HomeMy WebLinkAboutMeeting Notes 2-28-18
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BUDGET COMMITTEE
Meeting Minutes - February 28, 2018
Committee present: Eric Levine - Chairman, Pat Leary, Pamela Bleiwas
Staff present: Mike Solvig, Judy Drake, Bruce Bates (departed 12:15), Paulette Rosa (departed 12:15)
Others present: Bill Goodman
Meeting was called to order at: 12:02 p.m.
AGENDA ITEMS:
• Review and approve January 17, 2018 meeting minutes.
Moved: Pamela Bleiwas Second: Pat Leary Motion Passed
• Discuss increasing hours for Codes Department Part-Time Administrative Assistant I position.
Judy Drake informed the Committee that our new part-time Administrative Assistant I started on
2/12, and has given notice she will be leaving to take a different job effective 2/22. As we will
have to begin the process to fill the position again, we also wanted to discuss increasing the hours
for this position from part-time 20 hours to full-time 37.5 hours. We would like to increase the
hours for two reasons:
1) The additional work load from the recently adopted ADU regulations and expected short-
term rental requirements will take up the additional 17.5 hours per week. Staff was
expecting to recommend increasing the hours for this position to full-time in 2019.
2) It is easier to fill a full-time position. Our top candidate from the previous interviews
turned the position down because it was not full-time. The remaining candidates on the
Civil Service list were interviewed, and Town staff was not impressed with these
candidates. It is thought that increasing the hours would generate increased interest in the
position.
The budget implications in increasing the hours from part-time to full-time are minimal. Due to
the amount of time the position was/will be open in 2018, we would need to increase the budget
by only $7,500 to fund the position at full-time for the remainder of 2018.
Pat Leary commented that as long as staff was going to recommend increasing the position to full-
time in 2019, she would support making the change this year. Bill Goodman also spoke in favor of
changing this position to full-time. After a short discussion the Budget Committee indicated their
support to increase the hours of the Administrative Assistant I position to full-time for the
remainder of 2018.
• Financial Report for the Year Ended December 31, 2017.
The Committee reviewed the Financial Report for the Year Ended December 31, 2017. The
financial results for Fiscal Year 2017 were generally positive, with fund balances increasing in most
funds. Fund balances decreased in the Sewer Fund, Risk Retention Fund, Debt Service Fund and
Capital Project Funds. The Inlet Valley Cemetery Fund was closed in late 2017. For all funds,
combined revenues and other sources of $21,401,768 exceeded combined expenditures and other
uses of $20,935,434.
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2017 also saw revenue from sales tax collections increase 6.0% over collections for the prior year.
Total collections of $3,184,969 in 2017 set a new historical high for sales tax revenues, surpassing
the previous historical high total of $3,135,084 received in 2014.
For the major funds, results of 2017 operations were as follows:
- GENERAL TOWNWIDE FUND - Fund balance increased by $359,670, with revenues of $4,670,449 exceeding
expenditures of $4,310,780. Ending fund balance totaled $3,997,009, which includes reserves of
$827,661 for the Parks, Recreation and Open Space Plan account, $165,444 for the General Benefit
Reserve, $40,129 for the Preserve Maintenance account, $9,844 for the Land Stewardship account, and
$4,421 for the Inlet Valley Cemetery. The unreserved fund balance of $2,949,510 represents 59.2% of
2018 budgeted appropriations.
- GENERAL PART-TOWN FUND - With revenues of $1,681,221 exceeding expenditures of $1,472,969, fund
equity increased by $208,253. Revenues exceeded budget due largely to increased receipts from sales
tax collections. Expenses were significantly under budget for contractual services . Year-end fund
balance of $1,072,764 includes $69,389 for the General Benefit Reserve. The unreserved fund balance
of $1,003,374 represents 53.0% of 2018 budgeted appropriations .
- HIGHWAY PART-TOWN FUND - Revenues of $3,736,781 exceeded expenditures of $3,268,748, increasing
year-end fund balance by $468,033. Revenues were higher than expected, helped by increased receipts
from sales tax collections, the sale of surplus equipment, $180,000 from the Badger Equipment
settlement, and state aid (CHIPS). Ending fund balance of $2,267,511 includes $250,000 for the
Highway Equipment account and $79,322 for the General Benefit Reserve. Unreserved fund balance
totals $1,938,189 or 50.5% of 2018 budgeted appropriations .
- WATER FUND - Fund equity increased by $172,578 as revenues of $3,982,779 exceeded expenditures
totaling $3,810,201. Revenues from metered water sales were under budget, as were expenditures for
purchasing water from Bolton Point. The ending fund equity of $2,820,416 includes $23,811 for the
General Benefit Reserve. The unreserved fund equity of $2,796,604 represents 67.8% of 2018
budgeted appropriations.
- SEWER FUND - With expenditures of $2,531,486 exceeding revenues of $2,479,228, fund equity
decreased by $52,259. Revenues from sewer rents were under budget, while expenditures for the
Town’s share of annual IAWTTF debt service payments exceeded budget. The ending fund equity of
$2,838,426 includes $12,034 for the General Benefit Reserve and $1,509,746 for the SJC Projects
account. The unreserved fund equity of $1,316,646 represents 39.9% of 2018 budgeted appropriations.
- FIRE PROTECTION DISTRICT FUND - With revenues of $3,531,788 exceeding expenditures of $3,110,674, fund
balance increased by $421,114 to total $2,078,827 at year-end. The year-end fund balance represents
61.5% of 2018 budgeted appropriations.
The reserve funds and accounts are in very good shape as of year-end, and were reviewed by the
Budget Committee at the January meeting.
• Report on Sales Tax and Mortgage Tax Collections for 2017.
- Sales Tax Collections: The Committee reviewed the Sales Tax Collections Report for the Year
Ended December 31, 2017. Collections in 2017 totaled $3,184,969, an increase of $181,026 or
6.0% over the 2016 total of $3,003,943. This reverses a two -year trend in 2015 and 2016
where collections fell short of the total for the prior year. 2017 also sets a new historical high
for sales tax collections, surpassing the previous historical high total of $3,135,084 received in
2014. Sales tax revenues are distributed between the General Townwide Fund, General Part-
Town Fund and Highway Part-Town Fund.
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Sales Tax - Budget 2,650,000$ 2,750,000$ 2,825,000$ 2,885,000$ 3,000,000$ 3,000,000$
Sales Tax - Actual 2,907,213 2,990,863 3,135,084 3,067,336 3,003,943 3,184,969
Actual Over (Under) Budget 257,213$ 240,863$ 310,084$ 182,336$ 3,943$ 184,969$
Actual as % of Prior Year Actual 103.48%102.88%104.82%97.84%97.93%106.03%
SALES TAX COLLECTIONS 2012 2013 2014 2015 2016 2017
- Mortgage Tax Collections: Mr. Solvig reported that collections for 2017 totaled $279,791, a
2.2% decrease from the $286,227 collected in 2016. This was the second year where total
collections decreased from the prior year.
Mortgage Tax - Budget 200,000$ 220,000$ 250,000$ 350,000$ 300,000$ 250,000$
Mortgage Tax - Actual 279,560 313,999 329,274 429,760 286,227 279,791
Actual Over (Under) Budget 79,560$ 93,999$ 79,274$ 79,760$ (13,773)$ 29,791$
Actual as % of Prior Year Actual 112.71%112.32%104.86%130.52%66.60%97.75%
2014 2015 2016 2017MORTGAGE TAX COLLECTIONS 2012 2013
• Discuss 2018 Bond Issue.
The Town is scheduled to issue new long-term debt this year to finance water infrastructure
projects from the 2016, 2017 and 2018 Capital Improvement Programs. The Trumansburg Water
Tank and Park Lane Water Main projects were constructed in 2016, the Sapsucker Woods Water
Main and Christopher Circle Water Main projects were constructed in 2017, and the Ellis Hollow
Water Tank/Water Main project is out for bid and will be constructed this year. We anticipate
issuing approx. $4,850,000 in new debt as detailed on the following schedule:
Amount Amount Issuance
Authorized Bonded Costs
Trumansburg Road Water Tank 900,000$ 700,000$ 5,200$
Park Lane Water Mains 500,000 500,000 3,700
Sapsucker Woods Water Mains 579,598 500,000 3,700
Christopher Circle Water Mains 422,319 400,000 3,000
Ellis Hollow Water Tank / Water Main 2,750,000 2,750,000 20,400
Total - 2018 Bond Issue 5,151,917$ 4,850,000$ 36,000$
2018 Public Improvement Bonds
The estimated issuance costs of $36,000 represent 0.74% of the expected bond proceeds.
Amount
Bond Attorney - Orrick, Herrington & Sutcliffe 12,500.00$
Bond Advisors - Fiscal Advisors & Marketing, Inc.8,500.00
Bond Rating - Moody's Investors Services 12,500.00
Printing & Mailing - Premier Printing Services 2,500.00
Total Estimated Bond Issuance Costs:36,000.00$
Estimated Bond Issuance Costs
While assuming the bonds will be issued for a 15 year term, Mr. Solvig also wanted to inform the
Committee of the financial implications of a 10 year term.
- 15 YEAR MATURITY: Estimated interest rate at an average of 2.75% over the 15 year life of the
bonds. The average annual debt service payment is approx. $400,000. Total interest paid over
the life of the bonds is estimated at $1,150,000. Final payment would be made in 2033.
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- 20 YEAR MATURITY: Estimated interest rate at an average of 2.90% over the 20 year life of the
bonds. The average annual debt service payment is approx. $324,500. Total interest paid over
the life of the bonds is estimated at $1,633,500. Final payment would be made in 2038.
Mr. Solvig also informed the Committee that the Town will continue using Orrick, Herrington &
Sutcliffe LLP of New York (Douglas E. Goodfriend) as our Bond Counsel, and Fiscal Advisors and
Marketing, Inc. of Syracuse (John Shehadi) as our Bond Advisor.
• Review Long-Term Debt and Debt Service Projections.
The Committee reviewed the Long-Term Debt and Debt Service Projection schedules for Fiscal
Years 2018 through 2030. Future fiscal year debt projections include those capital projects
identified in the Town’s Capital Improvement Plan (up to and including Fiscal Year 2022) to be
financed by issuing new long-term debt, with the amount of the debt to be issued equal to the
current estimated cost of the project. Interest rates, which have remained historically low over
the past six years, have started to increase. Average interest rates for the Town’s 2011, 2013 and
2014 bond issues have all been slightly less than 3%. Interest rate for the 2015 bond issue was just
over 2%.
Total outstanding long-term debt increases from $10,769,000 at year-end in 2017 to an estimated
$17,625,000 at year-end in 2022. Of this total, $1,191,000 is for facilities improvements,
$1,265,000 is for highway improvements, and the remaining $15,169,000 for water infrastructure
improvements.
Total annual debt service payments (principal and interest) increase from $1,403,000 in 2017 to
an estimated $2,271,000 in 2022. Of this total, $279,300 is for facilities improvements, $260,400
is for highway improvements, and the remaining $1,731,300 for water infrastructure
improvements.
• Other Items.
- 2018 Justice Court Assistance Program (JCAP) Grant: The Town received a check from the
State in the amount of $1,039.92 for the 2018 JCAP Grant. This year’s grant will allow the
Ithaca Town Court to purchase a new bookcase for Judge Klein’s office.
- Update on replacement of Court Clerks’ furniture: Town Court personnel are working with
Stevens Office Interiors of Syracuse to develop a new furniture plan and cost estimate. Once
these are completed, they will return to the Budget Committee for further discussion. Stevens
Office Interiors is also working with Public Works to add an additional workstation for the new
Civil Engineer in the office area at the Public Works Facility.
