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2007 Annual Report Submitted to the NYS Comptroller
All Numbers in This Report Have Been Rounded To The Nearest Dollar ANNUAL FINANCIAL REPORT UPDATE DOCUMENT For The TOWN of Ithaca County of Tompkins For the Fiscal Year Ended 12/31/2007 ************************************************************************************************************************************* AUTHORIZATION ARTICLE 3, SECTION 30 of the GENERAL MUNICPAL LAW: 1. **'`Every Municipal Corporation *** shall annually make a report of its financial condition to the Comptroller. Such report shall be made by the Chief Fiscal Officer of such Municipal Corporation *** 5. All reports shall be certified by the officer making the same and shall be filed with the Comptroller within sixty days after the close of the fiscal year of such Municipal Corporation *** It shall be the duty of the incumbent officer at the time such reports are required to be filed with the Comptroller to file such report *** State of NEW YORK Office of The State Comptroller Division of Local Government Services and Economic Development Albany, New York 12236 Page 1 TOWN OF Ithaca *** FINANCIAL SECTION *** Financial Information for the following funds and account groups are included in the Annual Financial Report filed by your government for the fiscal year ended 2006 and has been used by the OSC as the basis for preparing this update document for the fiscal year ended 2007: (A) GENERAL (B) GENERAL TOWN -OUTSIDE VG (DB) HIGHWAY -PART -TOWN (FX) WATER (G) SEWER (H) CAPITAL PROJECTS (K) GENERAL FIXED ASSETS (SF) FIRE PROTECTION (SL) LIGHTING (TA) AGENCY (V) DEBT SERVICE (W) GENERAL LONG-TERM DEBT All amounts included in this update document for 2006 represent data filed by your government with OSC as reviewed and adjusted where necessary. *** SUPPLEMENTAL SECTION *** The Supplemental Section includes the following sections: 1) Statement of Indebtedness 2) Schedule of Securities for Collateralization 3) Schedule of Time Deposits and Investments 4) Investment Certification 5) Bank Reconciliation 6) Local Government Questionnaire All numbers in this report will be rounded to the nearest dollar. Page 2 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (A) GENERAL Balance Sheet \_ Assets Cash In Time Deposits 1,491,175 A201 1,653,018 Petty Cash r 600 A210 600 Accounts Receivable 1,983 A380 State & Federal, Other 43,776 A410 42,957 TT at Anid Federal Aid Receivables"� ,. y „Alm -7 >43; 761 `„42957 _ Due From Other Funds 2,376 A391 53,270 G TAIL41 Dther Funds F ��a `' 12,37,6 x....., s, w Due From Other Governments 295,488 A440 286,383 TOTAL Due From Other Governments _ ^ � �4 x,488 286;383 _ Prepaid Expenses 137,969 A480 130,709 70 AL�PrepaE�x ensesy� }�r;; � , <-,...137F969 � .,. 1'30;709.x Cash, Special Reserves 480,175 A230 559,798 0 Page 3 OSC Municipality Code 500342300000 r1 U TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (A) GENERAL Balance Sheet Code ©escription � �;,� 2006.: EtlpCode 200Zh Liabilities And Fund Equity Accrued Liabilities 121,431 A601 183,685 �OTAL Accrued'Liabihties Due To Other Funds 39,698 A630 32,144 TOTAL Due To Other Furids 39,698 } , 32,144 Deferred Revenues 43,590 A691 40,000 QTAL Special Reserves 5.v. -s ; 480;175 # F < t 559;798 Unreserved Fund Balance Appropriated 399,779 A910 452,610 TOTAL Unreserved; Fund Balance Appropriated r . _ a 399,779 * .t' , N ;a` 452,fi1.0 Unreserved Fund Balance Unappropriated 1,368,869 A911 1,458,498 Page 4 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (A) GENERAL Results of Operation Code Descrip t[on R 2006 Detail Revenues And Other Sources Real Property Taxes 1,712,903 A1001 1,746,602 TOTAL Real Property Taxes: � ' ,, , ;� - -> 1;712;903 �1',746,6Q2' Other Payments In Lieu of Taxes 24,554 A1081 23,715 Interest & Penalties On Real Prop Taxes 11,615 A1090 27,181 -'QTAL Real Prope_'ray Tax Items =.: "'. 36;1;69_ ` =;4 50,896 Non Prop Tax Dist By County 577,339 A1120 525,155 TSO. A Non: Property Tax Items � � = � 5 - 577;339 =� - 525,155 , _ Clerk Fees 3,592 A1255 3,758 Other General Departmental Income A1289 Public Pound Charges, Dog Control Fees 280 A1550 245 Contributions, Private Agencies -Youth 10,019 A2070 Other Home & Community Services Income A2189 16,098 NJTM D,epaitmerital Youth Recreation Services, Other Govts 59,697 A2350 58,762 01-0 I�ter`.governmental' Charges " , , n , 4 , ` 59;697 t 58,762 Interest And Earnings 112,440 A2401 127,415 Rental, Other (specify) 38,298 A2440 40,133 TOTAL Use of Money And Property,, � '4�4 150,738 '`J ''167,54$; „, s �,. � fi Dog Licenses 6,920 A2544 6,785 TOTAL Li uses Md.0 r, Fines And Forfeited Bail 299,194 A2610 254,536 Sales of Real Property A2660 Sales of Equipment C A2665 Insurance Recoveries 43,688 A2680 3,842 TOTALS Sale of Property, And Compensation _For Loss, ,� `` y 43;688u � � � ,3,842 Refunds of Prior Year's Expenditures 129,835 A2701 27,082 Grants From Local Governments A2706 3,413 Unclassified (specify) 3,993 A2770 TOTAL Miscellaneous Local Sources 133;828. , 30,495, St Aid, Mortgage Tax 350,085 A3005 325,220 ST. Aid, Records MgmT. 6,737 A3060 5,542 St Aid - Other (specify) 2,183 A3089 181 St Aid -Other Cul & Rec St Aid 10,958 A3889 TOTAL State Aid =P" 369,963 TO( ,TAL Revenues 3,404,330 95,665: Interfund Transfers 209,254 A5031 339,787 • TOTAL Interfund Transfers 209,254 339,7137 TOTAL Other Sources 7,209,254: 339;787 TOTALDet:ailAevenues,And,Other'Sources 3,613,584 3535,452' Page 5 OSC Municipality Code 500342300000 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (A) GENERAL Results of Operation • ode Description 7,841 20.06 EcipCo < e 2007 Detail Expenditures And Other Uses 4,224 A13304 3,587 Legislative Board, Pers Sery 11 19 46,783 A10101 48,935 Legislative Board, Contr Expend 108,886 3,864 A10104 2,803 i Y TQTAL Le islative Board F,f n4 ;,u a X50 647:51738' . h •. TQTAL Clerk . `� 105,143 Municipal Court, Pers Sery 122;915 116,343 A11101 117,479 Municipal Court, Equip & Cap Outlay 103 A11102 1,128 Municipal Court, Contr Expend 41,869 228,605 A11104 196,982 ;05i Supervisor,pers Sery A14301 43,827 A12201 44,151 Supervisor, equip & Cap Outlay A12202 Supervisor,contr Expend 1,670 A12204 1,323 Auditor, Contr Expend 4,587 A13204 7,514 Tax Collection,pers Sery 7,841 A13301 7,722 Tax Coll ection,contr Expend 4,224 A13304 3,587 11 19 Clerk,pers Sery Budget, Pers Sery 108,886 A13401 112,700 Budget, Equip & Cap Outlay 4,523 A13402 5,046 Budget, Contr Expend 2,156 A13404 2,019 707AL?Budgetand-., , a.., . _ � t.. *b, ::�, 111,0 42- 11 19 Clerk,pers Sery 100,620 A14101 117,869 Clerk,contr Expend 4,523 A14104 5,046 TQTAL Clerk . `� 105,143 F_ 122;915 Law, Contr Expend 41,869 A14204 32,014 Personnel, Pers Sery 100,707 A14301 106,365 Personnel,equip & Cap Outlay A14302 Personnel, Contr Expend 8,189 A14304 14,504 TaTALI?ersonnelI �VV.v . .rY 896' .n 120869 Engineer, Pers Sery 171,193 A14401 190,766 Engineer, Equip & Cap Outlay 21,007 A14402 18,642 Engineer, Contr Expend 7,374 A14404 11,405 %* 1' " `...': a f u• a k 7 f { 5` Y.A "q, 4 ptt P W S5� �� _ �- ,OTAL•Engmeer Elections, Equip & Cap Outlay A14502 Elections, Contr Expend 11,753 A14504 13,228 Records Mgmt, PerS. SerV. 55,127 A14601 58,467 Records Mgmt, Equip & Cap Outlay A14602 Records Mgmt, Contr Expend 7,536 A14604 9,665 TO Record ,Mgmt, 6 6 m -' 68;1:32` Buildings, Pers Sery 28,939 A16201 26,334 Buildings, Equip & Cap Outlay 673 A16202 2,395 Buildings, Contr Expend 65,634 A16204 75,389 L QTAL Buildings '•_ 95-246 104,11;8 Page 6 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 C ' (A) GENERAL Results of Operation ,•ode Descriptio 2006 EdPCode 2007 Detail Expenditures And Other Uses %: 262,194 Police, Pers Sery Central Comm System, Contr Expend 3,462 A16504 3,452 TOTAL Central Comm Systemic _ ., Central Storeroom, Contr Expend 2,148 A16604 1,822 A31204 Central Print & Mail, Equip & Cap Outlay TOTAL. Police 'M °Y-' � �-_ A16702 7,200 Central Print & Mail,contr Expend 6,074 A16704 iOTALGentral Print & fNa"il gay r r 6U74_ 7;200: Central Data Process & Cap Outlay 7,552 A16802 9,868 Central Data Process, Contr Expend 26,612 A16804 32,580 TOTAL C ntral3Data Process 3"k, `'i _? �� 34,164 2446 Unallocated Unallocated Insurance, Contr Expend 36,049 A19104 73,455 T6:A-L0nallocated'I'ns urance 'atnag=�����sG: 20,000 puN 20,700 Municipal Assn Dues, Contr Expend 1,500 A19204 1,500 iIOTAI.• unicipalAssM,ues Pur of Land/right of Way, Contr Expend A19404 OTAL lb Lan o d/rightrof`Way 0 r. Taxes & Assess On Munic Prop, Contr Expend 6,332 A19504 7,417 Vall ValwvCX-rf.111111C1:I TOTa41 Transportation 246,1,08 k %: 262,194 Police, Pers Sery Recreation Admini, Pers Sery Recreation Admini, Contr Expend 15,317 A31201 13,751 Police, Contr Expend TOTAL Receatwn _Admini 4 - 53;632: A31204 . -'61,192 TOTAL. Police 'M °Y-' � �-_ ,• A 254,095 33,859 66,873 , , 249,803 40,400 125,347 it q. g, 354,827 Traffic Control, Contr Expen 7,401 A33104 12,159 Control of Animals, Contr Expend 20,000 A35104 20,700 Street Admin, Pers Sery 117,692 A50101 126,717 Street Admin, Equip & Cap Outlay A50102 Street Admin, Contr Expend 2,132 A50104 2,508 TO_77 Street Admin n 119,824 ` 129,225 Garage, Pers Sery 31,386 A51321 46,504 Garage, Equip & Cap Outlay 3,760 A51322 2,774 Garage, Contr Expend 60,277 A51324 54,684 Street Lighting, Contr Expend 30,861 A51824 29,007 Page 7 OSC Municipality Code 500342300000 TOTa41 Transportation 246,1,08 k %: 262,194 • Recreation Admini, Pers Sery Recreation Admini, Contr Expend 48,890 4,742 A70201 A70204 58,279 2,913 TOTAL Receatwn _Admini 4 - 53;632: . -'61,192 • Parks, Pers Sery Parks, Equip & Cap Outlay Parks, Contr Expend 254,095 33,859 66,873 A71101 A71102 A71104 249,803 40,400 125,347 TOTAL Parks '' 354,827 x 415,550: Page 7 OSC Municipality Code 500342300000 • n TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (A) GENERAL Results of Operation Code Desc iption 2006 Detail Expenditures And Other Uses Playgr & Rec Centers, Contr Expend A90108 A71404 TOTALplaygr`& Rec Centers 0* 100,512 17,580 A90408 t) Joint Youth Prog, Contr Expend 243,874 A73204 250,745 jr0!TAL�:IomtYouthProg,:•"' - ' �?t=.� �_ r _tet.,,. ``° `3 „r``,�� ,pro � x'`250;745. Historian, Pers Sery 1,000 A75101 1,000 Historian, Contr Expend 177 A75104 b - - .`':! i�.T v� ,cervi .,. '�v�'• -� b .Q-,`. k� aa.,,.:� • _� �` ' b � S', 1ao-. pp * .� Celebrations, Equip & Cap Outlay 1,812 A75502 2,991 Other Culture And Rec, Contr Expend 46,981 A79894 Storm Sewers, Pers Sery 46,083 A81401 30,507 Storm Sewers, Contr Expend 30,699 A81404 51,750 ITIOTA t.+�. Misc Home & Comm Serv, Contr Expend 25,900 A89894 25,900 State Retirement System Social Security, Employer Cont Worker's Compensation, Empl Bnfts Life Insurance, Empl Bnfts Unemployment Insurance, Empl Bnfts Disability Insurance, Empl Bnfts Hospital & Medical (dental) Ins, Empl Bnft 115,297 A90108 125,094 94,410 A90308 100,512 17,580 A90408 21,066 2,425 A90458 2,589 8,165 A90508 488 7,197 A90558 8,303 301,382 A90608 299,263 VA endttures ._ r�,��'= fi a t,x 3,,OT1,48Q= Transfers, Other Funds 186,826 A99019 157,889 Transfers, Capital Projects Fund A99509 84,000 TbTAL Ostatin fiTransfe�s s R ;f,"k w ,186;826 t t 4 A r y241,8$9 p 9; x arra y.,w..: a� _��',.. .':� f S ;f ..:� `7`a •'T' .i,. ;.���; 4 f_ a,�� r3f� h��` '��. 241,889' TOTALt Detail ExpentlituresAntl Other Uses?'? t k ° 3;110,855 _ 3;313,369' Page 8 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (A) GENERAL Changes in Fund Equity Code Description T 2006- EdpCode 2007 ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity -Beginning of Year 1,746,094 A8021 2,248,823 Restated Fund Equity - Beg of Year 1,746,094 A8022 2,248,823 ADD - REVENUES AND OTHER SOURCES 3,613,584 3,535,452 DEDUCT - EXPENDITURES AND OTHER USES 3,110,855 3,313,369 Fund Equity -End of Year 2,248,823 A8029 2,470,906 Page 9 OSC Municipality Code 500342300000 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (A) GENERAL Budget Summary Estimated Revenues And Other Sources Est Rev - Real Property Taxes 1,747,353 A1049N 1,771,501 Est Rev - Real Property Tax Items 39,300 A1099N 43,500 Est Rev - Non Property Tax Items Al 199N 50,000 Est Rev - Departmental Income 13,950 All 299N 21,350 Est Rev - Intergovernmental Charges 50,547 A2399N 65,747 Est Rev - Use of Money And Property 270,854 A2499N 108,000 Est Rev - Licenses And Permits 3,000 A2599N 3,000 Est Rev - Fines And Forfeitures 280,000 A2649N 300,000 Est Rev - Miscellaneous Local Sources 250,000 A2799N 250,000 Est Rev - Interfund Revenues 334,787 A2801 N 395,871 Est Rev - State Aid 195,856 A3099N iTOIT.Estimated;Revenues 4,185,647!" 3,008;969' _ Estimated - Proceeds of Obligations 175,316 A5799N 140,316 Appropriated Fund Balance 399,779 A599N 452,610 TOTAL Estimated Other So,grces 575,095 ` 592;926 ' rOTAL Estimated Revenues'And Other`Sources 3 760,742 ;; 3,601;895: Page 10 OSC Municipality Code 500342300000 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (A) GENERAL Budget Summary Appropriations And Other Uses App - General Government Support 1,500,397 A1999N 1,496,844 App - Public Safety 233,128 A3999N 115,012 App - Transportation 258,718 A5999N 284,849 App - Culture And Recreation 989,380 A7999N 894,427 App - Home And Community Services 89,700 A8999N 86,148 App - Employee Benefits 531,530 A9199N 577,530 TOI_ _ TAL Appropriations .3,602,853.' App - Interfund Transfer 157,889 A9999N 147,085 TOTAL Other Uses,; , • 157 889;, 147;085 iT AL Apnroariations And`Other Uses 1`:. 