Your guide to NYC's public proceedings.
Q&A
Discussion of advance payment percentages for DYCD contracts
1:20:03
ยท
43 sec
Council Member Linda Lee inquires about advance payment percentages for DYCD contracts. CFO Nevita Bailey explains the agency's approach to advance payments, highlighting variations based on program areas and funding availability.
- The city has a general flat rate of 30% for advance payments
- Adjustments are made depending on program area and available funding
- For the summer youth portfolio, DYCD provided substantial advances, up to 90% of funding
- Bailey emphasizes that the 90% advance is not typical and was due to funding delays
- The CFO notes that each case may have unique circumstances affecting payment schedules
Nevita Bailey
1:20:03
That is on a case by case basis.
1:20:05
I think overall for the city we have a flat rate that's 30%.
1:20:08
Depending upon the program area available funding, that makes adjustments.
1:20:11
I think for our summarizing portfolio, we gave additional substantial advances Right.
1:20:15
Because of delay in funding and so for our summarizing portfolio almost 90% of their funding has been given out to them so that we
UNKNOWN
1:20:21
can that way 90?
Nevita Bailey
1:20:22
Yeah.
1:20:23
Okay.
1:20:23
And that is not typical and so that is not something that should be expected on an ongoing basis, but given the delay that we did it was DWC's commitment to ensure that we try to minimize cash flow issues.
1:20:34
We did that and so that's why I'm saying for the examples that you bring up there could be layers to them and so that's why I'm saying it is much better to get more expansive responses offline.
Linda Lee
1:20:46
Okay.