NYC Comptroller’s Office Releases Fiscal Year 2022 Annual Comprehensive Financial Report

 

For the first time, financial and statistical tables in the annual report will be available for download as data files.

The Office of New York City Comptroller Brad Lander released today the Annual Comprehensive Financial Report for Fiscal Year 2022. The Annual Report contains the City’s audited financial statements for the year running from July 1, 2021 through June 30, 2022 and provides detailed data on New York City’s finances. For the first time, the financial and statistical tables in the annual report will be available for download on the Comptroller’s website at comptroller.nyc.gov.

“This year’s Annual Comprehensive Financial Report comes at a time of economic change and disruption in the global economy and details the impact of some of those shifts on our local economy and city finances,” said Comptroller Brad Lander. “Despite many challenges, federal stimulus helped us navigate through the pandemic, and at the urging of my office and others, the City made the largest yet deposit into the City’s rainy day funds, to help us navigate choppy waters ahead.”

The Annual Report, which is released within four months after the close of the City’s fiscal year in accordance with the City Charter, includes the financial statements of the City as a whole and for each of the City’s accounting funds, explanatory notes to the financial statements, supplemental financial and statistical information about New York City, and the basic financial statements of the City’s five retirement systems and entities such as NYC Health + Hospitals, the NYC Water and Sewer System, and the NYC Economic Development Corporation.

For the 42nd consecutive year, the City of New York was awarded the prestigious Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA).

“I’m so grateful for the diligent work of our Bureau of Accountancy and the hundreds of accounting and financial professionals in every City agency who help compile this report,” Comptroller Lander continued. “New York City’s award-winning ACFR provides the foundation of our City’s good faith and credit, not only with ratings agencies and bondholders, but with the people of the City of New York. I’m proud that this year, for the first time the financial and statistical tables in the report are available for download, making this information more broadly accessible. Ensuring that New York City’s financial reporting is accurate, transparent, and reliable is an essential foundation for trust in our local government and our democratic institutions.”

Highlights from the FY 2022 Annual Report include:

City of New York Finances 

• In FY 2022, the General Fund had revenues and other financing sources of $107.23 billion and expenditures and other financing uses of $105.92 billion, resulting in a surplus of $1.30 billion including restricted fund activities, contributions to the Revenue Stabilization Fund, and transfers to close projected FY 2023 gaps.

• Fiscal Year 2022 revenues were $7.64 billion higher than FY 2021 and expenses were $5.92 higher than FY 2021. Excluding the transfers to eliminate future fiscal year projected gaps, expenditures and other financing uses increased in FY 2022 by $8.20 billion or 8.4 percent.
• In Fiscal Year 2022, the City deposited a combined total of $2.2 billion in the Retiree Health Benefit Trust (RHBT) fund and in the Revenue Stabilization Fund (RSF), approaching the amount of $2.5 billion recommended by the NYC Comptroller. The total of long-term reserves (RHBT and RSF) is $6.538 billion, or 9.4 percent of the City’s Fiscal Year 2022 tax revenues, the highest absolute amount since their creation, but still well below the estimate of 16.0 percent needed to weather the full length of a recession.

New York City Retirement Systems – The Comptroller’s Bureau of Asset Management is the investment advisor to the City’s five retirement systems: New York City Employees’ Retirement System (NYCERS), Teachers’ Retirement System of the City of New York (TRS), New York City Police Pension Fund (Police), New York City Fire Pension Fund (Fire), and the New York City Board of Education Retirement System (BERS).

• In the first half of 2022, public equity markets had the worst performance in 50 years, and all major public asset classes except commodities incurred significant losses.
• As of June 30, 2022, the combined investments assets of the City’s five Systems totaled $239.5 billion. This total represented a decrease of $26.6 billion from the June 30, 2021, value of $266.1 billion. During the fiscal year, the fair value of the assets ranged from a high of $274.74 billion (Dec 2021) to a low of $239.54 billion (June 2022).

• The time-weighted return (net of manager fees) of the aggregate portfolio was -8.65 percent in fiscal year 2022 and 25.8 percent in fiscal year 2021. The fiscal year 2022 return of -8.65 percent exceeded the Public Markets Index return of -13.30 percent. This benchmark represents the return of a portfolio with a mix of 65 percent equity and 35 percent fixed income.

