LIU STATEMENT ON SCHOOLS F.A.C.T. ACT

New York City Comptroller John C. Liu issued the following statement in response to questions concerning the enactment of the Schools Facility, Accountability, Capacity and Transparency Act today.

“The DOE can do better to reduce overcrowded schools and classrooms starting with better understanding of how space is currently used. The Schools F.A.C.T. Act will push the DOE further in this direction and we thank the Mayor and the Council for enacting this measure.”

Comptroller Liu’s office in September released an audit of the DOE’s “Blue Book” estimates of available space in schools.  The Blue Book is used by the DOE and the School Construction Authority to assist in making decisions regarding the placement of new schools and programs in pre-existing buildings and plans for major capital projects and upgrades that may increase capacity. The audit found errors in both the measurements of rooms’ sizes and their use, whether for instructional or non-instructional purposes.  Details of the audit’s findings are available at:
http://www.comptroller.nyc.gov/bureaus/audit/audits_2011/09-14-11_ME11-064A.shtm
 

Holy Family Church Invites you to a Dedication to the Virgen de la Providencia, Patron of Puerto Rico

  Holy Family Church invites you to a dedication to the Virgen de la Providencia, Patron of Puerto Rico and In recognition of Senator Ruben Diaz for his interest working for the betterment of the community.

Date:            Saturday, November 12, 2011

Time:           7:30 p.m. – 1:00 a.m.

Donation:     $25.00 – Hot Buffet

Music:         Conjunto Tropical

Place:          Mechler Hall, 2158 Watson Avenue, Bronx, New York (Between Castle Hill and Olmstead Avenues)

Enjoy Raffles, Surprises and Attractions (Ice, and Refreshments are available at a minimal cost.)

For Ticket Information Please Call: (718)829-7436 or (718) 931-3813

 

Pension Reform Oped From Comptroller John Liu

 

World-Class Pensions for a World-Class City

By New York City Comptroller John C. Liu  

New York is one of the world’s financial capitals, and yet our pension investment system exists in an outdated backwater. Dating from the 19th Century, it is unwieldy, inefficient, and heavily politicized. The City’s five pension funds are governed by five separate boards, and no two funds are managed the same. The result is a mess – even as it is responsible for $120 billion in retirement funds for 700,000 hardworking and retired New Yorkers.

Pension Reform NYC will change things. Labor leaders, elected officials, and pension trustees themselves have joined forces to replace this outmoded system with a streamlined structure that will lower pension costs, improve returns on workers’ pension investments, and ensure greater accountability.  It will save money right from the start by in-sourcing the management of certain assets. And, it will save more money over time by focusing on long-term investment decisions, strategic risk management, and all the elements one would expect in a top-tier financial center like New York.

Under the plan, the City’s five pension funds would cede authority to a new Pension Investment Board – with representation from municipal employees and the Mayor and Comptroller -- that would set policies and objectives for the system as a whole. The Bureau of Asset Management would move out of the Comptroller’s Office and be reestablished as the NYC Investment Management Company, headed by a Chief Investment Officer whose term would not coincide with any elected official.

This new structure will be more efficient and more nimble – allowing it to increase investment results while lowering taxpayer costs. It is important to note that the biggest driver of pension cost escalation over the past decade has been poor market performance. And amid looming risks of a double-dip in our economy, long-term strategy is more essential than ever.

Full implementation of Pension Reform NYC requires state and city legislative approval. The Comptroller’s Office is committed to working with all stakeholders to shepherd this proposal to fruition in the months to come.

Municipal workers’ and retirees pensions should be entrusted to a modern, professionally managed system that can withstand the volatility and unpredictability of markets for years to come. This is our best chance to create a public pension system that New York City deserves. There is no time to waste.

For more information on Pension Reform NYC visit http://pirnyc.com

"Former NYC Councilman" Fernando Ferrer?

That is what the headline of a Celeste Katz item that can be found here was sent out by State Senate Republicans as a headliner at their first-ever Hispanic conference. 

The story goes on to say that Ferrer has not been a councilman since the 1980's, and that the Senate Republicans forget that Ferrer is best known as Bronx Borough President. 

Katz even goes as far as to say how disconnected Senate Republicans are with the Latino community.

