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HomeMy WebLinkAbout2010 Annual Report Submitted to the NYS Comptroller{ � s T'O-- 1� l �a O— ��� —-- ITHACA, COUN OF TOMPKINS STATE OF NEW YORK ANNUAL FINANCIAL REPORT UPDATE DOCUMENT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010 Town of Ithaca 215 N. Tioga Street Ithaca, NY 14850 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 12/31/2010 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 *** 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 and School Accountability 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 2009 and has been used by the OSC as the basis for preparing this update document for the fiscal year ended 2010: (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 (TE) PRIVATE PURPOSE TRUST (V) DEBT SERVICE (W) GENERAL LONG-TERM DEBT All amounts included in this update document for 2009 represent data filed by your government with OSC as reviewed and adjusted where necessary. *** ARRA SECTION *** The American Recovery and Reinvestment Act (ARRA) section of your Annual Financial Report is designed to report revenues and expenditures of federal stimulus money for the current fiscal year ended. *** SUPPLEMENTAL SECTION *** The Supplemental Section includes the following sections: 1) Statement of Indebtedness 2) Schedule of Time Deposits and Investments 3) Bank Reconciliation 4) Local Government Questionnaire 5) Schedule of Employee and Retiree Benefits 6) Schedule of Energy Costs and Consumption 7) Schedule of Other Post Employment Benefits (OPEB) 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 2010 (A) GENERAL Balance Sheet Assets Cash In Time Deposits Petty Cash 1,964,992 A201 1,706,083 725 A210 725 Accounts Receivable 724 A380 12,590 State & Federal, Other 21,142 A410 21,142 Due From Other Funds 156,843 A391 367,034 Due From Other Governments 232,396 A440 12,384 Prepaid Expenses 117,260 A480 179,746 Cash, Special Reserves 668,740 A230 663,809 Page 3 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (A) GENERAL Balance Sheet Unreserved Fund Balance Appropriated 489,461 A910 545,125 Unreserved Fund Balance Unappropriated 1,755,731 A911 1,481,857 Page 4 OSC Municipality Code 500342300000 Liabilities Accrued Liabilities 248,890 A601 219,072 Due To Other Funds A630 53,650 Unreserved Fund Balance Appropriated 489,461 A910 545,125 Unreserved Fund Balance Unappropriated 1,755,731 A911 1,481,857 Page 4 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (A) GENERAL Results of Operation _ y 4 _ g. Revenues Insurance Recoveries 374 A2680 13,845 TQit Sa%Ani`2 ersaltfpn FQr IIiC►8>a ��,� Refunds of Prior Year's Expenditures 8,547 A2701 14,928 Grants From Local Governments 1,400 A2706 1,962 Unclassified (specify) 3,405 A2770 5,175 Additional Description Court ordered restitution «...:w.... �vWd....'T3:�H�...,..,.r.:.%........,., m..ev..._ mwe..V3..u...a�«w'.,ru...w..s rc...,..rnrw..,..aw..a..W P..�a...:w..,..,X.xn St Aid, Mortgage Tax 341,823 A3005 208,355 St Aid - Other (specify) 2,035 A3089 St Aid -Other Cul & Rec St Aid 43,284 A3889- 13,858 .49, TQT1�. F� � U88 �.��� :. ��,'' � ' � �� � �� " � ` � � a�� .*� ��,, • F � � as es ,� $ .�,A,.�k� �,,.�.; �� ���.�,� +"� 11i Interfund Transfers Bond Anticipation Notes 339,245 A5031 439,423 A5730 30,000 ��TQ��i!"Cb3S dF cP�""\ � � ' ��` �,u �. � ._„�.._ �� ..., '�. '✓a�`xi �^i w x A, � �� ry' w��f+'F�«� _.�k._.., '� �� ;.2' � +.`�r:l�i�i°lr, ..._,......tea.,:.». ...L,sw............_..... ate°'' � ax ; :.:Ss. -- ......,, ,... ,. s...�.......,_..,..._..,kv�..,.�-a. Page 5 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (A) GENERAL Results of Operation Supervisor,equip & Cap Outlay 549 A12202 ff_.pA'-C- C%TalWim� 4� i� Tax Collection,pers Sery 53,557 A13301 57,663 Tax Collection,contr Expend Expenditures �iQ"iA� 1��1t!lilifeCtlQtFt�, �� � # ,f �,� �w�,�e�,� -� � � ': a � ,.<�� e`� �� �, ��• ���si ° � x ?'� Budget, Pers Sery 80,155 A13401 83,617 Legislative Board, Pers Sery 52,262 A10101 52,784 Legislative Board, Contr Expend 5,860 A10104 7,747 ����� LGgksitius.Bo�trd 4&�Z L,� i�' ''v �•x is,�'� 'a. _ Un- `� � � �i3 t i ��� : .... s,a.,... a'c..�, ..tt�>aseiaaa sE.. , �.a�a,:uk�w•�• •Y� ' ......_,,,.__.:..:.a�:.....W«.,.._...,...................s .......aa. .�,.w,k�.x;...... ,,,...�,....,....,,,w.. .....,...,:.«m.:»...a....,.a...,.»,m,w�,.:-m»,nm3:.Ath:?3,.m3:�R."�,....Y:... Municipal Court, Pers Sery 130,159 A11101 131,556 Municipal Court, Equip & Cap Outlay 2,870 A11102 24,901 A14304 7,791 Municipal Court, Contr Expend 249,875 A11104 219,651 N�u�ltdipal Court `������'- ��y �, -- �. TOT �• Engineer, Contr Expend .0.L ..... ;.. . >�"��. ������` °^�, " �r3.: `` �^,,.� �: � s..a . :i �.1 ;s.:.. ,� t?% ,t�wt�;3 ��•�3+. \ aE:�r''� w '�+fa�l�[ -, �''� w� �4��m _r. ear e ...��- ` s �:v. � "�.4w..«.:�.�a.�>• •F•i, .sat.. aa..we�,�...�.�...s..:„, ,.. ,,,.,,. �.,::�..,.. .....a�a:. Elections, Contr Expend _ .���: Supervisor,pers Sery 48,036 A12201 48,517 Supervisor,equip & Cap Outlay 549 A12202 ff_.pA'-C- C%TalWim� 4� i� Tax Collection,pers Sery 53,557 A13301 57,663 Tax Collection,contr Expend 9,040 A13304 7,505 �iQ"iA� 1��1t!lilifeCtlQtFt�, �� � # ,f �,� �w�,�e�,� -� � � ': a � ,.<�� e`� �� �, ��• ���si ° � x ?'� Budget, Pers Sery 80,155 A13401 83,617 Budget, Contr Expend 857 A13404 869 x,�az,az..w«...«.. ..._,.rte.. �.»... _.,.�..._.,, _...... ..�,. ,�:i',�w.��... ���.. a�»,�»..•:a$.�;�.w.a;�a ..�,.�.:. Clerk,pers Sery 106,946 A14101 99,334 Clerk,contr Expend 6,614 A14104 4,788 251 Law, Contr Expend 39,411 A14204 34,414 Personnel, Pers Sery 121,162 A14301 120,851 Personnel,equip & Cap Outlay A14302 Personnel, Contr Expend 24,901 A14304 7,791 Y.,»n.:�.�:a.,., �»�au�...,.+.v: • y�.«a�,.a,,. ;.���...,..«.,..,...,....,......,.,.....,�.:�,..,a,.a^W>.. �,.w,.�.m�a:''uw..�`:a:3#s" ..•.�.. €'a.....w.».._�,....,....»-. .,,.......,.._..,. Engineer, Pers Sery 212,508 A14401 226,419 Engineer, Equip & Cap Outlay 16,565 A14402 6,058 Engineer, Contr Expend 8,059 A14404 13,526 ������` °^�, " �r3.: `` �^,,.� �: � s..a . :i �.1 ;s.:.. ,� t?% ,t�wt�;3 ��•�3+. \ aE:�r''� w '�+fa�l�[ -, �''� w� �4��m _r. ear e ...��- ` s �:v. � "�.4w..«.:�.�a.�>• •F•i, .sat.. aa..we�,�...�.�...s..:„, ,.. ,,,.,,. �.,::�..,.. .....a�a:. Elections, Contr Expend 4,»701 A14504 2,351 ..�....��...:�.a»..�,._a,.�.="..««.,...w.u�.a»:�_.�....�.m.��.' Fa..�z�§�•.dz.,�.... ., .. �,. �... �;�e,..�,..��., �,....dx..W.~�..,�..,.......�..»s�w '�.�.u.�t,.«.., � ^'" I ..",:ai�t'�s��m, Records Mgmt, PerS. SerV. 1,963 A14601 2,203 Records Mgmt, Equip & Cap Outlay A14602 Records Mgmt, Expend 6,369 A14604 pContr A77,»[500��3ss �..,lwm.wwar..+�8w> w`•.��».w�" ,:aa0m'a»ia�,.�,'m.Hwk....:w .....�...,w�.F'�arc�;. �l r.2''»°w�u wL:.wusu4vx.wra.a�w°s..b«m@t�•n' r..,...1. ... Buildings, Pers Sery 31,525 A16201 28,678 Buildings, Equip & Cap Outlay 9,323 A16202 9,010 Buildings, Contr Expend 78,362 A16204 81,285 Central Comm System, Contr Expend 3,671 A16504 3,543 Page 6 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (A) GENERAL Results of Operation Expenditures Central Storeroom, Contr Expend 2,039 A16604 1,366 �, Central Print & Mail, Equip & Cap Outlay 7,179 A16702 6,195 RecrXxeation Admmiini, Contr Expend Central Data Process, Pers Sery 57,056 A16801 57,672 Central Data Process & Cap Outlay 16,724 A16802 8,612 Central Data Process, Contr Expend 38,593 A16804 55,317 • �_ r s x T,:kt��A`4�CerttCaf ��1��"�"������.��..,F� � �. � � ���k;� ����.w � �:�7� � �� •�e� .. .,�'��'! +f' Unallocated Insurance,Contr Expend 75,/366{00 A19104 �S..e,��ti'�n..,�.we��fii����e�A��:11AYW �&� t �.»..,.vw..ya.....v..,.._................e...�.�._..........aa..«s,..._...,_..v..L.. �65,295 �n-�.,:3P�..� f.......».:.....'.°�e''+S�,a.A"��a.•aw`'1'`a`�w}..a.t.:«wi,vv......�:.���..a,'�o....� �,'dY....".A� � Si1�l..�....«.... Municipal Assn Dues, Contr Expend 1,500 A19204 1,500 �gai�l �I�inirl RE�•�A.��_UF+T -�a , ue.:�.....�;.ww:a....�.«,...�aw<.....«�..n' .�l�.a,''�H.�,k"�`a*_'u's '..,., �ai� y +!'� 4k P�-_�'�' � �" -.: � � �a I 4� '.�i �'s''z �i "• �,'., , «,��'..�a::��•..���: ���a`a'aa.»: a,�,.,�.::.a'.��. � y r Pur of Land/right of Way, Contr Expend A19404 iQiAf, pr,Tbf Land%rf of waF� C Taxes & Assess On Munic Prop, Contr Expend 7,157 A19504 6,994 3 C��f�alr�rtitxtent suEiprart� � �.'.a `� ,9 � ,:��•' '.. � � -� `� .;' '�` �(„�� 6., 3 ���. 3 �'��` Traffic Control, Contr Expen 20,113 A33104 22,707 �.C. �_�� �ittrr�l °'� n......v.�,>.�,..,•,.......�. �,.,.� °� 3� � «. a R� �•s � � '�� ,..._.� ..:_ ��,�� �" � -� 3 w � �.._ a� ���': Control of Animals, Contr Expend 54,670 A35104 68,,704 Street Admin, Pers Sery 128,265 A50101 144,530 Street Admin, Equip & Cap Outlay 737 A50102 Street Admin, Contr Expend 3,343 A50104 3,357 Recreation Admini, Pers Sery 63,742 A70201 65,753 RecrXxeation Admmiini, Contr Expend 19,1100 A70204 3,�3y00 1if'w i�vcR.+*...IES _._ 3 ...�._.�._,,,_......:,,. '.-'.y'.•�,w." .. .. .� 77Y Z .„v..�,,r`�E ...,.... :,asi....n...K._ Parks, Pers Sery 299,171 A71101 255,764 Parks, Equip & Cap Outlay 55,238 A71102 46,936 Parks, Contr Expend 186,243 A71104 102,420 Playgr & Rec Centers, Contr Expend A71404 Page 7 OSC Municipality Code 500342300000 TOWN OFIthaca Annual Update Document For the Fiscal Year Ending 2010 (A) GENERAL Results of Operation Expenditures Special novFacility, ComzExpend x71804 4,491 Joint Youth pmg.Com,Expend 263.976 A73204 265.168 Library, oont,Expend 20,000 A74104 20,000 Historian, Pers aem 1.164 A751 01 1.000 Historian, ContrExpend x75104 40 Celebrations, Equip & Cap Outlay 3.515 A7e502 1.7e1 Planning, Pers oam A80201 13.216 Planning, Com,Expend x80204 1.758 Storm Sewers, Pers Sum u.*ue A81*01 Storm Sewers, Co,urExpend e6.779 A81404 Drainage, Pers Gam A85401 102.450 Drainage, Equip aCap Outlay A85402 11.754 Drainage, ComrExpend A85404 62.10e MiooHome uComm Gom.ContrExpend 26.580 A898e4 27.780 State Retirement System 106.178 A90108 107.344 Social Security, Employer Cont 10e.950 Ae000a 116.e38 Worker's Compensation, smp|anMo 14.0ee Ae0408 19.782 Life Insurance, Emp|8nMo 2,392 Ae0458 u.o*u Unemployment Insurance, Emp|on0s 2,665 A90500 6.144 Disability Insurance, Emp|BnMo 7.957 Aoossu u.e^o Hospital & Medical (dontaVIns, smp|anft 000.o^o Aeoeoa 457.348 Transfers, Other Funds 142J80 A990 19 137,050 Page 8 1 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (A) GENERAL Changes in Fund Equity ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity -Beginning of Year 2,785,618 A8021 2,913,932 Restated Fund Equity - Beg of Year 2,785,618 A8022 2,913,932 ADD - REVENUES AND OTHER SOURCES 3,772,285 3,572,629 DEDUCT - EXPENDITURES AND OTHER USES 3,643,971 3,795,769 Fund Equity -End of Year 2,913,932 A8029 2,690,792 Page 9 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (A) GENERAL Budget Summary Estimated Revenues Est Rev - Real Property Taxes 2,122,571 A1049N 2,133,637 Est Rev - Real Property Tax Items 42,850 Al 099N 43,400 Est Rev - Non Property Tax Items 195,498 Al 199N 385,498 Est Rev - Departmental Income 36,850 A1299N 60,450 Est Rev - Intergovernmental Charges 55,852 A2399N 53,348 Est Rev - Use of Money And Property 69,000 A2499N 58,000 Est Rev - Licenses And Permits 6,500 A2599N 8,000 Est Rev - Fines And Forfeitures 250,000 A2649N 290,000 Est Rev - Miscellaneous Local Sources 185,000 A2799N 0 Est Rev - Interfund Revenues 431,423 A2801 N 514,667 Est Rev - State Aid 30,180 A3099N 165,000 Estimated - Proceeds of Obligations 163,316 A5799N 300,000 Appropriated Fund Balance 488,461 A599N 546,625 Page 10 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (A) GENERAL Budget Summary Appropriations App - General Government Support 1,646,714 Al 999N 1,912,586 App - Public Safety 278,122 A3999N 79,544 App - Transportation 367,265 A5999N 496,886 App - Culture And Recreation 916,190 A7999N 887,295 App - Home And Community Services 127,760 A8999N 167,311 App - Employee Benefits 602,400 A9199N 856,600 TO'FAI.Appro nations �� .a����� „, - ��. ,,:. �'� <�.I�� App - Interfund Transfer 139,050 A9999N 158,403 Page 11 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (B) GENERAL TOWN -OUTSIDE VG Balance Sheet Assets Cash In Time Deposits 373,521 B201 301,963 Accounts Receivable B380 717 iC'4�i7ith F��C3er i� 138 (i18t�.. `' •v 3'� M�� �..' � '°�: � _��.