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HomeMy WebLinkAboutAgenda 03-20-2023TOWN OF ITHACA BUDGET COMMITTEE Monday, March 20, 2023 - 12:00 p.m. Town Hall – Aurora Conference Room Join Zoom Meeting https://us06web.zoom.us/j/5063713554 AGENDA • Review and approve meeting minutes from February 13, 2023. • Continue discussion regarding Projected Fund Balance for 2022 and potential reserve accounts. • Update on 2022 Sales Tax collections. • Update on current investments and proposal from Community Bank. • Discuss dissolution of Light Districts. • Discuss potential contribution to TCAT. • Discuss potential increase in the income limit for Disabled and Senior Citizen Property Tax Exemptions. • Other items. Next Meeting: Monday, April 10, 2023 - 12:00 p.m. 1 BUDGET COMMITTEE Meeting Minutes - February 13, 2023 Committee present: Eric Levine - Chairman, Pam Bleiwas, Rod Howe Staff present: Donna Shaw, Debby Kelley, Judy Drake, Joe Slater, Marty Mosely, Dan Thaete, CJ Randall Meeting was called to order at 12:01 p.m. AGENDA ITEMS:  Set 2023 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. Due to vacation schedule, the March meeting will be on Monday, March 20 at 12:00 p.m.  Discuss 2023 Budget Committee priorities. The committee identified the following topics as priorities for 2022: - Review Reserve Funds and Accounts. - 2023/2024 Bond Issue. - 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. - Five-Year Financial Projections 2024 - 2028. - Property Tax Cap for FY-2024 and recommend 2024 Property Tax Levy. - Five-Year Capital Improvement Plan 2024 - 2028 and 2024 Capital Budget. - 2024 Ithaca Town Budget. - Prioritizing Town’s Weatherization Project.  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, 2022. All funds and accounts are in good condition as of year-end 2022. There was some activity in the Open Space Plan account with the NYS Parks reimbursement received for the Culver Road property purchase. There is also a pending purchase of the Cortright Property for $316,000 for future trail extensions. The Highway Equipment Reserve Account is $400,000 in case of untimely heavy equipment failure that needs to be replaced. Currently, there are supply chain delays with delivery of some current year heavy equipment purchases being delayed 18-24 months. The current fleet and future 2 replacement needs is being evaluated and one option may be to use this reserve to order equipment now for 2024-2025 replacement. The SJC Account in Sewer Fund has three parts and includes $63,228 designated to pay the Town’s share of jointly owned sewer interceptor lines. The 2022 budget included $86,205 for the Stewart Park Pump Station Rehabilitation which will deplete this fund. This project has been delayed. We will look to allocate additional funding for jointly owned sewer interceptor lines. There is $496,465 designated for the Town’s share IAWWTF bonded debt. There is $755,363 remaining for capital projects after the Town’s $265,720 contribution to the Boiler Replacement Project at the IAWWTTF. A copy of this report is attached.  Update on Sales Tax Collections through October 2022. - Sales Tax Collections: The Committee reviewed the Sales Tax Collections Report for 2022. Through October, Sales Tax collections are 112.2% of budget. Sales Tax collections through October 2022 total $3,646,700 compared to collections of $3,243,753 for the same period in 2021, which is an increase of 12.4%. We increased the sales tax budgeted in 2023 to $3,750,000 from $3,250,000 (sales tax budget from 2020-2022).  Update on 2022 Interest Revenue and Investments. Interest earnings for 2022 totaled $284,978 which was $188,612 over the $96,366 budgeted. We currently have two certificates of deposit earning between 3.85 and 4.50%. A third certificate of deposit was set up to secure the line of credit required by NYSEG for the streetlight conversion. The certificates are laddered and mature every few months. We will be opening a fourth certificate with Tompkins Community tomorrow earning 4.6% for 12 months. Currently there isn’t any investments with First National Bank of Groton. The interest rate on our savings account increased from .11% in January to 3% in December. NYCLASS is earning 4.35%.  