Stevens questions Cornerstone funding formula and provider losses
Stevens raises 2022 testimony that Cornerstone providers lose money on contracts, with funding barely covering staffing. Asherall says DYCD is in conversations with OMB and City Hall about stabilization funding while awaiting a new RFP.
According to 2022 testimony before the committee, cornerstone providers reported losing money on their contracts.
They reported that funding often only covers a little more than their staffing and insufficient supports for OTPS expenses.
for activities, trips, and partnerships, what considerations has DYCD given to redesign the cornerstone funding formula?
So we're in that process right now of looking at how do we stabilize the needs of these programs, both interchanging beacons and cornerstones, because they're just...
They were issued a long time ago.
But we are looking at what is the funding need and what is the realistic cost to determine where there is an opportunity to do any stabilizations.
And so we are in conversations with OMB and City Hall to determine what that is while we wait for a potential concept paper and ultimately an RFP.
Yeah.