Municipal Finance – The Comptroller’s Bureau of Public Finance works with the Mayor’s Office of Management and Budget to issue bonds to finance the City’s extensive capital program and to refund outstanding bonds for savings.

• The municipal market during Fiscal Year 2022 can be characterized as a tale of two halves. The first half of the year was marked by a stable, low-rate environment. Beginning in January 2022, fixed income and equity markets began to experience volatility as the Federal Reserve signaled that they would begin to tighten monetary policy to alleviate inflationary pressure.
• Fiscal Year 2022 began with tax-exempt rates near their historical lows with 5-year Municipal Market Data (MMD) at 0.50 percent, 10-year MMD at 0.98 percent and the 30-year MMD at 1.49 percent on July 1, 2021. On June 30, 2022, 5-Year MMD was 2.22 percent, 10-year MMD was 2.72 percent and 30-year MMD was 3.18 percent representing an increase of approximately 170 basis points throughout the curve from where rates were six months prior.
• In Fiscal Year 2022, the City (through its General Obligation, or GO) and the New York City Transitional Finance Authority (TFA) issued five new money transaction to raise proceeds for the City’s capital needs. The rise in interest rates, compared to FY 2021, resulted in total debt service increasing an estimated $525 million over the life of the bonds (averaging 18 to 20 years).

• During Fiscal Year 2022, the City and the Transitional Finance Authority issued three refunding transactions that generated more than $530 million of debt service savings over the life of the bonds. The rise in interest rates resulted in an estimated reduction of debt service savings of $140 million over the life of the bonds (averaging 6 to 11 years).

Local Economic Conditions in Fiscal Year 2022 

• By the end of FY 2022, NYC’s job market recovered 762,00 of the 957,100 jobs lost between February and April 2020. Jobs in Information, and Education and Health Services had surpassed pre-pandemic levels, while the largest gaps remained in Leisure and Hospitality and Trade, Transportation, and Utilities, and Construction.
• The unemployment rate reached 6.2 percent in June 2022 down from 10.5 percent in June 2021 and far from the peak of 21.0 percent in May 2020. The unemployment rate remains highest among Black New Yorkers, at 10.3 percent as of June 2022.
• The pace of NYC’s economic rebound is visible in the growth in taxable sales in NYC, which grew 26 percent in Fiscal Year 2022 after dropping for two consecutive years due to the COVID-19 pandemic.
• The housing market rebounded, ending FY 2022 with a new peak in asking rent at $3,500, 20.7 percent above the pre-pandemic peak, with record low inventory. The Manhattan office market, which was hit hard by pandemic closures and is still grappling with the increase in hybrid and remote work, has seen a durable shift that will likely last beyond the pandemic. The vacancy rate reached 21.5 percent and asking rents rose but remained below pre-pandemic levels.
• The Consumer Price Index in the New York metropolitan area grew by 5.0 percent in FY 2022.

The full report is available here.

Enjoy autumn with Van Cortlandt Park Alliance in November

 

Trail Work Wednesdays

Wednesdays: November 2, 9 and 16 - Meet at 9am

Join the Van Cortlandt Park Alliance in maintaining and repairing our vast network of trails! We are working mostly on the Cross Country Trail this month. Wear closed-toe shoes and long pants; bring water and a snack.

RSVP Now

Meet at VCPA Garden and Compost Site.

 

Bird Walks with NYC Audubon

Saturdays: November 5, 12, and 19 - Meet at 9am

Explore Van Cortlandt Park's ecologically diverse grounds and celebrate a long tradition of birding in the park. Each walk will be led by a New York City Audubon guide. 

RSVP Now

Meet in front of the Nature Center.

Veterans Day Ceremony

Sunday, November 6 - Starts at 12pm

Van Cortlandt Park Alliance and Bronx Community Board 8 invite you to this year’s Veterans Day Ceremony. 

At Memorial Grove.

Garden Crew Volunteer Days

Tuesdays: November 8 and 22 - Meet at 10am

NEW Garden Crew! Join VCPA staff in rebuilding and maintaining our Educational Garden & Compost Site. In addition to weeding, watering, and harvesting produce, garden crew members will learn how to care for the garden, maintain compost bins, and help prep our site for winter. No gardening experience needed. 18 and older.

RSVP Now

Meet at the Educational Garden & Compost Site.

