The Delaware River Waterfront Corporation has a $7.3 million operating budget for the fiscal year that just began, up from about $7 million last year.
“There is a sense that it will be a balanced budget,” said Board Vice President and Budget and Personnel Committee Chairman Jay Goldstein. But “unfortunately, last week, we did have information about Philadelphia Belle, that Philadelphia Belle ceased operations,” he said. “The revenues that were anticipated from Philadelphia Belle are in fact in this budget.”
That puts the numbers off by about $200,000, which is the amount DRWC expected to take in from the Philadelphia Belle lease.
Goldstein said the committee recommended the board adopt the budget as it was presented, but ask that DRWC management report back on “how we are going to make that up.”
The day that DRWC President Tom Corcoran found out the Belle was ceasing operations, he said the loss of revenue was significant, but not insurmountable through budget adjustments.
The vote to adopt the budget was unanimous.
Goldstein reported that the organization spent $25,000 more than budgeted last year. “We expected to have no losses for the year, and on a budget of virtually $7 million, we were off by $55,000, which is relatively insignficant and also a real accomplishment,” Goldstein said, adding that management’s ability to forcast and stick to a budget within that margin was “a real success.”
The board also got information in the capital expenditures that DRWC has made so far, and will make this year. They call the document a “capital fund expenditure report” rather than a budget.
To date, DRWC has spent $13.7 million on capital projects, including Washington Avenue Green and the Race Street Pier. The document outlines the funding source for each.
In the coming fiscal year, $9.8 million is available for projects in accordance with the Central Delaware Waterfront Master Plan, Corcoran said.