HomeMy WebLinkAboutMN-B&A-2000-10-25 BUDGET AND ADMINISTRATION COMMITTEE
OCTOBER 25, 2000
7 :30 P.M.
COMMON COUNCIL CHAMBERS
AGENDA
Statements from the Public
Amendments to Tonight' s Agenda
A. Common Council
1 . Request Funds for Human Rights Commission Dinner -
Discussion/Possible Resolution
B. Fire Department
1 . Request Funds to Relocate Remaining Aerial Service in 100
block of Dryden Road - Discussion/Possible Resolution
C. Finance/Controller
1 . Request Approval of 1999 Single Audit - Resolution
D. Reports
1 . Mayor' s Report
2 . Council Members' Announcements
3 . Next Month' s Meeting: November 29, 2000
lc CITY OF ITHACA
Cit .�t 310 West Green Street Ithaca, New York 14850-5497
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OFFICE OF THE FIRE CHIEF
�Po� O Telephone: 607/272-1234 Fax: 607/272-2793
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CCT 1 9 2000
MEMORANDUM By
To: Dominick Cafferillo
From: Brian H. Wilbur
Re: B&A Agenda Item V
Date: 19 OCT 00
Please consider the following item for the B & A Committee meeting agenda for their next
regular meeting.
NYSEG has notified us they will be relocating the remaining aerial service in the 100 block of
Dryden Road to underground service. This means poles will be removed after all utilities using
them have relocated. As we have fire alarm cable on the poles, we are required to relocate to
underground as well. This is an unanticipated and unbudgeted expense.
Fire Alarm Superintendent Srnka has been working with NYSEG to determine the scope of work
and to develop a plan for us to accomplish the work. NYSEG has been very cooperative in trying
to facilitate our needs. Despite this, we will incur costs.
The subcontractor NYSEG has hired to do most of the work is in the process of developing cost
estimates of the work, including that specially required for us. Those numbers may be ready
this Friday or Monday, so they are not available for inclusion in this memo. Once we have
estimates in hand, we will make them available to you immediately.
Please let me know if you have any questions or concerns prior to the meeting.
cc: T. Dorman
R. Srnka
"An Equal Opportunity Employer with a commitment to workforce diversification." �a
Finance/Controller - Approval of 1999 City of Ithaca Single
Audit
RESOLVED, That the Single Audit Report for the period of January
1, 1999 through December 31, 1999, prepared by the accounting
firm of Ciaschi, Dietershagen, Little and Mickelson, C. P.A. ' s,
be accepted to comply with all of the City' s applicable Federal
Single Audit and related Audit Requirements .
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BUDGET AND ADMINISTRATION COMMITTEE
OCTOBER 25, 2000
7 :30 P.M.
COMMON COUNCIL CHAMBERS
AGENDA
Statements from the Public
Amendments to Tonight' s Agenda
A. Common Council
1 . Request Funds for Human Rights Commission Dinner -
Discussion/Possible Resolution
B. Fire Department
1 . Request Funds to Relocate Remaining Aerial Service in 100
block of Dryden Road - Discussion/Possible Resolution
C. Finance/Controller
1 . Request Approval of 1999 Single Audit - Resolution
D. Reports
1 . Mayor' s Report
2 . Council Members' Announcements
3 . Next Month' s Meeting: November 29, 2000
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F IN' CITY OF ITHACA
310 West Green Street Ithaca, New York 14850-5497
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OFFICE OF THE FIRE CHIEF
Telephone: 607/272.1234 Fax: 607/272-2793
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MEMORANDUM
To: Dominick Cafferillo
From: Brian H. Wilbur
Re: B &A Agenda Item
Date: 19 OCT 00
Please consider the following item for the B & A Committee meeting agenda for their next
regular meeting.
NYSEG has notified us they will be relocating the remaining aerial service in the 100 block of
Dryden Road to underground service. This means poles will be removed after all utilities using
them have relocated. As we have fire alarm cable on the poles, we are required to relocate to
underground as well. This is an unanticipated and unbudgeted expense.
Fire Alarm Superintendent Srnka has been working with NYSEG to determine the scope of work
and to develop a plan for us to accomplish the work. NYSEG has been very cooperative in trying
to facilitate our needs. Despite this, we will incur costs.
The subcontractor NYSEG has hired to do most of the work is in the process of developing cost
estimates of the work, including that specially required for us. Those numbers may be ready
this Friday or Monday, so they are not available for inclusion in this memo. Once we have
estimates in hand, we will make them available to you immediately.
Please let me know if you have any questions or concerns prior to the meeting.
cc: T. Dorman
R. Srnka
"An Equal Opportunity Employer with a commitment to workforce diversification." IL r%
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Finance/Controller - Approval of 1999 City of Ithaca Single
Audit
RESOLVED, That the Single Audit Report for the period of January
1, 1999 through December 31, 1999, prepared by the accounting
firm of Ciaschi, Dietershagen, Little and Mickelson, C. P.A. ' s,
be accepted to comply with all of the City' s applicable Federal
Single Audit and related Audit Requirements .
John H,Dietershagen, C.P.A.
John E. Little, C.P.A.
Jerry E. Mickelson, C.P.A. Ciaschi • Dietershagen • Little • Mickelson, LLP
Thomas K.van Derzee,C.P.A. Certified Public Accountants and Consultants
Debbie Conley Jordan,C.P.A.
Patrick S.Jordan,C.P.A.
Duane R. Shoen,C.P.A.
Frederick J. Ciaschi, C.P.A.
Dennis G.Jones,C.P.A. (1958-1996)
Common Council
City of Ithaca
Ithaca, New York
We have audited the general purpose financial statements of the City of Ithaca for the year ended December 31,
1999, and have issued our report thereon dated July 14, 2000. Professional standards require that we provide you
with the following information related to our audit
Our Responsibility under Generally Accepted Auditing Standards and OMB Circular A-133
As stated in our engagement letter dated December 22, 1999, our responsibility, as described by professional
standards, is to plan and perform our audit to obtain reasonable, but not absolute, assurance about whether the
general purpose financial statements are free of material misstatement. Because of the concept of reasonable
assurance and because we did not perform a detailed examination of all transactions, there is a risk that material
errors,fraud, or other illegal acts may exist and not be detected by us.
In planning and performing our audit, we considered the City of Ithaca's internal control over financial reporting in
order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements
and not to provide assurance on the internal control over financial reporting. We also considered internal control
over compliance with requirements that could have a direct and material effect on a major federal program in order
to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report
on internal control over compliance in accordance with OMB Circular A-133.
As part of obtaining reasonable assurance about whether the City of Ithaca's financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts,
and grants, noncompliance with which could have a direct and material effect on the determination of financial
statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our
audit. Also, in accordance with OMB Circular A-133, we examined, on a test basis, evidence about the City of
Ithaca's compliance with the types of compliance requirements described in the U.S. Office of Management and
Budget (OMB) Circular A-133 Compliance Supplement applicable to each of its major federal programs for the
purpose of expressing an opinion on the City of Ithaca's compliance with those requirements. While our audit
provides a reasonable basis for our opinion, it does not provide a legal determination on the City of Ithaca's
compliance with those requirements.
CORTLAND ITHACA WATIGNS GLEN
18 Tompkins Street Suite 103, 118 Prospect Street 221 N. Franklin Street
Cortland, New York 13045 Ithaca, New York 14850 Watkins Glen, New York 14891
607-753-7439 607-272-4444 607-535-4443
www.cdlm.com
Significant Accounting Policies
Management has the responsibility for selection and use of appropriate accounting policies. In accordance with the
terms of our engagement letter, we will advise management about the appropriateness of accounting policies and
their application. The significant accounting policies used by the City of Ithaca are described in Note 1 to the
general purpose financial statements. No new accounting policies were adopted and the application of existing
policies was not changed during the year. We noted no transactions entered into by the City of Ithaca during the
year that were both significant and unusual, and of which, under professional standards, we are required to inform
you, or transactions for which there is a lack of authoritative guidance or consensus.
Accounting Estimates
Accounting estimates are an integral part of the general purpose financial statements prepared by management and
are based on management's knowledge and experience about past and current events and assumptions about
future events. Certain accounting estimates are particularly sensitive because of their significance to the general
purpose financial statements and because of the possibility that future events affecting them may differ significantly
from those expected. The most sensitive estimates affecting the financial statements was the liability for
compensated absences.
Management's estimate of compensated absences is based on various assumptions. We evaluated the key factors
and assumptions used to develop compensated absences in determining that it is reasonable in relation to the
financial statements taken as a whole.
Significant Audit Adjustments
For purposes of this letter, professional standards define a significant audit adjustment as a proposed correction of
the general purpose financial statements that, in our judgement, may not have been detected except through our
auditing procedures. These adjustments may include those proposed by us but not recorded by the City of Ithaca
that could potentially cause future financial statements to be materially misstated, even though we have concluded
that such adjustments are not material to the current financial statements.
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We proposed no audit adjustments that could, in our judgement, either individually or in the aggregate, have a
significant effect on the City of Ithaca's financial reporting process.
Disagreements with Management
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For purposes of this letter, professional standards define a disagreement with management as a matter, whether or
not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter that could be
significant to the general purpose financial statements or the auditors'report.
We are pleased to report that no such disagreements arose during the course of our audit.
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Consultation with Other Independent Accountants j
In some cases, management may decide to consult with other accountants about auditing and accounting matters,
similar to obtaining a"second opinion"on certain situations. If a consultation involves application of an accounting
principle to the City of Ithaca's general purpose financial statements or a determination of the type of auditors'
opinion that may be expressed on those statements, our professional standards require the consulting accountant
to check with us to determine that the consultant has all the relevant facts.
To our knowledge, there were no such consultations with other accountants.
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Issues Discussed Prior to Retention of Independent Auditors
We generally discuss a variety of matters, including the application of accounting principles and auditing standards,
with management each year prior to retention as the City of Ithaca's auditors. However,these discussions occurred
in the normal course of our professional relationship and our responses were not a condition to our retention.
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing our audit.
We would like to thank you and your staff for the cooperation and support given us during the course of the audit.
We appreciate the opportunity to be of service to you and look forward to our continued involvement.
This report is intended solely for the information and use of the Common Council, management, federal awarding
agencies, and pass-through entities and is not intended to be and should not be used by anyone other than
these specified parties.
July 14,2000
Ithaca, New York
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John H., Dietershagen, C.P.A.
John E. Little,C.P.A.
Jerry E. Mickelson,C.P.A. CiaSChi • Dietershagen • Little • Mickelson, LLP
Thomas K.Van Derzee,C.P.A. Certified Public Accountants and Consultants
Debbie Conley Jordan,C.P.A.
Patrick S.Jordan,C.P.A.
Duane R.Shoen,C.P.A.
Frederick J. Ciaschi, C.P.A.
Dennis G.Jones,C.P.A. (1958-1996)
Common Council
City of Ithaca
Ithaca, New York
In planning and performing our audit of the general purpose financial statements of the City of Ithaca for the year
ended December 31, 1999, we considered the City's internal control structure to determine our auditing
procedures for the purpose of expressing an opinion on the general purpose financial statements and not to
provide assurance on the internal control structure.
Governmental Accounting Standards Board Statement No.34
This Statement which was issued in June, 1999, establishes financial reporting standards for state and local
governments, including states, cities, towns, villages, and special purpose governments such as school districts
and public utilities. The Statement drastically changes reporting requirements for local governments. It
establishes that the basic financial statements and required supplementary information (RSI)for general purpose
governments should consists of:
• Management's discussion and analysis(MD&A). MD&A should introduce the basic financial statements and
provide an analytical overview of the government's financial activities. Although it is RSI, governments are
required to present MD&A before the basic financial statements.