3;760.742 3.601.895 ;• Page 11 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (B) GENERAL TOWN -OUTSIDE VG Balance Sheet 00 Assets Cash In Time Deposits 271,407 B201 223,255 Accounts Receivable 17,000 B380 i Due From Other Governments 38,509 8440 5g x' ` *+• ,.ems -� #'r TOTAL Due rom Cjt er Gover." eats, Prepaid Expenses 31,022 B480 35,624 we+h- z s '' a a rz e �.OTAL Prepaid Expenses���.g� �4 31022 * M 35,5 24 Cash, Special Reserves 41,277 B230 44,199 C", ri Page 12 OSC Municipality Code 500342300000 r C 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (B) GENERAL TOWN -OUTSIDE VG Balance Sheet Code ®escrPtiOn ° - ' ' 200'6, 'EdpCode 2007 Liabilities And Fund Equity Accounts Payable 8600 Accrued Liabilities 98,567 8601 75,745 Due To Other Funds B630 Unreserved Fund Balance Appropriated 165,157 B910 74,025 OTi4L Unrese_rvedFundyBalance--.Appropated,r�_ b X165,157 y' s 74,025 Unreserved Fund Balance Unappropriated _ 94,214 8911 109,109 Page 13 OSC Municipality Code 500342300000 0 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (B) GENERAL TOWN -OUTSIDE VG Results of Operation Code Dsescription, _ - _ L��� � -2006r Fes. RE`dpCode" ,2007 Detail Revenues And Other Sources Sales Tax (from County) 538,287 131120 371,410 Franchises 67,471 131170 69,417 TOI _ A No p rty,Tax Items 605, .440,827 Other General Departmental Income 75,540 B1289 24,865 Zoning Fees 108,263 B2110 96,313 Planning Board Fees 24,015 B2115 23,631 TOTAL Departmeritl Income 207,8.8 F { % t 144,809; Youth Recreation Services, Other Govts B2350 Interest And Earnings 5,690 B2401 6,175 Insurance Recoveries 612 B2680 896 TOTAL Sale of P,ropertyAnd Compensation For'Loss � + r }, 0 6]2 ,"�, , ��;4 ;;� 896 Refunds of Prior Year's Expenditures B2701 76,017 Unclassified (specify) 200 82770 St Aid, State Revenue Sharing 89,733 B3001 92,425 Interfund Transfers B5031 La0. TOTAL Other Sources + �4 f a a "d � n � zw a 4 �.0 Page 14 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (B) GENERAL TOWN -OUTSIDE VG Results of Operation rode Description 2006 EelpCode 2007 Detail Expenditures And Other Uses Zoning, Equip & Cap Outlay 14,801 Auditor, Contr Expend 1,159 B13204 1,057 5,874 Law, Contr Expend 86,501 B14204 67,476 TO%AILew ,` z r t �r ;ave 865U1f x L r ° 67,476 I �•,. c _ s Central Comm System, Contr Expend 1,553 1316504 1,581 TOTAL Cen ral Corriir%Sysfem i�q,,, r 144,890 , a�1553 s x1;581 Central Print & Mail, Contr Expend 1,748 B16704 1,174 TOTE L Central P.cint°& Mail `' y 3 rM1748 1174 Central Data Process & Cap Outlay 619 B16802 8,594 Central Data Process, Contr Expend 15,096 B16804 15,756 TOTAL CentralD'ata£Process. Administration -Contractual B17104 OTAL Adminisration-Contactual 0 U Unallocated Insurance, Contr Expend 10,982 1319104 9,992 Street Admin, Contr Expend B50104 Playgr & Rec Centers, Pers Sery B71401 Playgr & Rec Centers, Equip & Cap Outlay B71402 Playgr & Rec Centers, Contr Expend B71404 Zoning, Pers Sery 150,768 B80101 154,464 Zoning, Equip & Cap Outlay 14,801 B80102 34,904 Zoning, Contr Expend 5,874 B80104 7,352 :OTAL.Zonin.; r [a=Y r.>> a g crs $z E a '171,4.43` c t 61,816 ,Fs1 Planning, Pers Sery 320,833 B80201 315,975 Planning, Equip & Cap Outlay 144,890 B80202 126,805 Planning, Contr Expend 14,536 B80204, 17,804 State Retirement, Empl Bnfts 46,611 B90108 31,022 Social Security, Empl Bnfts 35,441 B90308 34,904 Worker's Compensation, Empl Bnfts 4,130 B90408 1,978 Life Insurance, Empl Bnfts 972 B90458 864 Disability Insurance, Empl Bnfts 2,716 B90558 2,706 Hospital & Medical (dental) Ins, Empl Bnft 144,890 B90608 126,805 TI OTAL Employee Beneftts ;_- .234,760 198,229 DOTAL Expenditures 859;230 799,504 Transfers, Other Funds V 33,971 B99019 34,960 Page 15 OSC Municipality Code 500342300000 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (B) GENERAL TOWN -OUTSIDE VG Results of Operation ��ode Descr ption � - �` 72006 ..�., '� EtlpCode � 2Q07 Detail Expenditures And Other Uses Transfers, Capital Projects Fund B99509 TOTAL Detail Expeptlrtures`Arid>Other Uses:` ,�,.'. � ,, , ;; 893,2,01' � n .834,4¢4 Page 16 OSC Municipality Code 500342300000 0 C' C Page 17 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (B) GENERAL TOWN-OUTSIDE VG Changes in Fund Equity ode Description 2006 EdpCode 2007 ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity - Beginning of Year 284,038 B8021 300,648 Restated Fund Equity - Beg of Year 284,038 B8022 300,648 ADD - REVENUES AND OTHER SOURCES 909,811 761,149 DEDUCT - EXPENDITURES AND OTHER USES 893,201 834,464 Fund Equity - End of Year 300,648 B8029 227,333 C' C Page 17 OSC Municipality Code 500342300000 C 11 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (B) GENERAL TOWN -OUTSIDE VG Budget Summary +od`eDescriptiori " _ 2007 EtlpCode 2008 Estimated Revenues And Other Sources Est Rev - Non Property Tax Items 401,287 BI 199N 707,981 Est Rev - Departmental Income 114,700 B1299N 79,000 Est Rev - Use of Money And Property 1,500 B2499N 2,000 Est Rev -State Aid 96,960 B3099N 89,000 �TQTAL Estimated Revepues - :614,447- � � 877;981 `: Appropriated Fund Balance 165,157 B599N 74,025 Page 18 OSC Municipality Code 500342300000 C� 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (B) GENERAL TOWN -OUTSIDE VG Budget Summary bode D.escnption 2007 :EdpC>ode 2008. _ Appropriations And Other Uses App - General Government Support 68,718 B1999N 66,775 App - Home And Community Services 515,876 B8999N 646,420 App - Employee Benefits 160,050 B9199N 200,900 OTAL Appropriations App - Interfund Transfer 34,960 B9999N 37,911 Page 19 OSC Municipality Code 500342300000 E • TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (DB) HIGHWAY -PART -TOWN Balance Sheet Assets Cash In Time Deposits 565,427 DB201 747,165 Petty Cash 200 DB210 200 TO:... Accounts Receivable 17,176 DB380 630 ,91 L,Other R c ables Due From Other Funds 69,282 DB391 60,871 TOTAL'D eFroin;OtFier Fu ds r �y i r ; � ' tP 0 $9,282` _ 60,871 Due From Other Governments 115,544 DB440 -,� Se..^.� S4':+r W -t:.'3 C�d'� ':. "'h"j TK ,.- -" MSL' TOTAL.Due=FP fl'e�rGo�ernments �. , .^ z a X 115,544,- M"! Prepaid Expenses 56,279 DB480 53,215 OTAL PrepaidAExpenses*� ��� fir'WWI 56,279Elm Cash Special Reserves 70,538 53,215 DB230 84,949 Page 20 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (DB) HIGHWAY -PART -TOWN • Balance Sheet Liabilities And Fund Equity Accounts Payable DB600 ( T L Accounts Payable Accrued Liabilities 77,616 DB601 52,140 Miscellaneous Reserve (specify) 67,982 DB889 82,375 OTAL S ecialReserues x , €X70 538" X84,949 Unreserved Fund Balance Appropriated 42,691 DB910 336,518 QTAL,Unreserved'°FundxBalance -: • p,; • � r. 3 Unreserved Fund Balance Unappropriated 703,601 DB911 473,423 L 9 Page 21 OSC Municipality Code 500342300000 n U TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (DB) HIGHWAY -PART -TOWN Results of Operation = ,fir - xa y 'f 2006 Ed Code "�: ; fi 2007 ntielge rr�ptinn < % q � u Detail Revenues And Other Sources Sales Tax (from County) 1,601,889 DB1120 1,766,889 TOTAL Non Property;Tax,ltems - _ 1;601;889 .1;766,889'] Transportation Services, Other Govts 49,984 DB2300 22,306 TOTAL lnt`e1'gove�nmental;Charges , ., = '. ; .- ; 49,984. 22,3.06 Interest And Earnings 17,401 DB2401 18,565 TOTAL Use: of, Money And'Property = 17;4;U1 18,5;65 Sales of Equipment Insurance Recoveries 63,671 DB2665 578 DB2680 18,270 OTAL,SaIe. of Property And Compep"sation; For Refunds of Prior Year's Expenditures Unclassified (specify) 1,788 DB2701 DB2770 2,330 TQTAUMiscellatieous L•oaal Sources 1,;785 2,330 St Aid, Consolidated Highway Aid 60,143 DB3501 60,561 TOTAL Stafe`Aul 60,143 = 60;561' TOTAL Revenues, � - ":1,795,454 �1;888;921t Interfund Transfers 35,900 DB5031 TOTAL In#efund Transfers ' 35,91)0 .5 0 TOTAL Other Sources= 35;900 _ 0 TOTAL Detail Revenues:And Other.SbIie i s', 1;1,831,354 s 1;888,921' Page 22 OSC Municipality Code 500342300000 Snow Removal, Equip & Cap Outlay DB51422 Snow Removal, Contr Expend 59,681 DB51424 103,292 State Retirement, Empl Bnfts 51,216 DB90108 56,279 Social Security, Empl Bnfts 50,340 C 60,005 Worker's Compensation, Empl Bnfts 22,202 DB90408 41,208 Life Insurance, Empl Bnfts 1,508 TOWN OF Ithaca 1,393 Unemployment Insurance, Empl Bnfts 648 C 1,368 Annual Update Document 3,814 DB90558 3,769 Hospital & Medical (dental) Ins, Empl Bnft 191,133 For the Fiscal Year Ending 2007 134,384 C C" J (DB) HIGHWAY -PART -TOWN Results of Operation � 4 ode ©escription 200 EdpCode 20.07 Detail Expenditures And Other Uses Administration -Contractual 15,208 DB17104 jrQTALAdmimstraton Contractual':: 15`208 _ �� Unallocated Insurance, Contr Expend 37,872 DB19104 TOTAL Unallocated Insurance 4 fJ., TOTAL General GoveYnment Suppoit Maint of Streets, Pers Sery 259,186 DB51101 237,168 n �J Maint of Streets Contr Expend 164,211 DB51104 132,220 TOTAL Maint of Streets, � 423 397 � ^" = ;� 369 388 Improvements, Pers Sery 26,407 DB51121 87,656 Perm Improve Highway, Contr Expend 220,898 DB51124 305,374 Machinery, Pers Sery 89,234 DB51301 74,861 Machinery, Equip & Cap Outlay 318,505 DB51302 121,200 Machinery, Contr Expend 97,505 DB51304 67,691 TOTAL Machmery�� � : ,k _ 4 505,244-, s,�� 263,752 Brush And Weeds, Pers Sery 140,436 DB51401 165,801 Brush And Weeds, Contr Expend 11,969 DB51404 14,966 r ifQTAL�Brush And Weeds 152,485 � � 180,767: Snow Removal, Pers Sery 88,086 DB51421 167,265 Snow Removal, Equip & Cap Outlay DB51422 Snow Removal, Contr Expend 59,681 DB51424 103,292 State Retirement, Empl Bnfts 51,216 DB90108 56,279 Social Security, Empl Bnfts 50,340 DB90308 60,005 Worker's Compensation, Empl Bnfts 22,202 DB90408 41,208 Life Insurance, Empl Bnfts 1,508 DB90458 1,393 Unemployment Insurance, Empl Bnfts 648 DB90508 1,368 Disability Insurance, Empl Bnfts 3,814 DB90558 3,769 Hospital & Medical (dental) Ins, Empl Bnft 191,133 DB90608 134,384 OTALEmployee Benefits ;; 320;8,61 x .; 298,406 TOTAL Expentliture`s - 1,85Q059 r,775;900 Transfers, Other Funds 33,971 DB99019 34,960 (T.OTAL Operating; Transfers 33,971 34,960 TOTAL Other Uses,'' � _ zR ,4 33,971 � 34,910 TOTAL Detail &penditu`res Antl Other Uses: " 1,884,03,0' 1;81Q860 U Page 23 OSC Municipality Code 500342300000 U r , TOWN OF Ithaca �. Annual Update Document For the Fiscal Year Ending 2007 (DB) HIGHWAY -PART -TOWN Changes in Fund Equity ode Description 2006 EdpCode 2007 ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity - Beginning of Year 869,505 DB8021 816,829 Restated Fund Equity - Beg of Year 869,505 DB8022 816,829 ADD - REVENUES AND OTHER SOURCES 1,831,354 1,888,921 DEDUCT - EXPENDITURES AND OTHER USES 1,884,030 1,810,860 Fund Equity- End of Year 816,829 DB8029 894,890 • Page 24 OSC Municipality Code 500342300000 L 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (DB) HIGHWAY -PART -TOWN Budget Summary ode De cn'trori°�". „�� �� `�` �"� _���, � �"��� = ;K � � �� 2007 �,, � � d Cotle • z� X2008 �� . � ,,� Estimated Revenues And Other Sources Est Rev - Real Property Taxes 1,766,889 DB1049N 1,542,841 EsT. ReV. - Intergovernmental Charges 17,000 DB2399N 12,000 Est Rev - Use of Money And Property 10,000 DB2499N 10,000 Est Rev - Sale of Prop And Comp For Loss 15,000 DB2699N 16,000 Est Rev - State Aid 60,000 DB3099N 61,000 TTOT4 Es# mated. Revenues 1;868;8891 1,641;;841„ Appropriated Fund Balance 42,691 DB599N 336,518 Page 25 OSC Municipality Code 500342300000 l� ~ " (DB) HIGHWAY -PART -TOWN 0 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 Budget Summary ..,. Pw. � 2007 �, ' Ed Code ' �• '2008 '' Appropriations And Other Uses App - Transportation 1,509,820 DB5999N 1,559,748 App - Employee Benefits 366,800 DB9199N 380,700 TOTAL Appropriations �; ...1.:,876,620, 1;940;448 _`" Interfund Transfers 34,960 DB9999N 37,911 iQTAL Other Uses`, 34,960 , 37;911' TOTAL,Approons Anl'i Other Uses, T,911,5$Q , 1,978,359 Page 26 OSC Municipality Code 500342300000 C 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (FX) WATER Balance Sheet Assets Cash In Time Deposits 298,059 FX201 335,143 TOTAL Cash 298;059 335,143! Water Rents Receivable Accounts Receivable 129,369 FX350 335 FX380 146,469 � QTAL Other Recet`ables,(riet) ' - 129,704 146;4fi9�� Due From Other Funds _ FX391 TOTAL Due From Other Funds - 0 '�0 Due From Other Governments 1,531 FX440 TOTAL Due From Other Gover[�er`ts 7_ �fi s 1;531 0 Prepaid Expenses 16,541 FX480 15,616 TOTAL Prepaitl�Expenses � "` �� a 16;541 ' ,,, 15,61:6: Cash Special Reserves 12,139 FX230 13,435 Page 27 OSC Municipality Code 500342300000 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (FX) WATER Balance Sheet Liabilities And Fund Equity Accounts Payable FX600 OTAL Accounts Payable- ,4 .-a�— � - 0;`� v"" 0 va Accrued Liabilities 26,588 FX601 15,812 TOTAL AccruedLiabtlities; : - .26,588. 15,812 Retained Percentages, Cont Pay FX605 TOTAL Retained Percentages , f � ,; •a, Due To Other Funds 10,070 FX630 11,629 TQTAL Due=To Other Funds; 10,070' _ 11,629 Deferred Revenues 1,531 FX691 OTAL� Special Reserves r; �� 1.2 139 13 43 Unreserved Fund Balance Appropriated -220,498 FX910 -5,200 TOTAL Unreserue_d Funtl Balance Appropriated =220,498 5,200 Unreserved Fund Balance Unappropriated 628,145 FX911 474,987 Page 28 OSC Municipality Code 500342300000 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (FX) WATER Results of Operation •ode D.eseri�ton _ ` 2006 , EdpCod'e 2007 Y Detail Revenues And Other Sources Special Assessments Ad Valorem 613,607 FX1028 622,822 TOTAL Rea Property Taxes. ° ' '' 613,607 ; 622,82.," Metered Water Sales 1,679,878 FX2140 1,765,221 Water Service Charges 11,900 FX2144 12,732 Interest & Penalties On Water Rents 15,161 FX2148 16,026 Other Home & Community Services Income FX2189 TOTAL Degartmerital Income :" "1,706,9 9 v ` ;1;;793,97 Service For Other Govts 579 FX2378 432 TOTALInter�overnmental Charges:,., Interest And Earnings 9,001 FX2401 7,778 Insurance Recoveries FX2680 T,,OTAL Sale of Pro er And Com ensafion For Doss'? 0 �- x ; ` P t5! P . 0 Refunds of Prior Year's Expenditures 308 FX2701 15,153 OTAL MI'sc Ilaneo s'Locaso`uIces ' " � *; TONAL Revenues .' kw 2�30�434 z' 2440164_ Interfund Transfers FX5031 2,993 TOTAL OtherSourees`�, sa¢ = �t stR" r vd +`�i�A-1— O.TAI_Detarl RevenuesAnd�OtherSou� est r r" _ f- � ,,S�,s��,z.,' ��r, ,02;330,`434`,��* :t; x � 2,443,157 0 C' Page 29 OSC Municipality Code 500342300000 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (FX) WATER Results of Operation -_ de Description 2006 EdpCode 007 Detail Expenditures And Other Uses Water Administration, Contr Expend Credit Card Fees FX13754 _ Law, Contr Expend 5,904 FX14204 3,911 TQTAL Central Print & Mail, Contr Expend 1,734 FX16704 1,272 TOTAL Central Pn t & Maii t :, # �, Rt u>F A1734r, s ,.Y'{u _: X1,272•' Central Data Process & Cap Outlay 619 FX16802 4,452 Central Data Process, Contr Expend 13,212 FX16804 14,483 ... OTA CentralData rocess ` ",px_ f� k , _18,935` Administration -Contractual 3,276 FX17104 4,191 T.O AL$Common Water Supply��,! ;ir, .' 1,078,184c = 151;371. Other Water, Contr Expend Unallocated Insurance, Contr Expend 19,553 FX19104 24,998 Water Administration, Pers Sery 33,331 FX83101 36,105 Water Administration, Contr Expend FX83104 12,907 9,187 FX90408 2,072 Water Trans & Distrib, Pers Sery 112,721 FX83401 146,473 Water Trans & Distrib, Equip & Cap Outlay 73,567 FX83402 39,200 Water Trans & Distrib, Contr Expend 168,905 FX83404 193,975 TOTAL WaterTrans,& Distrib f1�r _��`''� 355193 79648' Common Water Supply, Contr Expend 1,078,184 FX83504 1,151,371 T.O AL$Common Water Supply��,! ;ir, .' 