Monday, December 9, 2013
VERIZON TO PAY ADDITIONAL $1.4M IN FEES; AUDIT UNCOVERED UNREPORTED REVENUES
Comptroller
John C. Liu today announced the results of a new audit which found that
Verizon had significantly
under reported revenue as required by its cable franchise agreement with
the City and underpaid fees owed to the City. Verizon has agreed to
pay the City $1.41 million in additional franchise fees.
“Franchise
agreements with the City must be enforced both to deliver quality
service to our residents and to ensure that City
taxpayers are getting their fair share of revenues from these
franchises,” Comptroller Liu said. “Our audit spells out why Verizon
owes the City $1.41 million in franchise fees, and I’m pleased that
Verizon has agreed to pay up.”
Verizon
is required to pay New York City a franchise fee of 5 percent of gross
revenue as part of its agreement to deliver
cable service throughout the City. The 12-year non-exclusive agreement,
via the Department of Information Technology and Telecommunications
(DoITT), began in 2008.
This
audit by the Comptroller’s office found that from July 2008 to June
2013, Verizon understated advertising revenue on
the quarterly reports that it submits to the City by approximately
$28.2 million, resulting in underpayment of $1.41 million in franchise
fees owed to the City.
Specifically, the audit found that Verizon understated $17.1 million in advertising commissions that should have been included
in gross revenue and did not report $11.1 million in foregone revenue from the value of advertising retained for its own use.
The
audit called on Verizon to immediately pay the $1.41 million it owes
the City, report all revenue as required by its franchise
agreement, track the value of its own advertising, and provide DoITT
with access to all necessary records. DoITT agreed with the audit’s
findings and said it would ensure that Verizon accurately reports its
revenue and complies with its franchise agreement.
Verizon
disagreed with the audit’s findings, yet has agreed to pay the City the
full $1.41 million. This payment is in addition
to the recent $60 million settlement between Verizon and the City for
cost overruns caused by the company’s delays on the Emergency
Communications Transformation Program project.
Comptroller Liu credited Deputy Comptroller for Audit Tina Kim and the Audit Bureau staff for presenting the findings.
Background:
Mayor Bloomberg, Comptroller Liu Announce $60 Million Settlement Agreement With Verizon, Nov. 14, 2013:
http://comptroller.nyc.gov/ newsroom/bloomberg-liu- announce-60-million- settlement-agreement-with- verizon/
Saturday, December 7, 2013
The Bronx LGBTQ Center Celebrates The Holidays
The Bronx LGBTQ Center will hold its Family
Holigays program in
celebration of Christmas and Kwanzaa on Thursday, December 26 from
2-6pm at the First Lutheran Church of Throggs Neck
(3075 Baisley Avenue , Bronx, NY). Family Holigays is a program of
the center featuring pot-luck gatherings to celebrate the major
holidays throughout the year.
Unfortunately,
many within the LGBTQ community are still ostracized by their
families and friends because of who they are. These pot luck
gatherings offer a welcoming celebration of the major holidays
throughout the year to provide support to everyone in our
communities, especially the marginalized and ostracized. It is hoped
that the feelings of loneliness such community members often face
will be lessened in what otherwise would be a celebratory and joyous
time.
While
there is no cost to attend the Family Holigays celebration for
Christmas and Kwanza on December 26th,
registration is requested to help coordinate the food for this
pot-luck event. Donations are always appreciated and welcomed. For
more information about the event, including the unwanted gifts Secret
Santa, and to register, visit
https://familyholigayskwanzmas.eventbrite.com.
The
Bronx LGBTQ Center is a 501(c)3 not-for-profit organization building
a new community services center for LGBTQ and supportive individuals
in the Bronx, lower Westchester, and upper Manhattan. It offers
supportive services such as a free legal clinic, youth and women's
groups, and social and recreational events. The Center is partnering
with other community-based organizations to provide clinical and
health-related services to the community. For more information, email
info@bronxlgbtqcenter.org,
call 347-LGBT-BX1, or visit us online at http://bronxlgbtqcenter.org,
on Facebook at http://facebook.com/bronxlgbtqcenter,
on Google+ at http://google.com/+BronxlgbtqcenterOrg
and on Twitter at @BxLGBTQcenter.
Contact Peter C.
Frank at secretary@bronxlgbtqcenter.org
or call 914-417-9579 for more information.
Friday, December 6, 2013
MONDAY, DEC 9th SEMINAR ON THE AFFORDABLE CARE ACT WITH CONGRESSMAN CROWLEY
The Bronx Chamber of Commerce
hosts a
* Complimentary Workshop *
with
Congressman Joseph Crowley
on the
Affordable Care Act
Monday, December 9th
12PM - 2PM
Hutch Metro Center Conference Room
Hear all about the Health Exchange!
Have your questions answered!
A great opportunity not to be missed!
To RSVP, email Alexandra@bronxchamber. org
or call 718-828-3900.
