all numbers in this report have been rounded to the ... · social security, empl bnfts workers...

All Numbers in This Report Have Been Rounded To The Nearest Dollar

ANNUAL FINANCIAL REPORT

UPDATE DOCUMENT

For The

VILLAGE of Watkins Glen

County of Schuyler

For the Fiscal Year Ended 05/31/2010

*************************************************************************************************************************************

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

(A) GENERAL

Balance Sheet

Miettw.l I, Assets

Cash

Cash In Time Deposits

Petty Cash

Taxes Receivable, Pending Tax Sale Certificates

Property Acquired For Taxes

Allowance For Uncollectible Taxes

II

VILLAGE OF Watkins Glen Annual Update Document

For the Fiscal Year Ending 2010

2i ,$4 a,

Page 3

WIIIII_Wi$41

15,047 A200

1,159,580 A201

590 A210

,752 A300

94,858 A320

3,904 A330

,14,281 A342

_I 21,535

1,039,278

590

-1,173

65,623

3,904

-14,281

OSC Municipality Code 440423705210

(A) GENERAL

Results of Operation

Reverues Rea! Property Taxes

Other Payments In Lieu of Taxes

Interest & Penalties On Real Prop Taxes

Non Prop Tax Dist By County

Utilities Gross Receipts Tax

Franchises

Treasurer Fees

Charges For Tax Redemption

Clerk Fees

Other General Departmental Income

Police Fees

Safety Inspection Fees

Vital Statistics Fees

Park And Recreational Charges

Recreational Concessions

Special Recreational Facility Charges

Zoning Fees

Planning Board Fees

Sale of Cemetery Lots

Charges For Cemetery Services

Public Safety Services For Other Govts

Fire Protection Services Other Govts

Interest And Earnings

Rental of Real Property

Rental of Equipment

Commissions

Games of Chance

Bingo Licenses

Building And Alteration Permits

Street Opening Permits

Permits, Other

Sales of Scrap & Excess Materials

Sales of Real Property

Sales of Equipment

Insurance Recoveries



Page 5

1,039,802

179,341

12,654

224,513

18,038

28,943

985

535

236

99

890

270,640

6,979

34,723

70

250

900

5,755

6,738

167,900

23,350

24,400

7,500

780

102

6,345

5

255

197,662

72,990

581

A1001

A1081

A1090

A1120

A1130

A1170

A1230

A1235

A1255

A1289

A1520

A1560

A1603

A2001

A2012

A2025

A2110

A2115

A2190

A2192

A2260

A2262

A2401

A2410

A2414

A2450

A2530

A2540

A2555

A2560

A2590

A2650

A2660

A2665

A2680

1,071,182

135,775

29,008

216,604

13,930

30,089

1,370

501

228

124

300

319,031

9,183

35,210

105

500

1,800

6,200

9,216

179,653

9,272

250

101

94

5,054

1,070

25,110

2,110


(A) GENERAL


Expenditures

Legislative Board, Pers Serv

Legislative Board, Contf Expend

Municipal Court, Pers Serv

Municipal Court, Contr Expend

Mayor, Pers Serv

Mayor, Gontf Expend

Treasurer, Pers Serv

Treasurer, Contr Expend

Clerk,pers Serv

Clerk,equip & Cap Outlay

Clerk,contr Expend

Buildings, Pers Serv

Buildings, Equip & Cap Outlay

Buildings, Contf Expend



Page 7

5,000 A10101

891 A10104

18,062 A11101

2,837 A11104

2,002 A12101

2,546 A12104

23,351 A13251

40 A13254

28,754 A14101

A14102

28,125 A14104

11,353 A16201

4,545 A16202

17,572 A16204

4,755

1,194

18,035

3,106

1,904

2,538

23,553

15,118

34,930

32,122

14,950

17,953


(A) GENERAL


Zoning, Pers Serv

Zoning, Contr Expend

Planning, Pers Serv

Planning, Contr Expend

Storm Sewers, Pers Serv

Storm Sewers, Centf Expend

Refuse & Garbage, Pers Serv

Refuse & Garbage, Gontr Expend

Street Cleaning, Pers Serv

Street Cleaning, Gontr Expend

