HomeMy WebLinkAboutAgenda 9-11-2023TOWN OF ITHACA
BUDGET COMMITTEE
Monday, September 11, 2023 - 12:00 pm
Town Hall - Aurora Conference Room
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AGENDA
• Review and approve Meeting Minutes from August 29, 2023.
• Update on 2023 Investments and Interest Earnings.
• Update on 2023 Sales Tax Collections.
• Review and Discuss 2022 Fund Balance and Recommended Reserve Funds.
Continue Review of Tentative 2024 Ithaca Town Budget.
- 2024 Property Tax Levy
- Use of Fund Balance/Reserves
• Other items.
Next Meeting: TBD
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BUDGET COMMITTEE
Meeting Minutes - August 29, 2023
Committee present: Eric Levine and Rod Howe
Staff present: Donna Shaw, Judy Drake, Debby Kelley, Joe Slater, Marty Mosely, Dan Thaete, and CJ
Randall
Meeting was called to order at: 12:05 p.m. by Eric Levine.
AGENDA ITEMS:
Review and approve meeting minutes from June 12, 2023 and July 10, 2023.
Moved: Eric Levine Second: Rod Howe Motion Passed
Approval of 2024 Office and Field Classification Wage Scales.
Wages are proposed to increase 4%, the same as bargaining unit wages in 2024.
Review and Discuss Proposed 2024 Budget (Including Capital Budget).
The Committee reviewed and discussed the summaries of revenues and expenditures for all funds
for the Tentative 2024 Ithaca Town Budget.
o Total expenditures will decrease by .53%, from $30,111,590 in 2023 to $29,951,022 in 2024.
Expenditures will decrease in the General Townwide Fund by 3.15%; increase in the General
Part-Town Fund by 7.42%; increase in Highway Town-Wide Fundy by 52.45%; increase in
Highway Part-Town Fund by 4.52%; decrease in Water Fund by 13.09%; decrease in Sewer Fund
by 1.44%; increase in Fire Protection Fund by 8.36% and Light Districts have been eliminated.
Debt Service Fund expenditure will increase by 2.36%.
o Total for Personal Services (employee salaries and wages) increases from $4,862,338 in
2023 to $5,163,328 in 2024, an increase of $300,990 or 6.19%. The collective bargaining
agreement with the Public Works unit established a 4% COLA for 2024. It is recommended
that all classifications for the 2024 Office and Field Wage Scales receive the same. There are
also three new position requests:
- FT Senior Code Enforcement Officer (promoting current CEO, no increase in FTE)
- FT Senior Planner (promoting current Planner, no increase in FTE)
- PT Deputy Town Clerk
o The budgeted total for Employee Benefits increases from $2,329,820 in 2023 to $2,469,620 in
2024, an increase of $139,800 or 6.0%. Total employee benefits in 2024 are calculated at
47.83% of the total for employee salaries and wages. NYSLRS invoice estimates have not yet
been received. Health insurance increases are budgeted at 8.5% but have not yet been finalized
by the Consortium.
o Sales Tax collections are budgeted at $4,300,000, representing 15.67% of the Town’s 2024
budgeted revenues. This is an increase of $550,000 over the $3,750,000 budgeted for sales tax
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in 2023. Sales tax collections in 2022 were $4,483,398 and 2023 sales tax collections are 5%
higher for the first six months. If this trend continues, 2023 sales tax collections are projected
to be $4,700,000.
Capital Projects budgeted in 2024 will total $5,916,404; an increase of $382,204 or 6.9%
from the $5,534,200 total budgeted in 2023. Capital projects represent 19.75% of the Town’s
total budget.
- $50,000 is budgeted for Lead and Copper Rule-Services Identification and is
funded with current year revenue.
- $1,265,204 is budgeted for sewer infrastructure improvement. $300,000 for
sewer lining and manhole rehabilitation is funded with current year revenues
and $900,000 for the Inlet Valley Pump Station Rehab/Rebuild Gravity Sewer
will be funded with bonds and/or current year revenue/grants. $65,204 is
budgeted for four joint projects with the City of Ithaca.
- $300,000 is budgeted for King Road West Box Culvert replacement to be
funded with available fund balance.
- $1,636,000 is budgeted for road improvements and funded with $818,000 in
Highway Part-Town fund balance and $818,000 in current year revenues (CHIPS
and property tax).
- $680,000 is budgeted for mechanical/electrical/plumbing improvements to
the Public Works Facility and funded with General fund balance.
- $150,000 is budgeted for PWF Security Fence Installation and is funded with a
grant.
- $600,000 is budgeted for renovations to the Mezzanine and Court Offices in Town Hall and is
funded with General Fund Balance.
- $250,000 is budgeted for Town Hall weatherization architectural design services and is
funded with grants and/or fund balance.
- $410,000 is budgeted for design work on the Townline Road Bridge and is funded with a
Bridge-NY grant and a contribution from the County.
Initial Discussion on Property Tax Levy, Tax Rates and Tax Cap Calculation for FY-2024.
The proposed 2024 property tax levy, tax rates, and tax cap calculation was reviewed. The 2024
Property Tax Levy totals $8,764277, an increase of $81,789 or .9% over the prior year total of
$8,682,488. The total 2024 Property Tax Levy (including Water/Sewer Benefit Assessment Fees)
is projected to be $10,995,105 in 2024, an increase of $164,254 or 1.50% over the prior year total
of $10,830,851. This increase does comply with the property tax cap calculation for 2024.
Property taxes are the Town’s largest revenue source, representing 44.2% of total budgeted
revenues.
