HomeMy WebLinkAboutBudget Committee Minutes 5-08-2023
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BUDGET COMMITTEE
Meeting Minutes - May 8, 2023
Committee present: Eric Levine - Chairman, Pam Bleiwas, Rod Howe
Staff present: Donna Shaw, Marty Mosely, CJ Randall, Paulette Rosa, Joe Slater, Dan Thaete
Meeting was called to order at 12:01 p.m.
AGENDA ITEMS:
Review and approve meeting minutes from March 20, 2023.
Moved: Rod Howe Second: Pam Bleiwas Motion: Passed
Review and discuss proposed Dissolution Plan for Burleigh Drive Lighting District.
The Committee reviewed and discussed the draft Dissolution Plan for Burleigh Drive Lighting
District. The other nine dissolution plans will be modeled from this one. The Department of State
published a summary of the requirements for dissolution. It was recommended that a statement
be added to confirm that the dissolution does not require any transfer or elimination of public
employees.
Review and discuss projected debt payments.
The committee reviewed and discussed the Water Fund Debt Service by Year report. In 2024 we
will make the final $90,000 payment on the 2014-A bond issue. The 2020-B bond principal payment
also decreases from $185,000 in 2024 to $100,000 in 2025 due to both the Trumansburg Road and
Hanshaw Road Water Improvements (refinanced from 2009) being paid in full. This allows us to
take on another estimated $2,500,000 in water debt without increasing the yearly debt service
payments.
The committee also reviewed and discussed the benefit assessment fee calculation used to cover
water and sewer debt payments.
Review January Sales Tax receipts.
January sales tax receipts totaled $369,199.97, 5.6% higher than the $349,600.04 received for
January 2022. The County is a little behind in sending payments, but OSC is reporting a 7%
increase in the 1Q 2023 statewide. The OSC report was also shared with the committee.
Review 1Q 2023 Budget Amendments.
The budget amendments were not available for review at this time.
Review and discuss 2023 Interest Earnings and Investments.
The Committee reviewed and discussed the Interest Income Report through April. In 2023 we budgeted
$453,530 in interest across all funds, an increase of 357,164 over the $96,366 budgeted in 2022. Year
to date we have earned $436,036.81 in interest. General Fund has already exceeded their interest
revenue budget by $40,548.04.
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Consider Tompkins County Chamber of Commerce membership.
The Committee discussed potential membership to the Chamber of Commerce. The Committee
would like to hear more from the Chamber regarding the benefits of joining. A representative will
be invited to a future meeting.
Other items.
The Committee discussed inviting TCAT to the June meeting to discuss project funding needs
within the Town.
The meeting was adjourned at 12:43 p.m.
Next Meeting: Monday, June 12th at 12:00 p.m., Town Hall - Aurora Room or Zoom