1,078,184c = 151;371. Other Water, Contr Expend FX83894 State Retirement, Empl Bnfts Social Security, Empl Bnfts Workers Compensation, Empl Bnfts Life Insurance, Empl Bnfts Unemployment Insurance, Empl Bnfts Disability Insurance, Empl Bnfts Hospital & Medical (dental) Ins, Empl Bnft 20,362 FX90108 16,541 10,328 FX90308 12,907 9,187 FX90408 2,072 374 FX90458 378 91 FX90508 212 996 FX90558 1,090 53,522 FX90608 41,624 TOTAL Employee+Benefits � 94 860n � � 74 82 TOTAL ExPentl�#ures ` r' ^ tk 1,605,8.66 1;695,255 Transfers, Other Funds 521,038 FX99019 684,466 Transfers, Capital Projects Fund 180,000 FX99509 6 O'T Operating. Transfers 701,038 684;466 DOTAL Other,Uses.. 701,038 684,4611 TOTAL'Detail Ezpendrtures',And Qther Uses: 2,306 904 ~ 2;379;721 Page 30 OSC Municipality Code 500342300000 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (FX) WATER Changes in Fund Equity (Code Description _ '_2006 °EdpCode 2Q07- ANALYSIS 007ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity - Beginning of Year 396,256 FX8021 419,786 Restated Fund Equity - Beg of Year 396,256 FX8022 419,786 ADD - REVENUES AND OTHER SOURCES 2,330,434 2,443,157 DEDUCT - EXPENDITURES AND OTHER USES 2,306,904 2,379,721 Fund Equity- End of Year 419,786 FX8029 483,222 Page 31 OSC Municipality Code 500342300000 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (FX) WATER Budget Summary ,� r. aiw„ ate. �'@.a, Cade ,®escript�on � F �`�ar���: � ��`�s�:�` � �;�, 2007 Ed Code ..w... Estimated Revenues And Other Sources Est Rev - Real Property Taxes 616,822 FX1049N 697,763 Est Rev - Real Property Tax Items 6,000 FX1099N 6,000 Est Rev- Departmental Income 1,906,800 FX1299N 1,772,000 Est Rev -Intergovernmental Charges 500 FX2399N 500 Est Rev - Use of Money And Property 2,400 FX2499N 3,000 TOTAL Estmated;'Revenues ;2;532,522' 2y479;2fi3 ' Estimated - Proceeds of Obligations 900,000 FX5799N 1,500,000 'OTAL EstimatedOther Sotirce's �900,Od0+, : -1,500,000 _ •_ 342,52OTAL Estmatod,A" Ocee3,979;263 Page 32 OSC Municipality Code 500342300000 • TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (FX) WATER Budget Summary Appropriations And Other Uses App - General Government Support 44,705 FX1999N 51,417 App -Home And Community Services 2,337,300 FX8999N 2,993,923 App - Employee Benefits 94,760 FX9199N 94,400 AL gpprop��ations u 2;476;765; '' r 3,139;740 App - Interfund Transfer 735,259 FX9999N 839,523 Page 33 OSC Municipality Code 500342300000 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (G) SEWER Balance Sheet Code beseripton 2006 EdpCode 2007 Assets Cash In Time Deposits 2,104,012 G201 943,008 TOTAL Cash :, k 2,104;012 s = 1943 008: Sewer Rents Receivable 149,946 G360 145,175 TOTAq L h r Recetyables netk ";' r +, .'' Y n --149;946-� •:: X145,175: <:. Prepaid Expenses 9,346 G480 8,806 AL Prepaid Vii$ r 9346��. 8,8U6;r zExpensest sr �� z , Cash Special Reserves 7,283 G230 7,650 TOTAL RestrictedAssets ):4ax;�{ ; :b7 6504 ,?e ,.. 47;283 " Misc Current Assets G489 1,217,000 Page 34 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (G) SEWER Balance Sheet Co a Description - - _" 2006 EdpCode 2007. Liabilities And Fund Equity Accounts Payable G600 Hccruea uammes 16,555 G601 88,754 OTAL'�Accruetl iabil ties==; � -_ , y 1rt6,555 `� _ � ,.; �` •.=88;'7541 Retained Percentages, Cont Pay G605 Due To Other Funds 3,960 G630 101,543 Miscellaneous Reserve (specify) 7,283 G889 7,650 TOTALS ectal# : eserves i � �` # Q.P . 7,283 Unreserved Fund Balance Appropriated 310,375 G910 560,752 OTALUnreser6ed°F ntl Balance Appropriated2 x "`310,375 }< 560;752 Unreserved Fund Balance Unappropriated 1,932,414 G911 1,562,940 Page 35 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (G) SEWER OperationResults of Detail Revenues And Other 0 Page 36 OSC Municipality Code 500342300000 Special Assessments 222,607 G1030 227,035 TOTAL Real Property Taxes g • -.�, - 222,6,,U7 =, .•227,035 Sewer Rents Interest & Penalties On Sewer Accts 1,295,361 G2120 7,593 G2128 1,288,469 8,146 i q,TAL Departmental Income 1,302,954 ;1;296,615 ' Misc Revenue, Other Govts 1,536 G2389 1,452 QTAL Intergovernmental ;Charges=- Interest And Earnings 89,129 G2401 76,379 ' QTAL Use; -of Money,And P�`operty< ��' 89,129 - x• ,' , Y 76,379• Insurance Recoveries G2680 TOTAL Sale of Property And Comperasatior% IFNss Refunds of Prior Year's Expenditures 8,187 G2701 13,620 OTALxr Misaieous`Lfocal,So ru ces {5z 'f' F cell Interfund Transfers G5031 T07`otefund TOTAL Other Sources F TOTAL Defail Revenues'And,Other�Sour`ces � .""_� 0 Page 36 OSC Municipality Code 500342300000 TOWN OFIthaca Annual Update Document For the Fiscal Year Ending 2OO7 (G) SEWER Results of Operation esc i, Detail Expenditures And Other Uses Administration -Contractual 35,370 G17104 39,973 Sewer Administration, Pers Gery 19,5*3 G81 101 20,464 Sewer Administration, Equip aCap Outlay 6,898 G81102 e,429 Sewer Administration, Cnm,Expend 14,706 G81104 4,808 Life Insurance, Emp|sn#s 183 oe0458 21e Unemployment Insurance, smp|gnfts; o Goo*ou su Sanitary Sewers, Pers Sery 75,361 G81201 53,067 Sanitary Sewers, Equip & Cap Outlay 75,563 o81202 40.851 Sanitary Sewers, ContrExpend 15e.197 o8120* 224.940 Joint Sewer Project, Contr Expend 754,723 G81504 814,001 State Retirement, enpfgnno 13,160 G90108 e,346 Social Security, smp anno 6,898 anuuuu e,429 Worker's Compensation, smplsnfts 14,706 a9040 4,808 Life Insurance, Emp|sn#s 183 oe0458 21e Unemployment Insurance, smp|gnfts; o Goo*ou su Disability Insurance, smp| snno soe oomssu 631 Hospital &Medical (dental) mo. Emp| Bnn 25.789 anoaoa 15.595 PON Page 37 OSC Municipality Code 500342300000 Transfers, Other Funds 456,903 G99019 10\000 PON Page 37 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (G) SEWER Changes in Fund Equity Code Description 2006 EtlpCode 2007 ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity - Beginning of Year 2,262,570 G8021 2,250,072 Restated Fund Equity - Beg of Year 2,262,570 G8022 2,250,072 ADD - REVENUES AND OTHER SOURCES 1,624,413 1,615,101 DEDUCT - EXPENDITURES AND OTHER USES 1,636,911 1,733,831 Fund Equity- End of Year 2,250,072 G8029 2,131,342 Page 38 OSC Municipality Code 500342300000 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (G) SEWER Budget Summary Estimated Revenues And Other Sources Est Rev - Real Property Taxes 220,335 G1049N 147,763 Est Rev - Real Property Tax Items 6,700 G1099N 6,700 Est Rev- Departmental Income 1,427,000 G1299N 1,427,000 Est Rev -Intergovernmental Charges 1,000 G2399N 1,000 Est Rev - Use of Money And Property 54,000 G2499N 54,000 �OTAL,Estmated Revenues ; „ , :.1,709,035 1,636;463 Appropriated Fund Balance 310,375 G599N 560,752 Page 39 OSC Municipality Code 500342300000 • TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (G) SEWER Budget Summary ode Descn : front ti t& k e>� 2007 �h, u' t ` ` Ed Ciide� d� Ir'' v,.tw.�,�.�1?, _,.�.. Appropriations And Other Uses App - General Government Support 39,259 G1999N 44,117 App - Home And Community Services 1,579,557 G8999N 1,756,320 App - Employee Benefits 46,930 G9199N 46,770 TOTAL , ro riations - 1;665;746 1,8472b7 App - Interfund Transfer 353,664 G9999N 350,008 i OTAL Othei Uses :, ;353,664;? TOTAL Appropriations An40ther Uses ," 2;019,410` 2.1.97 21 • r Page 40 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 PROJECTS(H) CAPITAL Balance Sheet ae D e a �`�E z r s _��.ex��'�..- . � �.�.z��°.M.:.";5�.'..,. �;; ��, .�£-�,a .1..� 0 ® � ` a • e a C�! .z,..� 0 9 r six Assets Cash In Time Deposits 513,320 H2O1 1,072,167 TOTAL Cash ,'. 513;3201,i, 67 State & Federal Receivables H410 { OTAL State And Federal Aid Receivables _ ,,; , 0 . t 0` Due From Other Funds H391 100,000 Page 41 OSC Municipality Code 500342300000 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (H) CAPITAL PROJECTS Balance Sheet Co• Descrip@ I I 006 EcJpCo a 2007 Liabilities And Fund Equity Accounts Payable H600 OTALAccounts Payable r ,," 0 1 Accrued Liabilities H601 560,718 OTAL ccr ed Liabilities ix r k t ,mow �0 560,71$ Retained Percentages, Cont Pay 8,743 H60560,610 Bond Anticipation Notes Payable H626 1,217,000 ti .QTc TOTALNotes Pa able Due To Other Funds 17,930 H630 68,824 Unreserved Fund Balance Unappropriated 486,647 H911 -734,985 Page 42 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (H) CAPITAL PROJECTS Results of Operation ' Page 43 OSC Municipality Code 500342300000 Detail Revenues And Other Sources Interest And Earnings 25,017 H2401 22,529 TOTAL:Use of Mo'ng Arril Pro a 25,017 = 22,529 St Aid, Trans Cap Grants (spec) 50,800 H3597 35,042 TOTAL Revenges ' = 4 75,81;7 , 5 ' 57,571 Interfund Transfers 180,000 H5031 184,000 TOTAL Interfund Transfers : 4 a 180;0_QO ;184;OOQ Serial Bonds H5710 OTAT� P oceetls 19R 1155 x t; 3 '} 0 k'*� x x Oi ' Page 43 OSC Municipality Code 500342300000 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (H) CAPITAL PROJECTS Results of Operation rode D"eseriptiom'f� '��r a X2006 EdpGoiie 2007 Detail Expenditures And Other Uses Parks, Equip & Cap Outlay 54,409 H71102 117,757 TQTAL Parks, 54 4U9 :117 757 TTAL OCulture And' Recreation' , ; 54,409 117,257 Sewer, Equip & Cap Outlay 97,908 H81972 497,706 TOTAL Sewer ' 97,;908 ;;' 497;706 Water Trans & Distrib, Equip & Cap Outlay 178,308 H83402 844,747 �Q.TAL Water *& ,b 178,308 844,747 Water Capital Projects, Equip & Cap Outlay H83972 TQTAL. Water Cap�tel Projects Misc Home & Comm Serv, Equip & Cap Outlay H89892 Transfers, Other Funds H99019 2,993 TOTAL Operating Transfers; 01 2,993; TOTAL Ottier Uses 0 3,f 2 99.3 QTAL Detail Expeiditures'And Other Uses'" 330;625 T„463;2Q3 Page 44 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (H) CAPITAL PROJECTS Changes in Fund Equity Code Description 2006 EdpCode 2007 ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity - Beginning of Year 561,455 H8021 486,647 Restated Fund Equity - Beg of Year 561,455 H8022 486,647 ADD - REVENUES AND OTHER SOURCES 255,817 241,571 DEDUCT - EXPENDITURES AND OTHER USES 330,625 1,463,203 Fund Equity - End of Year 486,647 H8029 -734,985 Page 45 OSC Municipality Code 500342300000 TOWN OF ITHACA CAPITAL PROJECT FUND DETAILED BALANCE SHEET DECEMBER 31, 2007 ACCOUNT DESCRIPTION 38,558 $ 450,690 $ TOTAL Pew Bike Trail First Street Interceptors I Trumansburg Rd Water Tank Gateway Trail Trumansburg Rd Water Main Hanshaw Rd Water Main ASSETS ACTIVE ACTIVE COMPLETED ACTIVE ACTIVE ACTIVE ACTIVE PROJECT PROJECT PROJECT PROJECT PROJECT PROJECT PROJECTS CASH CASH IN SAVINGS $ 38,558 $ 450,690 $ - $ 84,197 $ 260,476 $ 238,246 $ 1,072,167 TOTAL CASH $ 38,558 $ 450,690 $ - $ 84,197 $ 260,476 $ 238,246 $ 1,072,167 OTHER RECEIVABLES - DUE FROM OTHER FUNDS - 100,000 - - - - 100,000 STATE & FEDERAL RECEIVABLE - - - - - - - TOTAL RECEIVABLES - 100,000 - - - - 100,0001 TOTAL ASSETS { $ 38,558 $ 550,690 $ - $ 84,197 $ 260,476 $ 238,246 $ 1,172,1671 LIABILITIES & FUND BALANCE LIABILITIES ACCOUNTS PAYABLE - - - - - - - ACCRUED LIABILITIES - 497,706 - - 22,164 40,848 560,718 RETAINAGE - - - - 45,537 15,073 60,610 BAN PAYABLE - - - - 693,000 524,000 1,217,000 DUE TO OTHER FUNDS 68,824 - - - - - 68,824 TOTAL LIABILITIES 1 68,824 497,706 - - 760,701 579,921 1,907,152 FUND BALANCE RESERVE FOR ENCUMBRANCES - - - - - - - UNAPPROPRIATED FUND BALANCE (30,266) 52,984 - 84,197 (500,225) (341,675) (734,985) TOTAL FUND BALANCE $ (30,266) $ 52,984 $ - $ 84,197 $ (500,225) $ (341,675) (734,985)1 TOTAL LIABILITIES & FUND EQUITY $ 38,558 $ 550,690 $ - $ 84,197 $ 260,476 $ 238,246 $ 1,172,1671 n u L L TOWN OF ITHACA CAPITAL PROJECT FUND DETAILED REVENUE and EXPENDITURES DECEMBER 31, 2007 RESOURCES and EXPENDITURES - $ - $ TOTAL Pew Bike Trail First Street Interceptors TrumansburG Rd Water Tank Gateway Trail Trumansburg Rd Water Main Hanshaw Rd Water Main AG I IVE AU I IVE CUMPLE I ED AU I IVE AG I IVE AL I IVE AU I IVE PROJECT PROJECT PROJECT PROJECT PROJECT PROJECT PROJECTS REVENUE INTEREST EARNINGS $ 2,032 $ 17,339 $ 112 $ 197 $ 1,218 $ 1,629 $ 22,527 REFUND OF PRIOR YEARS - - - - - - - INTERFUND TRANSFERS - 100,000 - 84,000 - - 184,000 CONTRACT RECOVERY - - - - - - - STATE & FEDERAL GRANT 35,042 - - - - - 35,042 BOND PROCEEDS - - - - - - - TOTAL CAPITAL RESOURCES $ 37,074 $ 117,339 $ 112 $ 84,197 $ 1,218 $ 1,629 $; 241,569 EXPENDITURES ROAD CONSTRUCTION $ - $ - $ - $ - $ - $ - $ - INTERFUND TRANSFERS - - 2,993 - - - 2,993 LANDSCAPING - - - - - - - UTILITIES - - - - - - - PARKING LOT PAVING - - - - - - - LAND & RIGHT -A -WAY - - - - - - - SEWER CONSTRUCTION CONTRACT - 497,706 - - - - 497,706 GENERAL CONSTRUCTION CONTRACT - - - - - - - PLUMBING CONTRACT - - - - - - - HVAC CONTRACT - - - - - - - ELECTRICAL CONTRACT - - - - - - - PARK & DEVELOPMENT COSTS 117,757 - - - - - 117,757 ENGINEERING DESIGN - - - - - - - NETWORK DESIGN & INSTALLATION - - - - - - - WATER CONSTRUCTION CONTRACT - - - - 500,422 341,730 842,152 TESTING - - - - - 573 573 INSPECTION - - - - 266 - 266 LEGAL SERVICES - - - - 755 1,000 1,755 FURNITURE & FIXTURES - - - - - - - CONTRACT DOCUMENTS - - - - - - - ARCHITECTURAL FEES - - - - - - - DIRECT TOWN WORK FORCE - - - - - - - INTEREST ON BOND ANTICIPATION NOTE - - - - - - - TOTAL CAPITAL EXPENDITURES $ 117,757 $ 497,706 $ 2,993 $ - $ 501,443 $ 343,303 $ 1,463,202 { [1 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (K) GENERAL FIXED ASSETS Balance Sheet Code Description, ���k �,1 X2006 Ed Code 200 Assets Land 186,552 K101 186,552 Buildings 3,959,826 K102 3,959,826 Improvements Other Than Buildings 347,612 K103 354,704 Machinery & Equipment 2,999,977 K104 3,208,899 Construction Work In Progress 100,821 K105 1,000,312 Infrastructure 6,119,843 K106 6,402,992 TOTAL FIXed Assets. net I Y . TOTAL Assets :1'3.714:631 15.113.285 Page 46 OSC Municipality Code 500342300000 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (K) GENERAL FIXED ASSETS Balance Sheet node Descr"ption `' �" " `" 2006 �� EcipGore , 2007 -, . Liabilities And Fund Equity Total Non -Current Govt Assets 13,714,631 K159 15,113,285 Page 47 OSC Municipality Code 500342300000 TOWN OF ITHACA FIXED ASSETS WORKSHEET December 31, 2007 DESCRIPTION ACCT CODE BALANCE 1/1/2007 2006 ACTIVITY ASSET BALANCES 12/31/2007 ADDITIONS DELETIONS LAND K101 186,551.66 - - 186,551.66 EASEMENTS K130 71,000.00 - - 