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