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Meeting Notes 3-22-2017
1 BUDGET COMMITTEE Meeting Notes - March 22, 2017 Committee present: Eric Levine - Chairman, Pat Leary, Pamela Bleiwas Staff present: Mike Solvig, Judy Drake Others present: Bill Goodman Meeting was called to order at: 12:04 p.m. AGENDA ITEMS: • Review and approve meeting notes from February 15, 2017. Committee members reviewed and approved the meeting notes from February 15, 2017. • Continue discussion on creation of Highway Townwide Fund for 2018 Budget. Chairman Levine discussed the inclusion of a Townwide Highway Fund for the 2018 Budget with the Town Board at the February Study Session. The board members were in favor of proceeding with creating this Fund, and the preliminary 2018 Ithaca Town Budget will be prepared to include the Townwide Highway Fund. This fund will include the Town’s expenditures for Snow Removal, including those Machinery and Employee Benefit expenses associated with snow removal activities, to be financed on a town- wide basis. Revenues will come primarily from the annual property tax levy. • Continue discussion on 2017 Bond Issue. The Town is scheduled to issue $2,400,000 in new long-term debt this year to finance the following listed projects included in the 2016 and 2017 Capital Improvement Programs: Trumansburg Water Tank Replacement $ 900,000 Park Lane Water Main Improvements 500,000 Sapsucker Woods Water Main Improvements 550,000 Christopher Circle Water Main Improvements 450,000 Mr. Solvig stated he would like to continue with Douglas Goodfriend of Orrick, Herrington & Sutcliffe as Bond Counsel, and John Shehadi of Fiscal Advisors & Marketing, Inc. as Bond Advisor. Total bond issuance costs are estimated at $33,500 as detailed on the schedule shown below: Amount Bond Attorney - Orrick, Herrington & Sutcliffe 11,500.00$ Bond Advisors - Fiscal Advisors & Marketing, Inc.8,500.00 Bond Rating - Moody's Investors Services 11,500.00 Printing & Mailing - Premier Printing Services 2,000.00 Total Estimated Bond Issuance Costs:33,500.00$ Estimated Bond Issuance Costs Based on actual expenditures for the 2016 projects and the awarded amounts of the contracts for the 2017 projects, the amount of the bonds we would need to issue this year would be reduced from $2,400,000 to $2,200,000, as shown below: 2 Amount Amount Amount Issuance Budgeted Authorized Bonded Costs Trumansburg Road Water Tank 900,000$ 900,000$ 710,000$ 11,192.94$ Park Lane Water Mains 500,000 500,000 500,000 7,882.35 Sapsucker Woods Water Mains 550,000 579,000 570,000 8,040.00 Christopher Circle Water Mains 450,000 422,000 420,000 6,384.71 Total - 2017 Bond Issue 2,400,000$ 2,401,000$ 2,200,000$ 33,500.00$ 2017 Bond Issue - Projects The estimated issuance costs of $33,500 represent 1.52% of the expected bond proceeds. • Review Long-Term Debt and Debt Service Projections. The Committee reviewed the Long-Term Debt and Debt Service Projection schedules for Fiscal Years 2018 through 2029. Future fiscal year debt projections include those capital projects identified in the Town’s Capital Improvement Plan (up to and including Fiscal Year 2021) to be financed by issuing new long-term debt, with the amount of the debt to be issued equal to the current estimated cost of the project. Interest rates, which have remained historically low over the past six years, have been projected to increase slowly over the next five years. Average interest rates for the Town’s 2011, 2013 and 2014 bond issues have all been slightly less than 3%. Interest rate for the 2015 bond issue was just over 2%. Total outstanding long-term debt increases from $11,858,000 at year-end in 2016 to $18,274,000 at year-end in 2021. Of this total, $1,122,000 is for facilities improvements, $2,422,000 is for highway improvements, and the remaining $14,730,000 for water infrastructure improvements. Total annual debt service payments (principal and interest) increase from $1,391,833 in 2016 to $2,255,000 in 2021. Of this total, $178,825 is for facilities improvements, $398,923 is for highway improvements, and the remaining $1,677,324 for water infrastructure improvements. • Other Items. - Bolton Point Water Sales to City: Mr. Goodman reported that Bolton Point’s water sales to the City during construction of the new water plant brought in an additional $500,000 in revenue. The Commission decided to use these surplus funds to advance refund the 2005 Joint Water Improvement Bonds, which carried an interest rate of 4.84%. - December 2016 Fire payment to City of Ithaca: Mr. Solvig reported that for the 2016 Year- End Report, he estimated the December 2016 fire contract payment to the City at $250,000. The Town recently received the December bill for $201,071. The 2016 ending fund balance for the Fire Protection Fund was almost $49,000 higher than previously reported. - Status of Town Audit: The auditors were on-site March 20 & 21 for preliminary field work, and will return the week of May 1 for field work. A date for the court audit has not yet been set. The meeting was adjourned at 12:43 p.m. TOWNOFITHACABUDGETCOMMIHEEWednesday,March15,2017-12:00pmTownHall-AuroraConferenceRoomAGENDA•ReviewandapprovemeetingnotesfromFebruary15,2017.•ContinuediscussiononcreationofHighwayTownwideFundfor2018Budget.•Continuediscussionon2017BondIssue.•ReviewofLong-TermDebtandDebtServiceprojections.•Otheritems.NextMeeting:Wednesday,April19,2017at12:00pm BUDGETCOMMIHEEDraftMeetingNotes-February15,2017Committeepresent:EricLevine-Chairman,PamelaBleiwasStaffpre5ent:MikeSolvig,JudyDrake,SueRitter(leftat12:29)Otherspresent:BillGoodman,TompkinsCountyA55essorJayFranklinMeetingwascalledtoorderat:12:05p.m.AGENDAITEMS:•Reviewandapprovemeetingnotes.TheCommitteereviewedandapprovedthedraftmeetingnotesfromJanuary18,2017.