Oops - $20 Million Transcription Error In Roosevelt Island's Proposed 2009-10 Fiscal Year Budget

Magnifying Glass on Budget Image from Piper Report

RIOC President Steve Shane provides an update on the the proposed 2009 -10 RIOC fiscal year budget:

Be advised that on review, through a transcription error, the 5 year Cash Flow Statement, All Funds for fiscal years through FY 2013/14 (p.3) has been overstated by the Depreciation Expense in each year, plus the interest (at an assumed 2%) thereon. Therefore, the cash balance as of 3/31 of each year would be as follows:

08/09 $29,917,210
09/10 $27,432,627
10/11 $25,412,074
11/12 $46,021,119
12/13 $59,589,161
13/14 $60,353,760

The difference of $20,927,963 being the sum of Depreciation Expense (a non cash item) in each of the 6 years, starting with the current actual + 5 projection years with interest at 2%.
Similarly, the Budget Risks statement for the same period has been revised and the cash balance at the end of FY 2013/14 would be $19,278,668.

The revised schedules (pp3,5 & 6 of the previously distributed materials) are attached to this e mail.

Sorry for the confusion. Always best to get it right.

More on RIOC's budget here.

UPDATE - 8 PM - Here is a link to the revised 5 Year Cash Flow and Budget Risks.