�� � �`�'� ��:..::: z..�, ii � � ".• •_�„' �,.��' � � �y r�'�. Due From Other Governments B440 107,799 Prepaid Expenses 49,039 B480 61,317 Cash, Special Reserves 44,843 B230 22,250 Page 12 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (B) GENERAL TOWN -OUTSIDE VG Balance Sheet Liabilities Accrued Liabilities 97,596 8601 80,806 Miscellaneous Reserve (specify) 44,843 B889 22,250 Unreserved Fund Balance Appropriated 43,732 B910 140,350 77 00 __r, a 4 40 ............ Unreserved Fund Balance Unappropriated 281,232 B911 250,640 Page 13 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (B) GENERAL TOWN -OUTSIDE VG Results of Operation Unclassified (specify) St Aid, State Revenue Sharing B2770 36 95,198 B3001 89,443 TOTAL R . tree . ---tea 7L L1 {f24 275 , I.124 Page 14 OSC Municipality Code 500342300000 Revenues Sales Tax (from County) 722,964 B1120 801,152 Franchises 89,233 B1170 70,364 qa. � iC3'�A�. NNc►ix R'iaEiet�rT�+�,tt� '�,.N..,,�•, � � � � �r, � � � c �.;�> � a� �' �° -,v . C \ � �1, 16, �, µa , � .. � a� ., s p , Other General Departmental Income 109,606 81289 138,836 Zoning Fees 2,800 B2110 1,700 Planning Board Fees 10,718 B2115 17,328 Youth Recreation Services, Other Govts B2350 Unclassified (specify) St Aid, State Revenue Sharing B2770 36 95,198 B3001 89,443 TOTAL R . tree . ---tea 7L L1 {f24 275 , I.124 Page 14 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (B) GENERAL TOWN -OUTSIDE VG Results of Operation Zoning, Pers Sery 241,154 B80101 253,497 Zoning, Contr Expend 20,256 B80104 18,229 Planning, Pers Sery 365,098 B80201 354,099 Planning, Contr Expend 28,498 B80204 28,219 State Retirement, Empl Bnfts 35,338 Expenditures 49,039 Auditor, Contr Expend 2,002 B13204 1,084 TOTAL Auditgr, w . _. :..:�..; ,'� � ~.: .,u ... •b�s _ yp .. ,_ � - . -; ....?sem ,,•�w� '1�, Law, Contr Expend 55,658 814204 63,192 TiOTALLaw � -W � "`,,.�.. �....�,. � ...f a =-­77�,�.� T 5;658, �,F���� 63;192.• -` � Buildings, Equip & Cap Outlay B16202 774 TOi•,�"�L+Bcr�tangs �e: �,�.. �� � ,� ��,Y, ��� n' .� 5 _ , .. .y�:. �` . -�,. �� � ,��.�. Comm Contr Expend 1,7♦4�9 1316504 1,6057 rCentral /System, ..x Central Print & Mail, Contr Expend 1,591 B16704 1,143 B90608 148,777 Central Data Process & Cap Outlay 5,332 B16802 5,507 Central Data Process, Contr Expend 20,840 B16804 15,204 Unallocated Insurance, Contr Expend 12,470 B19104 9,093 Judgements And Claims, Contr Expend B19304 1,116 'TOTAL Judgements And Cia�ims a 0� 1,11 _ Taxes & Assess On Munic Prop, Contr Expend B19504 Zoning, Pers Sery 241,154 B80101 253,497 Zoning, Contr Expend 20,256 B80104 18,229 Planning, Pers Sery 365,098 B80201 354,099 Planning, Contr Expend 28,498 B80204 28,219 State Retirement, Empl Bnfts 35,338 B90108 49,039 Social Security, Empl Bnfts 45,658 B90308 45,659 Worker's Compensation, Empl Bnfts 3,062 B90408 5,835 Life Insurance, Empl Bnfts 1,062 B90458 1,087 Disability Insurance, Empl Bnfts 3,541 B90558 3,588 Hospital & Medical (dental) Ins, Empl Bnft 98,238 B90608 148,777 T07AL Expepditure�R-7m Transfers, Other Funds 38,198 B99019 73,784 Page 15 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (B) GENERAL TOWN -OUTSIDE VG Changes in Fund Equity ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity- Beginning of Year 325,281 B8021 369,811 Restated Fund Equity- Beg of Year 325,281 B8022 359,811 ADD - REVENUES AND OTHER SOURCES 1,024,275 1,124,012 DEDUCT - EXPENDITURES AND OTHER USES 979,745 1,080,583 Fund Equity- End of Year 369,811 B8029 413,240 Page 16 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (B) GENERAL TOWN -OUTSIDE VG Budget Summary Estimated Revenues Est Rev - Non Property Tax Items 807,964 131 199N 777,964 Est Rev - Departmental Income 109,200 B1299N 156,400 Est Rev - Use of Money And Property 2;000 B2499N 0 Est Rev - Sale of Prop And Comp For Loss 0 B2699N 0 Est Rev -Miscellaneous Local Sources 0 B2799N 0 Est Rev -State Aid 89,000 B3099N 89,000 Appropriated Fund Balance 43,732 B599N 140,350 Page 17 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (B) GENERAL TOWN -OUTSIDE VG Budget Summary Appropriations App - General Government Support 70,012 B1999N 74,155 App - Home And Community Services 697,750 B8999N 731,700 App - Employee Benefits 210,350 B9199N 284,400 App - Interfund Transfer 73,784 B9999N 73,459 Page 18 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (DB) HIGHWAY -PART -TOWN Balance Sheet Page 19 OSC Municipality Code 500342300000 Assets Cash In Time Deposits 429,524 DB201 590,673 Petty Cash 200 DB210 200 Accounts Receivable 7,892 DB380 150 Due From Other Funds � y 434 DB391 72,214 Due From Other Governments DB440 221,753 a TO7•AL DUSylOtii OtheC G4Y8 menta=fin 4 a Prepaid Expenses 38,152 DB480 79,20/0 TOTAL;I?te I� �JC�eri$@a �P��d {` k N�i$� ''a3� �� a+���7r � �� _; �! x �P•��� Axa SIIV�+{� ' i��'8 S���Y{l >, a. o a ='mac• .. a`dt :. �: ,...va., _ .,.. vu _ _ Cash Special Reserves 86,043 DB230 71,477 Page 19 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (DB) HIGHWAY -PART -TOWN Balance Sheet Miscellaneous Reserve (specify) 83,436 DB889 44,287 Unreserved Fund Balance Appropriated -268,852 DB910 -72,045 �"� Uct ..,• ed �'i7d Baial�c;a �w' , � ,,. Ated � ����� �� 'r� �, ��,,,�� ����2.68�1a24,v.�,.�._... � _ :,•���, Unreserved Fund Balance Unappropriated 580,286 DB911 882,229 Page 20 OSC Municipality Code 500342300000 5 w I Liabilities Accrued Liabilities 164,768 DB601 144,099 lie ! Ye ; y Wlv Due To Other Funds DB630 9,907 Miscellaneous Reserve (specify) 83,436 DB889 44,287 Unreserved Fund Balance Appropriated -268,852 DB910 -72,045 �"� Uct ..,• ed �'i7d Baial�c;a �w' , � ,,. Ated � ����� �� 'r� �, ��,,,�� ����2.68�1a24,v.�,.�._... � _ :,•���, Unreserved Fund Balance Unappropriated 580,286 DB911 882,229 Page 20 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (DB) HIGHWAY -PART -TOWN Results of Operation 11011101,11,1111 Revenues Real Property Taxes DB1001 731,948 s' a< Rg `�,r.: �d:,�".�? �'��E `� �. ., ::• ae, �? �e. ��:, �z��3�.1=: .�a.. A�� n����� Sales Tax (from County) 1,448,310 DB1120 1,571,259 TOTAL No :PraperEyi�Tax 1#et»s,�e.. �, � �� � ` . �:,. `�... � ...� . n.. �... �. • : ;:' ..... w.. � ,� � ..�•�,; 44s,3fo . � x �� ^` �� ..1;b'7`i;259 Transportation Services, Other Govts 27,917 DB2300 32,774 77 Interest And Earnings 2,861 DB2401 2,843 Sales of Equipment 27,902 DB2665 19,623 Insurance Recoveries 9,212 DB2680 5,760 Page 21 OSC Municipality Code 500342300000 TOWN OFIthaca Annual Update Document For the Fiscal Year Ending 2D1O (DB) HIGHWAY -PART -TOWN Results of Operation Expenditures Administration -Contractual 2,647 DB17104 11,587 maint of Streets, Pers Sery 256,287 DB51101 284,525 momtv/Streets, oontrExpend 127,e14 oo51104 115,304 its 01, 399'824 Improvements, Pers nom 31.676 oo51121 20,488 Perm Improve Highway, Contr Expend 111,281 DB51 124 155,804 Machinery, Pers oom 78,158 oo51301 86,2e3 Machinery, Equip & Cap Outlay 163,072 oo5302 283,346 Machinery, Contr Expend 83,388 DB51304 99,350 Brush And Weeds, Pomaom 271,858 oas 4m 180,380 Brush And Weeds, Contr Expend 12,431 DB51404 16,933 Snow Removal, Pers Gom 124,257 ooe 4o1 164,e95 Snow Removal, Cvntr Expend 87,508 oa51424 128/440 State Retirement, smpienho 58.108 oa90108 38,151 Social Security, smp|anno 57.e07 ooeooua 60,777 Worker's Compensation, smp|annu 43.127 ooe0408 3e.381 Life Insurance, smp|anMu 1.358 oeoo*sa 1.377 Unemployment Insurance, smp|anMo 10.881 oanosoa 3,600 Disability Insurance, Emp|anMo 3.6e4 Doeoosu 3,905 Hospital mMedical (JenuoVIns, Emp|enft 208.312 DOeoeua 211.365 Transfers, Other Funds 38,138 DB99019 50,026 Page 22 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (DB) HIGHWAY -PART -TOWN Changes in Fund Equity ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity- Beginning of Year 613,698 DB8021 397,477 Restated Fund Equity - Beg of Year 613,698 DB8022 397,477 ADD - REVENUES AND OTHER SOURCES 1,555,811 2,440,171 DEDUCT - EXPENDITURES AND OTHER USES 1,772,032 1,955,987 Fund Equity- End of Year 397,477 DB8029 881,661 Page 23 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (DB) HIGHWAY -PART -TOWN Budget Summary Estimated - Proceeds of Obligations 302,500 DB5799N 802,500 Appropriated Fund Balance -268,852 DB599N -72,045 Page 24 OSC Municipality Code 500342300000 Estimated Revenues Est Rev - Real Property Taxes 732,568 DB1049N 737,022 Est Rev - Non Property Tax Items 1,448,310 DB1199N 1,273,964 EsT. ReV. - Intergovernmental Charges 12,150 DB2399N 14,000 Est Rev - Use of Money And Property 2,200 DB2499N 1,400 Est Rev - Sale of Prop And Comp For Loss 8,000 DB2699N 25,000 Est Rev - State Aid 74,000 DB3099N 74,000 Estimated - Proceeds of Obligations 302,500 DB5799N 802,500 Appropriated Fund Balance -268,852 DB599N -72,045 Page 24 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (DB) HIGHWAY -PART -TOWN Budget Summary Page 25 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the. Fiscal Year Ending 2010 (FX) WATER Balance Sheet Accounts Receivable FX380 7Q1 Aft:i�f"nT \tti »" c AR to@ fPAlLM frYPR Prepaid Expenses 4,824 FX480 9,319 77,- 3 .»� &. . ,a w,44 � .... Cash Special Reserves Cash 13,625 FX230 8,190 Page 2q OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (FX) WATER Balance Sheet sv-,A,. s v � � D "gym k•, ��:� ,E i� � z� sv� vv- 9 ! ..mow Accrued Liabilities 10,116 FX601 69,931 �1/�y � ■, • y pyo � �, , � � Yy��. � 101'1 � � 9.981 Due To Other Funds 434 FX630 26,511 Unreserved Fund Balance Appropriated -210,816 FX910 -168,549 QTAL Unrese Fund 9alartas; ;l�pproprla#e�# ' 0;818 z- 168,5q a ; Unreserved Fund Balance Unappropriated 1,082,305 FX911 1,403,663 Page 27 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (FX) WATER Results of Operation Revenues Special Assessments Ad Valorem 696,839 FX1028 691,627 Metered Water Sales Water Service Charges 2,068,910 FX2140 2,145,494 28,096 FX2144 11,365 Interest & Penalties On Water Rents 26,404 FX2148 16,720 77 K� ...x Ail wo 7 it Service For Other Govts 714 FX2378 787 1'AL�Irtfergovemmental Charges ,.a k, Interest And Earnings 4,051 FX2401 3,597 Refunds of Prior Year's Expenditures -12,151 FX2701 -7,895 Unclassified (specify) FX2770 'MAL: Mtsaetianeous Locai,.Sources ,. _ � � ` 895 TQTAL'.ReVBttuell . e . as"...r_.. 1:2;$19 Interfund Transfers FX5031 104,454 TQ'tl�t.;initer�lmtl 7rairstere" `��� �, �' � ��, t � �.�_,." '_�� � � �, i► .� �. ���� s2 � s 1�4i '[ �.:: VU 1 M� � wN ...f �. `dM�. �y'h. � �r��. a3'y �i. �d s.r�.��". �,w ���Y�' � n. � . "..y� . �. �U ¢ �._���•."r " -� � '�.•e�. ", ` d � i�;l. ay.. � 'w�, - .:: .. .�� >.._ .� :.515 .�,...� ._._�� .. •` TOTAI. Detai; Reventi±s, And !gig �2;96�1:49 Page 48 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (FX) WATER Results of Operation Expenditures Administration -Contractual 4,739 FX17104 4,313 TOTALAdministrattun-Coritraatual� ., •�•�,..�..es»kis.,.` n,,.....'