Forest Friday

Friday, November 18 - Meet at 9am

With 640 acres of forest and wetlands, Van Cortlandt Park could use your help!

For November’s only Forest Friday, we are focusing on planting trees to fill canopy gaps in the Northwest forest. Make sure to wear long pants, sturdy closed-toe shoes, and bring lots of water! All other tools will be provided. No prior experience needed.

RSVP Now

Meet at VCPA Garden and Compost Site

 

Fall Foliage, Fruits, and Forageables

Friday, November 18 - Meet at 2pm

Venture through the park in search of iconic New York fall foliage, fruits, and forageable foods. On this afternoon hike we will talk about forest ecology, identify these important plants, and discuss how they have been sustainably used (and enjoyed!) by humans and animals alike for millennia. Led by VCPA's knowledgeable staff. 

RSVP Now

Meet in front of the Nature Center.

 

Natural Areas Volunteer Day

Saturday,  November 19 - Meet at 10am

Plant trees in the Northeast Forest of Van Cortlandt Park.

This month, we are focusing on planting trees in canopy gaps across the forest. Make sure to wear long pants, sturdy closed-toe shoes, and bring lots of water!

RSVP Now

Meet in front of Woodlawn Playground.

 

End-of-Season Garden Volunteer Day

Saturday, November 19 - Meet at 10am

Prepare the garden for the cold winter season! To care for the garden and celebrate the end of this year's growing season,  volunteers are needed for weeding, mulching, and maintaining the compost bins to prepare for rebuilding the garden in spring.

No gardening experience is necessary.

RSVP Now

Meet at the Educational Garden & Compost Site.

 

Support Our Work in Van Cortlandt Park

VCPA Merch Shop!

Show your love for Van Cortlandt Park while supporting the Alliance!

Shop Now!

 

Become a Member

Members get VCPA merch and invitations to member only hikes while supporting their favorite park!

Join Now!

Van Cortlandt Park Alliance
80 Van Cortlandt Park, Ste. E1
Bronx, NY 10463
718-601-1460
http://vancortlandt.org

Attorney General James Announces Election Protection Hotline Ahead of November Election

 

OAG Will Troubleshoot Voting Issues during Early Voting and on Election Day

Voters Experiencing Problems Can Call (866) 390-2992,

Submit Complaints Online, or Email election.hotline@ag.ny.gov

New York Attorney General Letitia James announced that the Office of the Attorney General (OAG) will make its Election Protection Hotline available for the upcoming November 8, 2022 election and during New York’s early voting period, which runs from Saturday, October 29 through Sunday, November 6. The hotline will be available to troubleshoot and resolve a range of issues encountered by voters, including voting by absentee ballot or in person at their polling place. Voters that experience problems can report issues to OAG by calling the hotline at (866) 390-2992, submitting complaints online, or emailing election.hotline@ag.ny.gov. The OAG has also created a guide addressing frequently asked questions to assist voters.

“The right to vote is the very foundation of our democracy,” said Attorney General James. “My office will always defend New Yorkers’ access to the ballot box, and I will ensure every voter’s right to be heard in the halls of power. Our election protection hotline is here to help voters address challenges and provide helpful guidance, whether they’re voting absentee, during early voting, or on Election Day.”

Voters experiencing problems are encouraged to call OAG’s hotline at (866) 390-2992, submit complaints online, or email election.hotline@ag.ny.gov to request election-related assistance in advance of the election. The telephone hotline will be open between 9:00 AM and 6:00 PM on Saturday, October 29 through Sunday, November 6, and between 6:00 AM and 9:00 PM on Election Day, Tuesday, November 8. Written requests for election-related assistance may be submitted at any time through the online complaint form or via email. Hotline calls and written requests for election-related assistance are processed by OAG attorneys and staff.

The OAG has operated its Election Protection Hotline since November 2012. During previous elections, OAG fielded hundreds — and sometimes thousands — of complaints from voters across the state and worked with local election officials and others to address issues. The OAG has also taken legal action to protect against voter registration purges and to ensure that voters have adequate and equitable access to vote early as required by law.

All registered voters have the right to accessible elections. Polls are required to be open from 6:00 AM to 9:00 PM, and if voters are in line before closing, they must be allowed to vote. In addition, all registered voters have the right to vote free from coercion or intimidation, whether by election officials or any other person.