Shade Tree, Pers Serv

Shade Tree, Contr Expend

Cemetery, Pers Serv

Cemetery, Equip & Cap Outlay

Cemetery, Gontr Expend

State Retirement System

Police & Firemen Retirement. Empl Bnfts

Social Security, Employer Cont

Worker's Compensation, Empl Bnfts

Unemployment Insurance, Emp\ Bntts

Disability Insurance, Empl Bnfts

Hospital & Medical (denta!) Ins, Empl Bnft

Debt Principal, Serial Bonds

Debt Principal, Bond Anticipation Notes

Debt Principal, State Loans

Debt Interest, Serial Bonds



Page 9

30,185 A80101 31,605

3,339 A80104 4,901

6,468 A80201 6,773

164 A80204 145

10,852 A81401 8,563

35,128 A81404 9,000

4,304 A81601 4,702

56,100 A81604 54,147

4,490 A81701 6,530

1,875 A81704 6,670

955 A85601

463 A85604 1,500

23,187 A88101 29,569

A88102 4,244

1,942 A88104 3,205

31,658 A90108 31,894

50,725 A90158 45,735

66,817 A90308 70,769

32,041 A90408 38,506

15,420 A90508 15,322

1,066 A90558 1,589

192,584 A90608 154,091

125,000 A97106 125,000

A97306

7,154 A97906 7,333

61,084 A97107 56,096


(A) GENERAL

Changes in Fund Equity ,I ~ !

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



II

Page 11

1,669,599 A8021 1,723,020

1,669,599 A8022 1,723,020

2,536,972 2,340,078

2,483,551 2,333,277

1,723,020 A8029 1,729,821


(A) GENERAL

Appropriations

App M General Government Support

App - Public Safety

App - Transportation

App ~ Economic Assistance And Opportunity

App - Culture And Recreation

App - Home And Community Services

App - Employee Benefits



185,623 A1999N

547,025 A3999N

401,055 A5999N

6,926 A6999N

351,200 A7999N

181,050 A8999N

454,000 A9199N

210,445

577,660

378,855

7,426

366,100

204,850

462,500

Page 13 OSC Municipality Code 440423705210

(EE) ENTERPRISE UTI LIlY

Balance Sheet

Liabilities

Accounts Payable

Accrued Interest Payable

Compensated Absences Other Liabilities

Net Assets~Unrestricted (deficit)



Page 15

6,830 EE600

4,225 EE651

EE687

15,232 EE688

2,732,755 EE924

1,473

2,998

106,217

17,548

2,851,402


(EE) ENTERPRISE UTILITY


Expenses

Electric And Power, Pers SeN

Debt interest, Serial Bonds



Page 17

242,800 EE84101 228,950

21,449 EE97107 17,276


Cash Flow



Page 19

(FX) WATER

Balance Sheet

liabilities Accounts Payable



Page 21

2,241 FX600 1,283


(FX) WATER


Expenditures

Water Administration, Pers Serv

Water Administration, Equip & Cap Outlay

Water Administration, Contr Expend

Source Supply Pwr & Pump, Pers Serv

Source Supply Pwr & Pump, Equip & Cap Out

Source Supply Pwr & Pump, Contr Expend

Water Trans & Distrib, Pers Serv

Water Trans & Distrib, Equip & Cap Outlay

Water Trans & Distrib, Contf Expend

State Retirement, EmpJ Bnfts

Social Security, Empl Bnfts

Workers Compensation, EmpJ Bnfts

Unemployment Insurance, Empl Snfts

Disability Insurance, Empl Bnfts

Hospital & Medical (dental) Ins, Empl 8nft

Debt Principal, Serial Bonds

Debt Interest, Serial Bonds



Page 23

42,139 FX83101

FX83102

35,715 FX83104

16,887 FX83201

FX83202

44,052 FX83204

78,531 FX83401

40,575 FX83402

12,208 FX83404

10,492 FX90108

10,195 FX90308

8,318 FX90408

337 FX90508

156 FX90558

30,146 FX90608

104,500 FX97106

81,067 FX97107

43,050

34,374

18,820

31,768

80,518

20,268

12,990

10,041

10,735

8,229

216

32,429

105,000

76,149


(FX) WATER

Budget Summary -",1&& Estimated Revenues

Est Rev ~ Departmental Income

Est Rev~lntergovernmental Charges

Est Rev ~ Use of Money And Property

Est Rev~Miscellaneous Local Sources

;



