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State of New York Office of the State Comptroller Division of Management Audit State of New York Office of the State Comptroller Division of Management Audit ROOSEVELT ISLAND OPERATING CORPORATION OPERATING PRACTICES REPORT 94-S-59 H. Carl McCall Comptroller State of New York Office of the State Comptroller Division of Management Audit Report 94-S-59 Ms. Jean Lerman President Roosevelt Island Operating Corporation 591 Main Street Roosevelt Island, NY 10044 Dear Ms. Lerman: The following is our report on the Roosevelt Island Operating Corpor-ation's operating practices, primarily as they relate to maximizing revenues and minimizing expenses. This audit was performed pursuant to the State Comptroller's authority as set forth in Article X, Section 5 of the State Constitution and Chapter 26 of the New York Unconsolidated Laws. Major contributors to this report are listed in Appendix A. In an effort to reduce the costs of printing, if you wish your name to be deleted from our mailing list or if your address has changed, contact Raymond W. Cecot at (518) 474-3271 or at the Office of the State Comptroller, Alfred E. Smith State Office Building, 13th Floor, Albany, NY 12236. Executive Summary Roosevelt Island Operating Corporation Operating Practices Scope of Audit Pursuant to Chapter 26 of the New York Unconsolidated Laws, the Roosevelt Island Operating Corporation (RIOC) was organized in 1984 as a public benefit corporation. In 1985, RIOC became responsible for the development, operation, security and maintenance of a planned, mixed-income urban community located on Roosevelt Island (Island), which is situated in the East River between Manhattan and Queens County. To date, 3,241 of the planned 5,000 housing units have been built (2,141 in 1976 and 1,100 in 1989). RIOC officials expect the remaining units to be built and occupied by 1999. RIOC administers all Island services, including grounds' maintenance, and the operation of the aerial tramway (tram), bus services, and the parking facility. RIOC uses outside contractors to manage the tram and the parking facility. For the 1994-95 fiscal year, RIOC had operating revenues totaling $7.5 million and expenditures of $9.2 million. The resulting operating deficit, as well as $6.4 million in capital costs, was funded by State appropriations. As of February 1996, RIOC had a staff of about 81. Our audit addressed the following questions concerning RIOC's operating practices for the period from April 1, 1991 through March 31, 1995: ! Is RIOC providing Island services efficiently? ! Does RIOC maintain adequate internal controls over revenues and expenses? Audit Observations We found that, since a New York City subway station opened on the Island in and Conclusions October 1989, ridership on the Island's tram dropped 48 percent. The tram, which once showed an operating surplus, has suffered annual deficits averaging nearly $450,000 for the five fiscal years ending March 31, 1995. RIOC management needs to take actions to reduce tram costs to minimize this deficit. Unless appropriate cost-saving measures are taken, the tram will continue to show large deficits. We believe that RIOC officials should consider the reduction of tram operations. According to RIOC estimates, a reduction to 15 hours per day would result in annual cost savings of $150,000. In addition, although an October 1993 labor arbitration allowed RIOC to eliminate tram console operators, they were still employed as of February 1996. Elimination of these positions would result in annual savings of approximately $269,000. (See pp. 5-7) RIOC also needs to consider taking over the management of the tram from its contractor. In doing so, additional annual savings totaling as much as $132,500 could result. We also found that RIOC has failed to collect more than $472,000 in tram fare subsidy reimbursements due from New York City's Board of Education from July 1990 through October 1993. RIOC needs to vigorously pursue these revenues and establish a mechanism for collecting these reimbursements regularly. (See pp. 8-9) RIOC also needs to strengthen internal controls in several areas. We found a serious weakness in the controls over RIOC's practices for negotiating and documenting changes to commercial leases. In some cases, as a result of informal, undocumented agreements, tenants are paying rents that are lower than the agreed to amounts. Controls over the deposit of tram token sales also need to be strengthened. The tram cashier does not deposit all cash receipts. Rather, receipts representing only the number of tram tokens collected daily are deposited. Revenues from the sales of other tokens are retained in the contractor's safe, without an adequate accounting. We found over $13,000 in undeposited cash collections being held by the contractor. RIOC also needs