HomeMy WebLinkAboutI - 05 Questions and Comments - Bob Martin2022 Budget Review
Budget does not have any line items shown for GLSC Phase 2. John DelVecchio
stated at the 8/4/21 town board meeting, it is estimated that the construction of
the two additional fields and the additional parking will be approximately
$750,000 to $1 million. This estimate is low and does not include all the items
listed in section 1.01 Development of the PBR lease and equipment listed in
exhibit B.
In the highlights handout, it states Capital Project Fund (HG) expenditures are not
part of the budget because they are not raised by tax dollars. Capital
Improvements are financed by towns through issuance of bonds and/or bond
anticipation notes. Ultimately all the bonds principal and interest are raised by tax
dollars, paid by the tax payer.
H- Capital projects —This fund is used to account for capital improvements
including construction of capital facilities financed by bonds and bonds
anticipation notes. A separate fund must be maintained for each capital project.
GLSC BAN
2021 - $2,685,000 @ .42%
2020 - $2,845,000 @ 1.375%
2019 - $3,000,000@ 30/
2018 - $3,000,000 @ 1.86%
Town Law Manual 54
4
Bond anticipation notes are used as a means of financing, on a temporary basis
during the period of construction a project Lin tal<en by the town. Upon
completion of the project, the bonds for permanent financing are issued. The
bond anticipation notes are paid off.
The Phase 1 project is finished is finished and bonds should be issued.
From the Mav 6, 2020 minutes
Attorney DelVecchio stated that the current BAN is tax-exempt which disallows
the town from entering into agreements with a third -party or private companies.
However, the town could alter the bond.
What is the impact on the 2022 BAN/ bond?
What will the interest rate be?
This is the 5'h year of the BAN.
Sales Tax
"Sales tax in Cortlandville is going to be up $1 million this summer," said Tom
Williams. (WSYR Local News)
Reviewing the budget:
81120 Non -property tax is shown at $435,000
DB1120 Non -property tax is shown at $1,900,000
Total sales tax is $2,335,000. Is this accounting for all projected sales tax?
Total sales tax for 2021$2,000,000 per modified budget.
Total sales tax for 2020 was $2,300,000.
I do not see the $1,000,000 boost.
If there is a $1,000,000 in sales tax increase —can it be determined what factors
contributed to this?
I suggest the following:
Revenue from GLSC events
More people dining out (Post Covid)
Home improvement projects
Social activities at bars, breweries etc. (Post Covid)
People buying stuff at Walmart and other stores
Used & new truck/car sales
Beer/Wine/Liquor sales
Budget for 2022 Review
- -
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Year Total Town Special Districts Grand Total
2022 $71570,120.00 $31205,528.00 $10,775,648.00
2021 $7,9251235.00 $31042,222.00 $10,9671457.00
2020 $7,742,005.00 $3,1411669.00 $10,883,674.00
2019 $7,124,332.00 $30015,775.00 $1011401107.00
2018 $6,537,036.00 $3,093,962.00 $91630,998.00
2017 $6,803,415.00 $21930,835.00 $9,734,250.00
2016 $60816,350.00 $2,849,125.00 $91665,475.00
Debt Service Page 10
A9730.6 BAN Principal $200,000.00
A9730.7 BAN Interest $11,277.00 Assumes 42%
Revenues Page 11
11
A1001 Real property taxes $1,439,135.00 Modified 2021
_- --- --- - - -
Park & recreation
A2001 charges $173,330.00 Modified 2021
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Revenues Page 17
B1120 Non -Property Tax $435,000.00 Modified 2021
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B2111 j Building permit fees $75,000.00 Modified 2,021
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Total Revenues & other sources Page 18 $594,300.00 Modified 2021
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Appropriations Page 19
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DA5120.4 Transportation Bridges $275,062.00 2021 Budget
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Appropriations i Page 21
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DB5110.1 Personnel services $600,000.00 2021 Budget
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DB1110.4 Contractual $500,000.00 2021 Budget
Equipment capital outlay
D135130.2 Equipment $300,000.00 2021 Budget -------
Percent Change
-1.75%
0.77%
---7v33%-
5,29% -
-1.06%
0.71%
$1,648,348.00
$50,000.00 Assuming PBR payments
$250,000.00 74% increase
$100,000.00 Decrease
$496,174.00 20% increase
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$275,062.00 What is this?
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$583,09800 Increase
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$491,598.00 Decrease
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Highway-._.
Garage
DB5132.4 Lime Hollow Garage $0.00 :i 2021 Budget
Revenues
Page 23
D -B1001
Real property taxes
$654,399.00
Modified
2021
DB1120
Non -property tax
$1,900,000.00
Modified
2021
DB3501
lConsolidated Highway Aid
$275,000.00
2021
Modified
Revenuesj
Page 30
SS1030
Sewer benefit
$264,541.00
Modified
2021
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$400,000.00 What is cost for new smaller
garage
$363,608.00 Significant increase
$1, 750, 000.00 Increase
$193,481.00 Increase
Reduction
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