*Lunch will be provided*
DINOWITZ CALLS ON CABRERA, COUNCIL TO APPROVE ICE CENTER AT KINGSBRIDGE ARMORY
Assemblyman Jeffrey Dinowitz
Assemblyman Jeffrey Dinowitz has called upon the New
York City Council to approve the Kingsbridge National Ice Center proposed for
the Kingsbridge Armory and urged Councilman Fernando Cabrera to vote for it.
“We have a once-in-a lifetime opportunity to bring an
amazing and positive project into our community,” Dinowitz said.
“KNIC will be a unique facility that will provide recreational and educational
opportunities for thousands and thousands of people from the Bronx and beyond.
It can spawn new businesses along Kingsbridge Road. It will provide hundreds of
living wage jobs. And the community benefits agreement is a major plus as well.
‘While the armory is actually across the street from
my district, the people who are most directly affected by the facility are in
the Kingsbridge Heights section of my district. I look forward to this project
becoming a reality and to the positive impact it will have on the surrounding
community.”
Thursday, December 5, 2013
What's Up Fernando?
Councilman Fernando Cabrera who was the lone holdout on the Kingsbridge National Ice Center Proposal for the Kingsbridge Armory before the Bronx Borough Board vote of November 21st where Councilman Cabrera said that he was voting yes on the KNIC proposal and going to encourage his fellow council members to vote yes when the matter comes before the City Council for a vote.
Apparently that was then, because Crain's New York has reported that during the meeting of the City Council’s
Zoning and Franchises Subcommittee today Councilman Fernando Cabrera was strongly critical of the KNIC proposal, and asked his council colleagues to vote against the proposal when it comes before the City Council Land Use Committee for a full council vote.
Cabrera with his on again off again support of the KNIC proposal for the Kingsbridge Armory started when Mayor Bloomberg introduced the KNIC proposal. Councilman Cabrera was all in favor of the project, but then as the Community Benefits Agreement package with KNIC was being formatted it is said that Cabrera made several demands for the CBA. The CBA was changed to add more members at Councilman Cabrera's request, but then it was announced that $100,000.00 a year (for the 99 year life of the CBA) was being requested to go to a non-profit organization reportedly under Cabrera's control. KNIC went public with the information, and Councilman Cabrera has been under scrutiny ever since the announcement.
It was at the Bronx Borough Board vote that Cabrera had apparently ended his opposition by voting yes on the KNIC proposal, and said that he will encourage all of his colleagues in the council to vote yes on the proposal. Cabrera apparently has done another about face on the KNIC proposal at today's Sub committee meeting. It will be interesting to see which Fernando Cabrera shows up to the City Council Land Use meeting, and how Councilman Cabrera votes.
Crain's writes that the Drama Still Continues for the Kingsbridge Armory. The full Crain's article can be found here.
Croton FMC Meeting & Agenda Thursday, December 12,
The Croton Facility Monitoring Committee will next meet on Thursday, December 12, 2013 at 7pm in the DEP Office at 3660 Jerome Ave. The agenda is listed below.
Agenda
Croton Facility Monitoring Committee Meeting
Thursday, December 12, 2013 – 7:00 PM
DEP Office – 3660 Jerome Avenue, Bronx NY 10467 - (718) 231-8470
I Welcome & Brief Report of CFMC Chair Bob Fanuzzi, Chair
II Consider, Adopt December CFMC Agenda
CFMC Representatives
III Public Questions & Comments (15 minutes)
IV Consider, Adopt 9/12/13 Meeting Minutes
CFMC Representatives
V Comments about 12/9/13 Tour of JPR CFMC Representatives
And JPR Public Access Pilots
V Findings of NYC Comptroller’s Audit Tina Kim, Jonathan Rubin
on Croton-Funded Parks Comptroller’s Office;
DPR David Cerone, Andrew Penzi
VI Status of Jogging Path Construction Andrew Penzi
VII JPR Tree replacement costs, Andrew Penzi; Shane Ojar, DEP
and schedule
VIII Form CFMC Advocacy for Pedestrian Bridge
CFMC Representatives
IX Croton Construction Update & Croton Bernard Daly, DEP
Costs Report
X Elect CFMC Chair for 2014 CFMC Representatives
XI CFMC Discussion &.Set Date CFMC Representatives
for March 2014 CFMC Meeting
XII Adjourn
2013 MOST PRODUCTIVE YEAR ON RECORD FOR NYC PENSION FUNDS’ SHAREHOLDER ACTIVISM
City Comptroller John C. Liu today announced that the $144 billion NYC Pension Funds achieved new levels of success in 2013 toward improving the environmental, social, and governance practices of the corporations in their investment portfolio. The details of the 2013 proxy season are available in the NYC Pension Funds’ annual report. The report also includes summary information on the Funds’ proxy voting.
“We have a duty to City workers and retirees
to ensure
our portfolio companies focus on creating sustainable shareowner value,”
Comptroller Liu said.