- Audit of 2017 Financial Statements: Auditors from Sciarabba Walker & Co. will be here on
March 26 & 27 for preliminary field work. Field work is scheduled for the first week of May.
No schedule has been set yet for the Court audit.
- Moody’s Annual Bond Rating Update: Mr. Goodman shared with the Committee a copy of the
annual update to the Town’s profile by Moody’s Investors Service. The report was in the
correspondence folder at the last Town Board meeting.
The meeting was adjourned at 1:03 p.m.
TOWNOFITHACABUDGETCOMMIUEEWednesday,February28,2018-12:00p.m.TownHall-AuroraConferenceRoomAGENDA•ReviewandapprovemeetingnotesfromJanuary17,2018.•DiscussincreasinghoursforCodesDepartmentPart-TimeAdministrativeAssistant1position—currentlybudgetedfor20hoursperweek.•FinancialReportfortheYearEndedDecember31,2017(subjecttoaudit).•Reporton2017SalesTax&MortgageTaxCollections.•Discussionof2018BondIssue.•ReviewofLong-TermDebtandDebtServiceschedules.•OtherItemsNextMeeting:Wednesday,March21,2018at12:00p.m.
BUDGETCOMMITTEEDraftMeetingMinutes-January17,2018Committeepresent:EricLevine-Chairman,PatLeary,PamelaBleiwasStaffpresent:MikeSolvig,JudyDrake,ShannonSanziOtherspresent:BillGoodmanMeetingwascalledtoorderat:12:02p.m.AGENDAITEM5:•ReviewandapproveSeptember20,2017meetingminutes.Moved:PatLearySecond:PamBleiwasMotionPassed•DiscussthepurchaseofnewfurnitureforIthacaTownCourtoffice.BillGoodmaninformedthecommitteethatthequestionofpurchasingnewfurniturefortheCourtofficewasbroughtupattheEmployeeRelationsCommittee.Asnofundswereappropriatedinthe2018Budgetforthispurpose,hesuggestedthatthequestionbebroughttotheBudgetCommittee.ShannonSanzi,CourtClerk,describedsomeofthedifficultieswiththeTownCourtofficeandcurrentfurniture:-TheTownCourtofficeissmallfortwojudgesandtwocourtclerks,thelimitedspaceavailableforthecourtclerks’originaldesksandfilingcabinetsrequiredthedesks/worksurfacebelessthandesirable,andwerepositionedsotheclerksworkeddirectly“behind”eachother,causingthemthefrequentlybumpintoeachother.-AstheNYSCourtSystemmovestowardapaperlesssystem,theequipmentsuppliedbyNYShastakenupmoreoftheworksurface,leavinglessforthecourtclerkstoworkon.-Thetransitiontothepaperlesssystemmakesmostofthefilecabinetsunnecessary,whichwouldallowforlargerdesks.However,thecurrentfurniturecannotbeeasilyexpanded.-Courtpersonnelwouldliketohavevariableheightdesksthatallowforworkingwhilesittingorstanding,similartothedesksusedintherecentrenovationofTownHall.Thesedesksarenotcompatiblewiththecurrentfurniture.Afterdiscussion,itwastheconsensusoftheCommitteefortheTownCourttoworkwithafurniturecontractortodevelopanacceptableplanandcostestimate,andbringthesebacktotheBudgetCommitteeforfurtherdiscussion.•Set2018BudgetCommitteemeetingdates.BudgetCommitteemeetingsin2018willbeheldthethirdWednesdayofeachmonth.Meetingswillbeginat12:00noon,andwillbeheldatTownHallintheAuroraRoom.Thecommitteereviewedandapprovedtheproposedmeetingschedulefor2018withthefollowingchanges:-FebruarymeetingmovedtoFebruary28duetoconflictwithAssociationofTownsmeeting.-SeptembermeetingmovedtoSeptember12.1
•Discuss2018BudgetCommitteepriorities.Mr.GoodmanstatedthathewouldliketoaddestablishingsidewalkdistrictstothelistofBudgetCommitteeprioritiesin2018toraiserevenuetofundfuturesidewalkprojects.TheuseofdistrictswillallowtheTownto“tax”otherwiseexemptproperties,suchasCornellUniversityandIthacaCollegeproperties.Hewouldalsoliketoexploreestablishingparkandrecreationdistrictsinafutureyear.Thecommitteeidentifiedthefollowingtopicsasprioritiesfor2018:-ReviewReserveFundsandAccounts,settingmaximumbalanceswhereappropriate.-2018BondIssue—includesnewEllisHollowWaterTank&WaterMains.-ReviewTown’sLong-TermDebt.-Five-YearFinancialProjections2018-2022.-ReviewoftheTownsvoluntarycontributionstocommunityorganizations.-EstablishSidewalkDistrictswithintheTown.-PropertyTaxCapforFY-2019.-Five-YearCapitalImprovementPlanand2019CapitalBudget.-2019IthacaTownBudget.•DiscussTown’sReserveFundsandAccounts.ThecommitteereviewedanddiscussedthereportontheTown’sreservefundsandaccounts.-Parks,RecreationandOpenSpacePlanAccount:TheFundBalanceoftheGeneralTownwideFundincludesfundsdesignatedforthepurposeoffutureparkdevelopmentandthepurchasingofdevelopmentrights,asoutlinedintheTown’sPark,RecreationandOpenSpacePlan,asadoptedonDecember12,1997.Asof1/01/17,thebalanceofthisaccountwas$726,866.DuringFY-2017thisaccountwasincreasedbya$100,000re-designationoffundbalance,plus$795ininterestincome.Therewerenoexpenditures.Thebalanceofthisaccountasof12/31/17was$827,661.ThisaccountisfundedbytheTownBoardmakinganannualre-designationofaportionoftheFundBalanceoftheGeneralTownwideFundfromunreservedtoreserved.Additionalincomeisreceivedfrominterestearnings.Anadditional$100,000inunreservedfundbalancewasdesignatedasreservedforthispurposebytheTownBoardonJanuary8,2018(ResolutionNo.2018-022g).-GeneralBenefitReserveAccount:ThefundbalancesintheGeneralTownwideFund,GeneralPart-TownFund,HighwayPart-TownFund,WaterFund,andSewerFundincludesreservesestablishedformanagingunanticipatedincreasesinemployeefringebenefitcosts(e.g.NYSEmployeeRetirementSystem,HealthInsurance).Theaggregatebalanceofthisaccountasof12/31/17was$350,000.Thebalancebyfundisasfollows:GeneralTownwideFund$165,444GeneralPart-TownFund69,389HighwayPart-TownFund79,322WaterFund23,811SewerFund12,034Total-BenefitReserve:$350,0002
In2015theTownBoardsetthemaximumforthisaccountat$350,000,withthebalanceinexcessofthemaximumatyear-endtobereturnedtotheunreservedfundequityofthehostfunds.-PreserveMaintenanceAccount:TheGeneralTownwideFundincludesfundsdesignatedforthemaintenanceofthePineTreeWildlifePreserve,donatedtotheTownbyalocalfamilyin2013.Inconjunctionwiththedonationoftheland,theamountof$40,000wasprovidedforfuturemaintenanceofthepreserve.Asof12/31/17thebalanceofthisaccounttotaled$40,129.Futureincomeforthisaccountwillbelimitedtointerestearnings.-LandStewardshipAccount:In2014theTownpurchasedthedevelopmentrightstotheIndianCreekFarmwithfinancialassistancethroughaStateofNewYorkgrant.Thisgrantincluded$10,000tobeheldbytheTown,designatedforthestewardshipoftheIndianCreekFarmlands.Fortheyearended12/31/17,thebalanceofthisreservetotaled$9,844.Futureincomeforthisaccountwillalsobelimitedtointerestearnings.InletValleyCemeteryAccount:In2017theInletValleyCemeteryExpendableTrustFundwasclosedandtheremainingassetstransferredtotheGeneralTownwideFund.TheremainingbalancewillbeusedbytheTowntomaintainthecemetery.Asof12/31/17,thebalanceofthisaccounttotaled$4,421.-HighwayEquipmentAccount:ThefundbalanceoftheHighwayPart-TownFundincludesfundssetasideforthepurchase/replacementofhighwayequipmentandmachinery.Thebalanceasof12/31/17was$250,000.Thisreserveisfundedbysaleofsurplusmachineryandequipment,withadditionalincomefrominterestearnings.Thebalanceinthisaccountasof1/01/17was$62,516.DuringFY-2017,revenuestothisaccountincluded$130,649fromtheBadgerEquipmentsettlement,$56,700receivedfromthesaleofsurplusequipment,and$135ininterestincome.Balanceofthisaccountasof12/31/17was$250,000.In2015theTownBoardsetthemaximumforthisaccountat$250,000,withfundsfromthesaleofsurplusmachineryandequipmentinexcessofthemaximumtobedepositedtotheunreservedfundbalanceoftheHighwayFund.RiskRetentionFund:Thisfundisusedtoaccountforexpendituresfor1)directemployeehealthandwellnessexpenditures,includingwork-relatedemergencyroomandclinichealthcarevisits,and2)repairstoequipmentandfacilitiesnotcoveredbyinsuranceoruntilreimbursementfrominsuranceisreceived.Incomeforthisfundisderivedfromannualbudgetedinter-fundtransfers,plusinsurancerecoveriesandinterestincome.Fundbalancewas$151,899asofDecember31,2017.In2015theTownBoardestablishedthemaximumfundbalanceoftheRiskRetentionFundbesetat$150,000,withanyamountinexcessofthemaximumatyear-endtobereturnedtotheunreservedfundequityofthecontributingfunds.Mr.SolvigexplainedthattheGeneralFunds,HighwayFund,WaterFundandSewerFundareeachbudgetedtotransfer$3,000(atotalof$15,000)totheRiskRetentionFundin2018.Hisrecommendationwouldbetodelaythe2018transferstoyear-end.Atthattime,dependingontheactual2018expendituresfromtheRiskRetentionFund,theTowncouldmakethenecessaryadjustmentstothetransferstobringtheyear-endfundbalanceto$150,000.3