•DiscussRPTLSec.485-gInfrastructureExemption.Oneoftheimpedimentsfordevelopinghousingonalargescaleisthecarryingcost5ofholdingtheremaininglandthatcouldnotbeabsorbedintothemarketplace.Asasubdivisionisdeveloped.theinstallationofutilities(roads,water,sewer,electricity,etc.)increasesthevalueoftheland.Theresultingincreaseinthetaxableassessedvaluemeansincreasedpropertytaxespaidbythedeveloperontheunsoldlots.RealPropertyTaxLawSec.485-gallowsfora3-yearexemptioninthisincreasespreadoutamongsttheremaininglotsownedbythedeveloper,therebyreducingthecarryingcostsforthesubdivision.TompkinsCountyAssessorJayFranklininformedtheCommitteethatthislawhastobeadoptedseparatelybyeachtaxingdistrict.IftheTownadoptsthelaw,theexemptiononlyappliestotaxesleviedbytheTown,nottotaxesleviedbytheCountyorschooldistrict.Mr.Franklindistributedandexplainedasampleexemptioncalculation,notingthatadevelopermustapplytotheAssessorfortheexemption,theexemptionlastsforthreeyears,theexemptioncannotbeappliedretroactively,andoncealotissolditbecomesfullytaxable.AdoptingthislawhasnofinancialimplicationstotheTowninthesensethatitwillnotreducewhattheTowncollectsonitstaxlevy.Aswithanyexemption,theholderoftheexemptionwillpayalittleless,andeveryoneelsewillpayalittlemore.TheCommitteemembersagreedthatbyreducingthecosttothedeveloperyouencouragedevelopment,andwereinfavorofmovingthisonforconsiderationbytheTownBoard.•DiscussestablishingaHighwayTownwideFundforthe2018IthacaTownBudget.Historically,theTownhasaccountedforrevenuesandexpendituresforhighwaypurposes(repairs&improvements,machinery,snowremovalandmiscellaneous)throughaHighwayPart-TownFund,whichexcludestheVillageofCayugaHeights.Fortownswithvillages,HighwayLawSec.277requiresthatexpendituresforrepairs&improvementsbefinancedbytheareaoutsidethevillage.Expendituresformachinery,snowremovalandmiscellaneousmaybefinancedonatown-widebasis,unlessthetownboardelectstofinancetheseactivitiesbyonlytheareaoutsidethevillage.TheNVS-OSCAccountingandReportingManualstatesthat“atownwithavillagemustmaintaintwohighwayfunds,town-wideandpart-town”.1 Thecommitteereviewedanddiscussedthereportoncreatingatown-widehighwayfund.Thisreportsuggestedfinancingexpenditure5forSnowRemovalatown-widebasis,includingthoseMachineryandEmployeeBenefitexpensesassociatedwithsnowremovalactivities.Asshownonthescheduleonpage1ofthereport,thiswouldbe$447,540forSnowRemoval,$152,900forrelatedMachineryexpenses,and$124,357forEmployeeBenefits,atotalof$724,797thatwouldbefinancedonatown-widebasis.Thisrepresents23.1%oftotalexpendituresforhighwaypurposes,notincludingcapitalprojects.ThetwomajorrevenuesourcesforthecurrentHighwayPart-TownFundarethePropertyTaxLevyandSalesTaxCollections.Ifpropertytaxisusedtofinancethisfund,theeffectofmovingpartofthepropertytaxlevyfromthepart-towntaxbasetothelargertown-widetaxbasewillbetodecreasetaxesonpropertiesintheTown,andincreasetaxesonpropertiesintheVillage.Basedon2017taxyearassessmenttotals,ashiftof$250,000fromthepart-townlevytothetown-widelevywoulddecreasethepropertytaxbilltothetypicalpropertyintheTownbyapprox.$13.62,andincreasethepropertytaxbillonatypicalVillagepropertybyapprox.$58.52.ChairmanLevinecommentedthatthiswillreturnthepropertytaxlevytothewayitwasoriginallyintended.Priorto2010,theentirepropertytaxlevy’wasintheGeneralTownwideFund,apportionedoverthetown-widetaxbasewhichincludedtheVillageofCayugaHeights.In2010thepropertytaxlevywassplitbetweentheGeneralTownwideFundandtheHighwayPart-TownFundforwhatwere,andstillremain,goodreasons.However,anunintendedoutcomeofthisactionwasthatpartofthepropertytaxlevywasnowapportionedoverthesmallerpart-towntaxbase,excludingtheVillageofCayugaHeights.ThiswasnotadequatelyexplainedtotheTownBoardatthetimethechangewasimplemented,andonlyinthepastfewyearshavetheboardmemberscometofullyappreciatetheeffectsofthatchange.Mr.SolvigrequestedthatthisconceptbediscussedwithandadecisionmadebythefullTownBoardwellinadvanceofstartingthe2018budgetprocess,ifpossible-Thereisaconsiderableamountofworkwhichneedstobedoneto“weave”anewfundintothebudgetdocuments,andhewouldprefernottoinvestagreatdealoftimeinthisifthemajorityoftheTownBoardmemberswerenotinfavorofproceedinginthisdirection.DoesnotincludethepropertytaxleviesfortheFireProtectionFund,WaterFundandSewerFund.PreliminaryFinancialReportfortheYearEndedDecember31,2016.TheCommitteereviewedthepreliminaryFinancialReportfortheYearEndedDecember31,2016.Resultsweregenerallypositive,withfundbalanceincreasinginallfundsexcepttheCapitalProjectFundsandInletValleyCemeteryFund.Forallfunds,combinedexpendituresandotherusesof$21,912,596exceededcombinedrevenuesandothersourcesof$21,448,337.Ofcontinuingconcernisthatrevenuesfromsalestaxcollectionsdeclinedfromtheprioryear’stotalforthesecondyearinarow.Collectionshavefallenby4.2%fromthehistoricalhightotalof$3,135,084receivedin2014.Forthemajorfunds,resultsof2016operationswereasfollows:-GENERALTOwNWIDEFUND-Fundequityincreasedby$227,434,withrevenuesof$4,461,753exceedingexpendituresof$4,234,319.Endingfundbalancetotaled$3,722,879,whichincludesreservesof$726,866fortheParks,RecreationandOpenSpacePlanReserve,$169,306fortheGeneralBenefitReserve,$40,097forthePreserveMaintenanceReserve,and$10,018fortheLandStewardshipReserve.Theunreservedfundbalanceof$2,776,592represents56.7%of2017budgetedappropriations.2 -GENERALPART-TOWNFUND-Fundbalanceincreasedby$71,436asrevenuesof$1,421,807exceededexpendituresof$1,350,371.Totalexpensesweresignificantlyunderbudget,dueinlargeparttocontractualservicesbeingwellbelowbudget.Theendingfundbalanceof$942,030includes$59,979fortheGeneralBenefitReserve.Theunreservedfundbalanceof$882,051represents51.1%of2017budgetedappropriations.-HIGHWAYPART-TOWNFUND-Withrevenuesof$3,356,081exceedingexpendituresof$3,353,972,fundequityincreasedby$2,108.Revenueswerehigherthanexpected,helpedbyincreasedreceiptsforsaleofsurplusequipmentandstateaid(CHIPS).Endingfundbalanceof$1,827,327includes$62,516fortheHighwayEquipmentReserveand$88,480fortheGeneralBenefitReserve.Unreservedfundbalancetotals$1,676,331or46.0%of2017budgetedappropriations.-WATERFUND-Fundbalanceincreasedby$243,797asrevenuesof$4,254,104exceededexpenditurestotaling$4,010,307.Revenueswerehigherthanexpected,helpedbyincreasedreceiptsformeteredwatersalesasaresultofthedrysummer.Theendingfundbalanceof$2,575,525includes$17,863fortheGeneralBenefitReserve.Theunreservedfundbalanceof$2,629,976represents63.8%of2017budgetedappropriations.A-SEWERFUND-Withrevenuesof$2,713,467exceedingexpendituresof$2,645,537,fundbalanceincreasedby$67,930.Increasedrevenueswererealizedduetohigherthanbudgetedsewerrentreceipts.Theendingfundbalanceof$2,809,320includes$14,642fortheGeneralBenefitReserveand$1,307,910forSiCprojectsaccount.Theunreservedfundbalanceof$1,486,768represents51.7%of2017budgetedappropriations.