Review and Discuss Property Tax Exemptions (Capital, Infrastructure and Volunteer Firefighter/EMS). The committee discussed the property tax exemptions on the Town Board agenda that evening. The capital and infrastructure exemptions were discussed last year. The Volunteer Firefighter/EMS exemption is new and the Village of Cayuga Heights encouraged it’s passing to benefit their volunteers. The County also recently passed this exemption as well.  Review and Discuss Projected Fund Balance for 2022. A full report wasn’t available yet. In General Fund we budgeted to use $575,000 in fund balance in 2022 plus there was an additional $450,000 in encumbrances that rolled forward. Combined, we should have used $1,025,000 in fund balance in 2022 but we only used approximately $88,000 in General Fund. We will continue to analyze and discuss setting up capital reserve funds in the coming months. We can set up a Debt Service Reserve fund to make the bond payments on the PWF expansion and/or set up capital reserve fund for future building improvements (weatherization). General Part Town Fund gained $517,000 in fund balance in 2022. That was due to increased fee collections and sales tax. We will want to consider moving this to the Highway Part Town Fund to be used for Road Improvement Projects. It’s my understanding that we can move money from General Part-Town to Highway Part Town because they have the same tax base. 3  Other Items. Mr. Howe reminded Committee members that we will be looking at dissolving the Light Districts later this year. The meeting was adjourned at 12:44 p.m. Next Meeting: Monday, March 20th at 12:00 p.m., Town Hall - Aurora Room or Zoom General Fund General PT Highway Highway PT Fund Balance Ending @ 1/1/2022 7,109,128.28 1,804,201.72 893,445.00 3,625,570.30 Add: Revenue & Other Sources 5,177,506.83 2,145,309.48 727,478.76 3,891,414.26 Deduct: Expenses & Other Uses (5,267,595.93) (1,637,007.68) (932,006.62) (3,289,990.05) Fund Balance Ending @ 12/31/2022 7,019,039.18 2,312,503.52 688,917.14 4,226,994.51 Less: Amount of Additional Fund Balance Appropriated and Assigned in the Adopted 2023 Budget - 914 (1,118,368) - - (781,000) Encumbrances (26,182) (41,541) - (52,365) Less: Reserved Portion of Fund Balance Non Spendable: Prepaids - 806 (81,875) (57,684) (7,560) (68,950) Restricted: Preserve Maintenance Reserve - 870 (42,174) Land Stewardship - 870 (10,209) Parks & Open Space - 878 (970,343) Committed: Gen'l Benefit Purposes - 867 (154,000) (77,000) (80,500) Cemetary Maintenance - 867 (4,550) Equipment (400,000) Maple Ave. Rehab - Assigned: Assigned Unappropriated (R Fund)(149,978) Unassigned Fund Balance 12/31/2022 4,461,360 2,136,279 681,357 2,844,180 2023 Budgeted Expenditures 6,327,193 2,138,661 765,773 3,623,754 Target - 40% of 2023 Budgeted Expenditures 2,530,877.20 855,464.40 306,309.20 1,449,501.60 Fund Balance % of Budgeted Expenditures 70.51%99.89%88.98%78.49% Fund Balance Over 40%1,930,482.51 1,280,814.23 375,047.94 1,394,678.12 Potential Uses Transfer (1,280,815.00) 1,280,815.00 Reserve for Payment of Bonded Indebtedness (1,064,150.00) Reserve for Capital Road Improvements (1,000,000.00) Reserve for Capital Highway Equipment (375,000.00) Potential 2024 Uses 2014 Bond Payoff (Sandbank $ in V reserve)- CIP - Roads ($$ over $700,000)(1,342,000.00) 866,332.51 (0.77) 47.94 333,493.12 2022 Fund Balance (unaudited) 15Industrial Development AgenciesLocal Government Management Guide • Reserve Funds Reserve Fund for Payment of Bonded Indebtedness (GML Section 6-h) Purpose To pay or purchase one or more issues of certain bonds of a town, village, city, county or fire district; however, such a bonded indebtedness reserve fund may not be established for, or used to pay, obligations payable in the first instance from assessments or from taxes levied on an area smaller than the entire town, village, city, county or fire district. Expenditures may be made only for the payment of the principal and interest on bonds issued by such municipality or fire district and forming a part of an issue having a maximum maturity of not less than five years or for the purchase of bonds issued by such municipality or fire district and forming a part of an issue having a maximum maturity