it B • :m;; I Illi •••

468,500 FX1299N

45,000 FX2399N

4,000 FX2499N

0 FX2799N

LdSn'j z. 466,500

52,000

1,600

0


(G) SEWER

Balance Sheet

Assets

Cash

Cash In Time Deposits

Accounts Receivable

Unbilled Receivables

Allowance For Receivables



Page 27

G200

281,454 G201

2,764 G380

35,745 G383

6 G389

304,577

2,313

35,596

49


(G) SEWER


_,,4 Revenues

Sewer Rents

Sewer Charges

7

Interest & Penalties On Sewer Aects

Sales of Scrap & Excess Materials

Insurance Recoveries

St Aid, Sewer Cap Proj

Interfund Transfers



i', i1ii!

Page 29

479,094 G2120

3,546 G2122

7,357 G2128

G2650

G2680

G3990

G5031

460,427

3,424

6,747

2,350

1,528


(G) SEWER

Changes in Fund Equity

ANALYSIS OF CHAN-GIIE1SIIINIIIlFUND EQUITY

Fund Equity w Beginning of Year

Prior Period AdJ.- Increase In Fund Equity Prior Period Adj - Decrease In Fund Equity Restated Fund Equity w Beg of Year



Fund Equity - End of Year



Page 31

306,810

306,810

601,373

571,376

336,807

G8021

G8012

G8015

G8022

G8029

336,807

336,807

604,047

556,628

384,226


(G) SEWER

Budget Summary

Appropriations

App ~ Home And Community Services

App ~ Employee Benefits

App ~ Debt Service



362,850

59,350

181,600

G8999N

G9199N

G9899N

361,081

64,850

180,819


(H) CAPITAL PROJECTS

Balance Sheet

liabilities Accounts Payable



Page 35

58,462 H600 63


(H) CAPITAL PROJECTS


Expenditures

Buildings, Equip & Cap Outlay



Page 37

H16202 52,850


(K) GENERAL FIXED ASSETS

Balance Sheet

.... Will Assets Land

Buildings

Improvements Other Than Buildings

Machinery & Equipment

Construction Work In Progress

Infrastructure

Accurn Depree, Buildings

Accurn Depr, Imp Other Than Bid

Accurn Depr, Machinery & Equip

Accurn Depree, Infrastructure



II

Page 39

W¥ ·-ftNi.'• h+

1,249,262 K101 3,614,862

3,831,203 K102 9,137,211

735,709 K103 147,685

5,261,985 K104 4,616,538

K105 828,022

K106 11,765,424

K112 -3,713,339

K113 -2,461

K114 -3,197,776

K116 -7,403,591


(PN) PERMANENT

Balance Sheet

Assets

Investment In Securities



Page 41

10,984 PN450 984


(PN) PERMANENT


iiMiIM@i'44 Mj

Revenues

Interest And Earnings



Page 43

PN2401 -0


(PN) PERMANENT


Net "hU4 t ANALYSIS OF CHANGES IN FUND EQUITY

Fund Equity-Beginning of Year

Prior Period Adj - Decrease In Fund Equity Restated Fund Equity - Beg of Year


Fund Equity-End of Year



et:t '"

Page 45

10,984 PN8021 10,984

PN8015 984

10,984 PN8022 10,000 -0

10,984 PN8029 10,000


(TA) AGENCY

Balance Sheet

Liabilities

State Retirement Group Insurance Nys Income Tax Federal Income Tax Assoc & Union Dues Social Security Tax other Funds (specify)



