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Home My WebLink AboutTreasurer's Report September 15, 2003.PDF€tlluge nf Aaguga Heighix MARCHAM HALL 836 HANSHAW ROAD ITHACA, N.Y 14850 September 15, 2003 TREASURER'S REPORT I ' Abstroct hos been distributed for this meeting. Bock finonciol reports will be distributed ofteryeor-end closing. 2. Yeqr-end" Annuol report to Stote due g/30. Completion schedule continues to beehollenging. 3. Equipmenl purchose. Request for boord opprovol. Through o misundersionding. the DPW initioted o purchose for o leof vocuum, not reolizingthot purchoses of thot size need to be oworded through competitive bidding. The deliveiTof the item hos been ploced on hold pending boord opprovol to ocquiring ihe item on onemergency bosis, without competitive bidding, so thot the vocuum will be ovoiloble oi leof ti w!11&e-rcquired" Ed Quick ond Brent cross should be ob|e io discuss furtner. 4. Trqnsfe{s. (RESOt"UTtON REetJtRED vol of Absfrocts.RESOTUTION REQUIRED Respectf ully subrnritted, .r#ruyiilr,et Telephone 607-257-1238 Office Hours 9A.M.-4P.M. MOTION to opprove lhe Budget Tronsfers described Oelow: FROM TO 40r4.40.4 t0 A0't990.400 A01 990400 A0't990.400 A05r 42.200 A05l ,t 2.410 A01990.400 A01990.400 G01990.4()0 SPWrContr Exp Generol Con,tingency Gen,erol Contingency Generol Contingency Snow Equipmenl Cop lrnpr Contr Exp Generol Contingency Generol Contingency Sewer Conti A03620.400 A01520.430 403120.430 A,034r0.430 A05r 10.20 A05l10"4t0 A08020.400 A08r60.430 G08120.430 NYSUFPBC Contr Exp 9600 Vifloge F{slllnsuronce 2,4AA Police Dept. Insuronce i L 100 Fire Dept lnsuronce 2,000 Stree,t Equipnre.n* 2,300 Slreet Con*r ExB 5,000 Plonning Contr Exp 12,V.OA Refuse Contr Exp 650 Sewer Line Insuronce 600 MOTION to opprove the Abstroct of Audiied Vouchers Dofed 9/l3i2O0- in the omorJni;$jl8!!!,49, ond lnstruct thot the Treosurer rnoke poy,.menls thereon. Treosurer MiIIage nl 6.aguga Heightx MARCHAM HALL 836 HANSHAW ROAD TTHACA, N.Y. 14850 Ladder Truck purchase Analysis This analysis assumes the following: 1) our bond rate would be 5%. ldle funds yield b%. (constant over the next20 years). The bond life would be 10 years. 2) In the "Buy Later" Scenario we will spend $100,000 on a rebuild this year and $6,700 per year in ongoing maintenance. The truck would then beieplaced in year 10 for $600,000. There is then no maintenance for the first s years- 3) In the "Buy Now'scenario we would pay $400,000 for a truck now ($b00,000 less a $100,000 resale or trade-in). There is no maintenance cost for the first b years. 4) This analysis is highly sensitive (i.e. would change significanfly) if the purchaseprice, rebuild or repair cost, truck life, resale cost, oi future purchase price changed. It is not particularly sensitive to interest rate changes due to the timing of the flows, repairs $ -100,000 -6,700 -6,700 -6,700 -6,700 -6,700 -6,700 -6,700 -6,700 -6,700 TOIA!- CAS|{ PRESEh{TVA+UE CIF CASH FLOWS J. Silber 09114t2003 NoTE: Town of Ithaca share (1/3) tras already been subtracted in this analysis -329,755 -34,189 -34,189 -34,189. -34,199 -34,199 -3g,1Bg '-38,859 ' -39,529 -40,199 . -40,869 -7,350 -9,020 -9,690 -9,360 -10,030 -10,700 -11,370 -12,040 -12,710 -13,380 " 472,242 329,755 repairs 0 0 n 0 0 -4,000 -4,670 -5,340 -6,010 -6,680 -7,350 -8,020 -8,690 -9,360 -10,030 -10,700 -11,370 -12,040 -12,710 -13,380 'Telephone 607-257-1238 Office Hours 9A.M.-4P.M. IrtpV Rate= Syi Bond rate= 5% Buy Now -4,000 -4,670 -5,340 -6,010 -6,690 Buy Later (394,687) -100,000 -6,700 -6,700 -6,700 -6,700 -6,700 -6,700 -6,700 -6,700 -6,700 -51,284 -51,284 -51,294 -51,294 -51,284 -55,284 -55,954 -56,624 -57,294 -57,964 699,839 394,687 20 yr NPV rebuild maint maint maint maint maint maint nnaint maint maint $600K pymt $600K pymt $600K pymt $600K pymt $600K pymt pymt + maint pymt + maint pymt + maint pymt + maint plmt + ms;n1 20 yr NPV $400K pymt $400K pymt $400K pymt $400K pymt $400K pymt pymt + maint pymt + maint Plmt + 63;n1 Plmt + 63161 Plmt + 631n1 pymt + maint plmt + 6s;p1 Plmt + 62;n1 pymt + maint pymt + maint pymt + p";n1 pymt + maint plmt + ms;.1 pymt + maint pymt + 6s;n1 $ $ s s September 15,2003 To: Acting Mayor Antil From: Treasurer Silber Re: Meeting tr'm not sure if the mayor passed along the word that I need to be in an EMT exam thisevening' Norrnally tr would try to resJhedule tho exam, but this exarn requires stateproetors, and this is rny only opportunity" Attached please find my report. Several items require action or distribution. Item 3: Equipment purchase My report describes a situation that requires board action to waive competitivebidding for the purchase of a leaf vacuum. Edwas unaware that it needed to go to bid" ifit goes to bid it will liryly be here too late for service. Additionally, the rnodetr the Dpv/wishes to acquire is not the low quote, due to the desire to t uu* a rnore robust (i.e. won,tcatch fine) unit' Ed and Brent oeutly ireed to speak to this request to justify it to the board. Item 4: Transfers A resolution.is required to approve the transfers. The most significant point in thetransfers is that our insurance costs *rr. up significantlv thir y"ur, urid this wil-l put adent in the contingenoy line itern. ltena 5: ,{bstract '{ resolution is.required to approve the abstract. Three items were pre-paid in thernonth (noted as prepaid in the abstiacQ for tsrent,s trip. Fire Truck Analvsis I understand that this will be discussed next month, but it would be helpful for theTrustees to have the analysis I prepared, subsequently requested by Trustee Collyer.Lynn has copies for distribution. If you see this during the day f,eel free Cc: Lynn Kessler to call rne at 255-2016 if you have any questions.