The property tax bill for a typical property in the Town of Ithaca will decrease to $1,776.76 in 2024
from $1,906.11 in 2023, a decrease of $129.35 or 6.8%. The typical property in the Town of Ithaca
is a single-family residence with an assessed value of $300,000.
Initial Discussion of proposed Water Rates and Sewer Rents for FY-2024.
Water Rates: Based on a 5.0% increase, the Bolton Point rate will increase from $6.03/1000 gallons
in 2023 to $6.33/1000 gallons in 2024. For the Town, our portion, used to cover our operating costs,
is proposed to increase from $2.86/1000 gallons in 2023 to $3.00/1000 gallons in 2024. The total
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amount charged to Town water customers would be $9.33/1000 gallons in 2024, an increase of
5.0% over the $8.89/1000 gallons charged in 2023.
Sewer Rents: The amount charged to Town customers is proposed to increase to $6.15/1000
gallons in 2023, an increase of 73.0% over the $5.75/1000 gallons charged in 2023. This projection
may change when the budget is received for the IAWWTF.
Minimum Quarterly Bill: The quarterly water & sewer bill is based on a minimum usage of 5,000
gallons of water and 5,000 gallons of sewage. The minimum quarterly bill is proposed to increase
from $73.20 in 2023 to $77.40 in 2024, an increase of $4.20 or 5.7%.
Initial Discussion of proposed Water and Sewer Benefit Assessment Fees for FY-2022.
The Water Benefit Assessment Fee is recommended to remain the same in 2024, $189.59 per unit,
raising revenues of approximately $1,484,759 to be used to pay the annual debt service on the
Town’s outstanding long-term debt for water infrastructure improvements. There aren’t any large
capital projects in 2024 and debt payments are not scheduled to increase over the next couple of
years.
The Sewer Benefit Assessment Fee is proposed to increase to $100.00/unit in 2024 from $89.00/unit
in 2023, raising revenues of approximately $746,069 to be used to pay the annual debt service on
the Town’s share of outstanding long-term debt for improvements at the Ithaca Area Wastewater
Treatment Facility. This projection may change when the budget is received for the IAWWTF.
The Special Assessment Rolls, including water and sewer benefit units, are currently under review
by Engineering and GIS. Any changes to the total will affect the benefit assessment rates and
revenues.
Other Items.
The July Sales Tax payment has been received. The $381,575 payment puts us approximately 5%
over the sales tax collected for the same period last year and on track to end the year over budget.
The meeting was adjourned at 12:34 p.m.
Next Meeting: Monday, September 11, 2023 at 12:00 pm, Town Hall - Aurora Room
FUNDS JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL Budget Variance
General Fund 34,322.20$ 53,409.18$ 44,688.56$ 41,194.10$ 38,924.45$ 37,585.86$ 34,923.93$ 39,194.88$ 324,243.16$ 133,066.00 191,177.16
General Part-Town Fund 7,567.53 6,067.56 7,526.08 7,005.33 7,496.33 8,174.25 7,717.70 11,090.56 62,645.34 54,603.00 8,042.34
Highway Fund - DA 3,307.22 3,779.34 4,622.28 4,195.99 3,949.55 3,880.93 3,317.33 4,500.42 31,553.06 24,394.00 7,159.06
Highway Part-Town Fund - DB 12,676.69 11,543.65 17,677.86 16,843.53 18,995.30 17,707.84 11,788.24 18,448.60 125,681.71 65,044.00 60,637.71
Water Fund 8,530.13 10,152.70 11,313.88 12,184.00 12,139.23 12,802.70 11,414.44 12,878.57 91,415.65 44,191.00 47,224.65
Sewer Fund 10,421.57 10,524.00 10,084.56 11,802.96 12,659.33 13,124.01 12,224.27 14,882.38 95,723.08 78,949.00 16,774.08
Risk Retention Fund 509.30 510.73 556.96 537.18 592.94 590.68 574.90 768.28 4,640.97 2,600.00 2,040.97
Fire Protection Fund 12,246.50 17,285.44 19,132.06 17,241.89 17,308.81 16,452.16 12,703.54 14,288.03 126,658.43 50,183.00 76,475.43
Debt Service Fund 1,411.69 1,519.52 1,686.19 1,685.89 1,748.92 1,648.16 1,591.81 1,908.45 13,200.63 500.00 12,700.63
Light District Funds 114.21 52.01 18.44 87.90 150.85 166.90 174.93 178.96 944.20 - 944.20
TOTAL - Operating Accounts 91,107.04$ 114,844.13$ 117,306.87$ 112,778.77$ 113,965.71$ 112,133.49$ 96,431.09$ 118,139.13$ -$ -$ -$ -$ 876,706.23$ 453,530.00 423,176.23
Investment Balance Interest Rate Maturity
Savings 105,138$ 4.00%n/a
CD - 9 Mos.5,021,436 5.00%4/10/2024
CD - 12 Mos.5,150,930 4.50%12/27/2023
CD - 12 Mos.5,114,837 4.60%2/13/2024
CD - 24 Mos.53,902 0.35%10/25/2023
NYCLASS 12,779,337 5.20%n/a
TOWN OF ITHACA - INTEREST INCOME FOR FY-2023
Investments
as of 9/1/2023
General Highway Fire
Part-Town Part-Town Protection TOTAL
Liability Month B1120 DB1120 SF1120
Month Collected 1,732,000.00$ 1,712,000.00$ 306,000.00$ 3,750,000.00$ 0.4619 0.4565 0.08 1.0000
January May 170,521.16$ 168,552.09$ 30,126.72$ 369,199.97$
