ANNUAL FINANCIAL REPORT UPDATE DOCUMENT. For The. VILLAGE of Watkins Glen. County of Schuyler. For the Fiscal Year Ended 05/31/2010 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 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 Page 1

2 (A) GENERAL Balance Sheet Miettw.l I, Assets II 2i,$4 a, WIIIII_Wi$41 _I Cash Cash In Time Deposits 15,047 A200 1,159,580 A201 21,535 1,039,278 Petty Cash 590 A Taxes Receivable, Pending,752 A300-1,173 Tax Sale Certificates 94,858 A320 65,623 Property Acquired For Taxes Allowance For Uncollectible Taxes 3,904 A330,14,281 A342 3,904-14,281 Page 3

3 (A) GENERAL Results of Operation Reverues Rea! Property Taxes 1,039,802 A1001 1,071,182 Other Payments In Lieu of Taxes Interest & Penalties On Real Prop Taxes 179,341 12,654 A1081 A ,775 29,008 Non Prop Tax Dist By County Utilities Gross Receipts Tax Franchises 224,513 18,038 28,943 A1120 A1130 A ,604 13,930 30,089 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 ,640 6,979 34, ,755 A1230 A1235 A1255 A1289 A1520 A1560 A1603 A2001 A2012 A2025 A2110 A2115 A2190 A2192 1, ,031 9,183 35, ,800 6,200 Public Safety Services For Other Govts Fire Protection Services Other Govts 6, ,900 A2260 A2262 9, ,653 Interest And Earnings Rental of Real Property Rental of Equipment 23,350 24,400 7,500 A2401 A2410 A2414 9, Commissions A2450 Games of Chance Bingo Licenses Building And Alteration Permits Street Opening Permits ,345 5 A2530 A2540 A2555 A ,054 Permits, Other A2590 Sales of Scrap & Excess Materials Sales of Real Property Sales of Equipment Insurance Recoveries ,662 72, A2650 A2660 A2665 A2680 1,070 25,110 2,110 Page 5

4 (A) GENERAL Results of Operation Expenditures Legislative Board, Pers Serv Legislative Board, Contf Expend 5,000 A A ,755 1,194 Municipal Court, Pers Serv Municipal Court, Contr Expend 18,062 A ,837 A ,035 3,106 Mayor, Pers Serv Mayor, Gontf Expend 2,002 A ,546 A ,904 2,538 Treasurer, Pers Serv Treasurer, Contr Expend 23,351 A A ,553 15,118 Clerk,pers Serv Clerk,equip & Cap Outlay Clerk,contr Expend 28,754 A14101 A ,125 A ,930 32,122 Buildings, Pers Serv Buildings, Equip & Cap Outlay Buildings, Contf Expend 11,353 A ,545 A ,572 A ,950 17,953 Page 7

5 (A) GENERAL Results of Operation Zoning, Pers Serv Zoning, Contr Expend 30,185 A ,605 3,339 A ,901 Planning, Pers Serv Planning, Contr Expend 6,468 A , A Storm Sewers, Pers Serv Storm Sewers, Centf Expend 10,852 A ,563 35,128 A ,000 Refuse & Garbage, Pers Serv Refuse & Garbage, Gontr Expend 4,304 A ,702 56,100 A ,147 Street Cleaning, Pers Serv Street Cleaning, Gontr Expend 4,490 A ,530 1,875 A ,670 Shade Tree, Pers Serv Shade Tree, Contr Expend 955 A A ,500 Cemetery, Pers Serv Cemetery, Equip & Cap Outlay Cemetery, Gontr Expend 23,187 A ,569 A ,244 1,942 A ,205 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 31,658 A ,894 50,725 A ,735 66,817 A ,769 32,041 A ,506 15,420 A ,322 1,066 A , ,584 A ,091 Debt Principal, Serial Bonds Debt Principal, Bond Anticipation Notes Debt Principal, State Loans 125,000 A ,000 A ,154 A ,333 Debt Interest, Serial Bonds 61,084 A ,096 Page 9

6 (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 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 Page 11

7 (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, , ,855 7, , , ,500 Page 13

8 (EE) ENTERPRISE UTI LIlY Balance Sheet Liabilities Accounts Payable 6,830 EE600 1,473 Accrued Interest Payable 4,225 EE651 2,998 Compensated Absences Other Liabilities EE687 15,232 EE ,217 17,548 Net Assets~Unrestricted (deficit) 2,732,755 EE924 2,851,402 Page 15