of not less than five years, subject to certain additional restrictions as to purchase price and terms. If the current budget provides for payment of principal and interest on bonds or the purchase of them from sources other than a reserve fund, moneys of the bonded indebtedness reserve fund may not be used to pay debt service or purchase the bonds during the current fiscal year. Who May Create Municipal corporations (counties, towns, cities, villages) and fire districts. How to Create and Use Created by resolution of the governing board. Appropriation pursuant to resolution of the governing board to expend money on permitted uses. No referendum is required to establish or expend moneys from the bonded indebtedness reserve fund. Sources of Funds Budgetary appropriations and revenues not otherwise appropriated or required by law to be paid into any other fund or account (e.g., transfers from unexpended balances of existing appropriations, surplus moneys). Special Provisions In any town located wholly or partly within the Adirondack Park (see Appendix B) that has State lands subject to taxation assessed at more than 30 percent of the total taxable assessed valuation of the town, a bonded indebtedness reserve fund may not be established unless the State Comptroller consents, and no expenditure or transfer may be made unless the State Comptroller consents. Use of Unexpended Funds The governing board of a municipal corporation may, subject to a permissive referendum, authorize the transfer of all or a portion of a bonded indebtedness reserve fund to a capital reserve fund. In a fire district, subject to voter approval at a regular or special election, the board of fire commissioners may authorize a transfer of all or a portion of the fund to a capital reserve fund. 6 Local Government Management Guide • Reserve Funds Capital Reserve Fund (GML Sections 6-c, 6-g) Purpose To finance all or part of the cost of construction, reconstruction or acquisition of: • A “specific” or “type” capital improvement • The acquisition of a “specific” or a “type” item(s) of equipment. The term “capital improvement” means: any physical improvement and any related preliminary studies and surveys; lands or rights in land; any furnishings, equipment, machinery, or apparatus for any physical improvement acquired at the time when such improvement is constructed, reconstructed or acquired. The term “equipment” includes any equipment, machinery or apparatus not included in the definition of capital improvement and for which a period of probable usefulness has been provided by law.4 Some examples of specific and type capital reserves are as follows: Capital Improvements Equipment Specific City Hall Town Garage County Jail Firehouse Sewage Disposal Plant Off-Street Parking Lot Pumper Truck Sanitation Truck Bulldozer Snowplow Ambulance Type Land Buildings Building Alterations Snow Removal Equipment Street Cleaning Equipment Highway Equipment Fire Apparatus Reserves Authorized by the General Municipal Law (GML) 7Industrial Development AgenciesLocal Government Management Guide • Reserve Funds Who May Create Counties, cities, villages, towns, fire districts, and town or county sewer and water improvement districts may create both specific and type capital reserves.5 One exception is that capital reserve funds may not be established for capital improvements constructed, reconstructed, or acquired or equipment acquired as follows: • On behalf of an improvement district or other similar district (other than a sewer and/or water district) located within a municipality • Where all or part of the costs are borne by assessments for benefit or ad valorem taxes upon real property within the area of benefit in a municipality (other than a sewer and/or water district).6 How to Create and Use Specific Capital Reserves A governing board’s authorization (resolution) establishing a specific improvement or equipment capital reserve must state the estimated maximum cost of the item(s) of equipment or improvement. A sample resolution for establishing a specific capital reserve is included in Appendix C. The action of a governing board establishing a specific capital reserve is subject to permissive referendum if an authorization