August 2012 - Empire State Development - New York State

FOR INFORMATION
August 16, 2012
TO:
FROM:
The Directors
Kenneth Adams
SUBJECT: Budget Variance Reports for the Quarter Ended June 30, 2012
In accordance with applicable law, attached are the variance reports for the first quarter of
fiscal year 2012-13 for the department operating budgets, as well as subsidiary operating and
capital budgets.
During the first three months of fiscal year 2012-13, total departmental spending was
approximately $ 7.9 million (16%) of the total budget of approximately $49.5 million. Current
projections indicate that the Corporation will end the current fiscal year within the approved
budget based on projected spending trends and anticipated fixed expenses.
Total subsidiary spending for operations, excluding HCDC Weatherization and LMDC, was
approximately $1 million (19.5%) of the total budget of $5.1 million. Operating spending as
compared to the budget was on target for the quarter and is expected to end the current fiscal
year within budget. Spending for HCDC’s Weatherization Program and LMDC is shown
separately as both are federally funded.
Total subsidiary spending for capital work was approximately $14.4 million, or 5.73%, as
compared to the total of all subsidiaries’ capital budgets of $251.3 million. The variance in
capital spending reflects a time lag in billings which is common with these types of projects. A
significant portion of capital work completed as of June 30 th is invoiced up to 60 days after
quarter end. The level of spending is expected to increase later in the fiscal year, as all first
quarter invoices are reflected and with the commencement of construction at the Moynihan
Station and Erie Canal Harbor Canal Side projects in the first half of FY 12-13.