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| Thompson proposes plan to address long-term water rate increase
View Water Board letter 
Comptroller Thompson has presented a long-range proposal to the New York City Water Board that would effectively lower charges to ratepayers while limiting future debt through “pay-as-you-go” capital financing.
The proposal was outlined in a letter delivered to board members before the May 14 vote increasing rates by 11.5 percent for Fiscal Year 2008. Thompson wrote that an added 23 percent growth in the Water Authority’s 10-Year Capital Strategy will trigger more increases.
“In light of its desire to have continued discussions on rental payments to the City, I am hopeful that the Water Board will seriously review my proposal and work with my office to put in place a new mechanism to utilize rent to benefit ratepayers,” Thompson said.
“Not since 1992 have ratepayers been faced with double-digit hikes, and the impact on homeowners and affordable housing will be substantial,” he continued. “I urge the Board to look beyond the current year and consider how to re-balance the annual demand on ratepayers and the system’s long-term capital needs. ”
The Comptroller noted that the Authority’s rent payments, which are determined by a City-established formula, are growing dramatically. Typically, rent is funded in the last months of the year and after all debt service expense is set aside.
“Rather than transfer the funds to the City, the funds could be retained by the Board and formally rebated by the City to the Board for the use of the Authority,” Thompson wrote.
The Comptroller suggested sharing the rebated rent between two uses to address both short- and long-term needs:
- Return to Ratepayers. Rent could be returned to ratepayers in a variety of ways. Most simply, funds could be rolled forward to reduce the need for subsequent years’ rate increases.
- Fund Capital on a Pay-As-You-Go Basis. By reducing borrowing needs, greater use of “pay-go” would pay financial dividends for decades. If half the estimated “excess rent” for 2005-2036 were applied to “pay-go” capital, $4.46 billion less would be borrowed, saving $9.81 billion in total debt service through bond maturity.
Thompson’s analysis noted that the annual “excess rent” is estimated to be $76.7 million, $121 million, $123 million and $175.1 million in FYs 2008— 2011. If half the excess rental payments were applied to rate relief and half were used as “pay-go” capital, it could result in estimated savings of $277.6 million over the four years.
“I urge you to work with my office and other interested constituencies to move forward on a fiscally prudent, rate-sensitive path,” Thompson said. |
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| Thompson to MTA: Failed safety equipment inexcusable!
View A Review of MTA New York City Transit “State of Good Repair” Capital Expenditures
The Comptroller repeated his call for more funds and greater action from the Metropolitan Transportation Authority (MTA) to bring New York City Transit to a “State of Good Repair,” in light of reports that emergency alarm boxes failed during the horrific accident that took the life of a transit worker.
“In light of this terrible tragedy, we must redouble our efforts to ensure that the MTA acts immediately to bring our subways up to date. As I pointed out in a February 1st report, critical safety features such as these alarm boxes, as well as track lighting and fan plants, are outmoded and must be replaced,” Thompson said. “Because of unequal funding and serious delays in repair, in some cases the MTA projects that these features will not be up-to-date for 20 years. This is simply inexcusable.”
Thompson’s report, A Review of MTA New York City Transit ‘State of Good Repair’ Capital Expenditures, found that “key components of the emergency alarm call box system that are used to shut off third rail power in an emergency are no longer manufactured and must be replaced.”
Additionally, the report pointed out that:
- Essential passenger safety equipment, such as fan plants, which remove smoke from tunnels in the event of fire and other emergencies, will not be in a State of Good Repair until 2028, 21 years later than projected in 1992. More than 40 percent of the B Division (lettered train routes) continues to operate with mostly original, 70-year-old signal system equipment and mid-20th century antiquated track switches, and older emergency fans do not meet current safety standards.
- As of 2006, only 55 percent of tunnel lighting—another critical safety item—had achieved a State of Good Repair, and this status will not be fully reached until 2022. In many locations, there still is inefficient, 1930’s-era incandescent tunnel lighting.
- Service reliability has been reduced by outmoded signal systems and track switches.