One Senate Democrats joke that he wonders how Assemblyman Pataki is doing.

Senator Rivera Hosts Final Bronx CAN Health Initiative Check-In 

Bronxites Attending the  Health Fair, Will Learn Healthy Comfort Food Recipes for Winter

Senator Gustavo Rivera (D, WF-Bronx) is hosting the final Bronx CAN Health Initiative Check-In at St. James Park Recreation Center on Saturday, October 29, 2011. The event will include a health fair with Bronx CAN Health community partners and a healthy "comfort food" recipes food demonstration that will help Bronxites stay healthy in the winter.

WHO: State Senator Gustavo Rivera

WHAT: Bronx CAN Health Initiative Check-In

WHERE: St. James Park Recreation Center – 2530 Jerome Ave.

WHEN: Saturday, October 29, 2011 at 2:00PM

LIU RETAINS OUTSIDE REVIEW OF CAMPAIGN FINANCES

 

As to the question of possible campaign finance irregularities that has been brought up recently in the media we have received the following from the Friends of John Liu.

 

John Liu has initiated a comprehensive independent review of his campaign's fundraising.  The review will be conducted by Robert Abrams, partner at Stroock & Stroock & Lavan and former New York State Attorney General.  The review is expected to be completed within 60 days.

"I look forward to a thorough and prompt review," said Liu.

Borough President Diaz & Sanitation Commissioner Doherty Fight 'Pooper-trators'

On Thursday, October 27, Bronx Borough President Ruben Diaz Jr. joined NYC Sanitation Commissioner John J. Doherty and Bronx Community Board #7 District Manager Fernando Tirado to announce a new information and enforcement campaign aimed at keeping Bronx streets free of canine waste.

Here, Borough President Diaz holds a “pooper scooper,” which typically cost about $20 each—a contrast to the $250 fine “pooper-trators” will receive for failing to clean up after their pet.

COMPTROLLER LIU, MAYOR BLOOMBERG AND LABOR LEADERS ANNOUNCE AGREEMENT IN PRINCIPLE TO REFORM PENSION INVESTMENT GOVERNANCE AND MANAGEMENT

City Comptroller John C. Liu, Mayor Michael R. Bloomberg and organized labor leaders today announced an agreement in principle to reform and professionalize the investment governance and management of the City’s pension funds. The proposal would place investment advisory authority for all five of the currently
independent City pension funds under one new pension board, supported by an independent, full-time staff led by a Chief Investment Officer, who would be appointed to a fixed term. The proposal is intended to insulate management of pension assets from any political office, further professionalize it and make it more consistent with industry best practices. The proposal aims to increase investment returns, lower the City’s pension costs, protect and strengthen pensions for current and future retirees, enhance accountability and guard against the possibility of fraud and corruption. The City’s five pension funds currently have 58 trustees, each with a different weighted vote, who decide investment policy. No two systems are governed, managed or operated in the same manner, resulting in complexity, inconsistency and inefficiency. The Mayor and Comptroller made the announcement at City Hall, where they were joined by District Council 37 Executive Director Lillian Roberts, United Federation of Teachers President Michael Mulgrew, Uniformed Firefighters Association President Stephen Cassidy, Patrolman’s Benevolent Association President Patrick Lynch, Detectives’ Endowment Association President Michael Palladino, Captains Endowment Association President Roy Richter, and Pension Board Trustees.

“The City’s pension system dates back more than one-hundred and fifty  years,” said Comptroller Liu. “This new paradigm will enable us to achieve better results in today’s more complex financial markets. Depoliticizing, professionalizing, and streamlining the management of our pension funds will enhance investment returns and reduce pension costs. Our labor leaders and trustees have delivered a huge win for
taxpayers and City workers alike with this game-changer.”

“In Washington these days, government seems to be hopelessly gridlocked, with each party stressing only what keeps them apart,” said Mayor Bloomberg. “But in New York City, we thankfully act differently – bridging differences and bringing people together to find common ground on the toughest issues and working together for the good all New Yorkers. We’re overhauling an antiquated pension management system that has needed restructuring for generations – depoliticizing the process, further professionalizing the staff and
implementing industry best practices. While these reforms should make a big difference in the management of City pension assets, we still desperately need pension benefit reforms to significantly reduce the pension costs that are siphoning dollars away from City services.”