to better document contracts awarded without competition, and awards made to other than the lowest bidder. (See pp. 11-15) Comments of RIOC When they responded to our draft audit report, RIOC officials did not expect Officials to receive any State appropriation in the 1995-96 State budget. They said that their estimated $1.855 million operating deficit would, therefore, have to be eliminated through cost savings/reductions and revenue enhancements. Officials indicated that some recommendations contained in the audit report had been implemented and some others were being considered for implementa- tion to help eliminate the deficit. Subsequently, the enacted 1995-96 budget did include a $1.1 million subsidy for RIOC - about $750,000 less than the estimated deficit. Overall, RIOC officials' responses contained significant detail and evidence of serious consideration of conditions and opportunities to improve its operations. We believe that RIOC officials should continue to strive to implement our recommendations and continue related efforts to eliminate the need for State subsidies. Contents Introduction Background ........................................... 1 Audit Scope, Objectives and Methodology ..................... 2 Response of RIOC Officials to Audit ......................... 3 Aerial Tramway Hours of Service ....................................... 6 Console Operators ...................................... 7 Reimbursable Transportation Costs ........................... 8 Contractor Services ..................................... 8 Internal Controls Commercial Leases ..................................... 11 Revenue Collection ..................................... 13 Collection of Bus Fares .................................. 14 Contracts ............................................ 15 Appendix A Major Contributors to This Report Appendix B Comments of RIOC Officials The comments of Agency Officials are not available in an electronic format. Please contact our Office if you would like us to mail you a copy of the report that contains their comments. Introduction Background The Roosevelt Island Operating Corporation (RIOC) manages a planned, mixed-income urban community located on the 144-acre Roosevelt Island (Island), which is in the East River between Manhattan and Queens County. Pursuant to Chapter 26 of the New York Consolidated Laws, RIOC was organized in 1984 as a public benefit corporation responsible for the development, operation, security and maintenance of the Island. With oversight by a nine-member board of directors named by the Governor and approved by the New York State Senate, RIOC serves as the provider of many municipal services on the Island. RIOC has a staff of approximately 81. It operates transportation, provides security, performs snow removal, repairs the streets and sidewalks, and maintains the common grounds. RIOC receives revenues from such sources as commercial space leases, parking fees, bus and aerial tramway fares, as well as fees from the housing companies that operate apartments and co-ops on the Island. These revenues have not been sufficient to support all RIOC operations. Consequently, RIOC receives operating support from the State in the form of an annual appropriation, as well as capital funds. The following table summarizes RIOC's operating revenues and expenses and the resulting deficits for the last four fiscal years: State Fiscal Year Revenues Expenditures Deficit Appropriation 1991-92 $5,437,000 $7,919,000 $2,482,000 $2,740,000 1992-93 6,984,000 8,421,000 1,437,000 1,346,000 1993-94 7,133,000 8,535,000 1,402,000 1,648,000 1994-95 7,547,000 9,248,000 1,701,000 2,205,000 RIOC officials report that only 3,241 of the Island's planned 5,000 housing units have been built. They believe that the completion of the additional planned units would enable RIOC to generate sufficient revenues to support its operating budget. Assuming RIOC is successful in lining up federal and state funding commitments for this construction, these units are expected to be built and occupied by 1999. Meanwhile, RIOC is operating at a deficit. RIOC officials estimated the need for $1.855 million in operating subsidies from the State for the 1995-96 fiscal year; however, the enacted State budget only included $1.1 million for RIOC. RIOC must absorb the difference through cost savings /reduction and revenue enhancements. Audit Scope, We audited selected RIOC operating practices from April 1, 1991 through Objectives and March 31, 1994. Additional information was subsequently obtained to update the report through the 1994-95 fiscal year, and in some cases to February Methodology 1996. The primary objective of our economy and efficiency audit was to determine the extent to which RIOC was maximizing operating revenues and minimizing operating
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