71,000.00 BUILDING -TOWN HALL K131 1,951,342.22 - - 1,951,342.22 BUILDING -PUBLIC WORKS FACILITY K132 2,008,483.42 - - 2,008,483.42 IMPROVEMENTS OTHER THAN BLDG K103 347,611.88 7,092.00 - 354,703.88 EQUIP/MCHY K104 2,999,976.52 262,629.35 53,707.00 3,208,898.87 CONSTRUCTION IN PROGRESS: - 35,611.48 TUTELO PARK K123 263,844.17 - PEW TRAIL K107 100,820.57 117,756.59 - 218,577.16 HANSHAW ROAD WATER MAIN IMP K108 - 302,455.39 - 302,455.39 TRUMANSBURG RD WATER MAIN IMP K109 - 479,279.25 - 479,279.25 128,629.38 -. K106 - - - - - 834,858.52 K141 - - - - FURNITURE & FURNISHINGS K110 184,907.15 - - 184,907.15 COMPUTER & NETWORK K116 96,047.37 - - 96,047.37 HIGHWAY - MAPLE AVENUE K120 293,073.33 - - 293,073.33 HIGHWAY - MECKLENBURG ROAD K121 3,553.16 - - 3,553.16 HIGHWAY - WARREN ROAD K122 - - - - HIGHWAY - WYCOFF ROAD K123 - - - - SAPSUCKER WOODS K124 80,000.00 - - 80,000.00 HANSHAW RD SEWER REHAB K125 237,106.80 - - 237,106.80 W HILL IMP OAKWOOD LANE TANK K126 315,057.96 - - 315,057.96 IACOVELLI NEIGHBORHOOD PARK K201 35,611.48 - - 35,611.48 TUTELO PARK K123 263,844.17 - - 263,844.17 HIGHWAY - STONE QUARRY ROAD K301 88,668.51 - - 88,668.51 GAME FARM ROAD K302 - 280,156.00 - 280,156.00 BURNS ROAD WATER LINE K401 80,695.48 - - 80,695.48 BIGGS WATER MAIN REPLACEMENT K402 128,629.38 -. - 128,629.38 2003 WEST HILL WATER TANK IMP K403 834,858.52 - - 834,858.52 BOSTWICK RD WATER TANK & TRANS K404 1,231,804.15 - - 1,231,804.15 COY GLEM PUMP STATION & PIPELINE K405 401,878.76 - - 401,878.76 SOUTH HILL WATER TANK - PHASE II K406 493,234.46 - - 493,234.46 FOREST HOME PUMP STATION K407 13,376.00 - - 13,376.00 TRUMANSBURG ROAD SEWER IMP K470 629,897.32 - - 629,897.32 FIRST STREET INTERCEPTORS K471 97,908.06 - - 97,908.06 TRUMANSBURG WATER TANK RENOVA K472 169,926.60 2,992.58 - 172,919.18 WARREN ROAD WATER MAIN K473 260,012.48 - - 260,012.48 WYCOFF ROAD WATER MAIN K474 108,753.09 - - 108,753.09 ( 13,714,630.50 1,452,361.16 53,707.00 15,113,284.661 TOTAL FIXED ASSETS CURRENT YRS APPROPRIATIONS K152 - - - - GIFTS K153 3,000.00 - - 3,000.00 INFRASTRUCTURES: DEVELOPMENT, RIGHTS K161 71,000.00 - - 71,000.00 PARKS and TRIALS K162 453,459.88 - 117,756.59 571,216.47 BUILDINGS K163 3,971,663.95 - - 3,971,663.95 WATER SYSTEMS K164 4,196,332.85 - 302,455.39 4,981,060.07 479,279.25 2,992.58 SEWER SYSTEMS K165 964,912.18 - - 964,912.18 ROADS and BRIDGES K166 381,741.84 - 280,156.00 661,897.84 HWY EQUIPMENT and MACHINERY K167 3,576,472.43 53,707.00 262,629.35 3,785,394.78 INFORMATION TECHNOLOGY K168 96,047.37 - 7,092.00 103,139.37 TOTAL INVESTED APPROPRIATIONS ( 13,714,630.50 53,707.00 1,452,361.16 15,113,284.661 • TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (SF) FIRE PROTECTION Balance Sheet Assets Cash In Time Deposits 1: /SF201 581,643 Page 48 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (SF) FIRE PROTECTION Balance Sheet s � a E 0 0 ® o o_ ,.; n� �£ . t Q .y?a—max ".d...,..,.:.,,:a-:._:,x..-'a .:`�- �., ., 0 ®o •:,z• r _ e o o o' Liabilities And Fund Equity Accrueo.oilities 226,279 SF601 280,18- er LOTAL�Accrue"d Liabilities _ r �; � _ _ � 226 279 � ' k � ''' '2801 O.TAL Lia6ilitres Unreserved Fund Balance Appropriated 101.101 SF910 181.875 `TO,:'fAL Un eserv�d'Fund,Balance��Appropriated�� _ - 101,101 .� _ ;]81,87.5 Unreserved Fund Balance Unappropriated 180,637 SF911 119,587 Page 49 OSC Municipality Code 500342300000 LJ TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (SF) FIRE PROTECTION Results of Operation Detail Revenues And Other Sources Real Property Taxes 2,749,923 SF1001 2,814,993 TOTAL Real Property Taxes `2,749, 923 2 814,993 1 Other Payments In Lieu of Taxes 9,504 SF1081 9,500 TOTAL Real Property Tax Items„: • . -°9,50`4 ,, - 9,500 Other Public Safety Departmental Income 19,630 SF1589 21,163 TOTAL Departmental Income �, 1;9,;63k0 21;163:. Interest And Earnings 70,455 SF2401 82,827 TOS ;1AL Useof Money And Property'+_� 70;455, 82;827 Refunds of Prior Year's Expenditures -452,558 SF2701 OTAL Miscellaneous Local Sources -452;558 0 Page 50 OSC Municipality Code 500342300000 TOWN OF Ithaca C Annual Update Document For the Fiscal Year Ending 2007 (SF) FIRE PROTECTION Results of Operation ode ©esu cription 2006 EdpCode 2007 Detail Expenditures And Other Uses Fire Protection, Contr Expend 2,405,092 SF34104 2,908,759 C C" 0 C C� C;- C C1 Page 51 OSC Municipality Code 500342300000 TO,TAL Detail Expen, Mures: -And OtF er Uses a k `' = , V 2,405,092 2;908,759 C C" 0 C C� C;- C C1 Page 51 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (SF) FIRE PROTECTION Changes in Fund Equity Code Description 11 2006 EdpCode 2007 ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity - Beginning of Year 289,876 SF8021 281,738 Restated Fund Equity - Beg of Year 289,876 SF8022 281,738 ADD - REVENUES AND OTHER SOURCES 2,396,954 2,928,483 DEDUCT - EXPENDITURES AND OTHER USES 2,405,092 2,908,759 Fund Equity - End of Year 281,738 SF8029 301,462 Page 52 OSC Municipality Code 500342300000 (SL) LIGHTING Balance Sheet Assets Cash In Time Deposits TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 20,060 SL201 13,989 Page 53 OSC Municipality Code 500342300000 T C11 c,, C.. C, TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (SL) LIGHTING Balance Sheet Liabilities And Fund Equity Accounts Payable 318 SL600 Unreserved Fund Balance Appropriated 8.623 SL910 TOTAL�Uniesse yr ed'�Fund Balance�Appropiated `' � ���; ,��::48,623 :`� " � ;;U Unreserved Fund Balance Unappropriated 11,119 SL911 13,989 Page 54 OSC Municipality Code 500342300000 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (SL) LIGHTING Results of Operation Dade b-"escriptiga ''�' z '� ''"2006 EdPCode . -007 ���;i Detail Revenues And Other Sources Real Property Taxes 17,229 SL1001 5,325 OTAL Real Property Taxes : 17;229 5,325a Interest And Earnings 181 SL2401 215 T T LtUse of Money And;Property � �' 1::81 215j TOTAL Revenives F 17,.4;10 5,54Qr TOTAL Defail Revenues'Ari.d Other�Sources' � ,, - 17,,'410 `� '5,540 Page 55 OSC Municipality Code 500342300000 40 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (SL) LIGHTING Results of Operation ¢o a Description 006 Ed Code Detail Expenditures And Other Uses Street Lighting, Contr Expend 11,748 SL51824 11,293 TQI TAL Detail,Experiditures And=Other Uses. _ � ,;, ' �� � mak' y 11 A748 3 - 11 293` Page 56 OSC Municipality Code 500342300000 Fj 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (SL) LIGHTING Changes in Fund Equity Code Description 2006 EdpCode-; 2007 ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity - Beginning of Year 14,080 SL8021 19,742 Restated Fund Equity - Beg of Year 14,080 SL8022 19,742 ADD - REVENUES AND OTHER SOURCES 17,410 5,540 DEDUCT - EXPENDITURES AND OTHER USES 11,748 11,293 Fund Equity- End of Year 19,742 SL8029 13,989 Page 57 OSC Municipality Code 500342300000 r C w • TOWN OF ITHACA LIGHTING DISTRICT FUNDS DETAILED BALANCE SHEET DECEMBER 31, 2007 ACCOUNT DESCRIPTION ACCOUNT ACTIVE LIGHTING DISTRICTS TOTAL Forest Home Glenside Renwick Heights Eastwood Commons Clover Lane Winners Circle Burleigh Drive est Have Road Coddington Road AtiStlti CASH CASH IN SAVINGS 202 $ 2,813 $ 1,426 $ 1,975 $ 2,701 $ 378 $ 880 $ 587 $ 2,177 $ 1,052 $ 13,989 TOTAL CASH $ 2,813 $ 1,426 $ 1,975 $ 2,701 $ 378 $ 880 $ 587 $ 2,177 $ 1,052 $ 13,9891 OTHER RECEIVABLES _ STATE & FEDERAL RECEIVABLE 410 - - - - - - - - TOTAL RECEIVABLES TOTAL ASSETS $ 2,813 $ 1,426 $ 1,975 $ 2,701 $ 378 $ 880 $ 587 $ 2,177 $ 1,052 $ 13,9891 LIABILITIES & FUND BALANCE LIABILITIES ACCOUNTS PAYABLE 600 - - - - - - - - - ACCRUED LIABILITIES 601 TOTAL LIABILITIES FUND BALANCE RESERVE FOR ENCUMBRANCES 821 UNAPPROPRIATED FUND BALANCE 909 2,813 1,426 1,975 2,701 378 880 587 2,177 1,052 13,989 TOTAL FUND BALANCE $ 2,813 $ 1,426 $ 1,975 $ 2,701 $ 378 $ 880 $ 587 $ 2,177 $ 1,052 13,9891 TOTAL LIABILITIES & FUND EQUITY & $ 2,813 $ 1,426 $ 1,975 $ 2,701 $ 378 $ 880 $ 587 $ 2,177 $ 1,052 $ 13,9891 TOWN OF ITHACA LIGHTING DISTRICT FUNDS DETAILED REVENUE and EXPENDITURES DECEMBER 31, 2006 RESOURCES and EXPENDITURES ACTIVE LIGHTING DISTRICTS TOTAL Forest Home Glenside Renwick Heights Eastwood Clover Lane Winner's Circle Burleigh Drive West Haven Coddington Commons Road Road REVENUE REAL PROPERTY TAXES INTEREST EARNINGS TOTAL RESOURCES EXPENDITURES ADVANTAGE ENERGY, INC. TOTAL EXPENDITURES $ 378 $ 559 $ 203 $ 442 $ 182 $ 418 $ 308 $ 2,061 $ 774 $ 5,325 41 19 27 41 5 13 11 38 20 215 $ 1,764 $ 689 $ 960' $ 1,974 $ 240 $ 691 $ 809 $ 2,616 $ 1,550 $ 11,293.1 $ 419 $ 578 $ 230 $ 483 $ 187 $ 431 $ 319 $ 2,099 $ 794 $ 5,542J $ 1,764 $ 689 $ 960 $ 1,974 $ 240 $ 691 $ 809 $ 2,616 $ 1,550 $ 11,293 $ 1,764 $ 689 $ 960' $ 1,974 $ 240 $ 691 $ 809 $ 2,616 $ 1,550 $ 11,293.1 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (TA) AGENCY Balance Sheet Code Descriptio �„ �"' 006 EdpCode 2007 , 2 Assets Cash 142,915 TA200 134,658 0 0 G Page 58 OSC Municipality Code 500342300000 e TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (TA) AGENCY Balance Sheet '�dpCode` Liabilities And Fund Equity Consolidated Payroll 13 TA -I0 13 Disability Insurance 647 TA19 631 Group Insurance 18,029 TA20 655 Guaranty & Bid Deposits 3,744 TA30 Other Funds (specify) 120,482 TA85 133,359 Page 59 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (V) DEBT SERVICE Balance Sheet 40 (- Page 60 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 ' (V) DEBT SERVICE Balance Sheet Liabilities And Fund Equity Fund Balance -Reserved For Bonded Debt V884 TOTAL Special Reserves 0;,, _ 0 UnreservedFundBalance Appropriated V910 TOTAL Unreservedlt;;und Balance�Approprated - �' 0' _ U� Unreserved Fund Balance Unappropriated 30,539 V911 50,226 C 0 Page 61 OSC Municipality Code 500342300000 C, 0 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (V) DEBT SERVICE Results of Operation - e �..�.. 3.. . � ._ . ,;� •200fi Eci"`Cotle � .�� 2007 Detail Revenues And Other Sources Interest And Earnings 9,973 V2401 13,965 TQTAL�Us}"e`�of Money And Pio erty€' 9;973 13,965;] TOTAL Revenues 9,973 ,, _ 13,965; Interfund Transfers 986,555 V5031 976,945 TOTAL Interfund Transfers-:~ - °_ 986;555 =` 976;9.45 Serial Bonds 200,000 V5710 s TOTALnDeta�l Reiretlues And OtherSources; ;1;196;528 =i 990,910 Page 62 OSC Municipality Code 500342300000 TOWN C)FIthaca Annual Update For the Fiscal Year Ending 2007 V4DEBT SERVICE Results of Operation Detail Expenditures And Other Uses Fiscal Agents Fees, Contr Expend 1,487 V1 3804 1,778 Debt Principal, Serial Bonds Debt Principal, Bond Anticipation Notes200,000 V97306 Debt Interest, Serial Bonds C C EEL, ELUZ�2 857,000 V97100 707,000 303,484 V97107 262,445 Page 63 OSC Municipality Code 500342300000 N, f' C) TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (V) DEBT SERVICE Changes in Fund Equity Code pescnpton �! °2b06 Edp.Code 2007 ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity - Beginning of Year 195,982 V8021 30,539 Restated Fund Equity- Beg of Year 195,982 V8022 30,539 ADD - REVENUES AND OTHER SOURCES 1,196,528 990,910 DEDUCT - EXPENDITURES AND OTHER USES 1,361,971 971,223 Fund Equity- End of Year 30,539 V8029 50,226 Page 64 OSC Municipality Code 5003423000C TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 (W) GENERAL LONG-TERM DEBT Balance Sheet Assets Total Non Current Govt Liabilities 5,749,415 W129 5,049,890 Paae 65 0,1;(' . Municipality ('OdP 5003422000( TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2007 r _ T (W) GENERAL LONG-TERM DEBT Balance Sheet MET Liabilities And Fund Equity _. Bond Anticipation Notes Payable W626 T ONotes Pa Pa bleu, f _. ` "t `- Compensatted Absences 119,415 W687 126,89( ._ OALOtfle L�OW(te$';r f*`'=r�.:kk_? �,.r ,�.,�f.3�'.,.''P r.=., f n�rdsrt y:�'T.Qv.m?�a»,3&..s r r� ounus rayauie 5,630,000 W628 4,923,00( Page 66 OSC Municipality Code 5003423000( TOWN OF Ithaca Financial Comments For the Fiscal Year Ending 2007 Pape 67 TOWN OF Ithaca Statement of Indebtedness For the Fiscal Year Ending 2007 .ter and Other Purposes Exempt From Constitutional Debt Limit id Anticipation Note No. 2007000001 EDPCODE Amount ith and Year of Issue 10/3/200 pose of Issue WATER MAIN IMPS 'rent Interest Rate 4.5000 :standing Beginning of Year 2P18661 aed During the Fiscal Year do not include renewals here) 2P18663 1,217,000 J During the Fiscal Year do not include renewals here) 2P18665 0 :standing End of the Fiscal Year 2P18667 1,217,00 aI Maturity Date 10/3/200 al Bond Anticipation Note Amount standing Beginning of Year aed During Fiscal Year 1,217,000 J During Fiscal Year 0 :standing End of Year 1,217,00 Bond Anticipation Notes Redeemed From Bond Proceeds During Fiscal Year 2P18885 0 Page 68 OSC Municipality Code 50034230 TOWN OF Ithaca Statement of Indebtedness For the Fiscal Year Ending 2007 ter and Other Purposes Exempt From Constitutional Debt Limit d No. 2004000001 EDPCODE Amount ith and Year of Issue 2/12/200 pose of Issue provement (Serial) Bd rent Interest Rate 3.8800 standing Beginning of Year P18671 868,00 ied During the Fiscal Year to not include renewals here) 2P18673 0 1 During the Fiscal Year Jo not include renewals here) 2P18675 66,00 standing End of the Fiscal Year 2P18677 802,000 iI Maturity Date 2/12/201 id No. 2004000002 ith and Year of Issue pose of Issue rent Interest Rate EDPCODE Amoun 5/15/200 provement (Serial) Bd 4.346 standing Beginning of Year 2P18671 1,800,00 ied During the Fiscal Year Jo not include renewals here) 2P18673 0 1 During the Fiscal Year Jo not include renewals here) standing End of the Fiscal Year iI Maturity Date d No. 2005000002 ith and Year of Issue pose of Issue P18 775 2P18677 EDPCODE 100,00 1,700,00 5/15/202 Amoun 9/28/2005 ill Water Tank & Main rent Interest Rate 3.600 standing Beginning of Year PP18671 470,00 ied During the Fiscal Year 10 not include renewals here) #j P18673 J During the Fiscal Year 10 not include renewals here) 2P18675 30,00 standing End of the Fiscal Year 2P18677 440,00 iI Maturity Date 9/28/2015 d No. 2000000003 ith and Year of Issue nose of Issue rent Interest Rate standing Beginning of Year ied During the Fiscal Year Jo not include renewals here) J During the Fiscal Year Jo not include renewals here) standing End of the Fiscal Year it Maturity Date EDPCODEJ 2P18671 P18673 2P18675 2P18677 Amount 9/1/1989 Public Improvement .073 300,00 0 150,00 150,00 3/1/200 Pape 69 OSC Municipalitv Code 50034230( TOWN OF Ithaca Statement of Indebtedness For the Fiscal Year Ending 