to issue indebtedness for the same improvement or equipment is subject to either a permissive or mandatory referendum, except for fire districts. For fire districts, action of the board of fire commissioners establishing any capital reserve fund may not take effect until approved by a vote of qualified electors of the fire district (i.e., a mandatory referendum), effective January 1, 2007. There are no referendum requirements for expenditures made from a specific capital reserve fund. However, expenditures from specific capital reserve funds can only be made upon authorization of the governing board. Type Capital Reserves The governing board should authorize (by resolution) the establishment of a type improvement or equipment reserve but, there is no requirement to state an estimated maximum cost of the equipment or improvement in the resolution. A sample resolution for establishing a type capital reserve is included in Appendix D. A referendum is not required when establishing a type capital reserve fund, except in fire districts. For fire districts, action (resolution) of the board of fire commissioners establishing any capital reserve fund may not take effect until approved by vote of qualified electors of the fire district (i.e., a mandatory referendum). 8 Local Government Management Guide • Reserve Funds For certain municipalities, expenditures made from a type capital reserve are subject to permissive referendum. If an authorization to issue indebtedness for the purchase of such improvement or equipment is subject to either permissive or mandatory referendum, then the expenditure of type capital reserve funds for the same purpose is generally subject to permissive referendum. Permissive and Mandatory Referendum Requirements There are two types of referendums that apply to the establishment of or the expenditure of capital reserve funds. In this guide, the terms permissive and mandatory referendums are defined as follows: • Generally, an action subject to permissive referendum requires the municipality to publish and post a legal notice informing taxpayers of the board’s planned action (e.g., the establishment of a specific capital reserve). The legal notice also informs eligible voters of their right to file a petition to require the matter to be subjected to voter approval. • For a mandatory referendum, no petition is filed and in all cases eligible voters of the municipality must approve the proposed action or question before the action can take place. Permissive and mandatory referendum requirements for capital reserves are associated with the referendum requirements for bond issues. Referendum requirements vary depending on the type of municipality involved. 9Industrial Development AgenciesLocal Government Management Guide • Reserve Funds The following chart summarizes the referendum requirements for the establishment and expenditure of specific and type capital reserve funds. Type of Locality Referendum Requirements for Bond Issues Referendum Requirements for Capital Reserves Specific Reserves Type Reserves Fire Districts Bond resolutions must be approved at a regular or special election of district voters. Establishment is subject to a mandatory referendum. Expenditures can only be made following the adoption of a resolution by the board of fire commissioners. These resolutions are not subject to referendum. Establishment is subject to a mandatory referendum. Expenditures can only be made following the adoption of a resolution, subject to permissive referendum. Villages Bond resolutions are subject to permissive referendum unless the proposed maturity of the bonds is five years or less, or unless the bonds are issued to finance judgments and claims, sewers and capital improvements financed by benefit assessments, certain street and highway improvements, and incinerators and refuse disposal facilities. Bond resolutions may also be submitted to referendum by motion of the board. With certain exceptions, generally a permissive referendum is required upon establishment, unless the period of probable usefulness of the specific capital improvement or equipment is less than five years.