HomeMy WebLinkAboutBudget Committee Minutes 1-10-22
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BUDGET COMMITTEE
Meeting Minutes - January 10, 2022
Committee present: Eric Levine - Chairman, Pam Bleiwas, Rod Howe
Staff present: Donna Shaw, Judy Drake, Joe Slater, Marty Mosely
Meeting was called to order at 12:01 p.m.
AGENDA ITEMS:
• Set 2022 Budget Committee meeting dates.
The consensus of the Committee was that meetings will be held at 12:00 p.m. on the second
Monday of the month. The February meeting will be on Monday, February 14 at 12:00 p.m.
• Discuss 2022 Budget Committee priorities.
The committee identified the following topics as priorities for 2022:
- Review Reserve Funds and Accounts.
- 2022 Bond Issue – $1.7M for Water Main Improvements.
- Review Town’s Long-Term Debt and Debt Service Schedules.
- Consideration / Recommendation for the Town's contribution to:
▪ Reconsider contribution to TCAT.
- Review / revision of the Town’s Investment Policy and Investing of Town Funds.
- Review / revision of the Town’s Procurement Policy.
- Review voluntary payments to organizations.
- Pursue upgrading financial and budget software.
- Five-Year Financial Projections 2022 - 2026.
- Property Tax Cap for FY-2023 and recommend 2023 Property Tax Levy.
- Five-Year Capital Improvement Plan 2023 - 2027 and 2023 Capital Budget.
- 2023 Ithaca Town Budget.
- Impacts of Green New Deal.
- ARPA Funding.
• Discuss Town's Reserve Funds and Accounts.
The committee reviewed and discussed the report on the Town’s reserve funds and accounts as of
December 31, 2021. All funds and accounts are in very good condition as of year-end 2021.
There was some discussion regarding the Pine Tree Wildlife Preserve and what those funds could
be used for. Staff will research which parcel this relates to and the potential uses.
The SJC Account in Sewer Fund includes $1,496,465 designated to pay part of the sewer facility debt
in the event of future economic hardships. The current debt payment is $495,000 and is covered
with benefit assessment fees. It’s therefore unlikely we would ever need that much set aside. It
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was decided to designate $1,000,000 for Sewer Capital Improvements (either joint projects or Town
infrastructure).
A copy of this report is attached.
• Update on Sales Tax Collections through November 2021.
- Sales Tax Collections: The Committee reviewed the Sales Tax Collections Report for 2021.
Through November, Sales Tax collections are 109.1% of budget. Sales Tax collections through
November 2021 total $3,546,147 compared to collections of $3,280,847 for the same period in
2020, which is an increase of 22.3%. This is also a 9.4% increase over 2019 collections for the
same period.
• Update on 2021 Interest Revenue.
Interest earnings continue to be weak and will be under budget in 2021.
• Review, Discuss and revise the Town Investment Policy and Procurement Policy.
Will continue to review in the coming months.
• Other Items.
Mr. Howe reported that there is a meeting with Mr. Franklin from Assessment regarding different
tax exemptions that the Town can opt into. More information to come at a future meeting.
The meeting was adjourned at 12:40 p.m.
Next Meeting: Monday, February 14, 2022 at 12:00 p.m., Town Hall - Aurora Room or Zoom