Co-op City Times 02/20/10

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Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2010 Co-op City Times

Vol. 45 No. 8

Saturday, February 20, 2010

Riverbay ends fiscal year 2009 with $8M increase in revenues, while operations went up by $11M BY ROZAAN BOONE The Riverbay Corporation ended the last fiscal year with approximately $8M more in revenues than the previous year, and about $1.8M more in unrestricted cash flow, the Riverbay financial statement for March 31, 2008 and 2009 shows. The financial statement, which was published in the February 6, 2010 issue of the Co-op City Times, was prepared by O’Connor, Davies, Munns & Dobbinss, LLP, an independent auditor. The document also showed that while the corporation took in $8M more than the previous fiscal year, primarily due to the increase in carrying charges that was implemented on February 1, 2009, expenses related to operations increased by $11M, the bulk of which was spent

mainly on utilities, and specifically, water charges, which went up astronomically during the year. Water rates are expected to be high again this year with the City of New York proposing double digit increases to be implemented in July, 2010. The Riverbay Finance Department reported that the $11M spent on water charges last year is almost double the community’s water expenses from a few years ago. The corporation’s statement of cash flows for the year ended March 31, 2009, shows an increase to $9,927,000 in unrestricted cash at the end of the fiscal year, compared with $8,151,000 for the 2008 fiscal year. This represents an increase of

Former President Bill Clinton headlines Black History Month celebration in Dreiser BY BILL STUTTIG More than 1,000 Co-op City residents and community leaders from throughout the borough came to meet and listen to former President Bill Clinton as the keynote speaker at the annual Black History Month celebration hosted by Congressman Joseph Crowley in the Dreiser Community

Center on Wednesday night. President Clinton relayed his recent experiences in working to lead relief efforts in the earthquake-torn nation of Haiti and addressed the importance of communities here in the Bronx and throughout the world working together (Continued on page 10)

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Discussion about Gloria Wise Community Center dominates Open Board meeting (See pa ge 4)

Riverbay realized over $1 million in energy savings for January BY BILL STUTTIG In January, 2010—the month where the co-generation facility produced electrical power for the community at its most consistent rate yet – Riverbay realized more than $1 million in energy savings, according to Riverbay’s Finance Department. According to numbers released by Riverbay’s Director of Finance, Peter Merola, earlier this week, Riverbay budgeted $5,374,829 for its total electricity and fuel costs for January 2010 and actually spent $3,666,476, a difference of roughly $1.7 million. After factoring in the cost of the fuel to run the co-generation equipment, which came to $667,079, the total savings for the month came to exactly $1,041,274. This number is significant because it represents the second highest savings over budget for Riverbay energy costs so far this fiscal year which began on April 1, 2009. Riverbay has saved more than $5.7 million in energy costs so far this fis-

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cal year largely due to two factors—overall reduced fuel and utility costs since the beginning of the fiscal year and some significant output of electricity by the cogeneration plant in recent months. Merola indicated that some of the savings is still partially due to the relatively low fuel expenses over projected costs. But he added that for January, electricity purchased from Con Edison was down 47% from January, 2009 and this correlates to a significant reduction in the need for power provided by the utility due to Co-op City’s in-house production of electricity. These finding are consistent with claims by the power plant Directors that the plant has been producing roughly 12.5 megawatts of power on an aroundthe-clock basis since the middle of January. After the first week of February, the approximate energy output due to cogeneration increased to 16 megawatts, (Continued on page 5)

Former President Bill Clinton greets Co-op City residents as part of Congressman Joseph Crowley’s Black History Month celebration Wednesday evening at the Dreiser Community Center. Clinton served as the keynote speaker for the evening which also featured performances by Co-op City residents and the presentation of awards to local civic leaders. Photo by Mary Ann Sowah

M TA resu m es plan to restru ctu re local lin es servin g Co-op City BY BILL STUTTIG Plans to restructure local bus service in Co-op City that were proposed by the MTA during its first round of threatened budget cuts last winter are back on the table as part of the MTA’s latest proposal to overcome its budget shortfalls. According to the MTA’s own report, the new proposal calls for eliminating or rerouting of portions of Bx. 26, Bx. 28 and Bx. 30 — three lines that take Co-op City residents to and from the west Bronx. According to the proposal, the Bx. 26 will be rerouted to eliminate the portion of the run which takes residents to and from the northern sections of the community via Baychester Avenue, Dreiser Loop, and Co-op City Blvd. Residents who take the Bx. 26 from the west Bronx into Co-op City, will have to transfer at the corner of Baychester and Bartow Avenues to take the Bx. 30 or a newly established Bx. 38 which will cover the northern section of the community and

then extend itself into Bay Plaza. The Bx. 26 will follow the exact route of the Bx. 25 and the Bx. 25 designation will no longer be used. Also under the proposal, a newly established Bx. 38 will take riders from Bartow Avenue onto Baychester Avenue and Co-op City Blvd., traveling the entire exterior of Sections 1 to 4 before heading into Bay Plaza where the line will terminate. The Bx. 28, under the proposed cuts, will entirely skip Sections 1 to 4 and travel across Bartow Avenue and into Section 5. In addition, under the proposal, the Bx. 28, Bx. 38 and a newly restructured Bx. 30 will all have stops along Asch Loop eliminated from its route. The elimination of the Bx. 30’s weekend service, which was part of the original cuts proposed last winter, is no longer being considered. State Assemblyman Mike Benedetto, (Continued on page 4)


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