* No referendum requirements for expenditures. No referendum requirements for establishment. With certain exceptions, generally a permissive referendum is required prior to expenditure, unless the period of probable usefulness of the type capital improvement or equipment is less than five years. Town With certain exceptions, generally same as villages. Same requirements as villages.** Same requirements as villages. City Referendums are not required unless specified in the city charter or required by local law. Generally not required.Generally not required. County Bond resolutions are not subject to any referendum requirements, except for bond resolutions for appraisals for equalization purposes, which are subject to permissive referendum.*** Generally not required.Generally not required. * See Local Finance Law Section 36.00(a) (1), which provides that bond resolutions in villages are not subject to referendum when bonds have a proposed maturity of not more than five years. ** See Local Finance Law Section 35.00 (b) (1), which provides that bond resolutions in towns are not subject to referendum when bonds have a proposed maturity of not more than five years. *** Certain bond resolutions in excess of $10,000,000 are subject to mandatory referendum in Westchester County (Local Finance Law Section 33.10). 10 Local Government Management Guide • Reserve Funds Source of Funds Capital reserve funds may generally be funded with: • Budgetary appropriations7 • Revenues not required by law to be paid into any other fund or account (e.g., transfers from unexpended balances of existing appropriations and surplus moneys). Highway fund moneys (in towns) may be used for the establishment of a capital reserve, so long as the moneys are expended for the purpose for which they were levied or received, and provided the town highway superintendent and town board consent and the county highway superintendent approves. Such moneys may be expended from the capital reserve only on order of the town highway superintendent, upon audit, and with the consent of the town board. Special Provisions If a town is located wholly or partly in the Adirondack Park (see Appendix B) and has State lands subject to taxation assessed (at more than 30 percent of total taxable assessed valuation of the town), the State Comptroller must consent to the establishment of, and expenditures or transfers from, a capital reserve fund in the town, or in a fire district located wholly or partly within such a town. Use of Unexpended Balances Generally, unexpended balances in a capital reserve fund may be transferred to another capital reserve having the same tax base. a) Capital Reserve Balances Remaining After Completion or Acquisition If there is an unexpended (residual) balance remaining in a specific or type capital reserve after the capital improvement or item of equipment has been completed or acquired, the governing board may appropriate all or any part of such remaining balance to another capital reserve fund without referendum. An amount sufficient to satisfy all outstanding claims arising from the construction, reconstruction, or acquisition of the improvement or the acquisition of the equipment should remain designated for such claims until they are satisfied. Additionally, in a municipality, all or part of the unexpended balance of a capital reserve established for a specific improvement or item of equipment that has been completed or acquired (less amounts required to satisfy all outstanding claims related to such improvement or equipment) may be appropriated for: • An object or purpose for which bonds may be issued • The payment of interest on and principal of indebtedness (except indebtedness for assessable improvements and certain indebtedness excludable from constitutional debt limits) (GML Section 6-c [9-a]). b) Capital Reserve Balances Never Utilized Where a specific capital reserve has been established, and the improvement or item of equipment has not been acquired or completed, any transfer is subject to permissive referendum if the authorization for the creation of the reserve was subject to permissive referendum.8 While subject to a public hearing with 15 days’ notice, unexpended balances may also be transferred to a Retirement Contribution Reserve Fund.9 General Highway Part-Town Part-Town