`� � �,,,,� a4r%38 ;�� • •s�, - ,4 31,3 Unallocated Insurance, Contr Expend 25,064 FX19104 27,424 Water Administration, Pers Sery 38,305 FX83101 38,679 Water Administration, Contr Expend 8,788 FX83104 FX90408 TOTAL, r .... Water Trans & Distrib, Pers Sery 76,474 FX83401 101,936 Water Trans & Distrib, Equip & Cap Outlay 27,707 FX83402 26,391 Water Trans & Distrib, Contr Expend 153,648 FX83404 2679430 r- TQTAL Common Water Supply, Contr Expend 1,264,989 FX83504 1,323,886 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 12,849 FX90108 4,824 8,722 FX90308 8,788 2,949 FX90408 2,064 354 FX90458 267 1,687 FX90508 558 991 FX90558 805 52,712 FX90608 40,147 TOTAL F�rpendltUres 1 695°9 Z ; [ $7O 61„ �, y. �» Transfers, Other Funds 767,430 FX99019 737,677 Page 29 OSC Municipality Code 500342300000 (FX) WATER Changes in . Equity ANALYSIS OF ! Fund Equity - Beginning of Year Restated Fund Equity - Beg of Year ADD - REVENUES AND OTHER SOURCES DEDUCT - EXPENDITURES AND OTHER USES Fund Equity - End of Year TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 535,646 FX8021 885,114 535,646 FX8022 885,114 2,812,863 2,966,149 2,463,395 2,607,958 885,114 FX8029 1,243,305 Page 30 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (FX) WATER Budget Summary Page 31 OSC Municipality Code 500342300000 Estimated Revenues Est Rev - Real Property Taxes 686,335 FX1049N 689,645 Est Rev - Real Property Tax Items 7,361 FX1099N 0 Est Rev - Departmental Income 1,985,000 FX1299N 2,056,039 Est Rev -Intergovernmental Charges 500 FX2399N 0 Est Rev--+ Use of Money 4,000 FX2499N 2,500 YAnd hl(Property �� � ��F °��,� C� � L �'?� 3iY. 7� �� G�fittR�eM .i'7��re/deli �',^:4y$. :���u •w«ww�`'• 3...ti�'...kn "a m+:iu. •. iR Estimated - Proceeds of Obligations 3,160,000 FX5799N 3,200,000 Appropriated Fund Balance -210,816 FX599N -168,549 Page 31 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (FX) WATER Budget Summary " :. Appropriations App - General Government Support App -Home And Community Services 53,373 FX1999N 61,005 4,787,930 FX8999N 4,929,823 App - Employee Benefits 53,400 FX9199N 53,300 App - Interfund Transfer 737,677 FX9999N 735,507 Page 32 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (G) SEWER Balance Sheet Page 33 OSC Municipality Code 500342300000 Assets Cash In Time Deposits 1,383,083 G201 589,158 Sewer Rents Receivable 139,725 G360 131,539 T���`•��1F�s"��i�AW�M�.��ii�7r�>L 3 :... .•'@ 'H.F 3. '. ,; .,... .. m��� S'�`� %.� i. �`....`������X���wro�'�,..«wui:u.�.iu3adA:vc ...:::: �-�k_�� M'7/F� z:R`�`.u':;5�a*..:......waas Ys'USa.«»a.^ #.*+._:. w�"'"»»ia..1...x.._:.,..a.:++:m�:_m��w:.• •.:c..�eA' u,?�,'�wv..1..: �'�. Due From Other Funds G391 JL67 L Qua „ m.Oth�►' Funds � t, R , _ x-. � F � ' -a � r i4 Prepaid Expenses 2,430 G480 7,809 Cash Special Reserves 7,764 G230 5,787 Page 33 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (G) SEWER Balance Sheet Liabilities Accrued Liabilities 9,425 G601 101,530 Due To Other Funds G630 36,446 77 Unreserved Fund Balance Appropriated 796,192 G910 434,337 Unreserved Fund Balance Unappropriated 719,621 G911 156,193 Page 34 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (G) SEWER Results of Operation Page 35 OSC Municipality Code 500342300000 Revenues Special Assessments, 153,219 G1030 152,324 I�L.�Reat.�?roperty�'a7ce�s.___ � �..�` �d�, �� � Vx'-'WAM. T�'t"". .. .:. .� ... , g_�.d � �"`�.•, :�..�. _.>.._ .153;2'I .!....5,324 Sewer Rents 1,297,319 G2120 1,223,891 Interest & Penalties On Sewer Accts 14,409 G2128 8,975 I' E.��.F � ��t•L�"n,5,.T; �21g}... . ..,. �iiH#:{.IF��r� �� ..> .�` .... �... i�FF' ... ..� a.. ... a3e�4 n• !. � ".,. •@'m Misc Revenue, Other Govts 1,284 G2389 Interest And Earnings 54,731 G2401 3,252 �( �'a _ F �� l V� rn @ � � ���•. �i M �`Y! i��i�r{i Q •: '� �I;,�� ,i1lA��A1f .s......................w,. ...1 4 • 4��� @.Sx�' Refunds of Prior Year's Expenditures -7,782 G2701 1,011 TT 3�H K MM Page 35 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (G) SEWER Results of Operation Expenditures Administration -Contractual 50,983 G17104 36,596 Sewer Administration; Pers Sery G90108 22,415 G81101 21,777 r ;, s; TQAL. Seuur lldtnintstratlart..:..._ ..�:; _ A�4i .*I Sanitary Sewers, Pers Sery G90408 95,467 G81201 61,973 Sanitary Sewers, Equip & Cap Outlay 422 27,179 G81202 13,147 Sanitary Sewers, Contr Expend 349 225,160 G81204 237,261 Joint Sewer Project, Contr Expend 1,287,505 G81504 1,485,569 State Retirement, Empl Bnfts Social Security, Empi Bnfts Worker's Compensation, Empl Bnfts Life Insurance, Empi Bnfts Unemployment Insurance, Empi Bnfts Disability Insurance, Empi Bnfts Hospital & Medical (dental) Ins, Empl Bnft 7,425 G90108 2,430 8,957 G90308 3,724 2,321 G90408 2,259 206 G90458 107 422 G90508 140 605 G90558 349 18,962 G90608 17,246 �I✓' :A�.ntW 3,, ° .3 a.'.. A �Y.'u'. B �� .i Rt.'R 2" .:' eY,.:; �.. x, t" "�!^!'�7 Transfers, Other Funds 259,766 G99019 280,633 Transfers, Capital Projects Fund G99509 153,502 id?TI�L aifrtgTra PZPcry..; ,r i .. �e ';� BQtite�a1(/ii .� .,i 'uw5:z..�.e(wex..'.�. 1 ..�...., o�.ry{ c" �'`��i5?.,.D3•;v.!n x.,..�a..s Page 36 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (G) SEWER Changes in Fund Equity ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity- Beginning of Year 2,017,770 G8021 1,523,577 Restated Fund Equity - Beg of Year 2,017,770 G8022 1,523,577 ADD - REVENUES AND OTHER SOURCES 1,513,180 1,389,453 DEDUCT - EXPENDITURES AND OTHER USES 2,007,373 2,316,713 Fund Equity - End of Year 1,523,577 G8029 596,317 Page 37 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (G) SEWER Budget Summary NINO Wi„IY� .. 4, s H:u.x. ,,, _ � v G,S.s,: _., xaZ�. S,,.A ,✓6: �13>aw,B „,9x _. ;_ ,�3 M T 3%RS.�, y ki i ^ // � Estimated Revenues Est Rev - Real Property Taxes 145,362 G1049N 152,104 Est Rev - Real Property Tax Items 7,422 G1099N 0 Est Rev - Departmental Income 1,295,000 G1299N 1,640,226 Est Rev -Intergovernmental Charges 0 G2399N 0 Est Rev - Use of Money And Property 40,000 G2499N 5,000 Appropriated Fund Balance 796,192 G599N 434,337 Page 38 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (G) SEWER Budget Summary Appropriations App - General Government Support 45,553 G1999N 47,185 App - Home And Community Services 1,937,590 G8999N 1,862,858 App - Employee Benefits 20,200 G9199N 39,300 App - Interfund Transfer 280,633 G9999N 282,324 Page 39 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (H) CAPITAL PROJECTS Balance Sheet Assets Cash In Time Deposits 575,488 H2O1 313,208 Accounts Receivable H380 15,725 State & Federal Receivables 756 H410 a Page 40 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document - For the Fiscal Year Ending 2010 (H) CAPITAL PROJECTS Balance Sheet Unreserved Fund Balance Unappropriated -8,433 H911 -365,402 Page 41 OSC Municipality Code 500342300000 Liabilities Accrued Liabilities 7,175 H601 �� ard�labi.�iti o 3'` " i���• ��'� �� �5�3r"� a � -- � s`� ^ �+ h�3 � � � �%0 ��°�` �l�a as�9� •.�,.,:v ::a'�.w.a��?�'....su: �r a>�"�...a o-°'. �' �.�.:�. �wsm�:�..� `s. ..o a '}N� ...�zu> �Z..,;.&�=_,„._, i`" �� ,<�5'� �aa�. ._. > N'�,�'��;'�'.,. «� Bond Anticipation Notes Payable 424,000 H626 381,600 Due To Other Funds 153,502 H630 312,735 Unreserved Fund Balance Unappropriated -8,433 H911 -365,402 Page 41 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (H) CAPITAL PROJECTS Results of Operation �v�/{ (��Pz�Flt�t�ifP+"'����4�VMI� :: 4 ti� � 1-�kts'.: d.�\. �\�•�''” y��3� �4� �P4.....,_�...� ,msµ 4+ Page 42 OSC Municipality Code 500342300000 Revenues Interest And Earnings 1,936 H2401 1,753 £ ..^'.,�_ _`aFC'+"�z`.m` �.£ww ... 3 .'�e�.`S ?"�`�"�.(�S'""' yrs'^'H<ro»-`�`w-.�.•�T''"a�'"32&i�e^ � 3" , Sm Refunds of Prior Year's Expenditures 277,672 H2701 Grants From Local Governments 42,800 H2706 15,725 �,,.......,..___.,.«:.nuaua��.��s�....�...............:::s.�d.3�a.�..%..."- � .wz,.,..w,........,..,,....:, .a..awe'.�,.s.,.::,....,a•,«a......,........�e�.,.:mm'i�„�mau:�ama,. ...S..a-�-�.a„w. ��"��• *»��..� ., .... St Aid, Trans Cap Grants (spec) 756 H3597 795 Fed Aid - Cap Projects 936 H4097 7Mti TOTIil�Feai��'titt'�E �,..�.�,,-„�•,._._�,��.������� ��,��.&,���, .,.,�.�� ����� ..",�;��,.�,aF.._.w_�.»,;; ��� � � � � �� � ����' `' %Q'i"Aka�#9Y�tit+�s �:•, ��� �¢�'�, �?, �� � �±� � � �; � ..�:� .� ���1�27 Interfund Transfers 21,400 H5031 190,627 Serial Bonds 1,125,000 H5710 Bans Redeemed From Appropriations 61,482 H5731 iQTAIm FSE 1kttm t ii$r s^� F ...; ...,,......«...y��".a,:a:.,..__.,,..:.m.:�.,.. �k,..�ww..«..«..............._..c..F.:?d,�a.•iib?,S:� ..,..y�.,,,.�... .. ...... ... .«-. '- aha „' .i���'.: a�. ,,: s�...:a.,..:. •, ••,�•"�`�. ^..w�«�.:•3., ....,` .. � i e�'.'. .�,�.L' �v�/{ (��Pz�Flt�t�ifP+"'����4�VMI� :: 4 ti� � 1-�kts'.: d.�\. �\�•�''” y��3� �4� �P4.....,_�...� ,msµ 4+ Page 42 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (H) CAPITAL PROJECTS Results of Operation Expenditures Traffic Control, Equip & Cap Outlay 116,481 H33102 Other Transportation, Equip & Cap Outlay H59892 461,415 Parks, Equip & Cap Outlay 22,136 H71102 Sewer, Equip & Cap Outlay H81972 a o Water Capital Projects, Equip & Cap Outlay 724 H83972 Transfers, Other Funds H99019 104,454 OTi�zCtFi ti&6df'° :„ �: �;I�iL CI<etalliExpiandituresxAnd�ptfi �y Page 43 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (H) CAPITAL PROJECTS Changes in Fund Equity , , . ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity - Beginning of Year -1,340,930 H8021 -8,433 Prior Period AdJ.- Increase In Fund Equity -60,144 H8012 ' Restated Fund Equity - Beg of Year -1,401,074 H8022 -8,433 ADD - REVENUES AND OTHER SOURCES 1,531,982 208,900 DEDUCT - EXPENDITURES AND OTHER USES 139,341 565,869 Fund Equity - End of Year -8,433 H8029 -365,402 4 4 Page 44 OSC Municipality Code 500342300000 4 I� TOWN OF Ithaca Annual Update Document .For the Fiscal Year Ending 2010 (K) GENERAL FIXED ASSETS Balance Sheet Assets Land 186,552 K101 186,552 Buildings 4,001,313 K102 4,001,313 Improvements Other Than Buildings 365,992 K103 365,992 Machinery & Equipment 3,604,746 K104 3,331,269 Construction Work In Progress 1,546,636 K105 188,747 Infrastructure 6,411,528 K106 7,919,416 Page 45 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (K) GENERAL FIXED ASSETS Balance Sheet All 5M Fund Equity Total Non -Current Govt Assets 16,116,767 K159 15,993,289 Page 46 OSC Municipality Code 500342300000 (SF) FIRE PROTECTION Balance Sheet Assets Cash In Time Deposits 4 n TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 1,017,136 SF201 409,370 Page 47 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (SF) FIRE PROTECTION Balance Sheet Liabilities Accrued Liabilities 500,767 SF601 396,240 Unreserved Fund Balance Appropriated 260,228 SF910 -35,637 u t�lSe�,yi'tlCti� i3alan .� �!'��(�t�^•� �a `ast' »v"�" ...,:„_.�x'� .! 31»r°' W ., ' 1 z 26it+r; . ,y t 5 \a� e's7�t . Unreserved Fund Balance Unappropriated 256,141 SF911 48,767 Page 48 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (SF) FIRE PROTECTION Results of Operation Revenues Real Property Taxes 3,594,376 SF1001 3,033,662 TCi�'l�ar ��1.^ �fi�iFlt���• � :3s9£t b . � s� �� m� �m`� �a , ix � �` �43��ii �ifZT+ jj�.. Page 49 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (SF) FIRE PROTECTION Results of Operation Expenditures Fire Protection, Contr Expend 3,282,786 SF34104 3,536,782 :.mom, ,,...u.«M.,,a.,.�_........ � ,.mm� �.w:s:•, �'s�:.%`.�,.