Page 47

27 TA18 2,239

2,444 TA20 365

36 TA21 195

70 TA22 302

-4 TA24 588

136 TA26 624

3 TA85 19


(TE) PRIVATE PURPOSE TRUST

Balance Sheet

Liabilities

Accounts Payable



Page 49

TE600 143


(TE) PRIVATE PURPOSE TRUST


Expenditures

Mise Home & Comm SelV, Cont Expend



Page 51

666 TE89894 143


(V) DEBT SERVICE

Balance Sheet

Assets

Cash



Page 53

300 V200 o


(V) DEBT SERVICE




~1W!!1~llil+~;I!lIIl!llIllB!!!!!IlPI; •• ltl: ••••••••••••••• '14 •••• I,II'. 91bB 12 il,a;;; __ Revenues Interest And Earnings V2401 o


(V) DEBT SERVICE


ANALYSIS OF CHANGES IN FUND EQUITY

Fund Equity - Beginning of Year

Restated Fund Equity ~ Beg of Year



Fund Equity - End of Year



Page 57

824 V8021

824 V8022

1 525 300 V8029

300

300

o 300

o


(W) GENERAL LONG-TERM DEBT

Balance Sheet

General Long Term Debt

State Loans Payable



Page 59

91,547 W619 84,214


VILLAGE OF Watkins Glen Statement of Indebtedness

Forthe Fiscal Year Ending 2010

Water and Other Purposes Exempt From Constitutional Debt Limit

Bond No. 2001000005 EDPCODE Amoun Month and Year of Issue 10/15/1991 Purpose of Issue 12th St Water Impf\ Current Interest Rate 7.000( Outstanding Beginning of Year 2P18671 48,00( Prior Year Adjustment (

Issued During the Fiscal Year (do not include renewals here) 2P18673 (

Paid During the Fiscal Year (do not include renewals here) 2P18675 24,00(

Outstanding End of the Fiscal Year ;1P18677 24,00( Final Maturity Date 10/15/201C [

Bond No. 2001000003 EDPCODE Amoun Month and Year of Issue 3/15/199( Purpose of Issue Filtr Plant # Current Interest Rate 4.500( Outstanding Beginning of Year 2P18671 1,167,00( Prior Year Adjustment (

Issued During the Fiscal Year (do not include renewals here) QP18673 C

Paid During the Fiscal Year (do not include renewals here) I2P18675 46,000

Outstanding End of the Fiscal Year 2P18677 1,121,000 Final Maturity Date 3/15/2031

.-Bond No. 2001000002 EDPCODE Amoun Month and Year of Issue 3/15/1996 Purpose of Issue Filtr Plant #1 ~urrent Interest Rate 4.5000 Outstanding Beginning of Year 2P18671 123,000 Prior Year Adjustment 0 Issued During the Fiscal Year

(do not include renewals here) I2P18673 G Paid During the Fiscal Year

(do not include renewals here) [i2P18675 5,000 Outstanding End of the Fiscal Year I2P18677 118,000 Final Maturity Date 3/15/2031

.. .-




Water and Other Purposes Exempt From Constitutional Debt Limit

Bond No. 2001000019 EDPCODE Amoun Month and Year of Issue 7/27/200C Purpose of Issue waterlines(8th Glen Current Interest Rate 4.600C Outstanding Beginning of Year i2P18671 280,00C Prior Year Adjustment C Issued During the Fiscal Year

(do not include renewals here) I2P18673 C Paid During the Fiscal Year

(do not include renewals here) P18675 20,00C Outstanding End of the Fiscal Year 2P18677 260,00C Final Maturity Date 1/15/2021

Bond No. 2001000004 EDPCODE Amoun Month and Year of Issue 10/15/1991 lPurpose of Issue Electric Improvemen Current Interest Rate 7.000C Outstanding Beginning of Year P18671 52,00C Prior Year Adjustment C Issued During the Fiscal Year