February June 155,969.07$ 154,168.04$ 27,555.74$ 337,692.85$
March June 176,141.20$ 174,107.24$ 31,119.64$ 381,368.08$
April June 158,185.36$ 156,358.74$ 27,947.30$ 342,491.40$
May June 152,839.26$ 151,074.38$ 27,002.78$ 330,916.42$
June July 203,025.28$ 200,680.88$ 35,869.36$ 439,575.52$
July August 176,236.92$ 174,201.86$ 31,136.55$ 381,575.33$
August November -$ -$ -$ -$
September November -$ -$ -$ -$
October December -$ -$ -$ -$
November February -$ -$ -$ -$
December February -$ -$ -$ -$
TOTAL COLLECTIONS:1,192,918.26$ 1,179,143.23$ 210,758.08$ 2,582,819.57$
TOTAL - 2023 BUDGET:1,732,000.00$ 1,712,000.00$ 306,000.00$ 3,750,000.00$
% of 2023 Budget Collected:68.9%68.9%68.9%68.9%
COMPARISON
PERIOD 2020 2021 2022 #2023 TO PRIOR YEAR
January 266,756.00$ 241,976.77$ 349,600.04$ 369,199.97$ 105.61%
February 241,529.18 220,287.15 300,462.74 337,692.85 112.39%
March 294,969.05 392,202.28 396,743.39 381,368.08 96.12%
1st Quarter 803,254.23$ 854,466.20$ 1,046,806.17$ 1,088,260.90$ 103.96%
April 193,919.94$ 281,825.36$ 350,840.20$ 342,491.40 97.62%
May 181,781.59 284,332.00 366,126.50 330,916.42 90.38%
June 279,411.53 431,611.13 330,348.56 439,575.52 133.06%
2nd Quarter 655,113.06$ 997,768.49$ 1,047,315.26$ 1,112,983.34$ 106.27%
First 6 Months 1,458,367.29$ 1,852,234.69$ 2,094,121.43$ 2,201,244.24$ 105.12%
July 254,742.19$ 314,638.93$ 384,844.57$ 381,575.33 99.15%
August 248,307.40 312,514.79 358,575.22 - 0.00%
September 437,518.95 472,220.61 458,984.88 - 0.00%
3rd Quarter 940,568.54$ 1,099,374.33$ 1,202,404.67$ 381,575.33$ 31.73%
First 9 Months 2,398,935.83$ 2,951,609.02$ 3,296,526.10$ 2,582,819.57$ 78.35%
October 269,331.84$ 292,143.63$ 350,174.18$ - 0.00%
November 231,274.86 302,394.38 340,396.99 - 0.00%
December 381,304.49 436,657.63 496,300.24 - 0.00%
4th Quarter 881,911.19$ 1,031,195.64$ 1,186,871.41$ - 0.00%
ANNUAL TOTAL 3,280,847.02$ 3,982,804.66$ 4,483,397.51$ 2,582,819.57 57.61%
COMPARISON
PERIOD 2020 2021 2022 #2023 TO PRIOR YEAR
April/May 100,391.42$ 158,060.48$ 134,965.47$ 78,588.88$ 58.23%
October/November 196,709.44 224,517.51 269,365.59 - 0.00%
ANNUAL TOTAL 297,100.86$ 382,577.99$ 404,331.06$ 78,588.88$ 19.44%
TOWN OF ITHACA
SALES TAX COLLECTIONS
For the Year Ending December 31, 2023
2020 - 2023 COMPARISON OF SALES TAX COLLECTIONS
Mortgage Tax Collections
General Fund General PT Highway Highway PT
Fund Balance Ending @ 1/1/2022 7,133,185.00 1,804,207.00 893,445.00 3,625,570.30
Add: Revenue & Other Sources 5,219,328.00 2,145,309.48 727,478.76 4,028,111.00
Deduct: Expenses & Other Uses (5,294,074.49) (1,637,530.00) (932,006.62) (3,288,678.00)
Fund Balance Ending @ 12/31/2022 7,058,438.51 2,311,986.48 688,917.14 4,365,003.30
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 4,500,759 2,135,762 681,357 2,982,189
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 71.13%99.86%88.98%82.30%
Fund Balance Over 40%1,969,881.84 1,280,297.19 375,047.94 1,532,686.91
Potential 2023 Uses
Transfer (1,280,815.00) 1,280,815.00
Reserve for Payment of Bonded Indebtedness - 2024-
2026 interest and principal (300,000.00)
Reserve for Capital Road Improvements (1,000,000.00)
Transfer from DB Equipment Reserve 400,000.00
Reserve for Capital Highway Equipment (375,000.00) (400,000.00)
Reserve for Capital Facilities Improvements (250,000.00)
2023 Transfer to Open Space Plan (100,000.00)
Potential 2024 Uses
2014 Bond Payoff (Sandbank $ in V reserve)-
CIP - Roads (50%)(818,000.00)
CIP - Culvert Replacement (300,000.00)
Mezzanine and Court Reno (600,000.00)
PWF MEP/Site Improvements (680,000.00)
39,881.84 (517.81) 47.94 695,501.91
2022 Fund Balance
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TOWN OF ITHACA
RESERVE FUNDS AND ACCOUNTS
PARK, RECREATION AND OPEN SPACE PLAN RESERVE ACCOUNT - The Fund Balance of the General Townwide
Fund includes funds designated for the purpose of future park development and the purchasing of
development rights, as outlined in the Town’s Park, Recreation and Open Space Plan, as adopted on
December 12, 1997. As of 1/01/22, the balance of this account was $724,763. During FY-2022 this account
was increased by a $100,000 re-designation of fund balance and $137,250 from NYS-Parks for the 2018-
2019 Babcock property purchase. There was also $3,283 in interest income and an additional $5,047 in
accrued interest from a certificate of deposit. No funding was allocated from this account in FY-2022. The
balance of this account as of 12/31/22 was $970,343. An additional $100,000 in unreserved fund balance
was designated as reserved for this purpose by the Town Board in January 2023 bringing the balance to
$1,070,343. We spent $318,283 for the Cortright land purchase in April 2023. The current balance of the
account is $752,060.