-FIREPROTECTIONDISTRICTFUND-Withrevenuesof$3,609,065exceedingestimatedexpendituresof$3,465,987,fundequityincreasedby$143,078tototal$1,181,217atyear-end.Theyear-endfundbalancerepresents34.6%of2016budgetedappropriations.StaffiswaitingfortheDecemberfireprotectioninvoicefromtheCitybeforeclosingthebooksfor2016.Therearealsosomefinaladjustmentstobothrevenuesandexpendituresthatwillneedtobemade.Thereservefundsandaccountsareallinverygoodshapeasofyear-end,andwerereviewedbytheBudgetCommitteeattheJanuarymeeting.•Discuss2017BondIssue.TheTownisscheduledtoissuenewlong-termdebtthisyeartofinancewaterinfrastructureprojectsincludedinthe2016and2017CapitalImprovementPrograms.TheTrumansburgWaterTankwasconstructedin2016.MostoftheParkLaneWaterMainprojectwascompletedandputinservicein2016.TheSapsuckerWoodsWaterMainandChristopherCircleWaterMainprojectsareoutforbids,andwillbeconstructedthisyear.Weanticipateissuingapprox.$2,200,000innewdebtasdetailedonthefollowingschedule:..AmountAmountIssuance2016/2017CapitalProjectsAuthorizedBandedCostsTrumansburgRoadWaterTank$900,000$710,000$10,811ParkLaneWaterMains500,000500,0007,614SapsuckerWoodsWaterMains579,000570,0008,680ChristopherCircleWaterMains422,000420.0006,395Total-2016/2017CapitalProjects$2,401,000$2,200,000$33,500Theestimatedissuancecostsof$33,500represent1.5%oftheexpectedbondproceeds.3 EstimatedBondIssuanceCostsAmountBondAttorney-Orrick,Herrington&Sutcliffe$11,500.00BondAdvisors-FiscalAdvisors&Marketing,Inc.8500.00BondRating-Moody’sInvestorsServices11,500.00Printing&Mailing-PrerrierPrintingServices2000.00TotalEstimatedBondIssuanceCosts:$33,500.00Whileassumingthebondswillbeissuedfora15yearterm,Mr.SolvigalsowantedtoinformtheCommitteeofthefinancialimplicationsofa10yearterm.-15YEARMATURITY:Estimatedinterestrateatanaverageof2.65%overthe15yearlifeofthebonds.Theaverageannualdebtservicepaymentisapprox.$180,200.Totalinterestpaidoverthelifeofthebondsisestimatedat$502,000.Finalpaymentwouldbemadein2032.-10YEARMATURITY:Estimatedinterestrateatanaverageof2.15%overthe10yearlifeofthebonds.Theaverageannualdebtservicepaymentisapprox.$247,250.Totalinterestpaidoverthelifeofthebondsisestimatedat$271,000.Finalpaymentwouldbemadein2027.Mr.Levinecommentedthathewouldliketosavethe$231,000ininterestchargeswiththe10yearmaturity.Mr.Solvigrepliedthathecompletelyagrees,however,inadditiontotheadditional$67,000inprincipalpaymentseachyear,theTownwillalsobeissuing(atleast)another$2.5millioninnewbondsagainnextyeartofinancetheEllisHollowwatertank.Wedonothavetomakethisdecisionnow,butitdoesneedtobemadesoon.Mr.SolvigalsoinformedtheCommitteethattheTownwillcontinueusingOrrick,Herrington&SutcliffeLLPofNewYork(DouglasE.Goodfriend)asourBondCounsel,andFiscalAdvisorsandMarketing,Inc.ofSyracuse(JohnShehadi)asourBondAdvisor.•OtherItems.-EscrowAccountforSeries2014-ARefundingBonds:ThisescrowaccountattheBankofNewYorkMellonwasfinallyclosed.OnFebruary13,theTownreceivedacheckforthe$20.00balanceremainingintheaccountsinceMay2015.2017JusticeCourtAssistanceProgram(ICAP)Grant:TheTownreceivedacheckfromtheStateintheamountof$1,029.96forthe2017JCAPGrant.Thisyear’sgrantwillallowtheIthacaTownCourttopurchasecomputermonitorsandacamerasystemfortheTownHalllobby.-Auditof2016FinancialStatements:AuditorsfromSciarabbaWalker&Co.willbehereonMarch20&21forpreliminaryfieldwork.FieldworkisscheduledforthefirstweekofMay.NoschedulehasbeensetyetfortheCourtaudit.-Moody’sUpdate:Mr.GoodmansharedwiththeCommitteeacopyoftheannualupdatetotheTown’sprofilebyMoody’sInvestorsService.ThereportwillbeinthecorrespondencefolderatthenextTownBoardmeeting.-WaterBillAppeal:Mr.GoodmantoldtheCommitteeawatercustomerwithahighwaterbillhasaskedtoappealtheTownBoardforrelief.Mr.GoodmanexplainedthatforseveralyearsthecustomerdidnotreportactualwatermeterreadingstoBoltonPoint,butsimplyreportedthesameusageeachquarter.Whentheoldmeterwasrecentlyreplacedwiththenewautomatedreportingmeter,itwasfoundtherewasconsiderableunreportedusageontheold4 meter.Thecustomerstatesthatashehasbeenpayingaminimumbilleachquarter,thatusageshouldbedeductedfromthecurrentbill.BoltonPointhasdeclinedtoadjustthebillbasedonthatargumentas,withoutanyactualreadingstouseaspointsofreference,it’simpossibletoknowiftheunreportedusagewasgradualovertime,orcamelargelyatoneortwopointsintime.Afterdiscussion,itwastheconsensusoftheCommitteethatthiswasaself-createdhardshipbythecustomerwhenhedidnottakethetimetorecordandsendintheactualreadings.TheCommitteedeclinedtoforwardtheappealtothefullTownBoard.-ChangeinMaymeetingdate:Mr.SolvigaskedtheCommitteeiftheMaymeetingdatecouldbemovedfromMay17.TheCommitteeagreedtomovetheMaymeetingtoMay10.Themeetingwasadjournedat1:28p.m.NextMeeting:Wednesday,March15,2017at12:00pm,TownHall-AuroraRoom5 TOWNOFITHACACOMPARISONOFCURRENTDBHIGHWAYFUNDWITHPROPOSEDDA/DBHIGHWAYFUNDSCurrentDBHighwayPart-TownFund:WithPropo5edDAHighwayTown-wideFund:DESCRIPTIONDBFUNDDESCRIPTIONDAFUNDDEFUNDTOTALREVENUEREVENUEREALPROPERTYTAXES$1250,000REALPROPERTYTAXES$250,000$1,000,000$1,250,000SALESTAXCOLLECTONS1,955,000SALESTAXCOLLECTONS464,0001,491,0001,955,000SNOW&ICERMVL-CNfl’10,000SNOW&ICERrvt&-CNfl10,000-10,000INTEREST2,500INTEREST7501,7502,500SALEOFEQUIPMENT25,000SALEOFEQUIPMENT-25,00025,000OTHER-OTHER---STATEAID-CHIPS74,000STATEAID-CHIPS-74,00074,000BONDPROCEEDS200,000BONDPROCEEDS-200,000200,000TOTALREVENUE$3,516,500TOTALREVENUE$724,750$2,791,750$3,516,500EXPENSEEXPENSEGENERALGOVERNMENT$75,550GENERALGOVERNMENT$-$75,550$75,550TRANSPORTATIONTRANSPORTATION-GENERALREPAiRS$521,320-GENERALREPAIRS$-$521,320$521,320-PERMANENTREPAIRS960,300-PERMANENTREPAIRS-960,300960,300-MRCHINERY641,350-MCHINERY152,900488,450641.350-BRUSH&WEEDS263,570-BRUSH&WEEDS-263,570263,570-SNOWREftCVAL447.540-SNOWREMDVAL447,540-447,540TOTALTRANSPORTATION$2,834,080TOTALTRANSPORTATION$600,440$2,233,640$2,834,080EPaOYEEBENEFITSEMPLOYEEBENEFITS-NYSRETIREMENT$143,500-NYSRETIREMENTS32,431$111,069S143,500-HEALTHINSURANCE235,000-HEALTHINSURANCE53,110181,890235,000-OTHERBENEFITS171,750-OTHERBENEFITS38.816132,934171,750TOTALBENEFITS$550,250TOTALBENEFITS$124,357$425,893$550,250TRANSFERSTOOTHRFNDSTRANSFERSTOOTHRFNDS-GENERALFUND$118,800.GENERALFUNDS-$118,800$118,800-RISKRETENTONFUND3,200RISKRETENTONFUND-3,2003,200.DEBTSERViCEFUND259,425.DEBTSERViCEFUND-259,425259.425TOTALTRANSFERS-OUT$381,425TOTALTRANSFERS-OUTS-$381,425$381,425TOTALEXPENSE$3841,305TOTALEXPENSE$724,797S3,116,50863,841,305Historically,theTownhasaccountedforrevenuesandexpendituresforhighwaypurposes(repairs&improvements,machinery,snowremovalandmiscellaneous)throughaHighwayPart-TownFund,whichexcludestheVillageofCayugaHeights.Fortown5withvillages,HighwayLawSec.277requiresthatexpendituresforrepairs&improvementsbefinancedbytheareaoutsidethevillage.Expendituresformachinery,snowremovalandmiscellaneousmaybefinancedonatown-widebasis,unlessthetownboardelectstofinancetheseactivitiesbyonlytheareaoutsidethevillage.TheNVS-OSCAccountingandReportingManualstatesthat“atownwithavillagemustmaintaintwohighwayfunds,town-wideandpart-town”.6 IftheTownBoardweretodecidetobeginfinancingpartofourhighwayexpendituresonatown-widebasis,theBoardwouldneedtoidentifythoseactivitiestobeincluded.TheTown’scurrentactivitiesthatcouldbefinancedonatown-widebasisinclude:•GeneralGovernmentalexpenditures,budgetedat$75,500in2017.