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• Basic financial statements.The basic financial statements should include:
• Government-wide financial statements, consisting of a statement of net assets and a statement of
activities. Prepared using the economic resources measurement focus and the accrual basis of
accounting, these statements should report all of the assets, liabilities, revenues, expenses, and
gains and losses of the government. Fiduciary activities, whose resources are not available to
finance the government's programs, should be excluded from the government-wide statements.
CORTLAND ITHACA WATKINS GLEN
18 Tompkins Street Suite 103, 118 Prospect Street 221 N. Franklin Street
Cortland, New York 13045 Ithaca, New York 14850 Watkins Glen, New York 14891
607-753-7439 607-272-4444 607-535-4443
www.cdlm.com
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• Fund financial statements consist of a series of statements that focus on information about the
government's major governmental and enterprise funds, including its blended component units.
Fund financial statements also should report information about a government's fiduciary funds and
component units that are fiduciary in nature.
• Notes to the financial statements consist of notes that provide information that is essential to a user's
understanding of the basic financial statements.
• Required supplementary information (RSI). In addition to MD&A, this Statement requires budgetary
comparison schedules to be presented as RSI along with other types of data as required by previous
GASB pronouncements. This Statement also requires RSI for governments that use the modified
budgetary comparison schedules to be presented as RSI along with other types of data as required by
previous GASB pronouncements. This Statement also requires RSI for governments that use the
modified approach for reporting infrastructure assets.
• Effective Date and Transition
The requirements of this Statement are effective in three phases based on a governments total annual
revenues in the first fiscal year ending after June 15, 1999. Based on the City's revenues for the year ended
June 30, 1999, GASB#34 will be effective for the fiscal year 2003 statement. Due to some of the comparative
requirements in the MD&A, we would recommend that the City be prepared to accumulate information needed
to comply with GASB#34 as of June 30,2002.
The amount of time that will be needed to implement GASB #34 is very difficult to estimate. Some of the
changes, especially in the capital asset area, are going to be extremely timeconsuming.
This letter does not affect our report dated July 14, 2000, on the general purpose financial statements of the City
of Ithaca.
This report is intended solely for the information and use of the Common Council, management, federal awarding
agencies, and pass-through entities and is not intended to be and should not be used by anyone other than
these specified parties.
July 14, 2000
Ithaca, New York
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CITY OF ITHACA
Ithaca, New York
Financial Report
► December 31, 1999
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CITY OF ITHACA
` DECEMBER 31. 1999
General Purpose Financial Statements:
Independent Auditors' Report ...................................................................................................................... 1-1a
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Combined Balance Sheet-All Fund Types, Account Groups, and
ComponentUnits ................................................................................................................................... 2-3
L Combined Statement of Revenues, Expenditures, and Changes in Fund Balances-
All Governmental Fund Types, Expendable Trust Funds, and Component Units ................................. 4
LCombined Statement of Revenues, Expenditures, and Changes in Fund Balances-
Budget and Actual-General and Special Revenue Funds ................................................................... 5-5a
LCombined Statement of Revenues, Expenses, and Changes in Fund Balance-
NonexpendableTrust Fund ................................................................................................................... 6
LStatement of Cash Flows-Nonexpendable Trust Fund .............................................................................. 7
Notes to Financial Statements ..................................................................................................................... 8-27
Supplemental Information-Combining Fund Financial Statements:
Combining Balance Sheet-Special Revenue Funds .................................................. ............................... 28-28a
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances-
SpecialRevenue Funds ......................................................................................................................... 29-29a
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Report Required Under Government Auditing Standards:
Report on Compliance and on Internal Control Over Financial Reporting
Based on an Audit of Financial Statements Performed in Accordance
with Government Auditing Standards .................................................................................................... 30-31
Reports Required Under the Single Audit Act(OMB Circular A-133):
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Report on Compliance with Requirements Applicable to Each Major
Program and Internal Control Over Compliance in Accordance with
OMB Circular A-133 32-33
Schedule of Expenditures of Federal Awards .............................................................................................. 34
Notes to Schedule of Expenditures of Federal Awards ............................................................................... 35
Schedule of Findings and Questioned Costs ............................................................................................... 36
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L John H. Dietershagen, C.P.A.
John E. Little,C.P.A.
Jerry E. Mickelson, C.P.A. Ciaschi • Dietershagen • Little • Mickelson, LLP
Thomas K.van Derzee,C.P.A. Certified Public Accountants and Consultants
Debbie Conley Jordan, C.P.A.
Patrick S.Jordan,C.P.A.
Duane R. Shoen,C.P.A.
Frederick J. Ciaschi, C.P.A.
L Dennis G.Jones,C.P.A. (1958-1996)
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INDEPENDENT AUDITORS' REPORT
Common Council
j City of Ithaca
i. Ithaca, New York
We have audited the accompanying general purpose financial statements of the City of Ithaca, as of and for the
year ended December 31, 1999, as listed in the table of contents. These general purpose financial statements
are the responsibility of the City of Ithaca's management. Our responsibility is to express an opinion on these
general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and the standards applicable
to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United
L States. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall general purpose financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
L In our opinion, the general purpose financial statements referred to above present fairly, in all material respects,
the financial position of the City of Ithaca, as of December 31, 1999, and the results of its operations and the
cash flows of its nonexpendable trust funds for the year then ended, in conformity with generally accepted
accounting principles.
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In accordance with Government Auditing Standards, we have also issued a report dated July 14, 2000, on our
consideration of the City of Ithaca's internal control over financial reporting and our tests of its compliance with
certain provisions of laws, regulations, contracts, and grants. That report is an integral part of an audit
i" performed in accordance with Government Auditing Standards and should be read in conjunction with this report
in considering the results of our audit.
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CORTLAND ITHACA WATKINS GLEN
18 Tompkins Street Suite 103, 118 Prospect Street 221 N. Franklin Street
Cortland, New York 13045 Ithaca, New York 14850 Watkins Glen, New York 14891
607-753-7439 607-272-4444 607-535-4443
i` www.cdlm.com
John H. Dietershagen,C.P.A.
John E. Little,C.P.A. Ciaschi • Dietersha en • Little • Mickelson LLP
Jerry E. Mickelson,C.P.A. g �
Thomas K.Van Derzee,C.P.A. Certified Public Accountants and Consultants
Debbie Conley Jordan, C.P.A.
Patrick S.Jordan,C.P.A.
Duane R. Shoen,C.P.A.
Frederick J. Ciaschi, C.P.A.
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Dennis G.Jones,C.P.A. (1958-1996)
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INDEPENDENT AUDITORS' REPORT
Common Council
City of Ithaca
Ithaca, New York
We have audited the accompanying general purpose financial statements of the City of Ithaca, as of and for the
year ended December 31, 1999, as listed in the table of contents. These general purpose financial statements
are the responsibility of the City of Ithaca's management. Our responsibility is to express an opinion on these
general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and the standards applicable
to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain reasonable assurance about
�. whether the general purpose financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall general purpose financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
L In our opinion, the general purpose financial statements referred to above present fairly, in all material respects,
the financial position of the City of Ithaca, as of December 31, 1999, and the results of its operations and the
cash flows of its nonexpendable trust funds for the year then ended, in conformity with generally accepted
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accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated July 14, 2000, on our
consideration of the City of Ithaca's internal control over financial reporting and our tests of its compliance with
L certain provisions of laws, regulations, contracts, and grants. That report is an integral part of an audit
performed in accordance with Government Auditing Standards and should be read in conjunction with this report
in considering the results of our audit.
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CORTLAND ITHACA WATKINS GLEN
18 Tompkins Street Suite 103, 118 Prospect Street 221 N. Franklin Street
Cortland, New York 13045 Ithaca, New York 14850 Watkins Glen, New York 14891
L 607-753-7439 607-272-4444 607-535-4443
www.cdlm.com
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�• Our audit was performed for the purpose of forming an opinion on the general purpose financial statements
taken as a whole. The supplemental financial information listed in the table of contents is presented for purposes
of additional analysis and is not a required part of the general purpose financial statements of the City of Ithaca.
The accompanying Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis
as required'by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and
Non-Profit Organizations, and is also not a required part of the general purpose financial statements of the City
of Ithaca. Such information has been subjected to the auditing procedures applied in the audit of the general
purpose financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the general
purpose financial statements taken as a whole.
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July 14, 2000
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Ithaca, New York
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CITY OF ITHACA
COMBINED BALANCE SHEET
ALL FUND TYPES,ACCOUNT GROUPS,AND COMPONENT UNITS
DECEMBER 31,1999
Primary Government
Fiduciary
Governmental Fund Types Fund Types General Account Groups
Special Capital Debt Trust& Long-Term Component
ASSETS AND OTHER DEBITS General Revenue Projects Service Agency Debt Fixed Assets Unit
Unrestricted Cash $ 926,092 $ 2,577,693 $ 1,096,150 $ 37,605 S 285,743 $ $ $ 1,016,934
Restricted Cash
Investments 3,670,604 2,016,060 15,029,431 214,967 147,943 2,847,306
Taxes Receivable(Net) 790,828
Due From Other Funds 180,175 974,785
Due From State and Federal Governments 373,930 176,522 165,508
Due From Other Governments 1,307,982 190,562 13,947
Prepaid Expenses
Other Receivables,Net 951,050 3,232,553 60,835
Inventories 154,131 248,642
Restricted Assets
Fixed Assets 54,469,309 40,213,545
Deferred Expenditures
Provisions Reserved in Debt Service 1,227,357
Provision to be Made in Future Budgets 16,990,022 1,463,784
Total Assets $ 8,354,792 $ 8,251,470 $ 16,481,651 $ 1,227,357 433,686 $ 18,217,379 $ 54,469,309 $ 45,616,351
LIABILITIES.FUND EQUITY,AND OTHER CREDITS
Liabilities
Accounts Payable $ 559,045 $ 134,078 $ 340,514 $ $ $ $ $ 76,096
Accrued Liabilities 35,182
Notes Payable
Tax Anticipation Notes
Revenue Anticipation Notes
Budget Notes
Bond Anticipation Notes 19,005,260
Capital Notes
Bonds Payable 16,568,160 1,463,784
Bond Interest and Matured Bonds Payable
Due to Other Funds 92,256 1,062,704
Due to Other Governments 946,646 285,555 12,593
Due to Employees'Retirement System 549,614
Installment Purchase Debt
Judgments and Claims Payable
Compensated Absences 251,812 1,099,605
Other Liabilities 85,699 4,138
Deferred Compensation
Overpayments 382,655 1,877 1,200
Deferred Revenues 979,644 2,168,218 21,000