No maximum amount has been established for this reserve. It was recommended that the question of a
maximum designated amount be revisited when the balance reaches $1,000,000.
It is recommended that we designate this fund as a Capital Reserve Fund under GML Section 6-c.
Designated as a “type” capital improvement, specifically for the future purchase of land and/or
development rights. This would require that any future expenditures from the reserve would be
subject to permissive referendum. We can continue to designate additional funds from fund balance
each year by resolution.
GENERAL BENEFIT RESERVE ACCOUNT - The fund balances in the General Townwide Fund, General Part-
Town Fund, Highway Part-Town Fund, Water Fund, and Sewer Fund includes reserves established for
managing unanticipated increases in employee fringe benefit costs (e.g. NYS Employee Retirement
System, Health Insurance). The aggregate balance of this reserve as of 12/31/22 was $350,000 plus
$3,532.87 in accrued interest on a CD maturing in July 2023. The balance by fund is as follows:
Certificates Accrued Balance as
of Deposit Interest of 12/31/2022
General Townwide Fund 154,000$ 1,554$ 155,554$
General Part-Town Fund 77,000 777 77,777
Highway Part-Town Fund 80,500 813 81,313
Water Fund 21,000 212 21,212
Sewer Fund 17,500 177 17,677
Total as of 12/31/2022 350,000$ 3,533$ 353,533$
General Benefit Reserve
In 2015 the Town Board established the maximum of this reserve be set at $350,000. Balance in excess
of the limit at year-end to be returned to the unreserved fund equity of the host funds.
It is recommended that we designate this fund as a Retirement Contribution Reserve Fund under
GML Section 6-r. This reserve fund is created, and expenditures authorized, by resolution of the
governing board to finance retirement contributions. Retirement contributions are extremely
difficult to project given the timing of invoicing. This fund could be used to offset any retirement
budget shortfalls. The 2025 Retirement invoice (payable in 2024) is estimated to be $695,226. The
Board can authorize the transfer of a portion of the moneys in the retirement contribution reserve
to a capital reserve after holding a public hearing.
HIGHWAY EQUIPMENT RESERVE ACCOUNT - The Fund Balance of the Highway Part-Town Fund includes
funds designated for the purchase/replacement of highway equipment and machinery. The balance in this
account as of 1/01/22 was $399,477. Revenue for FY-2022 totaled $935 in interest income and $4,032 in
accrued certificate of deposit interest. Balance of this account as of 12/31/22 was $404,445 with $4,445
moved to Highway Part-Town Fund balance to keep the reserve balance at $400,000.
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This account is funded by sale of surplus machinery and equipment, with additional income from interest
earnings. In 2015 the Town Board established the maximum of this account be set at $250,000. In 2018
the Town Board increased the maximum to $400,000. Balance in excess of the limit at year-end to be
returned to the unreserved fund equity of the Highway Part-Town Fund.
It is recommended that we designate this fund as a Capital Reserve Fund under GML Section 6-c.
Designated as a “type” capital improvement, specifically for the future purchase of capital
equipment. Setting up reserves in the Highway funds requires both Town Highway Superintendent
and County Highway Superintendent approval, along with Town Board approval by resolution. This
would also require that any future expenditures from the reserve would be subject to permissive
referendum. This fund could be used to level out any spikes in yearly spending necessitated by the
fleet replacement schedule or to fund an unforeseen equipment purchase. It is recommended that
we designate the current $400,000 in DB Fund and also designate a new $375,000 in DA Fund.
HIGHWAY CAPITAL IMPROVEMENTS RESERVE ACCOUNT – It is recommended that we establish a new
reserve fund as a Capital Reserve Fund under GML Section 6-c. Designated as a “type” capital
improvement, specifically for future capital road improvements. Setting up reserves in the Highway
funds requires both Town Highway Superintendent and County Highway Superintendent approval,
along with Town Board approval by resolution. This would require that any future expenditures from
the reserve would be subject to permissive referendum. $1,000,000 is recommended to be
transferred from unappropriated fund balance.
PAYMENT OF BONDED INDEBTEDNESS RESERVE ACCOUNT – It is recommended that we establish a new
reserve fund as a Payment of Bonded Indebtedness Fund under GML Section 6-h. This would be
in the General Fund to pay for the PW Office Expansion debt payments from the 2020-A Bond Issue.
It is recommended that we designate $300,000 from unreserved fund balance to pay the $104,000
yearly principal and interest payments. After interest earnings on the fund we should be able to
cover three years of payments, which would reduce the yearly tax burden for those years.
Additional money can be added each year from the available fund balance, or not, if there are other
priorities.