The OAG will receive and respond to election complaints relating to any of the statutes that OAG enforces. The OAG’s Election Day Hotline is being coordinated and led by Assistant Attorneys General Nancy Trasande and Lindsay McKenzie, Research Analyst Miriam Li, and Deputy Bureau Chief Travis England of the Civil Rights Bureau. The Civil Rights Bureau is a part of the Division for Social Justice, which is led by Chief Deputy Attorney General Meghan Faux and overseen by First Deputy Attorney General Jennifer Levy.

“Wolf Of Airbnb” Indicted In Connection With Scheme To Defraud New York City Landlords And PPP Fraud

 

 Damian Williams, United States Attorney for the Southern District of New York, and Michael J. Driscoll, Assistant Director-in-Charge of the New York Office of the Federal Bureau of Investigation (“FBI”), announced the indictment of KONRAD BICHER for two counts of wire fraud and one count of aggravated identity theft in connection with a scheme to defraud New York City landlords (the “Rental Property Scheme”) and a scheme to fraudulently obtain over $565,000 in government-guaranteed loans designed to provide relief to small businesses during the COVID-19 pandemic, namely the Paycheck Protection Program (“PPP”).  BICHER was arrested in connection with the Rental Property Scheme in late June 2022.  The case has been assigned to Judge Lorna G. Schofield.

U.S. Attorney Damian Williams said: “We allege that Bicher brazenly rented at least 18 apartments in Manhattan with the intent to ignore his lease obligations, including by operating the apartments as mini-hotels and skipping rent.  When landlords sought to recover rental payments from Bicher, he lied and claimed that he could not make payments during the pendency of the COVID-19 pandemic.  At the same time, Bicher obtained hundreds of thousands of dollars in PPP money based on multiple fraudulent applications.  Bicher abused Government programs and tenant protections intended to benefit New Yorkers in crisis, and he will have to answer for his conduct.”

FBI Assistant Director-in-Charge Michael J. Driscoll said: "As alleged, the defendant proudly executed multiple schemes to defraud both private entities and the United States government for his own personal benefit.  The FBI remains committed to not only exterminating fraud in all its forms, but also to ensuring all those who abused a program designed to aid small businesses during an unprecedented global pandemic are held accountable."

As alleged in the Indictment and previously filed Complaint:[1]

Beginning in at least February 2019, KONRAD BICHER, and/or individuals working in concert with BICHER, began renting apartment units (the “Units”) in Manhattan.  The Units were leased pursuant to lease agreements which required that the lessee make monthly rental payments and also included clauses that prohibited the lessee from renting the Units to third parties on a short-term basis and/or included clauses that prohibited the lessee from subletting the Units to third parties without written consent of the owner.  Despite the requirement to make monthly rental payments, BICHER failed to make payments as required by the lease agreements.  For many of the Units, BICHER also refused to vacate the Units after the expiration of the lease agreements.  During the period of time that BICHER failed to make required rental payments, including the period of time after a lease agreement expired and the premises had not been vacated, BICHER derived income by renting the Units on a short-term basis, including by posting the Units for rent on various online marketplaces, including Airbnb, Inc. (“Airbnb”). 

Between in or about July 2019 and in or about April 2022, BICHER and his associates failed to make more than $1,000,000 in payments pursuant to the Lease Agreements or, for the period of time after the expiration of the Lease Agreements, based on the estimated fair market value for the Units.  During this period, BICHER caused the Units to be listed for short-term rent on Airbnb and at least one other online marketplace for short-term rentals, resulting in at least $1,170,000 in rental income to BICHER and his associates.

Throughout the course of this scheme, the lessors of the Units made numerous efforts to recover rental payments from BICHER and/or to stop BICHER from continuing to rent the Units on a short-term basis, including by initiating civil litigation against BICHER.  Despite these efforts, BICHER continued to rent certain Units on a short-term basis.

During the course of the scheme, BICHER referred to himself as the “Wolf of Airbnb” and explained to media outlets that this nickname referred to the fact that he was “hungry and ruthless enough to get on top of the financial ladder” and had the “ferocity…of a wolf, because wolves are territorial, vicious, and show no mercy when provoked.”