Total Liabilities Carried Forward 3,119,802 2,681,984 20,443,660 85,699 18,217,379 1,578,811
See Independent Auditors'Report and Notes to Financial Statements
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CITY OF ITHACA
COMBINED BALANCE SHEET
ALL FUND TYPES,ACCOUNT GROUPS,AND COMPONENT UNITS
DECEMBER 31.1999
Primary Government
Fiduciary
Governmental Fund Types Fund Types General Account Groups
Special Capital Debt Trust and Long-Term Component
General Revenue Projects Service Agency Debt Fixed Assets Unit
Total Liabilities Brought Forward $ 3,119,802 $ 2,681,984 $ 20,443,660 $ $ 85,699 $ 18,217,379 $ $ 1,578,811
FUND EQUITY AND OTHER CREDITS
Eac
Investment in General Fixed Assets 54,469,309 40,213,545
Fund Balances-Reserved
Reserved for Encumbrances 416,769 513,928 28,556
Reserved for Inventory and Supplies 154,131 248,642
Reserved for Taxes Raised Outside of Tax Limit
Reserved for Insurance 1,850,476 110,972 36,369
Reserved for Debt 1,227,357
Reserved for Minority Interest
Capital Reserve 4,265,288 1,356,959
Reserved for Highway Capital Projects
Reserved for Unemployment Insurance
Reserved for Trusts 347,987
Reserved for Workers'Compensation
Reserved for Retirement System Credits
Total Reserved 2,421,376 873,542 4,265,288 1,227,357 347,987 1,421,884
Fund Balances-Unreserved
Appropriated-Ensuing Years Budget 704,892 1,278,584 773,382
Unappropriated 2,108,722 4,695,944 _(9,505,881) 1,628,729
Total Unreserved 2,813,614 4,695,944 (8,227,297) 2,402,111
Total Fund Balances 5,234,990 5,569,486 _(3,962,009) 1,227,357 347,987 3,823,995
Total Fund Equity and Other Credits 5,234,990 5,569.486 (3,962,009) 1,227,357 347,987 54,469,309 44,037,540
Total Liabilities,Fund Equity,
and Other Credits $ 8,354,792 $ 8,251,470 $ 16,481,651 $ 1,227,357 $ 433,686 $ 18,217,379 $ 54,469,309 $ 45,616,351
See Independent Auditors'Report and Notes to Financial Statements
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CITY OF ITHACA
COMBINED STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES,EXPENDABLE TRUST FUNDS,AND COMPONENT UNITS
FOR THE YEAR ENDED DECEMBER 31.1999
Primary Government
Fiduciary
Governmental Fund Types Fund Types
Special Capital Debt Expendable Component
REVENUES AND OTHER FINANCING SOURCES General Revenue Projects Service Trust Unit
Local Sources:
Real Property Taxes $ 7,685,919 $ $ $ $ $
Real Property Tax Items 244,484
Nonproperty Tax Items 7,985,345
Departmental Income 2,311,410 5,581,341 37,225 1,443,777
Intergovernmental Charges 3,516,299 204,323
Use of Money and Property 413,819 177,571 715,528 12,428 6,958 205,079
Licenses and Permits 706,105
Fines and Forfeitures 965,904
Sale of Property and Compensation for Loss 215,104 101,577 397
Miscellaneous Local Sources 677,720 142,745 10,223 67,843 25,595 577
Intertund Revenues 250,985
State Sources 2,234,357 189,293
Federal Sources 98,059 1,816,684 116,019
Total Revenues 27,305,510 8,024,241 1,031,460 80,271 69,778 1,649,433
Other Financing Sources
Intertund Transfers 1,319,876 141,000 447,965 180,000
Other Financing Sources
Proceeds of Obligations 1,781,265
Total Revenues and Other financing Sources 28,625,386 8,165,241 3,260,690 80,271 69,778 1,809,433
EXPENDITURES AND OTHER FINANCING(USES1
Current:
General Governmental Support 2,602,305 84,966 552,838 1,000
Public Safety 10,237,282 908,513 23,326
Public Health
Transportation 3,477,968 985,384
Economic Assistance and Opportunity 53,500
Culture and Recreation 3,510,483 115,181
Home and Community Services 795,167 5,199,968 1,876,110 37,282 2,034,175
Employee Benefits 4,138,911 582,046 41,823
Debt Service(Principal and Interest) 3,705,955 706,734 41.570 186,730
Total Expenditures 28,521,571 6,573,714 4,436,026 41,570 60,608 2,263,728
Other Financing Uses
Interfund Transfers 272,800 638,617 997,424 160,000
Total Expenditures and Other Financing Uses 28,794,371 7,212,331 5,433,450 41,570 60.608 2,423,728
Excess of(Expenditures)Revenues (168,985) 952,910 (2,172,760) 38,701 9,170 (614,295)
Fund Balances,Beginning of Year 5,402,609 4,616,576 (1,789,249) 1,188,656 278,730 4,438,290
Changes in Fund Balance 1,166
Fund Balances,End of Year $ 5,234,990 $ 5,569,486 $ (3,962,009) $ 1,227,357 $ 287,900 $ 3,823,995
See Independent Auditors'Report and Notes to Financial Statements
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CITY OF ITHACA
COMBINED STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL-GENERAL AND SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED DECEMBER 31,1999
General Fund
Modified Variance
Budget Actual Encumbrances Fav:Unfay.
REVENUES AND OTHER FINANCING SOURCES
Local Sources:
Real Property Taxes $ 7,631,469 $ 7,685,919 $ $ 54,450
Real Property Tax Items 38,980 244.484 205,504
Nonproperty Tax Items 8.462,657 7,985,345 (477,312)
Departmental Income 2,230,884 2,311,410 80,526 ...
Intergovernmental Charges 3,620,848 3,516,299 (404,549)
Use of Money and Property 414,500 413,819 (681)
Licenses and Permits 829,189 706,105 (123,084)
Fines and Forfeitures 801,000 965,904 164,904
Sale of Property and Compensation for Loss 172,700 215,104 42,404
Miscellaneous Local Sources 664,408 677,720 13,312
Interfund Revenues 250,985 250,985 -0-
State Sources 2,140,207 2,234,357 94,150
Federal Sources 80,646 98,059 17,413
Total Revenues 27,338,473 27,305,510 (32,963)
Other Financing Sources
Interfund Transfers 1,372,726 1,319,876 (52,850)
Other Financing Sources
Proceeds of Obligations
Total Revenues and Other Financing Sources 28,711,199 28,625,386 (85,813)
EXPENDITURES AND OTHER FINANCING(UM
Current:
General Governmental Support 2,729,890 2,602,305 94,276 33,309
Public Safety 10,415,433 10,237,282 118,379 59,772 -
Health
Transportation 3,607,420 3,477,968 89,764 39,688
Economic Development and Opportunity 53,500 53,500 -0-
Culture and Recreation 3,657,511 3,510,483 39,270 107,758
Home and Community Services 881,398 795,167 47,847 38,384
Employee Benefits 4,318,243 4,138,911 27,233 152,099
Debt Service(Principal and Interest) 3,707,460 3,705,955 1,505
Total Expenditures 29,370,855 28,521,571 416,769 432,515
Other Financing(Uses) '1
Interfund Transfers 272,800 272,800 -0-
Total Expenditures and Other Financing(Uses) 29,643,655 28,794,371 416,769 432,515
Excess of(Expenditures)Revenues (932,456) (168,985) (416,769) $ 346,702 `1
Appropriated Fund Balances 932,456 `
Net Increase(Decrease) $ -0- (168,985) $ (416,769)
Reconciliation of Budget to GAAP Basis of Accounting
Fund Balances, Beginning of Year 5,402,809
Other Changes in Fund Balances 1,166 ,
Fund Balances,End of Year $ 5,234,990
See Independent Auditors'Report and Notes to Financial Statements 1
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,I Special Revenue Funds
�.r Modified Variance
Budget Actual Encumbrances Fay.-Unfay.
a.
$ $ $ $
L 5,571,802 5,581,341 9,539
1,000 204,323 203,323
100,000 143,227 43,227
�... 92,830 101,577 8.747
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5,765.632 6,030,468 264,836
i
141,000 141,000 -0-
L. 5,906,632 6,171,468 264.836
V 162,441 84,966 77,475
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4,118,239 3,335,768 503,606 278,865
664,106 582,046 10,322 71,738
1► 738,129 706,734 31,395
5,682,915 4,709,514 513,928 459,473
l.. 638,617 638.617 -0-
6,321,532 5.348,131 513,928 459,473
(414,900) 823,337 (513,928) $ 724,309
-..•
414,900
$ -0- 823,337 $ (513,928)
129,573
4,616,576
$ 5,569,486
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CITY OF ITHACA
COMBINED STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN FUND BALANCE
NONEXPENDABLE TRUST FUND
FOR THE YEAR ENDED DECEMBER 31. 1999
L
Fiduciary
Fund Type
Nonexpendable
L Trust
Operating Revenues:
Gifts and Donations $
Other Miscellaneous Local Sources
Total Operating Revenues
r..
Operating Expenses:
General Support Instruction
Community Services
Total Operating Expenses
Operating Income
Nonoperating Revenues (Expenses)
Interest Revenue
L Transfer to Other Funds
Total Nonoperating Revenues (Expenses)
r..r
NET INCOME
Fund Balance, January 1, 60,087
i Fund Balance, December 31, $ 60,087
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See Independent Auditors'Report and Notes to Financial Statements
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CITY OF ITHACA
STATEMENT OF CASH FLOWS
NONEXPENDABLE TRUST FUND
FOR THE YEAR ENDED DECEMBER 31. 1999
Lr
1 Cash Flows from Operating Activities:
Cash Used by Operations $
Gifts and Donations
1
.�. Cash Flows from Noncapital Financing Activities:
Interfund Transfers
Cash Flows from Financing Activities
u Cash Flows from Investing Activities: f
Interest Income
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents, Beginning of Year 60,087
Cash and Cash Equivalents, End of Year $ 60,087
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See Independent Auditors' Report and Notes to Financial Statements
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CITY OF ITHACA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31. 1999
LNote 1 - Summary of Significant Accounting Policies
The general purpose financial statements of the City of Ithaca, and its component units, have been
prepared in conformity with generally accepted accounting principles (GAAP) as applied to government
r units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for
establishing governmental accounting and financial reporting principles. The more significant of the City's
accounting policies are described below.
LA. Financial Reporting Entity
The City of Ithaca, which was established in 1888, is governed by its Charter, General City Law
and other general laws of the State of New York, and various local laws. The Common Council is the
legislative body responsible for overall operations, the Mayor serves as chief executive officer and the
Controller serves as chief fiscal officer.
The following basic services are provided: public safety (police and fire), highways and streets,
sanitation, culture and recreation, public improvements, planning and zoning, and general
administrative services.
i
Ld All governmental activities and functions performed for the City of Ithaca are its direct responsibility.
No other governmental organizations have been included or excluded from the reporting entity.
The financial reporting entity consists of(a)the primary government which is the City of Ithaca, (b)
organizations for which the primary government is financially accountable, and (c) other organizations
for which the nature and significance of their relationship with the primary government are such that
exclusion would cause the reporting entity's general purpose financial statements to be misleading or
incomplete as set forth in GASB Statement 14.
The decision to include a potential component unit in the City of Ithaca's reporting entity is based
on several criteria set forth in GASB Statement 14 including legal standing, fiscal dependency, and
financial accountability. Based on the application of these criteria, the following is a brief review of
I certain entities considered in determining the City of Ithaca's reporting entity.
1. Included in the Reporting Entity
i Community Development: The program is administered by the Ithaca Urban Renewal Agency and
is reported as a separate Special Revenue Fund.
The following is an activity undertaken jointly with other municipalities and is included in the
general purpose financial statements as a component unit. See Note 4 for additional disclosure
regarding this joint venture.
Ithaca Area Wastewater Treatment Facility,with the Towns of Ithaca and Dryden.
2. Excluded From the Reporting Entity
Although the following organizations, functions, or activities are related to the City of Ithaca,
L they are not included in the City of Ithaca's reporting entity because the City does not meet the
criteria for manifestation of oversight as defined by Government Accounting Standards Board:
Ithaca Housing Authority
Ithaca City School District
Tompkins Consolidated Area Transit
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CITY OF ITHACA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
DECEMBER 31, 1999
1 B. Basis of Presentation-Fund Accounting
The accounts of the local government are organized on the basis of funds or account groups, each
of which is considered a separate accounting entity. The operations of each fund are accounted for
within a separate set of self-balancing accounts that comprise its assets, liabilities, fund
balancetretained earnings, revenues and expenditurestexpenses which are segregated for the purpose
of carrying on specific activities or attaining certain objectives in accordance with special regulations,
restrictions, or limitations. The various funds are summarized by type in the general purpose financial
statements. (Certain funds of the local government are utilized to account for resources derived from,
and/or expenditures applicable to an area less than the entire local government.) The following fund
types and account groups are used:
1.�
1. Fund Categories
a. Governmental Fund Types - are those through which most governmental functions are
financed. The acquisition, use, and balances of expendable financial resources and the
related liabilities are accounted for through Governmental Funds. The measurement focus of
the Governmental Funds is based upon determination of financial position and changes in
financial position. The following are the City of Ithaca's Governmental Fund Types:
i General Fund -the principal operating fund and includes all operations not required to be
L recorded in other funds.