•Transportationexpendituresotherthanrepairs&improvements:-Machinery,budgetedat$641,350.-Brush&Weeds,budgetedat$263,570.-SnowRemoval,budgetedat$447,540.•EmployeeBenefits,budgetedat$550,250in2017.•TransferstoOtherFunds,budgetedat$381,425.Afterreviewingtheseactivities,itseemsreasonablethatexpendituresforSnowRemovalbefinancedonatown-widebasis,includingthoseMachineryandEmployeeBenefitexpensesassociatedwithsnowremovalactivities.Asshownonthescheduleonpage1,thiswouldbe$447,540forSnowRemoval,$152,900forrelatedMachineryexpenses,and$124,357forEmployeeBenefits,atotalof$724,797thatwouldbefinancedonatown-widebasis.Thisrepresents23.1%oftotalexpendituresforhighwaypurposes,notincludingcapitalprojects.TheTownBoardwillalsoneedtodecidewhichrevenue,ormixofrevenues,willbeusedtofinancethisfund.ThetwomajorrevenuesourcesforthecurrentHighwayPart-TownFundarethePropertyTaxLevyandSalesTaxCollections.Ifpropertytaxisusedtofinancethisfund,theeffectofmovingpartofthepropertytaxlevyfromthepart-towntaxbasetothelargertown-widetaxbasewillbetodecreasetaxesonpropertiesintheTown,andincreasetaxesonpropertiesintheVillage.Ashiftof$250,000fromthepart-townlevytothetown-widelevywouldhavethefollowingeffects:•TownofIthaca:ThetaxableassessedvaluationoftheTownofIthacais$1,409,739,322.Thetypicalpropertyisasingle-familyresidencewithanassessedvalueof$190,000.ForthistypicalTownproperty,propertytaxespaidin2017are$1,315inCountytaxandfees,$1,400inTowntaxandfees,and$3,450inSchoolDistricttax;atotalof$6,165.Theshiftof$250,000fromthepart-townlevytothetown-widelevywoulddecreasepropertytaxbyapprox.$13.62.•VillageofCayugaHeights:TaxableassessedvaluationoftheVillageofCayugaHeightsis$405,855,741.Thetypicalpropertyisasingle-familyresidencewithanassessedvalueof$330,000.ForthistypicalVillageproperty,propertytaxespaidin2017are$2,240inCountytaxandfees,$715inTowntax,$2,132inVillagetax,and$5,993inSchoolDistricttax;atotalof$11,080.Theshiftof$250,000fromthepart-townlevytothetown-widelevywouldincreasepropertytaxonatypicalVillagepropertybyapprox.$58.52.Thisisanincreaseof8.8%intheTowntax,anda0.5%increaseintotalannualtaxespaid.7 TOWN OF ITHACA OUTSTANDING LONG-TEflM DEBT 201B BUDGET I FUNDIBOND ISsUE 2016 2017 2010 2019 2020 2021 I 2022 2023 ]2024 2025 2028 2027 2028 2029 GENERALFUND I PUBLIC IMPROVEMENT BOND -2003 72000 0 ------------ PUBLIC IMPROVEMENT BOND -2011 150,000 120000 90000 60,000 30,000 0 ------- Pusuc IMPROVEMENT BOND -2013 594,000 522.000 448.000 366,000 284.000 192,000 96,000 0 -I -----PUBUC IMPROVEMENT BOND -2017 ----------- PUBUCIMPIWVEMEMTBDND-2019 --.I 400,000 365,000 330.000 295,000 255.000 215,000 175,000 135.900 90,000 45.000 0 PUBUC IMPROVEMENT BOND -2021 ---.-600,000 545,000 490,000 435,375,000 315,000 255,000 195,000 130,000 TOTAL-GENERAL FUND 816,000;642,000’538,000 826,000 679,000 1,122,000 936,000 745,000 650,000 550,000 450,000 345,000 240,000 130,000 HIGHWAY FUND PUBUC IMPROVEMENT BOND -2011 175,000 140,000 105.000 70,000 35.000 0 ..---- PUBUC IMPROVEMENT BOND -2013 992,000 891,000 782,000 672,000 567,000 469,000 372,000 275,000 220,000 165,000 110,000 55,000 0 PUBLIC IMPROVEMENT BOND -2014 829,000 767,000 703,000 637,000 570.000 502,000 432,000 361,000 284.000 230,000 175,000 119.000 60,000 0 Pusuc IMPROVEMENT BOND -2015 754,000 708,000 661 .000 612,000 563,000 513,000 461,000 408,000 354,000 298,000 241,000 183,000 123,000 62,000 PUBLIC IMPROVEMENT BOND -2016 .------------- Pusuc IMPROVEMENT BOND-2017 ----- -!--------Punuc IMPRoVEMENT BOND -2015 ------------- Pusuc IMPROVEMENT BOND -2019 ----.-----.- Pusuc IMPROVEMENT BOND -2020 ----1,000,000 938,000 876,000 814,000 752,000 590,000 623.000 556,000 489,000 422,000 PUBUC IMPROVEMENT BOND -2021 --,------------ TOTAL-HIGHWAY FUND 2,750,000 2,506,000 2,251,000 1,691,000 2,795,000 2,423,000 2,141,000 1458,000 1,610,000 1,383,000 1,149,000 913,000 672,000 484000 WATER FUND PUBLIC IMPROVEMENT BOND -2004-A 201,000 134,000 67,000 0 ------- -!-- PUBLIC IMPROVEMENT BOND -2004-B Refunded -- -!--------- PUBLIC IMPROVEMENT BOND -2009 660,000 585,000 510,000 430,000 350,000 265,000 180,000 90,000 0 ----- PUBLIC IMPROVEMENT BOND -2011 1,645,000 1,565,000 1,480,000 1.390.000 1,300,000 1,205,000 1,100,000 990,000 880.000 765,000 650.000 530.000 405,000 275,000 PUBLIC IMPROVEMENT BOND -2013 1.154,000 1.052,000 945,000 827,000 704,000 584,000 467,000 350,000 280,000 210,000 140.000 70,000 0 - 2004-B RERJNDINO BOND -2014-A 790,000 685,000 580.000 480,000 380,000 280,000 185,000 90,000 0 ----- PUBLIC IMPROVEMENT BOND -2014-B 1,816,000 1,698,000 1,517,000 1453,000 1325,000 1,193,000 1,058,000 919,000 176,000 630,000 480,000 326,000 165.000 0 PUBLIc IMPROVEMENT BOND-2015 2.026.000 1,902,000 1,174,000 1.643.000 1,512,000 1.317,000 1,239,000 1,097,000 951,000 802.000 649,000 492,000 332.000 168,000 PUBLIC IMPROVEMENT BOND-2016 -------------- PUBUC IMPROVEMENT BOND -2017 -2,125,000 1,992,090 1.059,000 1,726,000 1,588.000 1,450,000 1.308,000 1.166,000 1024,000 882,000 740,000 598,000 451,000 PUBUC IMPROVEMENT BOND -2016 --2,500,000 2,342,000 2,184,000 2,022,000 1.860,000 1,698,000 1,531,000 1364,000 1,197,000 1,030,000 863,000 691,000 PUBUCIMPROVEMENT BONO-2019 !---2,200,000 2,062,000 1,924,000 1,782,000 1.640.000 1,498,000 1,351.000 1,204,000 1,057,000 910,000 763.000 PUBLIC IMPROVEMENT BOND -2020 ----2,500,000 2,342,000 2,184,000 2,022.000 1.860,000 1,698,000 1,531 .000 1,364,000 1,197,000 1,030,000 PUBLIC IMPROVEMENT BOND -2021 -- -!