BUILDINGS CAPITAL IMPROVEMENTS RESERVE ACCOUNT – It is recommended that we establish a new
reserve fund as a Capital Reserve Fund under GML Section 6-c. Designated as a “type” capital
improvement, specifically for future facilities improvements. This would be $150,000 in the General
Fund, designated from fund balance by resolution of the Town Board. Any future expenditures from
the reserve would be subject to permissive referendum. This fund could be used for future
improvements to facilities included in the CIP and/or be used as match/cost sharing for any grant
funding. Additional money can be added each year from the available fund balance, or not, if there
are other priorities.
Summary:
General Townwide Fund:
Park, Recreation and Open Space Reserve Fund (Capital Reserve GML 6-c) 752,060$
Retirement Contribution Reserve Fund (GML 6-r) 154,000
Buildings Capital Improvement Reserve Account (GML 6-c) 150,000
Payment of Bonded Indebtedness Reserve Account (GML 6-h) 300,000
General Part-Town Fund:
Retirement Contribution Reserve Fund (GML 6-r) 77,000
Highway Townwide Fund:
Highway Equipment Reserve Fund (GML 6-c) 375,000
Highway Part-Town Fund:
Capital Road Improvements Reserve Fund (GML 6-c) 1,000,000
Highway Equipment Reserve Fund (GML 6-c) 400,000
Retirement Contribution Reserve Fund (GML 6-r) 80,500
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Our Cups Runneth Over,
Yet There’s not a Drop to Drink
Reserve Funds during Budget Shortfalls
Reserve funds are
funds that contain
moneys carved out
for a specific use
by explicit statutory
authority – that is,
they are not simply
a holding place for
excess or surplus
town funds, and once
established, moneys
placed in a reserve
fund must be used in
a way that adheres
with the fund’s
intended purpose. In
normal times, reserve
funds are a fiscally
prudent way for the town to plan for the future. However, in these not-so-normal times,
this prudent fiscal management may now leave some local governments in a financially
difficult spot, as we face budgetary shortfalls with threats to state aid and diminished
sales tax revenue and an inability to utilize (perhaps substantial) reserve funds to help
with the shortfall. This paper will give you the general background of operating reserve
funds and summarize some legislation we are tracking that will hopefully provide our
members a safe haven in the COVID revenue storm.
Reserve Fund Basics
One of the more common reserve funds used as a financial planning tool by local
governments are Capital Reserve Funds. Capital reserve funds are used to finance all or
a portion of the cost of construction, reconstruction or acquisition of a “specific” or “type”
piece of equipment or capital improvement.
o Equipment: any equipment, machinery or apparatus that has a period of
probable usefulness as provided in the Local Finance Law;
o Capital Improvement: any physical improvement; lands or rights in land; furnishings, equipment, machinery, or apparatus for any physical
improvement when such improvement is constructed, reconstructed or acquired;
o “Specific” reserve fund: a reserve fund that provides for a particular building or piece of equipment (e.g., town hall or bulldozer);
o “Type” reserve fund: a reserve fund that provides for a general category of structures or equipment (e.g. buildings or highway equipment);
Towns can establish a capital reserve fund via resolution (see General Municipal Law section 6-c), which should specifically set forth the purpose of the reserve fund and what
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the moneys will be used for. Capital reserve funds are subject to permissive referendum
requirements, the timing of which depends upon the reserve fund established. Specifically:
The resolution establishing a specific reserve fund is subject to permissive referendum requirements (unless period of probable
usefulness is less than five years); the resolution authorizing the expenditure from a specific reserve fund is not subject to
permissive referendum requirements. When a specific capital reserve fund is established, it is clear what the moneys will be
spent on.
The establishment of a type reserve fund is not subject to
permissive referendum requirements; the expenditure from a type reserve fund is subject to permissive referendum
requirements (unless the period of probable usefulness is less
than five years [see Local Finance Law section 11.00 for the periods of probable usefulness). When a type capital reserve
fund is established, it is not clear what the moneys will be spent on, and instead there is just a general category of what the
moneys could be used toward, which is why the expenditures (and not the establishment) are subject to permissive referendum
requirements.
Fire District Exception: Establishment of capital reserve fund
is subject to mandatory referendum requirements and must be
approved by the voters – there is no petition requirement.
Adirondack Park: If a town is located wholly or partly in the
Adirondack Park 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, as well as in a fire district located wholly or partly within such a town.
Can towns abolish reserve funds or use reserve fund moneys for non-reserve fund
purposes?
If the town is facing a budget deficit yet its reserve funds have significant amounts of
cash, it would seem logical to utilize those funds to meet the current budget deficit. But
that responsible and prudent fiscal planning for the future needs of the town means
those funds are now restricted and cannot be used for the town’s present needs unless
it is for a purpose the reserve fund was intended for.
For example, if the town established a specific capital reserve fund to build a new town
hall, that reserve fund was subject to permissive referendum requirements when it
was established. If the fund exists, it was approved by the voters to use the moneys
in that manner (either via the failure to file a petition to put the establishment of the
fund to a vote or by voter approval after a petition was filed). To that end, the town can
make expenditures from that reserve fund without any referendum requirements, so
long as the expenditures are related to building the new town hall. If there is $200,000
in the reserve fund, and the town is facing a $100,000 budgetary deficit due to reduced
revenue and state aid, the town cannot borrow from that reserve fund to meet the
budgetary deficit.