TOTAL Liability Month B1120 DB1120 Month Collected 1,618,000.00$ 1,632,000.00$ 3,250,000.00$ 0.4978 0.5022 1.0000 January April 174,047.04$ 175,553.00$ 349,600.04$ February April 149,584.22 150,878.52 300,462.74 March April 197,517.17 199,226.22 396,743.39 April June 174,664.44 176,175.76 350,840.20 May June 182,274.67 183,851.83 366,126.50 June August 164,462.76 165,885.80 330,348.56 July August 191,593.39 193,251.18 384,844.57 August November 178,515.29 180,059.93 358,575.22 September November 228,503.86 230,481.02 458,984.88 October December - 350,174.18 350,174.18 November February - 340,396.99 340,396.99 December February - 496,300.24 496,300.24 TOTAL COLLECTIONS:1,641,162.84$ 2,842,234.67$ 4,483,397.51$ TOTAL - 2022 BUDGET:1,618,000.00$ 1,632,000.00$ 3,250,000.00$ % of 2022 Budget Collected:101.4%174.2%138.0% COMPARISON PERIOD 2019 2020 2021 2022 TO PRIOR YEAR January 269,396.32$ 266,756.00$ 241,976.77$ 349,600.04$ 144.48% February 225,039.78 241,529.18 220,287.15 300,462.74 136.40% March 310,009.67 294,969.05 392,202.28 396,743.39 101.16% 1st Quarter 804,445.77$ 803,254.23$ 854,466.20$ 1,046,806.17$ 122.51% April 256,261.09$ 193,919.94$ 281,825.36$ 350,840.20 124.49% May 268,201.64 181,781.59 284,332.00 366,126.50 128.77% June 418,808.26 279,411.53 431,611.13 330,348.56 76.54% 2nd Quarter 943,270.99$ 655,113.06$ 997,768.49$ 1,047,315.26$ 104.97% First 6 Months 1,747,716.76$ 1,458,367.29$ 1,852,234.69$ 2,094,121.43$ 113.06% July 295,250.32$ 254,742.19$ 314,638.93$ 384,844.57 122.31% August 287,577.63 248,307.40 312,514.79 358,575.22 114.74% September 335,180.68 437,518.95 472,220.61 458,984.88 97.20% 3rd Quarter 918,008.63$ 940,568.54$ 1,099,374.33$ 1,202,404.67$ 109.37% First 9 Months 2,665,725.39$ 2,398,935.83$ 2,951,609.02$ 3,296,526.10$ 111.69% October 273,032.77$ 269,331.84$ 292,143.63$ 350,174.18 119.86% November 303,027.78 231,274.86 302,394.38 340,396.99 112.57% December 355,376.48 381,304.49 436,657.63 496,300.24 113.66% 4th Quarter 931,437.03$ 881,911.19$ 1,031,195.64$ 1,186,871.41 115.10% ANNUAL TOTAL 3,597,162.42$ 3,280,847.02$ 3,982,804.66$ 4,483,397.51 112.57% COMPARISON PERIOD 2019 2020 2021 2022 TO PRIOR YEAR April/May 202,754.85$ 100,391.42$ 158,060.48$ 134,965.47$ 85.39% October/November 198,192.03 196,709.44 224,517.51 269,365.59 119.98% ANNUAL TOTAL 400,946.88$ 297,100.86$ 382,577.99$ 404,331.06$ 105.69% TOWN OF ITHACA SALES TAX COLLECTIONS For the Year Ending December 31, 2022 2019 - 2022 COMPARISON OF SALES TAX COLLECTIONS Mortgage Tax Collections NYCLASS CD CD CD Interest Rate 4.43%3.85%4.50%4.60% Term-Maturity Date N/A 1 yr - 7/4/2023 1 yr - 12/28/2023 1 yr - 2/14/2024 Institution NYCLASS Tompkins Comm Tompkins Comm Tompkins Comm General Fund 4,238,806.11 1,316,658.77 2,418,442.93 2,000,000.00 Open Space Plan Reserve 508,255.31 258,974.93 Land Preserve Maint. Reserve 42,439.32 Land Stewardship Reserve 10,165.11 Inlet Valley 4,574.30 General Benefit Reserve - A 156,542.64 General Part-Town Fund 958,014.38 508,255.31 500,000.00 General Benefit Reserve - B 78,271.32 Highway Fund 477,708.20 508,255.31 100,768.45 200,000.00 Highway Part-Town Fund 2,012,138.81 1,524,765.94 403,073.82 400,000.00 Highway Equipment Reserve 406,072.61 General Benefit Reserve - DB 81,829.11 Water Fund 1,457,383.85 813,208.50 302,305.36 600,000.00 General Benefit Reserve - F 21,346.72 Sewer Fund 1,023,195.52 508,255.31 - 400,000.00 Sewer - SJC Account 678,172.48 508,255.31 400,000.00 General Benefit Reserve - G 17,788.94 Risk Retention Fund 151,460.08 Fire Protection Fund 2,663,195.69 609,906.38 1,511,526.82 500,000.00 Debt Service Fund 100,427.25 355,778.72 Lighting District Funds - Custodial Accounts: Stormwater 100,630.18 Cayuga Lake Watershed 236,260.36 LVC Excrow - Perm Maint 31,238.22 LVC Escrow - Ferris Memorial 12,092.21 TOTAL - ALL FUNDS 13,945,932.83 8,132,085.00 5,038,422.74 5,000,000.00 Fund Town of Ithaca Investment Report February 28, 2023 March 15, 2023 Donna Shaw, Finance Officer Town of Ithaca 215 N. Tioga Street Ithaca, NY 14850 Dear Ms. Shaw: On behalf of Community Bank, N.A. we are pleased to present our Municipal Money Market and CD Specials to address the banking needs of the Town of Ithaca. At this time Community Bank, N.A. would like to offer the Town the following liquid Money Market and CD options:  Money Market Account earning 4.50% with a minimum balance of $100,000.  