9 (EE) ENTERPRISE UTILITY Results of Operation Expenses Electric And Power, Pers SeN 242,800 EE ,950 Debt interest, Serial Bonds 21,449 EE ,276 Page 17

10 Cash Flow Page 19

11 (FX) WATER Balance Sheet liabilities Accounts Payable 2,241 FX600 1,283 Page 21

12 (FX) WATER Results of Operation Expenditures Water Administration, Pers Serv Water Administration, Equip & Cap Outlay Water Administration, Contr Expend 42,139 FX83101 FX ,715 FX ,050 34,374 Source Supply Pwr & Pump, Pers Serv Source Supply Pwr & Pump, Equip & Cap Out Source Supply Pwr & Pump, Contr Expend 16,887 FX83201 FX ,052 FX ,820 31,768 Water Trans & Distrib, Pers Serv Water Trans & Distrib, Equip & Cap Outlay Water Trans & Distrib, Contf Expend 78,531 FX ,575 FX ,208 FX ,518 20,268 12,990 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 10,492 FX ,195 FX ,318 FX FX FX ,146 FX ,041 10,735 8, ,429 Debt Principal, Serial Bonds 104,500 FX ,000 Debt Interest, Serial Bonds 81,067 FX ,149 Page 23

13 (FX) WATER -",1&& Budget Summary 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 Page 25

14 (G) SEWER Balance Sheet Assets Cash Cash In Time Deposits G ,454 G ,577 Accounts Receivable Unbilled Receivables Allowance For Receivables 2,764 G380 35,745 G383 6 G389 2,313 35, Page 27

15 (G) SEWER Results of Operation _,,4 Revenues 7 i', i1ii! Sewer Rents Sewer Charges Interest & Penalties On Sewer Aects 479,094 G2120 3,546 G2122 7,357 G ,427 3,424 6,747 Sales of Scrap & Excess Materials Insurance Recoveries G2650 G2680 2,350 1,528 St Aid, Sewer Cap Proj G3990 Interfund Transfers G5031 Page 29

16 (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 ADD - REVENUES AND OTHER SOURCES DEDUCT - EXPENDITURES AND OTHER USES Fund Equity - End of Year 306, , , , ,807 G8021 G8012 G8015 G8022 G , , , , ,226 Page 31

17 (G) SEWER Budget Summary Appropriations App ~ Home And Community Services App ~ Employee Benefits App ~ Debt Service 362,850 59, ,600 G8999N G9199N G9899N 361,081 64, ,819 Page 33

18 (H) CAPITAL PROJECTS Balance Sheet liabilities Accounts Payable 58,462 H Page 35

19 (H) CAPITAL PROJECTS Results of Operation Expenditures Buildings, Equip & Cap Outlay H ,850 Page 37

20 (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 W -ftni. ' h+ 1,249,262 K101 3,614,862 3,831,203 K102 9,137, ,709 K ,685 5,261,985 K104 4,616,538 K ,022 K106 11,765,424 K112-3,713,339 K113-2,461 K114-3,197,776 K116-7,403,591 Page 39

21 (PN) PERMANENT Balance Sheet Assets Investment In Securities 10,984 PN Page 41

22 (PN) PERMANENT Results of Operation Revenues Interest And Earnings Mj PN Page 43

23 (PN) PERMANENT Changes in Fund Equity 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 ADD - REVENUES AND OTHER SOURCES Fund Equity-End of Year et:t '" 10,984 PN ,984 PN ,984 PN ,000 10,984 PN ,000-0 Page 45

24 (TA) AGENCY Balance Sheet Liabilities State Retirement Group Insurance Nys Income Tax Federal Income Tax Assoc & Union Dues Social Security Tax other Funds (specify) 27 TA18 2,239 2,444 TA TA TA TA TA TA85 19 Page 47

25 (TE) PRIVATE PURPOSE TRUST Balance Sheet Liabilities Accounts Payable TE Page 49

26 (TE) PRIVATE PURPOSE TRUST Results of Operation Expenditures Mise Home & Comm SelV, Cont Expend 666 TE Page 51

