NYC PENSION FUNDS EARN 20 PERCENT RETURN

New York City Comptroller John C. Liu today announced that preliminary numbers indicate the New York City Pension Funds recorded investment returns of more than 20 percent in Fiscal Year 2011, which ended June 30. This is the first time in 13 years the Funds have achieved this mark. The preliminary data indicates the Funds values at approximately $119 billion as of June 30, 2011, which exceeds the $115 billion pre 2008 crash peak, and the June 30, 2010 value of $97.8 billion.

The estimated returns for FY 2011, the first full fiscal year under Comptroller Liu who took office on Jan. 1, 2010, follow gains of 14 percent in FY 2010, and reflect stock and bond market recoveries, as well as new actions taken by the Comptroller’s Office and the Trustees of the Pension Boards.

“While the markets remain volatile, we have vigorously pursued a diversification strategy to enhance our returns while lowering pension costs to the City. This will protect pensioners and taxpayers alike in the long run,” said Comptroller Liu. “It has been gratifying to work closely with our dedicated Trustees to achieve these results.”

Together with the Trustees of the five Pension Boards, the Comptroller’s Bureau of Asset Management (BAM) has implemented a number of changes over the past 18 months in order to enhance the team managing the $119 billion NYC Funds.  BAM has added more than 150 years of investment experience to its ranks by hiring seasoned professionals to target asset classes such as public equities, hedge funds, fixed income, private equity and real estate.

In addition BAM, working with the Boards of Trustees, is completing asset allocation reviews of each of the Funds’ portfolios to more aggressively capitalize on market opportunities and diversify the mix of investments to mitigate against market fluctuations.

Comptroller Liu credited Deputy Comptroller for Asset Management / Chief Investment Officer Lawrence Schloss and the Bureau of Asset Management for helping the Funds attain these results.

Audited numbers for FY 2011 will be available in the coming weeks, and once compiled, a full fund by fund breakdown will be published on Comptroller Liu’s Pension NYC website
http://comptroller.nyc.gov/mymoneynyc/pensionnyc/.

 

             
           Bronx Democratic County Committee
                        Assemblyman Carl E. Heastie, Chairman

                           2011 Annual Dinner

                              To be held at Marina del Rey
                         1 Marina Drive, Bronx, NY 10465

                               Thursday, July 14, 2011
              Cocktails—6:00pm, Dinner and Program—7:00pm

 Join BDCC as they recognize these great honorees for their     commitment to the Bronx

            Stuart Appelbaum                                    April Horton
 President   Retail, Wholesale,                Director of Government &
 and Department Store Union                External  Affairs for Verizon

  Dr. Amarilis Jacobo, D.D.S.                           Stephen W. Nislick
  Executive Board Member                         Chief Executive Officer
 Bronx County Dental Society                   Edison Properties, LLC

    Jose Perez                                    Dr. Louis C. Rose, M.D.
      Founder                                Chief, Dept. of Orthopaedic Surgery
  Mastermind, Ltd.                  Westchester Square Medical Center

                                          G. L. Tyler
                                         Political Director
                                       District Council 1707

  For more information, call (718) 704-7039, or email qrosa@distinctivepa.com

MULLER LRA PROCESS ABANDONED

Bloomberg Administration hosts Hearing to Solicit Public Comment, Despite Having Made a Decision on the Reuse of the Muller Facility in November

 

Today, Bronx Borough President Ruben Diaz Jr. blasted the Bloomberg Administration for its refusal to follow through on a vote of the Muller Local Redevelopment Authority regarding a proposal to locate a 200-bed men’s shelter at the Muller Army Reserve Center, located at 555 Nereid Avenue, on the border of the Wakefield and Woodlawn neighborhoods.

Instead, the Bloomberg administration is claiming that a vote was held in November 2010, despite having hosted a public hearing on June 22, 2011, to solicit public input on the reuse of the facility in advance of a vote.

“It is crystal clear that the mayor’s office had no intention of ever really listening to the Bronx community on this issue. Despite close to 350 attendees of last week’s hearing—all of whom voiced their opposition to the plan—the Bloomberg administration is ignoring the clear will of the public and pretending that a vote took place last year,” said Bronx Borough President Ruben Diaz Jr.

Diaz continued, “If a vote took place in November 2010, why did they bother having a public hearing last week? This bizarre decision shows an utter contempt for the people of Woodlawn, Wakefield and Kingsbridge Heights, if not the entire Bronx.”

Pursuant to the Base Realignment and Closure (BRAC) process, the LRA is required to solicit community input in developing recommendations for the federal government on the reuse of surplus military facilities.

The failure of the Bloomberg administration to both consider this public input and to disregard the BRAC process has led the borough president’s office to seriously consider legal recourse.