-SicAcwuntinSewerFund:TheFondBalanceoftheSewerFundincludesfundsdesignatedforSiCpurposes.In2015the5epurposesweredefinedbytheTownBoardas1)topayforexpendituresrelatedtotheimprovementofjointly-ownedsewerinterceptorlines,and2)topaytheTown’sshareoftheCityofIthaca’sbondeddebtissuedtopayforIthacaAreaWastewaterTreatmentFacility(IAWWTF)improvements.Thebalanceinthisaccountasof12/31/17totaled$1,509,746.1)jointly-ownedSewerInterceptorLines:InterceptorsewersconveysewagefromtheTownthroughtheCityofIthacafortreatmentattheIAWWTF.TheseinterceptorsewersarejointlyownedwiththeCity,andtheTownisresponsibleforaportionofthemaintenanceandreplacementcostsoftheselines.ThereplacementoftheStateStreetInterceptoristhelastoffiveprojectsoriginallyagreedtobetweentheTownandCity.$300,000oftheSicaccountbalancehasbeendesignatedtopayforfutureimprovementofjointly-ownedsewerinterceptorlines.2)IAWWTFBondedDebt:In2015,TheTownBoarddetermineditwouldbeprudentfortheTowntodesignatefundstopaypartofthisdebtintheeventoffutureeconomichardships,andthatsuchfundswouldbeinanamountequalto25%oftheTown’sshareofoutstandingIAWWTFdebtatyear-end.Asof12/31/17,theamountavailableintheSICaccountwas$1,209,746.UpdateonSalesTaxandMortgageTaxCollectionsthroughNovember2017.SalesTaxCollections:TheCommitteereviewedtheSalesTaxCollectionsReportfor2017throughNovember.Mr.SolviginformedtheCommitteethattheTownhasnotyetreceivedtheDecemberpayment,butifitisaboutthesameasthepasttwoyears,collectionsfortheyearwouldtotalabout$3,132,000.Thiswouldbea4.3%increaseoverthe$3,003,943collectedin2016.MortgageTaxCollections:Mr.Solvigreportedthatcollectionsfor2017totaled$279,791,a2.2%decreasefromthe$286,227collectedin2016.Thiswasthesecondyearwherecollectionsdecreasedfromtheprioryear.Themeetingwasadjournedat12:58p.m.NextMeeting:Wednesday,February28,2018at12:00pm,TownHall-AuroraRoom4
TownofIthacaBudgetCommittee2018MeetingScheduleBudgetCommitteemeetingsareheldmonthly,scheduledforthethirdWednesdayofthemonth.Meetingswillbeginat12:00noon,andwillbeheldatTownHallintheAuroraRoom.January17:Setmeetingschedulefor2018.DiscussCommitteeprioritiesfor2018.ReviewanddiscussTown’sReserveFunds/Accounts.February28:(4ttWednesday)PreliminaryFinancialReportfortheYearEndedDecember31,2017.Reporton2017SalesTax&MortgageTaxCollections.Discuss2018BondIssue.March21:FinancialReportfortheYearEndedDecember31,2017.Continuediscussionof2018BondIssue(ifneeded).ReviewFive-YearFinancialProjectionsfor2018-2022.April18:ContinuereviewofFive-YearFinancialProjectionsfor2018-2022.ReviewofLong-TermDebtandDebtServiceschedules.May23:(4thWednesday)ReviewFive-YearCapitalImprovementPlanfor2019-2023.ReviewanddiscusstheCapitalBudgetProcess.June27:(4thWednesday)ContinuereviewofFive-YearCapitalImprovementPlanfor2019-2023.DiscussPropertyTaxCapOverrideforFY-2019.July18:ContinuereviewofFive-YearFinancialProjections.DiscussFY-2019PropertyTaxCap.DiscusspossibleincreasetowagescaleforFY-2019.August15:ReviewTentative2019Budget.September12:(2’dWednesday)ReviewTentative2019Budget.October17:IfNeeded—nomeetingscheduled.November:NoMeetingDecember:NoMeeting5
AdministrativeAssistantISalaryandBenefitcostsestimates.56.5$1,084.24$82,94$$$subtotal$1,167.18Remaining$39,737.46Increaseincosttogofrom20hoursto30hoursperweek.$9,978.80wagesonly$12,388.68WagesandbenefitsIfnewpersonstartsby3118/18wouldneedadditionaltunds.Totalbudgetlessused$hours40wksFica/MedicareHealthinsApr-DecAetirementWorkComp_______________Increaseincosttogofrom20hoursto37.5hoursperweek.$17,462.90wagesonly$21,680.19WagesandbenefitsIinewpersonstartsby3/18/18wouldneedadditionalfunds.hours40wksFica/MedicareHealthinsRetirementWorkComp20Hours-budgettedWeeksofPayMonthsWageHoursWklyrateAnnualized52$19.1920$383.80$19,957.60$19,957.60Rates:Total:EstimatedGrossIncome$19,957.60SocialSecurity6.20%$1,237.37Medicare1.45%$289.39NYS&LRetirementPension16.00%S3,193.22NYS&LRetirement41Jsickleave0.20%S39.92HealthInsurance-15%PlatS1,559.2215,904.08ShortTermDisabilityInsurance$79.20LifeInsurance$50,000value$12/month$144.00FlexSpendingAccount$4.35/month$-Workers’Compensation$0.30$59.8712Tier#6$233.88BudgetimpactsTotalbudgethoursusedFica/MedicareHealthinsRetirementWorkComp$40,904.64rate:ITotalEstimatedBenefit:$40,904.6439,737.4630hoursWeeksofPayWageHoursWklyrateAnnualized52Months$19.1930$575.70$29,936.40$29,936.4012Rates:Total:EstimatedGrossIncomeS29,936.40SocialSecurity6.20%$1656.06Medicare1.45%$434.08Tier4NYS&LRetirementPension16.00%$4,789.826NYS&LRetirement41Jsickleave0.20%$59.87HealthInsurancepermonth$1,559.2215,904.08$233.88ShortTermDisabilityInsurance$79.20LifeInsurance$25,000value$121month$144.00FlexSpendingAccount$4.35/monthSWorkers’Compensationrate:$0.30$89.81ITotalEstimatedBenefit:$53,293.32fulltime37.5hoursWeeksofPayWageHoursWk(yrateAnnualized52Months$19.1937.5$719.63$37,420.50$37,420.5012Rates:Total:EstimatedGrossIncome$37,420.50SocialSecurity6,20%$2,320.07Medicare1.45%$542.60Tier#NYS&LRetirementPension16.00%$5,987.286NYS&LRetirement41Jsickleave0,20%$74.84HealthInsurancepermonth$1,559.2215,904.08$233.88ShortTermDisabilityInsurance$79.20LifeInsurance$25,000value$12/month$144.00FlexSpendingAccount$4.35/month$-Workers’Compensationrate:$0.30S112.26ITotalEstimatedBenefit:$62,584.831200$23,028.0051,761.64$11,928.06S3,592.37$67.36subtotal$40,377.43Remaining$(639.97)TotalbudgetlessusedS23,028.001500$28,785.00$2,202.05Apr-Dec$11,928.06$4,490.46S84.20subtotal$47,489.77RemainingS(24461.77)
TOWNOFITHACA215N.TiogaStreet,Ithaca,N.Y.14850www.town.ithaca.ny.usFINANCEANDBUDGET-(607)273-1721FAX-(607)273-1704Date:February21,2018Memoto:EricLevine,Chairman,andMembersoftheBudgetCommitteeFrom:MichaelT.Solvig,FinanceOfficerSubject:FinancialReportfortheFiscalYearEndedDecember31,2017ThefinancialresultsforFiscalYear2017weregenerallypositive,withfundbalancesincreasinginmostfunds.FundbalancesdecreasedintheSewerFund,RiskRetentionFund,DebtServiceFundandCapitalProjectFunds.TheInletValleyCemeteryFundwasclosedinlate2017.Forallfunds,combinedrevenuesandothersourcesof$21,401,768exceededcombinedexpendituresandotherusesof$20,935,434.2017alsosawrevenuefromsalestaxcollectionsincrease6.0%overcollectionsfortheprioryear.Totalcollectionsof53,164,969in2017setanewhistoricalhighforsalestaxrevenues,surpassingtheprevioushistoricalhightotalof53,135,084receivedin2014.ResultsofFiscalYear2017OperationsbyFund:•GENERALTOWNWIDEFUND-Fundbalanceincreasedby$359,670,withrevenuesof$4,670,449exceedingexpendituresof54,310,780.Endingfundbalancetotaled$3,997,009,whichincludesreservesof5827,661fortheParks,RecreationandOpenSpacePlanaccount,5165,444fortheGeneralBenefitReserve,$40,129forthePreserveMaintenanceaccount,S9,844fortheLandStewardshipaccount,and$4,421fortheInletValleyCemetery.Theunreservedfundbalanceof$2,949,510represents59.2%of2018budgetedappropriations.•GENERALPART-TOWNFUND-Withrevenuesof$1,681,221exceedingexpendituresof$1,472,969,fundequityincreasedby$208,253.Revenuesexceededbudgetduelargelytoincreasedreceiptsfromsalestaxcollections.Expensesweresignificantlyunderbudgetforcontractualservices.Year-endfundbalanceof$1,072,764includes$69,389fortheGeneralBenefitReserve.Theunreservedfundbalanceof$1,003,374represents53.0%of2018budgetedappropriations.•HIGHWAYPART-TOWNFUND-Revenuesof$3,736,781exceededexpendituresof$3,268,746,increasingyear-endfundbalanceby$468,033.Revenueswerehigherthanexpected,helpedbyincreasedreceiptsfromsalestaxcollections,thesaleofsurplusequipment,$180,000fromtheBadgerEquipmentsettlement,andstateaid(CHIPS).Endingfundbalanceof$2,267,511includes$250,000fortheHighwayEquipmentaccountand$79,322fortheGeneralBenefitReserve.UnreservedfundbalancetotalsSi,938,169or50.5%of2018budgetedappropriations.•WATERFUND-Fundequityincreasedby5172,578asrevenuesof$3,982,779exceededexpenditurestotaling$3,810,201.Revenuesfrommeteredwatersaleswereunderbudget,aswereexpendituresforpurchasingwaterfromBoltonPoint.Theendingfundequityof$2,820,416includes$23,611fortheGeneralBenefitReserve.Theunreservedfundequityof$2,796,604represents67.8%of2018budgetedappropriations.•SEWERFUND-Withexpendituresof$2,531,486exceedingrevenuesof$2,479,228,fundequitydecreasedby$52,259.Revenuesfromsewerrentswereunderbudget,whileexpendituresfortheTown’sshareofannualIAWUFdebtservicepaymentsexceededbudget.Theendingfundequity1