(do not include renewals here) 2P18673 C Paid During the Fiscal Year

(do not include renewals here) 2P18675 26,00C Outstanding End of the Fiscal Year 2P18677 26,00C Final Maturity Date 10/15/201 C

otal Bond Amoun Outstanding Beginning of Year 4,227,63[ Prior Year Adjustment (

Issued During Fiscal Year (

raid During Fiscal Year 370,00( 3,857,63[ Outstanding End of Year




Indebtedness Not Exempt From Constitutional Debt Limit

State or Authority Loan No. 2001000011 EDPCODE Amoun Month and Year of Issue 6/29/199~

Purpose of Issue Fire Trud Current Interest Rate 2.500( Outstanding Beginning of Year ~P18791 91,54 Prior Year Adjustment (

Issued During the Fiscal Year (do not include renewals here) 2P18793 (

Paid During the Fiscal Year (do not include renewals here) I2P18795 7,33

Outstanding End of the Fiscal Year 12P18797 84,21' Final Maturity Date 9/13/2021

otal State or Authority Loan ------: Amoun

Outstanding Beginning of Year 91,54 Prior Year Adjustment C Issued During Fiscal Year C Paid During Fiscal Year 7,33 Outstanding End of Year ------- 84,21~

*************************************************************************************************************************************** ***************************************************************************************************************************************

Total of All Indebtedness Includes Total of Bonds and Notes - Exempt and Not Exempt

otal State or Authority Loan Amoun Outstanding Beginning of Year 5,609,18 Prior Year Adjustment C Issued During Fiscal Year C Paid During Fiscal Year 472,33;: !Outstanding End of Year - 5,136,84£


Bank Account Number

*****~8467

*****-4313

*****-1854

*****-0358

*****-0340

VILLAGE OF Watkins Glen Bank Reconciliation


Include All Checking, Savings and C.D. Accounts

Add: Bank Deposit

Balance In Transit

$3,154,907

$5,537

$11,058

$43,210

$65,354

Total Adjusted Bank Balance

Eetty Cash

Adjustments

Total Cash

Total Cash Balance All Funds

* Must be equal

$0

$0

$0

$0

$0

Less: Outstanding

Checks

9ZCASH

9ZCASHB

$0

$0

$142

$38,878

$60,260

*

*

Adjusted Bank

Balance

$3,154,907

$5,537

____ -"'$1.0,916

$4,332

$5,094

$3,180,786

$590:00

$.00

$3,181,376

$3,638,389


Code

VILLAGE OF Watkins Glen Employee and Retiree Benefits For the Fiscal Year Ending 2010

Page 69 OSC Municipality 440423705210

CERTIFICATION OF CHIEF FISCAL OFFICER

I, Donna J. Beardsley

the Village of Watkins Glen

, hereby certify that I am the Chief Fiscal Officer of

___ , and that the information provided in the annual

financial report of the Villag"'e"o"f-'-W"a"'t"'k"'in"'s...,G"'le"'n"-______ ' for the fiscal year ended 05/31/2010

, 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 Villag'-'e...co'-'f..cW=at=-'k~in~s...cG"'I-"e"-n _______ , and adopted by me as

my signature for use in conjunction with the filing of the Village of Watkins Glen's

annual financial report, I am evidencing my express intent to authenticate my certification of the

Village of Watkins Glen's annual financial report for the fiscal year ended 05/31/2010

and filed by means of electronic data transmission.

Naomi C. Kingsley

Name of Report Preparer if different than Chief Fiscal Officer

(607) 535-2736

Telephone Number

10/04/2010

Date of Certification

Page 71

Donna J. Beardsley

Name

Village Clerk Treasurer

Title

303 N. Franklin St., Watkins Glen, N'

Official Address

(607) 535-2736

Official Telephone Number

Municipality Code 440423705210

Village and governed by a five-member Board appointed by the Village. The Authority provides low-income housing to elderly, handicapped or disables persons.

Complete financial statements of individual component units can be obtained from their respective administrative offices.

Watkins Glen Housing Authority 222 E. 2nd St. Watkins Glen, New York 14891

The following are activities undertaken j ointly with other municipalities and are excluded from the financial statements. See Note IV for additional disclosure regarding joint ventures. (List here all joint activities and their services provided).

A Joint Sanitary Landfill Commission, with the Villages of Montour Falls and Odessa, and the Towns of Catharine, Cayuta, Dix, Montour and Reading.