��:.. Page 50 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (SF) FIRE PROTECTION Changes in Fund Equity Page 51 OSC Municipality Code 500342300000 WIN; ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity - Beginning of Year 154,520 SF8021 516,369 Restated Fund Equity - Beg of Year 154,520 SF8022 516,369 ADD - REVENUES AND OTHER SOURCES 3,644,635 3,033,544 DEDUCT - EXPENDITURES AND OTHER USES 3,282,786 3,536,782 Fund Equity - End of Year 516,369 SF8029 13,131 Page 51 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (SL) LIGHTING Balance Sheet .gig. _. ... Assets Cash In Time Deposits 14,445 SL201 9,985 Page 52 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (SL) LIGHTING Balance Sheet Liabilities Accrued Liabilities SL601 299 Unreserved Fund Balance Unappropriated 7,987 SL911 8,686 Page 53 OSC Municipality Code 500342300000 (SL) LIGHTING Results of Operation Revenues Real Property Taxes Interest And Earnings TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 12,662 SL1001 7,491 98 SL2401 45 Page 54 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (SL) LIGHTING Results of Operation Expenditures Street Lighting, Contr Expend 11,726 SL51824 12,296 728 top 11, 1Z, SII Page 55 OSC Municipality Code 500342300000 (SL) LIGHTING Changes in Fund Equity ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity- Beginning of Year Restated Fund Equity- Beg of Year ADD - REVENUES AND OTHER SOURCES DEDUCT - EXPENDITURES AND OTHER USES Fund Equity- End of Year TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 13,411 SL8021 14,445 13,411 SL8022 14,445 12,760 7,536 11,726 12,296 14,445 SL8029 9,685 Page 56 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (TA) AGENCY Balance Sheet ORM 60, y Assets Cash 96,008 TA200 91,699 Page 57 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document - For the Fiscal Year Ending 2010 (TA) AGENCY Balance Sheet Liabilities Due To Other 3,341 TA630 }F�undsyy •M,( Consolidated Payroll 7,942 TA10 4,803 Disability Insurance 641 TA19 657 Group Insurance 5,923 TA20 1,718 Guaranty & Bid Deposits 140 TA30 2,327 Other Funds (specify) 78,021 TA85 82,194 Page 58 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (TE) PRIVATE PURPOSE TRUST Balance Sheet Assets Cash TE200 9,034 Page 59 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (TE) PRIVATE PURPOSE TRUST Balance Sheet Fund Equity Net Assets -Restricted For Other Purposes TE923 9,034 Page 60 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (TE) PRIVATE PURPOSE TRUST Results of Operation Revenues Interest And Earnings TE2401 15 Other Revenue TE2770 12,268 Additional Description Dissolved Cemetery Funds Page 61 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (TE) PRIVATE PURPOSE TRUST Results of Operation x. Expenditures Other Gen Gov Support, Contr Expend TE19894 3,224 Mise Home & Comm Serv, Cont Expend TE89894 25 TO. At. DotiiE Expenditures ie ►d tl a E. g ' _ 3,249 Page 62 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (TE) PRIVATE PURPOSE TRUST Changes in Fund Equity ON ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity Beginning of Year TE8021 Restated Fund Equity - Beg of Year TE8022 ADD - REVENUES AND OTHER SOURCES 12,283 DEDUCT - EXPENDITURES AND OTHER USES 3,249 Fund Equity End of Year TE8029 9,034 Page 63 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (V) DEBT SERVICE Balance Sheet ^- x Assets Cash In Time Deposits 84,884 V201 94,092 Page 64 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (V) DEBT SERVICE Balance Sheet ode'ik@wrl Fund Equity Unreserved Fund Balance Unappropriated 84,884 V911 94,092 Page 65 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (V) DEBT SERVICE Results of Operation Page 66 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (V) DEBT SERVICE Results of Operation �.. l Z. 009 ,...Y �9 Expenditures Fiscal Agents Fees, Contr Expend Debt Principal, Serial Bonds Debt Principal, Bond Anticipation Notes 1,944 V13804 2,200 577,000 V97106 638,000 61,482 V97306 Debt Interest, Serial Bonds 238,802 V97107 191,984 Page 67 OSC Municipality Code 500342300000 TQTAI. Exp�nditur4,ak L (i LTi 70Detafi: Expenditures Aitd tier i tees8"19,228 , 832.184 Page 67 OSC Municipality Code 500342300000 (V) DEBT SERVICE Changes in Fund Equity ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity- Beginning of Year Restated Fund Equity - Beg of Year ADD - REVENUES AND OTHER SOURCES DEDUCT - EXPENDITURES AND OTHER USES Fund Equity - End of Year TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 54,112 V8021 84,884 54,112 V8022 84,884 910,000 841,392 879,228 832,184 84,884 V8029 94,092 Page 68 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (W) GENERAL LONG-TERM DEBT Balance Sheet M�ww,,Xwww Assets Total Non -Current Govt Liabilities 4,925,515 W129 4,299,480 Page 69 OSC Municipality Code 500342300000 TOWN OF Ithaca Annual Update Document For the Fiscal Year Ending 2010 (W) GENERAL LONG-TERM DEBT Balance Sheet Page 70 OSC Municipality Code 500342300000 TOWN OF Ithaca Financial Comments For the Fiscal Year Ending 2010 Page 71 TOWN OF Ithaca Statement of Indebtedness For the Fiscal Year Ending 2010 Nater and Other Purposes Exempt From Constitutional Debt Limit 3ond No. 2003000001 EDPCODE Amount Amount Month and Year of Issue 2/12/200 ,Purpose of Issue 12/29/200 purpose of Issue Durrent Interest Rate iblic Imp (Serial) Bond tiurrent Interest Rate 2P18671 670,00 3.9500 Dutstanding Beginning of Year 21318671 Issued During the Fiscal Year 569,000 'rior Year Adjustment (do not include renewals here) 21318673 -ssued During the Fiscal Year (do not include renewals here) (do not include renewals here) P18673 :)utstanding End of the Fiscal Year 0 'aid During the Fiscal Year Final Maturily Date 2/12/201 (do not include renewals here) 21318675 71,00 Outstanding End of the Fiscal Year 21318677 498,00 sinal Maturi!y Date 12/29/201 3ond No. 2009000002 EDPCODE Amount Amount Month and Year of Issue 2/12/200 ,Purpose of Issue 10/1/200 ,Durpose of Issue Durrent Interest Rate Pub Imp (Serial) Bond ,urrent Interest Rate 2P18671 670,00 .031 Dutstanding Beginning of Year 2P18671 Issued During the Fiscal Year 1,125,00 'Prior Year Adjustment (do not include renewals here) 21318673 Jssued During the Fiscal Year (do not include renewals here) (do not include renewals here) 2P18673 :)utstanding End of the Fiscal Year 21318677 'aid During the Fiscal Year Final Maturily Date 2/12/201 (do not include renewals here) 2P18675 60,00 Dutstanding End of the Fiscal Year 2P18677 1,065,00 =final Maturi Date 10/1/202 Bond No. 2004000001 EDPCODE Amount 'Month and Year of Issue 2/12/200 ,Purpose of Issue provement (Serial) Bd Durrent Interest Rate 3.8800 Dutstanding Beginning of Year 2P18671 670,00 Prior Year Adjustment 0 Issued During the Fiscal Year (do not include renewals here) 21318673 'Paid During the Fiscal Year (do not include renewals here) 2P18675 67,00 :)utstanding End of the Fiscal Year 21318677 603,000 Final Maturily Date 2/12/201 Page 72 OSC Municipality Code 500342300000 TOWN OF Ithaca Statement of Indebtedness For the Fiscal Year Ending 2010 Nater and Other Purposes Exempt From Constitutional Debt Limit 3ond No. 2004000002 EDPCODE Amount Month and Year of Issue 5/15/200 'ur ose of Issue provement (Serial) Bd ;urrent Interest Rate 4.3460 outstanding Beginning of Year 213118671 1,500,00 3rior Year Adjustment 0 °ssued During the Fiscal Year (do not include renewals here) 2P18673 0 'aid During the Fiscal Year (do not include renewals here) 2P18675 100,00 Outstanding End of the Fiscal Year 2P18677 1,400,00 sinal Maturi Date 5/15/202 3ond No. 2000000004 EDPCODE Amount Vlonth and Year of Issue 7/15/1991 -3ur ose of Issue Public Im rovemen :.urrent Interest Rate .06625 Dutstanding Beginning of Year 2P18671 500,00 ''rior Year Adjustment 0 ,Jssued During the Fiscal Year (do not include renewals here) 2P18673 0 Said During the Fiscal Year (do not include renewals here) 21318675 250,00 Dutstanding End of the Fiscal Year 213118677 250,00 sinal Maturi Date 7/15/2011 3ond No. 2005000002 EDPCODE Amount Month and Year of Issue 9/28/2005 ,Purpose of Issue fill Water Tank & Main Durrent Interest Rate 3.600 Dutstanding Beginning of Year 213118671 350,00 Prior Year Adjustment 0 Issued During the Fiscal Year (do not include renewals here) 21318673 0 'Paid During the Fiscal Year (do not include renewals here) 2P18675 50,000 Dutstanding End of the Fiscal Year 2P18677 300,000 'Final Maturi Date 9/28/2015 'Total Bond Amount Outstanding Beginning of Year 4,714,00 Prior Year Adjustment Issued During Fiscal Year 'Paid During Fiscal Year 598,00 Outstanding End of Year 4,116,00 Page 73 OSC Municipality Code 500342300000 TOWN OF Ithaca Statement of Indebtedness For the Fiscal Year Ending 2010 Indebtedness Not Exempt From Constitutional Debt Limit 3ond Anticipation Note No. 2009000001 EDPCODE Amoun Month and Year of Issue 'Prior Year Adjustment 6/23/200 -3urpose of Issue Varren Road Walkwa Current Interest Rate Outstanding End of Year .0200 Outstanding Beginning of Year P18761 424,00 Prior Year Adjustment issued During the Fiscal Year do not include renewals here P18763 0 'aid During the Fiscal Year do not include renewals here) 2P18765 42,40 Outstanding End of the Fiscal Year 2P18767 381,60 Final Maturity Date 6/23/2011 Total Bond Anticipation Note Amoun Outstanding Beginning of Year 424,00 'Prior Year Adjustment 0 ,Issued During Fiscal Year Paid During Fiscal Year 42,40 Outstanding End of Year 381,60 Bond Anticipation Notes Redeemed From Bond Proceeds During Fiscal Year 2P18885 Page 74 OSC Municipality Code 500342300000 TOWN OF Ithaca Statement of Indebtedness For the Fiscal Year Ending 2010 ndebtedness Not Exempt From Constitutional Debt Limit 3ond No. 2006000002 EDPCODE Amoun Aonth and Year of Issue 'rior Year Adjustment 1/7/200 purpose of Issue 0 Public Works Facilit .'urrent Interest Rate Jutstanding End of Year 3.7500 )utstanding Beginning of Year 2P18771 80,00 'rior Year Adjustment "ssued During the Fiscal Year (do not include renewals here) 2P18773 0 'aid During the Fiscal Year (do not include renewals here) 2P18775 40,000 Outstanding End of the Fiscal Year 213118777 40,00 sinal Maturity Date 1/7/2011 Total Bond Amoun )utstanding Beginning of Year 80,00 'rior Year Adjustment 0 ssued During Fiscal Year 0 'aid During Fiscal Year 40,00 Jutstanding End of Year 40,00 Total of All Indebtedness Includes Total of Bonds and Notes - Exempt and Not Exempt Fotal Bond Amoun Dutstanding Beginning of Year 5,218,00 ,prior Year Adjustment 0 ssued During Fiscal Year 0 'aid During Fiscal Year 680,40 Outstanding End of Year 4,537,60 Page 75 OSC Municipality Code 500342300000 Page 76 OSC Municipality Code 500342300000 TOWN OF Ithaca Schedule of Time Deposits and Investments For the Fiscal Year Ending 2010 EDP Code Amount CASH: On Hand 9Z2001 $925.00 Demand Deposits 9Z2011 $820,381.00 Time Deposits 9Z2021 $5,199,731.00 Total $6,021,037.00 COLLATERAL: - FDIC Insurance 9Z2014 $250,000.00 Collateralized with securities held in possession of municipality or its agent 9Z2014A $7,543,386.00 Total $7,793,386.00 INVESTMENTS: - Securities (450) Book Value (cost) 9Z4501 $0.00 Market Value at Balance Sheet Date 9Z4502 $0.00 Collateralized with securities held in 9Z4504A $0.00 possession of municipality or its agent - Repurchase Agreements (451) Book Value (cost) 9Z4511 $0.00 Market Value at Balance Sheet Date 9Z4512 $0.00 Collateralized with securities held in 9Z4514A $0.00 possession of municipality or its agent Page 76 OSC Municipality Code 500342300000 Bank Account Number *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-2604 *****-8038 TOWN OF Ithaca Bank Reconciliation For the Fiscal Year Ending 2010 Include All Checking, Savings and C.D. Accounts Page 77 OSC Municipality Code 500342300000 Add:. Less: Adjusted Bank Deposit Outstanding Bank Balance In Transit Checks Balance $1,605,276 $0 $0 $1,605,276 $579,002 $0 $0 $579,002 $301,963 $0 $0 $301,963 $590,673 $0 $0 $590,673 $27,190 $0 $0 $27,190 $1,133,333 $0 $0 $1,133,333 $285,267 $0 $0 $285,267 $303,890 $0 $0 $303,890 $5,071 $0 $0 $5,071 $34,179 $0 $0 $34,179 $187,364 $0 $0 $187,364 $86,594 $0 $0 $86,594 $100,807 $0 $0 $100,807 $409,370 $0 $0 $409,370 $4,482 $0 $0 $4,482 $11,791 $0 $0 $11,791 $4,573 $0 $0 $4,573 $10,738 $0 $0 $10,738 $36,761 $0 $0 $36,761 $270 $0 $0 $270 $2,468 $0 $0 $2,468 $15,813 $0 $0 $15,813 $94,092 $0 $0 $94,092 $165,295 $0 $0 $165,295 $9,985 $0 $0 $9,985 $820,381 $0 $815,578 $4,803 Page 77 OSC Municipality Code 500342300000 TOWN OF Ithaca Bank Reconciliation For the Fiscal Year Ending 2010 Include All Checking, Savings and C.D. Accounts Bank Add: Account Bank Deposit Number Balance In Transit *****-2604 $9,034 Total Adjusted Bank Balance 2etty Cash Adjustments 9ZCASH * Total Cash 9ZCASHB * Total Cash Balance All Funds * Must be equal Less: Adjusted Outstanding Bank Checks Balance $0 $9,034 $6,020,086 $925.00 $.00 9ZCASH * $6,021,011 9ZCASHB * $6,021,036 Page 78 OSC Municipality Code 500342300000 TOWN OF Ithaca Local Government Questionnaire For the Fiscal Year Ending 2010 6) Does your municipality have a Capital Plan? Yes 7) 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? 