Co-op City’s official newspaper serving the world’s largest cooperative community.
Vol. 48 No. 36
© Copyright 2013 Co-op City Times
DHCR conference on carrying charge increase to be held Thursday, Sept. 12 BY ROZAAN BOONE A conference has been scheduled by the state Division of Homes and Community Renewal (DHCR) for Thursday, September 12, at 7 p.m. in the Dreiser Auditorium at which “cooperators, their representatives, and representatives of the housing company may meet with DHCR staff to discuss the proposed carrying charge increase and budget for Riverbay Corporation.” This carrying charge conference follows the Riverbay Board on March 13th approving budgets for the next two fiscal years, 2013/2014 and 2014/2015, which include a 1% carrying charge increase to become effective on October 1, 2013, and zero percent increase in 2014 and until the ending of the fiscal year on March 31, 2015. Riverbay subsequently filed an application to HCR for an order to increase the maximum average monthly room carrying charge. In addition to holding the conference to hear directly from shareholders and their representatives, as well as from the housing company, HCR also solicited written comments on the carrying charge increase from shareholders which had to be postmarked by September 3, 2013.
These directions were served on shareholders of Co-op City in a notice from HCR that was first published in the Co-op City Times in the July 27, 2013 issue and periodically since then, as well as posted on the bulletin boards in each residential building and townhouse. “My hope is that shareholders attend the conference with HCR officials to not only express their opinions about the 1% increase, but hopefully get a better understanding of the entire budget process as discussed by the housing company representatives and the state supervisory agency for Co-op City, HCR,” said Director Bill Gordon, President of the Riverbay Board. “The fact of the matter is that we are facing a 1% increase, which includes our utilities, over the next two years while other city residents who live in rent stabilized apartments are facing up to 9.5% for 2 year leases and most likely have to pay extra for their utilities which as many of us are aware have been rising astronomically. As with everything, we have to keep things in perspective and realize that Co-op City does not exist in a vacuum. Yes, we are saving money with (Continued on page 4)
Riverbay operating expenses increased by less than 2% in 2013 BY JIM ROBERTS For a second consecutive year, Riverbay management has restrained the increase in operating expenses at Co-op City below 2%. In the financial statements of Riverbay Corp. for fiscal years 2013 and 2012, reviewed by the independent auditing firm of Marks Paneth & Shron LLP, the company’s operating expenses for the 12 months ending March 31, 2013 totaled $165,022,000 compared to $161,867,000 in the 2012 fiscal year. The 2013 & 2012 financial statements were published in the Aug. 30, 2013 issue of the Co-op City Times. The increase in Riverbay operating expenses of $3,155,000 is just under 2%, while inflation grew at a rate of 1.5% during the period, according to the Consumer Price Index for the time period released by the federal Bureau of Labor Statistics. Operating expenses are comprised of all day-to-day costs to operate Co-op City. The main items are payroll and benefits costs; utility costs, such as fuel, electricity, water, insurance, real estate
Open Board meeting next Wednesday in Bartow Center
Saturday, September 7, 2013
taxes; and all of the expenses related to providing services to shareholders, for example, maintenance, cleaning of the buildings, operation of the power plant, garbage removal, elevator maintenance contracts, Public Safety, garages, Cooperator Services Office (CSO) and other administrative costs and support. The largest cuts in spending came in two categories. Expenses in the general, administrative and other expenses category dropped from $8.4 million in 2012 to $6.7 million in 2013, a reduction of 20%. Costs in insurance and risk management were reduced by nearly $1.5 million in 2013, a cut of approximately 33%. Total payroll costs of $73.4 million in 2013 rose by $2.1 million over 2012 costs, an increase of 2.9%. Payroll costs equaled 44% of total operating expenses in 2013, the same as the previous year. Total building maintenance and repairs spending rose $16.739 million in 2013, an increase of $2.49 million above the amount spent in 2012. (Continued on page 2)
BY ROZAAN BOONE The Riverbay Board of Directors will meet in open session on Wednesday, September 11, 7:15 p.m., in Room 31 of the Bartow Community Center. “This will be the first of three Open Board meetings,” said Bill Gordon, President of the Riverbay Board of Directors. “There will be one in each community center. I am inviting all cooperators to come out to see your Riverbay Board of Directors in session. I also urge cooperators with issues to take advantage of the hour before the meeting to address your problems with the Directors of the various Riverbay departments.” As is customary, before the Board meeting begins at 7:15 p.m., cooperators will be able to meet with Riverbay Department Directors and personnel from 6-7 p.m. to discuss issues of concern or to receive answers to their specific questions. The Board Business meeting will
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begin promptly at 7:15 p.m. with the approval of the agenda, followed by the approval of the Board Business Meeting Minutes of August 14, 2013. This will be followed by a presentation of the operation of the Riverbay Power Plant. After the Power Plant presentation, shareholders will be given the opportunity to ask questions regarding the Power Plant only. All other questions will be addressed in the Gallery Session later on in the evening. “At this meeting, we will have a presentation to the Board and the community of the current status of our Power Plant,” said Gordon. “We will have a question and answer period dealing with this presentation, and later, a gallery session to answer any other questions. If you plan to ask a question at the gallery session, please come between 6:45 p.m. (Continued on page 2)
Basic STAR registration ongoing until December 31, 2013 BY ROZAAN BOONE As reported last week, shareholders who receive Basic School Tax Relief Exemption (STAR) must register with the New York State Taxation and Finance Department by December 31, 2013 in order to receive the credit in 2014 and in subsequent years. This week, the state Taxation and Finance Department said that letters with new codes, which are needed to
complete this registration, will be mailed to Co-op City residents who have applied for and are receiving Basic STAR between September 30 and October 4. Once you receive your code, you may register online at http://www.tax.ny.gov/pit/property/sta r13/default.htm, or by calling the state Taxation and Finance Department at (Continued on page 3)
Shareholders urged to cast their votes at Sept. 10 primary elections BY JIM ROBERTS Co-op City residents will have the chance to make their collective voices heard with a large turnout at the New York City primary elections on Tuesday, Sept. 10. Local residents certainly got the attention of most of the Democratic candidates seeking their party’s nomination for Mayor at the community’s Mayoral Forum in the Dreiser Center on Aug. 19. With more than 1,500 residents crammed into the auditorium to hear the candidates answer questions, Co-op City residents sent a message that they will be actively involved this year in picking New York City’s next Mayor. After that Forum, co-moderator and Riverbay Board President Bill Gordon shared with the Co-op City Times the importance of participation in the elec-
toral process. “I want to thank all the Co-op City residents who came to the forum,” Gordon said. “They were the most important ingredient in the success of this forum because it proved to the rest of the city and its leaders that we are an involved and relevant portion of the electoral process. I urge all of Co-op City to now turn out and vote in the September 10th primary elections.” Nine candidates will appear on the ballot for the Democratic Mayor race. The candidates are: Sal F. Albanese, Randy Credico, Bill de Blasio, Neil V. Grimaldi, John C. Liu, Christine C. Quinn, Erick J. Salgado, William C. Thompson Jr. and Anthony D. Weiner. Candidates for Public Advocate are: (Continued on page 2)