2007 ter and Other Purposes Exempt From Constitutional Debt Limit id No. 2000000004 EDPCODE Amoun ith and Year of Issue 7/15/1991 pose of Issue Public Improvement rent Interest Rate .06625 standing Beginning of Year 018671 1,250,00 ied During the Fiscal Year 10 not include renewals here) 2P18673 1 During the Fiscal Year 10 not include renewals here) 018675 250,00 standing End of the Fiscal Year 018677 1,000,00 al Maturity Date 7/15/2011 id No. 2003000001 EDPCODE Amoun ith and Year of Issue 12/29/200 pose of Issue blic Imp (Serial) Bond rent Interest Rate 3.950 standing Beginning of Year P18671 782,000 aed During the Fiscal Year 10 not include renewals here) P18673 J During the Fiscal Year Jo not include renewals here) 2P18675 71,00 standing End of the Fiscal Year 2P18677 711,00 iI Maturity Date 12/29/2017 al Bond Amount standing Beginning of Year 5,470,00 ied During Fiscal Year J During Fiscal Year 667,00 standing End of Year 4,803,00 1 01 Page 70 OSC Municipality Code 50034230, TOWN OF Ithaca Statement of Indebtedness For the Fiscal Year Ending 2007 ebtedness Not Exempt From Constitutional Debt Limit id No. 2006000002 ith and Year of Issue EDPCODE Amoun 1/7/200 pose of Issue aed During Fiscal Year Public Works Facilit 'rent Interest Rate 707,00 3.750 :standing Beginning of Year 2P18771 160,000 ied During the Fiscal Year do not include renewals here) 2P18773 0 J During the Fiscal Year �o not include renewals here) 2P18775 40,000 standing End of the Fiscal Year 2P18777 120,00 al Maturity Date 1/7/2011 al Bond Amoun standing Beginning of Year 160,00 aed During Fiscal Year J During Fiscal Year 40,00 standing End of Year 120,00 al of All Indebtedness ludes Total of Bonds and Notes - Exempt and Not Exempt 3.1 Bond Amoun standing Beginning of Year 5,630,00 aed During Fiscal Year 1,217,00 J During Fiscal Year 707,00 standing End of Year 6,140,00 Page 71 OSC Municipality Code 50034230( �1 TOWN OF Ithaca Maturity Schedule For the Fiscal Year Ending 2007 Page 72 I � TOWN OF Ithaca Schedule of Securities for Collateralization For the Fiscal Year Ending 2007 neral Municipal Law, Section 10 as amended by chapter 708 Laws of 1992 lists the types of securities which ty be pledged for collateralization. Please click in the response box next to the type(s) of securities used by iks as collateral for your deposits. s 1. Obligations issued by the United States of America, an agency thereof or a United States sponsored corporation or obligations fully insured or guaranteed as to the payment of principal and interest by the United States of America, an agency thereof or a United States government sponsored corporation. 2. Obligations issued or fully guaranteed by the International Bank for Reconstruction and Development, the Inter -American Development Bank, the Asian Development Bank and the African Development 3. Obligations partially insured or fully guaranteed by any agency of the United States of America, at a proportion of the market value of the obligation that represents the amount of the insurance or 4. Obligations issued or fully insured or guaranteed by this state, obligations by a municipal corporation, ' school district or district corporation of this state or obligations of any public benefit corporation which under a specific state statute may be accepted as security for deposit of public moneys. 5. Obligations issued by states (other than this state) of the United States rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization. 6. Obligations of Puerto Rico rated in one of three highest rating categories by at least one nationally recognized statistical rating organization. 7. Obligations of counties, cities, and other governmental entities of another state having the power to levy taxes that are backed by the full faith and credit of such governmental entity and rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization. 8. Obligations of domestic corporations rated in one of the two highest rating categories by at least one nationally recognized statistical rating organization. 9. Any mortgage related securities, as defined in the Securities Exchange Act of 1934, as amended, which may be purchased by banks under the limitations established by federal bank regulatory agencies. 10. Commercial paper and bankers' acceptances issued by a bank (other than the bank with which the money is being deposited or invested) rated in the highest short-term category by at least one nationally recognized statistical rating organization and having maturities of not longer than sixty days from the date they are pledged. 11. Zero-coupon obligations of the United States government marketed as "Treasury Strips". 12. Letters of Credit. 13. Surety bonds. Page 73 OSC Municipality Code 500342300000 TOWN OF Ithaca Schedule of Time Deposits and Investments For the Fiscal Year Ending 2007 CASH: On Hand Demand Deposits Time Deposits Total COLLATERAL: - FDIC Insurance Collateralized with securities held in possession of municipality or its agent Total INVESTMENTS: - Securities (450) Book Value (cost) Market Value at Balance Sheet Date Collateralized with securities held in possession of municipality or its agent - Repurchase Agreements (451) Book Value (cost) Market Value at Balance Sheet Date Collateralized with securities held in possession of municipality or its agent C 0 C C� G a 0 EDP Code Amount 9Z2001 $6,465,103.00 9Z2011 $0.00 9Z2021 $0.00 $6,465,103.00 9Z2014 $100,000.00 9Z2014A $8,984,1.00.00 $9,084,100.00 9Z4501 $0.00 9Z4502 $0.00 9Z4504A $0.00 9Z4511 $0.00 9Z4512 $0.00 9Z4514A $0.00 Page 74 OSC Municipality Code 500342300000 TOWN OF Ithaca Investment Certification For the Fiscal Year Ending 2007 EFINITIONS: epurchase Agreement - A generic term for an agreement in which a government entity t iuyer-lender) transfers cash to a broker-dealer or financial institution (seller -borrower); e broker-dealer or financial institution transfers securities to the entity and promises to repay _ e cash plus interest in exchange for the same securities or for different securities. everse Repurchase Agreement - An agreement in which a broker-dealer or financial institution uyer-lender) transfers cash to a government entity (seller -borrower); the entity transfers securities the broker-dealer of financial institution and promises ro repay the cash plus interest in exchange r the same securities or different securities. f RESPONSE 1) Has your Local Government adopted an investment policy as Yes required by General Municipal Law, Section 39? ?) The following investments are permitted by your investment policy. * Obligations of the UNITED STATES Yes * Obligations of the U.S. Government Agencies, guaranteed by Yes the UNITED STATES Government * Obligations of the STATE of NEW YORK Yes * Obligations of other NEW YORK STATE Local Governments Yes * Other ;) Do you engage in reverse repurchase agreements? I.) Are Repurchase Agreements authorized by your investment policy? Name: Alfred F. Carvill Title: Budget Officer Phone Number: (607) 273-1721 No No Page 75 DSC Municipality Code 500342300000 C. 11 C TOWN OF Ithaca Bank Reconciliation For the Fiscal Year Ending 2007 Include All Checking, Savings and C.D. Accounts Bank Add: Less: Adjusted Account Bank Deposit Outstanding Bank Number Balance In Transit Checks Balance 101-148038 $91,282 $0 $91,282 $0 201-002604 $1,400 $0 $0 $1,400 201-002604 $4,413 $0 $0 $4,413 201-002604 $11,610 $0 $0 $11,610 201-002604 $4,503 $0 $0 $4,503 201-002604 $79,795 $0 $0 $79,795 201-002604 $1,573,222 $0 $0 $1,573,222 201-002604 $223,255 $0 $0 $223,255 201-002604 $747,165 $0 $0 $747,165 201-002604 $2,574 $0 $0 $2,574 201-002604 $335,143 $0 $0 $335,143 201-002604 $842,042 $0 $0 $842,042 201-002604 $50,226 $0 $0 $50,226 201-002604 $581,643 $0 $0 $581,643 201-002604 $13,989 $0 $0 $13,989 201-002604 $81,845 $0 $0 $81,845 201-002604 $409,753 $0 $0 $409,753 201-002604 $38,558 $0 $0 $38,558 201-002604 $9,974 $0 $0 $9,974 201-002604 $450,690 $0 $0 $450,690 201-002604 $297,704 $0 $0 $297,704 201-002604 $20,914 $0 $0 $20,914 201-002604 $100,966 $0 $0 $100,966 201-002604 $84,197 $0 $0 $84,197 201-002604 $260,476 $0 $0 $260,476 Page 76 OSC Municipality Code 500342300( TOWN OF Ithaca Bank Reconciliation For the Fiscal Year Ending 2007 Include All Checking, Savings and C.D. Accounts Bank Add: Less: Adjusted Account Bank Deposit Outstanding Bank Number Balance In Transit Checks Balance •201-002604 $238,246 $0 $0 $238,246 Total Adjusted Bank Balance $6,464,303 Petty Cash $800.00 Adjustments $.00 Total Cash 9ZCASH $6,465,103 Total Cash Balance All Funds 9ZCASHB $6,465,103 * Must be equal Page 77 OSC Municipality Code 500342300( TOWN OF Ithaca Local Government Questionnaire For the Fiscal Year Ending 2007 p a a ress . Yes If yes, what is it? HEngman@town.ithaca.ny.us Do you have a web site? Yes If yes, what is the official address of the web site for your municipality? www.town.ithaca.ny.us Page 78 OSC Municipality Code 500342300000 Response Does your municipality have a written procurement policy? Yes Have the financial statements for your municipality been independently audited? Yes If not, are you planning on having an audit conducted? Does your local government participate in an insurance pool with other local No governments? Does your local government participate in an investment pool with other local No governments? Does your municipality have a Length of Service Award Program (LOSAP) No for volunteer firefighters? Does your municipality have a Capital Plan? Yes Has your municipality prepared and documented a risk assessment plan? No If yes, has your municipality used the results to design the system of internal controls? Have you had a change in chief executive or chief fiscal officer during the last Yes year? Does your municipality have access to the internet? Yes Does your municipality have an official E-mail address? Yes If yes, what is it? townclerk@town.Ithaca.ny.us Does the chief fiscal officer have a se arate E -m it dd 1) p a a ress . Yes If yes, what is it? HEngman@town.ithaca.ny.us Do you have a web site? Yes If yes, what is the official address of the web site for your municipality? www.town.ithaca.ny.us Page 78 OSC Municipality Code 500342300000 CERTIFICATION OF CHIEF FISCAL OFFICER C, I, Herbert J. Herbert hereby certify that I am the Chief Fiscal Officer of the Town of Ithaca and that the information provided in the annual financial report of the Town of Ithaca for the fiscal year ended 12/31/2007 is TRUE and correct to the best of my knowledge and belief. By entering the personal indentification number assigned by the Office of the State Comptroller to me as the Chief Fiscal Officer of the Town of Ithaca and adopted by me as my signature for use in conjunction with the filing of the Town of Ithaca's .- annual financial report, I am evidencing my express intent to authenticate my certification of the Town of Ithaca's annual financial report for the fiscal year ended 12/31/2007 and filed by means of electronic data transmission. Alfred F. Carvill 'H r e bert J. E man Name of Report Preparer if different Name than Chief Fiscal Officer (607) 273-1721 Budget Officer Telephone Number Title 215 N.Tioga St., Ithaca,NY 14850 Official Address 02/06/2008 (607) 273-1721 i Date of Certification Official Telephone Number 1, r l �,' Page 79 Municipality Code 500342300000 TOWN OF Ithaca Supplemental Section Comments For the Fiscal Year Ending 2007 Page 80 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 Note 1 - Summary of Significant Accounting Policies The general-purpose financial statements of the Town of Ithaca have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The more significant of the government's accounting policies are described below. A. Financial Reporting Entity The Town of Ithaca was created in 1821. The Town is governed by general municipal laws of the State of New York, Town Law and various local laws. The Town Board is the legislative body responsible for the overall operation; the Town Supervisor serves as Chief Executive Officer and Chief Fiscal Officer. The Town provides the following municipal services: fire protection, transportation (streets and highways), recreation, planning and zoning, general administration, public improvements, water and sewer. Street lighting in nine separate "lighting districts" is provided within the Town. Each district is funded by way of a tax on the real property situated within each district. The Town provides for intersection street lighting from the General Fund appropriations. The Town Board via the Ithaca Fire Protection District provides fire protection for the northeast area of the Town outside the Village of Cayuga Heights. This district is funded by means of a tax on the real property situated within the district. Services for fire protection are contracted out through the City of Ithaca's paid fire department and the volunteer fire department of the Village of Cayuga Heights. All governmental activities and functions performed for the Town of Ithaca are its direct responsibility. No other governmental organizations have been included or excluded from the reporting entity. The financial reporting entity consists of the following, as defined by Governmental Accounting Standards Board (GASB) Statement #14, "The Financial Reporting Entity:" 1. The primary government is the Town of Ithaca. 2. Organizations for which the primary government is financially accountable, and; 3. Other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity's general purpose financial statements to be misleading or incomplete. CD The decision to include a potential component unit in the reporting entity is based on the criteria set forth in GASB Statement #14, including legal standing, fiscal dependency, and financial accountability. 