Plant - for budgetary purposes, we have budgeted $7,000,000 in 2015 for the complete demolition and site cleanup of the Steam Plant. We
believe that this is a worse case scenario whereby RIOC would be responsible for the entire cost. Presently we are in discussions with the Health
& Hospitals Corporation on cost responsibilities.
Tram Close Out & Stations the base Tram Contract of $16,693,000 has still not been closed out. Approximately $2,000,000 has been withheld
until the open items have been completed. The Bonding Company has been brought in to help complete the project. The Tram Station work in the
amount of $1,500,000 is budgeted to be completed in 2014.
Page
Southtown 7, 8 & 9 as noted in the budget for the past two years, the development of Southtown 7, 8 & 9 will have a significant impact on the
future cash flow of the Corporation. The developer, Hudson/Related (HR) holds an option to develop the site that expires on December 31, 2012.
Serious discussions appear to be positive although development would depend on market conditions. If development should not go forward the
future cash flow would be significantly negatively impacted as detailed on page 15.
Tram Revenue Sharing Agreement as noted in Tram Operations, net income projected for the next (5) years shows the Tram being profitable.
However, the Corporation had received full fare ($2.00) up through July 2009, the date of the last MTA fare increase. Since then, the MTA has
continued paying the $2.00 fare while retaining the $0.25 increase. In order to maintain the future long-term viability of the Tram, participation in
future fare increases would be necessary.
Page
Approved
Budget
2013
Variance
Favorable
(Unfavorable)
$1,140,000
$9,389,000
$1,437,000
$4,547,000
$1,650,000
$2,601,000
$181,500
$794,000
$21,739,500
$1,239,509
$9,453,000
$1,437,000
$4,147,000
$1,662,000
$2,691,000
$291,000
$703,000
$21,623,509
($99,509)
($64,000)
$0
$400,000
($12,000)
($90,000)
($109,500)
$91,000
$115,991
$6,820,000
$3,247,314
$10,067,314
$6,782,486
$3,331,228
$10,113,714
($37,514)
$83,914
$46,400
$1,150,000
$480,400
$23,400
$4,100,000
$250,000
$125,000
$402,200
$25,200
$105,000
$168,300
$83,600
$37,200
$1,150,000
$320,900
$17,400
$4,077,200
$200,000
$107,100
$402,200
$25,200
$105,000
$168,300
$83,600
$37,200
$0
($159,500)
($6,000)
($22,800)
($50,000)
($17,900)
$0
$0
$0
$0
$0
$0
Variance
% Change
Notes
Revenues:
Residential Fees
Ground Rent
Commercial Rent
Tramway Revenue
Public Safety Reimbursement
Transport/Parking Revenue
Interest Income
Other Revenue
Total Revenues:
-8%
-1%
0%
10%
-1%
-3%
-38%
13%
1%
Expenses:
Personal Expenses:
Salary Expense
Fringe Benefits
Total Personal Expenses:
Page 7
0%
-50%
-34%
-1%
-25%
-17%
0%
0%
0%
0%
0%
0%
Approved
Budget
2013
Variance
Favorable
(Unfavorable)
Variance
% Change
Equipment Leased
Office Equipment
Equipment & Tools
Computer Software & Equipment
Exterminating
Uniforms
Light, Power & Heat
Water & Sewer
Office Supplies
Parts & Supplies
Service Maintenance
Employee Travel & Meals
Employee Training
Postage & Shipping
Dues & Subscriptions
Island Events
Other Expenses
Total (OTPS)
$16,400
$19,800
$53,600
$18,000
$17,100
$66,950
$612,000
$8,600
$17,100
$210,700
$70,500
$17,500
$56,400
$13,400
$15,700
$85,000
$338,200
$8,587,250
$16,400
$19,800
$53,600
$18,000
$17,100
$66,950
$588,000
$8,600
$17,100
$210,700
$70,500
$17,500
$56,400
$13,400
$15,700
$85,000
$338,200
$8,307,050
$0
$0
$0
$0
$0
$0
($24,000)
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
($280,200)
$18,654,564
$18,420,764
($233,800)
-1.3%
$3,084,936
$3,202,745
($117,809)
-4%
Depreciation Expense
$3,577,000
$3,577,000
$0
0%
($117,809)
-31%
($492,064)
($374,255)
Page 8
Notes
0%
0%
0%
0%
0%
0%
-4% Underbudgeted Tramway
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
-3%
Approved
Budget
2014
Variance
Favorable
Variance
(Unfavorable) % Change
Notes
Revenues:
Residential Fees
Ground Rent
Commercial Rent
Tramway Revenue
Public Safety Reimbursement
Transport/Parking Revenue
Interest Income
Other Revenue
Total Revenues:
$1,239,509
$9,453,000
$1,437,000
$4,147,000
$1,662,000
$2,691,000
$291,000
$703,000
$1,028,000
$10,057,000
$1,466,000
$4,350,000
$1,712,000
$2,745,000
$211,000
$754,000
($211,509)
$604,000
$29,000
$203,000
$50,000
$54,000
($80,000)
$51,000
-17.06%
6.39%
2.02%
4.90%
3.01%
2.01%
-27.49%
7.25%
$21,623,509
$22,323,000
$699,491
$6,782,486
$3,331,228
$6,911,694
$3,489,871
($129,208)
($158,643)
$10,113,714
$10,401,565
($287,851)
-2.85%
$1,150,000
$320,900
$17,400
$4,077,200
$200,000
$107,100
$0
$402,200
$25,200
$105,000
$168,300
$83,600
$37,200
$16,400
$1,200,000
$478,000
$29,000
$4,102,000
$375,000
$125,000
$12,000
$413,000
$28,000
$120,000
$167,000
$81,000
$57,000
$24,000
($50,000)
($157,100)
($11,600)
($24,800)
($175,000)
($17,900)
($12,000)
($10,800)
($2,800)
($15,000)
$1,300
$2,600
($19,800)
($7,600)
-4.35%
-48.96%
-66.67%
-0.61%
-87.50%
-16.71%
3.23%
Expenses:
Personal Expenses:
Salary Expense
Fringe Benefits
Total Personal Expenses:
Other Than Personal Expenses (OTPS)
Insurance
Professional Services
Marketing/Advertising
Management Fees
Legal Fees
Telecommunications
Commercial Space rent
Repairs & Maintenance
Page 9
Approved
Budget
2014
Variance
Favorable
Variance
(Unfavorable) % Change
$19,800
$53,600
$18,000
$17,100
$66,950
$588,000
$8,600
$17,100
$210,700
$70,500
$17,500
$56,400
$13,400
$15,700
$85,000
$63,200
$275,000
$20,000
$60,000
$12,000
$17,000
$68,000
$642,000
$12,000
$19,000
$212,000
$80,000
$3,200
$64,400
$11,000
$8,400
$85,000
$56,000
$275,000
($200)
($6,400)
$6,000
$100
($1,050)
($54,000)
($3,400)
($1,900)
($1,300)
($9,500)
$14,300
($8,000)
$2,400
$7,300
$0
$7,200
$0
-1.01%
-11.94%
33.33%
0.58%
-1.57%
-9.18%
-39.53%
-11.11%
-0.62%
-13.48%
81.71%
-14.18%
17.91%
46.50%
0.00%
11.39%
0.00%
$8,307,050
$8,856,000
($548,950)
-6.61%
$18,420,764
$19,257,565
($836,801)
-4.54%
$3,202,745
$3,065,435
($137,310)
-4.29%
Depreciation Expense
$3,577,000
$3,649,000
($72,000)
-2.01%
($209,310)
-55.93%
Total (OTPS)
Total Expenses: (Before Depreciation)
($374,255)
($583,565)
Page 10
Notes
Fund 01
Fund 01
Fund 01
Fund 01
Fund 01
Fund 01
Fund 02
Fund 03
Fund 04
Total
Gen. Fund
Operations
Public Safety
Bus
Parking
Parks/Rec.
Tram
Pub. Purpose
Cap. Fund
Resvd Cap
All Funds
Revenue
Residential Fees Revenue
$609,000
$609,000
$0
$0
$0
$0
$0
$0
$217,000
$202,000
$1,028,000
$10,057,000
$10,057,000
$0
$0
$0
$0
$0
$0
$0
$0
$10,057,000
Commercial Rent
$1,466,000
$1,466,000
$0
$0
$0
$0
$0
$0
$0
$0
$1,466,000
Tramway Revenue
$4,350,000
$0
$0
$0
$0
$0
$4,350,000
$0
$0
$0
$4,350,000
Ground rent
$1,712,000
$0
$1,712,000
$0
$0
$0
$0
$0
$0
$0
$1,712,000
$2,745,000
$0
$0
$496,000
$2,249,000
$0
$0
$0
$0
$0
$2,745,000
$211,000
Interest Income
$30,000
$30,000
$0
$0
$0
$0
$0
$1,000
$30,000
$150,000
Other Revenue
$754,000
$156,000
$0
$0
$0
$598,000
$0
$0
$0
$0
$754,000
$21,723,000
$12,318,000
$1,712,000
$496,000
$2,249,000
$598,000
$4,350,000
$1,000
$247,000
$352,000
$22,323,000
$6,736,694
$3,354,138
$1,951,483
$879,758
$0
$551,315
$0
$0
$0
$0
$6,736,694
$175,000
$135,000
$16,000
$0
$0
$24,000
$0
$0
$0
$0
$175,000
$3,489,871
$2,161,932
$757,767
$362,457
$0
$207,715
$0
$0
$0
$0
$3,489,871
$10,401,565
$5,651,070
$2,725,250
$1,242,215
$0
$783,030
$0
$0
$0
$0
$10,401,565
$1,200,000
$1,050,000
$0
$0
$0
$0
$150,000
$0
$0
$0
$1,200,000
$507,000
$440,000
$0
$0
$0
$67,000
$0
$0
$0
$0
$507,000
$4,102,000
$0
$0
$0
$660,000
$0
$3,442,000
$0
$0
$0
$4,102,000
Total Revenue
Expenses
Personal Services (PS) :
Salaries
Temporary Employees
Employee Benefits
Total Personal Services (PS)
Other Than Personal Services (OTPS) :
Insurance
Professional Services
Management Fees
Legal Services
$375,000
$375,000
$0
$0
$0
$0
$0
$0
$0
$0
$375,000
Telecommunications
$125,000
$125,000
$0
$0
$0
$0
$0
$0
$0
$0
$125,000
$12,000
$12,000
$0
$0
$0
$0
$0
$0
$0
$0
$12,000
$561,000
$444,000
$3,000
$29,000
$6,000
$49,000
$30,000
$0
$0
$0
$561,000
Vehicles Maintenance
$305,000
$56,000
$34,000
$212,000
$0
$3,000
$0
$0
$0
$0
$305,000
$116,000
$78,000
$21,000
$8,000
$0
$1,000
$8,000
$0
$0
$0
$116,000
$1,050,000
$532,900
$114,000
$47,300
$80,500
$122,300
$153,000
$0
$0
$0
$1,050,000
$228,000
$107,400
$24,600
$8,500
$0
$87,500
$0
$0
$0
$0
$228,000
$0
$0
$0
$0
$0
$0
$0
$275,000
$0
$0
$275,000
$8,581,000
$3,220,300
$196,600
$304,800
$746,500
$329,800
$3,783,000
$275,000
$0
$0
$8,856,000
$18,982,565
$8,871,370
$2,921,850
$1,547,015
$746,500
$1,112,830
$3,783,000
$275,000
$0
$0
$19,257,565
$2,740,435
$3,446,630
($1,209,850)
($1,051,015)
$1,502,500
($514,830)
$567,000
($274,000)
$247,000
$352,000
$3,065,435
$0
$0
$0
$0
$0
$0
$0
$0
$3,649,000
$0
$3,649,000
$2,740,435
$3,446,630
($1,209,850)
($1,051,015)
$1,502,500
($514,830)
$567,000
($274,000)
Supplies/ Services
Other Expenses
Public Purpose Grants
Total Other Than Personal Services (OTPS)
Total Expenses
NET INCOME (LOSS) BEFORE DEPRECIATION
Depreciation Expenses
NET INCOME (LOSS) AFTER DEPRECIATION
Page 11
($3,402,000)
$352,000
($583,565)
Budget
2014
2027
2028
$42,000
$21,923
$5,979
$16,316
$19,061
$32,334
$33,588
$50,480
$52,977
$55,781
$56,125
$57,296
$60,132
$63,218
$65,879
$22,323
$23,070
$28,873
$28,943
$31,430
$31,244
$34,643
$34,880
$36,420
$36,412
$37,965
$39,518
$41,174
$42,400
$44,049
$10,402
$10,870
$11,359
$11,870
$12,404
$12,962
$13,546
$14,155
$14,792
$15,458
$16,153
$16,880
$17,640
$18,434
$19,263
$8,856
$9,166
$9,487
$9,819
$10,162
$10,518
$10,886
$11,267
$11,662
$12,070
$12,492
$12,929
$13,382
$13,850
$14,335
$19,258
$20,036
$20,846
$21,689
$22,567
$23,480
$24,432
$25,422
$26,454
$27,528
$28,646
$29,810
$31,022
$32,284
$33,598
$3,066
$3,035
$8,027
$7,254
$8,863
$7,764
$10,211
$9,458
$9,966
$8,885
$9,319
$9,709
$10,152
$10,116
$10,450
ADJUSTMENTS:
REVERSAL OF DEFERRED REVENUES
($342)
($342)
($342)
($532)
($791)
($1,027)
($1,027)
($1,027)
($1,027)
($1,027)
($1,027)
($1,027)
($1,027)
($1,027)
($1,027)
TOTAL EXPENDITURES:
$10,050
$44,724
$22,801
$21,923
$24,616
$18,637
$5,979
$12,000
$13,440
$23,714
$23,038
$39,133
$39,071
$56,212
$58,910
$61,916
$63,639
$64,418
$65,977
$69,257
$72,307
$75,302
$7,398
$3,977
$6,799
$5,483
$5,732
$5,933
$6,135
$7,514
$7,122
$5,845
$6,039
$6,428
$6,741
$16,316
$19,061
$32,334
$33,588
$50,480
$52,977
$55,781
$56,125
$57,296
$60,132
$63,218
$65,879
$68,561
Page 12
Sports Fields/Parks
Octagon Park - Comfort Station Rehab
Octagon Park - Tennis Court Resurfacing
Mediation Steps
504 Main Childrens Park
Miscellaneous Upgrades & Improvements - Reserve
Historic & Landmark Structures
Blackwell House Interior renovation
Good Shepherd - HVAC
Good Shepherd - Roof Replacement
Good Shepherd - Faade Repointing
Good Shepherd - Interior Repairs/Doors
Good Shepherd - Alarm System
Blackwell Lighthouse Restoration
Old Tram Cabins Restoration
Miscellaneous Upgrades & Improvements - Reserve
Infrastructure Improvements
Island-Wide Road Improvements - Reserve
Island-Wide Z Brick Replacement - Reserve
Good Shepherd Plaza - Pavement Replacement
Blackwell Park Plaza & Fountains
Blackwell Circle
36 Avenue Bridge Helix (Ramp)
Seawall - Reserve
Seawall Railings Replacement
West Drive Modernization
Steamplant Decommissioning
Eastern Pier
Site Amenities - Benches, Waste Receptacles - Res.