In addition, between at least in or about April 2021 until in or about July 2021, BICHER engaged in a scheme to obtain Government-guaranteed loans through a loan program of the United States Small Business Administration designed to provide relief to small businesses during the COVID-19 pandemic, namely the PPP.  In furtherance of this scheme, BICHER submitted at least four applications for PPP loans on behalf of at least three entities and obtained over $565,000 in loan proceeds.  These PPP applications contained fraudulent documents and false information.  For example, in connection with the PPP applications, BICHER submitted tax documents which were purportedly filed with the Internal Revenue Service (“IRS”).  These documents were falsified, in that the entities seeking PPP loans had not actually filed the purported tax returns with the IRS, and BICHER has not otherwise reported the purported income to the IRS.  In connection with one of the PPP applications, submitted on behalf of NY Approved Rentals, BICHER submitted a copy of a 2019 income tax return which was purportedly filed with the IRS and was signed by a particular accountant (“Accountant-1”) located in the state of Florida.  In truth and fact, NY Approved Rentals did not file a tax return of any kind in 2019, and BICHER only requested that Accountant-1 prepare a tax return for NY Approved Rentals after BICHER was asked to provide a copy of the tax return in connection with the PPP loan.

BICHER, 31, of Hialeah, Florida, is charged with two counts of wire fraud and one count of aggravated identity theft.  The two counts of wire fraud each carry a maximum sentence of 20 years in prison.  The charge for aggravated identity theft carries an additional mandatory consecutive two-year sentence. 

The maximum potential sentences are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge.

Mr. Williams praised the outstanding investigative work of the FBI.

[1] As the introductory phrase signifies, the entirety of the text of the Indictment and Complaint and the description of the Indictment and Complaint set forth in this release constitute only allegations, and every fact described should be treated as an allegation.

Housing Lottery Launches For 740 Brook Avenue In Woodstock, The Bronx

 

The affordable housing lottery has launched for 740 Brook Avenue, a nine-story mixed-use building in Woodstock, The Bronx. Designed by Dattner Architects and developed by Department of Housing Preservation and Development, the structure yields 55 residences. Available on NYC Housing Connect are 42 units for residents at 30 to 100 percent of the area median income (AMI), ranging in eligible income from $16,183 to $165,500.

Amenities include pet-friendly policies, a shared laundry room, recreation room, outdoor terrace, and a community center. Residences come with dishwashers, energy-efficient appliances, air conditioning, intercoms, and smart controls for heating and cooling. Tenants are responsible for electricity.

At 30 percent of the AMI, there are six units with a monthly rent ranging from $397 to $598 for incomes between $16,183 and $43,230. At 40 percent of the AMI, there are seven units with a monthly rent ranging from $567 to $978 for incomes between $22,012 and $66,200. At 50 percent of the AMI, there are seven units with a monthly rent ranging from $738 to $1,274 for incomes between $27,875 and $82,750. At 60 percent of the AMI, there are seven units with a monthly rent ranging from $909 to $1,570 for incomes between $33,738 and $99,300. At 70 percent of the AMI, there are six units with a monthly rent ranging from $1,080 to $1,865 for incomes between $39,600 and $115,850. At 80 percent of the AMI, there are six units with a monthly rent ranging from $1,250 to $2,161 for incomes between $45,429 and $132,400. At 100 percent of the AMI, there are three units with a monthly rent ranging from $1,847 to $2,545 for incomes between $66,206 and $165,500.

Prospective renters must meet income and household size requirements to apply for these apartments. Applications must be postmarked or submitted online no later than December 27, 2022.

Van Cortlandt Jewish Center News and Notes

 

Here's this week's edition of the VCJC News and Notes email. We hope you enjoy it and find it useful! Reminders Apologies and correction Whether through an early morning fat fingering or an autocorrect that I did not catch, the News & Notes that just went out misspelled Howard Leventhal's name.  My apologies.   Jack Kleinfeld Van Cortlandt Jewish Center 3880 Sedgwick Ave Bronx, NY 10463

MAYOR ADAMS ANNOUNCES $4 BILLION PLAN TO MAKE NEW SCHOOLS ALL-ELECTRIC, ELECTRIFY 100 EXISTING SCHOOLS

 

Nation’s Largest School Electrification Effort, “Leading the Charge” Will Be City’s Most Impactful Energy-Saving Initiative Under Local Law 97

 

Electrification Retrofit Projects Will Prioritize Environmental Justice Communities, Eliminating No. 4 Heating Oil by 2026 Throughout School System and Installing Upgraded, More Efficient LED Lighting at 800 Schools

 

Investment Will Help Develop Next Generation Green Workforce

New York City Mayor Eric Adams today launched “Leading the Charge” — a $4 billion plan to combat climate change, create healthier learning environments, improve air quality in communities disproportionately burdened by climate change and environmental injustice, and help develop the next generation’s green workforce. With this plan, the construction of all new city schools will be all-electric, and the city will complete or initiate the conversion of 100 existing schools to all-electric heating by 2030.