01 PAGE 1 0 C TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 Excluded from the Reporting Entity Southern Cayuga Lake Intermunicipal Water Commission (SCLIWC) is a joint venture involving the Towns of Ithaca, Dryden, Lansing, and the Villages of Cayuga Heights and Lansing. The joint venture operates under terms of an original agreement dated March 1, 1977 and has been amended several times, the last of, which is dated January 1, 1992. SCLIWC's executive body consists of ten members, two members being appointed by each municipality. The Treasurer of SCLIWC is the Town of Ithaca's Supervisor. An Annual Joint Venture financial report is filed with the New York State Comptroller's Office. The Treasurer of SCLIWC has an independent audit of the accounting conducted which includes issuing certified independent financial statements. The Town of Ithaca owns a majority (51.869%) of the Commission and must adopt its budget and any subsequent amendments. The Southern Cayuga Lake Intermunicipal Water Commission is considered a Joint Venture with the Town of Ithaca. Although the following organization, function or activity is related to the Town of Ithaca, it is not included in the Town of Ithaca reporting entity. See Note 3 for additional disclosures regarding the joint venture. Ithaca Area Wastewater Treatment Plant, with the Town of Dryden and City of Ithaca. B. Basis of Presentation - Fund Accounting The accounts of the Town are organized on the basis of funds or account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for within a separate set of self -balancing accounts that comprise its assets, liabilities, fund balance, revenues and expenditures which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions and limitations. The various funds are summarized by type in the financial statements. (Certain funds of the Town are utilized to account for resources derived from, and/or expenditures applicable to an area less than the entire Town.) The following fund types and account groups are used: 1. Fund Categories a. Governmental Fund Types - are those through which most governmental functions are financed. The acquisition, use and balances of expendable financial resources and the related liabilities are accounted for through Governmental Funds. The measurement focus of the Governmental Funds is based upon determination of financial position and changes in financial position. The following are the Town's Governmental Fund Types: - General Fund Townwide: Accounts for revenues (i.e., general tax and other from state, federal, and local sources) and expenditures which are not required by the law or other provisions to be PAGE 2 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 accounted for in other funds and which finance the basic governmental functions provided by the Town at Large. - General Fund Town Outside: Accounts for those transactions, which are required to be, charge on the area of the Town outside the Village of Cayuga Heights. Special Revenue Funds These Funds are utilized to account for revenues derived from specific sources, which are required by local law or regulatory State, or Federal mandates. Special Revenue Funds include the following: Highway Fund: This Fund accounts for revenues and expenditures for part -town (outside of the Village of Cayuga Heights) highway purposes. Water Fund: This is a fund established by State Statutes to account for revenues derived from charges for water consumption and benefited assessments and the application of such revenues toward related operating expenses and debt retirement. Sewer Fund: This fund is also established by State Statutes to account for revenues derived from sewer rents and benefited assessments and used for related operating expenses and debt retirement. Lighting District Fund: This type of fund accounts for the operation and maintenance transactions of those areas within the Town where electric streetlights are provided. Revenues are derived directly from real property assessed values of those residents or other real property owners located within the special lighting district. Fire Protection District Fund: Used to record transactions involving the Town Fire Protection District and those contracts for fire protection with the City of Ithaca and the Village of Cayuga Heights. - Debt Service Fund: The Debt Service Fund accounts for interest earned on proceeds of borrowing for water and sewer capital projects. Such interest earnings (should they occur) is transferred to the Debt Service Fund from the respective Capital Projects Fund. Annual principal and interest payments due on serial bonds are transferred from the Water and Sewer Funds to the Debt Service Fund. Payments to the paying agent(s) are made directly from the Debt Service Fund to the respective paying agents in full on scheduled due dates. - Capital Projects Fund: Capital Project Funds are used when accounting for capital improvements financed from current monies transferred from reserved and unreserved funds, Federal, and State grants and proceeds of obligations (e.g. Bond Anticipation Notes or Serial Bonds). Each Capital Project Fund is created to account for financial resources that will be used for the acquisition or construction of major capital facilities, major repairs, improvements or additions to water, sewer and transportation infrastructures. PAGE 3 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 b. Fiduciary Funds — A municipality uses the Trust and Agency Fund to account for assets held by the local government in a trustee or custodial capacity. (E.g. Net payroll and related payroll taxes or withholdings.) - Agency Fund: Used to account for those funds held in custody and subsequent distributions, transmittal or release to other governments, individuals or to other funds. 2. Account Groups Account Groups — Accounts for control and accountability of the Town's General Fixed Assets and General Long -Term Debt. The two account groups are not "funds". Historically, these groups have been concerned only with the measurement of financial position, and not with the results of operations. With the release of GASB 34 these groups will provide greater fiscal detail regarding the future replacement of equipment and infrastructures complaint to GAAP Principals governing depreciation coupled with Capital Improvement Planning and Budgeting. - General Fixed Assets Account Group: This group accounts for land, buildings, improvements other than buildings, machinery & equipment, and construction in progress. These assets are usually for general government services. - General Long -Term Debt Account Group: This group of accounts is established to account for long-term debt and other financing obligations of the Town. Long -Term indebtedness includes obligations such as statutory installment bonds, serial bonds and bond anticipation notes. Other obligations include unbilled retirement liabilities, and any vested or unpaid accumulated employee benefits (e.g. vacation) to be provided for in future budgets. C. Basis of Accounting/Measurement Focus Basis of accounting refers to when revenues and expenditures and the related assets and liabilities are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus. Measurement focus is the determination of what is measured. (E.g. expense or revenue) Modified Accrual Basis - all Governmental Funds and Expendable Trust Funds are accounted for using the modified accrual basis of accounting. Under this basis of accounting, revenues are recorded when measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. E PAGE 4 0 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 Material revenues that are accrued include real property taxes, state and federal aid, sales tax and certain user charges. If expenditures are the prime factor for determining eligibility, revenues from federal and stated grants are accrued when the expenditure is made. Expenditures are recorded when incurred except that: a. Expenditures for prepaid expenses and inventory -type items are recognized at the time of the disbursements, and when goods or services have been received but not billed by the provider or vendor. b. Principal and interest on indebtedness are not recognized as expenditures until due. C. Compensated absences, such as vacation and sick leave which vests or accumulates, are charged as expenses when paid. See Note 1-J. d. Pension costs are recognized as an expense when billed by the State. See Note 2-13-1. - Account Groups General fixed assets are recorded at actual or estimated cost or, in the case of gifts and contributions, at the fair market value at the time received. For the year ending December 31, 2007, NO provision exists for the accounting and reserving of depreciation. General long-term debt liabilities are recorded at the par value of the principal amount. No liability is recorded for interest payable to maturity. Long-term liabilities expected to be financed from Governmental Funds are accounted for in the General long-term Debt Account Group (W Fund), rather than individual Governmental Funds. D. Property Taxes Town real property taxes are levied annually on January 1, and become a lien on that date. Property owners can elect to pay their taxes using one of two options. Taxpayers may elect to pay their bill in two installments equal to one-half the total bill, plus a 2.5 percent processing fee. If the installment option is selected, the first payment is due between January 1 and January 14, without penalty, or between January 15 and January 20 with 1 percent interest (election to pay in installments ceases January 20). The second installment is due on or before July 1, payable to the County Division of Budget and Finance. Taxpayers may elect to pay their tax bill in full. Using this method, taxes are collected during the period January 1 to January 31, at face value and from February 1 to May 31, with interest added. The Town Receiver of Taxes collects all real estate taxes for Town and County purposes. The Town Receiver distributes the collected tax money to the Town Supervisor prior to distributing the balance collected to the County on June 1. The Town thereby is assured of 100 percent tax collection. Responsibility for the collection of unpaid taxes rests with the County. Uncollected tax liens are sold annually by the County. PAGE 5 0 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 E. Budgetary Data 1. Budget Policies - The budget policies are as follows: a. No later than October 5th, the Town Supervisor and the Town Budget Officer submit a tentative budget to the Town Board for the fiscal year commencing the following January 1st. The tentative budget includes proposed expenditures and the proposed means of financing for all funds. b. After public hearings are conducted to obtain taxpayer comments, no later than November 20th, the Town Board adopts the budget. The 2008 Town Budget was adopted November 8, 2007 under Board Resolution No. 2007-192. c. The Town Board must approve all budget amendments and modifications. However, the Town Supervisor and Town Budget Officer are authorized to transfer certain budgeted amounts within departments and between revenues and appropriated expenditures when deemed needed and necessary and when closing the year-end budgetary and accounting records. d. Appropriations lapse at year-end. 2. Encumbrances Encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of monies are recorded for budgetary control purposes to reserve that portion of the applicable appropriations, is employed in all funds. Encumbrances are reported as reservations of fund balances since they do not constitute expenditures or liabilities. Expenditures for such commitments are recorded in the period in which the liability (E.g. unperformed (executory) contracts for goods or services) is incurred. 3. Budget Basis of Accounting Budgets are adopted annually on a basis consistent with Generally Accepted Accounting Principles. Appropriations authorized for the current year are increased by the amount of encumbrances carried forward from the prior year. Encumbrances are not considered a disbursement in the financial plan or an expenditure in the GAAP based general purpose financial statements, but reserve a portion of the applicable appropriation, thereby ensuring that the current years budgeted appropriations are not exceeded. PAGE 6 i TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 F. Property, Plant and Equipment - General Fixed assets purchased for general governmental purposes are recorded as expenditures in the Governmental Funds and are capitalized at cost in the General Fixed Assets Account Group. Contributed fixed assets are recorded at fair market value at the date received. Fixed assets consisting of certain infrastructure type improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage, water and sewer lines and lighting systems, have been capitalized since 2000. Such assets normally are immovable and of value only to the Town. Currently, NO depreciation cash reserves are provided for the future replacement of general fixed assets. G. Receivables Receivables are stated (accrued) at the gross amount due to and to be collected by the Town. Amounts due from State and Federal governments represents amounts owed to the Town. Receivables represent reimbursements for expenditures incurred pursuant to state and federally funded programs. Other receivables represent amounts owed to the Town including water and sewer charges, interest, and nominal charges for government services. H. Investments Investments are stated at cost, which approximates market. I. Unemployment Insurance Since January 1, 1978, Town employees are and continue to be covered by unemployment insurance. The Town has elected to discharge its liability to the New York State Unemployment Insurance Fund by means of the Benefit Reimbursement Method. This is a dollar -for -dollar reimbursement to the Unemployment Insurance Fund for benefits paid to former employees and charged to the Town's account. The Town is exempt from Federal Unemployment Insurance Tax. J. Compensated Absences Employees accrue (earn) vacation leave based on the number of years employed up to a maximum of 20 days a year. Upon separation from service, employees are paid for unused vacation time. Employees accrue (earn) sick leave at the rate of one day per month and may accumulate such credits up to a total of 120 days. ( The NYS Employee Retirement System Uses 165 days of sick leave time when calculating retirement service time.) Employees who retire apply any unused sick leave days to pay PAGE 7 40 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 for individual post employment health insurance benefits and potentially add accumulated sick time to be credited to their service time in the NYS Retirement System. Accrued vacation and accumulated