8) Have you had a change in chief executive or chief fiscal officer during the last No year? g) Has your Local Government adopted an investment policy as required by " Yes General Municipal Law, Section 39? Page 79 Response 1) Does your municipality have a written procurement policy? Yes 2) Have the financial statements for your municipality been independently audited? Yes If not, are you planning on having an audit conducted? Yes 3) Does your local government participate in an insurance pool with other local No governments? 4) Does your local government participate in an investment pool with other local No governments? 5) Does your municipality have a Length of Service Award Program (LOSAP) No for volunteer firefighters? 6) Does your municipality have a Capital Plan? Yes 7) 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? 8) Have you had a change in chief executive or chief fiscal officer during the last No year? g) Has your Local Government adopted an investment policy as required by " Yes General Municipal Law, Section 39? Page 79 TOWN OF Ithaca Employee and Retiree Benefits For the Fiscal Year Ending 2010 Total Full Time Employees:5 4,��9 Total Part Time Employees: 2 - Account Description Total # of Full # of Part # of Retirees Code Expenditures Time Time (All Funds) Employees Employees 90108 State Retirement System $201,788.00 5 90158 Police and Fire Retirement 90258 Local Pension Fund 90308 Social Security $235,886.00 68 61 90408 Worker's Compensation $69,321.00 65 5 Insurance 90458 Life Insurance $5,480.00 48 1 90508 Unemployment Insurance $10,442.0 90558 Disability Insurance $17,296.00 49 E 90608 Hospital and Medical $874,883.0 50 1 (Dental) Insurance 90708 Union Welfare Benefits 90858 Supplemental Benefit Payment to Disabled Fire Fighters 9189 Other Employee Benefits Total $1,415,096.0 Computed Total From Financial $1,415,096 Section (comparative purposes only)�> Page 80 OSC Municipality 500342300000 TOWN OF Ithaca Energy Costs and Consumption For the Fiscal Year Ending 2010 Energy Type Total Total Volume Units Of Alternative Expenditures Measure Units Of Measure asoline $52,46 22,80 gallons 11 Diesel Fuel $58,511 23,700 gallons 11 Fuel Oil 0 gallons Natural Gas $20,87 20,03 cubic feet 11 Electricity $132,37 1,869,87 kilowatts JkWh oal 0 1 tons 11 Page 81 OSC Municipality 500342300000 TOWN OF Ithaca Schedule of Other Post Employment Benefits (OPER) For the Fiscal Year Ending 2010 Annual OPEB Cost and Net OPEB Obligation Type of Other Post Employment Benefits Plan Single -Employer Defined Benefits Annual Required Contribution(ARC) $362,246.00 Interest on Net OPEB Obligation $12,902.00 Adjustment to Annual Required Contribution ($12,804.00) Annual OPEB Expense $362,344.00 Less: Actual Contribution Made $40,406.00 Increase in Net OPEB Obligation $321,938.00 Net OPEB Obligation - beginning of year $322,544.00 Net OPEB Obligation - end of year $644,482.00 Total Other Post Employment Benefits as reported in Accounts 683 in Financial Section, Current Fiscal Year Percentage of Annual OPEB Cost Contributed (Actual Contribution 11.15% Made/Annual OPER Cost) Funded Status and Funding Process Actuarial Accrued Liability(AAL) $3,302,265.00 Less: Actuarial Value of Plan Assets $0.00 Unfunded Actuarial Accrued Liability(UAAL) $3,302,262.00 Funded Ratio(Actuarial Value of Plan Assets/AAL) 0.0000 Annual Covered Payroll (of active employees covered by the plan) $2,747,318.00 UAAL as Percentage of Annual Covered Payroll 120.20% Other OPEB Information Date of most recent actuarial valuation 12/31/2009 Actuarial method used Alternative Assumed rate of return on investments discount rate 4.00% Amortization period of UAAL(in years) 29.00 Page 82 OSC Municipality 500342300000 CERTIFICATION OF CHIEF FISCAL OFFICER I, Herbert J. Engman , 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 12/31/2010 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 12/31/2010 and filed by means of electronic data transmission. Michael T. Solvig Name of Report Preparer if different than Chief Fiscal Officer (607) 273-1721 Telephone Number 03/31/2011 Date of Certification Herbert J. Engman Name Town Supervisor Title 215 N. Tioga Street Official Address (607) 273-1721 Official Telephone Number Page 83 Municipality Code 500342300000 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 NOTE I - 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 the Chief Fiscal Officer as specified in New York State Town Law. The Town provides the following municipal services: fire protection, transportation (streets, highway and transportation infrastructures)), walkways, trails, 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) Statements 14 and 39:' 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. The decision to include a potential component unit in the reporting entity is based on the criteria set forth in GASB Statements 14 and 39, including legal standing, fiscal dependency, and financial accountability. Based on the application of these criteria, the following is a brief review of certain entities considered in determining the Town of Ithaca reporting entity. The following are activities undertaken jointly with other municipalities and are excluded from the financial statements. See Note IV for additional disclosure regarding Joint Ventures. Page 1 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 1) The 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. This joint venture was formed for the production and distribution of drinking water. 2) The Ithaca Area Wastewater Treatment Plant is a joint venture involving the Towns of Ithaca and Dryden, and the City of Ithaca. This joint venture was formed for the treatment of wastewater. B. Basis of Presentation - Fund Accountin _ 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 Funds - 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 accounted for in other funds and which finance the basic governmental functions provided by the Town at Large. GENERAL PART-TowN FUND - 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 - used to account for the proceeds of specific revenues sources that are legally restricted to expenditures for specified purposes. Special Revenue Funds include the following: GENERAL PART-TowN HIGHWAY FUND - used to account for revenues and expenditures for part -town (outside of the Village of Cayuga Heights) transportation infrastructure purposes. WATER 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 - established by State Statutes to account for revenues derived from sewer rents and benefited assessments and used for related operating expenses and debt retirement. A Page 2 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 LIGHTING DISTRICT FUND - used to account 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. Street lighting in nine separate lighting districts is provided within the Town. 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. CAPITAL PROJECTS FUND - used when accounting for capital improvements financed from current monies transferred from reserved and unreserved funds, Federal, and. State grants and proceeds of obligations. 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. As of December 31, 2010, the Town of Ithaca had four active capital projects funds. DEBT SERVICE FUND - accounts for the accumulation of those resources transferred or earned for the payment of principal and interest on long-term debt on scheduled due dates. Annual principal and interest payments due on serial bonds are transferred from the General Townwide, 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. b. Fiduciary Funds - are those used to account for assets held by the local government in a trustee or custodial capacity.. Fiduciary Funds include the following: TRUST AND 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. INLET VALLEY CEMETERY FUND - this private -purpose expendable trust fund is used to account for arrangements for the maintenance of the Inlet Valley. Cemetery. The Inlet Valley Cemetery Association was dissolved in 2010, upon which ownership of the cemetery devolved to the Town in accordance with State Statutes. 2. 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. GENERAL FIXED ASSETS ACCOUNT 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 - . accounts 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 Page 3 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 liabilities, and any vested or unpaid accumulated employee benefits to be provided for in future budgets. C. Basis of Accountine/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) i 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. _ 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: 1. 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. 2. Principal and interest on indebtedness are not recognized as expenditures until due. 3. Compensated absences, such as vacation and sick leave which vests or accumulates, are charged as expenses when paid. See Note I -J (Pg 6). 4. Pension costs are recognized as an expense when billed by the New York State and Local Employee's Retirement System. See Note III -B-1 (Pg 10). 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, 2010, 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, 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. Page 4 TOWN OF ITHACA NOTES TO FINANCIAL. STATEMENTS For the Year Ended December 31, 2010 Taxpayers may elect to pay their tax bill in full. Using this method, taxes are collected during the period January 1 st to January 31 st, at face value and from February 1 st to March 31 st, with interest added. The Town Receiver of Taxes collects all real estate taxes for Town and County purposes. The Town Receiver of Taxes distributes the collected tax money to the Town Supervisor prior to distributing the balance collected to the County on June 1st. 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. E. Budeetary 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 ensuing fiscal year beginning 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 2010 Town Budget was adopted November 5, 2009 under Board Resolution No. 2009-199. 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 is incurred. For year ending December 31, 2010, no budgetary encumbrances were outstanding. In the. interest of accurately monitoring, budgeting and maintaining an adequate operating fund balance in all funds it is the fiscal practice not to encumber unused appropriations into the ensuing years budgeted operations. 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 5 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 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. Taxpayer funds are invested in interest earning savings accounts and/or certificates of deposits. It is both practice and policy that the Town of Ithaca does not invest taxpayer funds in the stock market, in any mutual funds, index funds or any third party investment or securities. For year ending December 31, 2010 the Town of Ithaca has no cash invested in certificates of deposit. 