ANNUAL FINANCIAL REPORT UPDATE DOCUMENT. For The. FIRE DISTRICT of Westmere. County of Albany. For the Fiscal Year Ended 12/31/2010 AUTHORIZATION

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1 All Numbers in This Report Have Been Rounded To The Nearest Dollar ANNUAL FINANCIAL REPORT UPDATE DOCUMENT For The FIRE DISTRICT of Westmere County of Albany For the Fiscal Year Ended 12/31/2010 ************************************************************************************************************************************* AUTHORIZATION ARTICLE 3, SECTION 30 of the GENERAL MUNICPAL LAW: 1. ***Every Municipal Corporation *** shall annually make a report of its financial condition to the Comptroller. Such report shall be made by the Chief Fiscal Officer of such Municipal Corporation *** 5. All reports shall be certified by the officer making the same and shall be filed with the Comptroller *** It shall be the duty of the incumbent officer at the time such reports are required to be filed with the Comptroller to file such report *** State of NEW YORK Office of The State Comptroller Division of Local Government and School Accountability Albany, New York Page 1

2 FIRE DISTRICT OF Westmere *** FINANCIAL SECTION *** Financial Information for the following funds and account groups are included in the Annual Financial Report filed by your government for the fiscal year ended 2009 and has been used by the OSC as the basis for preparing this update document for the fiscal year ended 2010: (A) GENERAL (K) GENERAL FIXED ASSETS (TA) AGENCY All amounts included in this update document for 2009 represent data filed by your government with OSC as reviewed and adjusted where necessary. *** ARRA SECTION *** The American Recovery and Reinvestment Act (ARRA) section of your Annual Financial Report is designed to report revenues and expenditures of federal stimulus money for the current fiscal year ended. *** SUPPLEMENTAL SECTION *** The Supplemental Section includes the following sections: 1) Statement of Indebtedness 2) Schedule of Time Deposits and Investments 3) Bank Reconciliation 4) Local Government Questionnaire 5) Schedule of Employee and Retiree Benefits 6) Schedule of Energy Costs and Consumption 7) Schedule of Other Post Employment Benefits (OPEB) All numbers in this report will be rounded to the nearest dollar. Page 2

3 Annual Update Document (A) GENERAL Balance Sheet Code Description 2009 EdpCode 2010 Assets Cash 5,280 A200 2,099,203 Cash In Time Deposits 512,638 A201 Petty Cash 250 A TOTAL Cash 518,168 2,099,684 Cash In Time Deposits, Spec Res 1,107,712 A ,198 TOTAL Restricted Assets 1,107, ,198 TOTAL Assets 1,625,880 2,540,882 Page 3 OSC Municipality Code

4 Annual Update Document (A) GENERAL Balance Sheet Code Description 2009 EdpCode 2010 Liabilities Accounts Payable 4,546 A600 13,214 TOTAL Accounts Payable 4,546 13,214 Accrued Liabilities 9,917 A TOTAL Accrued Liabilities 9, TOTAL Liabilities 14,463 13,508 Capital Reserve 1,107,712 A ,198 TOTAL Special Reserves 1,107, ,198 Unreserved Fund Balance Unappropriated 503,705 A ,758 TOTAL Unreserved Fund Balance - Unappropriated 503, ,758 TOTAL Fund Equity 1,611, ,956 TOTAL Liabilities And Fund Equity 1,625, ,464 Page 4 OSC Municipality Code

5 Annual Update Document (A) GENERAL Results of Operation Code Description 2009 EdpCode 2010 Revenues Real Property Taxes 790,100 A ,435 TOTAL Real Property Taxes 790, ,435 Interest And Earnings 5,510 A2401 3,093 Rental of Real Property 200 A2410 TOTAL Use of Money And Property 5,710 3,093 Sales of Equipment 6,250 A2665 6,000 Insurance Recoveries 5,756 A2680 TOTAL Sale of Property And Compensation For Loss 12,006 6,000 Gifts And Donations 215 A TOTAL Miscellaneous Local Sources Fed Aid Other Public Safety 13,159 A4389-5,307 TOTAL Federal Aid 13,159-5,307 TOTAL Revenues 821, ,266 TOTAL Detail Revenues And Other Sources 821, ,266 Page 5 OSC Municipality Code