“Everyone, with the exception of the Bloomberg administration, believes that the Muller facility should be used to house the National Guard units at the Kingsbridge Armory, freeing up their current home for public school construction. That the administration has not only ignored this recommendation, but is inventing meetings and votes to justify their position, is both an act of delusional desperation and a slap in the face to the Bronx,” said Borough President Diaz.

 

Bronx SalsaFest Set To Sizzle This Summer!

In a tribute to the musical genre that gave the borough its popular nickname, “El Condado De La Salsa,” Bronx Borough President Ruben Diaz Jr. will host the first-ever “Bronx SalsaFest” July 7 – 10, featuring outdoor and indoor concerts, special tours, a salsa trolley, and of course, dancing.

“The Bronx helped propel salsa into an international phenomenon, and we’re welcoming visitors and native New Yorkers to experience it here this weekend in what will become a new annual celebration,” said Bronx Borough President Ruben Diaz Jr.  “With the popularity of TV shows like ‘Dancing with the Stars,’ more people than ever are curious about this rich, rhythmic music.  This weekend festival is a chance to put down the remote and put on your dancing shoes.”

SalsaFest, which is produced by the Bronx Tourism Council at BOEDC and funded in part by a grant from the NYC & Company Foundation, kicks off with a Warm-Up Party on Thursday, July 7, at 7 p.m. at Pregones Theater (571 Walton Avenue).  The free evening starts with a screening of the award-winning documentary by City Lore, "From Mambo To Hip Hop, A South Bronx Tale” followed by a discussion on the history of salsa music by film co-producer Elena Martinez and multi-Grammy nominated percussionist Bobby Sanabria, who was inducted to the Bronx Walk of Fame in 2006 and appears in the film.   

Afterwards, professional dancer and instructor Elvis Collado, winner of the 2010 New York/ New Jersey Salsa Open Championship, and his partner Melanie Castillo will lead a demonstration and group lesson to get salseros ready for Salsafest weekend.

On Friday, July 8, hop aboard the Bronx Salsa Trolley, departing from the New York Visitors Information Center at 11 a.m. (810 Seventh Avenue at 53^rd Street).  Enjoy live music and singing on board as you head uptown for a bilingual tour of Yankee Stadium, which will focus on the contributions of the team’s Latino players ($55).  That evening from 6 p.m. – 8 p.m., there’s more dancing as Van Cortlandt Park’s Barefoot Dancing series goes Latin with salsa dancing and lessons on the grass.  Free, meet by the Van Cortlandt House Museum, Broadway at West 246^th Street, rain or shine. 

On Saturday, July 9, salsa lovers are invited to pay tribute to the “Queen of Salsa,” Celia Cruz, as part of a narrated tour that features musical greats interred at Woodlawn Cemetery, including Miles Davis, Duke Ellington and Lionel Hampton.  The tour highlight is the rare opportunity to view Ms. Cruz’s open mausoleum and take part in a musical tribute as conga and bongo players play at her gravesite.  Tours are free and begin at 3 p.m. and 4 p.m., rain or shine.  Reservations recommended, 718-920-1469. 

At 8 p.m. on the evening of Saturday, July 9, the Lehman Center for the Performing Arts presents two Latin music greats, produced by Lehman Center in collaboration with Los Canarios and West Side Beat Productions, Jose Alberto “El Canario,” one of the most successful and respected artists on the salsa music scene, celebrating his 35^th  anniversary and featuring Andy Montañez, “El Godfather de la Salsa,” former lead singer of the legendary El Gran Combo. Also performing will be Master Isidro Infante, Alfredo De La Fé, Luisito Quintero, and Dance-On-2 Dance Company for one exciting evening of music.  Ticket information at lehmancenter.org.

On Sunday, July 10, there’s salsa on the sand as live music returns to Orchard Beach with Nelson Gonzalez and his All-Star Band performing at 1 p.m. and 3 p.m. courtesy of Latino Sports, Bronx Lebanon Hospital and the National Jazz Museum in Harlem.   Between sets, Zumba instructor Hilda Rosario will demonstrate how Latin rhythms are great for workouts, too. 

Throughout SalsaFest, restaurants like Havana Café (3151 E. Tremont Avenue at LaSalle Avenue), PeaceLove Café (617 Melrose Avenue at 151 Street), Tosca (4038 E. Tremont Avenue at Miles Avenue) and the G-Bar (575 Grand Concourse at E. 150 Street) will offer live salsa music and great food. 

Angel Rodriguez, percussionist, educator, cultural historian and tour guide who will direct some of the musical events taking place during SalsaFest, specializes in the evolution of Latin music in New York City.  “The term salsa is an umbrella for a variety of Latin rhythms coming from the Caribbean,” he explains.  “The word originated with musicians in the South Bronx, mostly Puerto Ricans, who would tell somebody whose playing was especially hot, ‘Brother, you played with salsa tonight!’  In other words, you were cooking.”

