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DHCR Notices: Special Pull-Out Section Beginning on Page 11
Vol. 57 No. 44 Saturday, October 29, 2022 $1.25
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Riverbay Budget and Finances Discussed at Open Board Meeting, Oct. 26
BY ROZAAN BOONE
Approximately 200 shareholders attended the Oct. 26, 2022 Open Board meeting held in the Dreiser Auditorium which was highlighted by a Management pre
Following approval of the agenda and minutes of the September meetings, Riverbay Board President Sonia Feliciano began her report by thanking the large group of shareholders for attending, noting that she has not seen such a large
press their opinions during the Gallery Session. Photo by Rozaan Boone
poration is confronting due to a 13% increase in operating expenses of which the largest components are for natural gas, fuel oil, insurance premiums, pay tor replacement parts, and asbestos abatement. energy markets causing a global chain reaction that is affecting all of us shifting our demand for services, labor shortages, and supply chain issues,” said Board (Continued on page 3) Shareholders Express Opinions, Ask Questions at Oct. 26th Gallery Session
BY BRANDON ORTIZ
Wednesday’s Open Board meeting featured a gallery session for shareholders to express their questions and opinions.
Before the Gallery Session, Riverbay Executive General Manager Bob Klehammer gave a detailed presentation to shareholders in attendance outlining ital projects that are completed, in progress or are next on the list.
After Executive General Manager Klehammer’s presentation, shareholders were given two minutes each to express their concerns or direct questions to the Board and Riverbay Management. Many shareholders brought up issues they were having with the maintenance turnaround times and convector problems, while others spoke about carrying charge increases, the proposed ramp in Section 5 and quality of life issues around the community.
Shareholder Barbara Rose opened the Gallery Session. She said, “Everything here is about doing things for the corporative need, not the co-op’s need. What about doing things for the apartments like cleaning the vents? … Right now, you’re spending too much money on fuel that we don’t need right now.” make the hard decisions we’re always going to be back here in this place,” Julius Williams said during his opportunity to (Continued on page 8)
Our Financial Challenges
Dear Fellow Shareholders: On behalf of the Board of President’s Report Directors, Management, and staff of the Riverbay Board Sonia Feliciano of Directors, we thank all of our shareholders who were able to attend our Open Board meeting on October 26, 2022.
As your Board, we have been challenged by the 13% increase in operating expenses of which the largest portions are natural gas, fuel oil, insurance premi parts, and asbestos abatement. Europe has destabilized our energy markets causing a global chain reaction that is affecting all of us shifting our demand for services, labor shortages, and supply chain issues. (Continued on page 2)
HCR Schedules Dec. 1st Virtual Carrying Charge Conference to Discuss Proposed 7.5% Increase
Written comments accepted until Dec. 1, 2022
BY ROZAAN BOONE
New York State Division of Housing and Community Renewal (HCR) has scheduled a virtual carrying charge conference to discuss Riverbay Corporation’s budget, proposed 7.5% carrying charge increase, and possible time frames for implementation with Co-op City shareholders. Webex. 1. Go to 9eaa5, or use 2. 3. 4. Click “Join” 5. Follow the instructions that appear on your screen
(Continued on page 15)
the cost of natural gas, oil, property insurance, and goods and services needed to operate the corporation. While we had a 10 million increase in revenue due to a January carrying charge increase of 2%, idenced by the prices we are now paying to keep our homes sustainable. mortgage at 3.09% of which $124M will be earmarked for critical repairs. However, reforecasted budget numbers necessitated that a carrying charge increase of 10% was needed to continue to operate the corporation without loss of services to our shareholders. While this was not good news, we reduced overtime expenses along with a hiring freeze by 2.5% to bring us to a 7.5% carrying charge increase. We understand the frustration you have, but as a corporation, the Board and Management are erate without a loss of services as we continue to strategically look for cost reductions in our operating expenses.
HCR (Housing and Community Renewal) has provided a BRD (Budget Rent Determination) package for a carrying charge increase conference on December 1, 2022, at 7 p.m. The package will be placed in every building lobby and posted in the Co-op City Times this Saturday. I encourage you to read your newspaper and read the Audit Report that was delivered to your homes so that you can keep yourselves informed.
Any questions or concerns, please reach out to me nue, Bronx, New York.
