Good Morning, Brooklyn: Wednesday, September 7, 2022
ADVERSE MARKET IMPACTS PUBLIC PENSION RETURNS: During today’s Financial Control Board meeting, Comptroller Lander also warned the budget will start reflecting the impact of adverse financial market conditions on pension returns starting in Fiscal Year 2024. He explained that, in the first half of 2022, equities had the worst performance in 50 years, and all major asset classes except commodities incurred significant losses, resulting in a negative combined return of the five pension systems (at -8.65 percent).
However, Lander also assured New Yorkers that the pension funds remain well-funded, and the security for the City’s current and future retirees is extremely solid.
DiNAPOLI TO CITY: ‘EXERCISE FISCAL DISCIPLINE’: State Comptroller Thomas P. DiNapoli, also speaking at the above-mentioned Financial Control Board meeting warned that New York City must exercise “fiscal discipline and preparation.” Saying that even though federal relief and higher revenues made it possible for New York City to build reserves, many of the potential fiscal issues remain outside of the city’s control.
DiNapoli also highlighted the understated importance of fiscal planning, consistency and transparency, which are fundamental components of the Financial Emergency Act.
REP. MALLIOTAKIS WILL NOMINATE PROMISING HIGH SCHOOLERS TO MILITARY ACADEMIES: Students in Southern Brooklyn who aspire to serving in the military have the opportunity to receive nominations from U.S. Rep. Nicole Malliotakis (R-11th District). As a member of Congress, Malliotakis is authorized to nominate up to ten high school juniors and seniors from New York’s 11th Congressional District for each vacant academy slot at one of the nation’s four service academies: Air Force, Army, Merchant Marine, or Navy. (Apply before deadline of Thursday, October 7, via https://malliotakis.house.gov/services/military-academy-nominations).
Students who are accepted make a commitment to serve in the U.S. military for at least five years upon graduation.
APPLICATION PROCESS OPEN FOR STARTUPS FOCUSING ON BIODEFENSE: Applications are now available for the second round of New York’s $40 million Biodefense Commercialization Fund, Governor Kathy Hochul announced on Tuesday. Grants awarded through the Biodefense Commercialization Fund will help bring to market advanced solutions that identify, treat, and prevent serious infectious diseases, with the initial round of grantees pursuing the development of antivirals, antibacterials, potent vaccines; rapid detection of infectious disease threats and biologic toxins; and prevention of infection transmission on surfaces.
The Fund, which in April awarded $15.3 million in grants to eight startups and 10 academic centers, was established to accelerate the development and commercialization of life science research innovations that address serious infectious disease health threats while creating jobs and encouraging continued growth across New York State’s expanding life science industry.
ANOTHER GHOST GUN RETAILER STOPPED: Another online ghost gun retailer, Salvo Technologies, has stopped illegally selling and delivering gun components — used to assemble illegal and untraceable firearms — to New York City residents, Mayor Eric Adams announced yesterday. As part of this agreement, the seller agrees to immediately stop selling ghost gun components to New York City residents, implement a technological bar to any such sales in the future, and provide the city with sales data it can obtain for all such sales since 2020.
The agreement with Salvo Technologies — doing business as 80P Builder (based in Largo, Florida) — is the third such accord the city has reached with online ghost gun retailers since last month, following a lawsuit filed against five companies in June 2022.
NEW LAW CREATES MATERNAL HEALTH BILL OF RIGHTS: Pregnant people across New York City now have expanded and codified rights, thanks to legislation from Public Advocate Jumaane D. Williams that Mayor Eric Adams has signed. The newly enacted law, co-prime sponsored by Bronx Borough President Vanessa L. Gibson, creates a maternal health bill of rights, and helps ensure that all pregnant people in New York City have access to that information when they need it most.
The legislation, which City Council passed last month, also requires the Department of Health and Mental Hygiene to inform patients about the right to reasonable accommodations in the workplace, and New York’s paid family leave program through promotional materials at their locations.