-I -1,950,000 1,830,000 1,710,000 1,590,000 1,465,000 1,340,000 1.215.000 1,085,000 955,000 TOTAL-WATER FUND 8,292,000 9745,000 11,425,000!12,624,000j 14,043,000 14,730,000!13,335,000,11,914,000 10,532,000 9,309,000 8,073,000 6,024,000 5,555,000 4,333,000 .__________I I TOTAL-LONG-TERM DEBT 11,168,000 12,894,000 j 14,214,000 15,441,000 I 17,457,000 I 10314,000 I 16,412,000 14,517,000 12,Th2,000 11342,000,0,672,000.8,082,000 6,467,000 4,647,000 Ioaeese (Decre**e)from Prior Ynn *(t058,00S)fr 1,036,000 1,320,000 I 1,237,000 1 2.016,000 617,000 (1,862,000)j (1,855,000)1 (1,725,000)!(1,550,000)(1,570M00)j (1,590,000)!(1,615,000)1 (1,520,000)1 TOWN OF ITHACA OUTSTANDING LONG-TERM DEBT 2018 BUDGET FUND!BOND IssuE 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 GENERAL FUND PUBLIC IMPROVEMENT BOND -2003 72,000 0 ----------- PuBuc IMPROVEMENT BOND -2011 150,000 120000 90,000 60,000 30,000 0 -------- PUBUC IMPROVEMENT BOND -2013 Town Hall Parking Lot Improvements 104,000 92.000 78,000 64,000 50,000 36,000 18,000 0 --.---Salt Storage Buildi00 Replacement 490.000 430,000 370.000 302.000 234.000 I 156.000 78.000 0 -.I -F --PUBLIC II.RDVEMENT BOND -2013 594.000 522,448,000 366000 284,000 192,000 96,000 0 -i ----- Puauc IMpRoVEMENT Boiio -2018 PublicWorksFoelSlalionlnwmvemenls -----I -------I ‘-PUBLIC IMPROVEMENT fOND -2018 -------------- Puouc IMPROVEMENT BoNg -2019 PttlicworksTwckWashBay .--400,000 365,000 330,000 295,000 255.000 215,000 175,000 135.000!90.000!45,000 0PUBLICIMPROvEMENTBOND’2019 ‘--400,090 365,000 330,000 295,000 255,000 215.000 175,000 135.000 90.000 45,000 D P0BUC IMPROVEMENT BOND -2021 Public WDIICS Admin.Office Addition -----600,000 545,000 490,000 435,000 375,000 i 315,000 255.000 195,000 130,000PUBLICIMPROVEMENTBOND-2021 ‘ -- .600,000 545,000 490.000 435,000 375,000 315,000 255000 195,000 130,000 TOTAL -GENERAL FUND 816000 642,000 538,000 I 826,000 j 679,000 1,122,000 936,000 745,000 650,000 550,000 450,000 345,000 240,000 I 130.000 Increase(Dect-ease)fromPriorvear (169,000)(174,000)(104,000)]288,000 (147,000)443,000 I (186,000)(191.000)(95,000)(100,000)(100,000).(105.000).(105,000)1 (110,000)1 HIGHWAY FUND Puouc IMPROVEMENT BOND -2011 175,000 140,000 105.000 70.000 35,000 0 -------- Pueuc IMPROVEMENT Boio -2013 Hanis B.Dates Drive Improvements 180,000 160,000 135.000 110,000 85,000 60,000 30,000 0 -----Wtueta1 Drive Irrçmvenens 622,566,000 507,000 447,000 392,000 349,000 312.000 275,000 220,000 165,000 110,000 55,000 0 -Forest Home O’wB Impriements 190,000 165,000 140.000 115,000 i 90,000 60,000 30,000 0 -.--.-PUBLIC IMPROVEMENT BOND’2013 992,000 891.000 !702,000 672,000 567.000 469,000 372,000 275.000 220,000 165,000 110,000 55,000 0 - Puouc IMPROVEMENT BOND -2014 I Sand Bank Road Improvements 665,000 622,000 570,000 532,000 485,000 437,000 367,000 336,000 284,000 230,000 175,000 1 19,000 60,000 0 IWinnersCircleImprovements164,000.145,000 125.000 105.000 85,000 65,000 45.000 25.000 0 ---.-.-PUBLIC IMPROVEMENT BOND -2014 829.000 767,000 I 703.000 637,000 570.000 502,000 432,000 I 361.000 284,000 230,000 175.000 119,000 60,000 0 PUBUC IMPROVEMENT BOND -2015 2015 Road Improvements Program 754,000 708,000,661.000 612,000 563,000 513,000 461.000 408,000 354,000 290.000 241,000 183.000 L 123,000 62,000puBlicIMPRovEMENTBOND-2015 754,000 708,000 661,000 612,000 563,000 513,000 461000 408,000 354,000 298,000 241,000 183,000 123,000 62,000 Poatic IMPROVEMENT BONDS 2017 2017 Road Inproven*nla Program --,------.-----.-PUBLICIMPROVEMENTBDNIfl2OI7 - ------.---Puauc IMPROVEMENT BONDS 2018 . 2olofloadlmpcovementsProwwn -I ----I -I -,----i --PUBLICIUPBOWMENTBDND-2018 ---.:-]-i -L -i -1 -.--- Puouc IMPROVEMENT BOND -2019 r !I 2019 Road Improvements Program .----.--I -i ----PUBUCIMPROVEMENTBOND-2019 -------- PUBUC IMPROVEMENT BOND -2020 2020 Road Improvements Program ----1,000,000 938,000 876,000 614,000 752,000 690,000 623,000 556,000 489,000 422.000PUBLICIMPROVEMENTBOND-2020 -.--1.000,000 938,000 876,000 814.000 752,000 690,000 623,000 556,000 489,000 422,000 PUBLIC IMPROVEMENT BOND -2021 2021 Road lmpsovenwIs Progian,---------PUBLIC IMPROVEMENT BOND -2021 ------------ TOTAL-HIGHWAY FUND 2,750,000 2,506,000 2,251,000 1,991.000 2,735,000 2A22,000 2,141,000 1,858,000 1,610,000 1,383,000 1,149.000 913,000 672.0001 484,000 Increase (Decrease)from Prior Year (226,000)(244,000)(255,000)(260,000)744.000 (313,000).(281,000)(283,000)(248,000)(227,000)(234.000)(236,000)(241,000)1 (186.000)! 2 TOWN OF ITHACA OUTSTANDING LONG-TERM DEBT 2010 BUDGET 2016 2017 2018 2819 j 2020 2021 2022 2023 2024 2025 I I !Efl27 2025 2029 WATER FUND PUBLIC IMPROVEMENT BOND -2004-A 201,000 134,000 67,000 0 --.------- Pueuc IMPROVEMENT BOND -2004-B Relunded -------- -I --- Punuc IMPRDVEMENT BOND -2009 660,000 585,000 510,000 430,000 350,000 265,000 180,000 90,000 0 ----- PUBUC IMPROVEMENT BOND -2011 1,645,000 1.565.000 1,480,000 1,390,000 1,300,000 1,205,000 1,100000 990,000 880,000 765,000 650,000 530,000 405.000 275,000 Puouc IMPROVEMENT BOND -2013 Norlhyiaw Road Waler Tank Replacement 405,000 375.000 345,000 315,000 280,000 245,000 210,000 175,000 140,000 105,000 70.000 35,000 0 -Danby Road Waler Tank Replacemenl 424,000 389,000 352.000 315,000 278,000 243,000 209,000 175.000 140,000 105,000 70,000 35,000 0 -Danby Road Waler Main Improvemenls 325.000 288.000 248,000 197,000 146,000 96.000 48,000 0 -.-.--PUBLIC IMPRDVEMENr BOND -2013 1,154,000 1,052.000 945,009 827,000 704,000 584.000 467,000 350,000 280,000 .210,000 140,000 70,000 0 I - 2004-B REFUNDING 00140-2014-A 790.000 685,090 580,000 480,000 380000 280.000 185,000 90,900 0 ----- PuBlic IMPROVEMENT BOND -2014-B Quislophei CilcIe Waler Tank Replacement 754.090 705,000 655,000 603,000 550.000 495,000 439.000 381,000 322,000 261 .000 199,000 135,000 68,000 0 Coddngloa flaadWalerMaiilmp.-Ph.I 1,062,000 993,000 922,000 850,000 775,000 698,090 619.090 538,000 454,000 369,000 281,000 191.000 97,900 0PuBLICIMPPOVEMENT8C+,v -2014-B 1.816,000 1,698,900 1.577,000 1.453,000 1,325,000 1.193,900 1,058,000 919,000 776.000 630.000 480,000 326,000 165,0 PUBLIC IMPROVEMENT BOND -2015 SapsuckelWoOdaWalerTankReplacemenl 1,413.000 1,326,000 1,237,000 1,146,000 1,D55,000 961,000 065,000 766,000 664,000 560000 453,000 343,000 231,000 117,000CoddinglonRoadWalerMainImp.