sick leave is recorded in governmental funds as a long-term liability in the General Long -Term Debt Account Group (GLTDAG) if payable from future financial resources, or as a fund liability and expenditures, if payable from current resources. The liability for compensated absences increased by $7,475 during the year to $1126,890 and is reported in the GLTDAG (W) Fund. K. Post Employment Benefits In addition to providing pension benefits, the Town of Ithaca provides health insurance coverage for retired employees. Substantially all of the Town's employees may become eligible for these benefits if they reach normal retirement age while working for the Town. Health care benefits are provided through an insurance company whose premiums are based on the benefits paid during the year. The Town recognizes the cost of providing benefits by recording its share of insurance premiums as an expense in the year paid. The. Governmental Accounting Standards Board (GASB) has issued Statements No. 43 and 45, which address plan and employer reporting of Post -Employment Benefit Plans Other Than Pensions (OPEB). Compliant with these Statements and their reporting requirements, the Town of Ithaca accounting records and financial statements include accrued Post -Employment health care liability costs of $183,147. HEALTH INSURANCE CARRIER EXCELLUS Blue Cross / Blue Shield Plan — Blue PPO L. Deferred Compensation The Town offers their employees a Deferred Compensation Plan (the Plan) created in accordance with Internal Revenue Code Section 457. The Plan is available to all eligible participants, permits participants to defer a portion of their salary until future years. Amounts deferred under the Plan are not available to employees until termination, retirement, death or unforeseeable emergency. Effective, January 1, 1998, and to date all amounts of compensation deferred under the Plan, all property and rights purchased with the amounts, and all income attributable to these amounts are the sole the property and rights of the employee. As required, the Town Supervisor is the Chairman and Trustee of the Town's Deferred Compensation Committee. PAGE 8 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 DEFFERRED COMPENSATION PLAN PEBSCO Division of Nationwide Retirement Solutions a Nationwide Financial Company Note 2 Detail Notes on All Funds and Account Groups A. Assets 1. Cash and Investments State statutes govern the Town of Ithaca's investment policy. In addition, the Town of Ithaca has its own written investment policy. Town of Ithaca monies must be deposited in FDIC insured commercial banks or trust companies located within the State of New York. The Supervisor and the Town Budget Officer are authorized to use demand accounts and certificates of deposit. Permissible investments include obligations of the U.S. Treasury and U.S. Agencies, and obligations of New York State or its localities. Collateral is required for demand deposits and certificates of deposit not covered by Federal Deposit Insurance. (FDIC) Obligations that may be pledged as collateral are obligations of the United States and its agencies and obligations of the State and its municipalities and school districts. The written investment policy does not permit Town moneys to be invested in repurchase agreements. For purposes of reporting cash flow, cash equivalents are defined as short-term, highly liquid investments that are both readily convertible into cash at, or near their maturity. Deposits and investments at year-end were entirely covered by federal deposit insurance or by collateral held by the Town's custodial bank in the Town's name. All deposits including certificates of deposit are carried at cost. Deposits and investments are categorized as insured and for which the securities are held by the Town's agent in the Town's name, and collateralized, and for which the securities are held by the pledging financial institution's trust department or agent in the Town's name. Deposits: Total cash bank balances at December 31, 2007 totaled $6,465,103. These deposits were fully collateralized by securities with a fair market value at December 31, 2007 of $8,984,100 or 138%. 2. Changes in Fixed Assets • A summary of changes in general fixed assets as follows: O TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 DESCRIPTION BALANCE ADDITIONS DELETIONS BALANCE 1/1/07 2007 2007 12/31/07 Land $ 186,552 $ 0 $ 0 $ 186,552 Easements 71,000 0 0 71,000 Buildings 3,959,825 0 0 3,959,825 Improvements Other Than Bldg. 347,612 7,092 0 354,704 Furniture and Furnishings 184,908 0 0 184,908 Network/Computer 96,047 0 0 96,047 Machinery & 2,999,977 262,629 53,707 3,208,899 Equip Infrastructures 5,767,889 283,149 0 6,051,038 Const in Progress 100,821 899,491 0 1,000,312 Total $ 13,714,631 $ 1,452,361 $ 53,707 $ 15,113,285 3 11 Other Receivables The Town had the following receivables at December 31, 2007: Fund Special Revenue: Water Sewer Liabilities 1. Pension Plans Description Rents & Special Assessments Rents & Special Assessments Total Special Revenue Amount $ 146,469 145,175 2 1 644 Plan Description - The Town of Ithaca participates in the New York State and Local Employees' Retirement System (ERS) and the Public Employees' Group Life Insurance Plan (Systems). These are cost sharing multiple -employer retirement systems. The Systems provide retirement benefits as well as death and disability benefits. Obligations of employers and employees to contribute and benefits to employees are governed by the New York State Retirement and Social Security Law (NYSRSSL). As set forth in the NYSRSSL, the Comptroller of the State of New York (Comptroller) serves as sole trustee and administrative head of the Systems. The Comptroller shall adopt and may amend rules and regulations for the administration and transaction of the business of the Systems and for the custody and control of their funds. The Systems issue a publicly available financial report that includes financial statements and required supplementary information. That report may PAGE 10 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 be obtained by writing to the New York State and Local Retirement Systems, 110 State Street, Albany, NY 12244-0001. Funding Policy - The Systems are noncontributory except for employees who joined the New York State and Local Employees' Retirement System after July 27, 1976 who contribute 3 percent of their salary. Under the authority of the NYSRSSL, the Comptroller shall certify annually the rates expressed as proportions of payroll of members, which shall be used in computing the contributions, made by employers to the pension accumulation fund. Chapter 126 (Laws of 2000) adds Article 19 "Benefit Enhancements" of the New York State and Local Employees' Retirement System. An eligible Tier III or IV member with ten (10) or more years of membership or ten (10) of credited service, will NOT be required to contribute to the Retirement System. Effective in 2000 the Town adopted Section 41j of the Retirement System. This allows a retiring municipal employee to add service credit by using accumulated sick time. The Town of Ithaca is required to contribute at an actuarially determined rate. The required contributions for the current and preceding years since 2000: ERS 2007 $ 234,489 2006 $ 238,282 2005 $ 246,646 2004 $ 273,864 2003 $ 318,221 2002 $ 26,412 2001 $ 34,903 2000 $ 9,692 _ Town contributions made to the Systems were equal to 100% of the contributions required each year. Since 1989, the Systems' billings have been based on Chapter 62 of the Laws of 1989 of the State of New York. This legislation requires participating employers to make payments on a current basis, while amortizing existing unpaid amounts relating to the Systems' fiscal years ended March 31, 1988 and 1989 (which otherwise were to have been paid on June 30, 1989 and 1990, respectively) over a 17 year period, with an 8.75% interest factor added. Local governments were given the option to prepay this liability. The Town's total unpaid liability at the end of 2007 fiscal year was $0. While GASB and the New York State Comptroller's Office differ on the accounting treatment of budgetary savings from the change in the payment date from December 15th to February 1St for the New York State and Local Retirement System, the Town of Ithaca accounting records reflect prepaid retirement costs totaling $234,489 for the year 2007. To achieve the necessary budgetary savings as directed by the New York State Comptroller's Office these prepaid costs will be charged against the Town's 2008 budget. • In 2005 the Town of Ithaca establishment a "General Purpose Benefit Cash Reserve" for future economic rise and falls in not only retirement benefits but other employee benefits too. (E.g. Health PAGE 11 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 Insurance) The balance in the cash reserve account at December 31, 2007 is $297,704. Increases (deposits) or decreases (withdrawals) to the "benefit reserve" will be assessed annually. This cash reserve is capped at $350,000. Excluding accumulated interest earnings, once the cap of $350,000 has been deposited to this cash reserve account no more annual contributions will be made. Funds will be replenished when funds are withdrawn to meet unanticipated costs spike in employee benefits. (E.g. NYS Retirement, Health Insurance, Unemployment Benefits...) 2. Short -Term Debt Liabilities for bond anticipation notes (BANS) are generally accounted for in the Capital Projects Fund. The notes or renewal may not extend more than five years beyond the original date of issue unless a portion is redeemed within five years and within each 12 -month period thereafter. For short-term financing, the Town of Ithaca redeems (pays down) one fifth (115) of the original BAN borrowing. State law requires that BANs issued for capital purposes be converted to long-term obligations within five years after the original issue date. However, BANS issued for assessable improvement projects may be renewed for period(s) equivalent to the maximum life of the permanent financing, provided that stipulated annual reductions of principal are made. As of December 31, 2007, temporary financing totaled $1,217,000 in Bond Anticipation Notes (BANS) outstanding for the Town of Ithaca. Long -Term Debt a. At December 31, 2007, the total principal indebtedness outstanding of the Town of Ithaca aggregated $4,923,000. Of this amount, $831,000 was subject to the Town's constitutional debt limit and represented zero percent (1.3%) of its debt limit. Further calculations disclosed that the Town of Ithaca meets the 7% indebtedness requirement and has not exhausted its borrowing and repayment abilities. b. Bonds - The Town of Ithaca borrows money in order to acquire land or equipment or construct buildings and improvements. This enables the cost of these capital assets to be paid for by both present and future taxpayers receiving the benefit of the capital assets. These long-term liabilities, which are full faith and credit debt of the Town, are recorded in the General Long - Term Debt Account Group. The provision to be made in future budgets for capital indebtedness represents the amount exclusive of interest, as authorized to be collected in future years from taxpayers and others for liquidation of the long-term liabilities. C. Other Long -Term Debt: In addition to the above long-term debt the Town of Ithaca had the following non-current liability: * Compensated Absences: represents the value of earned and unused portion of the liability for compensated absences. PAGE 12 0 • 0 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 d. Summary Long -Term and Short -Term Debt- The following is a summary of liabilities outstanding at December 31, 2007 by fund type and account group: Liability Serial Bonds Bond Anticipation Notes Compensated Absences Total Outstanding Debt Account Group $ 4,923,000 1,217,000 126,890 $ 6.266.890 e. The following is a summary of changes in Long -Term liabilities for the period ended December 31, 2007: Serial Due Employee Compensated Installment Bonds Retirement Absences Bond Bal 1/1/07 $ 5,630,000 $ 0 $ 119,415 $ 0 Additions -0- 0 7,475 1,217,000 Deletions 707,000 0 0 0 Bal 12/31/07 4.923.000 $ 0 $ 126,890 1,217,000 Deletions due to employee retirement and compensated absences are shown at net since it is impracticable to determine these amounts separately. Interest expense for the year ended December 31, 2007 amounted to $187,845. Unpaid Bond Interest on the remaining outstanding indebtedness at December 31, 2007 is $1,245,334. f. Long -Term Debt Maturity Schedule - The following is a statement of serial bonds and bond anticipation note(s) with corresponding maturity schedule. (See Exhibits A, B) $2,580,000 of debt incurred in 1989 will be fully paid at the end of 2008. g. The following table summarizes the Town of Ithaca's future debt service requirements as of December 31, 2007. (See Exhibit C) C. Reconciliation of Inter -fund (between funds) Activities Inter -fund receivables and payables at December 31, 2007 were as follows: FUND DUE FROM DUE TO INTERFUND RECEIVABLE PAYABLE REVENUE PAGE 13 INTERFUND EXPENSE • TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 Gen'l Town -Wide $ 53,269 $ 32,144 $ 339,787 $ 241,889 General Part -Town 0 0 0 34,960 Highway 60,871 0 0 34,960 Water 0 11,629 2,993 684,466 Sewer 0 101,543 0 504,457 Capital Projects 100,000 68,824 184,000 2,993 Debt service 0 0 976,945 0 TOTAL $ 115,140 $ 115,140 $ 1,503,725 $ 1,503,725 D. Fund Equity 1. Reserves a. The General Townwide Fund equity includes reserve funds established for future the purpose of park development and the purchasing of development rights as outlined in the Town's Open Space Plan. The balance at the end of 2007 was $409,753. The Reserve Fund was established at the October 2, 1997 Town Board meeting under Board Resolution No. 170. Interest earnings and additional funding for the year both increased the reserve cash. b. The Highway Equipment equity includes reserve funds established for highway machinery.The balance at the end of 2007 was $2,574. This Reserve Fund was established at the November 8, 1984 Town Board meeting under Board Resolution No. 193. The reserve is funded by any unexpended budgeted equipment appropriations for