HomeMy WebLinkAboutEmail- Financial Report Nov 8, 2010.PDFRe: Financial Report
Mary Mills
From: Jeffrey Silber
Sent: Monday, November0B, 2010 10:31 AM
To: Beatrice Szekely; Jeffrey A Silber
Cc: VCH-Trustees;VCH-Dept-Heads;MaryJaneNeff
Subject: RE: Financial Report
I've not had an opportunity to look at the fuel system (it is at the DPW and I don't get there often), but I'm
told that others have. I'm guessing that there is some setting or another than can be addressed. In the
interim though we just make correcting entries and it is fine.
From: Beatrice Szekely [mailto:beatrice@twcny.rr,com]
Sent: Mon tIlBl2}L0 B:25 AM
To: Jeffrey Silber; Jeffrey A Silber
Cc: VCH-Trustees; VCH-Dept-Heads; Mary Jane Neff
Subject: Re: Financial Repoft
TX, Jeff; this is very helpful and spells it all out. the fuel system
software sounds problematic.
Bea
----- Original Message -----
From: "Jeffrey Silber" <silber@cayuga-heights.ny.us>
To: "Beatrice Szekely" <beatrice@twcny.ff.com>; "Jeffrey A Silber"
<silber@cornell.edu>
Cc: "VCH-Trustees" <VCH-Trustees@cayuga-heights.tly.us>; "VCH-Dept-Heads"
<VCH-Dept-Heads@cayuga-heights.ny.us>; "Mary Jane Neff'
<mjneff@cayuga-hei ghts. ny, us>
Sent: Sunday, November 07,2010 9:47 PM
Subject: RE: Financial Reporl
You may recall from a recent report that the bonds we sold through the
State for the Phosphorus Treatment Improvements were deemed eligible for
subsidy. Similarly, the earlier bonds through the NYS Environmental
Facilities Corporation were also eligible for an interest rate subsidy.
This means that about half of the interest is covered by NYS. From an
accounting perspective, we pay the reduced rate, but need to book the
full interest amount as an exoense and then the value of the subsidv as
revenue.
The fuel system account pays for gasoline and diesel fur:l for the fuel
farm at the DPW. Also covered from this account are the occasional
costs for repairs to the fuel farm or permits. Each vehicle's usage
and the user is recorded. Each month this account is crerdit with the
amount used by the DPW, the PD, and the FD. Some sorl of enor in the
fuel software is causing this amount to inflated slightly (it should be
charged at an average cost of fuel), and we do accounting adjustments to
fix any enor. The fuel software keeps track of who used the fuel, how
much, the mileage of the fleet, and how much is in the tanks. It is
expected that the volume in the tanks is regularly compared to physical
readings from the tanks to identify any leakage. The tarrks are also a
double-walled system to minimize the possibility of leal<age.
----Original Message-----
Page 1 of2
11/08/2010
Re: Financial Report
From:,Beatrice Szekely [In aitto:beAtrj ge@twcnv.rr.cor.n]
Sent: Sunday, November 07,2010 9:27 pM
To: Jeffrey A Silber
Cc; ,feffrey Silber; VCH-Trustees; VCH-Dept-Heads; Mary Jane Neff
Subject: Re: Financial Report
TX, Jeff; might we have further clarification, perhaps at the meeting,
regarding'bond interest subsidy' and the need for the clearing account.
Bea
Page2 of2
IIt08t20r0