City Comptroller Scott Stringer (photo) has written a letter, dated May 1, 2015, to Brooklyn Bridge Park President Regina Myer. His letter begins:
I write today to urge the Brooklyn Bridge Park Corporation (BBPC) to improve the transparency of its financial statements and provide greater detail to the public on past, present, and future budget projections.
He goes on to note that “[b]y all accounts, Brooklyn Bridge Park has been a transformative addition to the City’s park system,” providing “vibrant, active, spaces that New Yorkers from all walks of life can enjoy.” But he then observes:
While the Corporation posts audited financial statements on its website, there is more that can and should be done to broaden public access to BBPC’s finances.
Comptroller Stringer notes that many public authorities, including the Hudson River Park Trust, are required to provide public disclosures that go well beyond simply publishing audited financials, such disclosures including projected costs and revenues. He observes that BBPC is not subject to these requirements, and that it has has provided projections of costs extending for fifty years, but revenue projections extending only for five years. He writes:
While I appreciate that there may be disagreement over the potential impact of the expiring tax-abatements [on revenue projections], I believe that it is appropriate to show projected costs and revenue on the same, long-trm scale