-Ph.2 613,000 576,000 537,000 497,000 457,000 416,000 ,374,000 331.000 207M00 242,000 196,000 149,000 101,000 51.000PUBLICIMPROVEMENTBOND-2015 2,026,000 1,902,000 1.774,000 1,643,000 I 51 2,000 1,377,000 1,239,000 1,097,000 951,000 802,000 649,000 492,000 332.000 160,000 PUBLIC IMPROVEMENT BOND -2017 Tnimansbu,g Water Tank Replacement -710,000 665,328 620.906 576.484 530,392 404,300 436,072 389,444 342,016 294,588 247.160 199,732 150,634PadcLanawaterMainImprovemenla-I 500.000 468,120 436,865 405,610 373,100 340,750 307,380 274.010 240,640 207,270 173,900 140.530 105,905SapauckerWoodaWaterMainImprovmnla-510,000 478,080 446,160 414,240 381,120 340,000 313,920 279,840 245,760 211.680 177,600 143,520 108,240ChriatopherCircleWalerMainImprovmata-405.000 380,472 355,069 329.666 303,308 276,950 249.828 222,706 195.584 168,462 141,340 114,210 86,141PUBLICIMPROVEMENTBOND-2017 -I 2,125,000 1.992,000 1,859,000 1,726,00D 1.580.000 1.450,000 1,308.000 1.166,000 1,024.000 882,000 740,000 598.000 451,000 Puouc IMPROVEMENT BOND -2016 ET Hcl’vi Water TaM Constnjclion --2,500,000 2,342,000 2,104,000 2,022.000 1660,000 1.698,000 1.531.000 1.364,000 1.197,000 1.030,000 863,000 691,000nJ&IC IMPROVEMEUT BD-?0l8 --2,590,2342.000 2,184,000 2.022,000 1,860,000 1,698,1,531,000 1,364,090 1,197.000 1,030,000 863.000 691,000 PuBuc IMPROVEMENT BoNn -2019 East NO Waler System tnovnmenls dill Street Waler System Improvemenls Muriel Street Water Mah Improvements PUBLIC IMPROVEMENT BC-PU -2019 - -575,000 539,007 502,934 465.815 428,696 391.577 353.151 314,726 276,300 237,874 199,448 - -1,000,000 937,179 874,458 809,919 745.380 660.841 614.03D 547,210 480,407 413.595 346,784 - -625,000 505.014 546.608 590266 465,924 425.582 383.819 342.056 300,294 258.531 216.768 -2,200,000 2062,000 1,924.000 1,782,000 1,640,090 1,498.000 1,351,000 1,204,000 1057,000 910.000 763,090 PUBLIC IMPROVEMENT BOND -2020 0udeigWConcord.exinglonWaIerMains ----750,000 702,600 655,200 606,600 550,000 509.400 459.300 409,200 359,100 309,000SaIeInWinstortinstonCI.Waler Mains ----I 850,000 796,280 742,560 687,480 632,400 577,320 520.540 463.760 406,980 350,200PineTreeRoadWaterTankReplacement----900,000 843.1 20 706,240 727,920 660,600 611,28D 551 .160 491 .040 430,920 370,000PUBLICIMPROVEMENTBONn-2020 - -I - -2,500,000 2,342,D00 2,104,DOD 2,022,000 1,860,000 1,698,000 1,531.000 1,364,000 1 ,197.DDO 1,030,000 PUBLIC IMPROVEMENT BOND -2021 RenwickAreaWaterMainlmpmvements ---.-750,000 703,018 657,666 611.514 563,439 515,364 467.209 417,291 367,293WinlhropOr.Waler Main Improvements ----I 600.000 563,091 526,167 489.243 450,781 412,318 373.856 333,855 293,054Braadp4neWaterMainImprovements- -I -‘ -250,000 234,606 219222 203.838 187,813 171.788 155,763 139,097 122,431SirosburyWaterMainImprovements----.i 350.000 320,485 i 306,945 285,405 262.968 240,530 218,093 194,750 171.423PUBLICIMPROVEMENTBOND-2021 ---- -I 1,950,000 1,030,000 1,710,000 1,590000 1,465.000 1,340,000 1 .21 5,000 1,085,000 955,000 I IOTALWATER FUND 8,292,000 9,748,000 11AJfl I 12,624,0CC:14,043,000 I 14730,000 13,335,000 11.914.000.10,532,000 9.309,000.8.073,000 6.824.000 5.585.000 I 4333,000. I Increaso (Deaeasa)Irons Prior Year .(683,000)1,454.000 I tjn9.00Qsh 1,199,000 i 1,419,000 I 687,000 (1,395,000)!(1,421,000);(1,382,000)i (1fl3,000)i 11238.000);(1249,000)(1,89,000)1 (1,222,090)1 i I JDTR-LOG-ThRhI DEBT I 11.151,0*4 12,894,011 b4214$Il*15.441,000 I 17,457,000.18,274,000;16,412,01*I 14.517*00 I 12,792,000 11342,000 9,072,000 8,082,000 6,467,000 4,947,000 I ho,,...(D.a.a.e)from PrirY,.e !Ø(1,861,100H 1,036,000 I aU*Op 1,227,000 2,016,000 817,000 j (1,662,000)j (1,195,000){(1,725,000fl (1,550,000)1 (1,570,000)j (1,890,000)!(1,615,000)1 (I,520,000)j 3 TOWNOFITHACACONSTITUTIONALDEBTLIMIT2018BUDGETCONSTITUTIONALDEBTLIMIT2016201720182019j20202021CALCULATIONOFCONSTITUTIONALDEBTLIMIT:AssessedValuationofTaxableRealProperty:Year1-AssessedFullValuation$1281218,066$129499838051.323,741,670$1,366,007,677$1,409,739,32251.452,031502Year2-AssessedFullValuation1,294,998,3801,323,741,6701,366,007,6771409,739,3221.452031.5021488,332,289Year3-AssessedFullValuation1.323,741,6701,366,007,6771409,739,3221,452,031,5021.488,332.2891,529,261,427Year4-AssessedFullValuation1.366,007.6771,409,739.3221,452,031,5021488,332,2891,529,261.4271,575,139,270YearS-AssessedFullValuation1.409,739,3221,452,031.5021488.332,2891,529.261,4271,575.139,2701622,393,448Five-YearAverageFullValuation$1335141023$1,369,303,710$1,407,970,492$1,449,074,443$1,490,900,762$1,533,431,587Permitted%ofAvg.FullValuation7.0%70%7.0%7.0%7.0%7.0%CalculatedConstitutionalDebtLimit:$93,459,872$95,851,260$98,557,934$101,439,211$104,363,053$107,340,211TOTALNETINDEBTEDNESSOFThETOWN:PrincipalBorrowingsOutstandingatYearEnd:PUBLICIMPROVEMENTBOND-2003$72,000-----PUBLICIMPROVEMENTBOND-2004-A201,000134,00067,000---PUBLICIMPROVEMENTBOND-2004-BRefunded‘---I--PUBLICIMPROVEMENTBOND-2009660,000585,000510,000430,000350,000265,000PUBLICIMPROVEMENTBOND-20111,970,0001,825,0001,675,0001,520,000,1,365,0001,205,000PuBLICIMPROVEMENTBOND-20132,740,0002,465,0002,175,0001,865,0001,555,0001,245,0002004-BREFUNDINGBOND-2014-A790,000685,000580,000480,000380,000280,000PUBLICIMPROVEMENTBOND-2014-B2,645,0002,465,0002,280,0002,090,0001,895,0001,695,000PUBLICIMPROVEMENTBOND-20152,780,0002,610,0002,435,0002,255,0002,075,0001,890,000PUBLICIMPROVEMENTBOND-2016-I--,--.-PUBLICIMPROVEMENTBOND-2017,-2,125,0001,992,0001.859,0001,726,0001,588,000PUBLICIMPROVEMENTBOND-2018--2,500,0002,342,0002,184,0002,022,000PUBLICIMPROVEMENTBOND-2019---‘2,600,0002,427,0002,254,000PUBLICIMPROVEMENTBOND-2020----3,500,000I3,880,000PUBLICIMPROVEMENTBOND-2021‘--I--,-1,950,000Total-Long-TermDebtatYear-End:511,888,000$12,894,000$14,214,000$15,441,000T$17,457,000$18,274,000Less:Water&SewerIndebtedness(8,292,000)(9,746,000)(11,425,000)(12,624,000)(14,043,000)(14,730,000)Total-NetIndebtednessatYear-End:$3,566,000$3,148,000$2,789,000$2,817,000$3,414,000$3,544,000NETDEBT-CONTRACTINGMARGIN:ConstitutionalDebtLimit$93,459,872$95,851,260$98,557,934$101,435,211$104,363,053$107,340,211Less:TotalNetIndebtedness(3,566,000)(3,148,000)(2,189,000)(2,817,000)(3,414,000)(3,644,000)NetDebt-ContractingMargin$89,893,872$92,703,260S95,768,934$98,618,211$100,949,053$103,796,211%ofDebt-ContractingPowerUsed:3.82%328%2.83%{2.78%3.27%I3.30%4 TOWN OF ITHACA ANNUAL DEBT SERVICE PAYMENTS 2018 BUDGET FUND/BONDISSUE 2016 2017 2018 2019 2020 2021 I 2022 2023 2024 2025 2026 2027 2028 2029 GENERAL FUND Punuc IMPROVEMENT BOND -2003 76,649 74,844 ------------PUBUC IMPROVEMENT BOND -2011 34,350 33,675 33,000 32,250 31,500 30750 ‘.