Future RIOC Public Purpose Funds Process And 2015-16 Budget Subject Of Roosevelt Island Operating Corp Governance And Audit Committee Meetings December 3

Pile Of Money Image From Passive Income Genius

As reported last October 29:

Since at least 2008, the Roosevelt Island Residents Association (RIRA) has been tasked by the Roosevelt Island Operating Corp (RIOC) to evaluate applications and make recommendations to RIOC for the allocation of approximately $100 Thousand annually in Public Purpose Funds to Roosevelt Island non-profit organizations....

and:

... Question have been raised recently whether RIRA will continue with its role of making Roosevelt Island Public Purpose Funds recommendations to RIOC....

At that time, RIOC President Charlene Indelicato replied to my question about the future role of RIRA in the Public Purpose Funds process noting:

We have not finalized the method of distribution as yet but be assured it will be in accordance with all applicable laws, rules and regulations.

We may learn more about the future process for distribution of Roosevelt Island Public Purpose Fund later this week.

According to RIOC:

PLEASE TAKE NOTICE that a meeting of the Governance Committee of the RIOC Board of Directors will be held on Wednesday, December 3, 2014 at 5:30 p.m. at the RIOC administrative office, 591 Main Street, Roosevelt Island, New York.

AGENDA

Discussion of Public Purpose Funds Approval Process

Any Other Committee Business That May be Brought Before the Committee

***

The Open Meetings Law of the State of New York requires that all public bodies conduct meetings, convened for the purpose of officially conducting public business, in a manner open to attendance by the general public to observe and listen.

More on Roosevelt Island Public Purpose Funding process from previous post.

During October 22 RIOC Audit Committee meeting (full audio web cast here) Ms. Indelicato and RIOC CFO Frances Walton acknowledged that Public Purpose funding was included in the upcoming 2015-16 RIOC Budget.



Also, the RIOC Board Of Directors Audit Committee will be meeting this week. According to RIOC:

PLEASE TAKE NOTICE that a meeting of the Audit Committee of the RIOC Board of Directors will be held on Wednesday, December 3, 2014 at 4:00 p.m. at the RIOC administrative office, 591 Main Street, Roosevelt Island, New York.

Agenda:

Discussion of the Proposed Budget for Fiscal Year 2015 – 2016
Any Other Committee Business That May be Brought Before the Committee

***

The Open Meetings Law of the State of New York requires that all public bodies conduct meetings, convened for the purpose of officially conducting public business, in a manner open to attendance by the general public to observe and listen.

As reported last November 6:

According to RIOC's Proposed Budget (Page 1)

Revenues

RIOC Proposed Budget FY 2015‐16 projects revenues of $25,365,000, an increase of $2,225,000 or 9.62% over the Approved Budget FY 2014‐15 amount of $23,140,000. RIOC generates most of its revenues from long‐term ground leases to developers of housing projects on the Island....

More information on the RIOC Proposed 2015-16 Proposed Budget from previous post and from the full RIOC Draft Budget.

Audio web casts of the Governance and Audit Committee meetings will be available soon thereafter.