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 of Ithaca 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's 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 for individual post employment health insurance benefits. _ Accrued vacation and accumulated sick leave is recorded in governmental funds as a long-term liability in the General Long -Term Debt Account Group if payable from future financial resources, or as a fund liability and expense if payable from current resources. The liability for compensated absences increased - by $11,965 during the year to $143,480 as reported in the General Long -Term Debt Account Group. Page 6 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 K. Post Employment Benefits Plan Description. The Town of Ithaca administers a single -employer defined benefit healthcare plan ("the Retiree Health Plan"). The plan provides lifetime healthcare insurance for eligible retirees and their spouses through the Town's group health insurance plan, which covers both active and retired members. The Town pays a portion of retiree's premiums for healthcare insurance based on the number of years of service to the Commission at the time of retirement. In addition, retiring employees can convert unused sick and vacation time to offset portions of healthcare premiums that are the retiree's. responsibility. The Town tracks the accumulated balances and makes premium payments on behalf of the retirees until the balances are exhausted. The Retiree Health Plan does not issue a publicly available financial report. Funding Policy. The Town contributes a portion of the retiree's healthcare premium according to the following schedule: Years of Service 30 and over 25-29 15-24 5-14 less than 5 Town Contribution 75.0% 50.0% 35.0% 25.0% 0.0% For the year ended December 31, 2009, the Town of Ithaca contributed $40,406 to the plan. Annual OPEB Cost and New OPEB Obligation. The Town's annual other postemployment benefit (OPEB) cost (expense) is calculated based on the annual required contribution of the employer (ARC). The Town of Ithaca has elected- to calculate the ARC and related information using, the alternative measurement method permitted by GASB' Statement 45 for employers in plans with fewer- than one hundred total plan members. The ARC represents a level of funding that, if paid on an ongoing basis; is projected to cover normal cost each year and to amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. Funded Status and Funding Progress. As of December 31, 2009, the actuarial accrued liability for benefits was $3,302,265, all of which was unfunded. The covered payroll (annual payroll of active employees covered by the plan) was $2,747,318 and the ratio of the unfunded actuarial accrued liability to the covered payroll was 120.2 percent. The projection of future benefits payments for an ongoing plan involves estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with post expectations and new estimates are made about the future. Page 7 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 Methods and Assumptions. Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The unfunded actuarial accrued liability is being amortized as level percentage of projected payroll on an open basis. The remaining amortization period at December 31, 2009 was twenty-nine years. In addition, retiring employees can convert a portion of unused sick and vacation time to offset portions of healthcare premiums that are the retiree's responsibility. The Town tracks the accumulated balances and makes premium payments on behalf of the retirees until the balances are exhausted. The Town estimates its liability based on an analysis of accumulated sick and vacation time for current retirees and employees who have reached retirement age (55). At December 31, 2009 there were five retirees spending down a cumulative balance of $75,389 and twelve employees who had reached retirement age with a cumulative balance of $193,006. The total liability was $268,395 at December 31, 2009. The Town calculates this liability separately from its OPEB liability under GASB Statement 45. 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. The Plan 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. Deferred Compensation Plan: PEBSCO / Nationwide Retirement Solutions NOTE II - STEWARDSHIP, COMPLIANCE, ACCOUNTABILITY A. Deficit Fund Balances - The Capital Projects Fund had a deficit fund balance of $365,402 at December 31, 2010. This deficit will be eliminated as short-term debt is redeemed or converted to permanent financing. B. Overdrawn Appropriations — Expenditures for the year ended December 31, 2010 materially exceeded appropriations in the funds and/or functions identified below: MODIFIED EXPENDITURES & UNFAVORABLE FUND/FUNCTION BUDGET ENCUMBRANCES VARIANCE Fire Protection Fund $ 3,333,405 $ 3,536,783 $ (203,378) Fire Protection contractual expense with the City of Ithaca exceeded budget by $203,204. This was mainly due to higher than anticipated overtime costs. Page 8 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 NOTE III - 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 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 savings accounts, 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 Town of Ithaca's 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. Total cash bank balances at December 31, 2010 totaled $6,017,042. These deposits were. fully collateralized by securities with a fair market value at December 31, 2010 of $7,543,386 or 131%. 2. Changes in Capital Assets - A summary of changes in general fixed assets as follows: BALANCE BALANCE DESCRIPTION 1/01/10 ADDITIONS DELETIONS 12/31/10 Land $ 186,552 $ 0 $ 0 $ 186,552 Buildings 4,001,313 0 0 3,959,825 Improvements Other Than Buildings 365,992 0 0 365,992 Machinery & Equipment 3,604,746 25,976 299,454 3,331,269 Infrastructures 6,411,527 1,507,889 0 7,919,416 Construction in Progress 1,546,636 0 1,357,889 188,747 TOTAL $ 6,116,767 $ 1,533,865 $ 1,657,343 $ 15,993,290 Page 9 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 3. Other Receivables -The Town had the following receivables at December 31, 2010: Fund Description Amount Special Revenue: Water Fund Water Rents & Special Assessments $ 188,904 Sewer Fund Sewer Rents & Special Assessments 131,539 Total - Special Revenue: $320,443- B. Liabilities 1. Pension Plans 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 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 are as follows: Emnlovee's Retirement System 2010 $ 328,806 2009 $ 201,789 2008 $ 216,161 2007 $ 234,489 2006 $ 238,282 2005 $ 246,646 Page 10 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 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 of Ithaca has no unpaid liability at the year ended December 31, 2010. 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 15`h to February I" for the New York State and Local Retirement System, the Town of Ithaca accounting records reflect prepaid retirement costs totaling $328,806 for the year 2010. 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 2011 budget. In 2005 the Town of Ithaca establishment a "General Purpose Benefit Reserve" for future economic rise and falls in not only retirement benefits but other employee benefits ioo. (e.g. Health Insurance) The balance in the reserve account at December 31, 2010 is $165,321. Increases (deposits and interest earnings) or decreases (withdrawals) to the "benefit reserve" will be assessed annually. In the interest of preserving and maintaining sufficient fund balances in each of the respective operating funds (General Townwide, General Part -Town, General Part -Town Highway, Water and Sewer Funds) to effectively meet day-to-day expenditures, additional monies were not deposited to the "General Purpose Benefit Reserve" for the year 2010. This reserve is capped at $350,000. Including 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 cost spikes 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, 2010, temporary financing totaled $381,600 in Bond Anticipation Notes (BANs) outstanding for the Town of Ithaca. Page 11 } TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 3. Long -Term Debt a. At December 31, 2010, the total principal serial bond indebtedness outstanding of the Town of Ithaca aggregated $4,156,000. Of this amount, $538,000 was subject to the Town's constitutional debt limit and represented less than one percent (0.68%) 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. Serial 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 Liabilities: 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. d. Summary -of Long -Term Liabilities: The following is a summary of liabilities outstanding at December 31, 2010: General Long -Term Liability Debt Account Group Serial Bonds $ 4,156,000 Compensated Absences 143,480 Total Long -Term Debt $ 4,299,480 Bond Anticipation Notes 381,600 Total Outstanding Debt 4.681.080 e. Summary of Changes in Long -Term Liabilities: The following is a summary of changes in liabilities outstanding for the period ended December 31, 2010: Page 12 BALANCE BALANCE DESCRIPTION 1/01/10 ADDITIONS DELETIONS 12/31/10 Serial Bonds $ 4,794,000 $ 0 $ 638,000 $ 4,156,000 _ Installment Bonds 0 0 0 0 Unfunded Retirement 0 0 0 0 Comp. Absences 131,515 11,965 0 143,480 TOTAL $ 4,925,515 $ 11,965 $ 638,000 $ 4,299,480 Additions and deletions due to employee retirement and compensated absences are shown at net since it is impracticable to determine these amounts separately. Page 12 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 f. Long -Term Debt Maturity Schedule: The following is a statement of serial bonds and capital note(s) with corresponding maturity schedule. (also see Exhibit A on Page 17)_ Interest expense for the year ended December 31, 2010 amounted to $191,984. g. Future Debt Service Requirements: The following table summarizes the Town of Ithaca's future debt service requirements as of December 31, 2010. PRINCIPAL INTEREST TOTAL FISCAL YEAR(S) PAYMENTS PAYMENTS PAYMENTS 2011 ISSUE ISSUE INTEREST MATURITY OUTSTANDING DESCRIPTION DATE AMOUNT RATE DATE 479,177 12/31/10 GENERAL TOWNWIDE FUND - 470,656 2015 368,000 88,917 456,917' Public Improvement SOB 12/29/2003 $ 1,000,000 3.950% 12/29/2017 $ 498,000 Public Improvement SOB 01/07/2007 200,000 3.750% 01/07/2011 40,000 WATER FUND Public Improvement SOB 07/15/1991 $ 2,321,800 6.625% 07/15/2011 $ 130,000 Public Improvement SOB 02/12/2004 1,000,000 3.880% 02/12/2019 603,000 Public Improvement SOB 05/15/2004 2,000,000 4.346% 05/15/2024 1,400,000 Public Improvement SOB 09/28/2005 500,000 3.600% 09/28/2015 300,000 Public Improvement SOB 10/01/2009 1,125,000 3.160% 10/01/2024 1,065,000 SEWER FUND Public Improvement SOB 07/15/1991 $ 2,143,200 6.625% 07/15/2011 $ 120,000 TOTAL $ 10,290,000 $ 4,156,000 Interest expense for the year ended December 31, 2010 amounted to $191,984. g. Future Debt Service Requirements: The following table summarizes the Town of Ithaca's future debt service requirements as of December 31, 2010. PRINCIPAL INTEREST TOTAL FISCAL YEAR(S) PAYMENTS PAYMENTS PAYMENTS 2011 $ 653,000 $ 161,118 $ 814,118 ` 2012 363,000 129,616 492,616 2013 363,000 116,177 479,177 2014 368,000 102,656 470,656 2015 368,000 88,917 456,917' 2616-2020 1,291,000 267,908 1,558,908 2021-2025 750,000 66,928 816,928 TOTAL $ 4,156,000 $ 933,321 $ 5,089,321 h. Authorized but Unissued Debt: In addition to the debt shown above, the following long-term debt has been authorized but remains unissued at December 31, 2010. East Shore Drive Water Main Replacement $ 2,500,000 Forest Home Drive Road Reconstruction 302,500 Hungerford Hill Pump Station Improvement 400,000 Snyder Hill Road Water Main Replacement 300,000 Snyder Hill Road Reconstruction 500,000 Town Hall Roof Replacement 300,000 Total - Authorized but Unissued Debt $ 4,302,500 Page 13 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 C. Reconciliation of Inter -fund Activities: Inter -fund Receivables (Due From) and Payables (Due To), and -; Inter -fund Revenue and Expense at December 31, 2010 were as follows: INTERFUND INTERFUND INTERFUND INTERFUND FUND RECEIVABLE PAYABLE REVENUE EXPENSE General Townwide $ 367,034 $ 53,650 $ 439,423 $ 174,175 General Part -Town 0 0 0 73,784 Highway Part -Town 72,214 9,907 0 50,026 ' Water Fund 0 26,510 104,454 737,677 Sewer Fund 0 36,446 0 434,135 -- Capital Projects 0 312,735 190,627 104,454 Fire Protection Fund 0 0 0 0 Lighting Districts 0 0 0 0 " Debt Service 0 0 839,747 0 TOTAL $ 439,248 $ 439,248 $ 1,574,251 $ 1,574,251 D. Fund Equity 1. Allocation of Fund Balance: UNRESERVED RESERVED TOTAL FUND FUND BALANCE FUND BALANCE FUND BALANCE General Townwide $ 2,026,983 $ 663,809 $ 2,690,792 General Part -Town 390,990 22,250 413,240 Highway Part -Town 810,185 71,477 881,661 Water Fund 1,235,114 8,190 1,243,305 '. Sewer Fund 590,530 5,787 596,317 Capital Projects (365,402) 0 (365,402) Fire Protection Fund 13,131 0 13,131 Lighting Districts 9,685 0 9,685 " Debt Service 94,092 0 94,092 2. Reserves a. Open Space Plan Reserve: The General Townwide Fund equity includes reserve funds established for the purpose of future park development and the purchasing of development rights as outlined in the Town's Open Space Plan. The balance for the year ended December 31, 2010 was $579,002. 