27 (V) DEBT SERVICE Balance Sheet Assets Cash 300 V200 o Page 53

28 (V) DEBT SERVICE Results of Operation I,II'. 91bB ~1W!!1~llil+~;I!lIIl!llIllB!!!!!IlPI; ltl: '14 Revenues Interest And Earnings V2401 o 12 il,a;;; Page 55

29 (V) DEBT SERVICE Changes in Fund Equity ANALYSIS OF CHANGES IN FUND EQUITY Fund Equity - Beginning of Year Restated Fund Equity ~ Beg of Year ADD - REVENUES AND OTHER SOURCES DEDUCT - EXPENDITURES AND OTHER USES Fund Equity - End of Year 824 V V V o 300 o Page 57

30 (W) GENERAL LONG-TERM DEBT Balance Sheet General Long Term Debt State Loans Payable 91,547 W619 84,214 Page 59

31 Statement of Indebtedness Forthe Fiscal Year Ending 2010 Water and Other Purposes Exempt From Constitutional Debt Limit Bond No 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 2P ,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) 2P ,00( Outstanding End of the Fiscal Year ;1P ,00( Final Maturity Date 10/15/201C [ Bond No EDPCODE Amoun Month and Year of Issue 3/15/199( Purpose of Issue Filtr Plant # Current Interest Rate 4.500( Outstanding Beginning of Year 2P ,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) I2P ,000 Outstanding End of the Fiscal Year 2P ,121,000 Final Maturity Date 3/15/2031 Bond No EDPCODE Amoun Month and Year of Issue 3/15/1996 Purpose of Issue Filtr Plant #1 ~urrent Interest Rate Outstanding Beginning of Year 2P ,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) [i2p ,000 Outstanding End of the Fiscal Year I2P ,000 Final Maturity Date 3/15/ Page 61

32 Statement of Indebtedness Water and Other Purposes Exempt From Constitutional Debt Limit Bond No 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 i2p ,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) P ,00C Outstanding End of the Fiscal Year 2P ,00C Final Maturity Date 1/15/2021 Bond No EDPCODE Amoun Month and Year of Issue 10/15/1991 lpurpose of Issue Electric Improvemen Current Interest Rate 7.000C Outstanding Beginning of Year P ,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) 2P ,00C Outstanding End of the Fiscal Year 2P ,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( Outstanding End of Year 3,857,63[ Page 63

33 Statement of Indebtedness Indebtedness Not Exempt From Constitutional Debt Limit State or Authority Loan No EDPCODE Amoun Month and Year of Issue 6/29/199~ Purpose of Issue Fire Trud Current Interest Rate 2.500( Outstanding Beginning of Year ~P ,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) I2P ,33 Outstanding End of the Fiscal Year 12P ,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 ,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 Page 65

34 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 *****~8467 $3,154,907 $0 $0 $3,154,907 *****-4313 $5,537 $0 $0 $5,537 *****-1854 $11,058 $0 $142 -"'$1.0,916 *****-0358 $43,210 $0 $38,878 $4,332 *****-0340 $65,354 $0 $60,260 $5,094 Total Adjusted Bank Balance $3,180,786 Eetty Cash $590:00 Adjustments $.00 Total Cash 9ZCASH * $3,181,376 Total Cash Balance All Funds 9ZCASHB * $3,638,389 * Must be equal Page 67

35 Employee and Retiree Benefits Code Page 69 OSC Municipality

36 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 Donna J. Beardsley Name (607) Telephone Number Village Clerk Treasurer Title 303 N. Franklin St., Watkins Glen, N' Official Address 10/04/2010 Date of Certification (607) Official Telephone Number Page 71 Municipality Code

37 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. 2 nd St. Watkins Glen, New York 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. 2-2 May 2010

38 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: 2-4 May 2010

39 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, during the year to $ 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, 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 2-6 May 2010

40 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 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 2-8 May 2010

41 For SFY , 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 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

42 Second Street Recon 09/04 125,350 Var 09/20 85,000 First StlFire TrlCC ,000 Var 05/22 760,000 Special Revenue Funds Sewer Plant 05/79 394, % 12/14 66,000 WWTP Improvements 04/00 3,153, % ,731,635 Second Street Sewer Lines 09/04 83,957 Var 09/20 63,000 Water Improvement 03/96 1,893, % 03/31 1,290,000 Public Improvement 10/91 1,285, % 11/10 48,500 8 th /Glen Ave Wtr Imp ,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, % ,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: 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, Reserves 2-12 May 2010