------ Pusuc IMPROVEMENT BOND -2013 84,455 87,095 07.655 93,990 92,145 100,300 102,000 99,120 -I ---- -PUOUCIMPROVEMENTBONO-2017 ------------- PUBLIC IMPROVEMENT BOND -2019 --- - 49,000 47,775 46,550 50,325 48,925 47,525 46,125 49,725 45.150 - Pueit IMPROVEMENT BOND -2020 -----0 79,000 70,800 74,600 77,400 75,004)72,600 70,200 72,800 TOTAL-GENERAL FUND 195,454 195,6141 120,655 I 126,240 172,645 i 178,825 I 227,550 I 226.245’123,525 124.925!121,125 122,325 118,350 72.800 HIGHWAY FUND Puauc IMPROVEMENT Ratio -2011 40,075 39,288 38,500 37,625 36,750 35.075 -------- PUBUCIMPROVEMENTB0NO-2013 114.090 129,410 135,390 133,938 128,463 117.100 113.650 110.740 65,588 63,663 61,600 59,400 57,200 -Puaiic IMPROVEMENT BOND -2014-B 85.106 84,886 85,646 05,086 84.766 84,426 83.706 83,131 87,445 62,520 61,900 61,250 62,570 61,800PUSUCIMPROVEMENTBOND-2015 61,458 61,841 61.921 62.981 62.001 62,021 63.021 62,981 62,921 63,841 63.721 63.581 64,349 63,999 PUBUC IMPROVEMENT BOND -2016 ------------- PUBLIC IMPROVEMENT BOND-2017 -- -I -----[-!---- PUBLIC IMPROVEMENT BOND -2016 --------.-----Pueiw IMPROVEMENT BOND -2019 --.-.-..------- PUBUC IMPROVEMENT BOND -2020 -----99,500 97.175 94,050 92,525 90200 92,875 90,363 87,850 85.338 PUBUC IMPROVEMENT BOND -2021 -!---.--------- TOTAL-HIGHWAY FUND I I 315,425 321.458 319,630 I 309,660’398,923 357,553 351,703 304,4Th I 280,224 I 280.096 274,594 271,969 211,137 WATERFUND I PUBUC IMPROVEMENT BOND -2004-A 76.099 73,499 70,899 68,300 ---------- PUBLIc IMPROVEMENT BOND -2004-B Relunded ------------- PUBUC IMPROVEMENT BOND-2009 93,181 96.256 94,194 96,944 94,544 97,044 94.281 96.413 93,263 ----- PUBUC IMPROVEMENT BOND-2011 125,519 128,831 132,031 134.906 132.656 135,406 143.031 145,144 141.844 143,544 140,094 141.644 142,744 143.681 PUBUC IMPROVEMENT BOND-2013 133,618 135.658 138,618 147,210 149,555 143,788 137.788 134,278 83.475 81,025 78A00 75,600 72.800 - 2004-B REFUNDING Ratio -2014-A 129.594 122,444 120,344 113,294 111,294 108,294 100,284 98206 91009 --- PUBUC IMPROVEMENT Ratio -2014-B 172,094 166,714 169,354 167,514 169.034 170.474 168,194 169.156 169,855 169.280 168.900 168,400 170,780 169,650 PUBLIC IMPROVEMENT BOND -2015 165.547 166,571 160,091 168,531 165,911 167,291 167,591 168,831 169,991 170.071 171,091 172.031 171.695 172.095PucucIMPROVEMENTBOND-2016 ----...------- PUBUC6IPIIOVEMENT SOND-2017 --189.313 185,768 182264 163,739 180,082 100.425 176,662 172,099 169,136 165,373 161.610 162,847 PUBUC IMPROVEMENT BOND-2018 ---230,500 225,918 225,336 220,635 215,940 216.242 211.399 •206.556 201,713 196,870 197,027 PUBLIC IMPROVEMENT Botio-2019 --1 --207,300 202.953 202,606 198,133 193.660 194,187 189.557 184,926 180,296 175.665 Puauc IMPROVEMENT Ratio -2020 -.-- - -243,000 237,626 236,256 230.748 225240 224.732 219,054 213,376 207,698PUBLICIMPROVEMENTRatio-2021 ---.- -I -191,175 186.795 182415 183,035 178.473 173.910 174.348 169,803 [TOTAL-WATER FUND 895,651 691,973 1,082,844 I 1,312,987 1,438,476 I 1,677,324 1,843,298!1,829,577 1,749,223,1,550,680 1,526,939 1,502,651 I 1,484,5191 1,398,566 I TOTAL-DEBTSERV1CEPAYMEN1S 1,391,833 1,403,012 1,524,9661 1,734,657 l,921,w.r 2,255,072 2,428,401 2.407,524.2,121,227 1,965,829 1,926,180 1,899.570 1,874,834 1,842.503 j j Increase (Decrease)from Prim Year (765A60);11,170 121,944 233,900 162,244 333,971 173,329 (20,877):(226297)(225,398)1 (27,669)(24,598)!(24333)1 (192,335)1 5 TOWN OF ITHACA ANNUAL DEBT SERVICE PAYMENTS 2018 BUDGET FUNDIBOND ISSUE 2016 2017 2111 2020 2021 2022 2023 2024 2625 2026 2027 2028 2025 GENERAL FUND PUOUc IMPROVaMENT BOND -2003 76649 74,844 ------------ Puouc IMPROVSMENT BOND -2011 34,350 33,675 33000 32250 31,500 30750 -------- PUBLIC IMPROVEMENT BOND -2013 Town Hall raniing Lot Improvements 14,900 14.660 16,420 16,105 15,790 15,475 19.125 18,585 ---- Salt Storage Building Replacement 69.555 72,435 71 .235 77,885 76,355 84,825 82.875 80.535 ------ PUBLIC IMPROVEMENT BOND’2013 84,455 87.095 87655 93,990 92,145 100,300 102,000 99.120 ‘---- PUBUC IMPROVEMENT BoND -2017 Public Works Fuel Station Improvements ------------ PuBUCIMPROVEMENTBOND’2017 ‘ -p ‘,-‘--.--‘-Pueuc IMPROVEMENT BOND -2019 Public Works Truck Wash Day I --- -49,000 47.775 46,550 50,325 48,925 47,525 46,125 49,725 48.150 46,575 PUBLIC IMPROVEMENT BOND’2019 -‘--49,000 47,775 46,550 50,325 48,925 47,525 46j25 49,725 48,150 46,575 PuBU0 IMPROVEMENT BONO 2021 Public Works Admin.Office Addilion i ‘.‘‘--79,000 76,800 74,600 I 77,400 75,000 72.600 70,200 72.800 :PUBLIC IMpROVEMENr fOND -2020 -‘-‘,-‘79.000 76,600 74,600 77,400 75,000 72,600 70,200 72,600 I ‘TOTAL-GENERAL FUND I 195,454 195,614 I 120,655•126240 1fl,M5 I 178,825 I 227,550 226,245 123,525 I 124,925 121,125 I 122.325 118,358 j 119,275 lnaease(Decrease)fromPdorYeac (780)161 i (74,659)1 5,585-46,405:6,180:48.725 (1,305)1 (102,720))1.400 (3,800)1 1,2001 a.1-d3375)j’1,0251 HIGHWAY FUND I Punuc IMPROVEMENT Dorm -2011 40,075 39.285 38.500 37,625 36.750 35,875 ---‘‘‘-- Psmuc IMPROVEMENT BOND’2013 Bards 8.Dales OlIve lnmvemw,ts 24,988 24,588 29,188 28,625 28,063 27,500 31,875 30,975 ‘‘‘ WIlletail Drive leprovemenis 63,890 75,010 76.890 76,563 70,213 56,975 49,900 46790 65.588 63,663 61,600 59,400 57,200 - Forvil Home Drive Improvemenls 25213 29.813 29,313 28,750 20,188 32,625 31,675 30975 .--- PUBLICIMPROVEMENT BDNO’2013 114,090 129,410 135,390 133.938 126,463 117,100 113,650 110,740 65,588 63,663 61.600 59.400 57,200 - Puauc IMPROVEMENT BOND -2014 Sand flank Road Improvements 62,416 51,556 61.696 61.936 62,016 62,076 62.156 62,031 61,820 62,520 61.900 61,250 62,570 61,800 Winners Circle Improvements 22,690 23.330 23.950 23,150 22,750 22,350 21,550 21 .100 25,625 ‘‘-- PuBLIC IMPROVEMENT BOND’2014 85,106 84.886 .85,646 85.086 64,766 84,426 83,706 83.131 87,445 62.520 61,900 61,250 62,570 61,800 PUBUC IMPROVEMENT BOND -2015 I I 2015 Road Improvements Program 51,458 61 .841 61.921 62,981 .62,001 62,021 63.021 62,981 62.921 63.841 63.721 63,581 64,349 63,999 PUBLIC IMPROVEMENT BOND’2015 61,458 61.841 61.921 62,981 62,001 62,021 63021 62.981 I 62.921 63,841 63,721 63.581 64,349 63,999 PuBuc IMPROVEMENT BOND -2017 2017 Road Improvements Program ..,--.,.,.