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. b.. Highwayquipment Reserve: The General Part -Town Highway Fund equity includes reserve funds established for the purchasing/replacement of highway machinery. The balance for the year ended December 31, 2010 was $27,190. This Reserve Fund was established at the November 8, 1984 Town Board meeting under Board Resolution No. 193. This reserve is funded Page 14 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 by unexpended budgeted equipment appropriations for machinery at year-end, and interest earned for the year. c. General Benefit Reserve: 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 for the year ended December 31, 2010 was $165,321. 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, and interest earned for the year. The balance by fund is as follows: General Townwide Fund $ 84,807 General Part -Town Fund 22,250 Highway Part -Town Fund 44,278 Water Fund 8,190 Sewer Fund 5,787 3. 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 IV - JOINT VENTURES The following activities are undertaken jointly with other municipalities. These activities are excluded from the Town's financial statements. A. The Southern Cayuga Lake Intermunicipal Water Commission (SCLIWC) is a joint venture involving the Towns of Ithaca, Dryden and 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, 2011. 1) SCLIWC's executive body consists of ten members, two members being appointed by each municipality. At least one member from each municipality shall be an elected official from the governing body. The Treasurer of SCLIWC is the Town of Ithaca's Supervisor. 2) The Town of Ithaca owns a majority (51.87%) of the SCLIWC and must adopt its annual budget and any subsequent amendments. 3) The executive body has established charges at rates intending to be self-sustaining to cover all operating costs and debt service. Any shortfall in revenues produced by such charges will ultimately be provided by contributions from the participants. An Annual Joint Venture financial report is filed with the New York State Comptroller's Office. The Treasurer of SCLIWC has an annual independent audit of the accounting conducted which includes issuing certified independent financial statements. These statements are available from the administrative offices of the Southern Cayuga Lake Intermunicipal Water Commission, 1402 East Shore Drive, Ithaca, New York, 14850. Page 15 TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 For the year ended December 31, 2009, the audited financial statements of the SCLIWC show: Total Assets Total Liabilities Net Assets Total Revenues Total Expenses $ 6,801,438 $ 3,871,195 $ 2,930,243 $ 2,621,090 $ 2,658,511 B. The Ithaca Area Wastewater Treatment Plant (IAWTP) is a joint venture involving the Towns of Ithaca and Dryden, and the City of Ithaca. This joint venture was formed for the treatment of wastewater. The joint venture operates under terms of an original agreement dated December 22, 1981 and has been amended several times, the last of which is dated December 31, 2003. Construction of the treatment plant began in 1984 and was completed in 1986. -1) The Special Joint Committee (governing body) of the IAWTP consists of eight members; four from the City of Ithaca, three from the Town of Ithaca, and one from the Town of Dryden. The City of Ithaca operates the plant and has custody of the joint activity money. 2) Capital costs allocated to the Town of Ithaca are 40.69 percent of the total. 3) The governing body has established charges at rates intending to be self-sustaining to cover all operating costs and debt service. Any shortfall in revenues produced by such charges is to be provided by equal share contributions from the participants. The following information is from the separately issued financial statements of the IAWTP for the year ended December 31, 2007 (latest available): Total Assets $ 28,523,256 Total Liabilities $ 2,470,869 Net Assets $ 26,052,387 Total Revenues $ 2,890,284 Total Expenses $ 3,991,801 NOTE V - CONTINGENCIES Pollution Remediation Contingent Obligation: In 2009, a site commonly known as the Ithaca Area Wastewater Treatment Plant (IAWTP), which is jointly owned and operated' by the City of Ithaca and the Towns of Ithaca and Dryden, was listed as a site under CERCLA for hydrocarbon contamination (coal -tar). The City of Ithaca was sued by First Energy (parent company of New York State Electric & Gas) for $750,000 in remediation costs. The Towns of Ithaca and Dryden voluntarily joined in defense of this lawsuit. In 2010 an out-of-court settlement was reached in the amount of $200,000, of which the Town of Ithaca is liable for $80,000. As of the date of this report not all parties had approved the terms of the settlement. Page 16 ISSUE DESCRIPTION TOWN OF ITHACA NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31, 2010 EXHIBIT A LONG TERM DEBT MATURITY SCHEDULE ISSUE ORIGINAL INTEREST MATURITY BALANCE DATE ISSUE RATE DATE 01/01/2010 ADDITIONS DELETIONS BALANCE 12/31/2010 GENERAL TOWNWIDE FUND Public Improvement SOB, 2003 12/29/2003 $ 1,000,000 3.950% 12/29/2017 $ 569,000 $ 71,000 $ 498;000 Public Improvement SOB, 2006 01/07/2007 $ 200,000 3.750% 01/07/2011 $ 80,000 $ 40,000 $ 40,000 TOTAL - GENERAL TOWNWIDEFUND $ 1,200,000 $ 649,000 $ 111,000 $ 538,000 WATER FUND Public Improvement SOB, 1991 07/15/1991 $ 2,321,800 6.625% 07/15/2011 $ 260,000 $ 130,000 $ 130,000 Public Improvement SOB, 2004 02/12/2004 $ 1,000,000 3.880% 02/12/2019 $ 670,000 $ 67,000 $ 603,000 Public Improvement SOB, 2004 05/15/2004 $ 2,000,000 4.346% 05/15/2024 $ 1,500,000 $ 100,000 $ 1,400,000 Public Improvement SOB, 2005 09/28/2005 $ 500,000 3.600% 09/28/2015 $ 350,000 $ 50,000 $ 300,000 Public Improvement SOB, 2009 10/01/2009 $ 1,125,000 3.160% 10/01/2024 $ 1,125,000 $ 60,000 $ 1,065,000 TOTAL - WATER FUND $ 6,946,800 $ 3,905,000 $ 407,000 $ 3,498,000 SEWER FUND Public Improvement SOB, 1991 07/15/1991 $ 2,143,200 6.625% 07/15/2011 $ 240,000 $ 120,000 $ 120,000 TOTAL - SEWER FUND $ 2,143,200 $ 240,000 $ 120,000 $ 120,000 Total Long -Term Debt - 12/31/2010 $ 10,290,000 $ 4,794,000 $ 638,000 $ 4,156,000 Page 17 TOWN OF ITHACA BALANCE SHEET ANNUAL FINANCIAL REPORT UPDATE DOCUMENT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010 ASSETS GENERAL GENERAL HIGHWAY CAPITAL DESCRIPTION TOWNWIDE PART -TOWN PART -TOWN WATER SEWER PROJECTS - $ FUND FUND FUND FUND FUND FUNDS ASSETS ACCOUNTS RECEIVABLE $ 12,590 $ 717 $ 150 $ - $ - $ 15,725 UNRESERVED CASH: - - - 188,904 131,539 DUE FROM OTHER FUNDS 367,034 - 72,214 - - - CASH $ 1,706,083 $ 301,963 $ 590,673 $ 1,,133,333 $ 589,158 $ 313,208 CASH IN CERTIFICATES OF DEPOSIT 179,746 - 79,201 - 7,809 - - - - - - PETTY CASH $ 592,896 $ 725 373,317 $ - 139,348 $ 15,725 200 $ 2,963,513 $ - 1,035,667 $ - - TOTAL UNRESERVED CASH $ 1,706,808 $ 301,963 $ 590,873 $ 1,133,333 $ 589,158 $ 313,208 RESERVED CASH: PARKS & OPEN SPACE $ 579,002 $ - $ - $ - $ - $ - GENERAL PURPOSE BENEFIT 84,807 22,250 44,287 8,190 5,787 - HIGHWAY EQUIPMENT - - 27,190 - - - CASH IN CERTIFICATES OF DEPOSIT - - - - - - TOTAL RESERVED CASH $ 663,809 $ 22,250 $ 71,477 $ 8,190 $ 5,787 $ - OTHER ASSETS: ACCOUNTS RECEIVABLE $ 12,590 $ 717 $ 150 $ - $ - $ 15,725 WATER & SEWER RENTS RECEIVABLE - - - 188,904 131,539 DUE FROM OTHER FUNDS 367,034 - 72,214 - - - STATE & FEDERAL AID RECEIVABLE 21,142 - - - - - DUE FROM OTHER GOV'TS 12,384 107,799 221,753 - - - PREPAID EXPENSES 179,746 61,317 79,201 9,319 7,809 BAN LOANS - - - - - - TOTAL OTHER ASSETS $ 592,896 $ 169,833 $ 373,317 $ 198,223 $ 139,348 $ 15,725 TOTAL ASSETS $ 2,963,513 $ 494,046 $ 1,035,667 $ 1,339,746 $ 734,293 $ 328,933 LIABILITIES and FUND BALANCE ACCOUNTS PAYABLE $ - $ - $ - $ - $ - $ - ACCRUED LIABILITIES 219,072 80,806 136,096 69,931 101,530 - BAN PAYABLE - - - - - 381,600 DUE TO OTHER FUNDS 53,650 - 9,907 26,511 36,446 312,735 DEFERRED REVENUE - - 8,003 - - - RESERVED FUND BALANCE 663,809 22,250 71,477 8,190 5,787 - UNRESERVED FUND BALANCE 2,026,982 390,990 810,185 1,235,114 590,530 (365,402) TOTAL LIABILITIES & FUND BALANCE $ 2,963,513 $ 494,046 $ 1,035,667 $ 1,339,746 $ 734,293 $ 328,933 RESERVED & UNRESERVED FUND BALANCE FUND BALANCE - 01/01/2010 $ 2,913,932 $ 369,810 $ 397,477 $ 885,113 $ 1,523,577 $ (8,433) ADD: REVENUE 3,574,630 1,124,013 2,440,171 2,966,149 1,389,453 208,900 LESS: EXPENSE 3,797,770 1,080,583 1,955,988 2,607,958 2,316,713 565,868 RESERVED FUND BALANCE 663,809 22,250 71,477 8,190 5,787 - UNRESERVED FUND BALANCE 2,026,983 390,990 810,185 1,235,114 590,530 (365,402) FUND BALANCE - 12/31/2010 $ 2,690,792 $ 413,240 $ 881,661 $ 1,243,305 $ 596,317 $ (365,402) Page 1 of 4 TOWN OF ITHACA BALANCE SHEET ANNUAL FINANCIAL REPORT UPDATE DOCUMENT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010 ASSETS UNRESERVED CASH: CASH $ - $ 409,370 $ 9,985 $ 94,092 $ - $ - CASH IN CERTIFICATES OF DEPOSIT - - - - - - PETTY CASH - - - - - - TOTAL UNRESERVED CASH $ - $ 409,370 $ 9,985 $ 94,092 $ - $ - RESERVED CASH: PARKS & OPEN SPACE $ - $ - $ - $ - $ - $ GENERAL PURPOSE BENEFIT - - - - - FIDUCIARY FUNDS - - - - 91,699 9,034 CASH IN CERTIFICATES OF DEPOSIT - - - - - - TOTAL RESERVED CASH $ - $ - $ - $ - $ 91,699 $ 9,034 OTHER ASSETS: RISK FIRE LIGHTING DEBT TRUST & INLET DESCRIPTION RETENTION PROTECTION DISTRICT SERVICE AGENCY VALLEY CUSTOMER RECEIVABLE FUND FUND FUNDS FUND FUND CEMETERY ASSETS UNRESERVED CASH: CASH $ - $ 409,370 $ 9,985 $ 94,092 $ - $ - CASH IN CERTIFICATES OF DEPOSIT - - - - - - PETTY CASH - - - - - - TOTAL UNRESERVED CASH $ - $ 409,370 $ 9,985 $ 94,092 $ - $ - RESERVED CASH: PARKS & OPEN SPACE $ - $ - $ - $ - $ - $ GENERAL PURPOSE BENEFIT - - - - - FIDUCIARY FUNDS - - - - 91,699 9,034 CASH IN CERTIFICATES OF DEPOSIT - - - - - - TOTAL RESERVED CASH $ - $ - $ - $ - $ 91,699 $ 9,034 OTHER ASSETS: - $ 409,370 $ 9,985 $ 94,092 $ 91,699 $ 9,034 ACCOUNTS RECEIVABLE RESERVED & UNRESERVED - CUSTOMER RECEIVABLE FUND BALANCE - - - - - - DUE FROM OTHER FUNDS 14,445 $ - - - - - - STATE & FEDERAL AID RECEIVABLE 12,283 - - - - - - DUE FROM OTHER GOV'TS - - - - - - - - PREPAID EXPENSES 94,092 - - - - - - - BAN LOANS - - - - - - TOTAL OTHER ASSETS $ - $ - $ - $ - $ - $ - TOTAL ASSETS $ - $ 409,370 $ 9,985 $ 94,092 $ 91,699 $ 9,034 LIABILITIES and FUND BALANCE ACCOUNTS PAYABLE $ - $ - $ - $ - $ - $ - ACCRUED LIABILITIES - 396,240 299 - 