Special Revenue Funds - used to account for the proceeds of specific revenue sources
that are legally restricted to expenditures for specified purposes. The following Special
Revenue Funds are utilized:
Water Fund - established by law to account for revenues derived from charges for
water consumption and the application of such revenues toward related operating
expenses and revenues derived from benefited assessments used for debt retirement.
L
Sewer Fund - established by law to account for revenues derived from charges for
sewer usage and benefited assessments, and the application of such revenues toward
related operating expenses and debt retirement.
I
1" Community Development Agency - established by law to account for activities under
the Housing and Community Development Act of 1974.
.. Urban Renewal Agency - established to account for money advanced for the Center
Ithaca Project.
i� Solid Waste Fund - established to account for revenues derived from charges for
garbage, refuse, and recycling consumption, and the application of such revenues
toward related operating expenses.
..
Capital Projects Fund - used to account for financial resources to be used for the
acquisition, construction, or renovation of major capital facilities or equipment.
l.. Debt Service Fund - used to account for current payments of principal and interest on
general obligation long-term debt(and for financial resources accumulated in a reserve for
i
payment of future principal and interest on long-term indebtedness).
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CITY OF ITHACA
i NOTES TO FINANCIAL STATEMENTS
�- (CONTINUED)
DECEMBER 31. 1999
b. Fiduciary Funds - used to account for assets held by the local government in a trustee or
custodial capacity:
Trust and Agency Funds-used to account for money and/or property received and held in the
capacity of trustee, custodian or agent. These include Expendable and Nonexpendable
Trusts,and Agency Funds.
I
2. Account Groups
Account groups are used to establish accounting control and accountability for general fixed
assets and general long-term debt. The two account groups are not"funds". They are concerned
with measurement of financial position and not results of operations.
General Fixed Assets Account Group-used to account for land, buildings, improvements other
j than buildings, and equipment utilized for general government purposes.
General Long-Term Debt Account Group-used to account for all long-term debt.
I
�.• C. Basis of Accounting/Measurement Focus
Basis of accounting refers to when revenues and expenditures/expenses and the related assets
and liabilities are recognized in the accounts and reported in the general purpose financial statements.
Basis of accounting relates to the timing of the measurements made, regardless of the measurement
focus. Measurement focus is the determination of what is measured, i.e.expenditures or expenses.
6
Modified Accrual Basis-all Governmental Funds and Expendable Trust Funds are accounted for using
the modified accrual basis of accounting.
Under this basis of accounting, revenues are recorded when measurable and available. Available
;... means collectible within the current period or soon enough thereafter to be used to pay liabilities of the
current period.
Material revenues that are accrued include real property taxes, state and federal aid, sales tax, and
certain user charges. If expenditures are the prime factor for determining eligibility, revenues from
federal and state grants are accrued when the expenditure is made.
L
Expenditures are recorded when incurred except that:
a. Expenditures for prepaid expenses and inventory-type items are recognized at the time of the
purchase.
b. Principal and interest on indebtedness are not recognized as an expenditure until due.
i
c. Compensated absences, such as vacation and sick leave which vests or accumulates, are
charged as an expenditure when paid(See Note 1-L).
Accrual Basis - Nonexpendable Trust Funds are accounted for on the accrual basis of accounting,
whereby revenues are recognized when earned and expenses are recorded when incurred.
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CITY OF ITHACA
NOTES TO FINANCIAL STATEMENTS
�- (CONTINUED)
DECEMBER 31, 1999
Account Groups-General fixed assets are recorded at actual or estimated cost or, in the case of gifts
and contributions, at the fair value at the time received. No provision for depreciation is made. General
long-term debt liabilities are recorded at the par value of the principal amount. No liability is recorded
for interest payable to maturity. Long-term liabilities expected to be financed from Governmental Funds
are accounted for in the General Long-Term Debt Account Group, rather than Governmental Funds.
I Deferred Revenues - The City of Ithaca reports deferred revenues on its combined balance sheet.
Deferred revenue arises when a potential revenue does not meet both the measurable and available
criteria for recognition in the current period. Deferred revenue also arises when resources are received
by the City of Ithaca before it has a legal claim to them, as when grant monies are received prior to the
incurrence of qualifying expenditures. In subsequent periods,when both recognition criteria are met, or
when the City of Ithaca has legal claim to the resources, the liabilities for deferred revenue is removed
and revenue is recognized.
D. Property Taxes
Real property taxes are levied annually by the City of Ithaca no later than December 31, and
become a lien on January 1. County tax collections begin January 1, and are deposited directly to the
�-- credit of the County fiscal officer. City taxes are collected in two installments, the first due during the
month of January and the second due during the month of June.
Unpaid County taxes are enforced through tax sale in the same manner as unpaid Town taxes.
The County acquires all right, title, and interest in any unpaid County taxes. Unpaid City taxes of the
current year, and unpaid school taxes of the previous year, plus advertising costs, and accrued
penalties, are enforced through an annual public tax sale held in November, pursuant to Article 10 of
the Real Property Tax Law. If not redeemed within the times prescribed by statute, such certificates
are subject to conversion to tax (quit claim) deeds vesting equivalent title and interest in the certificate
i
holders, but nonetheless subject to any existing County tax liens.
E. Budgetary Data
' 1. Budget Policies-The budget policies are as follows:
a. No later than September 1, the budget officer submits a tentative budget to the Common
Council for the fiscal year commencing the following January 1. The tentative budget includes
proposed expenditures and the proposed means of financing for all funds.
b. After public hearings are conducted to obtain taxpayer comments, no later than December 31,
.. the governing board adopts the budget.
c. All modifications of the budget must be approved by the governing board. (However, the
Controller is authorized to transfer certain budgeted amounts within departments.)
2. Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other commitments for
*-� the expenditure of monies are recorded for budgetary control purposes to reserve that portion of
the applicable appropriations, is employed in the General and Special Revenue Funds.
Encumbrances are reported as reservations of fund balances since they do not constitute
., expenditures or liabilities. Expenditures for such commitments are recorded in the period in which
the liability is incurred.
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CITY OF ITHACA
NOTES TO FINANCIAL STATEMENTS
�- (CONTINUED)
DECEMBER 31. 1999
1... 3. Budget Basis of Accounting
Budgets are adopted annually on a basis consistent with generally accepted accounting
principles. Appropriations authorized for the current year are increased by the amount of
encumbrances carried forward from the prior year.
Budgetary controls for the Special Revenue Funds for Community Development and Urban
Renewal are established in accordance with the applicable grant agreement,which covers a period
other than the City of Ithaca's fiscal year. Consequently, the budgets for such funds have been
excluded from the Combined Statement of Revenues, Expenditures, Encumbrances, and Changes
in Fund Balances- Budget and Actual. The following schedule reconciles the difference between
;., the statements:
Fund Balance Expendi- Other Fund Balance
i Beg. of Year Revenues tures Changes End of Year
Total Funds Included
in Budget
Comparison $ 3,581,302 $6,171,468 $5,348,131 $ $4,404,639
Community Dev. 910,274 1,993,773 1,864,200 1,039,847
Urban Renewal 125,000 125.000
Total Special
Revenue Funds $ 4,616,576 $8.165.241 $7,212.331 $ $5.569.486
F. Cash and Cash Equivalents
For financial statement purposes,the City considers all highly liquid investments of three months or
less to be cash equivalents.
G. Investments
Investments are stated at fair value.
V..1/
H. Receivables
Receivables are stated net of estimated allowances for uncollectible amounts. Amounts due from
Le state and federal governments represent amounts owed to the City to reimburse it for expenditures
incurred pursuant to state and federally funded programs. Other receivables represent amounts owed
to the City including mortgage and loans receivable, assessments receivable, billed services
;.., receivable, fees receivable, and water and sewer rents receivable.
1. Inventory
LInventory is valued at cost utilizing the first-in, first-out method for the General, Water, and Sewer
Funds.
J. Property, Plant, and Equipment-General
..r During 1989, the City implemented a system of General Fixed Assets. Fixed assets purchased for
general governmental purposes are recorded as expenditures in the Governmental Funds and are
capitalized at cost in the General Fixed Assets Account Group for 1988 and future years. Prior to 1988,
the General Fixed Assets are recorded at actual or estimated cost. In the case of gifts and
contributions, General Fixed Assets are recorded at the fair value at the date received.
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CITY OF ITHACA
j NOTES TO FINANCIAL STATEMENTS
�- (CONTINUED)
DECEMBER 31. 1999
I
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Fixed assets consisting of certain infrastructure type improvements other than buildings, including
roads, bridges, curbs and gutters, streets and sidewalks,drainage, and lighting systems, have not been
capitalized. Such assets normally are immovable and of value only to the City of Ithaca. Therefore,the
purposes of stewardship for capital expenditures can be satisfied without recording these assets.
No depreciation has been provided on general fixed assets, nor has interest on general fixed
L assets construction in progress been capitalized.
K. Insurance
The City of Ithaca assumes the liability for most risk including, but not limited to, property damage
and personal injury liability. Judgements and claims are recorded when it is probable that an asset has
been impaired or a liability has been incurred and the amount of loss can be reasonably estimated.
i
L. Vacation and Sick Leave and Compensatory Absences
City of Ithaca employees are granted vacation, sick leave, and other leave benefits as defined in
i
agreements between the City and the representative units.
Ir
The City of Ithaca recognizes a liability for vacation leave and other compensated absences with
similar characteristics and additional salary-related payments as the benefits are earned by the
employees, based on the rendering of past service and the probability that the employees will be
compensated for the benefits through paid time off or some other means. This includes vacation leave
and other compensated absences with similar characteristics that were earned but not used during the
L.. current or prior periods and for which employees can receive compensation in a future period.Amounts
do not include leave expected to lapse and includes leave that(new)employees will(eventually)qualify
for.
In addition, the City of Ithaca recognizes a liability for vesting sick leave and other compensated
absences with similar characteristics and additional salary-related payments as employees earn
I benefits and to the extent it's probable that the City of Ithaca will compensate the employees for the
benefits through cash payments (which may be conditioned on the employees' termination or
retirement), rather than be taken as absences due to illness or other contingencies.
i A portion of the compensated absence liability recognized is attributable to the value of sick leave
�- converted to pay employees'share of post-employment health care insurance premiums.
The liability for compensated absences is calculated at rates in effect as of the balance sheet date
and is recorded in the Governmental Funds inasmuch as it will be funded from current financial
resources, and the General Long-Term Debt account group for amounts to be paid from future financial
resources.
M. Postemployment Benefits
In addition to providing pension benefits, the City of Ithaca provides health insurance coverage and
survivor benefits for retired employees and their survivors. Substantially all of the City of Ithaca's
�- employees may become eligible for these benefits if they reach normal retirement age while working for
the City of Ithaca. Health care benefits and survivors benefits are provided through an insurance
company whose premiums are based on the benefits paid during the year. The City of Ithaca
L recognizes the cost of providing benefits by recording its share of insurance premiums as an
expenditure in the year paid. During the year, $819,112 was paid on behalf of 182 retirees and
recorded as an expenditure in the General Fund.
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CITY OF ITHACA
i NOTES TO FINANCIAL STATEMENTS
�- (CONTINUED)
DECEMBER 31, 1999
L..
Note 2- Stewardship, Compliance,Accountability
Deficit Fund Balances
The Capital Projects Fund had a deficit fund balance of$(3,962,009)at December 31, 1999, due to the
use of short-term financing.
�• Note 3- Detail Notes on All Funds and Account Groups
A. Assets
1. Cash and Investments
The City of Ithaca's investment policies are governed by state statutes. In addition, the City of
Ithaca has its own written investment policy. City of Ithaca's monies must be deposited in FDIC-
insured commercial banks or trust companies located within the state. The Chamberlain is
authorized to use demand accounts and certificates of deposit. Permissible investments include
i obligations of the U.S. Treasury and U.S. Agencies, repurchase agreements, and obligations of
�.. New York State or its localities.
