But the State funding is "off budget" and tied to revenue from selling a State-owned property just south of the Javits Convention Center. It is estimated to yield roughly $400 million, which would be used for affordable housing, Hudson River Park, Governors Island and other commitments. While the sale has been approved by the State and City, its timing is uncertain, which could affect progress on Island projects.
For its part, the City budget proposes spending $31.5 million, free and clear of other obligations.
Operating budget funds are also unclear. This is the money to maintain
the Island's historic structures, run the ferry and enable public use
of the Island. In contrast to prior years, the State's contribution to
GIPEC has not been delineated separately in the new budget. It was $9
million last year. This year the State's contribution is not broken out
within the larger budget for the Empire State Development Corporation.
Thus it is not clear what the State expects to spend on the Island's
upkeep.
City funding regularly makes a specific allocation for GIPEC's annual operating budget.
The legislature has until April 1 to get the State budget in shape. The City's budget, which will match the State's dollar for dollar, is due July 1.
City funding regularly makes a specific allocation for GIPEC's annual operating budget.
The legislature has until April 1 to get the State budget in shape. The City's budget, which will match the State's dollar for dollar, is due July 1.