6 Annual Update Document (A) GENERAL Results of Operation Code Description 2009 EdpCode 2010 Expenditures Fire, Pers Serv 43,185 A ,198 Fire, Equip & Cap Outlay 30,182 A ,586,759 Fire, Contr Expend 346,081 A ,686 TOTAL Fire 419,448 1,932,643 TOTAL Public Safety 419,448 1,932,643 Local Pension Fund, Empl Bnfts 30,100 A ,326 Social Security, Employer Cont 2,893 A ,193 Worker's Compensation, Empl Bnfts 69,745 A ,550 Life Insurance, Empl Bnfts 24,743 A ,137 TOTAL Employee Benefits 127, ,206 TOTAL Expenditures 546,929 2,051,849 TOTAL Detail Expenditures And Other Uses 546,929 2,051,849 Page 6 OSC Municipality Code

7 Annual Update Document (A) GENERAL Changes in Fund Equity Code Description 2009 EdpCode 2010 ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity-Beginning of Year 1,337,155 A8021 1,611,416 Restated Fund Equity - Beg of Year 1,337,155 A8022 1,611,416 ADD - REVENUES AND OTHER SOURCES 821, ,266 DEDUCT - EXPENDITURES AND OTHER USES 546,929 2,051,849 Fund Equity-End of Year 1,611,416 A8029 1,412,216 Page 7 OSC Municipality Code

8 Annual Update Document Budget Summary Code Description 2010 EdpCode 2011 Page 8

9 Annual Update Document (K) GENERAL FIXED ASSETS Balance Sheet Code Description 2009 EdpCode 2010 Assets Land 102,500 K ,500 Buildings 632,454 K ,454 Machinery & Equipment 2,409,103 K104 TOTAL Fixed Assets (net) 3,144, ,954 TOTAL Assets 3,144, ,954 Page 9 OSC Municipality Code

10 Annual Update Document (K) GENERAL FIXED ASSETS Balance Sheet Code Description 2009 EdpCode 2010 Fund Equity Total Non-Current Govt Assets 3,144,057 K ,594 TOTAL Investments in Non-Current Government Assets 3,144, ,594 TOTAL Fund Equity 3,144, ,594 TOTAL Liabilities And Fund Equity 3,144, ,594 Page 10 OSC Municipality Code

11 Annual Update Document (TA) AGENCY Balance Sheet Code Description 2009 EdpCode 2010 Assets Service Award Program Assets 557,006 TA ,569 TOTAL Investments 557, ,569 TOTAL Assets 557, ,569 Page 11 OSC Municipality Code

12 Annual Update Document (TA) AGENCY Balance Sheet Code Description 2009 EdpCode 2010 Liabilities Service Awards 557,006 TA13 589,569 TOTAL Agency Liabilities 557, ,569 TOTAL Liabilities 557, ,569 TOTAL Liabilities And Fund Equity 557, ,569 Page 12 OSC Municipality Code

13 Financial Comments Page 13

14 Statement of Indebtedness Page 14

15 Schedule of Time Deposits and Investments EDP Code Amount CASH: On Hand 9Z2001 Demand Deposits 9Z2011 Time Deposits 9Z2021 Total $0.00 COLLATERAL: - FDIC Insurance 9Z2014 Collateralized with securities held in possession of municipality or its agent Total 9Z2014A $0.00 INVESTMENTS: - Securities (450) Book Value (cost) Market Value at Balance Sheet Date 9Z4501 9Z4502 Collateralized with securities held in possession of municipality or its agent 9Z4504A - Repurchase Agreements (451) Book Value (cost) Market Value at Balance Sheet Date 9Z4511 9Z4512 Collateralized with securities held in possession of municipality or its agent 9Z4514A Page 15 OSC Municipality Code