B. Fund Accounting

The Village uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities.

A fund is a separate accounting entity with a self-balancing set of accounts.

The Village records its transactions in the fund types described below.

Fund Categories

a. Governmental Funds - 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 upon the determination of financial position and changes in financial position (the sources, uses, and balances of current financial resources). The following are the Village's governmental fund types.

General Fund - the principal operating fund and includes all operations not required to be recorded in other funds.

May 2010 2-2

C. Basis of Accouuting/Measurement Focus

Basis of accounting refers to when revenues and expenditures/ expenses 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 ofthe measurement focus. Measurement focus is the determination of what is measured, i.e. expenditures or expenses.

Modified Accrual Basis - All Governmental 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. Revenues are considered to be available if collected within a length of time.

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 state grants are accrued when the expenditure is made and the resources are available.

Expenditures are recorded when incurred except that:

a. Expenditures for prepaid expenses and inventory-type items are recognized at the time of purchase.

b. Principal and interest on indebtedness are not recognized as an expenditure until due.

c. Compensated absences, such as vacation and sick leave which vests or accumulates, are charged as an expenditure when paid (Note I (1), p. 2-8).

Accrual Basis - Proprietary funds are accounted for on the accrual basis of accounting, whereby revenues are recognized when earned and expenses are recorded when incurred. Fixed assets and long-term liabilities related to these activities are recorded within the funds. (Depreciation methods should be included here along with the basis for valuing inventories) ..

D. Property Taxes

Real property taxes are levied annually no later than June 1 based on the assessed value of property as listed on the previous January 1, and become a lien on July 2. Taxes are collected during the period June 1 to July 1 without penalty and from July 2 to August 1 a penalty of 5% is added. Subsequent to August 1, a 1 % per month additional penalty is added each month. The county does not assume enforcement responsibility for any unpaid taxes levied in the Village at this time.

E. Budgetary Data

1. Budget Policies - The budget policies are as follows:

May 2010 2-4

probable that an asset has been impaired or a liability has been incurred and the amount ofloss can be reasonably estimated.

J. Compensated Absences

Employees accrue vacation leave based primarily on the number of years employed up to a maximum rate of 200 hours year for regular employees and 220 hours per year for police department employees, but may accumulate no more than a maximum of 400 hours for regular employees and 440 hours for police department employees. Upon separation from service, employees are paid up to 400 hours for regular employees and 440 hours for police department employees.

Employees accrue sick leave based primarily on the number of years employed up to a maximum rate ofl20 hours per year for regular employees and 144 hours per year for police department employees and may accumulate such credits up to a total of 1520 hours for regular employees and 1680 hours for police department employees. Unused sick time is paid to retirees in the form of monthly payment of health insurance premiums or cash reimbursement in monthly installments depending on contractual terms.

Vested vacation and sick leave is recorded in proprietary funds as a liability and expense and in government funds as a long term liability in the general long term debt account group (GLTDAG) if payable from future financial resources, or as a fund liability and expenditures, if payable from current resources. The liability for compensated absences increased by $25,156.49 during the year to $117404.96 and is reported in the GLTDAG.

K. Post Employment Benefits

In addition to providing pension benefits, the Village provides health insurance coverage and survivor benefits for retired employees and their survivors. Substantially all of the Village's employees may become eligible for these benefits if they reach normal retirement age while working for the Village. Health care benefits and survivors benefits are provided through an insurance company whose premiums are based on the benefits paid during the year. The Village recognizes the cost of providing benefits by recording its share of insurance premiums as an expenditure in the year paid.

~ During the year $33,753.12 was paid on behalfofll retirees and recorded as an expenditure in the General Fund.