Utilities Infrastructure Improvements - Reserve
Sewer Upgrades - Reserve
Facilities & Offices
Motorgate Project Repairs Project
Motorgate Garage - Reserve
Motorgate Atrium/Escalator/N.Elevators
Motorgate Under deck Lighting
Motorgate Enclosed Phase 3 Air Shaft
Motorgate Coat Level 3 Deck
Motorgate Coat Roof Deck
Motorgate Fire Alarm Rehabilitation
504 Main Street - Interior Demolition
504 Main Street - Window/Door Replacement
504 Main Street - ADA Elevator
AVAC Stack Repairs
AVAC Interior Painting
AVAC Mechanical/Piping - Reserve
Sportspark - HVAC
Sportspark - Roof
Sportpark - Pool
Sportpark - New Flooring Squash/Ping Pong
Sportpark - Upgrade Locker Rooms
Sportspark - Faade Repointing
Sportspark Rehabilitiation - Reserve
Warehouse/Bus Garage Rehabilitation
Miscellaneous Facilities & Offices - Reserve
Equipment & Vehicles
Admin - (2) GEMs (50% paid by NYPA)
Bus - Hybrid Buses
Bus - F-350 Pickup
Approved
Budget
Projected
Actual
Approved
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Budgets
2013 - 2027
2013
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
Total
$420
$60
$60
$300
$435
$60
$60
$631
$347
$365
$383
$402
$422
$443
$465
$489
$513
$539
$566
$594
$624
$300
$331
$910
$347
$221
$365
$232
$383
$243
$402
$255
$422
$268
$443
$281
$465
$295
$489
$310
$513
$326
$539
$342
$566
$359
$594
$377
$624
$396
$221
$5,246
$200
$116
$232
$1,783
$210
$122
$243
$2,822
$221
$128
$255
$1,913
$232
$134
$268
$2,009
$243
$141
$281
$2,109
$255
$148
$295
$2,215
$268
$155
$310
$2,326
$281
$163
$326
$2,442
$295
$171
$342
$2,564
$310
$180
$359
$2,692
$326
$189
$377
$2,827
$342
$198
$396
$2,968
$359
$208
$1,103
$1,158
$1,216
$1,276
$1,340
$1,407
$1,477
$1,551
$1,629
$1,000
$1,000
$1,000
$1,050
$1,000
$83
$116
$232
$673
$87
$122
$243
$706
$91
$128
$255
$741
$96
$134
$268
$779
$101
$141
$281
$817
$106
$148
$295
$858
$111
$155
$310
$901
$116
$163
$326
$946
$122
$171
$342
$994
$128
$180
$359
$1,043
$135
$189
$377
$1,095
$141
$198
$396
$1,150
$148
$208
$416
$1,208
$221
$232
$243
$255
$268
$281
$295
$310
$326
$342
$359
$377
$396
$232
$243
$255
$268
$281
$295
$310
$326
$342
$359
$377
$396
$416
$100
$105
$110
$116
$122
$128
$134
$141
$148
$155
$163
$171
$180
$189
$198
$105
$188
$110
$152
$116
$177
$25
$122
$1,159
$128
$1,347
$134
$1,289
$148
$1,346
$155
$1,606
$163
$1,568
$171
$302
$35
$180
$218
$189
$317
$198
$324
$1,000
$1,050
$40
$1,103
$141
$1,372
$30
$1,158
$1,216
$1,276
$1,340
$300
$300
$1,670
$800
$300
$900
$300
$600
$100
$100
$80
$100
$80
$350
$40
$4,525
$800
$100
$1,250
$1,000
$1,000
$75
$100
$200
$3,460
$750
$80
$320
$40
$250
$250
$250
$200
$600
$315
$1,280
$800
$700
$200
$210
$980 $10,495 $14,120
$200
$600
$600
$100
$105
$110
$500
$700
$200
$2,500
$5,000
$5,000
$1,000
$1,000
$2,000
$3,500
$1,500
$50
$75
$79
$30
$105
$110
$100
$210
$221
$2,840
$7,930
$2,041
$1,000
$200
$210
$600
$750
$80
$320
$3,500
$40
$250
$250
$100
$210
$3,000
$400
$300
$221
$600
$120
$40
$60
$120
$40
$60
$50
$500
$366
$295
$20
$100
$3,500
$100
$224
$30
Page 13
$60
$7,217
$60
$60
$0
$300
$6,797
$6,096
$800
$0
$0
$100
$100
$80
$700
$0
$4,316
$58,531
$4,743
$2,266
$0
$700
$200
$2,500
$24,207
$5,000
$2,000
$7,000
$1,500
$1,618
$2,266
$4,531
$21,883
$0
$4,316
$600
$0
$0
$0
$0
$0
$0
$0
$0
$400
$300
$4,531
$3,000
$600
$120
$40
$60
$100
$2,158
$3,500
$2,158
$11,588
$90
$8,142
$100
9
10
Approved
Budget
Projected
Actual
Approved
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Projected
Budget
Budgets
2013 - 2027
2013
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
Total
$10
$20
$20
$20
$21
$15
$15
$22
$6
$11
$23
$16
$26
$26
$18
$24
$7
$12
$27
$7
$14
$28
$20
$30
$8
$15
$31
$22
$33
$33
$8
$16
$34
$24
$36
$8
$18
$38
$26
$40
$9
$20
$42
$9
$20
$70
$70
$59
$39
$40
$40
$62
$39
$42
$40
$20
$40
$15
$30
$40
$50
$35
$45
$50
$45
$20
$26
$33
$15
$50
$55
$25
$30
$20
$20
$20
$650
$600
$50
$0
$1,000
$32
$21
$40
$30
$30
$370
$33
$22
$22
$22
$35
$36
$24
$24
$24
$38
$32
$53
$33
$55
$35
$58
$53
$44
$22
$22
$100
$100
$55
$46
$23
$23
$80
$58
$49
$24
$24
$0
$23
$62
$28
$40
$26
$27
$26
$42
$36
$61
$38
$64
$61
$51
$26
$26
$700
$64
$54
$27
$27
$0
$26
$34
$44
$29
$30
$29
$47
$40
$67
$42
$70
$67
$56
$28
$28
$100
$70
$59
$30
$30
$0
$28
$49
$32
$33
$32
$51
$44
$74
$47
$78
$74
$62
$31
$31
$0
$78
$65
$33
$33
$880
$31
$57
$49
$81
$51
$86
$54
$90
$57
$94
$59
$99
$81
$68
$34
$34
$275
$150
$86
$72
$36
$36
$0
$90
$75
$38
$38
$0
$94
$79
$40
$40
$0
$99
$83
$42
$42
$0
$34
$38
$100
$120
$100
$50
$42
$21
$21
$1,500
$600
$750
$80
$100
$125
$100
$1,000
$1,000
$1,000
$0
$54
$35
$36
$35
$1,500
$0
$130
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$525
$551
$525
$551
$7,965 $22,801 $18,637
$579
$579
$7,398
$608
$608
$3,977
$638
$638
$6,799
$670
$670
$5,483
$704
$704
$5,732
$739
$739
$5,933
$776
$776
$6,135
$814
$814
$7,514
$855
$855
$7,122
$898
$898
$5,845
$943
$943
$6,039
$990
$990
$6,428
$1,039
$1,039
$6,741
Page 14
$20
$59
$453
$203
$141
$0
$40
$120
$80
$0
$45
$59
$15
$307
$87
$0
$680
$246
$453
$248
$40
$30
$647
$1,399
$0
$100
$0
$120
$100
$1,079
$906
$453
$453
$3,635
$250
$1,350
$305
$0
$230
$1,500
$0
$0
$11,329
$11,329
$122,584
($364)
($364)
($181)
($202)
$0
$1,500
$0
($1,278)
($48)
($1,050)
($202)
($10,050)
$164
($1,298)
($49)
($1,230)
($450)
$164
($2,484)
($115)
($1,471)
($450)
($12,000)
$360
($2,535)
($118)
($197)
($728)
$360
($3,202)
($270)
($2,997)
($728)
($13,440)
$588
($3,291)
($279)
($1,723)
($728)
$588
($3,382)
($286)
($1,729)
($1,528)
$588
($3,474)
($296)
($215)
($2,328)
$588
($3,569)
($305)
($221)
($3,128)
$588
($3,668)
($313)
($228)
($3,928)
$588
($3,769)
($323)
($235)
($4,728)
$588
($3,872)
($333)
($242)
($4,728)
$588
($3,979)
($342)
($249)
($4,728)
$588
$955
($566)
($12,464)
($2,863)
($16,160)
($3,218)
($20,049)
($5,433)
($6,337)
($5,725)
($6,635)
($7,549)
($8,467)
($8,587)
($8,710)
$10
($8)
($187)
($43)
($323)
($64)
($401)
($163)
($190)
($172)
($199)
($226)
($254)
($258)
($261)
$965
($574)
($12,651)
($2,906)
($16,483)
($3,282)
($20,450)
($5,596)
($6,527)
($5,897)
($6,834)
($7,775)
($8,721)
($8,845)
($8,971)
($12,261)
($15,167)
($31,650)
($34,932)
($55,382)
($60,978)
($67,505)
($73,402)
($80,236)
($88,012)
($96,733)
($105,577)
$33,588
$50,480
$52,977
$55,781
$56,125
$57,296
$60,132
$63,218
$65,879
$68,561
($1,345)
($4,903)
($8,001)
($11,724)
($17,277)
($22,940)
($27,879)
($33,515)
($39,698)
($45,987)
$965
$390
$21,923
$5,979
$16,316
$19,061
$32,334
$22,887
$6,369
$4,055
$3,894
$684
As disclosed above, if the development of Southtown #7, 8 & 9 does not go forward and current projected spending levels remained the same, the Corporation would incurr a negative cash balance
beginning in 2019. Until the fate of development is known (the latter part of 2012), major capital projects not deemed as necessary will not be initiated.
2.) Tram Revenue Sharing With the MTA:
The Corporation received full fare ($2.00) up through July 2009 the date of the last MTA fare increase. Since then, the MTA has continued paying the $2.00 fare while retaining the $.25 increase.
In order to maintain the future long term financial viability of the Tram, participation in future fare increases would be necessary.