Collateral is required for demand and time deposits and certificates of deposit at 105 percent of
all deposits not covered by Federal Deposit Insurance. Obligations that may be pledged as
collateral are obligations of the United States and its agencies and obligations of the state and its
municipalities and school districts.
j
1~ The written investment policy requires repurchase agreements to be purchased from banks
located within the state and that underlying securities must be obligations of the federal
government. Underlying securities must have a market value of at least 105 percent of the cost of
the repurchase agreement.
4 For purposes of reporting cash flow, cash equivalents are defined as short-term, highly liquid
investments that are both readily convertible to known amounts of cash and near their maturity.
The Statement of Cash Flows presented on page 7 uses the indirect method of reporting cash
flows.
L. Deposits and investments at year end are valued at cost or cost plus interest and are
categorized as either (1) insured and for which the securities are held by the City's agent in the
City's name, (2) collateralized, and for which the securities are held by the pledging financial
institution's trust department or agent in the City's name, (3)uncollateralized.
Total financial institution (bank) balances at December 31, 1999, per the banks, for the City
and its component units were$7,166,114. These deposits are categorized as follows:
Carrying
1 2 3 Value
$7,166,114 $ $ $5,940,217
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CITY OF ITHACA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
DECEMBER 31. 1999
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�.. 2. Investments
Investments are stated at fair value and are categorized as either (1) insured or registered,
investments are held by the City or the City's agent in the City's name, (2) uninsured and
y unregistered, with the investments held by the financial institution's trust department in the City's
name, (3) uninsured and unregistered, with investments held by the financial institution or its trust
department but not in the City's name. The City and its component units have the following
investments in the following denominations:
Repurchase Agreements Category
$ 737,827 US Treasury Notes due 01/19/00, rate 5.00% (1)
1,539,403 US Treasury Notes due 01/12/00, rate 5.10% (1)
1,858,949 US Treasury Notes due 04/17/00, rate 5.25% (1)
4,341,718 US Treasury Notes due 02/07/00, rate 5.00% (1)
924,233 US Treasury Notes due 06/27/00, rate 5.40% (1)
5,100,698 US Treasury Notes due 05/16/00, rate 5.50% (1)
'- $14.502,828
Certificates of Deposit Category
$ 6,308,949 364 days, maturity date 01/07/00, rate 4.85% (1)
3,104,532 365 days, maturity date 11/18/00, rate 5.60% (1)
10.002 365 days, maturity date 04/29/00, rate 4.40% (1)
$_9..423 483
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3. Property Taxes
At December 31, 1999, the total real property tax assets of$790,828 are offset by deferred
i revenue of$790,828.
4. Sales Taxes and Collection
The City, under the general authority of Article 29 of the Tax Law, imposes a Y2% sales and
compensating use tax. The County of Tompkins, by similar authority, also imposes a %%sales tax
within the City and a 3%sales tax in the towns outside the City.
Both the City and County imposed tax is administered and collected by the State Tax
.. Commission in the same manner as that relating to the State imposed 4% sales and compensating
use tax. Net collections, meaning monies collected after deducting therefrom expenses of
administration and collections and amounts refunded or to be refunded, but inclusive of any
�. applicable penalties and interest, are paid by the State to the City and the County, respectively. In
1999, direct payments from this source aggregated $7,476,000. It was credited to the General
Fund and used to finance general City expenses.
�- Net collections of the 1%% sales tax imposed with the City by the County are retained by the
County, and,together with%of the tax levied in the towns outside of the City, or 1%%, is applied to
the reduction of taxes levied on a County-wide basis.
The County of Tompkins increased the sales tax collected within the County to 8%. The City,
under the 1%increased sales tax, imposes a.25%of the 1%increase.
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CITY OF ITHACA
NOTES TO FINANCIAL STATEMENTS
�- (CONTINUED)
DECEMBER 31, 1999
5. Changes in Fixed Assets
A summary of changes in general fixed assets is as follows:
Balance Balance
Type January 1, Additions Deletions December 31.
Land $11,035,925 $ 698,360 $ 32,600 $ 11,701,685
Buildings 26,710,165 169,805 26,879,970
�- Machinery&Equipment 13,926.853 2,183,369 222.568 15.887,654
Total $51.672,943 $3.051,534 $ 255,168 $54.469,309
6. Other Receivables
The following is a breakdown of other receivables:
i
Fund Description Amount
General Reimbursement of Insurance $ 27,739
General Ticket Fine Collection 283,505
General Building Permit Fees 420,000
General Mortgage Receivable 90,000
General Youth Bureau Grants 73,725
General Miscellaneous 35,495
General Assessments Receivable 20,586
L $ 951.050
Special Revenue:
L Water Water Rents $ 374,014
Sewer Sewer Rents 261,890
Solid Waste Fees 30,352
Community
LDevelopment Loans Receivable 2,168,218
Urban Renewal Due from Developer 398.079
$3,232.553
L
Component Unit:
General Septage Fees $ 49,619
Insurance Recovery 2,220
Capital Sewer Connection Fees 8.996
$ 60,835
i
7. Mortgage Receivable
The City recorded a mortgage receivable on land conveyed to Mutual Housing Association of
�- Tompkins County of$90,000. Mutual Housing is paying interest only at 3% for the period May 1,
1992 to May 1, 2004 and will begin to pay the principal plus interest at 7% on June 1, 2004 until
May 30, 2016.
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i
I
CITY OF ITHACA
j NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
DECEMBER 31. 1999
B. Liabilities
1. Pension Plans
Plan Description
The City participates in the New York State and Local Employees' Retirement System (ERS)
and the New York State and Local Police and Fire Retirement Systems (PFRS) and the Public
Employees' Group Life Insurance Plan (Systems). These are cost-sharing multiple-employer
retirement systems. The Systems provide retirement benefits as well as death and disability
benefits. Obligations of employers and employees to contribute and benefits to employees are
governed by the New York State Retirement and Social Security Law(NYSRSSL). As set forth in
the NYSRSSL, the Comptroller of the State of New York(Comptroller) serves as sole trustee and
administrative head of the Systems. The Comptroller shall adopt and may amend rules and
j regulations for the administration and transaction of the business of the Systems and for the
�— custody and control of their funds. The Systems issue a publicly available financial report that
includes financial statements and required supplementary information. That report may be
obtained by writing to the New York State and Local Retirement Systems, Gov. Alfred E. Smith
�., State Office Building,Albany, NY 12244.
Funding Policy
The Systems are noncontributory except for employees who joined the New York State and
Local Employees' Retirement System after July 27, 1976 who contribute 3%of their salary. Under
the authority of the NYSRSSL, the Comptroller shall certify annually the rates expressed as
proportions of payroll of members, which shall be used in computing the contributions required to
�- be made by employers to the pension accumulation fund.
The City of Ithaca is required to contribute at an actuarially determined rate. The required
contributions for the current year and two preceding years were:
ERS PFRS
1999 $131,624 $ 7,129
1998 156,436 33,749
1997 166,162 320,779
`— The City of Ithaca's contributions made to the Systems were equal to 100%of the contributions
required for each year.
.. Since 1989, the Systems' billings have been based on Chapter 62 of the Laws of 1989 of the
State of New York. This legislation requires participating employers to make payments on a
current basis, while amortizing existing unpaid amounts relating to the Systems'fiscal years ended
March 31, 1988 and 1989 (which otherwise were to have been paid on June 30, 1989 and 1990,
respectively) over a 17 year period, with an 8.75% interest factor added. Local governments were
given the option to prepay this liability. The City of Ithaca elected to make the full payment on
December 15, 1989. The City borrowed the funds at effective interest rates of 6.90% and 7.20%.
The current unpaid balance of $865,000 is reported in the General Long-Term Debt Account
Group.
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CITY OF ITHACA
L NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
DECEMBER 31. 1999
Pursuant to Chapter 12 of the Laws of 1995 and Chapter 41 of the Laws of 1997, the State
Legislature authorized local governments to make available retirement incentive programs with
estimated total costs of$505,674 of which $123,380 was charged to expenditures/expenses in the
LGovernmental Funds in the current fiscal year. The cost of the programs will be billed and paid
over five years beginning December 31, 1996 for Chapter 12 and December 31, 1998 for
Chapter 41 and will include interest at 8.75%.
�. 2. Short-Term Debt
Liabilities for bond anticipation notes(BAN's)are generally accounted for in the Capital Project
Funds. Principal payments on BAN's must be made annually.
i
State law requires that BAN's issued for capital purposes be converted to long-term obligations
within five years after the original issue date. However, BAN's issued for assessable improvement
L projects may be renewed for periods equivalent to the maximum life of the permanent financing,
provided that stipulated annual reductions of principal are made.