of$2,638,426includes$12,034fortheGeneralBenefitReserveandSi509,746fortheSiCProjectsaccount.Theunreservedfundequityof$1316,646represents39.9%of2018budgetedappropriations.•CAPITALPROJECTFUNDS-AsofJanuary1.2017,theTownofIthacahadeight(8)activecapitalprojectfundswithacombinedfundbalanceof($561,811).TheHanshawRoadWalkwayandPineTreeRoadWalkwayprojectswerecompletedandclosed,andtheStateRoute96BSidewalkprojectopenedin2017.Fundbalanceatyear-endtotaled($1,454,426).Thisnegativefundbalancewillbeaddressedwhenthe2018PublicImprovement(Serial)Bondsareissued,afterwhichtour(4)oftheprojectsshownbelowwillbeclosed.Beginning20172017EndingCapitalProjectFundFundBalanceRevenuesExpendituresFundBalanceHanshawRoadWalkway$100,679$63100,742$-PineTreeRoadWalkway69,9582469,982-stateRoute968Sidewalk-95,505-95,505GatewayTrail72,52218115772,546SandBankRoadlmprvmnts360,180283-360,462TrumansburgWalerTank(698,786)--(698,786)ParkLaneWaterMain(465,621)--(465,621)SapsuckerWoodsWalerMain(48)-456,085(456,134)ChristopherCircleWalerMain(695)-361,704(362,399)Total-CapitalProjectFundsS(561,811)S96,056$988,6705(1,454,426)•RISKRETENTIONFUND-Withexpendituresof$15,329exceedingrevenuesof$127,fundbalancedecreasedfrom$166,908in2016to$151,704in2017.Thisdecreasewasplannedtobringtheyear-endfundbalanceclosertothe$150,000targetSetbytheTownBoardin2016.•FIREPROTECTIONDISTRICTFUND-Withrevenuesof83,531,788exceedingexpendituresof$3,110,674,fundbalanceincreasedby$421,114tototal$2.078,827atyear-end.Theyear-endfundbalancerepresents61.5%of2018budgetedappropriations.•LIGHTDISTRICTFUNDS-Fundequityatyear-endforalllightdistrictfundsincreasedto$8,809.Theresultsof2017operationsforindividualdistrictsarepresentedonthetableshownbelow.LightDistrictFundBeginning20172017EndingFundBalanceRevenuesExpendituresFundBalanceForestHomeLightDistrict$170$6,003$4,382$1,790GlensideLightDistrict5661,301967899RenwickHeightsLightDistrict8331,1011,177757EastwoodCmmnsLightDist1,0002,5022,4361,066CloverLaneLightDistrict156300288168Winne?sCircleLightDistrict432801892341BurleighDriveLightDistrict5711,101981691WesthavenRoadLightDistrict1,3543,5033,0931764CoddingtonRoadLightDistrict7662,4021,8371,331Total-LightDistrictFunds$5,848$19,013$16,053$8,809•INLETVALLEYCEMETERYFUND—Thisfundwasclosedin2017,withtheremainingcashequityof$4,421transferredtotheGeneralTownwideFund.•DEBTSERVICEFUND-Withdebtserviceandotherexpendituresof$1,406,105exceedinginterfundtransfersandotherrevenuestotaling$1,204,323,fundequitydecreasedby$201,782tototal$228,120atyear-end.Theyear-endfundbalancerepresents17.0%ofappropriationsbudgetedfor2018.2
TOWN OF ITHACA
SCHEDULE OF REVENUES AND EXPENDITURES -BUDGET TO ACTUAL
FOR THE FISCAL YEAR ENDED DECEMBER 31.2017
GENERAL TOWNWIOE FUND
BUDGET ACTUAL BUDGET ACTUAL
GENERAL PART-TOWN FUND
3,052,000
54,000
95,000
16,700
96,851
6,000
28,350
12,500
280,000
15,000
274,000
3,930,40T
580,900
580,900
4,511,301
950,000
68,000
415,250
500
100,000
115.650
3,052,000
60,966
100,000
16,747
101,496
6,598
30,673
11,165
224,402
5,907
65,219
339,612
4,014,785
655,665
665,665
4,670,449
1,000,000
81,168
380,166
950
100,000
118,756
HIGHWAY PART-TOWN FUND WATER FUND SEWER FUND CAPITAL PROJECTS FUNDS
BUDGET ACTUAL BUDGET ACTUAL BUDGET ACTUAL BUDGET ACTUAL
1,250,000 1,250,000 8,600 8,600 9,600 9,600 --
--883,736 883,736 192,230 192,230 --
1,955,000 2,084,969 -----
-3.287.000 3,076,546 2,413,500 2,265,994 --
10000 15,214 -405 ----
2.500 2,661 2,000 1,255 2,000 3,403 -431
25,000 240,207 -11,832 ----
-11,149 -405 -8,000 -126
74,000 132,581 ------
REVENUES:
REAL PROPERTY TAXES
REAL PROPERTY TAX ITEMS
SALES TAX
FRANCHISE TAX
DEPARTMENTAL INCOME
INTERGOVERNMENTAL CHRG
INTEREST INCOME
RENTAL INCOME
LICENSES AND PERMITS
FINES AND FORFEITURES
PROPERTY SALEMECOVERY
LOCAL SOURCES
STATE SOURCES
FEDERAL SOURCES
TOTAL REVENUES
INTERFUND TRANSFERS
PROCEEDS OF OBLIGATIONS
TOTAL OTHER SOURCES
REVENUE &OThER SOURCES
EXPENDITURES:
GENERAI GOVERNMENT
PUBLIC SAFETY
HEALTH &WELLNESS
TRANSPORTATION
CULTURE &RECREATION
HOME &COMMUNITY SRVC
EMPLOYEE BENEFITS
DEBT SERVICE
TOTAL EXPENDITURES
INTERFUND TRANSFERS
TOTAL OTHER USES
EXPENDITURES &OThER USES
EXCESS (DEFICIT)OF REVENUES
OVER EXPENOITURES:
BEGINNING FUND BALANCE
ENDING FUND BALANCE
RESERVED FUND BALANCE
UNRESERVED FUND BM.ANCE
1,649,400 1,681,040 3,316,500 3,736,781 4,181,336 3,982,779 2,617,330 2,479,228 -556
-181 -------95,500
-
-200,000 -2,900,000 -----
-181 200,000 -2,900,000 ----95,500
1,649,400 1,681,221 3,516,500 3,736,781 7,081,336 3,982,779 2,617,330 2,479,228 -96,056
1,690,745 1,456,445 183,975 138,328 75,550 72,015 68,120 68,652 55,120 45,444 --
92,534 15,225 ----------
530,450 369,715 --2,834,080 2,403,978 -----100,379
1,158,679 951,103 ---------157
259.325 255,243 1,095,200 907,885 --2,954,525 2,655,967 2,579,950 2,258,062 -817,790
999,100 944,754 362,675 345,655 550,250 414,529 109,020 98,858 61,080 52,480 --
4,730,833 4,052,484 1,641,850 1,391,869 3,459,880 2,890,523 3,131,665 2,023,478 2,696,150 2,355,986 -918,326
165,814 258,295 84,300 81,100 381,425 378,225 989,923 986,723 178,700 175,500 -70,345
165,814 258,295 84,300 81,100 381,425 378,225 989,923 986,723 178,700 175,500 -70,345
4,896,647 4,310,780 1,726,150 1,472,959 3,841,305 3,268,748 4,121,588 3,810,201 2,874,850 2,531,486 -988,670
(385,346)
3,637,339
3,251,993
(76,750)
864,511
787,761
359,670
3,637,339
3,997,009
1,047,498
2,949,510
(324,805)
1,799,478
1,474,673
208,253
864,511
1,072,764
69,389
1,003,374
2,959,748
2,647,838
5,607,586
468,033
1,799,478
2,267,511
329,321
1,938,189
(257,520)
2,890,685
2,633,165
172,578
2,647,838
2,820,416
23,812
2,796,604 (1,454,426)
I%0F2015 APPROPRIATIONS:5925%52.97%50.46%67.85%39.67%WA
(52,259)
2,890,685
2,838,426
1,521,781
1,316,646
(561,811)
(561,811)
(892,614)
(561,811)
(1,454,426)
3
TOWN OF ITHACA
SCHEDULE OF REVENUES AND EXPENDITURES -BUDGET TO ACTUAL
FOR THE FISCAL YEAR ENDED DECEMBER 31,2017
REVENUES:
REAL PROPERTY TAXES
HEAL PROPERTY TAX ITEMS
SALES TAX
FRANCHISE TAX
DEPARTMENTAL INCOME
INTERGOVERNMENTAL CHRG
INTEREST INCOME
RENTAL INCOME
LICENSES AND PERMITS
FINES AND FORFEITURES
PROPERTY SALEJRECOVERY
LOCAL SOURCES
STATE SOURCES
FEDERAL SOURCES
__________________________________________
TOTAL REVENUES
INTERFUND TRANSFERS
PROCEEDS OF OBLIGATIONS
_____________________________________________
TOTAL OTHER SOURCES
REVENUE &OThER SOURCES
EXPENDITURES:
GENERAL GOVERNMENT
PUBLIC SAFETY
HEALTH &WELLNESS
TRANSPORTATION
CULTURE &RECREATION
HOME &COMMUNITY SRVC
EMPLOYEE BENEFITS
DEBT SERVICE
_____________________________________________
TOTAL EXPENDITURES
INTERFUND TRANSFERS
____________________________________________
TOTAL OTHER USES
EXPENDITURES S OThER USES
EXCESS (DEFICIT)OF REVENUES
OVER EXPENDITURES:-(15,202)(6,000)421,114
BEGINNING FUND BALANCE 165,905 166,906 1,657,713 1,657,713
166,906 151,704 1,651,713 2,078,827
RISK RETENTION FUND FIRE PROTECTION FUND LIGHT DISTRICT FUNDS
BUDGET ACTUAL BUDGET ACTUAL BUDGET
____________
INLET VALLEY CEMETERY DEBT SERVICE FUND
ACTUAL BUDGET ACTUAL BUDGET ACTUAL BUDGET ACTUAL
TOTAL-ALL FUNDS
-3,500,000 3,500,000 19,000 19,000 ----7,839,200 7,839,200
---------1,129,966 1,136,931
----------3,000,000 3,184,969
---------68,000 81,168
---------6,132,450 5,739,453
---------106,851 117,115
127 4,000 4,604 -13 -3 500 1,061 17,500 21,107
--
-28,350 30,673
------
-12,500 11,165
------
-280.000 224,402
-------
-25,000 257,945
-------
-115,000 184,898
20.000 27,184 ------483,650 618,133
-127 3,524,000 3,531,788 19,000 19,013 -3 500 1,061 19,238,467 19,447,160
16,000 -------1,203,262 1,203,262 1,800,162 1,954,6DB
----------3,100,000 -
16,000 -------1,203,262 1,203,262 4,900,162 1,954,608
16,000 127 3,524,000 3,531,788 19,000 19,013 -3 1,203,762 1,2D4,323 24,138,629 21,401,760
-
-5,000 2,268 ----5,500 3,093 2,084,010 1,786,247
-
-3,525,000 3,108,406 ------3.617,534 3,183,630
16,000 15,329 --------16,000 15,329
---
-l7,850 16,053 ----3,382,380 2,890,124
----------1,158,679 951,260
-----
-1,500 ---6,890,500 6,894,947
---------2,082,125 1,856,276
--------1,403,012 1,403,012 1,403,012 1,403,012
16,000 15,329 3,530,000 3,110,674 17,850 16,053 1,500 -1,408,512 1,406,105 20,634,240 18,980,825
------
-4,420 --1,800.162 1,954,608
------
-4,420 --1,800,162 1,954,608
16,000 15,329 3,530,000 3,110,674 17,850 16,053 1,500 4,420 1,408,512 1,406,105 22,434,402 20,935,434
ENDING FUND BALANCE
RESERVED FUND BALANCE
UNRESERVED FUND BALANCE 151,704
I %OF 2018 APPROPRIATIONS:>100%
1,150
5,846
6,998
2,078,827
(1,500)(4,417)(204,750)2,951
5,84B
8,809
8,809
4,417
2,917
61.46%49.35%WA
(201,782)
4,417 429,902 429,902
-225,152 228,120
228,120
1,704,227
13,542,826
15,247,053
466,334
13,542,826
14,009,160
2,991,802
11,017,358
17.01%48.12%I
4
