Capitol ProjectsThe Proposed Budget FY 2022‐23 projects capital improvements in the amount of $7,815,000, a decrease of $4,095,000 over the Approved Budget FY 2021‐22 amount of $11,910,000. The Proposed amount primarily consists of capital projects in the projected amount of $6,300,000, but also includes the capitalized purchase of equipment and vehicles in the amount of $515,000 as well as miscellaneous in the amount of $1,000,000. Categories of projects include sports fields and parks, historic and landmark structures, infrastructure improvements, facilities and offices and the Tramway.
For sports fields and parks, the Proposed Budget FY 2022‐23 projects expenditures in the amount of $3,596,000, an increase of $996,000 over the Approved Budget FY 2021‐22 of $2,600,000. The increase is mainly due to the Sportspark renovation(Construction) project which is expected to be completed mid‐ year 2022.
For historic and landmark structures improvement, the Proposed Budget FY 2022‐23 projects expenditures in the amount of $0, a decrease of $1,317,000 from the Approved Budget FY 2020‐21 amount of $1,317,000. The decrease is due to the projected completion of the Blackwell House Exterior and Roof, Lighthouse Restoration (Construction & Design) and Smallpox Hospital (Design)
in FY 2020‐21.
For infrastructure improvements, the Proposed Budget FY 2022‐23 projects expenditures in the amount of $2,704,000, a decrease of $1,306,000 from the Approved Budget FY 2021‐22 of $4,010,000. The decrease is mainly due to the projected completion of the Blackwell Plaza and Sidewalk Renovation. Motorgate Repairs PHASE 1 (Construction), and the Southpoint Open Space Park – Seawall (Construction) projects in FY 2020‐21
For facilities and office improvements, the Proposed Budget FY 2022‐23 projects expenditures in the amount of $0, a decrease of $60,000 over the Approved Budget FY 2021‐22 amount of $60,000. The decrease is mainly due to the projected completion of AMC Mechanical/Piping.
For equipment and vehicles, the Proposed Budget FY 2022‐23 projects expenditures in the amount of $515,000, an decrease of $200,000 over the Approved Budget FY 2021‐22 of $715,000. The decrease is mainly due to the projected completion of Dark Fiber in FY 2021‐22.
For the Tramway, the Proposed Budget FY 2022‐23 projects expenditures in the amount of $0, a decrease of $1.725,000 over the Approved Budget FY 2021‐22 of $1,725,000. The decrease is mainly due to the projected completion of Tram Elevator Manhattan (Construction) project in FY 2021‐22.
For the miscellaneous, the Proposed Budget FY 2022‐23 projects expenditures in the amount of $1,000,000, an decrease of $1,800,000 from the Approved Budget FY 2021‐22 of $2,800,000. The decrease is mainly due to the engagement of an Owner’s Representative to facilitate the many projects.
Revenues
RIOC’s Proposed Budget FY 2022‐23 projects revenues of $32,384,000, a decrease of $425,000 or 1.30% over the Approved Budget FY 2021‐22 amount of $32,809,000. RIOC generates most of its revenues from long‐term ground leases to developers of housing projects on the Island. These leases specify the methodology by which the ground lease revenues are derived, including amounts, timing and escalation of ground lease payments, specifically residential fees, ground rents and public safety fees.
In addition, RIOC generates revenues from its Tramway transportation system, Motorgate parking garage, metered street parking, commercial leases and interest income. Other revenues mostly consist of permitting fees collected for activities that take place in the Sportspark sports facility, the Cultural Center, the Sports Fields and third‐party construction on the Island.
Residential fees are projected to increase by $614,000 or 33.81%. This is mainly due to the Tax Equivalency Payment for Southtown Building #5 & 6 (Beg. 13th year after the Temporary Certificate of Occupancy).
Ground rents are projected to increase by $597,000 or 3.92% mainly due to the completion of Southtown Building #8 in FY 2020‐21.
Commercial rents are projected to increase by $25,000 or 1.47% due to contractual escalations.
Tramway revenues are projected to decrease by $1,734,000 or 27.28% mainly due to the ridership decrease in New York City after the pandemic.
Public Safety revenues are projected to increase by $72,000 or 3.16% due to contractual escalations and Southtown Building 8 construction.
Transport/parking revenues are projected to decrease by $10,000 or 0.31%, mainly due to a decrease in the projected street parking revenue....
.... Personnel Expenses
RIOC’s Proposed Budget FY 2022‐23 projects personnel expenses of $12,396,308, an increase of $478,766 or 4.02% over the Approved Budget FY 2021‐22 of $11,917,541. The projected increase is mainly due to raises to individuals who took on additional responsibility during the pandemic year.
The RIOC Board of Directors Audit Committee discussed the 2022-23 Proposed Budget during September 22 meeting shown below.