Of course, the issue at hand is that local governments need these reserve fund moneys
that they initially planned to use for future equipment needs and long-term projects but
instead need immediately because of budgetary deficits. Along those lines, the town
SHORT PAPER SERIESSHORT PAPER SERIESAssociation of TownsAssociation of Towns
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may realize that it is not the right time to build a new town hall, and that the moneys in
the reserve fund can be better directed to fill in the gaps elsewhere. There is no authority
to abolish reserve funds. Indeed, a town may transfer the funds to another reserve fund
of the same tax base if the original purpose of the fund will not be realized or if there is a
surplus after the project has been completed.
At this point, there is no way to use these moneys as the law currently reads. The short
answer is no – a town cannot use reserve funds for a non-reserve fund purpose (see
General Municipal Law section 9-a; 1991 Op St Comp 91-51). In fact, local officials that
oversee the reserve fund will actually be guilty of a misdemeanor if the funds are used in
any manner not intended by the reserve fund. Legislative amendments at the state level
could help local governments put these funds to use to help the towns in the short-term,
which will ultimately serve them in the long-term.
Reserve Fund Guidelines Related to COVID-19
In encouraging news, as of press time (June 23, 2020), there is legislation that has
passed both houses and is awaiting delivery to the Governor (S8417/A10492) that, if
signed by the Governor, would allow local governments to use reserve fund moneys
without any referendum requirements for capital costs attributable to the COVID-19
pandemic. Additionally, under this legislation, towns may temporarily borrow money
from reserve funds for COVID-19-related expenses so long as at least 20 percent of
what’s borrowed is returned each fiscal year. This legislation is a positive step in the
right direction to assist local governments in managing the financial fallout from this
crisis. The Association of Towns legislative staff is proud to have consulted with the
Office of the State Comptroller to get this legislation introduced with the goal of assisting
municipalities navigate this nearly unprecedented drop in revenue and the resulting
budget shortfall. Similar legislation was introduced in the 2008-2009 financial crisis. In
addition to authorizing certain expenditures and borrowing from reserve funds, A10492/
S8417 also allows BANs to rollover for 7 years instead of 5 and gives towns another year
to pay back interfund advances.
*If you are interested in any further legislation to address the use of reserve fund
moneys to serve budgetary shortfalls in extreme financial times, please reach out to the
Association of Towns at (518)465-7933 or via info@nytowns.org. For more information
on reserve funds, please see the reserve fund chapter in our Town Law Manual or OSC’s
Reserve Fund Guide.
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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
15 Office of the State ComptrollerDivision of Local Government and School Accountability
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 Created by resolution of the governing board. Appropriation pursuant to resolution
and Use: 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, 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 The governing board of a municipal corporation may, subject to a permissive
Funds: 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.
25 Office of the State ComptrollerDivision of Local Government and School Accountability
Use of Unexpended If the governing body determines that such fund is no longer needed, any remaining
Balances: moneys may be transferred to any other reserve fund authorized by the General
Municipal Law (supported by the same tax base) or, in the case of school districts, a
reserve fund established under Education Law Section 3651, but only to the extent
that the moneys in the employee benefit accrued liability reserve fund exceed a
sum sufficient to pay all liabilities incurred or accrued against the employee benefit
accrued liability fund, as certified to the governing board by the fiscal and legal
officers of the local government prior to the discontinuance of the fund.
Retirement Contribution Reserve Fund (GML Section 6-r)
Purpose: For the payment of “retirement contributions,” which are defined as all or any
portion of the amount payable to either the New York State and Local Employees’
Retirement System or the New York State and Local Police and Fire Retirement
System, pursuant to Sections 17 or 317 of the Retirement and Social Security Law.
Who May Create: Municipal corporations (counties, cities, towns, villages), school districts (except a
school district in a city with a population of 125,000 or more), boards of cooperative
educational services, fire districts and other district corporations, police districts,
and special improvement districts governed by a separate board of commissioners,
which are “participating employers,” as defined in Retirement and Social Security
Law Sections 2(20) or 302(20).
How to Create Created, and expenditures authorized, by resolution of the governing board to
and Use: finance retirement contributions. A referendum is not required either to create or
expend moneys from the reserve.
Sources of Funds: (a) Budgetary appropriations or taxes raised for the reserve
(b) Revenues that are not required by law to be paid into any other fund or account
(c) Amounts from reserve funds established pursuant to Sections 6-c, 6-d, 6-e,
6-f or 6-g of the General Municipal Law (supported by the same tax base), or
pursuant to Education Law Section 3651 subject to public hearing requirements
(d) Other funds that may be legally appropriated.
Use of Unexpended The board may authorize the transfer of a portion of the moneys in the retirement
Balances: contribution reserve to a reserve fund established pursuant to Sections 6-c, 6-d,
6-e, 6-f or 6-g of the General Municipal Law (supported by the same tax base), or
in the case of a school district, a reserve fund established pursuant to Section 3651
of the Education Law. Such a transfer is subject to a public hearing. If the board
determines that the retirement contribution reserve is no longer needed, the board
may terminate the fund by resolution. The resolution must transfer any moneys
remaining in the retirement contribution reserve to one or more reserve funds
established pursuant to Sections 6-c, 6-d, 6-e, 6-f or 6-g of the General Municipal
Law (supported by the same tax base), or in the case of a school district, one or more
reserve funds established pursuant to Section 3651 of Education Law.