machinery at year-end. The reserve cash is also increased by interest earned for the year. c. The General Town Wide Fund, the General -Part Town Fund, the General Part -Town Highway Fund, the Water Fund, and the Sewer Fund equity includes funds established for fiscally managing annual economic increases and decreases in employee fringe benefits (E.g. NYS Retirement Costs, Health Insurance). The aggregate balance at the end of 2007 was $297,615. This Reserve Fund was established at the June 13, 2005 Town Board meeting under Board Resolution No. 084. The reserve is funded on an annual basis as assessed by the Town Board. The reserve cash is increased by interest earned for the year. General Town Wide Fund $ 150,045 General Part -Town Fund 44,199 General Part -Town Highway Fund 82,375 Water Fund 13,345 Sewer Fund 7,651 PAGE 14 E TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 2. Sewer Fund Balance The Sewer Fund balance is partially committed to debt repayment for the local share of the construction costs of the jointly owned Ithaca Area Wastewater Treatment Plant, benefit charge stabilization and repair, replacement and maintenance of the sewer system. Note 3 - Joint Venture The following is an activity undertaken jointly with other municipalities. This activity is excluded from the Town's financial statements. Ithaca Area Wastewater Treatment Plant - The Town of Ithaca is also a participant in the joint sewer activity known as the Ithaca Area Wastewater Treatment Plant. The other participants are the Town of Dryden and the City of Ithaca. The City of Ithaca has custody of the joint activity money. Construction of the treatment plant began in the spring of 1984. Capital costs allocated to the Town of Ithaca are 41 percent of the total. PAGE 15 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 EXHIBIT A ISSUE DESCRIPTION ISSUE ORIGINAL INTERESTJ MATURITY DATE ISSUE RATE DATE F'UbLIU IMf KUVLMLN I / 19b9 ( 49% WATER - 51 % SEWER ) WATER IMP / 1ST SERIES 1987 9/1/89 $ 479,000 7.30% 03/01/08 WATER IMP / 2ND SERIES 1987 9/1/89 $ 500,000 7.30% 03/01/08 OLD STH HILL WATER/ 1ST AUTH 9/1/89 $ 143,982 7.30% 03/01/08 OLD STH HILL WATER / 2ND AUTH 9/1/89 $ 112,018 7.30% 03/01/08 CODDINGTOIN RD SEWER 9/1/89 $ 11,000 7.30% 03/01/08 SEWER IMP / 1ST SERIES 1987 9/1/89 $ 384,000 7.30% 03/01/08 SEWER IMP / 2ND SERIES 1987 9/1/89 $ 950,000 7.30% 03/01/08 PUBLIC IMPROVEMENT (SERIAL) , 2003 12/29/03 $ 1,000,000 3.95% 12/29/17 PUBLIC WORKS FACILITY EXPANSION 01/07/06 $ 200,000 3.75% 01/07/11 PUBLIC IMPROVEMENT (SERIAL), 2006 SOUTH HILL WATER TRANSMISSION MAIN PHASE II — SIB, 2005 09/28/05 $ 500,000 3.60% 09/28/15 BOSTWICK RD WATER TANK and TRANSMISSION MAIN (SERIAL), 2004 02/12/04 $ 1,000,000 3.88% 02/12/19 PUBLIC IMPROVEMENT (SERIAL), 2004 11/15/04 $ 2,000,000 4.346% 11/15/24 PUBLIC IMPROVEMENT BOND / 1991 ( 52% WATER - 48% SEWER) 07/15/91 $ 4,465,000 6.625% 07/15/11 TOTAL ISSUED DEBT @ 12/31/07 $ 11,745,000 PAGE 16 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 EXHIBIT B ISSUE OUTSTANDING ALLOCATED DEBT 12/31/07TOWNWIDE SPECIAL DISTRICTS PUBLIC IMPROVEMENT SERIAL BOND PUBLIC WORKS FACILITY EXPANSION PUBLIC IMPROVEMENT/ 1989 ( 49% WATER - 51 % SEWER ) PUBLIC IMPROVEMENT BOND / 1991 ( 52% WATER - 48% SEWER) SOUTH HILL WATER TRANSMISSION MAIN PHASE II (SIB), 2005 BOSTWICK RD WATER TANK & TRANSMISSION MAIN (SERIAL), 2004 PUBLIC IMPROVEMENT (SERIAL), 2004 TOTAL LONG TERM DEBT PAGE 17 $ 711,000 $ 711,000 $ 0 120,000 120,000 0 $ 150,000 $ 0 $ 150,000 $ 1,000,000 $ 0 $ 1,000,000 $ 440,000 $ 0 $ 440,000 $ 802,000 $ 0 $ 802,000 $ 1,700,000 $ 0 $ 1,700,000 $ 4,923,000 $ 831,000 $ 4,092,000 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 EXHIBIT C ISSUE DESCRIPTION 2008 2009 2010 2011 PRIN INT PRIN INT PRIN INT PRIN INT PUBLIC IMPROVEMENT $ 150,000 $ 5,475 BOND / 1989 PUBLIC IMPROVEMENT 250,000 66,250 250,000 49,688 $ 250,000 $ 33,135 $ 250,000 $ 15,563 BOND / 1991 2012 - 2024 PRIN INT PUBLIC IMPROVEMENT 71,000 26,914 71,000 24,216 71,000 21,258 71,000 19,671 $427,000 $59,132 BOND / 2003 PUBLIC WORKS 40,000 15,840 50,000 14,400 50,000 12,600 60,000 10,800 FACILITY EXPANSION SIB / 2005 SOUTH HILL WATER 40,000 12,000 40,000 9,000 40,000 6,000 40,000 3,000 TRANSMISSION MAIN SIB / 2005 BOSTWICK RD WATER 66,000 29,837 66,000 27,276 67,000 24,696 67,000 22,097 TANK & TRABSMISSION MAIN (SERIAL) BOND / 2004 240,000 21,600 536,000 83,188 PUBLIC IMPROVEMENT 100,000 71,250 100,000 67,000 100,000 62,750 100,000 58,500 1,200,000 370,938 (SERIAL) BOND / 2004 TOTAL ANNUAL DEBT $ 717,000 $ 227,566 $ 577,000 $ 191,580 $ 578,000 $ 160,699 $ 588,000 $ 130,631 $ 2,403,000 $ 534,858 PAGE 18 TOWN OF ITHACA CONSTITUTIONAL DEBT LIMIT The following was prepared, pursuant to Title 8, Article II of the Local Finance Law. DEBT LIMIT Taxable Real Property: 12/31/02 $ 745,064,483 12/31/03 774,198,562 12/31/04 937,022,814 12/31/05 1,019,584,844 12/31/06 1,054,464,951 Total for 2002 — 2006 Average Five (5) Year Full Valuation Permitted Percentage of the "Average Full Valuation" Town of Ithaca Debt Limit (1) $ 4,530,335,654 $ 906,067,131 7% $ 64,424,700 (1) $64,424,700 represents the maximum amount of gross or net debt that the Town of Ithaca can issue and have outstanding allowable under the New York State Constitution, Article VIII, Section 2. TOTAL NET INDEBTEDNESS ` Borrowings Outstanding @ 12/31/07 $ 4,923,000 Total Inclusions (2) $ 4,923,000 Less total exclusions: (2) Water & Sewer Indebtedness (4,092,000) Total Net Indebtedness $ 831,000 0 (2) This amount does not include the Town's share of a small borrowing by the City of Ithaca for their retirement purposes of the Ithaca Area Waste Water Treatment Facility. 1 NET -CONTRACTING MARGIN Debt limit $ 64,424,700 Less: Total Net Indebtedness 831,000 Net Debt -Contracting Margin $ 63,593,700 PERCENTAGE OF DEBT -CONTRACTING POWER EXHAUSTED "Total Net Indebtedness" divided by "Debt Limit" 1.3% 2 TOWN OF ITHACA Summary of Fund Balance By Fund For the Years Ending 2001 - 2007 and Beginning 2008 2001 Description General Townwide General I Part Town Highway Water I Sewer I Fire I Protection Risk I Retention Debt Service Lighting Districts Total Fund Equity Beginning Detail Operating Unreserved Funds $ 1,122,800 $ 396,586 $ 839,159 $ 682,906 $ 2,455,881 $ 72,616 $ 67,876 $ 7,197 $ 6,454 $ 5,651,475 Kendall Property Tax Reserve Funds 22,686 - - - - - - - - 22,686 Equipment Reserve Fund - - 692 - - - - - - 692 Highway Building Reserve Funds 50,057 - - - - - - - - 50,057 Parks & Open Space Reserve Funds 149,560 - - - - - - - - 149,560 Total Fund Equity Beginning @1/1/2001 $ 1,345,103 $ 396,586 $ 839,851 $ 682,906 $ 2,455,881 $ 72,616 $ 67,687 $ 7,197 $ 6,454 $ 5,874,281 Add: Revenue & Other Sources 2,569,120 491,773 1,371,260 1,916,391 2,099,569 1,980,395 12,814 837,016 16,851 11,295,189 Deduct: Expenses & Other Uses (2,118,691) (532,878) (1,415,014) (1,977,743) (1,734,273) (1,901,813) (6,950) (838,269) (13,341) (10,538,972) Fund Equity Ending Balance @ 12/31/2001 $ 1,795,532 $ 355,481 $ 796,097 $ 621,554 $ 2,821,177 $ 151,198 $ 73,551 $ 5,944 $ 9,964 6,630,498 2002 Description General Townwide General I Part Town Highway Water I Sewer I Fire I Protection Risk I Retention Debt Service Lighting Districts Total Fund Equity Beginning Detail Operating Unreserved Funds $ 1,410,617 $ 355,481 $ 791,219 $ 621,554 $ 2,821,177 $ 151,198 $ 73,551 $ 5,944 $ 9,964 $ 6,240,705 Kendall Property Tax Reserve Funds 23,677 - - - - - - - - 23,677 Equipment Reserve Fund - - 4,878 - - - - - - 4,878 Highway Building Reserve Funds 180,144 - - - - - - - - 180,144 Parks & Open Space Reserve Funds 181,094 - - - - - - - - 181,094 Total Fund Equity Beginning @1/1/2002 $ 1,795,532 $ 355,481 $ 796,097 $ 621,554 $ 2,821,177 $ 151,198 $ 73,551 $ 5,944 $ 9,964 $ 6,630,498 Add: Revenue & Other Sources 2,619,027 501,648 1,437,116 1,916,753 1,972,431 2,060,450 11,511 802,221 9,691 11,330,848 Deduct: Expenses & Other Uses (2,269,257) (598,256) (1,737,191) (2,102,759) (1,789,920) (2,004,639) (11,108) (802,638) (12,192) (11,327,960) jfund Equity Ending Balance @ 12/31/2002 $ 2,145,302 $ 258,873 $ 496,022 $ 435,548 $ 3,003,688 $ 207,009 $ 73,954 $ 5,527 $ 7,463 6,633,386 u 0 TOWN OF ITHACA Summary of Fund Balance By Fund For the Years Ending 2001 - 2007 and Beginning 2008 2003 Description General Townwide General Part Town Highway Water Sewer Fire PI Lrotection Risk Retention Debt Service Lighting Districts Total Fund Equity Beginning Detail Operating Unreserved Funds $ 1,937,351 $ 258,873 $ 488,220 $ 435,548 $ 3,003,688 $ 207,009 $ 73,954 $ 5,527 $ 7,463 $ 6,417,633 Kendall Property Tax Reserve Funds 24,109 - - - - - - - - 24,109 Equipment Reserve Fund - - 7,802 - - - - - - 7,802 Highway Building Reserve Funds - - - - - - - - - - Parks & Open Space Reserve Funds 183,842 - - - - - - - - 183,842 Total Fund Equity Beginning @1/1/2003 $ 2,145,302 $ 258,873 $ 496,022 $ 435,548 $ 3,003,688 $ 207,009 $ 73,954 $ 5,527 $ 7,463 $ 6,633,386 Add: Revenue & Other Sources 2,689,053 593,487 1,798,193 1,923,929 1,895,940 2,078,708 10,902 792,214 13,646 11,796,072 Deduct: Expenses & Other Uses (2,360,200) (647,414) (1,903,246) (1,897,319) (2,640,031) (2,071,541) (9,378) (792,001) (12,427 (12,333,557) (-Fund Equity Ending Balance @ 1.2/31/2003 $ 2,474,155 $ 204,946 $ 390,969 $ 462,158 $ 2,259,597 $ 214,176 $ 75,478 $ 5,740 $ 8,682 6,095,901 2004 Description General Townwide General I Part Town Highway I Water I Sewer I Fire I Protection Risk I Retention Debt Service Lighting Districts Total Fund Equity Beginning Detail Operating Unreserved Funds $ 2,240,548 $ 204,946 $ 383,167 $ 462,158 $ 2,259,597 $ 214,176 $ 75,478 $ 5,740 $ 8,682 $ 5,854,491 Kendall Property Tax Reserve Funds 24,309 - - - - - - - - 24,309 Equipment Reserve Fund - - 7,802 - - - - - - 7,802 Highway Building Reserve Funds - - - - - - - - - - Parks & Open Space Reserve Funds 209,297 - - - - - - - - 209,297 Total Fund Equity Beginning @1/12004 $ 2,474,155 $ 204,946 $ 390,969 $ 462,158 $ 2,259,597 $ 214,176 $ 75,478 $ 5,740 $ 8,682 $ 6,095,900 Add: Revenue & Other Sources 2,589,236 648,923 2,064,210 2,174,911 1,951,578 2,350,394 10,402 1,511,043 14,586 13,315,283 Deduct: Expenses & Other Uses (2,712,113) (676,435) (1,957,136) (2,347,428) (1,822,073) (2,650,318) (5,154) (1,038,789) (12,570) (13,222,016) Fund Equity Ending Balance @ 12/31/2004 $ 2,351,278 $ 177,434 $ 498,043 $ 289,641 $ 2,389,102 $ (85,748) $ 80,726 $ 477,994 $ 10,698 6,189,167 ; TOWN OF ITHACA Summary of Fund Balance By Fund For the Years Ending 2001 - 2007 and Beginning 2008 2005 Description General Townwide General Part Town Highway Water Sewer Fire Protection Risk Retention Debt Service Lighting Districts Total Fund Equity Beginning Detail Operating Unreserved Funds Equipment Reserve Fund Highway Building Reserve Funds Parks & Open Space Reserve Funds Total Fund Equity Beginning @1/1/2005 Add: Revenue & Other Sources $ 2,080,678 $ 177,434 $ 471,260 $ 289,641 $ 2,389,102 $ (85,748) $ 80,726 $ 477,994 $ 10,698 $ 5,891,785 - - 26,784 - - - - - - 26,784 270,599 - - - - - - - - 270,599 $ 2,351,278 $ 177,434 $ 498,043 $ 289,641 $ 2,389,102 $ (85,748) $ 80,726 $ 477,994 $ 10,698 $ 6,189,168 2,519,640 827,391 2,171,651 2,407,138 1,952,269 2,673,712 6,517 918,967 16,213 13,493,498 Deduct: Expenses & Other Uses (3,137,893) (755,745) (1,838,601) (2,315,794) (2,088,671) (2,750,646) (7,731) (1,200,979) (12,831) (14,108,891) Fund Equity Ending Balance @ 12/31/2005 _ $ 1,733,025 $ 249,080 $ 831,093 $ 380,985 $ 2,252,700 $ (162,682) $ 79,512 $ 195,982 $ 14,080 $ 5,573,775 2006 Description General Townwide General I Part Town Highway Water I Sewer Fire Protection Risk I Retention Debt Service Lighting Districts Total Fund Eauitv Beainnina Detail Operating Unreserved Funds Equipment Reserve Fund Highway Building Reserve Funds Parks & Open Space Reserve Funds General Purpose Benefit Reserve Total Fund Equity Beginning @1/1/2006 Add: Revenue & Other Sources Deduct: Expenses & Other Uses Fund Equity Ending Balance @ 12/31/2006 $ 1,320,810 $ 225,049 $ 762,545 $ 373,971 $ 2,248,459 $ (162,682) $ 79,512 $ 195,982 $ 14,080 $ 5,057,726 - - 28,968 - - - - - - 28,968 345,776 - - - - - - - - 345,776 66,439 24,031 39,580 7,014 4,241 - - - - 141,305 $ 1,733,025 $ 249,080 $ 831,093 $ 380,985 $ 2,252,700 $ (162,682) $ 79,512 $ 195,982 $ 14,080 $ 5,573,775 3,293,960 909,811 1,831,354 2,330,434 1,624,413 2,849,512 49,320 996,528 17,410 13,902,742 (2,948,031) (881,510) (1,887,827) (2,304,038) (1,634,051) (2,610,928) (52,783) (1,161,971) (11,748) (13,492,887) $ 2,078,954 $ 277,381 $ 774,620 $ 407,381 $ 2,243,062 $ 75,902 $ 76,049 $ 30,539 $ 19,742 $ 5,983,630 TOWN OF ITHACA Summary of Fund Balance By Fund For the Years Ending 2001 - 2007 and Beginning 2008 2007 Description General Townwide General I Part Town Highway Water Sewer Fire I Protection Risk I Retention Debt Service Lighting Districts Total Fund Equity Beginning Detail Operating Unreserved Funds $ 1,598,779 $ 236,104 $ 704,082 $ 395,241 $ 2,235,779 $ 75,902 $ 76,049 $ 30,539 $ 19,742 $ 5,372,217 Equipment Reserve Fund - - 67,983 - - - - - - 67,983 Highway Building Reserve Funds - - - - - - - - - - Parks & Open Space Reserve Funds 366,058 - - - - - - - - 366,058 General Purpose Benefit Reserve 114,117 41,277 2,556 12,140 7,283 - - - - 177,373 Total Fund Equity Beginning @1/1/2007 $ 2,078,954 $ 277,381 $ 774,621 $ 407,381 $ 2,243,062 $ 75,902 $ 76,049 $ 30,539 $ 19,742 $ 5,983,630 Add: Revenue & Other Sources 3,527,832 761,149 1,888,921 2,443,158 1,615,101 2,928,483 7,620 979,946 13,948 14,166,158 Deduct: Expenses & Other Uses (3,309,498) (834,463) (1,810,860) (2,379,721) (1,733,831) (2,908,759) (3,873) (979,946) (13,948) (13,974,899) 'Fund Equity Ending Balance @ 12/31/2007 $ 2,297,288 $ 204,067 $ 852,682 $ 470,818 $ 2,124,332 $ 95,626 $ 79,796 $ 30,539 $ 19,742 $ 6,174,889 Less: Amount of Fund Balance Appropriated ( Committed) in the 2008 Budget Less: Reserved Portion of Fund Blance Parks & Open Space @ 12/31/07 Gent Benefit Purposes@ 12/31/07 Equipment @ 12/31/07 Total Net Fund Equity Beginning 1/1/2008 (452,610) (74,025) (336,518) 5,200 (560,752) (181,875) 1,000 0 0 (1,599,580) (409,753) - - - - - - - - (409,753) (150,045) (44,199) (82,375) (15,616) (7,650) - - - - (299,885) (2,574) - - - - - - (2,574) $ 1,284,880 $ 85,843 $ 431,215 $ 460,402 $ 1,555,930 $ (86,249) $ 80,796 $ 30,539 $ 19,742 $ 3,863,097