Bond Anticipation Notes payable at December 31, 1999, in the Capital Fund, consisted of the
�. following:
L Interest Date Maturity
Description Amount Rate Issued Date
Primary Government
Cass Park Pool Imp. $ 67,132 3.50% 1995 1/00
Street&Rd. Constr. (95) 518,593 3.50% 1995 1/00
Sidewalk Imp. (95) 53,558 3.50% 1995 1/00
Purchase of Fire Vehicles 65,005 3.50% 1995 1/00
L Purchase of Recycling Vehicles 57,129 3.50% 1995 1/00
Water Treatment Plant Imp. 939,209 3.50% 1995 1/00
Street&Road Constr. (96) 179,080 3.50% 1996 1/00
ADA Barrier Removal 18,659 3.50% 1996 1/00
Computer Network Sys. (Phase 1) 59,000 4.05% 1996 1/01
Wheelchair Lift Van Acq. 19,000 4.05% 1996 1/01
DPW Equipment Acq. (96) 17,000 4.05% 1996 1/01
j Trash& Recycling Bin Repl. 11,000 4.05% 1996 1/01
�-. Traffic Counter/Collection Equip. 20,000 4.05% 1996 1/01
Building Dept. Computer Acq. 15,000 4.05% 1996 1/01
City Hall Network System 28,000 4.05% 1996 1/01
Transit Capital Imp. 83,000 4.05% 1996 1/01
DPW Equipment Acq. (96) 161,340 3.50% 1996 1/00
Fire Dept. Staff Veh. (96) 24,423 3.50% 1996 1/00
Fire Dept. Training Ctr. Imp.(96) 57,371 3.50% 1996 1/00
Cass Park Ballfield Lights Repl. 129,834 3.50% 1996 1/00
Frosh Alley Restoration 64,467 3.50% 1996 1/00 j
West State St. Lights/Landsc. Imp. 89,540 3.50% 1996 1/00
�. Solidwaste Packer Acq. 48,845 3.50% 1996 1/00
GIAC Boiler Replacement 16,283 3.50% 1996 1/00
Youth Bureau HVAC Imp. 117,144 3.50% 1996 1/00
DPW Cold Storage Bldg. Constr. 260,272 3.50% 1996 1/00
Fire Dept. Light Rescue Veh. 40,705 3.50% 1996 1/00
Fire Dept.Aerialscope Veh.Acq. 754,209 3.50% 1996 1/00
6—
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CITY OF ITHACA
L NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
DECEMBER 31. 1999
Street&Road Constr. (97) $ 284,693 3.50% 1997 1/00
Stewart Park Playground Equip. 56,939 3.50% 1997 1/00
DPW Equipment Acq. (97) 148,414 3.50% 1997 1/00
DPW Sidewalk Program(97) 68,199 3.50% 1997 1/00
Fire Dept. Central St. Imp. 66,257 3.50% 1997 1/00
Fire Dept Training Ctr. Imp. 25,150 3.50% 1997 1/00
GIAC Gym Renovations 67,706 3.50% 1997 1/00
�- City Hall Smoke/Records System 41,565 3.50% 1997 1/00
Skate Board Park Const 61,683 3.50% 1997 1/00
City Facility Code Comp.Wk. 1,133,049 3.50% 1997 1/00
L Water Facility Compl.Work 61,476 3.50% 1997 1/00
Sewer Facility Compl.Work 61,478 3.50% 1997 1/00
i St. &Rd. Constr. Addt'l. (97) 100,000 3.50% 1998 1/00
St. &Rd. Constr. (98) 300,000 3.50% 1998 1/00 j
Acq.of Cherry St. Ext Lands 415,000 3.50% 1998 1/00 j
Phase 1 Eng. Seneca St.Garage 60,000 3.50% 1998 1/00
DPW Equipment Acq. (98) 248,500 3.50% 1998 1/00
DPW Sidewalk Program(98) 75,000 3.50% 1998 1/00
Fire Training Center Imp. (98) 40,000 3.50% 1998 1/00
L IFD Engine/Pumper Replacement 600,000 3.50% 1998 1/00
Fuel Tank Compliance 70,000 3.50% 1998 1/00
Commercial Ave. Signal Upgrade 40,000 3.50% 1998 1/00
Cass Park Rink Imp. 123,130 3.50% 1998 1/00
Reconstr. Imp. Haley/Cass Pools 56,000 3.50% 1998 1/00
Transit System Imp. (98) 101,817 3.50% 1998 1/00
Giles St. Bridge Imp.265 857,000 3.50% 1999 1/00
Linn Street Bridge Imp.280 788,000 3.50% 1999 1/00 j
West Clinton St Bridge Imp. 366 120,000 3.50% 1999 1/00
Acq.Traffic Signs Residential 365 33,000 3.50% 1999 1/00
Lake Street Road Reconst. 371 200,000 3.50% 1999 1/00
Seneca St. Parking Garage Imp. 372 1,100,000 3.50% 1999 1/00
Sidewalk Reconst(99)249 75,000 3.50% 1999 1/00
DPW St. &Rd. Const. (99)373 300,000 3.50% 1999 1/00
Cass Park Pool Deck Phase III Imp. 374 150,000 3.50% 1999 1/00
Inlet Island Parking Lot Const 375 100,000 3.50% 1999 1/00
Lake St. Rd. Reconst. Sewer 608 300,000 3.50% 1999 1/00
L. Roof Reconst. S&F Bldg. 368 93,500 3.50% 1999 1/00
Stewart Ave. Bridge Imp.266 526,000 3.50% 1999 1/00
Computer Network Acq. Phase IV 53,510 4.15% 1998 1/03
DPW Equipment Acq. (98) 48,000 4.15% 1998 1/03
IFD Cent. Imp. Kitchen/Hose/Appl. 12,700 4.15% 1998 1/03
IFD Water/Ice Rescue Program 19,581 4.15% 1998 1/03
IPD Digital Comm. Record Equip. 28,885 4.15% 1998 1/03
Youth Bureau Van Acq. 22,500 4.15% 1998 1/03
�. Youth Bureau HVAC Acoustics 367,347 3.79% 1995 1/00
Police Dept. Elevator Rehab. 41,900 3.79% 1995 1/00
l DPW Sidewalk Program(96) 58,899 4.00% 1996 8/00
HVAC/Lighting City Bldg. 27,486 4.00% 1996 8/00
Reconstr. Cascadilla Bthse. 78,532 4.00% 1996 8/00
Wood St. Park Imp. 20,909 4.00% 1996 8/00
L
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LL
L
CITY OF ITHACA
NOTES TO FINANCIAL STATEMENTS
L (CONTINUED)
DECEMBER 31, 1999
I
Acq. of Sub. Parklands $ 539,352 4.00% 1996 8/00
Watershed Property Acq. 156,694 4.00% 1996 8/00
Mancini Property Acq. 33,484 4.00% 1996 8/00
Tennis Court Reconstr. 60,888 4.00% 1996 8/00
Cliff St. Parking Lot Acq. 76,175 4.00% 1996 8/00
West End Parking Lot 36,371 4.00% 1997 8/00
Cascadilla Boathouse Reconst. 141,853 4.00% 1997 8/00
Computer Acq. Building Dept. 22,272 4.00% 1997 8/00
West End Sculpture Project 37,721 4.00% 1997 8/00
Southside Comm.Ctr. Reconst. 297,915 4.00% 1997 8/00
Fire Dept.Training Ctr. Const. 43,703 4.00% 1997 8/00
Esty Street Sidewalks 32,734 4.00% 1997 8/00
Stewart Ave. Bridge Repair 116,072 4.00% 1997 8/00
l.. Copier Acquisitions 383 56,100 4.00% 1999 8/00
City Hall Renovations 381 500,000 4.00% 1999 8/00
Computer Upgrades Y2K 370 79,623 4.00% 1999 8/00
Electronic Truck Scales IPD 379 16,400 4.00% 1999 8/00
IPD Tahoe Vehicle Acq. 379 46,100 4.00% 1999 8/00
Parking Meters Acq. 377 52,200 4.00% 1999 8/00
L N. Cayuga St. Bridge Reconst. 382 745,000 4.00% 1999 8/00
Sewer System Imp.606 635,000 4.00% 1999 8/00
Computer Equip. Munis GUI 211 15,000 4.00% 1999 8/00
IFD Pumper Acq.Additional 356 340,000 4.00% 1999 8/00 j
L Elmira Rd. Study 4,000 5.35% 1995 2/00
Bridge Inspection 21,000 5.35% 1995 2/00
Computer Hardware 9,900 5.35% 1995 2/00
Fire Dept. Hose 16,000 5.35% 1995 2/00
L DPW Equipment 10,000 5.35% 1995 2/00
Parking Meters 33,100 5.35% 1995 2/00
Youth Bureau Van 6,000 5.35% 1995 2/00
Computer Work Hard/Software 62,500 4.50% 1997 1/02
Youth Bureau Van Acq. 14,000 4.50% 1997 1/02
DPW Tractor/Air Compressor 18,000 4.50% 1997 1/02
Fire Dept.Defibr. Equip.Acq. 31,000 4.50% 1997 1/02
Water Front Revitil. Project 13,000 4.50% 1997 1/02
GIS Monuments 33,000 4.50% 1997 1/02
Infrastruct. Planning&Design 23,000 4.50% 1997 1/02
L Bicycle Masterplan 42,500 4.50% 1997 1/02
Southwest Area Land Use 367 400,000 3.75% 1999 1/04
Parking Lot Security/Lights 296 210,000 3.75% 1999 1/04
IFD Air Equipment 338 12,000 3.75% 1999 1/04
Y2K Computer Acq. 370 230,000 3.75% 1999 1/04
Stewart Ave. Stabilization 289 32,000 3.75% 1999 1/04
j Telephone Upgrade Voice Mail 369 60,000 3.75% 1999 1/04
L
Total $19,005,260
i
I
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L
r
L
CITY OF ITHACA
NOTES TO FINANCIAL STATEMENTS
L (CONTINUED)
DECEMBER 31, 1999
L 3. Long-Term Debt
a. At December 31, 1999, the total outstanding indebtedness of the City of Ithaca aggregated
j $37,037,204. Of this amount, $30,595,787 was subject to the constitutional debt limit.
L b. Serial Bonds (and Capital Notes) -The City of Ithaca borrows money in order to acquire land
or equipment or construct buildings and improvements. This enables the cost of these capital
assets to be bome by the present and future taxpayers receiving the benefit of the capital
assets. These long-term liabilities, which are full faith and credit debt of the local government,
are recorded in the General Long-Term Debt Account Group. The provision to be made in
l.. future budgets for capital indebtedness represents the amount exclusive of interest, authorized
to be collected in future years from taxpayers and others for liquidation of the long-term
i
liabilities.
c. Other Long-Term Debt-In addition to the above long-term debt, the local government had the
following non-current liabilities:
I
L Due to Employees' Retirement System- Represents the non-current portion of the liability
to the various state retirement systems.
LCompensated Absences- Represents the unfunded value of the liability for compensated
absences.
L d. Summary Long-Term Debt-The following is a summary of long-term liabilities outstanding at
December 31, 1999 by fund type and account group:
General
L Long-Term
Debt Account Component
Liability Group Unit Total
Statutory Installment Bond $ 4,947,344 $ $ 4,947,344
Serial Bonds 11,620,816 1,463.784 13,084,600
Total Bonds 16,568,160 1,463,784 18,031,944
:.. Unbilled Retirement 549,614 549,614
Compensated Absences 1,099,605 1,099,605
L Total Long-Term Debt $ 18,217,379 $ 1,463,784 $ 19,681,163
i
i
L
>w.
-21 -
CITY OF ITHACA
NOTES TO FINANCIAL STATEMENTS
L. (CONTINUED)
DECEMBER 31. 1999
e. The following is a summary of changes in long-term liabilities for the period ended
December 31, 1999:
Bonds Unbilled Component Compensated
LPayable Retirement Unit Absences
Payable at Beginning of
Fiscal Year $ 17,553,521 $ 332,824 $1,628,784 $ 880,949
Additions 994,048 216,790 218,656
Deletions 1.979.409 165.000
Payable at End of
L Fiscal Year $ 16,568.160 $ 549.614 $1.463.784 $1,099.605
Additions and deletions to unbilled retirement are shown net since it is impractical to
determine these amounts separately.
BAN's redeemed during the year amounted to $1,781,265 of which $787,217 was
redeemed through current appropriations and$994,048 through issuance of Bonds.
6.
f. Long-Term Debt Maturity Schedule -The following is a statement of serial bonds and capital
notes with corresponding maturity schedules.
1" Original Final
Description Date Original Interest Maturity
By Fund Issued Amount Rate Date Outstanding
L General Fund
Youth Bureau Bldg. 1988 $1,437,940 6.875% 2006 $ 594,604
Dryden Rd. Land Acq. 1988 126,000 6.875% 2006 56,000
Dryden Rd. Parking Fac. 1988 1,793,860 6.875% 2006 809,118
College Ave. Reconstr. 1988 622,760 6.875% 2000 60,690
Green St. Parking Ramp 1988 72,000 6.875% 2000 6,720
j Seneca St. Parking Ramp 1988 846,570 6.875% 2006 317,478
State St. Reconstruction 1988 341,380 6.875% 2000 31,040
Cass Park 1991 91,650 6.400% 2005 42,650
Asbestos Removal 1991 144,900 6.400% 2009 88,150
i.. Telephone System 1991 45,000 6.400% 2000 6,000
Ind. Park Impr.-Streets 1991 331,205 6.400% 2005 152,000
i Thurston Avenue Bridge 1991 260,575 6.400% 2009 159,000
Hudson Street Reconstr. 1991 1,474,910 6.400% 2005 723,000
Fire Station Constr. 1991 2,170,815 6.400% 2009 1,289,440
Fire Station Reconstr. 1991 941,860 6.400% 2009 568,920
Stewart Avenue Bridge 1991 427,440 6.400% 2009 259,200
6' Court Fac. Constr. 1991 1,900,000 6.400% 2009 1,137,920
State St. Pedestrian Mall 1991 155,650 6.400% 2009 92,250
Youth Bureau Reconstr. 1991 78,660 6.400% 2009 47,800
j.., Fire Station Reconstr. 1991 82,600 6.400% 2009 50,200
City Hall HVAC System 1991 147,505 6.400% 2001 33,300 j
DPW Sidewalk Reconstr. 1991 88,510 6.400% 2001 19,970
DPW Street Sweeper 1991 87,400 6.400% 2006 44,000
6. Property Acquisition 1991 300,000 6.400% 2005 140,000
Employee Retirement 1992 890,000 6.90% 2005 490,000
I
L.