ReserveAccounts;•PARK,RECREATIONANDOPENSPACEPLANACCOUNT-ThefundbalanceoftheGeneralTownwideFundincludesfundsdesignatedforthepurposeoffutureparkandrecreationfacilitiesdevelopmentandthepurchasingofdevelopmentrights,asoutlinedintheTown’sPark,RecreationandOpenSpacePlanadoptedin1997.ThisaccountisfundedbytheTownBoardmakinganannualredesignationofaportionoftheFundBalanceoftheGeneralTownwideFundfromunreservedtoreserved.Additionalincomeisreceivedfrominterestearnings.During2017thisaccountreceiveda$100,000re-designationoffundbalance,plus$716ininterestincome.Therewerenoexpendituresfromthisaccountin2017.ThebalanceofthisaccountasofDecember31,2017was$827,661.•GENERALBENEFITRESERVEACCOUNT-ThefundbalanceoftheGeneralTownwideFund,GeneralPart-TownFund,HighwayPart-TownFund,WaterFund,andSewerFundincludesfundsestablishedformanagingunanticipatedincreasesinemployeefringebenefitcosts(e.g.NYSRetirement,HealthInsurance).TheaggregatebalancefortheyearendedDecember31,2017was$350,000.Thebalancebyfundisasfollows:GeneralTownwideFund$165,444GeneralPart-TownFund69,389HighwayPart-TownFund79,322WaterFund23,811SewerFund12.034Total-BenefitReserve:$350,000•PRESERVEMAINTENANCEACCOUNT-ThefundbalanceoftheGeneralTownwideFundincludesfundsdesignatedforthemaintenanceofthePineTreeWildlifePreserve,donatedtotheTownbyalocalfamilyin2013.Inconjunctionwiththedonationoftheland,theamountof$40,000wasalsodonatedtoprovideforfuturemaintenanceofthepreserve.AsofDecember31,2017,thebalanceofthisaccounttotaled$40,129.•LANDSTEWARDSHIPACCOUNT-In2014theTownpurchasedthedevelopmentrightstotheIndianCreekFarmwithfinancialassistancethroughaStateofNewYorkgrant.Thisgrantincluded$10,000tobeheldbytheTown,designatedforthefuturestewardshipoftheIndianCreekFarmlands.FortheyearendedDecember31,2017,thebalanceofthisaccounttotaled$9,844.•HIGHWAYEaUIPMENTACCOUNT-ThefundbalanceoftheHighwayPart-TownFundincludesfundsdesignatedforthepurchase/replacementofhighwayequipmentandmachinery.Thisaccountisfundedprimarilybythesaleofsurplusmachineryandequipment,withadditionalincomefrominterestearnings.During2017thisaccountreceived$130,649fromtheBadgerEquipmentsettlement,$56,700fromthesaleofsurplusequipment,plus$135ininterestincome.Therewerenoexpendituresfromthisaccountin2017.ThebalanceatDecember31,2017was$250,000.TheTownBoardsetthemaximumamountofthisaccountat$250,000in2015.•SJCACCOUNTINSEWERFUND-TheFundBalanceoftheSewerFundincludesfundsdesignatedforSJCpurposes.In2015thesepurposesweredefinedbytheTownBoardas1)topayforexpendituresrelatedtotheimprovementofjointly-ownedsewerinterceptorlines,and2)topaytheTown’sshareoftheCityofIthaca’sbondeddebtissuedtopayforIthacaAreaWastewaterTreatmentFacility(IAWWTF)improvements.ThebalanceinthisaccountasofDecember31,2017totaled$1,509,746.1)Jointly-ownedSewerInterceptorLines:$300,000oftheSJCaccountbalancehasbeendesignatedtopayforfutureimprovementofjointly-ownedsewerinterceptorlines.2)IAWWTFBondedDebt:$1,209,746oftheSJCaccountbalancehasbeendesignatedtopayfortheTown’sshareoftheCityofIthaca’sIAWWTFbondeddebt.5
SalesTaxandMortgageTax:•SALESTAX-Collectionsin2017totaled$3,184,969,anincreaseof5181,026or6.0%overthe2016totalof$3,003,943.Thisreversesatwo-yeartrendin2015and2016wherecollectionsfellshortofthetotalfortheprioryear.2017alsosetsanewhistoricalhighforsalestaxcollections,surpassingtheprevioushistoricalhightotalof$3,135,064receivedin2014.SalestaxrevenuesaredistributedbetweentheGeneralTownwideFund,GeneralPart-TownFundandHighwayPart-TownFund.Seepage7foradditionalinformation.ActualActualActualActualActualActualTaxCollections201220132014201520162017SalesTax$2,907,21352,990,863$3,135,084$3,067,336S3,003,943$3,184,969MortgageTax279,560313,999329,274415,760286,227279,791•MORTGAGETAX-Collectionofmortgagetaxesdeclinedagainin2017,withcollectionstotaling$279,791,adecreaseof$6,436or2.2%,fromthetotalof$286,277collectedin2016.Thisisthesecondyearwherecollectionshavefallenshortofthepreviousyeartotal,andhavedeclined$135,969or32.7%fromthehistoricalhighof$415,760collectedin2016.MortgagetaxrevenuesareassignedtotheGeneralTownwideFund.GeneralObligationLong-TermDebt:•OUTSTANDINGDEBT-During2017,theTownretired$1,089,000inoutstandingdebt.AsofDecember31,2017,thetotaloutstandinggeneralobligationlong-termdebtoftheTownofIthacatotaled$10,769,000,asshownonthefollowingtable:AmountofAmountYearofDescriptionofDebtDebtIssuedOutstandingMaturityPublicImprovement(Serial)Bonds-2003$1,000,000$-2017PublicImprovement(Serial)Bonds-2004-A1,000,000134,0002019PublicImprovement(Serial)Bonds-20091,125,000585,0002024PublicImprovement(Serial)Bonds-20112,650,0001,825,0002031PublicImprovement(Serial)Bonds-20133,450,0002,465,0002028PublicImprovementRefundingBonds-2014-A910,000685,0002024PublicImprovement(Serial)Bonds-2014-B3,000,0002,465,0002029PublicImprovement(Serial)Bonds-20152,950,0002,610,0002030TotalGeneralObligationLong-TermDebt$16,085,000$10,769,000Ofthistotal,$642,000isforfacilityimprovements,$2,506,000isforroadimprovements,and$7,621,000isforwaterinfrastructureimprovements.•BONDRATING-OnSeptember30,2015,Moody’sInvestorsServiceassignedanAalratingtothe2015BondIssue,andaffirmedtheAalratingtotheTown’s$15.9millionofoutstandingparitydebt.TheAalratingreflectstheTown’s“moderately-sizedtaxbasewithabove-averageincomelevelsandsignificantinstitutionalpresence,strongfinancialmanagementandsoundbudgetingpractices,amplereservelevels,andamodestdebtprofile.”Moody’sfullreportisavailableuponrequest.•CONsTITUTIONALDEBTUMrr-TheTownofIthacamaintainsaverylowdirectdebtburden.Atyear-endtheTownhadexhaustedonly3.28%ofitsdebt-contractingpower.Pleaseseepage8forthedetailedcalculationoftheConstitutionalDebtLimit.•2018PUBLICIMPROVEMENT(SERIAL)BONDS-In2018,theTownwillissueapprox.$4,850,000innewlong-termdebttofinancewaterinfrastructureimprovementprojectsfrom2016,2017and2018.ThiswillincreasetheTown’soutstandingdebtandannualdebtservicepayments,butwillnotaffectthecalculationoftheconstitutionaldebtlimit.6
TOWNOFITHACASALESTAXCOLLECTIONSFortheYearEndingDecember31,2017LiabilityMonthGeneralGeneralHighwayTOTALMonthCollectedTownwidePart-TownPart-TownJanuaryMarch$7,560.49$75,604.90$155,586.92S238,752.31FebruaryMarch6,413.6564,136.44131,986.04202,536.13MarchApril9,494.8494,948.44195,393.90299,837.18AprilJune7,101.4771,014.66146,140.70224,256.83MayJune7,181.1271,811.20147,779.90226,772.22JuneJuly10,256.05102,560.47211,058.66323,875.18JulyAugust8147.8481,478.43167,674.05257,300.32AugustSeptember7,514.1375,141.34154,632.97237,288.44SeptemberOctober10,661.90106,619.00219,410.67336,691.57OctoberNovember7,703.2877,032.81158,525.40243,261.49NovemberV/EAccrual7,584.2475,842.41156,075.71239,502.36DecemberV/EAccrual10,380.99103,809.90240,703.93354,894.82TOTALCOLLECTIONS:$100,000.00$1,000,000.00$2,084,968.85$3,184,968.85ITOTAL-2017BUDGET:%of2017BudgetCollected:S95,000.00105.3%TS950,000.00105.3%S1,955,000.00106.6%$3,000,000.00106.2%2014-2017COMPARISONOFSALESTAXCOLLECTIONSPERIOD20142015{20162017COMPARISONJanuary$220,056.70$246,519.03$234,073.60$238,752.31102.00%February186,064.03193,488.68173,405.66202,536.13116.80%March327,857.13263,293.38254,499.79299,837.18117.81%1stQuarter$733,977.86$703,301.09$681,979.05$741,125.62111.96%April$219,069.27$232,815.10$252,207.77$224,256.8388.92%May215,857.69,231,478.57220,044.01226,772.22103.06%June348,793.74294,863.66279,491.54323,875.18115.88%2ndQuarter$763,720.70$759,157.33S751,743.32$774,904.23103.08%FirstsMonthsS1,517,698.56$1,462,458.42S1,413,722.37S1,516,029.85107.24%July$228,195.87$242,962.28$256,678.29$257,300.32100.24%August241,303.19245,767.26235,865,88237,288.44100.60%September321,392.55289,144.08314,611.21336,691.57107.02%3rdQuarter$790,891.61S777,873.62S807,155.38$831,280.33102.99%First9MonthsS2,308,590.17S2,240,332.04$2,220,877.75$2,347,310.18105.69%October$240,640.03$272,562.76$238,071.61$243,261.49102.18%November228,886.09252,177.41242,520.42239,502.3698.76%December356,967.92302,264.18302,473.47354,894.82117,33%4thQuarter$826,494.04S827,004.35$783,065.60$837,658.67106.97%ANNUALTOTAL$3,135,084.21$3,067,336.39$3,003,943.25$3,184,968.85106.03%7
TOWNOFITHACACONSTITUTIONALDEBTLIMITYearEndedDecember31,2017DEBTLIMITAssessedFullValuationofTaxableRealProperty:-FortheFiscalYearended12/31/20131,294,998,380-FortheFiscalYearended12/31/20141,323,741670-FortheFiscalYearended12/31/20151,366,007,677-FortheFiscalYearended12/31/20161,409,739,322-FortheFiscalYearended12/31/20171,470,783,820Five-YearAverageFullValuationofTaxableRealProperty:$1,373,054,174PermittedPercentageofthe“AverageFullValuation”7%TownofIthacaConstitutionalDebtLimit:PrincipalBorrowingsOutstandingasof12)31/2017:-$1,000,000PublicImprovement(Serial)Bonds,2003-$1,000,000PublicImprovement(Serial)Bonds,2004-$1,125,000PublicImprovement(Serial)Bonds,2009-$2,650,000PublicImprovement(Serial)Bonds,2011-$3,450,000PublicImprovement(Serial)Bonds,2013-$910,000PublicImprovementRefundingBonds,2014-$3,000,000PublicImprovement(Serial)Bonds,2014-$2,950,000PublicImprovement(Serial)Bonds,2015TotalDebtOutstandingasof12/31/2017:Less:ExclusionforWater&SewerIndebtedness:TotalNetIndebtednessSubjecttoDebtLimit:NETDEBT-CONTRACTINGMARGINS96,113,792$96,113,792representsthemaximumamountofindebtednessthattheTownofIthacacanissueandhaveoutstandingpursuanttoArticleVIIIoftheNewYorkStateConstitution,andTitle9ofArticle2oftheLocalFinanceLaw.TOTALNETINDEBTEDNESSOFTHETOWNConstitutionalDebtLimit:$96,113,792Less:TotalNetIndebtedness(3,148,000)NetDebt-ContractingMargin:S92,965,792PercentageofDebt-ContractingPowerExhausted:326°k$134,000585,0001,825,0002,465,000685,0002,465,0002,610,000$10,769,000(7,621,000)S3,148,0008