“Over
the past year we helped strengthen employees’ workplace rights, shed
light on employee diversity, and negotiated policies to help claw back
pay from misbehaving
executives. The NYC Funds have a proud tradition of active ownership
to protect and create long-term shareowner value, and we have worked to
intensify these efforts over the past four years.
Shareowner Proposals
The
Comptroller’s Office negotiated agreements on 27 of the 55 shareholder
proposals it submitted to corporations — a record rate of adoption for
its requests. Among
the highlights of the agreements Comptroller Liu’s office achieved on
behalf of the Funds:
•
Capital One
(NYSE: COF),
Citigroup (NYSE: C), Encore Capital (NASDAQ: ECPG), and Wells Fargo
(NYSE: WFC) — and three pharmaceutical firms — Boston Scientific
(NYSE: BSX), Johnson & Johnson (NYSE: JNJ), and Merck (NYSE: MRK)
— enacted policies empowering the board to claw back pay from senior
executives responsible for improper conduct or excessive risk taking.
•
Chesapeake Energy
(NYSE: CHK)
agreed to propose a bylaw amendment to grant shareowners access to
the corporate proxy to nominate directors as part of a major overhaul of
its board and governance. Since the Funds led a successful director
“vote no” campaign in 2012, the company has reconstituted
its board, named an independent chairman and hired a new CEO, and its
share price has outperformed its peers.
•
Health insurer
Wellpoint (NYSE: WLP) agreed to name an independent
chairman upon the April 2013 retirement of its existing chair, and to
maintain the position for at least two years.
•
EMC
(NYSE: EMC),
Gap (NYSE: GPS), NIKE (NYSE: NKE), Target (NYSE: TGT),
and Texas Instruments (NASDAQ: TXN) agreed to promote
greater transparency of their suppliers’ compliance with internationally
recognized standards on workplace safety and human and worker rights by
encouraging key suppliers to prepare sustainability
reports using Global Reporting Initiative (GRI) protocols.
•
AIG
(NYSE: AIG),
Bank of NY Mellon (NYSE: BK), and U.S. Bancorp (NYSE: USB)
agreed to disclose the breakdown of their workforce by race and gender for major job categories, including senior management.
•
Anadarko Petroleum
(NYSE: APC),
Domino’s Pizza (NYSE: DPZ), Philip Morris (NYSE: PM), and
Ralph Lauren (NYSE: RL) expanded their EEO policies to prohibit discrimination based on gender identity.
•
Lowe’s Companies
(NYSE: LOW)
and WellCare Health Plans (NYSE: WCG) agreed to disclose all direct and indirect political spending.
•
Avalon Bay
(NYSE: AVB),
Kimco Realty (NYSE: KIM), and SL Green Realty (NYSE: SLG) agreed
to prepare annual sustainability reports based on the GRI and
specifically addressing greenhouse-gas emissions, water conservation,
waste minimization and energy efficiency.
All three are residential REITs with significant property holdings in
New York City.
Director “Vote No” Inititiatives
Cablevision
(NYSE: CV)
The
Funds led a “vote no” campaign against five Cablevision directors,
three of whom had failed to receive majority shareowner support in 2010
and 2012. In a letter
to Cablevision
shareowners and filed with the SEC, Comptroller Liu cited Cablevision’s
fundamental lack of board accountability, poor performance, excessive
executive pay, and pervasive conflicts of interest involving the Dolan
family, which controls 73 percent of the voting
power despite owning less than one quarter of the company. The five
directors were each opposed by at least 39 percent of votes cast,
including two directors who failed to receive majority support. The
board reseated all five directors.
Hewlett-Packard
(NYSE: HPQ)
The
Funds opposed two Hewlett-Packard directors who failed to protect
investors from a series of ill-advised acquisitions (Autonomy, EDS and
Palm)
and boardroom fiascos that destroyed tens of billions of dollars in
shareowner value. The Comptroller’s Office detailed the Funds’ concerns
with the directors
in a press release
that was also filed with the SEC. Shareowners subsequently cast 45
percent and 46 percent, respectively, against the directors’ election.
In a major victory for shareowners, both directors resigned two weeks
later.
Wal-Mart
(NYSE: WMT)
The
Funds opposed nine Wal-Mart directors due to the board’s poor oversight
of compliance, lack of independence and unresponsiveness to investor
concerns, as detailed in a Comptroller’s Office press release
filed with the SEC. Four of the directors — including the Chairman,
CEO, former CEO and audit committee chairman — received particularly
high opposition votes: excluding the Walton family, which controls
approximately 50 percent of the company’s shares, unaffiliated
shareowners cast about 21 percent to 30 percent of their votes against
their election. It was the second consecutive year the four directors
received strong opposition. Since last year’s no confidence vote, which
was driven by reports that executives attempted
to cover up alleged bribery in Mexico, Wal-Mart’s board has become less
independent, even as it has reportedly expanded its investigation into
possible bribery to additional countries.