91,699 - BAN PAYABLE - - - - - - DUE TO OTHER FUNDS - - - - - - DEFERRED REVENUE - - - - - - RESERVED FUND BALANCE - - - - - 9,034 UNRESERVED FUND BALANCE - 13,131 9,685 94,092 - - TOTAL LIABILITIES & FUND BALANCE $ - $ 409,370 $ 9,985 $ 94,092 $ 91,699 $ 9,034 RESERVED & UNRESERVED FUND BALANCE FUND BALANCE - 01/01/2010 $ - $ 516,369 $ 14,445 $ 84,884 $ - $ - ADD: REVENUE - 3,033,544 7,536 841,392 - 12,283 LESS: EXPENSE - 3,536,783 12,296 832,184 - 3,249 RESERVED FUND BALANCE - - - - - 9,034 UNRESERVED FUND BALANCE - 13,131 9,685 94,092 - - FUND BALANCE -12/31/2010 $ - $ 13,131 $ 9,685 $ 94,092 $ - $ 9,034 Page 2 of 4 TOWN OF ITHACA BALANCE SHEET for CAPITAL PROJECTS ANNUAL FINANCIAL REPORT UPDATE DOCUMENT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010 ACTIVE CAPITAL PROJECTS AT YEAR END FUND H1 FUND H2 FUND H3 FUND H8 TOTAL DESCRIPTION First Street Forest Home Warren Road Gateway Trail CAPITAL Interceptor Traffic Calming Walkway PROJECTS ASSETS FUND BALANCE UNRESERVED CASH: FUND BALANCE - 01/01/2010 $ (148,445) $ 25,522 $ (76,206) $ 86,355 $ (112,774) ADD: REVENUE 153,516 53,327 1,705 CASH $ 5,071 $ 34,179 $ 187,364 $ 86,594 $ 313,208 CASH IN CERTIFICATES OF DEPOSIT - - RESERVED FUND BALANCE - - - _ - UNRESERVED FUND BALANCE - TOTAL UNRESERVED CASH $ 5,071 $ 34,179 $ 187,364 $ 86,594 $ 313,208 RESERVED CASH: PARKS & OPEN SPACE $ - $ - $ - $ $ _ FIDUCIARY FUNDS CASH IN CERTIFICATES OF DEPOSIT TOTAL RESTRICTED CASH $ - $ - $ - $ _ $ _ OTHER ASSETS: ACCOUNTS RECEIVABLE $ - $ 15,725 $ - $ - $ 15,725 CUSTOMER RECEIVABLE - - _ _ _ DUE FROM OTHER FUNDS STATE & FEDERAL AID RECEIVABLE DUE FROM OTHER GOV'TS PREPAID EXPENSES BAN LOANS - - _ _ _ TOTAL OTHER ASSETS $ - $ 15,725 $ - $ - $ 15,725 TOTAL ASSETS $ 5,071 $ 49,904 $ 187,364 $ 86,594 $ 328,933 LIABILITIES and FUND BALANCE ACCOUNTS PAYABLE $ - $ - $ _ $ $ - ACCRUED LIABILIITES _ _ DUE TO OTHER FUNDS - 312,735 - - 312,735 RETAINAGE _ BAN PAYABLE - - 381,600 - 381,600 " RESERVED FUND BALANCE - - _ _ _ UNRESERVED FUND BALANCE 5,071 (262,831) (194,236) 86,594 (365,402) TOTAL LIABILITIES & FUND BALANCE $ 5,071 $ 49,904 $ 187,364 $ 86,594 $ 328,933 RESERVED & UNRESERVED FUND BALANCE FUND BALANCE - 01/01/2010 $ (148,445) $ 25,522 $ (76,206) $ 86,355 $ (112,774) ADD: REVENUE 153,516 53,327 1,705 239 208,787 LESS: EXPENSE LESS: EXPENSES - 341,681 119,734 - 461,415 RESERVED FUND BALANCE - - _ _ _ UNRESERVED FUND BALANCE 5,071 (262,831) (194,236) 86,594 (365,402) FUND BALANCE - 12/31/2010 $ 5,071 $ (262,831) $ (194,236) $ 86,594 $ (365,402) Page 3 of 4 TOWN OF ITHACA BALANCE SHEET for LIGHTING DISTRICTS ANNUAL FINANCIAL REPORT UPDATE DOCUMENT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010 FUND SL -1 FUND SL -2 FUND SL -3 FUND SL -4 FUND SL -5 FUND SL -6 FUND SL -7 FUND SL -8 FUND SL -9 TOTAL DESCRIPTION Forest Glenside Renwick Eastwood Clover Lane Winner's Burleigh Westhaven Coddington LIGHTING Home Heights Commons Circle Drive Road Road I DISTRICTS ASSETS UNRESERVED CASH: CASH $ 1,918 $ 722 $ 1,285 $ 1,839 $ 313 $ 570 $ 517 $ 1,817 $ 1,004 $ 9,985 CASH IN CERTIFICATES OF DEPOSIT - - - - - - - - - - TOTAL UNRESERVED CASH $ 1,918 $ 722 $ 1,285 $ 13839 $ 313 $ 570 $ 517 $ 1,817 $ 1,004 $ 9,985 RESERVED CASH: FIDUCIARY FUNDS $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - CASH IN CERTIFICATES OF DEPOSIT - - - - - - - - - - TOTAL RESTRICTED CASH $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - OTHER ASSETS: ACCOUNTS RECEIVABLE $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - DUE FROM OTHER FUNDS - - - - - - - - - - PREPAID EXPENSES - - - - - - - - - TOTAL OTHER ASSETS $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - TOTAL ASSETS $ 1,918 $ 722 $ 1,285 $ 1,839 $ 313 $ 570 $ 517 $ 1,817 $ 1,004 $ 9,985 LIABILITIES and FUND BALANCE ACCOUNTS PAYABLE $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - ACCRUED LIABILIITES 58 23 30 42 5 18 18 73 42 299 DUE TO OTHER FUNDS - - - - - - - - - - RESERVED FUND BALANCE - - - - - - - - - - UNRESERVED FUND BALANCE 1,860 698 1,254 1,797 308 562 498 1,745 962 9,685 TOTAL LIABILITIES & FUND BALANCE $ 1,918 $ 722 $ 1,285 $ 1,839 $ 313 $ 570 $ 517 $ 1,817 $ 1,004 $ 9,985 ESTIMATED FUND BALANCE FUND BALANCE - 01/01/2010 $ 2,853 $ 1,440 $ 1,997 $ 2,843 $ 388 $ 951 $ 622 $ 2,260 $ 1,091 $ 14,445 ADD: REVENUE 969 3 296 1,097 178 362 753 2,324 1,553 7,536 LESS: EXPENSE 1,962 745 1,039 2,143 258 751 877 2,839 1,682 12,296 RESERVED FUND BALANCE - - - - - - - - - - UNRESERVED FUND BALANCE 1,860 698 1,254 1,797 308 562 498 1,745 962 9,685 FUND BALANCE -12/31/2010 $ 1,860 $ 698 $ 1,254 $ 1,797 $ 308 $ 562 $ 498 $ 1,745 $ 962 $ 9,685 Page 4 of 4 TOWN OF ITHACA REVENUE and EXPENSE SUMMARY ANNUAL FINANCIAL REPORT UPDATE DOCUMENT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010 REVENUE GENERAL GENERAL HIGHWAY CAPITAL DESCRIPTION TOWNWIDE PART -TOWN PART -TOWN WATER SEWER PROJECTS $ 2,440,171 FUND FUND FUND FUND FUND FUNDS REVENUE $ 3,795,770 $ 1,080,583 $ 1,955,988 BUDGET $ 3,572,630 $ 1,124,013 $ 2,440,171 $ 2,966,149 $ 1,389,453 $ 208,900 ACTUAL & ACCRUED 3,572,630 1,124,013 2,440,171 2,966,149 1,389,453 208,900 OVER (UNDER) $ - $ - $ - $ - $ - $ - % EARNED 100.0% 100.0% 100.0% 100.0% 100.0% 100.00% % UNEARNED 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% EXPENSE 100.0% 100.0% 100.0% BUDGET $ 3,795,770 $ 1,080,583 $ 1,955,988 $ 2,607,958 $ 2,316,713 $ 565,868 ACTUAL & ENCUMBRANCE 3,795,770 1,080,583 1,955,988 2,607,958 2,316,713 565,868 OVER (UNDER) $ - $ - $ - $ - $ - $ - % EXPENDED 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% % UNEXPENDED 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% ESTIMATED RESERVED & UNRESERVED FUND BALANCE BEGINNING BAL - 01/01/2010 $ 2,913,932 $ 369,810 $ 397,477 $ 885,113 $ 1,523,577 $ (8,433) ACTUAL & ACCRUED ADD: REVENUE 3,572,630 1,124,013 2,440,171 2,966,149 1,389,453 208,900 LESS: EXPENSE 3,795,770 1,080,583 1,955,988 2,607,958 2,316,713 565,868 ENDING BALANCE - 12/31/2010 $ 2,690,792 $ 413,240 $ 881,661 $ 1,243,305 $ 596,317 $ (365,402) CASH and CASH EQUIVALENTS UNRESERVED CASH CASH IN SAVINGS $ 1,7069083 $ 301,963 $ 590,673 $ 1,133,333 $ 285,267 $ 313,208 CASH - SJC OPERATING - - - - 303,890 - PETTY CASH 725 - 200 - - - TOTAL UNRESERVED CASH $ 1,706,808 $ 301,963 $ 590,873 $ 1,133,333 $ 589,158 $ 313,208 RESERVED CASH PARKS & OPEN SPACE $ 579,002 $ - $ - $ - $ - $ - GENERAL PURPOSE BENEFIT 84,807 22,250 44,287 8,190 5,787 - HIGHWAY EQUIPMENT - - 27,190 - - - FIDUCIARY FUNDS - - - - - _ TOTAL RESERVED CASH $ 6639809 $ 22,250 $ 71,477 $ 8,190 $ 5,787 $ - TOTAL CASH @ 12/31/2010 $ 2,370,617 $ 324,213 $ 662,350 $ 1,141,524 $ 5949945 $ 313,208, Page 1 of 4 TOWN OF ITHACA REVENUE and EXPENSE SUMMARY ANNUAL FINANCIAL REPORT UPDATE DOCUMENT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010 REVENUE RISK FIRE LIGHTING DEBT TRUST & INLET DESCRIPTION RETENTION PROTECTION DISTRICT SERVICE AGENCY VALLEY 3,033,544 FUND FUND FUNDS FUND FUND CEMETERY REVENUE RESERVED & UNRESERVED FUND BALANCE BUDGET $ - $ 3,033,544 $ 7,536 $ 841,392 $ - $ 12,283 ACTUAL 841,392 - 12,283 - 3,033,544 12,296 7,536 :ENDING BALANCE -12/31/2010 $ 841,392 9,685 $ - 12,283 OVER(UNDER) $ - $ - $ - $ - $ - $ - % EARNED 100.0% 100.0% 100.0% 100.0% % UNEARNED 0.0% 0.0% 0.0% 0.0% EXPENSE BUDGET $ - $ 3,536,783 $ 12,296 $ 832,184 $ - $ 3,249 ACTUAL & ENCUMBRANCE - 3,536,783 12,296 832,184 - 3,249 OVER(UNDER) $ - $ - $ - $ - $ - $ - % EXPENDED 100.0% 100.0% 100.0% 100.0% % UNEXPENDED 0.0% 0.0% 0.0% 0.0% ESTIMATED RESERVED & UNRESERVED FUND BALANCE BEGINNING BAL - 01/01/2010 $ - $ 516,369 $ 14,445 $ 84,884 $ - $ - ACTUAL & ACCRUED ADD: REVENUE - 3,033,544 7,536 841,392 - 12,283 LESS: EXPENSES - 3,536,783 12,296 832,184 - 3,249 :ENDING BALANCE -12/31/2010 $ - $ 13,131 $ 9,685 $ 94,093 $ - $ 9,034 CASH and CASH EQUIVALENTS UNRESERVED CASH CASH IN SAVINGS $ - $ 409,370 $ 9,985 $ 94,092 $ - $ - CASH - SJC OPERATING - - - - - - PETTY CASH - - - - - - TOTAL UNRESERVED CASH $ - $ 409,370 $ 9,985 $ 94,092 $ - $ - RESERVED CASH PARKS & OPEN SPACE $ - $ - $ - $ - $ - $ - GENERAL PURPOSE BENEFIT - - - - - - HIGHWAY EQUIPMENT - - - - - - FIDUCIARY FUNDS - - - - 91,699 9,034 TOTAL RESERVED CASH $ - $ - $ - $ - $ 91,699 $ 9,034 TOTAL CASH @ 12/31/2010 $ - $ 409,370 $ 9,985 $ 94,092 $ 91,699 $ 9,034 Page 2 of 4 TOWN OF ITHACA REVENUE and EXPENSE SUMMARY for CAPITAL PROJECTS ANNUAL FINANCIAL REPORT UPDATE DOCUMENT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010 REVENUE BUDGET ACTUAL & ACCRUED OVER (UNDER) % EARNED % UNEARNED EXPENSE BUDGET ACTUAL & ENCUMBRANCE $ 153,516 $ 53,327 $ 153,516 53,327 100.0% 100.0% 0.0% 0.0% Completed Completed 1,705 $ 239 $ 69 $ 43 1,705 239 69 43 100.0% 0.0% $ 341,681 $ 119,734 $ 341,681 119,734 100.0% 100.0% 100.0% 0.0% 0.0% 0.0% $ 64,166 $ 40,288 64,166 40,288 OVER(UNDER) FUND H1 FUND H2 FUND H3 FUND H8 FUND H9 FUND H10 DESCRIPTION First Street Forest Home Warren Road Gateway Trail Trumansburg Hanshaw Road Interceptor Traffic Calming Walkway Water Main Water Main REVENUE BUDGET ACTUAL & ACCRUED OVER (UNDER) % EARNED % UNEARNED EXPENSE BUDGET ACTUAL & ENCUMBRANCE $ 153,516 $ 53,327 $ 153,516 53,327 100.0% 100.0% 0.0% 0.0% Completed Completed 1,705 $ 239 $ 69 $ 43 1,705 239 69 43 100.0% 0.0% $ 341,681 $ 119,734 $ 341,681 119,734 100.0% 100.0% 100.0% 0.0% 0.0% 0.0% $ 64,166 $ 40,288 64,166 40,288 OVER(UNDER) $ - $ - $ - $ - $ % EXPENDED 0.0% 100.0% 100.0% 0.0% 100.0% 100.0% % UNEXPENDED 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% ESTIMATED RESERVED & UNRESERVED FUND BALANCE BEGINNING BAL - 01/01/2010 $ (148,445) $ 25,522 $ (76,206) $ 86,355 $ 64,096 $ 40,245 ACTUAL and ACCRUED ADD: REVENUE 153,516 53,327 1,705 239 69 43 ADD: RETAINAGE - - - - - - LESS: EXPENSES - 341,681 119,734 - 64,166 40,288 ENDING BALANCE -12/31/2010 $ 5,071 $ (262,831) $ (194,236) $ 86,594 $ - $ - CASH and CASH EQUIVALENTS CASH ON HAND $ 5,071 $ 34,179 $ 187,364 $ 86,594 $ - $ - INVESTMENTS - - - - - - 'TOTAL CASH @ 12/31/2010 $ 5,071 $ 34,179 $ 187,364 $ 86,594 $ - $ Page 3 of 4 TOWN OF ITHACA REVENUE and EXPENSE SUMMARY for LIGHTING DISTRICTS ANNUAL FINANCIAL REPORT UPDATE DOCUMENT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010 REVENUE BUDGET FUND SL -1 FUND SL -2 FUND SL -3 FUND SL -4 FUND SL -5 FUND SL -6 FUND SL -7 FUND SL -8 FUND SL -9 TOTAL DESCRIPTION Forest Glenside Renwick Eastwood Clover Lane Winner's Burleigh Westhaven Coddington LIGHTING $ - $ - Home Heights Commons Circle Drive Road Road DISTRICTS REVENUE BUDGET $ 969 $ 3 $ 296 $ 1,097 $ 178 $ 362 $ 753 $ 2,324 $ 1,553 $ 7,535 ACTUAL & ACCRUED 969 3 296 1,097 178 362 753 2,324 1,553 7,535 OVER (UNDER) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - % EARNED 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% % UNEARNED 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% EXPENSE BUDGET $ 1,962 $ 745 $ 1,039 $ 2,143 $ 258 $ 751 $ 877 $ 2,839 $ 1,682 $ 12,296 ACTUAL & ENCUMBRANCE 1,962 745 1,039 2,143 258 751 877 2,839 1,682 12,296 OVER (UNDER) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - % EXPENDED 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% % UNEXPENDED 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% ESTIMATED FUND BALANCE BEGINNING BAL - 01/01/2010 $ 2,853 $ 1,440 $ 1,997 $ 2,843 $ 388 $ 951 $ 622 $ 2,260 $ 1,091 $ 14,445 ACTUAL & ACCRUED ADD: REVENUE 969 3 296 1,097 178 362 753 2,324 1,553 7,536 LESS: EXPENSE 1,962 745 1,039 2,143 258 751 877 2,839 1,682 12,296 .ENDING BALANCE - 12/31/2010 $ 1,860 $ 698 $ 1,254 $ 1,797 $ 308 $ 562 $ 498 $ 1,745 $ 962 $ 9,685 CASH and CASH EQUIVALENTS CASH (CHECKING/SAVINGS) $ 1,918 $ 722 $ 1,285 $ 1,839 $ 313 $ 570 $ 517 $ 1,817 $ 1,004 $ 9,985 INVESTMENTS - - - - - - - - - - TOTAL CASH @ 12/31/2010 $ 1,918 $ 722 $ 1,285 $ 1,839 $ 313 $ 570 $ 517 $ 1,817 $ 1,004 $ 9,985 Page 4 of 4