TOWNOFITHACAPUBLICIMPROVEMENT(SERIAL)BONDS—SERIES2018IssueAmount:$4,850,000(Estimated)BondRating:Aal-Moody’sInvestorsServiceTheS4,850,000PublicImprovement(Serial)Bonds,Series2018,isnewgeneral-obligationdebtissuedtofinancetheTown’s2016,2017and2018waterinfrastructurecapitalprojects.Theseprojectsincludethefollowing:2016TrumansburgWaterTankReplacement$700,0002016ParkLaneWaterMainImprovements500,0002017SapsuckerWoodsWaterMainImprovements500,0002017ChristopherCircleWaterMainImprovements400,0002018EllisHollowWaterTank&MainConstruction2,750,000Total-20161201712018CapitalProjects$4,850,000OPTION1:TimetoMaturity:15years,withfinalpaymentmadein2033.InterestRate:Estimatedatanaverageof2.75%overthe15yearlifeofthebonds.Theaverageannualdebtservicepaymentisapprox.$400,000.Totalinterestpaidoverthelifeofthebondsisestimatedat$1,150,000.OPTION2:TimetoMaturity:20years,withfinalpaymentmadein2038.InterestRate:Estimatedatanaverageof2.90%overthe20yearlifeofthebonds.Theaverageannualdebtservicepaymentisapprox.$324,500.Totalinterestpaidoverthelifeofthebondsisestimatedat$1,633,500.BondIssuanceCosts:Estimatedat$36,000,thecosttoissuethebondsrepresents0.75%oftheissueamount,asdetailedonthescheduleshownbelow:EstimatedBondIssuanceCostsMountBondAttorney-Orrick,Herrington&Sutclitte$12,500.00BondAdvisors-FiscalAdvisors&Marketing,Inc.8,500.00BondRating-Moody’sInvestorsServices12,500.00Printing&Mailing-PremierPrintingServices2,500.00TotalEstimatedBondIssuanceCosts:$36,000.00DistributionofBondIssuanceCosts:Thebondissuancecostswillbepro-ratedanddistributedtotheindividualcapitalprojectfunds.Theestimatedcosttoeachprojectisshownbelow:.AmountAmountIssuance2018PublicImprovementBondsAuthorizedBondedCostsTrurransburgRoadWaterTank$900,000$700,000$5,200ParkLaneWaterMains500,000500,0003,700SapsuckerWoodsWaterMains579,598500,0003,700ChristopherCircleWaterMains422,319400,0003,000EllisHollowWaterTank/WaterMain2,750,0002,750,00020,400Total-2018BondIssue$5,151,917$4,850,000$36,0001
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TOWN OF ITHACA
OUTSTANDING LONG-TERM DEBT 2019 BUDGET
FUND!BOND ISSUE 2017 2010 2019 2020 2021 2022 2023 2024 2025 2026 2027 2020 2029 2030
GENERAL FUND
Puouc IMPROVEMENT 80ID-2003 0 ----------
PuBLic IMPROVEMENT Bono -2011 120000 90.000 60.000 30000 0 --------
PUBLic IMPROVEMENT BoND -2013
Town Hall Parking Lot Improvements 92000 78.000 64.000 50,000 36,000 18,000 -------Salt Storage Building Replacement 430,000 370.000 302,000 234.000 156,000 78.000 0 -------
PUBLIC IMPROVEMENT BOND -2013 522,000 448.000 366,000 284,000 192,000 96,000 0 ------
-Puauc IMPROVEMENT SONO -2019
Rebuild PWF Fuel System -.500,000 455,000 410,000 365,000 315,000 265,000 215,000 165,000 110,000 55,000 0 -
Public Works Mmin,Office Addition --600,000 545,000 490,000 435,000 375,000 315,000 255,000 195,000 130,000 65,000 0 -
Public Works Tnick Wash Bay .-400,000 365,000 330,000 296,000 255,000 215.000 175.000 135.000 90,000 45.000 0 -
PUBLIC IMPROVEMENT BOND-2019 --1,500,1,365,000 1,230,000 1.095,000 945,000 795.000 645,000 495,000 330.000 165,000 0
Puauc IMPROVEMENT Bo,o -2021
PtthhoWot.A(Jn “18’-”AddiVo,-------------
PuBLIc IMPROVEMENT BOND 2021 ----------.--
-
TOTAL-GENERALFUND 642,000 538,000 1,926,000 1,679,000 1,422,000 1,191.000 945,000 795,000 645,000 495,000 330,000 165,000 --
I Increase(Decrease)froni PriorYeac (174,000)’(104,000)1,368,000 (247,000)(257,000)(231,000)(246,000)(150,000)(150,000)(150,000)’(165,000)(165,000)(I65,000)
-
HIGHWAY FUND I
Pusuc IMPROVEMENT BOND -2011 140,000 105,000 70,000 35.000 0 -------
PUBUC IMPROVEMENT BOND -2013
tents B.Dales Drive Improvements 160,000 135,000 110,000 85,000 60,000 30.000 0 ----.-
Whitetail Dime Improvements 566,000 507,000 447000 392.000 349.000 312,000 275,000 220.000 165.000 110,000 55,000 0 --
Forest Home Drive Improvements 165,000 140,000 1 15.000 90.000 60.000 30.000 0 .-.-..-
PuBLIc IMPROVEMENT SONS -2013 891000 782,000 672.000 567,000 469,000 372000 275,000 220,000 165.000 1 10,000 55,000 0 -
PuMuc IMPROVEMENT SDND-2014
Send Bar4r Read Iirciovemmls 622.000 578,000 532,000 485000 437,000 387,336,000 284,230,000 175,000 119,000 60,000 0 -
Wkvieis Circle Improveowus 145.000 125.000 105.000 85.000 65.000 ‘45.000 25,000 0 -----
PUBLIC IIROVEMTNT BOND -2014 751.000 703.000 637.000 570.000 502.000 432,000 361000 284,000 230,000 175,000 119,000 60,000 0 -
PuBuc tIIPROVEMENT BOND -2015
2015 Road Imorovements Program 708.000 661.000 812.000 563.000 513,000 461000 408.000 354,000 298,000 241.000 163,000 123,000 62.000 0PUBLICIERnvEMENTBOND-20lS 708.000 661,000 612,000 563,000 513,000 461,000 408,000 354,000 298.000 241,000 183,000 123,000 62,000 0
Pusuc IMPROVEMENT BOND -2010
201B Road Improvemenla Program -.-,.---.--.-
PuatIc IMPROVEMENT BOND -2018 ---.-.-.-.-
--PUBUC IMPROVEMENT BOND -2019
2olgRoadlmprovementsProgram .-.--I ---I --I ----I --PUBLIC IMPROVEMENT S0ND-2019 ---
-I ----.---
-I -
PUOUCIMPROVEMENTBOND-2020
2020 Road Improvementa Program -‘-I ------------PUBLIcIMPROVEMENTBOND-2020 ------I ------I --
PUBLIC IMPROVEMENT BOND -2021
2021 Road Improvemenla Program ------------.-
PUBLtG IMPROVEMENT Bm4D-2021 --.-.,------
PUBLiC IMPROVEMENT BOND -2022 I
2022 Road ImprOvelneBts Program --------.------
PUBLIC IP&ROVE.ENT BOND 2022 --‘------.-.---
I TOTAL-HIGHWAY FUND 2,506,000 2,251,000 1.991.000 1,735,000 1,484,000 1,265,000 1,044000 858,000 693,000 i 526,900 357,000 183,000 62,000 -
Increase(Deaease)fmm Pilot-Year (244,000)(255,000)(260.000)(256,000)(251,000)(219,000)(221,000)’(l86,000)i (l65,000)(167,000)(169,000)(174,000)(121,000)(62,000)1
LTD-2
TOWN OF ITHACA
OUTSTANDING LONG-TERM DEBT 2019 BUDGET
FUNDIBOND ISSUE 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
WATER FUND
PUSUC IMPROVEMENT BOND -2004-A 134,000 57,000 0 -----------
PU9UC IMPROVEMENT BOND -2004-B Refunded Relunded Refunded Refunded Refunded Retunded Refunded Refunded ------
PUBUC IMPROVEMENT BOND -2009 585,000 510,000 430,000 350.000 265000 180,000 90,000 0 ------
PUBUC IMPROVEMENT BOND -2011 1,565,000 1,480,000 1,390,000 1300,000 1,205,000 1,100,000 990,000 880,000 765,000 650,000 530000 405,000 275.000 140,000
PUBUC IMPROVEMENT BOND -2013
Noflhview Head Wafer Tank Repfacemenf 375,000 345,000 315,000 280.000 245,000 210,000 175,000 140,000 105.000 70,000 35,000 0 -Oanby Road Wafer Tank Replacemenl 369,000 352,000 315,000 278,000 243,000 209,000 175,000 140,000 105,000 70.000 35,000 0 --Danby Road Wafer Main Improvements 288,000 248,000 197,000 146,000 96,000 48.000 0 ------I -PUBLIC IMPROVEMENT BOND -2013 1052,000 945,000 827,000 704.000 I 584,000 467,000 350,000 280,000 210.000 140,000 70,000 -.-
2004-B REFUNDING BOND -2014-A 685.000 580,000 480,000 380,000 280,000 1B5,90,000 0 ------
PuBUC IMPROVEMENT BOND -2014-B
Chesfopher Cirde Water Tank Replacemenf 705.000 655,000 603.000 550,000 495,900 439,000 381.000 322,000 261,000 199,000 135,000 68,000 0 -Coddington Road Wafer Main Imp.-Ph.1 993,000 922,000 850,000 775,000 698,000 619,000 538.000 454,000 369,000 281,000 191,000 97.000 0 -PUBLIC IF,WNOVEMENT BOND -2014-B 1,698,000 1,577,000 1,453,000 1,325,000 1193,000 1.058,000 919,000 776,000 630,000 480,000 326,000 165,000 0 -
PUBliC IMPROVEMENr BOND -2015
Saps,xkerWoodsWaferran*Replacemenl 1,326,000 1,237,000 1,146,000 1,055,961,060 865,000 766.000 664,000 560,000 453,000 343.000 231,000 117,000 0
Coddrnglen RoadWaferMainlmp.-Ph.2 576,000 537,000 497,000 457,000 418,000 374,000 331.000 287,000 242,000 196,000 149,000 101,000 51,000!0PUBLICIMPROVEMENTDOND-2015 1,902,000 1,774,000 1,643,000 1,512,000 1,377,000 1,239,000 1,091,000 951,000 602,000 649,000 492M00 332,000 168,000 0
PUBUC IMPROVEMENT BOND -2016
Trumansburg Wafer Tank fleplacemenf -700,000 670,000 630,000 590,000 550,000 505,000 460,000 415,800 370,000 320.000 270,000 220,000 165.000ParkLaneWaferMainImprovemenfs-500,000 480,000 450,000 420,000 390,000 360,000 330,000 295,000 260.000 225.000 190,000 155.000 120,000SapsuckerWoodsWaterMainlmprovmnfs-500.000 480,000 450,000 420,000 390,000 360,000 330,000 295.000 260,000 225,000 190.000 155,000 120,000ChdslopherCircleWaferMainImprovmnts-400,000 385,000 360,000 335.000 310,000 285,000 260,000 235.000 210,000 180,000 150,000 120,000 90.000EllisHollowWaterMain&Tank Consfrucfion -2,750,000 2,680,000 2,570,000 2,460,000 2.345,000 2,225,000 2,105.000 1,980.000 1,850.000 1,720,000 1,585.000 1,445.000 1,300,000
PUBLIC IMPROVEMENT BOND -2018 -4.850,000 4.695,060 4,460,000 4,225,000 3,985,000 3,735,000 3,485,000 3,220.000 2,950,000 2,670.000 2,385,000 2,095,000 1,795,000
PUBUC IMPROVEMENT BOND -2019
-