OPENING OF PARK NAMED FOR NEW YORK’S FIRST BLACK WOMAN DOCTOR: Dr. Susan Smith McKinney Park at York and Jay in DUMBO has opened, announced City Councilmember Lincoln Restler (D-33rd District/Downtown Brooklyn, DUMBO, Fort Greene and Williamsburg/Greenpoint). Named for Dr. Susan Smith McKinney Steward, the first Black woman doctor in New York State, the park was upgraded thanks to $7 million in funding, to receive new play equipment, swings, and spray shower, new adult fitness area, a multi-purpose synthetic turf field with a performance stage, benches, fences, drainage, water supply and planting.
Dr. Susan Smith McKinney Steward (1847-1918), who was born in Crown Heights dedicated her medical career to prenatal care and childhood disease, was also an accomplished choir director who had studied with Plymouth Church’s acclaimed organist, John Zundel, according to an article in the Journal of the American Medical Association. She is buried at the Green-Wood Cemetery here in Brooklyn.
BACKPACK DISTRIBUTIONS: The Salvation Army Brooklyn Bedford Temple Corps is making sure that local children return to school with high-quality backpacks and school supplies. This program enables parents who are struggling financially to give their children the supplies they need as well as the confidence to focus on learning, and is an extension of the work the nonprofit Salvation Army does to support kids’ literacy and development throughout the school year.
An integral part of the community for 140+ years, The Salvation Army Greater New York Division operates more than 100 community and social-service programs, serving more than one million people each year.
BACKPACK AND SCHOOL SUPPLY GIVEAWAY: City Councilmember Lincoln Restler (D-33) is teaming up with Gowanus Mutual Aid for a Backpack and School Supply Giveaway in Boerum Hill. The event takes place, rain or shine, this Saturday, September 10 at Baltic and Nevins streets, from 11 a.m. to noon, while supplies last.
Supplies will include pencils, notebooks and other items geared for kindergarten through high school
SHEEPSHEAD BAY’S OWN ‘COUSIN BRUCIE’ WILL RECREATE BEATLES’ BRITISH INVASION: Legendary WABC radio host and Brooklyn native son Bruce “Cousin Brucie” Morrow will be recreating the Beatles’ British Invasion tomorrow, Wednesday, September 7, 2022 at 2p.m., to mark the centennial of WABC radio. Bruce Morrow, who was born and raised in Sheepshead Bay, attended James Madison High School and Brooklyn College before starting his storied radio career, was among the disc jockeys in the country to introduce the first Beatles record in America on-the-air to over 40 states. He also famously introduced the Beatles for their first performance at Shea Stadium, their first stop on their 1965 U.S. summer tour.
As part of this milestone, state and City officials will be proclaiming “WABC Day” in New York as “Cousin Brucie” replays the original vinyl recording of “Meet the Beatles,” the album that made history.
NEW YORK STATE ESTABLISHES CARIBBEAN TRADE OFFICE: New York State will establish a Caribbean trade office to support and encourage new economic opportunities for New York businesses, Governor Kathy Hochul announced at Monday’s West Indian American Day Carnival Association Breakfast. This new foreign office will be established through Empire State Development’s Global NY division, which helps New York businesses launch or expand their presence in the global marketplace and promotes access to international trade opportunities and resources.
Global NY, a division of Empire State Development, offers financial and technical assistance that can offset the costs of exporting for New York businesses and organizations looking to connect to the rest of the world. Available support includes grants and loans.
COMPTROLLER LANDER REPORTS ON NEW FISCAL YEAR BUDGET: City Comptroller Brad Lander released an analysis of the City’s fiscal year 2023 Adopted Budget of $101 billion, during remarks he made at the New York State Financial Control Board’s annual meeting earlier today. Lander pointed out that, during a time of ongoing economic uncertainty and mixed signals, record inflation, stock market volatility and rising interest rates, New York City has nonetheless benefited from stronger-than-expected tax revenue, strong job growth, rebounds in tourism levels and record numbers of new business applications.
The analysis showed also that Fiscal 2023’s budget is $10.44 billion less than in Fiscal Year 2022, in large part due to a reduction in COVID assistance from federal relief measures.
Leave a Comment
Leave a Comment