The investment reform proposal will simplify a complex, outdated investment structure to ensure the $120 billion New York City Pension System is best-in-class among peer institutional investors worldwide.
Investment expense savings will be realized, primarily by developing in-house investment expertise for certain asset classes. Over the long term, superior returns would generate significant taxpayer savings through consistent long-term investment direction, strategic risk management, increased accountability and authority, first-mover advantage and a high-caliber, specialized staff.

The major provisions of the investment reform proposal are:

§  The five New York City Pension Funds would delegate investment authority to a newly created pension investment board composed of City and labor representatives. The board would set strategic objectives
and policy for the funds.

§  The Bureau of Asset Management would be moved out of the Comptroller’s Office and be re-established as an independent investment entity that will determine consultant and asset manager pools and manage certain asset classes in-house. The proposal calls for the investment entity to be staffed by experienced industry professionals and for compensation packages to attract those investment professionals.

§  A Chief Investment Officer will lead the new investment management entity. The Chief Investment Officer will report to the new pension investment board – not to any individual elected official – and will be appointed to a fixed term that will not coincide with citywide election cycles.

§  The new pension investment board and new investment staff will adopt best-in-class ethics, governance, training, and code of conduct policies and procedures to protect against fraud, waste and abuse.

The assets of the five pension funds will remain separate under the proposal and each fund will continue to administer benefits and make disability determinations independently.

“We strongly support these efforts to bolster the pension investment returns for New York City Firefighter pensions,” said Steve Cassidy, UFA President.  “We’ve been encouraging the city to develop a strategic plan for the pension investments that allows it to enhance investment returns for beneficiaries and be much more responsive to changes occurring in the global financial marketplace.”

“The proposal to create an investment board is a win-win situation for the taxpayers and the participants of the retirement system,” said District Council 37 Executive Director Lillian Roberts. “District Council 37 members receive an average annual pension of $17,000. Therefore, a proposal that would help secure the pension of the workers without reducing what is already a small pension is welcome. We applaud Comptroller John Liu for thinking outside the box and for bringing all affected parties to reach consensus on moving forward with this proposal.”

“It sounds like an innovative approach to providing relief to taxpayers while maintaining pension guarantees to our past and present employees,” said Detectives’ Endowment Association President Michael Palladino. “The details are critical to any deal but it is certainly worth listening to.”

“The world of finance has changed dramatically over the last few decades,” said Roy T. Richter, President of Captains Endowment Association. “Any modification to our current pension system that enables it to adapt quickly to shifting market conditions and preserving pension assets needs careful review and consideration. In
difficult economic times, our leaders must examine unconventional partnership to carry us through.  Vision, coupled with outside the box thinking is the brand of resilience that makes New York City great.”

“New York’s business leadership has long advocated for efficiencies in the City’s pension systems,” said Bill Rudin, Chairman of the Association for a Better New York. “Today’s innovative agreement is a step toward reducing taxpayer burdens while protecting current and future municipal employee pensions. Congratulations to Mayor Bloomberg, Comptroller Liu and labor leaders for this historic initiative.”

“The New York City Pension System has now adopted a world-class public pension governance model,” said Andrew Ang, Ann F. Kaplan Professor of Business at Columbia Business School. “The reforms should allow the new entity to significantly impact returns – by actions as simple as bringing in-house and managing cheaply what had been previously outsourced at much higher costs.”

“The newly proposed changes would move New York City Pension Funds to the front of the class of public pension organizations not just in the USA, but internationally as well,” said Keith P. Ambachtsheer, Director of the Rotman International Centre for Pension Management at the University of Toronto and President and Founder of KPA Advisory Services.

The New York City Pension Systems consist of five separate funds: The New York City Police Pension Fund, the New York City Fire Department Pension Fund, the New York City Teachers’ Retirement System, the New York City Employees’ Retirement System, and the Board of Education Retirement System.

Full implementation of the investment reform proposal requires State legislative approval. Representatives from the Mayor’s Office, the Comptroller’s Office and organized labor will work together to finalize the proposal and work with elected officials to implement the plan.

Details of the proposal are available online at http://pirnyc.com.