Page 15
$40
$64
$98
$0
$0
$0
$40
$64
$98
$0
$0
$0
$40
$64
$98
$0
$0
$0
$40
$64
$98
$96
$0
$0
$40
$64
$98
$96
$0
$0
$40
$64
$98
$96
$118
$0
$40
$64
$98
$96
$118
$0
$40
$64
$98
$96
$118
$132
$40
$64
$98
$96
$118
$132
$40
$64
$98
$96
$118
$132
$40
$64
$98
$96
$118
$132
$40
$64
$98
$96
$118
$132
$40
$64
$98
$96
$118
$132
$40
$64
$98
$96
$118
$132
$40
$64
$98
$96
$118
$132
$40
$64
$98
$96
$118
$132
$202
$202
$202
$298
$298
$416
$416
$548
$548
$548
$548
$548
$548
$548
$548
$548
$27
$43
$67
$0
$0
$0
$27
$43
$67
$0
$0
$0
$27
$43
$67
$0
$0
$0
$27
$43
$67
$65
$0
$0
$27
$43
$67
$65
$0
$0
$27
$43
$67
$65
$76
$0
$27
$43
$67
$65
$76
$0
$27
$43
$67
$65
$76
$94
$27
$43
$67
$65
$76
$94
$27
$43
$67
$65
$76
$94
$27
$43
$67
$65
$76
$94
$27
$43
$67
$65
$76
$94
$27
$43
$67
$65
$76
$94
$27
$43
$67
$65
$76
$94
$27
$43
$67
$65
$76
$94
$27
$43
$67
$65
$76
$94
$137
$137
$137
$202
$202
$278
$278
$372
$372
$372
$372
$372
$372
$372
$372
$372
$1
$1
$2
$0
$0
$0
$1
$1
$2
$0
$0
$0
$1
$1
$2
$0
$0
$0
$1
$1
$2
$3
$0
$0
$1
$1
$2
$3
$0
$0
$1
$1
$2
$3
$2
$0
$1
$1
$2
$3
$2
$0
$1
$1
$2
$3
$2
$2
$1
$1
$2
$3
$2
$2
$1
$1
$2
$3
$2
$2
$1
$1
$2
$3
$2
$2
$1
$1
$2
$3
$2
$2
$1
$1
$2
$3
$2
$2
$1
$1
$2
$3
$2
$2
$1
$1
$2
$3
$2
$2
$1
$1
$2
$3
$2
$2
$3
$3
$3
$6
$6
$8
$8
$10
$10
$10
$10
$10
$10
$10
$10
$10
$165
$0
$50
$0
$0
$0
$0
$0
$30
$0
$50
$0
$0
$0
$0
$0
$182
$0
$0
$0
$0
$0
$0
$0
$191
$0
$0
$1,050
$0
$0
$2,185
$144
$201
$180
$0
$1,050
$0
$0
$1,315
$155
$207
$185
$0
$1,050
$1,280
$0
$0
$166
$213
$191
$0
$0
$1,280
$0
$0
$179
$220
$197
$0
$0
$1,280
$1,520
$0
$192
$226
$203
$0
$0
$0
$1,520
$0
$207
$233
$209
$0
$0
$0
$1,520
$0
$222
$240
$215
$0
$0
$0
$0
$0
$239
$247
$221
$0
$0
$0
$0
$0
$257
$255
$228
$0
$0
$0
$0
$0
$277
$262
$235
$0
$0
$0
$0
$0
$297
$270
$242
$0
$0
$0
$0
$0
$308
$278
$249
$0
$0
$0
$0
$0
$320
$215
$80
$182
$3,570
$2,901
$2,888
$1,863
$3,408
$2,156
$2,184
$694
$726
$760
$794
$820
$847
COMMERCIAL RENT
Hudson/Related Master Lease Guaranteed Income
Hudson/Related Profit Participation (per H/R proforma)
$912
$0
$930
$0
$949
$0
$968
$0
$987
$0
$1,007
$0
$1,027
$230
$1,048
$492
$1,069
$607
$1,090
$686
$1,112
$720
$1,134
$756
$1,157
$794
$1,180
$834
$1,203
$876
$1,227
$919
Page 16
$1,437
$1,466
$1,495
$1,526
$1,582
$1,614
$1,877
$2,172
$2,346
$2,460
$2,530
$2,603
$2,679
$2,782
$2,863
$2,947
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$400
$400
$0
$0
$0
$0
$0
$800
$800
$0
$0
$0
$0
$0
$1,200
$1,200
$0
$0
$0
$0
$0
$1,600
$1,600
$0
$0
$0
$0
$0
$2,000
$2,000
$0
$0
$0
$400
$0
$2,000
$2,000
$0
$0
$0
$800
$400
$2,000
$2,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$800
$1,600
$2,400
$3,200
$4,000
$4,400
$5,200
$145
$222
$69
$62
$50
$145
$222
$202
$0
$0
$145
$222
$202
$0
$0
$145
$222
$202
$248
$0
$145
$222
$202
$248
$0
$145
$222
$202
$248
$278
$145
$222
$202
$248
$278
$145
$222
$202
$248
$278
$145
$222
$202
$248
$278
$145
$222
$202
$248
$278
$145
$222
$202
$248
$278
$145
$222
$202
$248
$278
$145
$222
$202
$248
$278
$145
$222
$202
$248
$278
$145
$222
$202
$248
$278
$145
$222
$202
$248
$278
$548
$568
$568
$816
$816
$1,094
$1,094
$1,094
$1,094
$1,094
$1,094
$1,094
$1,094
$1,094
$1,094
$1,094
$51
$45
$38
$38
$0
$0
$0
$0
$0
$0
$45
$0
$0
$0
$0
$0
$0
$51
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$134
$38
$0
$45
$0
$51
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$1,273
$55
$31
$0
$4,164
$2,164
$150
$48
$32
$1,299
$55
$32
$0
$4,289
$2,200
$150
$48
$32
$1,325
$55
$33
$0
$4,418
$2,244
$150
$48
$32
$1,351
$236
$34
$0
$4,550
$2,289
$150
$48
$32
$1,378
$236
$35
$0
$4,687
$2,335
$150
$48
$32
$1,406
$236
$37
$0
$4,827
$2,381
$168
$48
$32
$1,434
$236
$38
$0
$4,972
$2,429
$168
$48
$32
$1,463
$236
$39
$0
$5,121
$2,478
$168
$48
$32
$1,492
$260
$40
$0
$5,275
$2,527
$168
$48
$32
$1,522
$260
$41
$0
$5,433
$2,578
$168
$48
$32
$1,552
$260
$42
$0
$5,596
$2,629
$168
$48
$32
$1,583
$260
$44
$0
$5,764
$2,682
$188
$48
$32
$1,615
$260
$45
$0
$5,937
$2,735
$188
$48
$32
$1,647
$286
$46
$0
$6,115
$2,790
$188
$48
$32
$1,680
$286
$48
$0
$6,298
$2,846
$188
$48
$32
$1,714
$286
$49
$0
$6,487
$2,903
$188
$48
$32
Page 17
Approved Approved
Budget
Budget Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
$30
$30
$30
$30
$30
$30
$30
$30
$30
$30
$30
$30
$30
$30
$30
$30
$65
$65
$65
$65
$65
$65
$65
$65
$65
$65
$65
$65
$65
$65
$65
$65
$17
$31
$31
$31
$31
$31
$31
$31
$31
$31
$31
$31
$31
$31
$31
$31
$561
$576
$592
$609
$625
$642
$660
$678
$697
$716
$736
$756
$777
$798
$820
$843
$861
$885
$909
$934
$960
$986
$1,013
$1,041
$1,070
$1,099
$1,129
$1,160
$1,192
$1,225
$1,259
$1,293
$0
$364
$364
$728
$748
$769
$790
$811
$834
$857
$880
$904
$929
$955
$981
$1,008
$0
$0
$0
$550
$550
$1,100
$1,130
$1,161
$1,193
$1,226
$1,260
$1,294
$1,330
$1,367
$1,404
$1,443
$0
$0
$0
$0
$0
$615
$615
$1,230
$1,264
$1,299
$1,334
$1,371
$1,409
$1,447
$1,487
$1,528
$9,453
$10,057
$10,297
$11,638
$11,911
$13,374
$13,692
$14,633
$15,026
$15,405
$15,794
$16,214
$16,624
$17,072
$17,505
$17,949
$171
$131
$284
$171
$469
$31
$38
$63
$56
$32
$62
$0
$0
$0
$152
$176
$135
$293
$176
$483
$32
$40
$65
$58
$33
$64
$0
$0
$0
$157
$181
$139
$302
$181
$498
$33
$41
$67
$60
$34
$66
$0
$0
$0
$161
$187
$144
$311
$187
$513
$34
$42
$69
$61
$35
$68
$48
$0
$0
$166
$192
$148
$320
$192
$528
$35
$43
$71
$63
$36
$70
$49
$0
$0
$171
$198
$152
$330
$198
$544
$36
$45
$73
$65
$37
$72
$51
$64
$0
$176
$204
$157
$340
$204
$560
$37
$46
$76
$67
$38
$74
$52
$66
$0
$181
$210
$162
$350
$210
$577
$38
$47
$78
$69
$39
$76
$54
$68
$72
$187
$217
$166
$360
$217
$594
$39
$49
$80
$71
$41
$79
$56
$70
$74
$193
$223
$171
$371
$223
$612
$40
$50
$83
$73
$42
$81
$57
$72
$76
$198
$230
$177
$382
$230
$630
$42
$52
$85
$75
$43
$83
$59
$75
$79
$204
$237
$182
$394
$237
$649
$43
$53
$88
$78
$44
$86
$61
$77
$81
$210
$244
$187
$406
$244
$669
$44
$55
$90
$80
$46
$88
$63
$79
$83
$217
$251
$193
$418
$251
$689
$46
$56
$93
$82
$47
$91
$65
$81
$86
$223
$259
$199
$430
$259
$710
$47
$58
$96
$85
$48
$94
$66
$84
$89
$230
$266
$205
$443
$266
$731
$48
$60
$99
$87
$50
$97
$68
$86
$91
$237
$1,662
$1,712
$1,763
$1,864
$1,920
$2,042
$2,103
$2,238
$2,305
$2,375
$2,446
$2,519
$2,595
$2,673
$2,753
$2,835
$2,037
$2,078
$2,119
$2,162
$2,205
$2,249
$2,294
$2,340
$2,387
$2,434
$2,483
$2,533
$2,583
$2,635
$2,688
$2,741
TRAMWAY
-Tram - Reduce Fare Reimb. - $12,000/mth (2% increase)
-Tram -$300,000/mth (2% increase)
$147
$4,000
$150
$4,200
$153
$4,284
$156
$4,370
$159
$4,457
$162
$4,546
$166
$4,637
$169
$4,730
$172
$4,824
$176
$4,921
$179
$5,019
$183
$5,120
$186
$5,222
$190
$5,327
$194
$5,433
$198
$5,542
Total: TRAMWAY
$4,147
$4,350
$4,437
$4,526
$4,616
$4,709
$4,803
$4,899
$4,997
$5,097
$5,199
$5,303
$5,409
$5,517
$5,627
$5,740
$111
$375
$168
$114
$382
$171
$116
$390
$175
$118
$397
$178
$120
$405
$182
$123
$414
$185
$125
$422
$189
$128
$430
$193
$130
$439
$197
$133
$448
$201
$136
$457
$205
$138
$466
$209
$141
$475
$213
$144
$485
$217
$147
$494
$222
$150
$504
$226
$654
$667
$680
$694
$708
$722
$736
$751
$766
$781
$797
$813
$829
$846
$863
$880
Page 18
$20,629
$21,358
$21,885
$27,347
$27,165
$29,445
$29,164
$32,466
$32,007
$33,561
$33,568
$35,135
$36,703
$38,343
$39,543
$41,165
OTHER INCOME
-Miscellaneous Revenues (3% increase)
-Telephone Commission - Sprint (3% increase)
-Telephone Commission - Verizon (3% increase)
-Tennis Fees - (3% increase)
-Permit Revenues - (3% increase)
-Sportspark - (3% increase)
-Sports Field Rental - Capobianco Feld (2% increase)
-Sports Field Rental - Fire Fighters' Field (5% increase)
-Sports Field Rental - Octagon Field (5% increase)
-Special Events Permits - (3% increase)
-Filming Fees - (5% increase)
$64
$47
$58
$51
$12
$100
$20
$87
$108
$12
$144
$36
$48
$60
$52
$12
$200
$20
$90
$140
$12
$84
$68
$50
$61
$54
$13
$206
$21
$92
$144
$13
$88
$70
$51
$63
$56
$13
$212
$21
$95
$149
$13
$93
$72
$53
$65
$57
$14
$219
$22
$98
$153
$14
$97
$74
$54
$67
$59
$14
$225
$22
$101
$158
$14
$102
$76
$56
$69
$61
$14
$232
$23
$104
$162
$14
$107
$78
$58
$71
$63
$15
$239
$23
$107
$167
$15
$113
$81
$59
$73
$65
$15
$246
$23
$110
$172
$15
$118
$83
$61
$75
$66
$16
$253
$24
$114
$177
$16
$124
$86
$63
$78
$68
$16
$261
$24
$117
$183
$16
$130
$88
$65
$80
$70
$17
$269
$25
$120
$188
$17
$137
$91
$67
$82
$73
$17
$277
$25
$124
$194
$17
$144
$93
$69
$85
$75
$18
$285
$26
$128
$200
$18
$151
$96
$71
$87
$77
$18
$294
$26
$132
$206
$18
$158
$99
$73
$90
$79
$19
$303
$27
$136
$212
$19
$166
$702
$755
$810
$835
$862
$890
$918
$948
$978
$1,010
$1,042
$1,076
$1,111
$1,146
$1,184
$1,222
$250
$30
$2
$10
$150
$30
$1
$30
$300
$45
$1
$30
$525
$75
$1
$90
$750
$75
$1
$90
$1,080
$60
$1
$120
$1,160
$60
$1
$120
$1,240
$60
$1
$120
$1,830
$90
$2
$180
$1,800
$90
$2
$180
$1,770
$90
$2
$180
$1,740
$90
$2
$180
$1,710
$90
$2
$180
$1,710
$90
$2
$180
$1,710
$90
$2
$180
$1,710
$90
$2
$180
$292
$211
$376
$691
$916
$1,261
$1,341
$1,421
$2,102
$2,072
$2,042
$2,012
$1,982
$1,982
$1,982
$1,982
$21,623
$22,323
$23,070
$28,873
$28,943
$31,596
$31,423
$34,835
$35,087
$36,642
$36,651
$38,222
$39,795
$41,471
$42,708
$44,369
TOTAL REVENUES:
Note (A): Southtown TEP (Tax Equivalent Payment) is based on appraised value and NYC tax rate at time of occurance. It is phased in over a 5 year period @20%,40%,60%,80% and the full amount in the 5th year.
A estimated TEP of $2,000,000 was used.
Note(B): Interest Caculation: (Projected Average Balances)
Capital - Reserve
Capital
Public Purpose
Operating
Interest Rate Used:
$25,000
$3,000
$50
$1,000
$15,000
$3,000
$50
$3,000
$20,000
$3,000
$50
$2,000
$35,000
$5,000
$50
$6,000
$50,000
$5,000
$50
$6,000
$54,000
$3,000
$50
$6,000
$58,000
$3,000
$50
$6,000
$62,000
$3,000
$50
$6,000
$61,000
$3,000
$50
$6,000
$60,000
$3,000
$50
$6,000
$59,000
$3,000
$50
$6,000
$58,000
$3,000
$50
$6,000
$57,000
$3,000
$50
$6,000
$57,000
$3,000
$50
$6,000
$57,000
$3,000
$50
$6,000
$57,000
$3,000
$50
$6,000
1.00%
1.00%
1.50%
1.50%
1.50%
2.00%
2.00%
2.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
Note ( C): Island House assumes ground rent under the Conversion Condo Scenario.