Pee Tree Road Waler Main Rflcemem --600,000 565.000 530,000 495,000 460,000 425,000 385,000 345,000 305,000 265,000 225,000 180,000WthThepDr.Wafer Main Improvements --600,000 565,000 530,000 495.000 460,000 425,385,000 345,000 305,000 265,000 225,000 180,000SaienvWnsforJWinalonCLWaferMans-,-900,000 850,000 800.000 745.000 690,900 635,575.060 515,060 455,000 395,000 335000 270,000PUBUCIP&’ROVEIENT BOND -2019 --2,100,000 1,980,000 1860,000 1735,000 1.610,000 1,485,060 1,345,060 1.205,000 1,065,000 925,000 785,000 630,000
PUBUC IMPROVEMENT BOND -2020
CMI Streef Waler Sysfem Improvements ---1.000,000 938,000 876,000 814,000 752,060 690.000 623.000 556,000 489,000 422,000 355,090MunefSfreefWaferMainImpaovenen:s ---650,000 612,000 574,060 536,000 497,060 458,000 415.000 372,000 329.000 286,000 243,000PheTreeRoadWaterTankRepincemens---900,000 650,000 800,000 745,000 690,000!635,000 575,000 515,000 455,000 I 395.000 335,000PUBUCIMPROVEMENTBDND-2020 -
-.-2,550,000 2,400,000 2,250,000 2,095,000 1.939,000 1,783.000 1,613,000 1,443,000 i 1,273,000 1,103,000 933,000
PUSUC IMPROVEMENT B0NO -2021
Brandw1ne -Simsbury Water Main fmpMs ----600,000 565,000 530,000 495,000 460,000 425,000 385.000 345.000 305,000 265.000RenwickHIsAreaWaferMainImprovements----75D,000 705,000 660,000 615,000 570,000 525,000 475.000 425,000 375.000 325,000PUBLICIMPROVEMENTBOND-2021 -‘--1,350,000 1,270,000 1,190,000 1.110,000 1,030,000 950,000 860,000 770,000 660,000 590,000
PUSUC IMPROVEMENT BOND -2022
Stafemilfe Road Wafer Main fmpMa-Ph.I -----850,000 798,000 746,000 694.000 642,000 590,000 533,000 476,000 419,000BudeigwConcordiLexinpfonWaferMains----!-850.000 798.000 746.000 694.000 642.000 590.000 533.000 476,000 419,000PUBUCIMPROVEMENTBOND-2022 ---‘-1.700,000 1S96.000 1,492,000 1.386.000 1,284,000 1.180,000 1.066,000 952,000 i 838,000
I TOTAL-WATER FUND 7,621.000 11,783,000 13.018,000 14,561,000 14.739,000 15.189,000 13.762,000 12,398,000 11,173,000;9,921,000.8,636,000 7,321,000 6,051,000 4,926,000
I Increase (Decrease)from Prior Year (671,000)4,162,000 1,235.000 1,543,000 178,000 430,000 (1.407,000)(1,364,000)(1,225.000)(1,252,000)(1,215,000).(1.315,000)(1,263,000)(1,132.000)1
TOTAL-LONG-TERM DEBT 10,769,000 14,572,000 16,935,000 17.975,000 17,645.000 17,625,000 15,751,000 14,051.000 12,511,000 10,942,000 9,323,000 7,869,000 6,120.000 4,926,000]
I Increase (Decrease)from Prior Year (1,089,000)3,603,000 2,363,000 1,040,000 (330,000)(20,000)(1,874,000)(1,700,000)(1,540,000)(1,569,000)(1619,000)(1,654,000)(1,549,000)(1,194,000)1
LTD-s
TOWN OF ITHACA
ANNUAL DEBT SERVICE PAYMENTS 2019 BUDGET
‘FUND!BONO ISSUE 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
GENERA1 FUND
PUBLIc IMPROVEMENT BOND -2003 74,844 ------------
Puouc IMPROVEMENT BOND -2011 33,675 33,000 32,250 31,500 30,750 --------
PuBuc IMPROVEMENT BOND -2013 87,095 87,555 93,990 92.145 100.300 102,000 99,120 ------
-PUBUC IMPROVEMENT BOND -2018 .-----------
PUBUC IMPROVEMENT BOND -2019 ---186,750 182,089 177.425 187,764 182,589 177.414 172,239 182.064 175,375 170,689 -
PUBLIC IMPROVEMENT BOND -2020 ------.------
PuBuc IMPROVEMENT BOND -2021 -------------
PUBUC IMPROVEMENT BOND -2022 ---.---------
TOTAL -GENERAL FUND 195,614 120,655 126,240 310,395 313,139 279,425 286,884 182.589 177,414 172,239 182,064 176,375 170.689
-
HIGHWAY FUND
PUBLIC IMPROVEMENT Harm -2011 39288 38.500 37.625 36,750 35,815 ----------
Puouc IMPROVEMENT BOrn)-2013 129,410 135,390 133.938 126,463 117,100 113,650 110.740 65,588 63,663 61.600 59,400 57,200 -
PUBLIC IMPROVEMENT Boro -2014-B 84.886 85,646 85,086 84,766 84,426 83,706 83,131 87,445 62,520 61,900 61,250 62,570 61800 -
PuBuc IMPROVEMENT BOND -2015 51,841 61,921 62.981 62,001 62.021 63,021 62,981 62,921 63,841 63,721 63,581 64,349 63,999 63,550
PUOUCIMPRDVEMENTBOND-2015 ----.-.------
Pusuc IMPROVEMENT BOND -2019 -.----------
PUBUC IMPROVEMENT BOND -2020 .-------------
Pusuc IMPROVEMENT BOND -2021 --------------
PUBLIC IMPROVEMENT BOND -2022 ‘-------
TOTAL -HIGHWAY FUND 315,425 321,458 319,630 309,980 291,423 260,378 256,853 215.954 190.024 187,221 184,231 184.119 125.799 61,550
WATER FUND
Punuc IMPROVEMENT BOND -2004-A 73,499 70,099 68,300 --------
PUBUC IMPROVEMENT BOND -2004-B Refunded Refunded Refunded Refunded Refunded Refunded Refunded Refunded ------
Punuc IMPROVEMENT BOND -2009 96.256 94,194 96,944 94,544 97,044 94,281 96,413 93,263 ----
PUBUC IMPROVEMENT BOND-2011 128.831 132,031 134,906 132,656 135,406 143,031 145,144 141,844 143.544 140,094 141,644 142,744 143,681 144,456
PuBuc IMPROVEMENT BOND -2013 135,658 138,618 147,210 149,555 143,786 137,788 134,275 83,475 51.025 70.400 75.600 72.800 --
2004-B REFUNDING BOND -2014-A 122,444 120,344 113.294 111,294 108,294 100,284 90,206 91,069 ------
PUBLIC IMPROVEMENT B0NO -2014-B 168,714 169.354 167,514 169.034 170,474 168,194 169,156 169,855 169.280 168,900 168.400 170,780 169,950 -
PUBLIC IMPROVEMENT BaND -2015 166.571 168,091 168,531 165,911 157,291 167.591 168,831 169,991 170.071 171.091 172.031 171.695 172.095 172,200
PUBLIC IMPROVEMENT BOND -2018 .-352,932 360,883 354,420 352.889 356,151 349.277 357,194 354,838 357.277 354,507 351,602 353,488
PUBLIC IMPROVEMENT BOND -2019 .-.207,300 202,953 202,606 198,133 193,660 194,187 189,557 184.926 180.296 175,665 176.035
PUBLIC IMPROVEMENT BOND -2020 ----239,250 234,000 233,750 229.325 223,865 232.405 226.455 220,505 214.555 208,605
PUBLIC IMPROVENENTBOND-2O21 .----130,625 127,313 124.625 121,626 118.625 125,626 122,251 118,876 115.501
PUBLIC IMPROVEMENT BaND -2022 ------172,000 167.840 163.680 159.520 1 55.360 161.200 156,640 152,080
TOTAL-WATER FUND 891,973 893,531 1,249,631 1,391,177 1,615.919 1,731,289 1,599,375 1,814,223 1,624,472 1,613,430 1,807,319 1,590,778 1,503,064 1,322,3651
TOTAL-DEOTSERVICEPAYMENTS 1.403,012 1,335,643 1.695.501 2,011,552 2,231,481 2,271,092 2,443,111 2,212,766 1.991,910 1,972,890 1,973,614 1,957,272 1,799,552 1,385,915]
I Increase(Qecresse)fmm PTIOTYeOn lljTh (67,369)359,857 316,051 219,929 39,611 172,019 (230345)(22Q,856)(19,020)724 (16.343)(157,720)(413,637)1
LTD-4
TOWN OF ITHACA
ANNUAL DEBT SERVICE PAYMENTS 2019 BUDGET
FUND IBONO ISSUE 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
GENERAL FUND
PUBUC IMPROVEMENT BOND -2003 74,844 -------------
PUBUC IMPROVEMENT BOND -2011 33,675 33.000 32,250 31.500 30,150 --------
PUBUc IMPROVEMENT BOND -2013
Town Halt Parking Lot Improvements 14,660 16,420 16.1 05 15.790 15,475 19,125 18,585 -.-----
Salt Storage Building Replacement 72,435 11 .235 77,885 76,355 64.825 82,675 60.535 ‘------PUBLIC IMPROVEMENT BOND-2013 87,095 91,655 93,990 92,145 100.300 102,000 99,120 ‘-.----
PuBuc IMPROVEMENT BOND -2019
Rebuild PWF Fuel System ---61,250 59,788 58,325 61,063 60,236 50,613 56,986 60,363 56,575 56.788 -Public Works Admin.Office AddlIlon --77,500 75,436 73,375 76,313 I 74,063 71,613 69,563 72.313 69,875 67,438
PiA,lic Works lark Wash 8ay ...49,000 46,863 45,725 49,589 48,288 46,988 45.688 49.388 47.925 46,463
P191.10 IMPROVEMENT BOND’2019 ---106,750 162,089 177,425 181,784 182,569 177.414 172,239 162,064 176,375 170.689
Puauc IMPROVEMENT Boric -2021
Public V.’-”'Admin “Th”A,ddiliu,...--
PUBLIC IMPROVEMENT fOND -2021 --...,,.---
TOTAL -GENERAI_FUND 195,614 120,655 126,240 310,395 313,139 279,425 286,664 182,589 177,414 172,239 182,084 176,375 170,689
-
Invreaso(Oecrease)from Prior Year 161 (74.959)1 5,585 164,155 2,744 (33,714)7,459 (104395)(5,175)(5,175)1 9,825 (5,689)(5,646)(70,689)I
HIGHWAY FUND
PUBUC IMPROVEMENT BOND -2011 39.268 30,500 37,625 36,750 35,875 ‘-‘.,,
PUBLIC IMPROVEMENT BOND’2013
Rants B.Dales Dave Improvements 24,566 29,188 26,625 28,063 27,500 31,875 30,975 ---‘-
Whilelsil Drive Improvements 75,010 76,890 76,563 70,213 56.975 49,900 48,790 65,566 63.663 61.600 59,400 57,200 ‘-Forest Home Drive Improvements 29.613 29,313 20,750 28,188 32,625 31,875 30,975 --.
PUBuCIMPROVEMENTBOND-2O13 129.410 135,390 133,938 126,463 117.100 113,650 110,140 65,568 63,663 61,600 59,400 57.200
PUBUC IMPROVEMENT BOND -2014
Sand BerIJI Road lmp.ovensecls 61,556 61,696 61,936 62,016 62,076 62,156 62,031 61,820 62,520 61,900 51,250 62,570 61,600ViewersCkcdeImprovements23.330 23,950 23.150 22,750 22,350 21,550 21,100 25.625 ----pu000IMpNovEMENrBavjo-2014 84,886 85,846 65,086 84,766 84,426 83,706 03,131 87,445 62,520 61,900 61,250 62,570 61,600
Puaiic IMPROVEMENT Boric -2015
2015 Road ImovemenIs Program 61,841 61.921 62,961 62,001 62,021 63,021 62,951 62.921 03,641 63,721 63,561 64,349 63.999 63,550PUBLICIMPROVEMENTBOND’2015 61541 61921 62,981 62,001 62,021 63,021 62,981 62.921 63,841 63.721 63,501 64.349 63,999 63,550
Pt9uc IMPROVEMENT BOND -2018
2OlBROadImprOvemenIsPTogmm --.------I ‘-
PUBLIC IMPROVEMENT BOND’2018 --------.