 

Under “Leading the Charge,” the Adams administration will end the city’s use of highly polluting No. 4 heating oil in schools — four years ahead of the legal mandate. The city will also install upgraded, more efficient LED lights in 800 schools by 2026 and support training and development for the students who will become the next generation of the green workforce. Mayor Adams launched the initiative at P.S 5 Dr. Ronald McNair Elementary School in Bedford-Stuyvesant, Brooklyn, which will become the city’s first existing school to eliminate the use of fossil fuels and provide all-electric heating.

 

“New York City is ‘Leading the Charge’ in fighting climate change, giving our young people the tools for a great education and preparing them for the green jobs of the present and the future,” said Mayor Adams. “Under this bold plan, we will not only electrify 100 schools but also ensure that we never again build a school in New York City that runs on fossil fuels. In ‘Leading the Charge,’ we are making a $4 billion investment in the health, education, and prosperity of our young people.”

 

“Today’s announcement of a major investment in school electrification shows that this administration is serious about combating climate change and creating healthy learning environments for our city’s children,” said First Deputy Mayor Lorraine Grillo. “Thanks to SCA and DCAS for leading the way on reducing carbon emissions from our schools.”

 

“Today’s $4 billion plan for greener, cleaner schools marks a paradigm shift in how New York City protects the air our students breathe,” said Deputy Mayor for Operations Meera Joshi. “By doubling down on our efforts to decarbonize school environments — both in school buildings and for student transportation — we are making a significant motivational investment in our future climate leaders.”

 

“The city’s commitment to electrify schools exemplifies our all-of-government approach to combating climate change,” said New York City Chief Climate Officer Rohit T. Aggarwala. “New York City is leading by example — making tremendous investments in clean, efficient buildings and prioritizing communities that are most impacted by climate change and pollution.”

 

“The SCA has spearheaded the effort to reduce greenhouse emissions at our schools, becoming the first to commit to building all-electric new school buildings while working with our city partners to retrofit existing buildings,” said New York City School Construction Authority (SCA) President and Chief Executive Officer Nina Kubota. “Thanks to the mayor’s support, we’ll continue to be at the forefront of researching, developing, and providing state-of-the-art learning facilities while combating climate change.”

 

“‘Leading the Charge’ lays the foundation to build a greener city and secure a better future for all New Yorkers,” said New York City Department of Citywide Administrative Services Commissioner Dawn M. Pinnock. “We are excited to play a key role in this new initiative and help fund projects that will significantly reduce greenhouse gas emissions — the equivalent of removing 26,000 cars from city streets — improve learning environments with energy efficient lighting, and chart new pathways to careers in the green workforce. Coupled together, this work can make a substantial difference in our efforts to combat climate change and fortify our city’s commitment to transition to green energy.”

 

“Schools are the centers of our communities, and it is paramount that our buildings and facilities operate in a way that bolster healthy learning environments for our students and support a cleaner city for New Yorkers, young and old,” said New York City Department of Education Chancellor David C. Banks. “Beyond making our city a greener place, this initiative will work to provide our students with invaluable career experiences, preparing them to one day join the workforce tackling climate change. I’m proud of the strides this administration is taking towards combating climate change through this initiative.”

 

“Electrifying our schools is a triumphant endeavor that would have seemed infeasible in a system that only recently burned coal,” said New York City Mayor’s Office of Climate and Environmental Justice Executive Director Kizzy Charles-Guzman. “This commitment and investment — including removing polluting No. 4 heating oil four years ahead of the legal mandate — means that students and communities will be breathing cleaner air today, while New York City creates well-paying jobs and leads by example on how to focus our capital investments on climate-smart solutions.”