Note ( D): Rivercross assumes staying in Mithchell/Lama
Note ( E): Westview assumes staying in Mithchell/Lama
Page 19
NAME
HOME
DEPT
FTE
STATUS
NAME
HOME
DEPT
Summary:
Administration:
Operations:
FTE
STATUS
LOCATION
CODE
Summary:
Executive
4.00
1100
567,320
Finance
6.00
1300
Human Resources
2.00
Legal
Administration:
Executive
4.00
1100
567,314
425,686
Finance
6.00
1300
425,686
1400
139,424
Human Resources
2.00
1400
139,424
2.00
1600
169,724
Legal
2.00
1600
169,724
Community Relations
1.50
1800
80,544
Community Relations
2.00
1800
116,944
Total Administrative
15.50
Total Administrative
16.00
1,382,698
Operations:
1,419,092
Operations
0.00
2000
Operations
0.00
2000
Administrative Services
3.00
1050
177,082
Administrative Services
3.00
1050
177,082
IT
3.00
1500
228,339
IT
3.00
1500
228,339
Public Safety
41.50
2100
1,854,469
Public Safety
42.00
2100
1,871,483
Island Operations
0.00
2200
Island Operations
0.00
2200
Bus Operations
16.50
2240
875,687
Bus Operations
16.00
2240
844,758
Warehouse
2.50
2230
164,266
Warehouse
3.00
2230
164,266
Mortor Pool
4.00
2250
215,602
Mortor Pool
4.00
2250
215,602
3.00
2050
251,019
4.00
2050
319,019
Maintenance
5.00
2220
267,925
Maintenance
6.00
2220
318,656
1.00
2300
73,824
1.00
2300
73,824
Grounds
12.00
2210
626,028
Grounds
11.00
2210
575,026
1.00
2310
58,444
0.50
2310
58,444
Sportspark
6.50
3400
257,103
Sportspark
7.50
3400
296,103
Total Operations
99.00
5,049,787
Total Operations
101.00
5,142,602
Total RIOC
114.50
6,432,485
Total RIOC
117.00
6,561,694
Engineering
Over-time Wages
175,000
Total Salaries
6,607,485
Temporary Employees
Total Budgeted Wages
175,000
114.50
6,782,485
Engineering
Over-time Wages
175,000
Total Salaries
6,736,694
Temporary Employees
Total Budgeted Wages
Page 20
175,000
117.00
6,911,694
Approved
Budget 2013
Approved
Budget 2014
Variance
Favorable
(Unfavorable)
Variance
% Change
$0
$548,000
$3,000
$250,000
$137,000
$202,000
$1,140,000
$134,000
$548,056
$3,425
$215,000
$136,981
$202,047
$1,239,509
$38,000
$568,000
$3,000
$80,000
$137,000
$202,000
$1,028,000
($96,000)
$19,944
($425)
($135,000)
$19
($47)
($211,509)
Ground rent
01-40015-5000
01-40090-5000
$2,100,000
$7,289,000
$9,389,000
$2,164,000
$7,289,000
$9,453,000
$2,200,000
$7,857,000
$10,057,000
$36,000
$568,000
$604,000
1.66%
7.79%
6.39%
Commercial Rent
01-40208-4000
COMMERCIAL RENT
$1,437,000
$1,437,000
$1,437,000
$1,437,000
$1,466,000
$1,466,000
$29,000
$29,000
2.02%
2.02%
Tramway Revenue
01-40020-2900
01-40021-2900
TRAMWAY REVENUE
TRAMWAY REDUCED FARE REIMBURSEM
$4,400,000
$147,000
$4,547,000
$4,000,000
$147,000
$4,147,000
$4,200,000
$150,000
$4,350,000
$200,000
$3,000
$203,000
5.00%
2.04%
4.90%
$1,650,000
$1,650,000
$1,662,000
$1,662,000
$1,712,000
$1,712,000
$50,000
$50,000
3.01%
3.01%
$180,000
$360,000
$111,000
$1,950,000
$168,000
$375,000
$111,000
$2,037,000
$171,000
$382,000
$114,000
$2,078,000
$3,000
$7,000
$3,000
$41,000
1.79%
1.87%
2.70%
2.01%
Page 21
0.00%
3.64%
-12.41%
-62.79%
0.01%
-0.02%
-17.06%
Approved
Budget 2013
$2,601,000
Interest Income
01-40050-0000
02-40050-0000
03-40050-0000
04-40050-0000
Other Revenue
01-40060-2310
01-40100-2310
01-40200-2310
01-40203-3400
01-40205-5000
01-40206-3000
01-40212-1500
01-40300-1000
FILMING
SPECIAL EVENTS PERMITS
SPORTS FIELD RENTAL
SPORTSPARK
PERMIT REVENUES
TENNIS FEE
TELEPHONE COMMISSION
MISCELLANEOUS REVENUE
Total Revenue:
Expenses
Personal Services (PS) :
Salaries
01-60010-1050
01-60010-1100
01-60010-1300
01-60010-1400
01-60010-1500
$2,691,000
Approved
Budget 2014
$2,745,000
$5,000
$500
$1,000
$175,000
$181,500
$10,000
$1,000
$30,000
$250,000
$291,000
$30,000
$1,000
$30,000
$150,000
$211,000
$0
$0
$0
$0
$0
$0
$100,000
$12,000
$250,000
$200,000
$12,000
$51,000
$105,000
$64,000
$794,000
$144,000
$12,000
$215,000
$100,000
$12,000
$51,000
$105,000
$64,000
$703,000
$84,000
$12,000
$250,000
$200,000
$12,000
$52,000
$108,000
$36,000
$754,000
$21,739,500
$177,000
$567,000
$425,000
$139,000
$175,000
Page 22
$21,623,509
$177,082
$567,320
$425,686
$139,424
$228,339
$22,323,000
$177,082
$567,314
$425,686
$139,424
$228,339
Variance
Favorable
(Unfavorable)
$54,000
$20,000
$0
$0
($100,000)
($80,000)
$0
$0
($60,000)
$0
$35,000
$100,000
$0
$1,000
$3,000
($28,000)
$51,000
Variance
% Change
2.01%
200.00%
0.00%
0.00%
-40.00%
-27.49%
0.00%
0.00%
-41.67%
0.00%
16.28%
100.00%
0.00%
1.96%
2.86%
-43.75%
7.25%
$699,491
3.23%
$0
$6
$0
$0
$0
0.00%
0.00%
0.00%
0.00%
0.00%
01-60010-1600
01-60010-1800
01-60010-2050
01-60010-2100
01-60010-2210
01-60010-2220
01-60010-2230
01-60010-2240
01-60010-2250
01-60010-2300
01-60010-2310
01-60010-3400
SALARIES- Legal
SALARIES- Community Relations
SALARIES - Engineering
SALARIES- Public Safety
SALARIES - Grounds
SALARIES - Maintenance
SALARIES- Warehouse
SALARIES - Bus Operations
SALARIES - Motor Pool
SALARIES - Parks & Recreations
SALARIES - Permits & Film
SALARIES- Sportspark
Projected
2013
$169,000
$80,000
$251,000
$1,925,000
$600,000
$280,000
$164,000
$900,000
$225,000
$85,000
$58,000
$250,000
$6,470,000
Approved
Budget 2013
$169,724
$80,544
$251,019
$1,854,469
$626,028
$267,925
$164,266
$875,687
$215,602
$73,824
$58,444
$257,103
$6,432,486
Approved
Budget 2014
$169,724
$116,944
$319,019
$1,871,483
$575,026
$318,656
$164,266
$844,758
$215,602
$73,824
$58,444
$296,103
$6,561,694
Variance
Favorable
(Unfavorable)
$0
($36,400)
($68,000)
($17,014)
$51,002
($50,731)
$0
$30,929
$0
$0
$0
($39,000)
($129,208)
Variance
% Change
0.00%
-45.19%
-27.09%
-0.92%
8.15%
-18.93%
0.00%
3.53%
0.00%
0.00%
0.00%
-15.17%
-2.01%
Salaries OT
01-60030-1500
01-60030-1800
01-60030-2050
01-60030-2100
01-60030-2210
01-60030-2220
01-60030-2230
01-60030-2240
01-60030-2250
01-60030-2300
01-60030-2310
01-60031-2100
$2,000
$2,000
$2,000
$80,000
$17,000
$25,000
$2,000
$35,000
$6,000
$2,000
$2,000
$0
$175,000
$2,000
$2,000
$2,000
$80,000
$17,000
$25,000
$2,000
$35,000
$6,000
$2,000
$2,000
$0
$175,000
$2,000
$2,000
$2,000
$80,000
$17,000
$25,000
$2,000
$35,000
$6,000
$2,000
$2,000
$0
$175,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Temporary Employees
01-60100-1000
01-60100-1050
01-60100-1800
$10,000
$1,000
$9,000
$10,000
$1,000
$9,000
$10,000
$1,000
$9,000
$0
$0
$0
0.00%
0.00%
0.00%
Page 23
01-60100-2100
01-60100-2200
01-60100-2210
01-60100-2220
01-60100-2230
01-60100-2300
01-60100-3400
Projected
2013
$16,000
$12,000
$65,000
$40,000
$7,000
$6,000
$9,000
$175,000
$6,820,000
ER Payroll Taxes
01-60080-1000
01-60080-1050
01-60080-1100
01-60080-1300
01-60080-1400
01-60080-1500
01-60080-1600
01-60080-1800
01-60080-2050
01-60080-2100
01-60080-2200
01-60080-2210
01-60080-2220
01-60080-2230
01-60080-2240
01-60080-2250
$160,000
$2,000
$162,000
$1,200
$14,700
$37,000
$35,000
$11,300
$18,600
$13,600
$8,000
$20,400
$164,300
$1,400
$61,000
$28,900
$14,600
$76,900
$18,300
Page 24
Approved
Budget 2013
$16,000
$12,000
$65,000
$40,000
$7,000
$6,000
$9,000
$175,000
$6,782,486
Approved
Budget 2014
$16,000
$12,000
$65,000
$40,000
$7,000
$6,000
$9,000
$175,000
$6,911,694
Variance
Favorable
(Unfavorable)
$0
$0
$0
$0
$0
$0
$0
$0
Variance
% Change
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
($129,208)
-1.91%
$160,000
$2,133
$162,133
$160,000
$2,202
$162,202
$0
($69)
($69)
0.00%
-3.23%
-0.04%
$1,185
$14,701
$37,333
$34,635
$11,356
$18,656
$13,674
$8,072
$20,391
$164,368
$1,422
$61,035
$28,874
$14,584
$76,913
$18,333
$1,185
$14,701
$37,332
$34,635
$11,356
$18,656
$13,674
$11,201
$25,938
$166,017
$1,422
$58,318
$33,100
$14,584
$72,671
$18,333
$0
$0
$1
$0
$0
$0
$0
($3,129)
($5,547)
($1,649)
$0
$2,717
($4,226)
$0
$4,242
$0
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-38.76%
-27.20%
-1.00%
0.00%
4.45%
-14.64%
0.00%
5.52%
0.00%
01-60080-2300
01-60080-2310
01-60080-3400
Projected
2013
$6,800
$5,000
$24,000
$561,000
$425,000
Health Insurance
01-60090-1050
Approved
Budget 2013
$6,857
$4,969
$24,185
$561,543
$425,000
Approved
Budget 2014
$6,857
$4,969
$27,859
$572,808
$425,000
Variance
Favorable
(Unfavorable)
$0
$0
($3,674)
($11,265)
$0
Variance
% Change
0.00%
0.00%
-15.19%
-2.01%
0.00%
$34
$605
$1,929
$1,447
$474
$783
$577
$312
$860
$6,631
$41
$2,407
$1,132
$590
$3,096
$753
$278
$206
$905
$23,060
$34
$605
$1,929
$1,447
$474
$783
$577
$312
$860
$6,631
$41
$2,407
$1,132
$590
$3,096
$753
$278
$206
$905
$23,060
$34
$605
$1,929
$1,447
$474
$783
$577
$436
$1,092
$6,688
$41
$2,234
$1,304
$590
$2,991
$753
$278
$206
$1,038
$23,500
$0
$0
$0
$0
$0
$0
$0
($124)
($232)
($57)
$0
$173
($172)
$0
$105
$0
$0
$0
($133)
($440)
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-39.74%
-26.98%
-0.86%
0.00%
7.19%
-15.19%
0.00%
3.39%
0.00%
0.00%
0.00%
-14.70%
-1.91%
$33,000
$33,569
$36,549
($2,980)
-8.88%
01-60090-1100
01-60090-1300
01-60090-1400
01-60090-1500
01-60090-1600
01-60090-1800
01-60090-2050
01-60090-2100
01-60090-2210
01-60090-2220
01-60090-2230
01-60090-2240
01-60090-2250
01-60090-2300
01-60090-2310
01-60090-3400
Dental/Vision
01-60091-1050
01-60091-1100
01-60091-1300
01-60091-1400
01-60091-1500
01-60091-1600
01-60091-1800
01-60091-2050
01-60091-2100
01-60091-2210
01-60091-2220
01-60091-2230
01-60091-2240
01-60091-2250
Projected
2013
$61,000
$95,000
$25,000
$40,000
$25,000
$18,000
$43,000
$382,000
$150,000
$40,000
$34,000
$150,000
$40,000
$15,000
$8,000
$33,000
$1,192,000
Approved
Budget 2013
$61,939
$98,063
$25,815
$54,186
$25,815
$18,062
$43,877
$382,813
$171,673
$51,834
$37,993
$167,222
$42,993
$18,062
$7,753
$33,569
$1,275,238
Approved
Budget 2014
$56,199
$95,500
$28,099
$39,301
$28,100
$19,650
$67,400
$450,362
$155,864
$53,423
$41,288
$152,762
$42,991
$19,650
$8,449
$36,549
$1,332,136
Variance
Favorable
(Unfavorable)
$5,740
$2,563
($2,284)
$14,885
($2,285)
($1,588)
($23,523)
($67,549)
$15,809
($1,589)
($3,295)
$14,460
$2
($1,588)
($696)
($2,980)
($56,898)
Variance
% Change
9.27%
2.61%
-8.85%
27.47%
-8.85%
-8.79%
-53.61%
-17.65%
9.21%
-3.07%
-8.67%
8.65%
0.00%
-8.79%
-8.98%
-8.88%
-4.46%
$2,135
$5,981
$7,620
$2,108
$4,368
$1,639
$1,613
$3,721
$27,484
$1,613
$1,612
$2,756
$6,450
$965
$2,135
$5,981
$7,620
$2,108
$4,368
$1,639
$1,613
$3,721
$27,484
$1,613
$1,612
$2,756
$6,450
$965
$2,199
$5,010
$7,665
$2,172
$4,499
$1,688
$1,661
$5,494
$28,179
$994
$1,661
$2,838
$5,494
$994
($64)
$971
($45)
($64)
($131)
($49)
($48)
($1,773)
($695)
$619
($49)
($82)
$956
($29)
-3.00%
16.23%
-0.59%
-3.04%
-3.00%
-2.99%
-2.98%
-47.65%
-2.53%
38.38%
-3.04%
-2.98%
14.82%
-3.01%
01-60091-2300
01-60091-2310
01-60091-3400
Projected
2013
$1,612
$496
$2,604
$74,777
Approved
Budget 2013
$1,612
$496
$2,604
$74,777
Approved
Budget 2014
$1,661
$511