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L �
i
Vr
CITY OF ITHACA
NOTES TO FINANCIAL STATEMENTS
i. (CONTINUED)
DECEMBER 31, 1999
Various Street Reconstr. 1993 $ 675,000 3.95% 2001 $ 200,000
Stewart Ave. Bridge Paint 1993 315,000 3.95% 2001 108,000
Green St. Ramp 1994 720,000 4.10% 2005 540,000
L Various St. Reconst. 1995 886,000 5.70% 2006 555,000
Street&Rd. Const. (93) 1996 761,000 4.60% 2006 511,726
Fiber Optic Line 1996 118,000 4.60% 2006 88,151
L Highway Paver Acq. 1996 141,000 4.60% 2006 105,333
Fiber Optic Line 1996 55,000 4.60% 2006 41,088
Commons Improvements 1997 216,356 5.00% 2012 200,940
GIAC Reconstruction 1997 432,712 5.00% 2012 401,870
Reconstr. N. Cayuga Bridge 1997 40,511 5.00% 2012 37,640
Municipal Pool Construct. 1997 81,938 5.00% 2012 76,090
GIAC Reconstruction 1997 74,575 5.00% 2012 69,260
City Court Facility 1997 409,550 5.00% 2012 380,420
L- Alex Haley Pool Const. 1997 400,490 4.85% 2007 334,118
Court Facility Const. 1997 459,413 4.85% 2007 383,275
Daycare Center Reconst. 1997 109,410 4.85% 2007 91,278
L Golf Maint. Facil. Const. 1997 23,937 4.85% 2007 19,970
Street&Road Construction 1998 265,000 4.55% 2011 249,752
Fire Vehicle Acquisition 1998 700,940 4.55% 2011 660,605
Street and Road Construction 1999 312,031 4.05% 2012 312,031
DPW Land Acquisition 1999 320,784 4.05% 2012 320,784
Daycare Facility Improvements 1999 59,993 4.05% 2012 59,993
Parking Lot Improvements 1999 285,639 4.05% 2012 285,639
1.. Fire Station Reconstruction 1999 15,601 4.05% 2012 15,601
` Special Revenue Funds
L Water Supply&Dist. 1988 1,034,490 6.875% 2006 434,350
Ind. Park Impr. -Sewer 1991 41,400 6.375% 2009 24,600
Ind. Park Impr. -Water 1991 41,400 6.375% 2009 24,600
L Sewer Lines Reconstr. 1991 124,200 6.375% 2009 72,000
Sewer Cleaner Purchase 1991 131,120 6.375% 2009 75,000
Recycling Vhcle.Agc.(94) 1995 51,000 5.70% 2004 30,000
Garbage Truck Acq. 1995 63,000 5.70% 2004 35,000
,. Plan&Recon.Water Plant 1997 810,184 5.00% 2012 752,440
Recycling Vehicle Acq. 1997 39,204 5.00% 2012 36,370
Reconst.Watershed 1997 69,970 5.00% 2012 64,970
L Sewer System Improvements 1998 1,500,816 3.70% 2017 1,375,816
All Funds
LEmployee Retirement 1993 685,000 7.20% 2005 375.000
Total $16,568.160
L
I
l..
i
-23-
i
CITY OF ITHACA
NOTES TO FINANCIAL STATEMENTS
i. (CONTINUED)
DECEMBER 31. 1999
The following is a statement of serial bonds with corresponding maturity schedule for Joint Venture
L Debt:
Joint Venture
L Wastewater Treat. Plant 1986 $2,800,000 6.875% 2006 $ 1,150,000
Wastewater Treat. Plant Recons. 1988 343,784 3.70% 2017 313.784
L Total $ 1,463,784
The following is a summary of maturing debt service requirements for general obligation bonds and
L.. notes:
Bonds BAN's Total Total
Year Principal Interest Principal Interest Principal Interest
l— 2000 $ 1,946,141 $ 895,800 $19,005,260 $760,210 $20,951,401 $1,656,010
2001 1,884,125 786,366 -0- -0- 1,884,125 786,366
2002 1,754,566 678,510 -0- -0- 1,754,566 678,510
L„ 2003 1,784,680 575,393 -0- -0- 1,784,680 575,393
2004 1,810,499 470,611 -0- -0- 1,810,499 470,611
2005-2017 7,388.149 1,274,334 -0- -0- 7.388,149 1,274,334
L
$16,568.160 $4.681,014 $19.005,260 $760.210 $35.573,420 $5,441,224
The following is a summary of maturing debt service requirements for general obligation bonds for the
Joint Wastewater Treatment Venture. (Note 4)
L
Bonds
Year Principal Interest
2000 $ 163,784 $ 88,472
2001 165,000 77,622
2002 165,000 66,710
2003 190,000 54,922
2004 190,000 42,268
2005-2017 590,000 290.491
$ 1,463,784 $_620.485
ti..
Interest paid on short and long-term debt by the City for the year ended December 31, 1999 amounted
to $1,687,633. Interest paid on long-term debt by the component unit for the year ended December 31,
1999 amounted to$21,730.
C. Interfund Receivables and Payables
Interfund receivable and payable balances at December 31, 1999 are as follows:
Interfund Interfund
Fund To Receivables Payables
General $ 180,175 $
Solid Waste 29,097
Water 28,807
L: Sewer 34,352
Capital Projects 1,062,704
Debt Service 974,785
Total $ 1,154,960 $ 1,154,960
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i
CITY OF ITHACA
NOTES TO FINANCIAL STATEMENTS
L- (CONTINUED)
DECEMBER 31. 1999
L D. Fund Equity
1. -Reserves
L..
Fund equity includes Reserve Funds established for the following purposes:
Balance
1 Purpose End of Year
v
Capital Projects Fund
Capital Reserve:
L.. -Reserve for Improvements $4.265.288
Trust and Agency
y Reserve for Trusts:
�^ Expendable-Cemetery $ 1,392
Nonexpendable-Cemetery 49,278
Kiely Scholarship 10,809
1... Fireman's Relief Fund 101,629
Center for Expressive Arts 289
i Health Facility 93,357
Memorial Funds 3,790
ECHO 86,533
West End Trees 800
IFD Recognition Banquet 110
$_M7.987
Joint Activity
Capital Reserve:
-Reserve for Sewer Plant Improvements $1,356,959
LNote 4-Joint Ventures
The following is an activity undertaken jointly with other municipalities. This activity is included in the
general purpose financial statements of the City of Ithaca.
The City of Ithaca and Towns of Ithaca and Dryden jointly own the Wastewater Treatment Plant. The
venture operates under the terms of an agreement dated 1981. The agreement is for a period of 25 years.
Significant provisions of the agreement are as follows:
1. The boards of each municipality jointly act as the governing body for the joint venture.
I
2. Debt for capital cost is issued by each participant in the following ratios:
City of Ithaca 57.445%
L Town of Ithaca 41.574%
Town of Dryden .981%
Debt issued by the City of Ithaca for the joint venture is shown in Note 3-B-3-f.
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CITY OF ITHACA
NOTES TO FINANCIAL STATEMENTS
i (CONTINUED)
DECEMBER 31. 1999
L 3. The governing body has established charges at rates intended to be self-sustaining to cover all
operating costs and debt service. Any shortfall in revenues produced by such charges is to be
provided by equal share contributions from the participants.
I
The following is an audited summary of financial information included in the general purpose
financial statements issued for the joint venture:
V Balance Sheet Date: December 31, 1999
General Capital Fixed Long-Term
Fund Fund Assets Debt Total
L Total Assets $2,389,593 $1,549,429 $40,213,545 $1,463,784 $45,616,351
Total Liabilities 89,889 25,138 1,463,784 1,578,811
Investment in Fixed Assets 40,213,545 40,213,545
Joint Venture Equity 2,299,704 1,524,291 3,823,995
�-- Total Revenues-1999 1,565,658 243,775 1,809,433
Total Expenditures-1999 2,172,030 251,698 2,423,728
Note 5-Joint Venture
The following is the activity undertaken jointly with another municipality and a university. This activity is
excluded from the financial statements of the participating municipalities. Separate financial statements are
1" issued for this joint venture.
L The Tompkins Consolidated Area Transit(TCAT)was formed under a consolidation agreement between
the City of Ithaca, Tompkins County, and Cornell University effective April 1, 1998. The agreement shall
remain in force until October 9, 2021. TCAT began operations on January 1, 1999, with its purpose to
provide public transportation in Tompkins County and surrounding areas. Significant provisions of the
agreement are as follows:
1. TCAT is governed by a Board of Directors consisting of nine voting members with three members
being appointed by each participant in the venture. The General Manager of TCAT is a non-voting
ex-officio member of the Board. In addition, the nine voting members of the Board select five
additional non-voting, ex-officio members.
:.. 2. Interest of each party in surpluses, losses, property, and in debt acquired by TCAT shall be shared
equally.
L 3. Each party makes an annual contribution of equal amounts to the venture.
4. The financial statements of TCAT are to be audited annually. As of this report date, the audited
summary financial information for the joint venture as of December 31, 1999 is not available.
L..
Note 6—Contingencies
As described in Note 5, the City is a partner in TCAT, a joint venture, and shares equally in surpluses
or losses. The City may, in the future, be required to provide additional resources to finance its share of
any operating deficits of TCAT. However, that amount, if any, for the year ended December 31, 1999 is
undeterminable as of this report date.
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CITY OF ITHACA
j NOTES TO FINANCIAL STATEMENTS
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DECEMBER 31. 1999
L. Note 7- Other Changes in Fund Balance
The following is an explanation of other changes in fund balance occurring in the current fiscal year.
V
.. General Fund
The adjustment in the General Fund was in the amount of$1,166.The adjustment in the General Fund
is to correct a prior year posting error.
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CITY OF ITHACA
COMBINING BALANCE SHEET
SPECIAL REVENUE FUNDS ..
DECEMBER 31,1999
Water Fund Sewer Fund
ASSETS
Unrestricted Cash $ 298,028 $ 1,388,093 ..
Restricted Cash
Investments 1,477,260 538,800
Due from Other Funds
Due from State and Federal Governments
Due from Other Governments -
Other Receivables, Net 374,014 261,890
Inventories 218,600 30,042 ..
Total Assets $ 2,367,902 $ 2,218,825
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 57,575 $ 47,519 '"
Accrued Liabilities
Due to Other Funds 28,807 34,352
Due to Other Governments 12,000
Due to Employees' Retirement System
Other Liabilities
Overpayments 1,863 ..,
Deferred Revenues
Total Liabilities 88,245 93,871
FUND BALANCES
Fund Balances-Reserved
Reserved for Encumbrances 232,938 280,990
Reserved for Inventory and Supplies 218,600 30,042
Reserved for Unemployment Insurance
Reserved for Insurance 60,017 48,573
Total Reserved Fund Balances 511,555 359,605
Fund Balances-Unreserved
Appropriated-Ensuing Year's Budget
Unappropriated 1,768,102 1,765,349 ..
Total Unreserved Fund Balances 1,768,102 1,765,349
Total Fund Balances 2,279,657 2,124,954
Total Liabilities and Fund Balances $ 2,367,902 $ 2,218,825
See Independent Auditors' Report
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Solid Community
Waste Development Urban Renewal Total
28,247 $ 863,325 $ $ 2,577,693
L2,016,060
176,522 176,522
30,352 2,168,218 398,079 3,232,553
248,642
$ 58,599 $ 3,208,065 $ 3981079 $ 8,251,470
$ 28,984 $ $ $ 134,078
29,097 92,256
476 273,079 285,555
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14 1,877
2,168,218 2,168,218
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58,571 2,168,218 273,079 2,681,984
513,928
248,642 `
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2,382 110,972
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2,382 873,542
(2,354) 1,039,847 125,000 4,695,944
(2,354) 1,039,847 125,000 4,695,944
i- 28 1,039,847 125,000 5,569,486
! $ 581599 $ 3,208,065 $ 398,079 $ 8,2511470
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CITY OF ITHACA
COMBINING STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES
SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED DECEMBER 31,1999
Water Fund Sewer Fund
Budget Actual Budget Actual
REVENUES AND OTHER FINANCING SOURCES
Local Sources: 'r
Real Property Taxes $ $ $ $
Real Property Tax Items
Departmental Income 2,436,812 2,620,017 2,624,990 2,549,527 w..