III. Detail Notes on All Funds

A. Assets

1. Cash And Investments

May 2010 2-6

Balance Balance Type June 2009 Additions Deletions June 2010

Land $1,249,262 $ $1,249,262

Buildings 3,831,203 3,831,203

hnprovements Other Than Buildings 735,709 735,709

Machinery and Equipment 5,261,985 5,261,985

A summary of proprietary fund type property, plant and equipment follows:

Entemrise Internal Type Electric Sewer Total Service

Land Building $22,967 Other 3,840,574

Less Accumulated -1,511,918 Depreciation

Total $2,351,624

B. Liabilities

1. Pension Plans

Plan Description

The Village of Watkins Glen participates in the New York State and Local Employees' Retirement System (ERS), the New York State and Local Police and Fire Retirement System (PFRS) and the Public Employees' Group Life Insurance Plan (Systems). These are cost-sharing multipleemployer 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

May 2010 2-8

• For SFY 2006-07, the amount in excess of 10.5 percent of employees' covered pensionable salaries.

This law requires participating employers to make payments on a current basis, while bonding or amortizing existing unpaid amounts relating to the System's fiscal years ending March 31, 2005 through 2007.

Change in Payment Due Date

Chapter 260 of the Laws of New York State changed the annual payment due date for employers who participate in the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System. The December 15 payment due date changed to February I. The covered salary period (April I - March 31) will not change for the calculation.

2. Short-Term Debt

Liabilities for bond anticipation notes (BANs) are generally accounted for in the capital projects funds and the enterprise fund. The notes or renewal thereof may not extend more than two years beyond the original date of issue unless a portion is redeemed within two years and within each 12-month period thereafter.

State law requires that BANs issued for capital purposes be converted to long-term obligations within five years after the original issne date. However, BANs issued for assessable improvement projects may be renewed for periods eqnivalent to the maximum life of the permanent financing, provided that stipulated annual reductions of principal are made.

3. Long-Term Debt

a. Outstanding indebtedness aggregated $5,134,849. Of this amount, $1,323,214 was subject to the constitutional debt limit and represented approximately 25% of its debt limit.

b. Serial Bonds (and Capital Notes) -The Village borrows money in order to acquire land or equipment or construct buildings and improvements. This enables the cost of these capital assets to be borne by the present and future taxpayers receiving the benefit of the capital assets. These long-term liabilities, which are full faith and credit debt of the local government, are recorded in the Schednle of Non-current Governmental Liabilities or in the enterprise fund in the case of Electric debt. The provision to be made in fnture budgets for capital indebtedness represents the amount exclusive of interest, authorized to be collected in future years from taxpayers and others for liquidation of the long-term liabilities. Enterprise fund debt is liquidated with enterprise income.

May 2010 2-10

Second Street Recon 09/04 125,350 Var 09/20 85,000 First StlFire TrlCC 05107 920,000 Var 05/22 760,000

Special Revenue Funds Sewer Plant 05/79 394,000 5.0% 12/14 66,000 WWTP Improvements 04/00 3,153,635 0.00% 08119 1,731,635 Second Street Sewer Lines 09/04 83,957 Var 09/20 63,000 Water Improvement 03/96 1,893,000 4.50% 03/31 1,290,000 Public Improvement 10/91 1,285,000 7.00% 11/10 48,500 8th/Glen Ave Wtr Imp 07100 401,991 Var 07/21 280,000 Second Street Wtr Lines 09/04 181,192 Var 09/20 140,000

Enterprise Fund Public Improvement 10/91 525,000 7.00% 11110 51,500 Substation Upgrade 09/04 565,000 Var 09/24 427,000

Total $5,609,182

g. The following table summarizes the Village's future debt service requirements:

Year Ending Date: 2011 2012 2013 2014-2018 2019-2023 2024-2028 2029-2031

D. Fund Equity

1. Allocation of Fund Balance

Serial Bonds Principal $478,517 $429,705 $430,897

$2,154,548 $1,072,182

$342,000 $189,000

Interest $148,900 $135,964 $124,714 $450,466 $211,040

$92,095 $17,010

Certain funds ofthe Village apply to areas less than the entire Village. The fund equity at balance sheet date is allocated as follows:

General Fund $1,677,126

Special Revenue Funds $764,041 Enterprise Fund $2,946,274

Total $5,387,441

2. Reserves

May 2010 2-12

all numbers in this report have been rounded to the ... · social security, empl bnfts workers...

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