$2,682
$75,402
Variance
Favorable
(Unfavorable)
($49)
($15)
($78)
($625)
Variance
% Change
-3.04%
-3.02%
-3.00%
-0.84%
$857
$1,602
$1,912
$631
$987
$716
$284
$1,050
$10,088
$302
$303
$624
$1,171
$303
$327
$284
$688
$22,129
$857
$1,602
$1,912
$631
$987
$716
$284
$1,050
$10,088
$302
$303
$624
$1,171
$303
$327
$284
$688
$22,129
$1,104
$1,932
$2,406
$795
$1,234
$881
$366
$1,691
$13,144
$385
$385
$789
$1,514
$385
$409
$366
$934
$28,720
($247)
($330)
($494)
($164)
($247)
($165)
($82)
($641)
($3,056)
($83)
($82)
($165)
($343)
($82)
($82)
($82)
($246)
($6,591)
-28.82%
-20.60%
-25.84%
-25.99%
-25.03%
-22.99%
-28.87%
-61.05%
-30.29%
-27.48%
-27.06%
-26.44%
-29.29%
-27.06%
-25.08%
-28.87%
-35.76%
-29.78%
$33,468
$107,222
$80,455
$26,351
$43,156
$32,078
$11,046
$33,468
$107,222
$80,455
$26,351
$43,156
$32,078
$11,046
$36,833
$118,002
$88,543
$29,000
$47,494
$35,303
$12,156
($3,365)
($10,780)
($8,088)
($2,649)
($4,338)
($3,225)
($1,110)
-10.05%
-10.05%
-10.05%
-10.05%
-10.05%
-10.05%
-10.05%
Pension
01-60092-1050
01-60092-1100
01-60092-1300
01-60092-1400
01-60092-1500
01-60092-1600
01-60092-1800
Page 27
01-60092-2050
01-60092-2100
01-60092-2210
01-60092-2220
01-60092-2230
01-60092-2240
01-60092-2250
01-60092-2300
01-60092-2310
01-60092-3400
PENSION - Engineering
PENSION- Public Safety
PENSION- Grounds
PENSION - Maintenance
PENSION- Warehouse
PENSION - Bus Operations
PENSION - Motor Pool
PENSION - Parks & Recreations
PENSION - Permits & Film
PENSION- Sportspark
Projected
2013
$47,443
$88,473
$62,411
$28,605
$25,887
$99,577
$24,527
$13,953
$11,046
$22,057
$757,755
Approved
Budget 2013
$47,443
$88,473
$62,411
$28,605
$25,887
$99,577
$24,527
$13,953
$11,046
$22,057
$757,755
Approved
Budget 2014
$66,356
$93,377
$59,152
$33,920
$28,489
$117,536
$25,762
$15,355
$12,156
$24,274
$843,708
$7,040
$2,393
$480
$1,680
$360
$480
$1,680
$360
$2,880
$10,080
$2,160
$29,593
$7,040
$2,393
$480
$1,680
$360
$480
$1,680
$360
$2,880
$10,080
$2,160
$29,593
$5,200
$1,995
$480
$1,560
$360
$480
$1,560
$360
$2,880
$9,360
$2,160
$26,395
Variance
Favorable
(Unfavorable)
($18,913)
($4,904)
$3,259
($5,315)
($2,602)
($17,959)
($1,235)
($1,402)
($1,110)
($2,217)
($85,953)
Variance
% Change
-39.86%
-5.54%
5.22%
-18.58%
-10.05%
-18.04%
-5.04%
-10.05%
-10.05%
-10.05%
-11.34%
$1,840
$398
$0
$120
$0
$0
$120
$0
$0
$720
$0
$3,198
26.14%
16.63%
0.00%
7.14%
0.00%
0.00%
7.14%
0.00%
0.00%
7.14%
0.00%
10.81%
$3,247,314
$3,331,228
$3,489,871
($158,642)
-4.76%
$10,067,314
$10,113,714
$10,401,565
($287,850)
-2.85%
($50,000)
$0
-5.00%
0.00%
$1,000,000
$150,000
Page 28
$1,000,000
$150,000
$1,050,000
$150,000
Approved
Budget 2013
$1,150,000
Approved
Budget 2014
$1,200,000
Variance
Favorable
(Unfavorable)
($50,000)
Variance
% Change
-4.35%
Professional Services
01-60220-1050
01-60220-1100
01-60220-1120
01-60220-1300
01-60220-1400
01-60220-1500
01-60220-1700
01-60220-1800
01-60220-2050
01-60220-2200
01-60220-2210
01-60220-2900
01-60220-3000
01-60220-3400
01-60220-4000
01-60220-5000
03-60220-1300
$30,000
$36,000
$65,000
$45,000
$51,000
$59,000
$6,000
$0
$50,000
$2,400
$0
$0
$0
$36,000
$0
$100,000
$0
$480,400
$10,000
$36,000
$65,000
$31,500
$51,000
$59,000
$6,000
$0
$18,000
$2,400
$0
$0
$0
$36,000
$0
$6,000
$0
$320,900
$6,000
$68,000
$0
$57,000
$54,000
$60,000
$6,000
$0
$68,000
$15,000
$0
$0
$0
$44,000
$0
$100,000
$0
$478,000
$4,000
($32,000)
$65,000
($25,500)
($3,000)
($1,000)
$0
$0
($50,000)
($12,600)
$0
$0
$0
($8,000)
$0
($94,000)
$0
($157,100)
40.00%
-88.89%
-100.00%
-80.95%
-5.88%
-1.69%
0.00%
0.00%
-277.78%
-525.00%
0.00%
0.00%
0.00%
-22.22%
0.00%
-1566.67%
0.00%
-48.96%
Marketing / Advertisting
01-60540-1000
01-60540-1800
01-60540-3400
$12,000
$9,000
$2,400
$23,400
$6,000
$9,000
$2,400
$17,400
$6,000
$20,000
$3,000
$29,000
$0
($11,000)
($600)
($11,600)
0.00%
-122.22%
-25.00%
-66.67%
Management Fees
01-60210-2900
01-60210-6000
01-60310-2900
$3,420,000
$660,000
$20,000
$4,100,000
$3,397,200
$660,000
$20,000
$4,077,200
$3,420,000
$660,000
$22,000
$4,102,000
($22,800)
$0
($2,000)
($24,800)
-0.67%
0.00%
-10.00%
-0.61%
Page 29
Approved
Budget 2013
Approved
Budget 2014
Variance
Favorable
(Unfavorable)
Variance
% Change
Legal Services
01-60240-1600
01-60240-4000
01-60240-5000
01-60241-1600
01-60242-1600
01-60243-1600
01-60246-0000
03-60240-1200
$25,000
$0
$0
$100,000
$25,000
$100,000
$0
$0
$250,000
$25,000
$0
$0
$100,000
$25,000
$50,000
$0
$0
$200,000
$100,000
$0
$0
$100,000
$25,000
$150,000
$0
$0
$375,000
($75,000)
$0
$0
$0
$0
($100,000)
$0
$0
($175,000)
-300.00%
0.00%
0.00%
0.00%
0.00%
-200.00%
0.00%
0.00%
-87.50%
Telecommunications
01-60400-1500
01-60401-1500
01-60402-1500
01-60403-1500
01-60404-1500
01-60690-1500
01-60700-1500
TELEPHONE
TELEPHONE LONG DISTANCE
TELEPHONE- CELL
MAINTENANCE- INTERNAL TELEPHONE S
INTERNET SERVICE PROVIDER- DATA LIN
WEB SITE HOSTING
TV CABLE SERVICES
$60,000
$1,000
$28,000
$6,000
$20,000
$10,000
$0
$125,000
$58,200
$1,200
$24,000
$4,800
$18,000
$900
$0
$107,100
$60,000
$1,000
$28,000
$6,000
$20,000
$10,000
$0
$125,000
($1,800)
$200
($4,000)
($1,200)
($2,000)
($9,100)
$0
($17,900)
-3.09%
16.67%
-16.67%
-25.00%
-11.11%
-1011.11%
0.00%
-16.71%
$12,000
$12,000
($12,000)
($12,000)
$5,000
$130,000
$5,000
$5,000
($200)
$0
$0
$0
$0
$4,800
$130,000
$5,000
$5,000
Page 30
$0
$4,800
$130,000
$5,000
$5,000
-4.17%
0.00%
0.00%
0.00%
01-60410-2240
01-60410-2900
01-60410-3000
01-60411-2200
01-60411-2210
01-60411-2220
01-60411-6000
01-60412-0000
01-60412-1000
01-60412-2200
01-60412-2210
01-60412-2220
01-60412-2240
01-60412-2800
01-60412-2900
01-60412-3000
01-60412-3400
01-60412-4000
01-60412-5000
01-60412-6000
01-60413-2100
01-60413-2220
01-60413-2900
01-60413-3000
01-60413-3400
01-60414-1000
01-60414-2220
01-60414-2240
01-60414-3000
01-60414-3400
Projected
2013
$5,000
$0
$10,000
$10,000
$10,000
$30,000
$0
$0
$5,000
$5,000
$0
$5,000
$10,000
$5,000
$15,000
$20,000
$40,000
$0
$0
$6,000
$3,000
$12,000
$4,800
$15,000
$3,000
$3,600
$6,000
$4,000
$24,000
$6,000
$402,200
Approved
Budget 2013
$5,000
$0
$10,000
$10,000
$10,000
$30,000
$0
$0
$5,000
$5,000
$0
$5,000
$10,000
$5,000
$15,000
$20,000
$40,000
$0
$0
$6,000
$3,000
$12,000
$4,800
$15,000
$3,000
$3,600
$6,000
$4,000
$24,000
$6,000
$402,200
Approved
Budget 2014
$5,000
$0
$10,000
$10,000
$10,000
$30,000
$0
$0
$5,000
$5,000
$0
$5,000
$10,000
$5,000
$15,000
$20,000
$40,000
$0
$0
$6,000
$3,000
$12,000
$15,000
$15,000
$3,000
$4,000
$6,000
$4,000
$24,000
$6,000
$413,000
Variance
Favorable
(Unfavorable)
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
($10,200)
$0
$0
($400)
$0
$0
$0
$0
($10,800)
Variance
% Change
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-212.50%
0.00%
0.00%
-11.11%
0.00%
0.00%
0.00%
0.00%
-2.69%
01-60440-1000
01-60440-2210
01-60440-2220
01-60440-2240
01-60440-2800
01-60440-2900
Vehicles Gas
01-60450-1050
01-60450-2100
01-60450-2200
01-60450-2210
01-60450-2220
01-60450-2230
01-60450-2240
01-60450-2250
01-60450-3400
Variance
Favorable
(Unfavorable)
($800)
($800)
$400
($1,600)
$0
$0
($2,800)
Variance
% Change
-66.67%
-11.11%
16.67%
-19.05%
0.00%
0.00%
-11.11%
$120,000
$120,000
($15,000)
($15,000)
-14.29%
-14.29%
$1,500
$20,000
$0
$15,000
$4,000
$2,800
$124,000
$0
$1,000
$168,300
$1,000
$20,000
$0
$15,000
$4,000
$2,000
$124,000
$0
$1,000
$167,000
$500
$0
$0
$0
$0
$800
$0
$0
$0
$1,300
33.33%
0.00%
0.00%
0.00%
0.00%
28.57%
0.00%
0.00%
0.00%
0.77%
$1,200
$8,000
$1,200
$6,000
$6,000
$2,400
$48,000
$8,400
$1,000
$8,000
$1,000
$6,000
$6,000
$2,000
$48,000
$8,000
$200
$0
$200
$0
$0
$400
$0
$400
16.67%
0.00%
16.67%
0.00%
0.00%
16.67%
0.00%
4.76%
Projected
2013
$1,200
$7,200
$2,400
$8,400
$6,000
$0
$25,200
Approved
Budget 2013
$1,200
$7,200
$2,400
$8,400
$6,000
$0
$25,200
Approved
Budget 2014
$2,000
$8,000
$2,000
$10,000
$6,000
$105,000
$105,000
$105,000
$105,000
$1,500
$20,000
$0
$15,000
$4,000
$2,800
$124,000
$0
$1,000
$168,300
$1,200
$8,000
$1,200
$6,000
$6,000
$2,400
$48,000
$8,400
$28,000
01-60500-3400
Projected
2013
$2,400
$83,600
Approved
Budget 2013
$2,400
$83,600
Approved
Budget 2014
$1,000
$81,000
Variance
Favorable
(Unfavorable)
$1,400
$2,600
Variance
% Change
58.33%
3.11%
Vehicles Parts
01-60640-2050
01-60640-2100
01-60640-2210
01-60640-2230
01-60640-2240
01-60640-2250
01-60640-3400
$0
$6,000
$3,000
$1,200
$20,000
$6,000
$1,000
$37,200
$0
$6,000
$3,000
$1,200
$20,000
$6,000
$1,000
$37,200
$0
$6,000
$3,000
$1,000
$40,000
$6,000
$1,000
$57,000
$0
$0
$0
$200
($20,000)
$0
$0
($19,800)
0.00%
0.00%
0.00%
16.67%
-100.00%
0.00%
0.00%
-53.23%
Equipment Lease
01-60300-1050
01-60300-2210
01-60300-2220
01-60300-2230
01-60300-2240
01-60300-2250
01-60300-2900
$5,000
$3,600
$3,000
$1,200
$2,400
$0
$1,200
$16,400
$5,000
$3,600
$3,000
$1,200
$2,400
$0
$1,200
$16,400
$12,000
$4,000
$3,000
$1,000
$2,000
$0
$2,000
$24,000
($7,000)
($400)
$0
$200
$400
$0
($800)
($7,600)
-140.00%
-11.11%
0.00%
16.67%
16.67%
0.00%
-66.67%
-46.34%
$0
$2,400
$0
$9,600
$1,200
$3,000
$0
$1,200
$1,200
$0
$2,400
$0
$9,600
$1,200
$3,000
$0
$1,200
$1,200
$0
$2,000
$0
$10,000
$2,000
$3,000
$0
$1,000
$1,000
$0
$400
$0
($400)
($800)
$0
$0
$200
$200
0.00%
16.67%
0.00%
-4.17%
-66.67%
0.00%
0.00%
16.67%
16.67%
Page 33
Equipment Purchases
01-60510-1050
01-60510-1500
01-60510-2050
01-60510-2100
01-60510-2210
01-60510-2220
01-60510-2230
01-60510-2240
01-60510-2250
01-60510-2900
01-60510-3400
Variance
Favorable
(Unfavorable)
$0
$0
$200
($200)
Variance
% Change
0.00%
0.00%
16.67%
-1.01%
$0
$0
$1,200
$19,800
$0
$0
$0
$18,800
$6,000
$2,400
$6,000
$4,200
$4,200
$6,000
$6,000
$53,600
$0
$0
$0
$18,800
$6,000
$2,400
$6,000
$4,200
$4,200
$6,000
$6,000
$53,600
$0
$0
$0
$18,000
$6,000
$4,000
$6,000
$6,000
$6,000
$6,000
$8,000
$60,000
$0
$0
$0
$800
$0
($1,600)
$0
($1,800)
($1,800)
$0
($2,000)
($6,400)
0.00%
0.00%
0.00%
4.26%
0.00%
-66.67%
0.00%
-42.86%
-42.86%
0.00%
-33.33%
-11.94%
$12,000
$6,000
$18,000
$12,000
$6,000
$18,000
$6,000
$6,000
$12,000
$6,000
$0
$6,000
50.00%
0.00%
33.33%
$2,100
$2,100
$5,100
$2,100
$2,100
$1,500
$0
$2,100
$2,100
$2,100
$5,100
$2,100
$2,100
$1,500
$0
$2,100
$2,000
$2,000
$5,000
$2,000
$2,000
$2,000
$0
$2,000
Exterminator
01-60250-1000
01-60250-2100
01-60250-2210
01-60250-2230
01-60250-2240
01-60250-2250
01-60250-2900
01-60250-3400
Approved
Budget 2014
$0
$0
$1,000
$20,000
Approved
Budget 2013
$0
$0
$1,200
$19,800
EXTERMINATOR - Admin
EXTERMINATOR - Public Safety
EXTERMINATOR - Grounds
EXTERMINATOR - Warehouse
EXTERMINATOR - Bus Operations
EXTERMINATOR - Motor Pool
EXTERMINATOR - Tramway
EXTERMINATOR - Sportspark
Page 34
$100
$100
$100
$100
$100
($500)
$0
$100