We are Shareholders First – We Matter! –––––––––––––––––––––––––––––––––––––
Estimados accionistas,
En nombre de la Junta Directiva, la gerencia y el personal de la Junta Directiva de Riverbay, agradecemos a todos nuestros accionistas que pudieron asistir a nuestra reunión de la Junta Abierta. un aumento del 13% en los gastos operativos, de los cuales las partes más grandes son gas natural, y mantenimiento, como el piso, la instalación, fontanería, piezas de repuesto convectoras y reducción de asbesto.
El impacto de Covid todavía está con nosotros y la guerra en Europa ha desestabilizado nuestros mercados energéticos causando una reacción en cadena global que nos está afectando a todos cambiando nuestra demanda de servicios, escasez de mano de obra y problemas de la cadena de suministro. millones de dólares en el costo del gas natural, el petróleo, el seguro de propiedad y los bienes y servicios necesarios para operar la corporación. Tuvimos un aumento de 10 millones en ingresos debido a un aumento en el cargo de carga en enero del 2%. Esto pagando para mantener nuestros hogares sostenibles tra hipoteca al 3.09% de los cuales 124 millones se destinarán a reparaciones críticas. Sin embargo, los números de presupuesto reforestados requerían que se necesitara un aumento del cargo de carga del 10% para continuar operando la corporación sin pérdida de servicios para nuestros accionistas. Estas no son buenas noticias. Pudimos reducir los gastos de horas de trabajo extras y iniciamos la congelación de contratación de un 2.5% para llevarnos a un aumento del cargo de carga del 7.5%. Entendemos la frustración que tienen, pero como corporación, la Junta y la ge continuar operando sin pérdida de servicios y a la misa ves continuamos buscando estratégicamente reducciones de costos en nuestros gastos operativos.
El departamento de Renovación de la comunidad del hogar (HCR) ha proporcionado un paquete BRD (Determinación de alquiler de presupuesto ) para una conferencia de aumento de gastos de transporte el 1 de diciembre de 2022 a las 7 p.m. El paquete cado en el Co-op City Times este sábado. Les pido que lean su periódico y lea el informe de auditoría que fue entregado a sus hogares para que se mantengan informado.
Cualquier pregunta o inquietud, comuníquese 2049 Bartow Avenue, Bronx, Nueva York.
Somos accionistas primero – Porque nostros importamos!
Share Your Comments & Suggestions with Riverbay
Shareholders are encouraged to submit input on how to improve services and service delivery as well as other ideas that impact the quality of life of Co-op City residents.
If you have a suggestion you’d like to share with the Riverbay Board and/or Management, website, coopcity.com, scroll down to the bottom and click on the “Comments & Suggestions” link.
This service has been added at the request of Riverbay Board President Sonia Feliciano to engage with shareholders.
Co-op City Times
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Find out what’s going on in Co-op City here...
Halloween Parade
Councilman Kevin C. Riley, in collaboration with Bronx Borough President Vanessa L. Gibson and Riverbay Corp., are co-sponsoring present a Halloween Parade today, Sat., Oct. 29, 12 p.m., on the Section 1 Greenway. All are welcome to join. Contact Kevan Bolt at kbolt@ council.nyc.gov or 718-684-5509 for more info.
Bingo Canceled at Library
The Baychester Library has canceled the Bingo game scheduled for Monday, October 31.
Virtual Panel Discussion on Co-op City
Join the Bronx County Historical Society and Dr. Annemarie Sammartino for a Zoom discussion of her new book, Freedomland: Co-op City and the Story of New York, on November 7, at 7 p.m.
Register at https://forms.gle/ KQ5sucJJu8SLHJYSA or scan this QR code. Registrants will receive log in information on Nov. 7.
Test & Treat Mobile
Van in Co-op City
NYC Test & Treat Corps’ Mobile Test to Treat unit is available daily on a rotating schedule at the three shopping centers, 8 a.m.-6 p.m. as follows next week:
Mon./Tues.: 135 Einstein Loop
Wed./Thurs.: 2049 Bartow Ave.
Fri./ Sat./Sun.: 177 Dreiser Loop.
Locations are approximate depending on parking availability.
The mobile Test to Treat Rapid Testing van does not offer PCR testing. Anyone who tests positive for COVID at the Test to Treat mobile van can speak with an onsite clinician, and, if eligible, receive free Paxlovid anti-viral medication.
Appointments not required. Bring ID and insurance card, if available. Insurance is not necessary; it is open to everyone.
Budget ––––––– (Continued from page 1)
Co-op City Times
