The future of Governor’s Island may be at risk as city and state lawmakers try to figure out a way to keep the popular summertime destination afloat. NY1’s Grace Rauh filed the following report.

The clock is ticking for Governors Island — it is running out of money.

If a deal between the state and city isn’t reached soon, Mayor Michael Bloomberg says it will have to be closed down.

The former military base gets half of its funding from the city and half from the state. But, for the second year in a row, the state has set aside no money in its budget for the island.

Mayor Bloomberg says it’s time for the city to take over.

“The city has more of an interest and I think the state government has its own problems. It’s a good deal for the state,” said Bloomberg.

But Governor David Paterson hasn’t agreed to anything yet.

“The governor remains committed to Governor’s Island. The state has allocated an excess of $100 million over the last several years to Governor’s Island. There’s been a governor in Governor’s Island for more than 200 years,” said Governor’s Island Preservation & Education Corporation Chairman Avi Schick.

The city’s proposal came up at a meeting Thursday when the Governor’s Island Board approved a $12 million budget for next year. But with no financial commitment from the state, no one knows where that money will come from.

Meanwhile, the pressure is mounting on Governor Paterson.

“We need the momentum of the island to move forward. Governor Paterson either has to be a full partner with the city and pay the state fair share of the operating cost and keep the capital program going. Or he should get out of the way and let the mayor take on that responsibility,” said Governors Island Alliance Chairman Ken Fisher.

The federal government sold the island to the city for $1 back in 2003. Since then, New Yorkers have been flocking to it.

Nearly 130,000 people passed through this ferry terminal to visit Governors Island last year. Officials hoped some 200,000 New Yorkers would make the trip this summer. But without a deal in place it seems increasingly unlikely.

(Source: NY1)