4.76%
4.76%
1.96%
4.76%
4.76%
-33.33%
0.00%
4.76%
Approved
Budget 2013
Approved
Budget 2014
$17,100
$17,100
$17,000
Variance
Favorable
(Unfavorable)
$100
Variance
% Change
0.58%
Uniforms
01-60290-1000
01-60290-2100
01-60290-2200
01-60290-2210
01-60290-2220
01-60290-2230
01-60290-2240
01-60290-2250
01-60290-2900
01-60290-3400
01-60291-2100
01-60291-2200
01-60291-2210
01-60291-2220
01-60291-2230
01-60291-2240
01-60291-2250
01-60291-2900
UNIFORMS - Administrative
UNIFORMS - Public Safety
UNIFORMS - Island Operations
UNIFORMS - Grounds
UNIFORMS - Maintenance
UNIFORMS - Warehouse
UNIFORMS - Bus Operations
UNIFORMS - Motor Pool
UNIFORMS - Tramway
UNIFORMS - Sportspark
UNIFORMS CLEANING- Public Safety
UNIFORMS CLEANING - Island Operations
UNIFORMS CLEANING - Grounds
UNIFORMS CLEANING - Maintenance
UNIFORMS CLEANING - Warehouse
UNIFORMS CLEANING - Bus Operations
UNIFORMS CLEANING - Motor Pool
UNIFORMS CLEANING - Tramway
$3,000
$26,100
$1,500
$3,900
$1,750
$1,550
$5,400
$1,800
$0
$1,800
$10,500
$300
$3,000
$1,250
$900
$3,000
$1,200
$0
$66,950
$3,000
$26,100
$1,500
$3,900
$1,750
$1,550
$5,400
$1,800
$0
$1,800
$10,500
$300
$3,000
$1,250
$900
$3,000
$1,200
$0
$66,950
$3,000
$26,000
$2,000
$4,000
$2,000
$1,000
$5,000
$2,000
$0
$2,000
$12,000
$0
$3,000
$1,000
$1,000
$3,000
$1,000
$0
$68,000
$0
$100
($500)
($100)
($250)
$550
$400
($200)
$0
($200)
($1,500)
$300
$0
$250
($100)
$0
$200
$0
($1,050)
0.00%
0.38%
-33.33%
-2.56%
-14.29%
35.48%
7.41%
-11.11%
0.00%
-11.11%
-14.29%
100.00%
0.00%
20.00%
-11.11%
0.00%
16.67%
0.00%
-1.57%
$42,000
$60,000
$24,000
$12,000
$120,000
$180,000
$90,000
$24,000
$60,000
$42,000
$60,000
$24,000
$12,000
$60,000
$180,000
$90,000
$60,000
$60,000
$42,000
$60,000
$24,000
$12,000
$150,000
$180,000
$90,000
$24,000
$60,000
$0
$0
$0
$0
($90,000)
$0
$0
$36,000
$0
0.00%
0.00%
0.00%
0.00%
-100.00%
0.00%
0.00%
60.00%
0.00%
Page 35
Approved
Budget 2013
$588,000
Approved
Budget 2014
$642,000
Variance
Favorable
(Unfavorable)
($54,000)
Variance
% Change
-9.18%
$0
$0
$2,000
$0
$0
$0
$0
$0
$3,600
$3,000
$8,600
$0
$0
$2,000
$0
$0
$0
$0
$0
$3,600
$3,000
$8,600
$0
$0
$6,000
$0
$0
$0
$0
$0
$3,000
$3,000
$12,000
$0
$0
($4,000)
$0
$0
$0
$0
$0
$600
$0
($3,400)
0.00%
0.00%
-200.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-100.00%
0.00%
-39.53%
Office Supplies
01-60420-1000
01-60420-1050
01-60420-1100
01-60420-1500
01-60420-1600
01-60420-1800
01-60420-2050
01-60420-2100
01-60420-2200
01-60420-2230
01-60420-2240
01-60420-2900
01-60420-3400
$8,000
$0
$0
$3,000
$600
$300
$300
$4,000
$0
$0
$300
$0
$600
$17,100
$8,000
$0
$0
$3,000
$600
$300
$300
$4,000
$0
$0
$300
$0
$600
$17,100
$10,000
$0
$0
$3,000
$600
$300
$300
$4,000
$0
$0
$300
$0
$500
$19,000
($2,000)
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$100
($1,900)
-25.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
16.67%
-11.11%
$1,800
$1,800
$2,000
($200)
-11.11%
Page 36
$0
$3,600
$7,500
$3,000
$800
$3,000
$6,000
$36,000
$36,000
$42,000
$6,000
$3,000
$38,000
$0
$6,000
$12,000
$6,000
$210,700
Approved
Budget 2013
$0
$3,600
$7,500
$3,000
$800
$3,000
$6,000
$36,000
$36,000
$42,000
$6,000
$3,000
$38,000
$0
$6,000
$12,000
$6,000
$210,700
Approved
Budget 2014
$0
$4,000
$7,500
$5,000
$1,500
$3,000
$6,000
$36,000
$36,000
$40,000
$6,000
$3,000
$38,000
$0
$6,000
$12,000
$6,000
$212,000
Variance
Favorable
(Unfavorable)
$0
($400)
$0
($2,000)
($700)
$0
$0
$0
$0
$2,000
$0
$0
$0
$0
$0
$0
$0
($1,300)
Variance
% Change
0.00%
-11.11%
0.00%
-66.67%
-87.50%
0.00%
0.00%
0.00%
0.00%
4.76%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-0.62%
$11,200
$11,500
$12,000
$6,600
$6,000
$7,200
$5,000
$600
$0
$2,400
$8,000
$70,500
$11,200
$11,500
$12,000
$6,600
$6,000
$7,200
$5,000
$600
$0
$2,400
$8,000
$70,500
$15,000
$12,000
$12,000
$7,000
$6,000
$7,000
$10,000
$1,000
$0
$2,000
$8,000
$80,000
($3,800)
($500)
$0
($400)
$0
$200
($5,000)
($400)
$0
$400
$0
($9,500)
-33.93%
-4.35%
0.00%
-6.06%
0.00%
2.78%
-100.00%
-66.67%
0.00%
-100.00%
0.00%
-13.48%
Projected
2013
01-60430-1050
PARTS & SUPPLY - Administrative Services
01-60430-1500
PARTS & SUPPLIES - Information Technology
01-60430-1514
PARTS & SUPPLIES - Access Control
01-60430-1800
PARTS & SUPPLIES - Community Relations
01-60430-2050
PARTS & SUPPLY - Engineering
01-60430-2100
PARTS & SUPPLIES - Public Safety
01-60430-2200
PARTS & SUPPLIES - Island Operations
01-60430-2210
PARTS & SUPPLIES - Grounds
01-60430-2220
PARTS & SUPPLIES - Maintenance
01-60430-2230
PARTS & SUPPLIES - Warehouse
01-60430-2240
PARTS & SUPPLIES - Bus Operations
01-60430-2250
PARTS & SUPPLIES - MotorPool
01-60430-2800
PARTS & SUPPLIES - AVAC
01-60430-2900
PARTS & SUPPLIES - Tramway
01-60430-3000
PARTS & SUPPLIES - RI Locations Points
01-60430-3400
PARTS & SUPPLIES - Sportspark
01-60430-6000
PARTS & SUPPLY - Motorgate
PARTS & SUPPLY - Motor Pool
Service Maintenance Agreement
01-60750-0000
SERVICE MAINTENANCE AGREE - General
01-60750-1300
SERVICE MAINTENANCE AGREE - Finance
01-60750-1500
SERVICE MAINTENANCE AGREEMENT- C
01-60750-1514
SERVICE MAINTENANCE AGREE - Access C
01-60750-2050
SERVICE MAINTENANCE AGREE - Engineer
01-60750-2100
SERVICE MAINTENANCE AGREE - Public Sa
01-60750-2240
SERVICE MAINTENANCE AGREE - Bus Ope
01-60750-2800
SERVICE MAINTENANCE AGREE - AVAC
01-60750-2900
SERVICE MAINTENANCE AGREE - Tramway
01-60750-3000
SERVICE MAINTENANCE AGREE - RI Locat
01-60750-3400
SERVICE MAINTENANCE AGREE - Sportspa
Page 37
Approved
Budget 2013
Approved
Budget 2014
Variance
Favorable
(Unfavorable)
Variance
% Change
$1,200
$0
$3,600
$3,100
$900
$2,000
$900
$300
$600
$1,200
$2,000
$0
$0
$0
$0
$1,500
$0
$200
$17,500
$1,200
$0
$3,600
$3,100
$900
$2,000
$900
$300
$600
$1,200
$2,000
$0
$0
$0
$0
$1,500
$0
$200
$17,500
$0
$0
$600
$0
$0
$1,000
$1,000
$0
$0
$0
$600
$0
$0
$0
$0
$0
$0
$0
$3,200
$1,200
$0
$3,000
$3,100
$900
$1,000
($100)
$300
$600
$1,200
$1,400
$0
$0
$0
$0
$1,500
$0
$200
$14,300
100.00%
0.00%
83.33%
100.00%
100.00%
50.00%
-11.11%
100.00%
100.00%
100.00%
70.00%
0.00%
0.00%
0.00%
0.00%
100.00%
0.00%
100.00%
81.71%
Employee Training
01-60530-1000
01-60530-1050
01-60530-1100
01-60530-1300
01-60530-1400
01-60530-1500
01-60530-1600
01-60530-1800
01-60530-2050
01-60530-2100
01-60530-2200
$1,200
$1,200
$1,200
$3,600
$1,000
$3,800
$3,500
$300
$3,800
$14,600
$600
$1,200
$1,200
$1,200
$3,600
$1,000
$3,800
$3,500
$300
$3,800
$14,600
$600
$1,000
$1,000
$500
$2,900
$1,000
$5,000
$3,500
$500
$4,000
$15,000
$500
$200
$200
$700
$700
$0
($1,200)
$0
($200)
($200)
($400)
$100
16.67%
16.67%
58.33%
19.44%
0.00%
-31.58%
0.00%
-66.67%
-5.26%
-2.74%
16.67%
Page 38
01-60530-2210
01-60530-2220
01-60530-2230
01-60530-2240
01-60530-2250
01-60530-2900
01-60530-3400
Shipping
01-60550-1000
01-60550-1050
01-60551-1050
01-60551-1400
01-60551-1800
01-60551-2050
01-60551-2100
01-60551-2200
01-60551-2210
01-60551-2230
01-60551-2240
01-60551-2250
01-60551-2800
01-60551-2900
01-60551-3400
01-60552-1000
01-60552-1500
POSTAGE - Administrative
POSTAGE - Administrative Services
SHIPPING - Administrative Services
SHIPPING - Human Resources
SHIPPING - Community Relations
SHIPPING - Engineering
SHIPPING - Public Safety
SHIPPING - Island Operations
SHIPPING - Grounds
SHIPPING - Warehouse
SHIPPING - Bus Operations
SHIPPING - Motor Pool
SHIPPING - AVAC
SHIPPING - Tramway
SHIPPING - Sportspark
UPS SHIPPING - Administrative
UPS SHIPPING - Information Technology
Projected
2013
$7,800
$1,200
$1,200
$8,400
$0
$0
$3,000
$56,400
Approved
Budget 2013
$7,800
$1,200
$1,200
$8,400
$0
$0
$3,000
$56,400
Approved
Budget 2014
$12,000
$1,000
$1,000
$8,500
$0
$0
$7,000
$64,400
Variance
Favorable
(Unfavorable)
($4,200)
$200
$200
($100)
$0
$0
($4,000)
($8,000)
Variance
% Change
-53.85%
16.67%
16.67%
-1.19%
0.00%
0.00%
-133.33%
-14.18%
$8,600
$0
$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
$0
$200
$600
$1,800
$13,400
$8,600
$0
$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
$0
$200
$600
$1,800
$13,400
$10,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$1,000
$0
$11,000
($1,400)
$0
$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
$0
$200
($400)
$1,800
$2,400
-16.28%
0.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
0.00%
100.00%
-66.67%
0.00%
17.91%
$3,000
$0
$1,000
$3,000
$0
$1,000
$0
$0
$0
$3,000
$0
$1,000
100.00%
0.00%
100.00%
Subscriptions / Membership
01-60560-1000
SUBSCRIPTIONS / MEMBERSHIP- Administr
01-60560-1050
SUBSCRIPTIONS/ MEMBERSHIP - Administr
01-60560-1300
SUBSCRIPTIONS/ MEMBERSHIP - Finance
Page 39
01-60560-1600
01-60560-2050
01-60560-2100
Other Expenses
01-60570-0000
01-60580-1000
01-60580-1050
01-60580-1500
01-60580-1800
01-60580-2050
01-60580-2100
01-60580-2200
01-60580-2210
01-60580-2220
01-60580-2230
01-60580-2240
01-60580-2250
01-60580-3400
01-60630-1300
01-60790-1400
01-60790-2900
02-61750-1000
Projected
2013
$10,500
$300
$900
$15,700
Approved
Budget 2013
$10,500
$300
$900
$15,700
Approved
Budget 2014
$8,400
$0
$0
$8,400
Variance
Favorable
(Unfavorable)
$2,100
$300
$900
$7,300
Variance
% Change
20.00%
100.00%
100.00%
46.50%
$19,200
$20,000
$0
$0
$0
$0
$4,000
$0
$2,000
$0
$0
$600
$0
$600
$0
$16,800
$0
$275,000
$338,200
$19,200
$20,000
$0
$0
$0
$0
$4,000
$0
$2,000
$0
$0
$600
$0
$600
$0
$16,800
$0
$275,000
$338,200
$18,000
$16,000
$0
$0
$0
$0
$4,000
$0
$2,000
$0
$0
$0
$0
$0
$0
$16,000
$0
$275,000
$331,000
$1,200
$4,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$600
$0
$600
$0
$800
$0
$0
$7,200
6.25%
20.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%
0.00%
100.00%
0.00%
4.76%
0.00%
0.00%
2.13%
$79,000
$6,000
$85,000
$79,000
$6,000
$85,000
$80,000
$5,000
$85,000
($1,000)
$1,000
$0
-1.27%
16.67%
0.00%
($548,950)
($836,800)
-6.61%
-4.54%
$8,587,250
$18,654,564
Page 40
$8,307,050
$18,420,764
$8,856,000
$19,257,565
Approved
Budget 2013
Approved
Budget 2014
Variance
Favorable
(Unfavorable)
Variance
% Change
$3,084,936
$3,202,745
$3,065,435
($137,309)
-4.29%
$72,000
$694,000
$641,000
$1,155,000
$64,000
$56,000
$380,000
$303,000
$212,000
$3,577,000
$72,000
$694,000
$641,000
$1,155,000
$64,000
$56,000
$380,000
$303,000
$212,000
$3,577,000
$74,000
$708,000
$654,000
$1,178,000
$65,000
$57,000
$388,000
$309,000
$216,000
$3,649,000
($2,000)
($14,000)
($13,000)
($23,000)
($1,000)
($1,000)
($8,000)
($6,000)
($4,000)
($72,000)
-2.78%
-2.02%
-2.03%
-1.99%
-1.56%
-1.79%
-2.11%
-1.98%
-1.89%
-2.01%
($209,309)
-55.93%
($492,064)
Page 41
($374,255)
($583,565)
Page 42
Amount
$190,000
$730,000
$325,000
$50,000
$10,000
$25,000
($280,000)
$1,050,000
$150,000
$150,000
$6,000
$6,000
$48,000
$20,000
$68,000
$0
$0
$32,000