-,,,- PUBLIC IMPROVEMENt BOND’2017 ‘‘--‘.-.‘- PUBUC IMPISOVTMENT BOND -2018 2018 Road Imorovemeals Program ..-,.-,--,,,,- PIJBLICIMPROvEMENTBOND-2018 ‘-...,.,--,. PUaUCIMPROVEMENTD0Pm-2019 - 2019 Road InwIOvemenis Program ‘‘-‘‘I ‘‘-,‘‘--- ‘PUBuCIMPROVEMENFBONO’20t9 ‘- ‘I ‘‘‘I -‘‘‘‘‘- Pusiec IMPROVEMENT BOND ‘2020 I 2020 Road bnprovmnents Program ,‘.-‘‘99,500 97.175 94,850 92.525 I 90,200 92.875 90.363 87,850 85.339pLIcIw’RovEMENrsoNo-2o2o --‘‘‘99,500 97,175 94,850 92,525 90,200 92,875 90,363 87,850 85,338 PUBUC IMPROVEMENT BOND -2021 I I 2021 Road Improvements Program p ‘--I ----i ----PUBuCIMPR0VEMENTBONO-2021 I -‘-I ‘-‘-‘-I ‘j --‘ TOTAL -HIGHWAY FUND I 300,729 315,425 321.458 319.630 309,980 I 398.923 357,553 I 351.703 308,479 280.224 I 280,096 I 274,594 I 271,969 I 211,jj1 I IncTease(Deaease)from PriorYearti$--.-61,885.[-14,696 6.033 I (1,828)((9,650)1 88,943.1 (41,370))(850)a (43,224))(28,256)1 -ufl (128)1 (5,502)1 (2,626)1 :- 6 TOWN OF ITHACA ANNUAL DEBT SERVICE PAYMENTS 2018 BUDGET FUNDISOND ISSUE 2816 2817 2018 2019 2020 2021 2022 2023 2024 2025 2025 I 2025 2029 WATER FUND I PuBLIC IMPROVEMENT BOND -2004’A 76,099 73499 70,599 60,300 ------ --- PUBUC IMPROVEMENT Bonn -2004-B Refunded ------------ PUBLIC IMPROVEMENT Bonn -2009 93.181 96.256 94,194 96.944 94.544 97.044 94,281 96,413 93,263 ----- Puauc IMPROVEMENT Bonn -2011 125,519 128,831 132,031 134,906 132,656 135,406 143,031 145,144 141,044 143,544 140,094 141.644 142,744 143,681 PUBLIC IMPROVEMENT Bone -2013 NoohviewRoadWaterTankReplacement 43.138 42,538 41,938 41.263 45,588 44,800 43,925 42.875 41,738 40,513 39,200 37,800 36.400 -OanbyRoad WaterTank Replacement 44,555 47,935 49,235 48,403 47.570 44,738 42,063 41,843 41,738 40,513 39.200 37.800 36.400OanbyRoadWaterMainImprovements45.925 45,185 47.445 57.545 56,390 54.250 51,000 49,560 ------ PUBLIC IMPROVEMENT BOND -2013 133,618 135,658 138,616 147,210 149,555 143,788 137,788 134,278 63475 81.025 78400 75,600 72,600 2004-B REFUND*1Q BOND -2014-A 129,594 122,444 120,344 113,294 111,294 108,294 100,264 98.206 91.069 ----- PUBLIC IMPROVEMENT BOND -2014.8 Chdstopher DrdeWaterTanjc Replacement 71.033 70.053 70,073 70,073 70.033 70,973 69,773 70,513 70.135 70.660 69.830 69.970 71,050 70,040Co&Jngtwi Road Water Main mo.-Per I 101.061 98,661 99,281 97.441 99,001 99,501 98.421 98.644 99.720 98,620 99,070 98.430 99.730 99.910PLmLICIMEROVEM€NTB&4o-20I4-u 172,094 168,714 169,354 167,514 169,034 170.474 168,194 169,156 169,855 169,280 168,900 168,400 170,780 169,950 PUBLIC IMPROVEMENT BoND -2015 SapsuckerwoodaWate,Tank Replacement 115,985 116.690 116,950 117,170 115,350 116,530 116,650 117.730 118,750 118,710 119,630 120,490 120,153 119,633CoddinglonRoadWaterMainImp.’Ph.2 49.582 49.881 SI .141 51,361 50,561 50.761 50,941 51.101 51,241 51,361 51,461 51,541 51.543 52.463PUBLICIMPROVEMENTBOND-2015 165,547 166,571 168.091 168,531 165.911 167.291 167.591 168.831 159,991 170.071 171,091 172,031 171,695 172.095 PUBLIC IMPROVEMENT Bonn -2017 Tromanabuig Water Tank Replacement --63,231 62,053 60,876 61 .369 60,1 47 60,262 59,005 57,748 56,491 55,235 53,970 54.391ParkLaneWaterMainImprovements--44,489 43,660 42,832 43,179 42,319 42,400 41.516 40,631 39.747 38,863 37.978 38.269SapsuckerWoodsWaterMainlmprovmnts--45,435 44,589 43,743 44.097 43,220 43,302 42,399 41.496 40.593 39,690 38.786 39,083ChristopherCircleWaterMainlmprovmnts--I 36,159 35.406 34,012 35,094 34,396 34,461 .33,742 33,024 32.305 31.586 30,868 31,104PUBLICIMPROVEMENTBOND-2017 --189,313 185.788 182,264 183,739 180,082 180,425 176,662 172,899 169.136 165,373 161,610 162,847 PUBLIC IMPROVEMENT BOND -2016 EtsNoSowWale,Tarkcanstnwbon ---230,500 225,918 225,336 220,638 215,940 216.242 211.399 206,556 201,713 196,870 197,027PUBLICIMPROVEMENT8CtJD-2018 ---230,500 225,918 225,336 220,638 215.940 216.242 211,399 206.556 201,713 196,870 197,027 Puouc IMPROVEMENT Bono -2019 -I East Nil Water System tmprovements -.-,--54,188 53,052 52,961 51,792 50,623 50,760 49,550 48,340 47,129 45,919 Cliff Street Water System Improvements -.---94,218 92,242 92,004 90.051 80,016 88,258 86,154 84.049 81,945 79.840MunelStreetWaterManImprovements-.-I --58,894 57,659 57,560 56.290 55,019 55,169 53,853 52,537 51,222 49,906PIMLICtMPROVEMENTB&ND-20t9 -I - -I 207,300 202,953 202,606 190.133 193.660 194,187 189.557 184,926 180,296 175,665 PUBLIC IMPROVEMENT BOND -2020 BudeipWConcord&exington Water Mains -----72,900 71,280 70,877 69.224 67,572 67,420 55,716 64,013 62.309SaIeninstotinstonCt.Water Mains ----82,620 80.794 80.327 78,454 76.582 76,409 74,478 72,548 70,617PineTreeRaIdWaterTankReplacement -I --- -87,480 85,546 85,052 83,069 81,086 80.904 70,059 76,815 74.771PUBLICIMPROVEMENTBOND-2020 -..- -f 243,000 237,628 236,256 230,748 225,240 224.732 219,054 213,376 207.690 PUBLIC IMPROVEMENT Bonn -2021 Renwick Area Water Main tmprovements ------73,526 71,841 70,157 70,395 68,641 66,086 67,054 65,229 Winthrop Or-Water Main Improvements ------58,825 57,477 56,129 56,320 54,916 53,512 53.647 52,187 Rmndwaee Water Main Improvements -.-----24,509 23,947 23,386 23,465 22,080 22,295 22.351 21,743SimsburyWaterMainlmprovements--i ----34,316 33,530 32,743 32,055 32,036 31,217 31.295 30.444PuBLICIMPROVEMENTRONO-2021 I --i ---I -191,175 186,795 102,415 183,035 178,473 173,910 174,348 169,603 TOTAL-WATEB FUND 895,851 891,973 1,062,844 1,312.987 1.438,470 I 1,877,324 I 1,643,298 1,829.577 1,749.223 1,550,660 1.526.939:1.502,551 I 1,484519 I 1.398,566, kicrone(Deaease)from PriorYe.n :-(820.585)(-(3,678)1 110e87Ij 230,143 ZtThAfl 238,849 155,974 (13,722):(80,353)(198,543):(23,741)j (24.288)(18,132)1 (85.953)1II TOTAL-UEBTSERVICE PAYMENTS 4 1eiJ33 (1,403,012 1,751,167 1Wi 2,25-5,072 -2,428,401 2,407,524 2,181,227 1,9,829 1,928,180 I 1,899,570 1,874,838 1,725,078 baa...(D.o.e..)(row Prior Ye.n fl(786$80)j 11,179 I L121S341 233,9CC 162,244 333,9Th 172,329 (20flfl (225,297)1 (m,3se)(27,66531 (2s,5so)j (24,7337j (‘45,°)I I— 7