“Tourists are anxious to have an authentic salsa experience when they visit New York City,” said Bronx Tourism Council Executive Director Doris Quinones. “Starting this summer, Bronx SalsaFest will deliver just that.”

For information on more events taking place during Bronx SalsaFest, visit the Bronx Tourism Council website, ilovethebronx.com.

 

SCORE Small Business Services Available at BOEDC

SCORE, the premier source for small business advice and mentoring in America, is now offering its services through the offices of the Bronx Overall Economic Development Corporation.

SCORE offers small business counseling and other services to the Bronx business community free of charge. SCORE services are available weekly at the offices of the BOEDC by appointment, which can be made by calling (718) 590-6252.

Established October 5, 1964, SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. More than 12,400 volunteers at 364 chapters provide individual mentoring—in person and online—and business workshops for aspiring entrepreneurs and small business owners. 

SCORE has served more than nine million entrepreneurs since 1964. SCORE currently serves more than 350,000 entrepreneurs annually. Based on the findings of the Impact Study of SBA Entrepreneurial Development Resources, SCORE helped create more than 30,000 new jobs nationwide in 2009. One in seven clients created a job. SCORE also helped create 68,432 new small businesses in 2009 according to an SBA report sent to Congress.

For more information on SCORE and the services it offers, visit www.scorenyc.org.

KOPPELL OBTAINS $5,893,000 IN BUDGET FOR CAPITAL PROJECTS IN DISTRICT

Receives $507,651 For Expense Items Obtains Restorations for Mental Health Programs

Council Member Oliver Koppell is happy to announce that he has received $5,893,000 in the new $66 billion city budget for capital projects in his district.  Among the projects for which he has allocated funds are refurbishment of the Seton Park soccer field, the expansion of facilities at Riverdale Neighborhood House, rehabilitation of the Cooney Grauer field in Kingsbridge, creation of a dog run in the Williamsbridge Oval, creation of a greenstreet on West 236^th Street and Riverdale Avenue, the refurbishment of the basketball area in Ewen Park, technology at the Hebrew Home for the Aged and for a snow removal vehicle at Wave Hill.

 

Koppell allocated over $2 million to virtually every school in the district to upgrade technology for the students through the purchase of Smart boards, computers and laptop carts,  for improved electrical wiring, for surveillance cameras and for renovations.  Each school will receive approximately $75,000 for these projects.  In addition, he allocated $600,000 to the Kennedy Educational Campus towards the construction of a state-of-the- art library and media center

                                                          

 Expense Budget      

Koppell received $507,651 in expense money to support senior centers, social service agencies, arts and environmental organizations and youth programs throughout the district. These include after-school programs, enrichment activities and counseling services in schools, as well as cultural programs that contribute to the quality of life in the community. .   

 

Also, he designated $50,000 to Fordham University for its research on Familial Dysautonoma, a debilitating genetic disease.

 

Mental Health Programs

   As Chair of the Committee on Mental Health, Mental Retardation, Alcoholism, Drug Abuse and Disability Services, Koppell was successful in obtaining a $2, 000,000 budget restoration for Geriatric Mental Health Services, $1,250,000 for The Children Under Five Initiatives, and $1,250 for Autism Awareness, as well as funds for a range of  mental health services for suicide prevention chemical dependency and developmental disabilities.

 

“I am pleased that, despite difficult economic times, we passed a budget that averted teacher layoffs, firehouse closings, drastic cuts to libraries and daycare services and restored vital mental health services.  Furthermore, I believe that the discretionary funds I have allocated to projects and programs in the area will enhance our educational offerings and contribute to the enjoyment of life in our community.”

STATEMENT FROM BOROUGH PRESIDENT DIAZ  RE: FY2012 Budget 

“Despite the dire fiscal situation this City currently faces, I am glad to see that Mayor Bloomberg and the City Council have put forward a budget that does as little harm to our most vulnerable populations as it possibly can. I am happy that the three Bronx fire companies that were slated for closure have been spared, that our libraries and senior centers will remain open, and that we have avoided teacher layoffs.

“I am also happy to see that the City has agreed to provide new funding to speed up the removal of toxic PCBs from our public schools. This issue has been a major priority of my administration, and this funding puts us one step closer to making sure that all of our school buildings are safe for both the children and adults that use them every day.

“Given that Albany did not come through for the City with the appropriate fiscal resources we deserve, this budget makes the best of a bad situation. I thank Mayor Bloomberg, City Council Speaker Christine Quinn and the entire City Council for their efforts to put forward the best possible budget for the City of New York,” said Bronx Borough President Ruben Diaz Jr.