 

Under “Leading the Charge,” all new schools designed and constructed by SCA will be fully electric, reducing the city’s reliance on fossil fuels. The city will also no longer initiate new projects to install fossil fuel combustion boilers in existing schools. The program is expected to reduce greenhouse gas emissions by 120,000 tons annually and remove over 20,000 pounds of harmful, disease-causing fine particulates from the air — the equivalent of removing 26,000 cars from city streets and avoiding nearly 100 respiratory incidents, saving lives and reducing hospitalizations. The city has already achieved a 27-percent reduction in greenhouse gas emissions from government operations since 2006, and this program alone will achieve an additional three-percent reduction, making it the single most impactful energy saving initiative the city is undertaking towards the Local Law 97-mandated reduction target of 50 percent by 2030.

 

Electrifying school heating systems the city will eliminate the use of highly polluting No. 4 heating oil by 2026 by converting over 200 schools to ultra-low sulfur biofuel — a critical step towards electrification. The interim conversion to cleaner-burning biofuel will immediately improve neighborhood air quality by reducing disease-causing particulates from onsite combustion by 99 percent.

 

Mayor Adams’ investment in school electrification includes $520 million over the next two fiscal years to electrify the first 19 existing schools. These electrification projects will replace fossil fuel-burning boilers that provide heat in older schools with high-efficiency, all-electric heat pumps, leapfrogging the conventional conversion to natural gas boilers and avoiding a prolonged dependency on fossil fuels. These all-electric heating systems will also improve ventilation and provide fresh air to assembly spaces and classrooms, enhancing the learning and teaching environment. Schools located in environmental justice communities will be prioritized for these retrofits.

 

The “Leading the Charge” plan will also bring high-efficiency, LED lighting to 800 schools, approximately half of all DOE facilities. This $540 million, four-year retrofit initiative — a partnership with the New York Power Authority (NYPA) — will employ an accelerated “direct install” delivery model, whereby qualified contractors retrofit existing fixtures with pre-specified high-efficiency components. The lighting retrofit program represents the largest and most cost-effective opportunity to save energy and help meet the city’s goal of reducing greenhouse gas emissions from government operations by 50 percent by 2030.

 

The full cost of the plan is $4 billion. The city has so far committed $2 billion and will identify the remaining funds in the coming years.

 

To help build a pipeline for the new green workforce, Mayor Adams is launching a $13 million program to hire and train a group of skilled trades workers who will work to eliminate the No. 4 heating oil from school facilities. This centralized pool of workers — consisting of union electricians, plumbers, steam fitters, and machinists — will grow over time to support the clean energy transition and greenhouse gas reduction efforts across DOE’s portfolio of buildings.

 

DOE is also a key participant in the city’s recently-launched Pathways to Industrial and Construction Careers initiative, which is made possible by $18.6 million grant from the U.S. Economic Development Administration in response to New York City’s winning proposal to the Good Jobs Challenge created under the American Rescue Plan Act of 2021. To support this initiative, DOE and DCAS are seeking to create new opportunities for graduates of Career and Technical Education (CTE) high schools to begin their careers in city government positions, including skilled trades jobs. DOE and other city agencies can offer invaluable on-the-ground training and experience that builds upon the rigorous CTE curriculum and fosters advancement in the careers of the future.

 

“The Adams administration is taking actions today to help ensure a more sustainable future for all New Yorkers,” said New York City Department of Buildings Commissioner Eric Ulrich. “Retrofitting our public schools is a major step forward in reducing New York’s dependence on fossil fuels. The students who gain an early appreciation for science and math at this new school will be the future designers and developers of our city for decades to come.”

 

“Changing our schools’ fossil fuel systems over to electric represents a massive step towards a greener, cleaner city, and I applaud the administration for starting this important transition,” said New York City Department of Parks and Recreation Commissioner Sue Donoghue. “This $4 billion plan will create a green domino effect — New Yorkers will breathe easier, our trees that help mitigate against excessive heat will be happier and healthier, and reducing our carbon emissions will have tremendous benefits our local ecosystem and ecology for years to come.”

 

“Equity and innovation go hand in hand. With a shift to all-electric schools, New York City is setting a national example and creating healthier environments for students and communities,” said New York City Mayor’s Office of Equity Commissioner Sideya Sherman. “By focusing on the communities most burdened by environmental injustice, this administration is continuing to ensure equity is at the forefront of how we confront climate change.”