TOWN OF ITHACA
SUMMARY OF 2024 REVENUES AND EXPENDITURES 2024 BUDGET
2024 GENERAL GENERAL HIGHWAY HIGHWAY WATER SEWER RISK FIRE SPECIAL DEBT
TOTAL TOWNWIDE PART-TOWN TOWNWIDE PART-TOWN FUND FUND RETENTION PROTECTION DISTRICTS SERVICE
EXPENDITURES:
GENERAL GOVERNMENT 4,544,247$ 3,156,924$ 191,079$ 9,875$ 102,764$ 636,016$ 440,404$ -$ 5,185$ -$ 2,000$
PUBLIC SAFETY 4,102,269 93,784 - - - - - - 4,008,485 - -
HEALTH & W ELLNESS 42,500 - - - - - - 42,500 - - -
TRANSPORTATION 6,085,887 1,507,450 - 1,028,348 3,550,089 - - - - - -
CULTURE & RECREATION 1,429,868 1,429,868 - - - - - - - - -
HOME & COMMUNITY SVC 9,742,145 125,738 1,563,713 - - 3,720,745 4,331,949 - - - -
EMPLOYEE BENEFITS 2,469,620 1,103,900 536,750 123,300 403,170 176,700 125,800 - - - -
DEBT SERVICE 1,367,115 - - - - 1,174,970 - - - - 192,145
INTERFUND TRANSFERS 165,725 110,600 5,900 5,900 31,525 5,900 5,900 - - - -
TOTAL EXPENDITURES:29,949,376$ 7,528,264$ 2,297,442$ 1,167,423$ 4,087,548$ 5,714,331$ 4,904,053$ 42,500$ 4,013,670$ -$ 194,145$
REVENUES:
REAL PROPERTY TAXES 8,712,984$ 4,140,000$ -$ 670,344$ 435,500$ 14,492$ 16,048$ -$ 3,436,600$ -$ -$
WATER / SEWER BENEFIT UNITS 2,230,828 - - - - 1,484,759 746,069 - - - -
REAL PROPERTY TAX ITEMS 80,609 68,292 - 3,916 8,401 - - - - - -
SALES TAX 4,300,000 - 1,808,000 - 2,092,000 - - - 400,000 - -
FRANCHISE TAX 54,000 - 54,000 - - - - - - - -
DEPARTMENTAL INCOME 7,668,818 36,650 270,900 - - 4,108,694 3,252,574 - - - -
INTERGOVERNMENTAL CHRGS 129,551 111,388 - 18,163 - - - - - - -
USE OF MONEY & PROPERTY 963,145 418,410 64,542 40,000 119,023 79,000 80,000 7,100 150,070 - 5,000
LICENSES AND PERMITS 10,000 10,000 - - - - - - - - -
FINES AND FORFEITURES 175,000 175,000 - - - - - - - - -
SALE OF PROPERTY 257,660 76,955 - 25,000 86,957 27,386 41,362 - - - -
MISC. LOCAL SOURCES 32,000 - - 20,500 11,500 - - - - - -
INTERFUND REVENUES 448,299 448,299
STATE & FEDERAL AID 1,396,721 664,054 100,000 389,500 216,167 - - - 27,000 - -
INTERFUND TRANSFERS 165,725 - - - - - - 35,400 - - 130,325
PROCEEDS OF OBLIGATIONS 768,000 - - - - - 768,000 - - - -
TOTAL REVENUES:27,393,340$ 6,149,048$ 2,297,442$ 1,167,423$ 2,969,548$ 5,714,331$ 4,904,053$ 42,500$ 4,013,670$ -$ 135,325$
USE OF FUND BALANCE 2,451,335 1,274,516 - - 1,118,000 (0) 0 - - - 58,820
USE OF RESERVES 104,700 104,700
REVENUE & OTHER SOURCES:29,949,376$ 7,528,264$ 2,297,442$ 1,167,423$ 4,087,548$ 5,714,331$ 4,904,053$ 42,500$ 4,013,670$ -$ 194,145$
COMPARISON TO PRIOR YEAR:
2023 TOTAL BUDGET:30,111,590$ 8,084,481$ 2,138,661$ 765,773$ 3,623,754$ 6,575,217$ 4,975,753$ 38,000$ 3,704,183$ 16,105$ 189,663$
% CHANGE FROM 2023:-0.54%-6.88% 7.42% 52.45% 12.80% -13.09% -1.44% 11.84% 8.36% -100.00% 2.36%
DESCRIPTION
FUND / DISTRICT 2017 2018 2019 2020 2021 2022 2023 2024
GENERAL TOWNWIDE FUND
TAXABLE ASSESSED VALUATION $ 1,409,739,322 $ 1,470,783,820 $ 1,549,688,565 $ 1,615,447,157 $ 1,665,237,301 $ 1,696,638,433 $ 1,817,584,024 $ 1,992,463,821
PROPERTY TAX RATE $ 1.9876 $ 1.8698 $ 1.9197 $ 1.8794 $ 2.4021 $ 2.0629 $ 2.0769 $ 2.0778
PROPERTY TAX LEVY $ 2,802,000 $ 2,750,000 $ 2,975,000 $ 3,036,000 $ 4,000,000 $ 3,500,000 $ 3,775,000 $ 4,140,000
HIGHWAY TOWNWIDE FUND
TAXABLE ASSESSED VALUATION $ 1,409,739,322 $ 1,470,783,820 $ 1,549,688,565 $ 1,615,447,157 $ 1,665,237,301 $ 1,696,638,433 $ 1,817,584,024 $ 1,992,463,821