CD 3 month with a rate of 4.50% with a minimum balance of $100,000. We appreciate the opportunity to service the Town of Ithaca and look forward to a fruitful working relationship as we move forward. Respectfully submitted, Stacey Tyler Kate Whitney Cherry Merrill Stacey Tyler Kate Whitney Cherry Merrill Municipal Banking Officer Municipal Banking Officer Branch Manager, Ithaca P: (802) 859-3114 P: (802) 865-1810 P: (607) 272-2211 Stacey.Tyler@cbna.com Kate.Whitney@cbna.com Cherry.Merrill@cbna.com What does it mean to Bank Happy? It means that we are committed to providing you with the highest level of customer service in everything we do. It’s a smile and a friendly hello when you walk in the door. It is the local decision makers who understand your goals and know how to get you what you need. Forest Home - SL1 Glenside - SL2 Renwick Heights - SL3 Eastwood Commons - SL4 Clover Lane - SL5 Winners Circle - SL6 Burleigh Drive - SL7 Westhaven Road - SL8 Coddington Road - SL9 Total Fund Balance Beginning Detail Total Fund Balance @ 12/31/2021 6,263.22 969.00 1,287.28 2,034.31 257.39 683.21 1,189.33 2,913.67 2,177.94 17,775.35 Add: Revenue & Other Sources 6,441.35 2,061.71 2,869.71 3,598.60 565.88 1,263.68 1,922.27 5,608.34 3,288.08 27,619.62 Deduct: Expenses & Other Uses (2,745.15) (698.44) (1,003.10) (1,445.97) (184.12) (414.03) (714.02) (2,417.70) (1,448.84) (11,071.37) Total Fund Balance @ 12/31/2022 9,959.42 2,332.27 3,153.89 4,186.94 639.15 1,532.86 2,397.58 6,104.31 4,017.18 34,323.60 Add: Revenue & Other Sources 444.65 1,712.22 2,216.45 769.28 378.23 206.92 1,011.71 3,981.60 2,100.16 12,821.22 Deduct: Expenses & Other Uses (454.26) (114.05) (177.09) (221.44) (31.08) (47.85) (117.49) (430.71) (258.60) (1,852.57) Est Fund Balance @ 3/10/2023 9,949.81 3,930.44 5,193.25 4,734.78 986.30 1,691.93 3,291.80 9,655.20 5,858.74 45,292.25 1 2 3 4 5 6 7 8 9 2023 Estimated Expenses 3/11/2023: Maintenance Contract 4/1-12/31 750.00 300.00 412.50 337.50 75.00 112.50 262.50 750.00 435.00 3,435.00 Estimated conversion cost net rebates 7,718.71 3,087.49 4,245.29 3,473.42 771.87 1,157.81 2,701.55 7,332.78 4,631.23 35,120.15 10 mos. NYSEG & Constellation (estimated)1,400.00 400.00 500.00 500.00 100.00 200.00 250.00 1,100.00 700.00 5,150.00 Total Estimated 9,868.71 3,787.49 5,157.79 4,310.92 946.87 1,470.31 3,214.05 9,182.78 5,766.23 43,705.15 Estimated annual cost after conversion: Maintenance Contract 1,000.00$ 400.00$ 550.00$ 450.00$ 100.00$ 150.00$ 350.00$ 1,000.00$ 580.00$ 4,580.00$ NYSEG & Constellation 1,680.00 480.00 600.00 600.00 120.00 240.00 300.00 1,320.00 840.00 6,180.00$ 2,680.00$ 880.00$ 1,150.00$ 1,050.00$ 220.00$ 390.00$ 650.00$ 2,320.00$ 1,420.00$ 10,760.00$ 2023 Assessed Value/Tax Basis Light Districts 45,814,600 6,248,100 16,269,600 20,679,900 3,280,000 3,123,000 3,851.10 9,038.12 8,930.11 2024 Estimated Tax Rate - Light Districts 0.05850 0.14084 0.07068 0.05077 0.06707 0.12488 0.16878 0.25669 0.15901 2023 Assessed Value - General Fund 1,817,584,024.00 2024 Estimated Tax Rate Impact - General 0.005920 Typical $300k home 1.77598392 Local Option ExemptionsTompkins County3/6/2023421-F Capital Improvements 444-a - Historic Property 457 - 1st Time Home buyers 458 - Vets 458a- Alt Vets War 458- a Alt Vets Scale 458a- Gold Star Parent Exemption 485 b Cold War Veterans 458 b -CW Vet scale 459a - Improvements for disabled 459c- disability 459 c-income 466-a Vol FF/Ambulance 467 - Senior 467-income Lowest Percent School Aged Children Exception 467-j Housing Trust469 - Living Quarters Grandparent or Parent470 - Green BuildingsRP 483b -Historic Barns485b - Business485b-percent485-g - Infrastructure Exemption487-Solar/Wind Energy SystemsTax Agland for Special Levies Candor$0 Yes $15,700 20% Yes 50%CortlandYes $14,700 20% Yes 50%DrydenYes $27,900 Yes $27,900 5% Yes Yes 50% Opt OutGroton Yes $22,700 20% Yes 50%HomerYes $16,200 20% Yes 50%Ithaca No Yes $43,400 Yes $43,400 5% No Yes No 0% No Opt OutLansing Yes $6,000 Yes $36,400 Yes $36,400 5% Yes 50% Opt OutMoraviaYes $16,700 20% No Yes 50%Newark ValleyYes $12,900 20% No 0%NewfieldYes Yes $43,400 Yes $43,400 10% Yes