Intergovernmental Charges 1,000 199,423
Use of Money and Property 40,000 77,113 55,000 65,598
Licenses and Permits
Fines and Forfeitures ..
Sale of Property and Compensation for Loss 38,532 40,905 54,298 56,516
Miscellaneous Local Sources
Interfund Revenues
State Aid
Federal Aid
Total Revenues 2,516,344 2,738,035 2,734,288 2,871,064 .�
Other Sources:
Interfund Transfers 65,000 65,000 60,000 60,000
Total Revenues and Other Sources 2,581,344 2,803,035 2,794,288 2,931,064 ..
EXPENDITURES AND OTHER FINANCING(USES)
Current: ..
General Governmental Support 59,795 47,359 102,646 37,607
Transportation
Culture and Recreation
Home and Community Services 1,700,241 1,385,018 2,001,278 1,613,621
Employee Benefits 325,129 285,015 264,605 234,971
Debt Service(Principal and Interest) 270,267 270,267 424,254 392,859
Total Expenditures 2,355,432 1,987,659 2,792,783 2,279,058
Other Financing(Uses):
Interfund Transfers 415,438 415,438 223,179 223,179
Total Expenditures and Other Financing Uses 2,770,870 2,403,097 3,015,962 2,502,237 too
Excess of(Expenditures)Revenues (189,526) 399,938 (221,674) 428,827
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Other Changes in Fund Balances
Appropriated Fund Balances 189,526 221,674
Net Increase(Decrease) $ -0- 399,938 $ -0- 428,827
Fund Balances, Beginning of Year 1,879,719 1,696,127 ..
Fund Balances, End of Year $ 2,279,657 $ 2,124,954
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See Independent Auditors'Report
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LCommunity Urban
Solid Waste Subtotal Development Renewal Total
Budget Actual Budget Actual Actual Actual Actual
L510,000 411,797 5,571,802 5,581,341 5,581,341
4,900 1,000 204,323 204,323
5,000 516 100,000 143,227 34,344 177,571
4,156 92,830 101,577 101,577
142,745 142,745
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1,816,684 1,816,684
515,000 421,369 5,765,632 6,030,468 1,993,773 8,024,241
16,000 16,000 141,000 141,000 141,000
i-' 531,000 437,369 5,906,632 6,171,468 1,993,773 8,165,241
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162,441 84,966 84,966
*� 416,720 337,129 4,118,239 3,335,768 1,864,200 5,199,968
74,372 62,060 664,106 582,046 582,046
L43,608 43,608 738,129 706,734 706,734
534,700 442,797 5,682,915 4,709,514 1,864,200 6,573,714
638,617 638,617 638,617
.• 534,700 442,797 6,321,532 5,348,131 1,864,200 7,212,331
(3,700) (5,428) (414,900) 823,337 129,573 952,910
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3,700 414,900 -0- -0-
$ -0- (5,428) $ -0- 823,337 129,573 952,910
5,456 3,581,302 910,274 125,000 4,616,576
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$ 28 $ 4,404,639 $ 1,039,847 $ 125,000 $ 5,569,486
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John H. Dietershagen,C.P.A.
L— John E. Little,C.P.A. Ciaschi • Dietersha en • Little • Mickelson LLP
Jerry E. Mickelson,C.P.A. g �
Thomas K.van Derzee,C.P.A. Certified Public Accountants and Consultants
i Debbie Conley Jordan, CRA.
Patrick S.Jordan,C.P.A.
Duane R.Shoen, C.P.A.
Frederick J. Ciaschi, C.P.A.
r_ Dennis G.Jones,C.P.A. (1958-1996)
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REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
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Common Council
City of Ithaca
Ithaca, New York
We have audited the general purpose financial statements of the City of Ithaca, as of and for the year ended
December 31, 1999, and have issued our report thereon dated July 14, 2000. We conducted our audit in
6" accordance with generally accepted auditing standards and the standards applicable to financial audits
contained in Government Auditing Standards, issued by the Comptroller General of the United States.
�-- Compliance
i As part of obtaining reasonable assurance about whether the City of Ithaca's general purpose financial
statements are free of material misstatement, we performed tests of its compliance with certain provisions of
laws, regulations, contracts, and grants, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. However, providing an opinion on compliance with those
provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of
our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing
Standards.
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L Internal Control Over Financial Reporting
In planning and performing our audit,we considered the City of Ithaca's internal control over financial reporting in
order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose
financial statements and not to provide assurance on the internal control over financial reporting. Our
consideration of the internal control over financial reporting would not necessarily disclose all matters in the
internal control over financial reporting that might be material weaknesses. A material weakness is a condition in
-- which the design or operation of one or more of the internal control components does not reduce to a relatively
low level the risk that misstatements in amounts that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period by employees in the normal course of
performing their assigned functions. We noted no matters involving the internal control over financial reporting
and its operation that we consider to be material weaknesses.
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CORTLAND ITHACA WATKINS GLEN
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18 Tompkins Street Suite 103, 118 Prospect Street 221 N. Franklin Street
Cortland, New York 13045 Ithaca, New York 14850 Watkins Glen, New York 14891
607-753-7439 607-272-4444 607-535-4443
�'' www.cdlm.com
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This report is intended solely for the information and use of the audit committee, management, federal awarding
agencies, and pass-through entities and is not intended to be and should not be used by anyone other than
these specified parties.
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July 14, 2000
Ithaca, New York
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John H. Dietershagen, C.P.A.
John E. Little, C.P.A. Ciaschi • Dietersha en • Little • Mickelson LLP
Jerry E. Mickelson,C.P.A. g �
Thomas K.Van Derzee,C.P.A. Certified Public Accountants and Consultants
Debbie Conley Jordan, C.P.A.
Patrick S.Jordan,C.P.A.
Duane R. Shoen, C.P.A.
Frederick J. Ciaschi, C.P.A.
Dennis G.Jones,C.P.A. (1958-1996)
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�- REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND
INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133
Common Council
City of Ithaca
Ithaca, New York
L Compliance
We have audited the compliance of the City of Ithaca with the types of compliance requirements described in the
U. S. Office of Management and Budget (OMB) Circular A-133 Compliance Supplement that are applicable to
each of its major federal programs for the year ended December 31, 1999. The City of Ithaca's major federal
programs are identified in the summary of auditors' results section of the accompanying Schedule of Findings
and Questioned Costs. Compliance with the requirements of laws, regulations, contracts, and grants applicable
` to each of its major federal programs is the responsibility of the City of Ithaca's management. Our responsibility
is to express an opinion on the City of Ithaca's compliance based on our audit.
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We conducted our audit of compliance in accordance with generally accepted auditing standards; the standards
applicable to financial.audits contained in Government Auditing Standards, issued by the Comptroller General of
the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations.
Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable
assurance about whether noncompliance with the types of compliance requirements referred to above that could
have a direct and material effect on a major federal program occurred. An audit includes examining, on a test
basis, evidence about the City of Ithaca's compliance with those requirements and performing such other
�— procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable
basis for our opinion. Our audit does not provide a legal determination on the City of Ithaca's compliance with
those requirements.
In our opinion, the City of Ithaca complied, in all material respects, with the requirements referred to above that
are applicable to each of its major federal programs for the year ended December 31, 1999.
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CORTLAND ITHACA WATKINS GLEN
18 Tompkins Street Suite 103, 118 Prospect Street 221 N. Franklin Street
Cortland, New York 13045 Ithaca, New York 14850 Watkins Glen, New York 14891
607-753-7439 607-272-4444 607-535-4443
�... www.cdlm.com
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Internal Control Over Compliance
The management of the City of Ithaca is responsible for establishing and maintaining effective internal control
over compliance with requirements of laws, regulations, contracts, and grants applicable to federal programs. In
planning and performing our audit, we considered the City of Ithaca's internal control over compliance with
�- requirements that could have a direct and material effect on a major federal program in order to determine our
auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal
control over compliance in accordance with OMB Circular A-133.
.. Our consideration of the internal control over compliance would not necessarily disclose all matters in the
internal control that might be material weaknesses. A material weakness is a condition in which the design or
L. operation of one or more of the internal control components does not reduce to a relatively low level the risk that
noncompliance with applicable requirements of laws, regulations, contracts, and grants that would be material in
relation to a major federal program being audited may occur and not be detected within a timely period by
j employees in the normal course of performing their assigned functions. We noted no matters involving the
i.. internal control over compliance and its operation that we consider to be a material weakness.
This report is intended solely for the information and use of the audit committee, management, federal awarding
L agencies, and pass-through entities and is not intended to be and should not be used by anyone other than
these specified parties.
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July 14, 2000
Ithaca, New York
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CITY OF ITHACA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED DECEMBER 31. 1999
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�- Federal Grantor/Pass-Through Federal Pass-Through
Grantor Program Title CFDA# Grantor No. Expenditures
U. S. Department of Housing
& Urban Development
Community Development
Block Grant-
L' Small Cities Program 14.219 N/A $1,704,469
U. S. Department of Housing
L,. & Urban Development
Community Development
Block Grant-
Program Income 14.219 N/A 112,215
Total Community Development Block Grant 1,816,684
U.S. Department of Transportation
Highway Planning and Construction 20.205 N/A 116,019
U.S. Department of Justice Public Safety
Partnership and Community Policing
Grants 16.710 N/A 98.059
Total Expenditures of Federal Awards $2.030.762
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See Independent Auditors Report and Notes
to Schedule of Expeditures of Federal Awards
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CITY OF ITHACA
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
DECEMBER 31. 1999
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L Note 1 - Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal
City '
awards programs administered by the C ty of Ithaca, an entity as defined in Note 1 to the City's general
purpose financial statements. Federal awards received directly from federal agencies, as well as federal
awards passed through from other government agencies, are included on the Schedule of Expenditures
L of Federal Awards.
Note 2- Basis of Accounting
�- The basis of accounting varies by federal program consistent with the underlying regulations
pertaining to each program.
LThe amounts reported as federal expenditures generally were obtained from the appropriate federal
financial reports for the applicable program and periods. The amounts reported in these federal financial
reports are prepared from records maintained for each program. These records are periodically
reconciled to the general ledger which is the source of the general purpose financial statements.
Note 3- Indirect Costs
1., Indirect costs are included in the reported expenditures to the extent they are included in the federal
financial reports used as the source for the data presented.
Note 4- Matching Costs
6
Matching costs, i.e., the City of Ithaca's share of certain program costs, are not included in the
reported expenditures.
Note 5- Program Income
LThe City of Ithaca received $112,215 in program income from their Community Development
Block Grant-Small Cities Program for the fiscal year ended December 31, 1999. The program income
is comprised of $87,536 and $24,679 in principal and interest payments on outstanding Community
Development Block Grant Loans. Program income is included as part of Federal Sources in the
Community Development Fund.
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LCITY OF ITHACA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
DECEMBER 31. 1999
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Section I- Summary of Auditors' Results
Financial Statements
Type of auditors' report issued: Unqualified
LInternal control over financial reporting:
Material weakness(es) identified? yes X no
�- Reportable condition(s) identified that
are not considered to be material weakness(es)? yes X none reported
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L Noncompliance material to financial statements
noted? yes X no
Federal Awards
Internal control over major programs:
�.. Material weakness(es) identified? yes X no
Reportable condition(s) identified that
L are not considered to be material weakness(es)? yes X none reported
Type of auditors'report issued on compliance
for major programs: Unqualified
Any audit findings disclosed that are required
to be reported in accordance with Section 510(a)
of Circular A-133? yes X no
Identification of major programs:
CFDA Numbers Name of Federal Program or Cluster
14.219 Community Development Block Grant -Small Cities
Dollar threshold used to distinguish between
type A and type B programs $300,000
` Auditee qualified as low-risk auditee: X yes no
Section II - Financial Statement Findings: None
Section III - Federal Award Findings and Questioned Costs: None
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