$25,000
$57,000
$50,000
$4,000
$54,000
$6,000
$4,000
$6,000
$38,000
$6,000
$60,000
$6,000
$6,000
$68,000
Page 43
Amount
$68,000
$12,000
$3,000
$15,000
$6,000
$2,000
$6,000
$24,000
$6,000
$44,000
$0
$0
$100,000
$100,000
$3,000
$3,000
$6,000
$11,000
$3,000
$6,000
$20,000
$3,000
$3,000
$3,400,000
20,000
$3,420,000
$660,000
$660,000
$22,000
$22,000
Page 44
Amount
$100,000
$100,000
$100,000
$100,000
$25,000
$25,000
$150,000
$150,000
$7,800
$3,000
$48,000
$1,200
$60,000
$1,000
$1,000
$28,000
$28,000
$4,800
$1,200
$6,000
$4,100
$1,100
$1,500
$1,100
$5,000
$1,600
$2,800
$2,800
$20,000
$4,000
$6,000
$10,000
Page 45
Amount
$2,500
$2,500
$5,000
$100,000
$30,000
$130,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$10,000
$10,000
$10,000
$10,000
$10,000
$10,000
$30,000
$30,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$10,000
$10,000
Page 46
Amount
$5,000
$5,000
$15,000
$15,000
$20,000
$20,000
$30,000
$6,000
$4,000
$40,000
$0
$0
$6,000
$6,000
$3,000
$3,000
$3,000
$3,000
$3,000
$3,000
$12,000
$5,000
$10,000
$15,000
$15,000
$15,000
$3,000
$3,000
$2,400
Page 47
Amount
$1,600
$4,000
$3,600
$2,400
$6,000
$4,000
$4,000
$24,000
$24,000
$6,000
$6,000
$2,000
$2,000
$3,600
$2,000
$2,400
$8,000
$2,000
$2,000
$4,000
$3,000
$3,000
$10,000
$6,000
$6,000
$0
$0
$7,200
$9,600
$32,000
Page 48
Amount
$12,000
$9,600
$34,600
$15,000
$120,000
$1,000
$1,000
$20,000
$20,000
$15,000
$15,000
$4,000
$4,000
$2,000
$2,000
$124,000
$124,000
$1,000
$1,000
$1,000
$1,000
$8,000
$8,000
$1,000
$1,000
$6,000
$6,000
$6,000
$6,000
Page 49
Amount
$2,000
$2,000
$48,000
$48,000
$8,000
$8,000
$1,000
$1,000
$6,000
$6,000
$3,000
$3,000
$1,000
$1,000
$40,000
$40,000
$6,000
$6,000
$1,000
$1,000
$7,000
$5,000
$12,000
$2,400
$1,600
$4,000
$3,000
$3,000
Page 50
Amount
$1,000
$1,000
$1,000
$1,000
$2,000
$2,000
$2,000
$2,000
$2,000
$10,000
$10,000
$2,000
$2,000
$3,000
$3,000
$1,000
$1,000
$1,000
$1,000
$0
$0
$1,000
$1,000
$1,200
$2,400
$3,000
$2,400
$1,000
$8,000
Page 51
Amount
$18,000
$6,000
$6,000
$4,000
$4,000
$6,000
$6,000
$6,000
$6,000
$6,000
$6,000
$6,000
$6,000
$4,400
$3,600
$8,000
$6,000
$6,000
$6,000
$6,000
$2,000
$2,000
$2,000
$2,000
$1,400
$3,600
$5,000
$2,000
Page 52
Amount
$2,000
$2,000
$2,000
$2,000
$2,000
$0
$0
$2,000
$2,000
$1,200
$1,800
$3,000
$2,000
$6,000
$9,000
$9,000
$26,000
$750
$1,250
$2,000
$400
$1,800
$1,800
$4,000
$400
$800
$800
$2,000
$200
$600
$200
Page 53
Amount
$1,000
$2,500
$2,500
$5,000
$1,000
$1,000
$2,000
$0
$0
$1,000
$1,000
$2,000
$12,000
$12,000
$0
$0
$3,000
$3,000
$1,000
$1,000
$1,000
$1,000
$3,000
$3,000
$1,000
$1,000
$0
$0
Page 54
Amount
$42,000
$42,000
$60,000
$60,000
$24,000
$24,000
$12,000
$12,000
$150,000
$150,000
$180,000
$180,000
$90,000
$90,000
$24,000
$24,000
$60,000
$60,000
$4,000
$2,000
$6,000
$3,000
$3,000
$3,000
$3,000
$10,000
$10,000
$3,000
Page 55
Amount
$3,000
$600
$600
$300
$300
$300
$300
$4,000
$4,000
$300
$300
$0
$0
$500
$500
$1,400
$600
$2,000
$2,800
$1,200
$4,000
$2,250
$2,250
$3,000
$7,500
$5,000
$5,000
$1,500
$1,500
Page 56
Amount
$1,200
$1,800
$3,000
$2,000
$4,000
$6,000
$6,000
$12,000
$6,000
$12,000
$36,000
$12,000
$24,000
$36,000
$16,000
$6,000
$18,000
$40,000
$6,000
$6,000
$3,000
$3,000
$12,000
$20,000
$6,000
$38,000
$0
$0
$6,000
$6,000
Page 57
Amount
$4,000
$4,000
$4,000
$12,000
$6,000
$6,000
$600
$900
$1,500
$4,000
$4,000
$4,000
$15,000
$1,700
$10,300
$12,000
$8,400
$3,600
$12,000
$3,000
$3,000
$1,000
$7,000
$6,000
$6,000
$1,200
$4,800
$1,000
$7,000
$3,000
$5,000
$2,000
$10,000
Page 58
Amount
$1,000
$1,000
$0
$0
$2,000
$2,000
$2,500
$4,500
$1,000
$8,000
$0
$0
$600
$600
$0
$0
$0
$0
$600
$400
$1,000
$400
$600
$1,000
$0
$0
$0
$0
$0
Page 59
Amount
$0
$600
$600
$0
$0
$0
$0
$1,000
$1,000
$1,000
$1,000
$500
$500
$1,200
$600
$600
$500
$2,900
$600
$400
$1,000
$1,600
$600
$2,800
$5,000
$1,500
$1,500
$500
$3,500
$500
Page 60
Amount
$500
$2,000
$1,400
$600
$4,000
$4,500
$4,500
$6,000
$15,000
$500
$500
$8,000
$800
$3,200
$12,000
$500
$500
$1,000
$500
$500
$1,000
$6,000
$1,800
$700
$8,500
$0
$0
$1,000
$6,000
$7,000
$3,000
Page 61
Amount
$5,000
$2,000
$10,000
$1,000
$1,000
$0
$0
$0
$0
$0
$0
$8,400
$8,400
$0
$0
$0
$0
$1,200
$16,800
$18,000
$8,000
$8,000
$16,000
$4,000
$4,000
$2,000
$2,000
$16,000
$16,000
Amount
$100,000
$175,000
$275,000
$24,000
$3,000
$5,000
$12,000
$5,000
$2,750
$2,750
$2,750
$2,750
$20,000
$80,000
$5,000
$5,000
$12,000
$12,000
$8,856,000
Page 62
August/September 2012
September 2012
September 2012
September 2012
September 2012
October/November 2012
December 2012
December 2012
Page 63
Table of Contents
Page
Independent Auditors Report
1-3
4 - 11
12
13
14
15 - 31
Supplemental Information:
Schedule of Operations by Department for the year ended March 31, 2013
32
Schedule of Operations by Department for the year ended March 31, 2012
33
34
35
36-37
38-39
such opinion. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of significant accounting estimates made by management, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the
net position of Roosevelt Island Operating Corporation as of March 31, 2013 and 2012, and the
respective changes in net position and cash flows for the years then ended, in accordance with
accounting principles generally accepted in the United States of America.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
managements discussion and analysis on pages 4 through 11 be presented to supplement the basic
financial statements. Such information, although not a part of the basic financial statements, is
required by the Governmental Accounting Standards Board, who considers it to be an essential part
of financial reporting for placing the basic financial statements in an appropriate operational,
economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United
States of America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with managements responses to our
inquiries, the basic financial statements, and other knowledge we obtained during our audit of the
basic financial statements. We do not express an opinion or provide any assurance on the
information because the limited procedures do not provide us with sufficient evidence to express an
opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming an opinion on the financial statements that
collectively comprise RIOCs basic financial statements. The accompanying schedules listed in the
Table of Contents under the heading of Supplemental Information, which are the responsibility of
management, are presented for the purpose of additional analysis and are not a required part of the
basic financial statements. Such information, except for the portion marked unaudited, was
derived from and relates directly to the underlying accounting and other records used to prepare the
basic financial statements. The information has been subjected to the auditing procedures applied in
the audit of the basic financial statements and certain additional procedures, including comparing
and reconciling such information directly to the underlying accounting and other records used to
prepare the basic financial statements or to the basic financial statements themselves, and other
additional procedures in accordance with auditing standards generally accepted in the United States
of America. In our opinion, the information is fairly stated, in all material respects, in relation to
the basic financial statements as a whole. The information marked unaudited has not been
subjected to the auditing procedures applied in the audit of the financial statements and,
accordingly, we do not express an opinion or provide any assurance on it.
2
2013
$
2012
% Change
45,314,018
68,724,541
$ 114,038,559
46,439,059
67,090,562
$ 113,529,621
-2%
2%
0%
Liabilities
Net position:
Investment in capital assets
Restricted for capital projects
Unrestricted
Total net position
33,762,970
33,458,916
1%
68,724,541
10,450,427
1,100,621
80,275,589
67,090,562
11,113,352
1,866,791
80,070,705
2%
-6%
-41%
0%
The following summarizes RIOCs change in net position for the fiscal years ended March 31, 2013
and 2012:
2013
Operating revenues:
Residential fees
Ground rent
Commercial rent
Tramway revenue
Public safety reimbursement
Transport/parking revenue
Interest income
Other revenues
Total operating revenues
1,111,441
9,356,679
1,421,038
4,640,843
1,673,097
2,521,892
185,403
959,317
21,869,710
2012
% Change
878,320
9,174,109
1,296,141
4,297,891
1,613,297
2,485,613
263,633
837,899
20,846,903
27%
2%
10%
8%
4%
1%
-30%
14%
5%
Operating expenses:
Personal services
Insurance
Professional services and legal services
Management fees
Telecommunications
Repairs and maintenance
Vehicles maintenance
Equipment purchases/lease
Supplies/services
Other expenses
Total operating expenses excluding depreciation
10,008,395
1,137,448
670,825
4,074,439
115,623
281,689
350,663
73,481
1,051,650
476,100
18,240,313
9,795,206
1,061,546
699,139
4,072,518
115,029
382,153
318,719
112,977
1,039,350
534,367
18,131,004
2%
7%
-4%
0%
1%
-26%
10%
-35%
1%
-11%
1%
3,629,397
3,424,513
204,884
80,070,705
2,715,899
3,436,043
(720,144)
29,113
80,761,736
34%
0%
-128%
-100%
-1%
80,275,589
$ 80,070,705
0%
2,801,889
12,913,630
6,809,287
2,467,171
43,693,442
39,122
$ 68,724,541
2012
% Change
2,846,890
12,451,326
6,351,161
3,001,922
42,439,263
$ 67,090,562
-2%
4%
7%
-18%
3%
100%
2%
The capital assets of $68,724,541 presented in the financial statements have been depreciated using
the straight-line method, effective from the date of acquisition. The increase of $1,633,979
from the prior year represents additions of new capital assets valued at $5,058,492 less depreciation
expense of $3,424,513. Total depreciation expense for all capital assets amounted to $3,424,513 and
$3,436,043 for the years ended March 31, 2013 and 2012, respectively. A more detailed analysis of
RIOCs capital assets is presented in the notes to financial statements on pages 19-20.
INFRASTRUCTURE ASSETS
The amounts reported in the accompanying statements of assets for the capital assets (net of
depreciation) of RIOC of $68,724,541 and $67,090,562 at March 31, 2013 and 2012, respectively,
do not include an amount for two infrastructure items: the bulk of the seawall, and Main Street (the
road). Pursuant to the provisions of Governmental Accounting Standards Board (GASB) Statement
No. 34, addressing the capitalization of infrastructure assets, infrastructure assets dating from prior
to 1980 are not required to be recognized. Improvements to such infrastructure items, however, are
reported.