Yes 50% Opt OutOdessa-MontourYes $10,000 50% No 0% Opt OutSouthern CayugaYes $37,400 5% Yes 50%Spencer-Van EttenYes $14,700 20% Yes 50%Trumansburg Yes $12,000 Yes $43,400 Yes $43,400 5% No No 0%City of Ithaca Yes Yes No Yes $12,000 Yes $37,400 Yes $37,400 5%YesNo 0% N/aTown of Caroline Yes No Yes $15,000 Yes 15% of $12,000 Yes Yes $43,400 Yes Yes $43,400 5% Yes Yes Yes Yes 50% Caroline OnlyTown of Danby No Yes $18,000 Yes 15% or $12,000 Yes $34,400 Yes Yes $34,400 5% Yes 50% YesVillage of Dryden No Yes $12,000 Yes $36,400 Yes $36,400 5% Yes 50% YesVillage of Freeville No Yes $15,000 Yes $30,400 Yes $30,400 5% Yes 50%Town of Dryden Yes No Yes $18,000 Yes $43,400 Yes Yes $43,400 5%YesYes 50% Yes - includes ambulanceTown of Enfield No Yes $12,000 Yes $43,400 Yes $43,400 5% Yes 50% Opt Out YesVillage of Groton No Yes $12,000 No Yes $37,400 5% Yes 50%Town of Groton No Yes $12,000 Yes 10% or $8,000 Yes $34,400 Yes Yes $34,400 5% Yes 50% Opt Out Groton Yes - Mclean YesVillage of Cayuga Heights No Yes $12,000 Yes $36,400 Yes $36,400 5% No 0%Town of Ithaca Yes No No Yes $12,000 Yes Yes $36,400 Yes Yes $36,400 5%YesNo Yes No 0% Yes YesVillage of Lansing No Yes $15,000 Yes $37,400 Yes $37,400 5% Yes 1%Town of Lansing No Yes $15,000 Yes 15% or $12,000 Yes $43,400 Yes $43,400 5% Yes Yes 50% Opt Out YesTown of Newfield No No Yes $12,000 Yes No Yes $28,900 Yes Yes $28,900 5% No Yes 50% YesVillage of Trumansburg No Yes $12,000 Yes $43,400 Yes Yes $43,400 5% Yes 50%Town of Ulysses No No Yes $15,000 No Yes $43,400 Yes Yes $43,400 5%YesNo Yes 50% Yes - included ambulanceCounty of Tompkins Yes Yes No No Yes $15,000 No No Yes Yes $43,400 Yes Yes $43,400 5% Yes Yes Yes Yes No 0% Yes *** N/a Not applicable Not applicable This list is for informational purposes only. All attemps to update this list are made however, please contact the Dept of Assessment directly to verify. DIRECTOR OF ASSESSMENT Jay Franklin ASSISTANT DIRECTOR Irene Kehoe 128 E. Buffalo St, Ithaca, N.Y. 14850 | Phone: (607) 274-5517 | Fax: (607) 274-5507 | tompkinscountyny.gov/assessment To: Town of Ithaca From: Jay Franklin Date: March 16, 2023 Re: Increased Low-Income Senior/Disabled Exemption Limits On August 8th, Governor Hochul signed into law bills which allows for a taxing jurisdiction to increase the Low-Income Senior (RPTL 467) and the Low-Income Disabled Persons (RPTL 459-c) income scales up to a maximum set by law. For Tompkins County (along with the majority of NYS), that limit is now $50,000 when previously it was $29,000. The last time that NYS allowed for an increase in the exemption scales was in 2007. It is long past due that NYS revisited this exemption statute. The Town of Ithaca did just recently increase the income limits to the prior state maximum (M=$29,000 for a 50% exemption). I have run an analysis of the potential impact that this exemption will have on the remaining tax base. Due to the changes that NYS has made regarding the Enhanced STAR exemption, I don’t have access to as much income information as I used to so this analysis gets us in the “ballpark” of what the potential effect is of increasing the “M” to $35,000. Ithaca has 194 seniors who receive this exemption. Current Exemption Scale Proposed Exemption Scale UP TO 29,000 50% UP TO 35,000 50% EQ/MORE LESS THAN EQ/MORE LESS THAN 29,000 30,000 45% 35,000 36,000 45% 30,000 31,000 40% 36,000 37,000 40% 31,000 32,000 35% 37,000 38,000 35% 32,000 32,900 30% 38,000 38,900 30% 32,900 33,800 25% 38,900 39,800 25% 33,800 34,700 20% 39,800 40,700 20% 34,700 35,600 15% 40,700 41,600 15% 35,600 36,500 10% 41,600 42,500 10% 36,500 37,400 5% 42,500 43,400 5% 29,000 37,400 35,000 43,400 Based upon the income information we have on record, if the new scale was in place for the 2023 Town Taxes, an additional 57 people (Total = 251) would see an exemption reducing the tax base by $3,679,350. The General Levy tax rate would increase by $0.004213, the Part Town Highway tax rate would increase by $0.001626, and the Full Town Highway would increase by $0.000801. These increases in the tax rate would result in a: • $2.01 tax increase to the average assessed home in Cayuga Heights • $1.75 tax increase to the average assessment home in the Town Outside the Village (TOV).