PUBUC IMPROVEMENT BOND-2019
2019 Road Improvements Program --‘-‘‘---‘-.
PUBLIC IMPROVEMENT BOND’2019 --I -----.,.‘
PUBUC IMPROVEMENT BOND’2020
2020 Read Impravemenls Program
PUBLIC IMPROVEMENT BOND’2O2C
Punuc IMPROVEMENT Bmw -2021
2021 Road Improvements Program -..-.----
PU3tIC IMPROVEMENT BOND -2021 ----------
Puouc IMPROVEMENT Boric -2022
2022 Road Improvements Program --‘--------.--PIEUC IMPROVEMENT BOrO -2022 -,,.,--
TOTAL-HIGHWAY FUND 315,425 321,454 319,630 309,980 299,423 260,378 254,853 215,954 190,024 187,221 164,231 184,119 125,799 63,550 I
kaease (Decrease)from Prior Year 14,696 6.033 (1,828)(9,650)(10,558)(39,045)(3,525)(40,899)(25,930)(2,803)(2,990)(113)(58,320)(62,249)1
LTD-S
TOWN OF ITHACA
ANNUAL DEBT SERVICE PAYMENTS 2019 BUDGET
FUNDIBONO ISSUE 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
WATER FUND
Puaiic IMPROVEMENT BOND -2004-A 73,499 70,899 68,300 --------
PUBLIC IMPROVEMENT BOND -2004-B Refunded Refunded Refunded Refunded Refunded Refunded Refunded Refunded -----
Pueuc IMPROVEMENT BOND -2009 96,256 94.194 96,944 94,544 97,044 94.281 96,413 93,263 -----
Pueuc IMPROVEMENT BOND -2011 128.831 132,031 134,906 132,656 135,406 143,031 145,144 141,044 143.544 140,094 141,644 142,744 143,681 144,456
Puauc IMPROVEMENT BOND -2013
NerlhviewRoadWalerTankfleplacemeru 42.538 41.938 41,263 45,588 44,800 43,925 42,015 41,738 40,513 39,200 37,800 36,400 --DanbyRoad WalerTank Replacement 47,935 49,235 48,403 47,570 44,738 42,863 41,843 41,730 40,513 39,200 37,800 36,400 --
Danby Road Wafer Main Improvements 45.185 47,445 57,545 56,398 54.250 51.000 49.560 -----puBLIC IMPROVEMENT BOND -2013 135,658 138,618 147,210 149,555 143,788 137,788 134,278 63,475 81025 78,400 75,600 72,800 --
2004-8 RERJNOOI&BOND -2014-A 122,444 120,344 113,294 111,294 108.294 100,204 98206 91,069 ------
Pueuc IMPROVEMENT BOND -2014-B
CfmsiopherCirdeWalerTericRep’acemenl 70,053 70,073 70.073 70.033 70,973 69.773 70.513 70.135 70.660 69,830 69.970 71,050 70.040CoddieglonRaadWaterMainImp.-Ph.I 98,661 99,281 97.441 99,001 99.501 98.421 98.644 99.720 98.620 99.070 98.430 99,730 99,910PUBLICIMPROVEMENTBOND-20I4.O 168,714 169.354 167,514 169.034 170,474 168,194 16915€169.855 169,280 168,900 164,400 170,780 169,950 -
Puouc IMPROVEMENT BOND -2015
SapsuckerWoodaWalerTankReplacernent 116,690 116,950 117.170 115,350 116,530 116,650 117,730 118.750 116.710 119,630 120,490 120.153 119,633 119,925CoddinglonRoadWalerMainImp.-Ph.2 49,881 51,141 51.361 50.561 50,761 50.941 51.101 51.241 51.361 51.461 51,541 51,543 52,463 52.275PUBLICIMPROVEMENTBOND’2015 166,571 168,091 168,531 165.911 167,291 167.591 168,831 169.991 170.071 171.091 172,031 171,695 172,095 172.200
PuBuc IMPROVEMENT BOND -2018
Tiumanabuig Waler Tank Replacement --58,463 57,875 56.775 55.675 59,506 58,269 51,031 55.794 59,488 58,113 56,738 60,294PadLaneWaterMainImprovementa--40,350 42,788 41.963 41,138 40,313 39.488 43,594 42,631 41,669 40.706 39,744 38,78]SapauckerWoodaWalerMain Impmvmnts --40,350 42.788 41.963 41,138 40,313 39,488 43,594 42,631 41,669 40,706 39,744 38,701
ChhslopherCircle Wafer Main Impmvmnla --31.294 35,244 34.556 33.669 33181 32,494 31.806 31.119 35,363 34,538 33,713 32,888ElliaHallowWaferMain&Tank Constniction --182,475 182,188 179,163 181,069 182,838 179,538 181.169 182,663 1 79,088 180.444 181,663 182,744
PUBLICIMPROVEMENTBOND-2018 -I -352.932 360.883 354.420 352,889 356,151 349,277 357,194 354,838 357,277 354.507 351,602 353,488
PUBUC IMPROVEMENT BOND -2019
PlieTree Read WaleeMen ReacemeeI ---54.500 53,363 52,225 51,088 49,950 53,813 522,513 51,213 49,913 48,613 52,313
Wi9Ifuop Dr.Walee Mah Improvements -‘-54,500 53,363 52,225 51.088 49,950 53,813 522,513 51,213 49.913 48.613 52.313
SaIenI’W’natnft*inslnnCt.Waler Mains --.-79250 77.625 81,000 79,213 77.425 80.638 78.688 76,738 74,788 72,838 75,888PUBLICIMPROVEMENTBOND-2019 --.-207,300 202,953 202,606 198,133 193,660 194,187 189,557 184,926 180,296 175,665 176,035
PUBUC IMPROVEMENT BOND -2020
Clii Streel Waler System Improvements -.---97,000 94,830 92,660 90,490 68,320 91,150 88,805 86,460 84.115 81,770Mur,eI Sireel Water Man Impiuvements -.---60,750 59,420 50,090 57.760 50,395 59.030 57.525 56,020 54.515 53,010PmeTraaRoadWaterTankReplacemenl---81,500 79,750 83,000 81,075 79,150 82,225 80.125 78,025 75.925 73,825
PUBLIC IMPROVEMENT BOND -2020 ----239.250 234,000 233750 229.325 223,865 232.405 226.455 220.505 214,555 208,605
Pueuc IMPROVEMENT BOND -2021 p I
Brand1leine -Simsbuiy Water Main Impoda --
-[-
-57500 56,188 54.875 53.563 52.250 55,938 54.438 52,938 51,438
Renwick HIs Area Water Main Improvements --.--73,125 71,125 69,750 68.063 66,375 69,688 67,813 65,938 64,063PUBLICIMPROVEMENTBOND-2021 --.---130,625 127.313 124,625 121,626 118,625 125,626 122,251 118,876 115,501
Puauc IMPROVEMENT BOND -2022
SIateMIIe Road Waler Main ImpMa -Ph.I ------86,000 83,920 81 .840 79,760 77,680 80,600 78,320 76.040
BudeigwConcardlLeaington Waler Mains ------06.000 83,920 81,840 79,760 77,680 80,600 78,320 76.040PUBLICIMPROVEMENTBOND-2022 ------1 72,000 167,840 163.680 159,520 155,360 161 .200 156,640 152,000
TOTAL-WATER FUND P 891.973 593.531 1249.631 1.391177 1,618.919 1,731389 1,899,375 I 1,814,223.1,624,472 1.613.430 1,507,319 1496,778 1,503.064 1.322.365
Increase(Decrease)fmmPrioryear:(3.678)1.558 356.100 141,546 227,743 112,370 158,085 (85,151):(189,751)(11,042):(6,111).(10,541)(93,714)(180,699)1
TOTAL-DEBrSERVICE PAYMENTS 1.403,012 1,335,643 1.695.501 2,011,552 2,231,481 2,271,092 2,443.111 2,212,766.1.991,910 1,972.890 1,973,614 1,957.272 1,799,552 1.385.915
Increase (Decrease)1mm Prior Yean 11.179 (67,369)359,857 316.051 219,929 39,611 172,019 (230,345)(220,956)(19.020)724 (16,343)(157,720)(413,637)1
LTD-6
TOWNOFITHACACONSTITUTIONALDEBTLIMIT2019BUDGETCONSTITUTIONALDEBTLIMIT201720182019202020212022CALCULATIONOFCONSTITUTIONALDEBTLIMIT:AssessedValuationofTaxableRealProperty:Year1-AssessedFullValuation$1,294,995,380$1,323,741,670$1,366,007,677$1,409,739,322$1.470.783.820$1,507,553,416Year2-AssessedFullValualion1,323.741,6701.366,007,6771409,739,3221.470.783.820‘1507,553,4161,549,011.134Year3-AssessedFullValuation1,366.007,6771,409,739,3221,470,783,8201,507.553:4161,549,011,1341,595,481,468Year4-AssessedFullValuation1,409.739,3221,470,783.8201,507,553,4161,549:011,1341.595,481,4681,647,334,616Years-AssessedFullValualion1.470.783,8201,507.553.4161,549.011,1341.595,481.4681.647,334,6161,704,991,328Five-YearAverageFullValuation$1,373,052,174$1,415,565,181$1,460,619,074$1,506,513,832$155403289151,600,874,392Permitted%ciAvg.FullValuation7.0%7.0%7.0%7,Q0/7.0%7.0%CalculatedConstitutionalDebtLimit:$96,113,792$99,089,5635102,243,335$105,455,968$103,782,302$112,061,207TOTALNETINDEBTEDNESSOFTHETOWN:PrincipalBorrowingsOutstandingatYearEnd:PuBLIcIMPROVEMENTBOND-2003------PuBLICIMPROVEMENTBOND-2004-A134,00067,000----PuBLICIMPROVEMENTBOND-2004-BRefundedRefundedRelundedRefundedRefundedRefundedPUBLICIMPROVEMENTBOND-2009585,000510,000430,000350,000265,000180,000PUBLICIMPROVEMENTBOND-20111,825,0001,675,0001,520,0001,365,0001,205,0001,100,000PUBLICIMPROVEMENTBOND-20132,465,0002,175,0001,865,0001,555,0001,245,000935,0002004-BREFUNDINGBOND-2014-A685,000580,000480,000380,000280,000185,000PUBLICIMPROVEMENTBOND-2014-B2,465,0002,280,0002,090,0001,895,0001,695,0001,490,000PUBLICIMPROVEMENTBOND-20152,610,0002,435,0002,255.0002,075,0001,890,0001,700,000PUBLICIMPROVEMENTBOND-2016------PUBLICIMPROVEMENTBOND-2017------PUBLICIMPROVEMENTBOND-2018-4,850,0004,695,0004,460,0004,225,0003,985,000PUBLICIMPROVEMENTBOND-2019--3,600,0003,345,0003.090,0002,830,000PUBLICIMPROVEMENTBOND-2020---2,550,0002,400,0002,250,000PUBLICIMPROVEMENTBOND-2021----‘1,350,000.1270,000PUBLICIMPROVEMENTBOND-2022--1,700,000Total-Long-TermDebtatYear-End:$10.769,000$14,572,000$16,935,000$17,975,000$17,645,000S17,625,000Less:Water&SewerIndebtedness(7,621,000)(11,783,000)(13,018,000)(14,561,000)(14,739,000)(15.169,000)Total-NetIndebtednessatYear-End:$3,148,000S2,789,000$3,917,000$3,414,000$2,906,000S2,456,000NETDEBT-CONTRACTINGMARGIN:ConstitutionalDebtLimit$96,113,792$99,089,563S102,243,335$105,455,968$108,782,302S112,061,207Less:TotalNetIndebtedness(3,148,000)(2,789,000)(3,917000)(3,414,000)(2,906,000)(2,456,000)NetDebt-ContractingMargin$92,965,792S96,300,563$98,326,335$102,041,968$105,375,302$109,605,207%ofDebt-ContractingPowerUsed:3.28%2.81%3S3%13.24%2.67%219%LTD-7