ECONOMIC FACTORS AFFECTING RIOCS FUTURE FINANCIAL POSITION
Six (6) of the anticipated nine (9) buildings (Buildings) of the Southtown Development Project
have been completed. The developer, Hudson/Related Joint Venture and RIOC have come to
tentative terms for Buildings 7-9 as of the date of this report. Of the remaining Buildings, the
Building 7 Lease Closing needs to occur before July 31, 2013; the Building 8 Lease Closing shall
occur no later than 30 months after the Building 7 Lease Closing; and the Building 9 Lease Closing
shall occur no later than 30 months after the Building 8 Lease Closing. Should development fail to
occur within the expected timeframe, RIOC is protected by a letter of credit in the amount of
10
11
2012
Assets
Current assets
Cash
Short-term investments
Receivables
Prepaid expenses
Total current assets
Noncurrent investments
Capital assets, net of accumulated depreciation
Total assets
692,141
40,047,969
1,086,151
1,437,302
43,263,563
2,050,455
68,724,541
417,734
41,792,429
983,142
1,199,409
44,392,714
2,046,345
67,090,562
114,038,559
113,529,621
809,459
556,151
29,910,944
2,382,670
103,746
457,249
413,532
30,437,919
2,046,344
103,872
33,762,970
33,458,916
Net Position:
Investment in capital assets
Restricted for capital projects
Unrestricted net assets
Total net position
68,724,541
10,450,427
1,100,621
80,275,589
67,090,562
11,113,352
1,866,791
80,070,705
12
114,038,559
113,529,621
1,111,441
9,356,679
1,421,038
4,640,843
1,673,097
2,521,892
185,403
959,317
21,869,710
Operating expenses:
Personnel services
Insurance
Professional services and legal services
Management fees
Telecommunications
Repairs and maintenance
Vehicles maintenance
Equipment purchases/lease
Supplies/services
Other expenses
Total operating expenses excluding depreciation
10,008,395
1,137,448
670,825
4,074,439
115,623
281,689
350,663
73,481
1,051,650
476,100
18,240,313
3,629,397
3,424,513
204,884
80,070,705
80,275,589
13
2012
878,320
9,174,109
1,296,141
4,297,891
1,613,297
2,485,613
263,633
837,899
20,846,903
9,795,206
1,061,546
699,139
4,072,518
115,029
382,153
318,719
112,977
1,039,350
534,367
18,131,004
2,715,899
3,436,043
(720,144)
80,761,736
29,113
$ 80,070,705
2013
2012
$ 21,611,911
(9,822,014)
(8,197,349)
3,592,548
$ 20,712,144
(9,553,102)
(9,255,816)
1,903,226
(5,058,492)
(4,110)
(3,755,806)
5,500,267
(3,318,141)
(4,130,906)
(766,521)
(25,672,950)
28,188,338
(2,382,039)
14
29,113
29,113
274,407
417,734
692,141
(449,700)
867,434
417,734
204,884
(720,144)
3,424,513
3,436,044
(5,650)
(103,010)
(237,893)
352,210
(526,975)
142,620
336,325
(126)
3,592,548
121,469
(711,019)
(77,034)
(101,198)
(376,510)
337,865
(597)
1,903,226
15
Cash - deposits
Short-term investments:
Certificates of deposit (CDARS)
Money market accounts
692,141
2012
$
21,135,884
18,912,085
40,047,969
$
16
40,740,110
417,734
20,990,528
20,801,901
41,792,429
$
42,210,163
17
73
40
15
50
10
5
5
15
Buildings
Octagon
Southtown Bldg #1
Southtown Bldg #2
Southtown Bldg #3
Southtown Bldg #4
Southtown Bldg #5
Southtown Bldg #6
Sportspark Field
Total
Balance at
April 01, 2012
$
2,687,361
1,806,666
1,723,950
3,684,234
4,803,418
6,133,911
9,441,305
157,074
$ 30,437,919
Additions
$
163,683
163,683
Amortization
$
(47,354)
(31,836)
(30,378)
(64,920)
(84,642)
(108,087)
(166,367)
(157,074)
(690,658)
Balance at
March 31, 2013
$
2,640,007
1,774,830
1,693,572
3,619,314
4,718,776
6,025,824
9,274,938
163,683
29,910,944
18
Balance at
April 01, 2012
Capital assets:
$ 3,719,049
Seawall
40,326,092
Building and building improvements
13,300,334
Landmarks
4,315,621
Vehicles
3,276,243
Equipment
49,384,946
Infrastructure
Leasehold improvements
114,322,285
Total capital assets
Less accumulated depreciation:
Seawall
Building and building improvements
Landmarks
Vehicles
Equipment
Infrastructure
Total accumulated depreciation
Net capital assets
Increase
(872,159)
(27,874,765)
(6,949,173)
(1,962,257)
(2,627,685)
(6,945,684)
(47,231,723)
$ 67,090,562
19
6,000
1,680,705
748,839
79,641
98,923
2,405,262
39,122
5,058,492
(51,001)
(1,218,402)
(290,713)
(435,491)
(277,823)
(1,151,083)
(3,424,513)
$
1,633,979
Balance at
March 31, 2013
Decrease
3,725,049
42,006,797
14,049,173
4,395,262
3,375,166
51,790,208
39,122
119,380,777
(923,160)
(29,093,167)
(7,239,886)
(2,397,748)
(2,905,508)
(8,096,767)
(50,656,236)
$ 68,724,541
Increase
$
(821,213)
(26,703,515)
(6,664,821)
(1,533,747)
(2,226,140)
(5,846,244)
(43,795,680)
$ 66,395,699
401,149
311,149
38,069
172,115
3,208,424
4,130,906
(50,946)
(1,171,250)
(284,352)
(428,510)
(401,545)
(1,099,440)
(3,436,043)
$
694,863
Balance at
March 31, 2012
Decrease
-
3,719,049
40,326,092
13,300,334
4,315,621
3,276,243
49,384,946
114,322,285
(872,159)
(27,874,765)
(6,949,173)
(1,962,257)
(2,627,685)
(6,945,684)
(47,231,723)
$ 67,090,562
20
Housing
Companies
$
11,601,033
12,337,866
13,529,227
14,653,964
15,559,829
Commercial
Leases
$
1,465,632
1,695,366
1,725,806
1,781,969
1,813,874
67,681,919
8,482,647
5. Management Agreements
The Roosevelt Island Tramway System is operated by Leitner-Poma of America, Inc., a
subsidiary of Pomagalski S.A, the designer and builder of the modernized Tramway system,
which went into operation on November 30, 2010. RIOC entered into a 5-year fixed fee
operating agreement at an annual cost of $3,397,200.
23
24
$
$
$
389,011
639,065
583,380
Coverages
General liability - RIOC and Tram
Property
Boiler and machinery
Automobile
Public officials liability
25
1,299,964
2,463,531
2,702,481
1,346,400
1,648,254
9,460,630
The appropriations were made to RIOC for services and expenses related to the
development and operation of Roosevelt Island. Furthermore, the appropriations required
RIOC for repayment by such corporation to the State of New York of an amount equal to
any receipts collected by the corporation during the fiscal year beginning April 1, 1989 in
excess of the amount that the director of the budget estimates that the corporation will
receive during the fiscal year. RIOCs records indicate that it satisfied the repayment
requirements of the appropriations; and it doesnt owe any monies to the State of New York
for appropriations made during the fiscal years 89/90 to 93/94.
(d) Revenue Allocation Agreement between New York State Urban Development Corporation
(UDC), now known as the Empire State Development Corporation (ESD) and Roosevelt
Island Operating Corporation (RIOC)
On August 3rd, 1988 ESD and RIOC entered into an agreement in the sharing of all revenues
derived by RIOC in order for ESD to recover its investment in Roosevelt Island. The total
26
Active employees
33
Retired employees
Spouses of retired employees
10
1
Total
44
Funding Policy - The Corporation currently pays for post-retirement health care benefits on a
pay-as-you-go basis. These financial statements assume that pay-as-you-go funding will
continue. The fund set aside for this purpose is discussed in Note 2 (d).
Benefit Obligations and Normal Cost
2013
Actuarial accrued liability (AAL):
Actuarial accrued liability
Less: Actuarial value of assets
Unfunded actuarial accrued liability (UAAL)
Normal cost
2012
4,879,082
4,879,082
$
$
4,641,422
4,641,422
261,151
274,538
455,051
81,854
(78,955)
457,950
(121,625)
336,325
2,046,344
2,382,669
458,992
68,339
(65,919)
461,412
(123,547)
337,865
1,708,479
2,046,344
28
2012
2013
2014
2015
2016
2017 and beyond
7.5%
7.0%
6.5%
6.0%
5.5%
5.0%
30
31
Operations
Operating Revenues:
Residential fees
Ground rent
Commercial rent
T ramway revenue
Public safety reimbursement
T ransport/parking revenue
Interest income
Other revenues
369,739
9,356,679
1,421,038
7,107
313,918
Ge ne ral Fund
Bus
Parking
Public Safety
1,673,097
-
451,055
-
Parks/Rec.
2,070,838
-
645,399
Public
Purpose Fund
T ram
4,640,843
-
6
-
Capital
Fund
Re se rve d
Fund
540,116
1,452
-
Total
201,586
176,837
-
1,111,441
9,356,679
1,421,038
4,640,843
1,673,097
2,521,893
185,402
959,317
11,468,481
1,673,097
451,055
2,070,838
645,399
4,640,843
541,568
378,423
21,869,710
3,057,350
153,941
1,986,191
142,620
2,035,023
678,180
-
947,221
320,646
-
483,221
18,611
185,391
-
6,522,815
172,552
3,170,408
142,620
5,340,102
2,713,203
1,267,867
687,223
10,008,395
987,448
364,345
247,161
115,623
7,000
241,992
42,407
62,514
494,733
92,898
638,120
-
59,319
-
150,000
3,436,319
-
6,892
34,535
773
90,738
14,218
9,896
272,632
6,985
47,911
2,977
12,501
1,090
1,856
163,037
83,354
11,952
1,354
181,674
70
275,583
1,137,448
423,664
4,074,439
247,161
115,623
7,000
281,688
350,664
73,482
1,051,649
469,100
(1,545)
73,556
-
2,656,121
147,156
340,401
710,131
321,157
3,781,369
275,583
8,231,918
7,996,223
2,860,359
1,608,268
710,131
1,008,380
3,781,369
275,583
18,240,313
3,472,258
-
(1,187,262)
-
(1,157,213)
-
541,568
3,424,513
378,423
-
3,629,397
3,424,513
3,472,258
$ (1,187,262) $ (1,157,213) $
32
1,360,707
1,360,707
(362,981)
-
859,474
-
(362,981) $
859,474
(275,577)
$
(275,577) $ (2,882,945) $
378,423
204,884
Operations
Public Safety
Ge ne ral Fund
T ransportation
Parking
Parks/Rec.
T ram
Public
Capital
Reserved
Purpose Fund
Fund
Fund
Total
Operating Revenues:
Residential fees
369,739
Ground rent
9,174,109
Commercial rent
306,995
$ 201,586
878,320
9,174,109
1,296,141
1,296,141
T ramway revenue
4,297,891
4,297,891
1,613,297
1,613,297
T ransport/parking revenue
449,827
2,035,786
2,485,613
12,976
167,420
670,479
(5)
-
3,373
-
247,289
-
263,633
837,899
11,020,385
1,613,297
449,827
2,035,786
670,479
4,297,891
(5)
310,368
448,875
20,846,903
3,311,788
1,986,680
724,628
438,816
6,461,912
132,143
5,520
27,690
165,353
657,007
-
275,617
-
204,845
-
3,269,139
(101,198)
2,649,207
1,000,245
671,351
9,795,206
1,061,546
Interest income
Other revenues
T otal operating revenues
Operating Expenses
Personnel Services:
Salaries
T emporary employees
Employee benefits
2,131,670
(101,198)
5,474,403
911,546
150,000
Professional services
550,671
40,839
591,510
638,951
3,433,567
4,072,518
Management fees
Legal services
107,629
107,629
T elecommunications
115,029
115,029
317,166
8,531
18,199
14,334
8,483
15,440
382,153
Vehicles maintenance
44,134
35,423
238,522
640
318,719
Equipment purchases/lease
93,129
8,269
6,407
5,172
112,977
536,046
132,368
98,358
16,635
37,975
2,395
70,620
-
136,995
106,494
159,356
2,025
274,450
1,039,350
534,367
Supplies/services
Other expenses
T otal Other T han Personnel Services (OT PS)
2,807,718
167,216
303,498
723,905
293,451
3,765,560
274,450
8,335,798
8,282,121
2,816,423
1,303,743
723,905
964,802
3,765,560
274,450
18,131,004
2,738,264
-
(1,203,126)
-
310,368
3,436,043
448,875
-
2,715,899
3,436,043
2,738,264
$ (1,203,126) $
(853,916)
-
1,311,881
-
(853,916) $ 1,311,881
33
(294,323)
-
532,331
-
$ (294,323) $
532,331
(274,455)
$
(720,144)
1,111,441
9,356,679
1,421,038
4,640,843
1,673,097
2,521,892
185,403
959,317
1,239,509
9,453,000
1,437,000
4,147,000
1,662,000
2,691,000
291,000
703,000
Favorable (Unfavorable)
Variance
Percent
$
(128,068)
(96,321)
(15,962)
493,843
11,097
(169,108)
(105,597)
256,317
-10%
-1%
-1%
12%
1%
-6%
-36%
36%
21,869,710
21,623,509
246,201
1%
6,290,604
232,211
172,553
128,234
582,080
1,111,071
68,124
772,110
508,788
142,620
6,432,486
175,000
175,000
162,133
584,603
1,275,238
74,777
757,755
476,722
-
141,882
(57,211)
2,447
33,899
2,523
164,167
6,653
(14,355)
(32,066)
(142,620)
2%
-33%
1%
21%
0%
13%
9%
-2%
-7%
100%
10,008,395
10,113,714
105,319
1%
1,137,448
406,600
17,063
4,074,439
247,161
115,623
7,000
169,451
14,019
98,219
208,240
76,406
66,017
28,980
12,067
23,324
9,111
9,800
46,241
650,696
45,797
14,819
232,665
51,632
8,229
27,783
8,763
18,043
324,159
82,123
1,150,000
320,900
17,400
4,077,200
200,000
107,100
402,200
25,200
105,000
168,300
83,600
37,200
16,400
19,800
53,600
18,000
17,100
66,950
588,000
8,600
17,100
210,700
70,500
17,500
56,400
13,400
15,700
338,200
85,000
12,552
(85,700)
337
2,761
(47,161)
(8,523)
(7,000)
232,749
11,181
6,781
(39,940)
7,194
(28,817)
(12,580)
7,733
30,276
8,889
7,300
20,709
(62,696)
(37,197)
2,281
(21,965)
18,868
9,271
28,617
4,637
(2,343)
14,041
2,877
1%
-27%
2%
0%
-24%
-8%
0%
58%
44%
6%
-24%
9%
-77%
-77%
39%
56%
49%
43%
31%
-11%
-433%
13%
-10%
27%
53%
51%
35%
-15%
4%
8,231,918
8,307,050
75,132
1%
18,240,313
18,420,764
180,451
3,629,397
3,424,513
3,202,745
3,577,000
426,652
152,487
1%
13%
4%
579,139
155%
204,884
34
(374,255) $
3%
Operating revenues:
Residential fees
Ground rent
Commercial rent
Tramway revenue
Public safety reimbursement
Transport/parking revenue
Interest income
Other revenues
(88,455)
(24,891)
(310,859)
553,891
(1,703)
(90,387)
(245,367)
220,899
-9%
0%
-19%
15%
0%
-4%
-48%
36%
20,833,775
13,128
0%
6,316,468
145,444
165,353
190,595
573,367
1,083,897
75,411
836,645
509,224
(101,198)
6,349,785
175,000
175,000
186,098
579,699
1,190,395
72,482
700,868
473,804
-
33,317
29,556
9,647
(4,497)
6,332
106,498
(2,929)
(135,777)
(35,420)
101,198
1%
17%
6%
-2%
1%
9%
-4%
-19%
-7%
100%
9,795,206
9,903,131
107,925
1%
1,061,546
583,375
8,135
4,072,518
107,629
115,029
286,126
18,288
77,738
171,689
83,908
63,122
18,485
17,726
54,731
22,036
10,780
53,375
667,272
9,067
17,187
251,878
29,790
19,388
50,142
9,933
15,464
337,288
102,153
940,000
404,200
18,600
4,135,200
375,000
106,800
391,400
21,600
85,000
146,100
83,600
34,200
20,600
22,200
57,800
26,000
15,600
69,870
469,000
20,000
20,700
227,100
80,100
17,200
56,400
13,400
14,500
340,000
85,000
(121,546)
(179,175)
10,465
62,682
267,371
(8,229)
105,274
3,312
7,262
(25,589)
(308)
(28,922)
2,115
4,474
3,069
3,964
4,820
16,495
(198,272)
10,933
3,513
(24,778)
50,310
(2,188)
6,258
3,467
(964)
2,712
(17,153)
-13%
-44%
56%
2%
71%
-8%
27%
15%
9%
-18%
0%
-85%
10%
20%
5%
15%
31%
24%
-42%
55%
17%
-11%
63%
-13%
11%
26%
-7%
1%
-20%
20,846,903
878,320
9,174,109
1,296,141
4,297,891
1,613,297
2,485,613
263,633
837,899
Favorable (Unfavorable)
Variance
Percent
(Unaudited)
Budget
Actual
966,775
9,199,000
1,607,000
3,744,000
1,615,000
2,576,000
509,000
617,000
8,335,798
8,297,170
(38,628)
0%
18,131,004
18,200,301
69,297
2,715,899
3,436,043
2,633,474
3,256,000
82,425
(180,043)
0%
3%
-6%
(97,618)
-16%
(720,144) $
35
(622,526) $
36
37
38