RIOC President and CFO Explain Roosevelt Island Budget To Residents During RIRA Town Hall Meeting

RIOC officials explain Roosevelt Island Budget during RIRA Town Hall Meeting

RIOC President Steve Shane and Chief Finance Officer Steven Chironis attended last Wednesday night's RIRA Town Hall Meeting to discuss RIOC's proposed 2009-10 fiscal year operating budget which was the main topic of the January 15 RIOC Board of Directors Meeting (The web cast of the RIOC Board meeting is available here) . They informed the approximately 20 residents present that despite the current national and local financial difficulties they are reasonably confident that RIOC will be able to finance Roosevelt Island's operating needs for the foreseeable future (the next 5 years).

Mr. Shane and Chironis explained the process they go through as they develop the budget and informed us that due to decisions made many years ago, Roosevelt Island has 4 budgets, an operating, capital, public purpose and reserve fund. The operating budget is to meet the annual needs of running Roosevelt Island such as operating public safety, picking up the garbage, RIOC salaries etc. The Capital budget is for major infrastructure improvements such as the Tram replacement, fixing the AVAC garbage system and seawall. The public purpose fund makes financial awards to local Roosevelt Island organizations. The Reserve fund is set aside for emergencies.

Those in attendance also learned that:

• $2.5-3 million in capital funds is available for renovating the Sportspark facility though a decision on how to use these funds is awaiting a decision on whether it is desirable and feasible to incorporate the adjacent Roosevelt Island Tennis Club into a larger Chelsea Piers like facility with Sportspark that the Tennis Club owners are promoting;
• $400,000 in NY City funds in available to renovate Blackwell House but if that money is accepted the use of Blackwell House will be limited to a museum exhibition space. A decision will have to be made if that is the type of use favored by RIOC and the community
• Revenue to RIOC from the Riverwalk developments has been less than anticipated due to the declining real estate market and certain payments to RIOC from the Hudson/Related developers of Buildings 5 and 6 due this year may be deferred. The opening of the new buildings has been pushed back to the Spring and according to RIOC only 40 of the 123 units in the condo building are in contract.

Mr. Shane and Chironis should be complimented for participating in the RIRA Town Hall meeting.