16 Bank Reconciliation Include All Checking, Savings and C.D. Accounts Bank Account Number Bank Balance Add: Deposit In Transit Less: Outstanding Checks Adjusted Bank Balance *****-0177 $16,535 $0 $0 $16,535 *****-7537 $100,659 $0 $0 $100,659 *****-5128 $639,278 $0 $0 $639,278 *****-2293 $1 $0 $0 $1 *****-7529 $17,998 $0 $0 $17,998 *****-2277 $180,787 $0 $0 $180,787 *****-2269 $27,005 $0 $0 $27,005 *****-0355 $396,161 $0 $0 $396,161 Total Adjusted Bank Balance Petty Cash Adjustments Total Cash 9ZCASH * Total Cash Balance All Funds 9ZCASHB * * Must be equal $1,378,425 $.00 $.00 $1,378,425 $2,540,882 Page 16 OSC Municipality Code

17 Fire District Questionnaire 1) 2) 3) 4) 5) 6) Has your district adopted a written procurement prolicy and is it complied with? Has your district contracted to have an independent audit of its financial statements? If not, has the Board of Fire Commissioners performed an internal audit of the Treasurer's records and reports? Does your district have a written travel policy and is it complied with? Are monthly bank reconciliations performed? What is your district's statutory spending limitation margin (amount) for the next fisca Does your district have a Length of Service Award Program (LOSAP) for volunteer firefighters? If so, how are the LOSAP funds invested? Marketable Securities Annuities Life Insurance Other (describe) Response Y Y Y Y Y N N 7) Has your Fire District adopted an investment policy as required by General Municipal Law, Section 39? Y Page 17

18 Employee and Retiree Benefits Total Full Time Employees: Total Part Time Employees: Account Code Description Total Expenditures (All Funds) # of Full Time Employees # of Part Time Employees # of Retirees State Retirement System Police and Fire Retirement Local Pension Fund Social Security Worker's Compensation Insurance Life Insurance Unemployment Insurance Disability Insurance Hospital and Medical (Dental) Insurance Union Welfare Benefits Supplemental Benefit Payment to Disabled Fire Fighters Other Employee Benefits Total $0.00 Computed Total From Financial Section (comparative purposes only) $119, Page 18 OSC Municipality

19 Energy Costs and Consumption Energy Type Total Expenditures Total Volume Units Of Measure Alternative Units Of Measure Gasoline $6,881 2,342 gallons Diesel Fuel $5,167 2,077 gallons Fuel Oil $ gallons Natural Gas $5,552 5,684 cubic feet Therms Electricity $17, ,216 kilowatts Coal $ tons Page 19 OSC Municipality

20 Schedule of Other Post Employment Benefits (OPEB) Annual OPEB Cost and Net OPEB Obligation Type of Other Post Employment Benefits Plan Annual Required Contribution(ARC) Interest on Net OPEB Obligation Adjustment to Annual Required Contribution Annual OPEB Expense Less: Actual Contribution Made Increase in Net OPEB Obligation Net OPEB Obligation - beginning of year Net OPEB Obligation - end of year Total Other Post Employment Benefits as reported in Accounts 683 in Financial Section, Current Fiscal Year Percentage of Annual OPEB Cost Contributed (Actual Contribution Made/Annual OPEB Cost) Funded Status and Funding Process Actuarial Accrued Liability(AAL) Less: Actuarial Value of Plan Assets Unfunded Actuarial Accrued Liability(UAAL) Funded Ratio(Actuarial Value of Plan Assets/AAL) Annual Covered Payroll (of active employees covered by the plan) UAAL as Percentage of Annual Covered Payroll Other OPEB Information Date of most recent actuarial valuation Actuarial method used Assumed rate of return on investments discount rate Amortization period of UAAL(in years).00% Page 20 OSC Municipality