PROPERTY TAX RATE $ 0.5439 $ 0.5162 $ 0.4952 $ 0.4804 $ 0.3819 $ 0.3950 $ 0.3364
PROPERTY TAX LEVY $ 800,000 $ 800,000 $ 800,000 $ 800,000 $ 648,000 $ 718,000 $ 670,344
TAX RATE VCH $ 1.9876 $ 2.4137 $ 2.4359 $ 2.3746 $ 2.8825 $ 2.4448 $ 2.4720 $ 2.4143
VCH PROPERTY TAX LEVY $ 2,802,000 $ 3,550,000 $ 3,775,000 $ 3,836,000 $ 4,800,000 $ 4,148,000 $ 4,493,000 $ 4,810,344
ESTIMATED TAX - TYPICAL PROPERTY $ 596.28 $ 724.10 $ 730.78 $ 712.37 $ 864.74 $ 733.45 $ 741.59 $ 724.28
GENERAL PART-TOWN FUND
TAXABLE ASSESSED VALUATION $ 1,003,883,581 $ 1,061,231,644 $ 1,105,371,520 $ 1,164,464,108 $ 1,209,066,938 $ 1,217,581,802 $ 1,335,525,934 $ 1,463,904,829
PROPERTY TAX RATE
PROPERTY TAX LEVY
HIGHWAY PART-TOWN FUND
TAXABLE ASSESSED VALUATION $ 1,003,883,581 $ 1,061,231,644 $ 1,105,371,520 $ 1,164,464,108 $ 1,209,066,938 $ 1,217,581,802 $ 1,335,525,934 $ 1,463,904,829
PROPERTY TAX RATE $ 1.2450 $ 1.3192 $ 1.3027 $ 1.2589 $ 0.0000 $ 0.7141 $ 0.6215 $ 0.2975
PROPERTY TAX LEVY $ 1,250,000 $ 1,400,000 $ 1,440,000 $ 1,466,000 $ 0 $ 869,500 $ 830,000 $ 435,500
FIRE PROTECTION FUND
TAXABLE ASSESSED VALUATION $ 1,077,313,706 $ 1,135,473,489 $ 1,187,098,119 $ 1,247,005,791 $ 1,291,611,686 $ 1,301,004,130 $ 1,422,710,362 $ 1,548,811,848
PROPERTY TAX RATE $ 3.2488 $ 2.8622 $ 2.6535 $ 2.5790 $ 3.0001 $ 2.7139 $ 2.3320 $ 2.2189
PROPERTY TAX LEVY $ 3,500,000 $ 3,250,000 $ 3,150,000 $ 3,216,000 $ 3,875,000 $ 3,530,806 $ 3,318,000 $ 3,436,600
WATER FUND
AD VALOREM VALUE $ 430,024,284 $ 432,819,470 $ 437,810,816 $ 427,947,312 $ 667,121,132 $ 674,077,033 $ 684,777,095 $ 724,617,880
AD VALOREM RATE $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02
PROPERTY TAX LEVY $ 8,600 $ 8,656 $ 8,756 $ 8,559 $ 13,342 $ 13,482 $ 13,696 $ 14,492
BENEFIT ASSESSMENT $ 110.00 $ 125.00 $ 150.00 $ 160.00 $ 165.00 $182.81 $189.47 $189.59
BENEFIT ASSESSMENT CHARGE 883,736$ 983,208$ 1,244,072$ 1,329,298$ 1,370,643$ 1,451,638$ 1,484,005$ 1,484,759$
SEWER FUND
TAXABLE ASSESSED VALUATION $ 485,824,941 $ 490,497,505 $ 496,153,676 $ 488,049,514 $ 736,752,499 $ 742,151,155 $ 756,833,019 $ 802,398,894
AD VALOREM RATE $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02
PROPERTY TAX LEVY $ 9,716 $ 9,810 $ 9,923 $ 9,761 $ 14,735 $ 14,843 $ 15,137 $ 16,048
BENEFIT ASSESSMENT
CHARGE/UNIT
$ 25.00 $ 25.00 $ 45.00 $ 60.00 $ 65.00 $75.41 $89.00 $100.00
BENEFIT ASSESSMENT CHARGE 192,230$ 188,084$ 358,045$ 478,330$ 531,055$ 571,396$ 664,358$ 746,069$
OUTSIDE VILLAGE TAX RATE $ 4.4938 $ 4.1814 $ 3.9562 $ 3.8379 $ 3.0001 $ 3.4280 $ 2.9535 $ 2.5164
OUTSIDE VILLAGE PROPERTY TAX LEVY $ 5,844,283 $ 5,839,758 $ 6,210,796 $ 6,507,948 $ 5,804,775 $ 6,451,665 $ 6,325,195 $ 6,133,468
ESTIMATED TAX - TYPICAL PROPERTY $ 1,483.15 $ 1,404.43 $ 1,381.87 $ 1,371.36 $ 1,130.04 $ 1,286.62 $ 1,164.52 $ 1,044.50
COMBINED TAX RATE $ 6.4814 $ 6.5951 $ 6.3922 $ 6.2125 $ 5.8826 $ 5.8728 $ 5.4255 $ 4.9306
COMBINED TAX LEVY $ 8,646,283 $ 9,389,758 $ 9,985,796 $ 10,343,948 $ 10,604,775 $ 10,599,665 $ 10,818,195 $ 10,943,812
ESTIMATED TAX - TYPICAL PROPERTY $ 2,079.43 $ 2,128.53 $ 2,112.65 $ 2,083.74 $ 1,994.78 $ 2,020.07 $ 1,906.11 $ 1,768.78
TOWN OF ITHACA
SUMMARY OF CHANGES IN REAL PROPERTY TAX BY FUND FOR FISCAL YEARS 2017 THROUGH 2024