The MTA reduced NYC Transit’s share of the Core Capital Program, which includes spending for State of Good Repair, Normal Replacement, and System Improvement projects, from 77.5 percent in the 1992-1996 Capital Plan to 75.5 percent in the 2000-2004 and 2005-2009 Capital Plans. That two percentage point reduction is worth $600 million over 10 years.
In nearly every investment category, from rolling stock to track and structures, projected dates in the 1992-1996 Capital Plan for achieving State of Good Repair at the commuter railroads (Long Island Rail Road and Metro-North Railroad) have been largely met, in direct contrast to NYC Transit’s record. This is due in part to the commuter railroads receiving a disproportionately large share of Core Capital spending.
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Thompson celebrates Asian Pacific Island Heritage
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| New York City Comptroller William C. Thompson, Jr. with honorees and co-sponsors at his Asian Pacific Island Heritage celebration in Manhattan on Wednesday, May 9, 2007. Pictured (l to r) are: Peter Koo, President, Flushing Chinese Business Association; Noriko Hino, Founder/Executive Director, NY de Volunteer; Eric Ng, President, Chinese Consolidated Benevolent Association; Thompson; Kum Bok Kaye Min, President, Queens YWCA; Tieh-Chi Ho, Owner, T.C. Ho Architects; and, Libertito Pelayo, Publisher & Editor-in-Chief, Filipino Reporter. |
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Comptroller Thompson hosted his sixth annual Asian Pacific Island Heritage celebration in May. The event was co-sponsored by Asian Americans for Equality, Asian American Federation of New York, Chinese American Planning Council and the Korean American League for Civic Action.
“Since the city’s earliest days, New Yorkers with roots in China, Thailand, Cambodia, Vietnam, Korea, Japan, the Philippines and many more Asian and Pacific Island nations have come to New York, seeking opportunity and success, a safe haven, or simply a better life for themselves and their children,” Thompson said. “We celebrate the quest for success in all its forms, and the many pioneers from all chapters of our city’s history who made improving life for others an important part of making their own dreams come true.”
This year’s honorees were:
- Noriko Hino, founder and executive director of the NY de Volunteer. She has led the nonprofit organization with strong leadership and clear vision. Thompson praised her ability to inspire and motivate people with her “charismatic personality and strong drive,” which enabled Hino to build a strong team of core staff and board members to drive the organization and its mission forward over the past five years.
- T.C. Ho, owner of T.C. Ho Architects. Ho designed and engineered the statues of Confucius and Lin Ze Xu in New York City’s Chinatown. Ho is the president of the New York Viet-American Lions Club, is a consultant of the International Leadership Foundation and former vice president of the New York Chinese Chamber of Commerce.
- Peter Koo, President of the Flushing Chinese Business Association and the owner of Starside Drugs in Queens. He serves as Chairman of the Asian Job Service Employer Committee, a board member on Community Board 7 in Queens, the LaGuardia Community College Foundation, the Chinese Unit of the American Cancer Society, and the Downtown Flushing Business Improvement District.
- Kumbok Kaye Min, President of the Queens YWCA. Thompson noted that she has dedicated most of her life to ensuring that people have access to all opportunities. Min is Vice President at North Fork Bank, and has served 25 years in the New York City banking industry. Min became the nation’s first Korean-female branch manager in 1984. She has spearheaded initiatives to improve bank offerings, including providing a secured credit card to help customers establish good credit.
- Eric Ng, President of the Chinese Consolidated Benevolent Association. Ng has been a community leader for more than 10 years, and has served as President of Hoy Sun Ning Yung Benevolent Association, Chinese Freemasons, Hip Sing Association and Eng Suey Sun Association. He currently presides as President of the World Eng Family Benevolent Association.
- Libertito Pelayo, publisher and editor-in- chief of Filipino Reporter. Educated at Far Eastern University in Manila, Philippines, he was heavily active in the journalism and was a reporter for the Manila Times and a correspondent in South Vietnam during the Vietnamese War.
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