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
Page 1
(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
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
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
OSC Municipality Code 440423705210
(A) GENERAL
Results of Operation
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
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
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
OSC Municipality Code 440423705210
(A) GENERAL
Results of Operation
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
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
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
OSC Municipality Code 440423705210
(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
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
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
OSC Municipality Code 440423705210
(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
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
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)
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
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
OSC Municipality Code 440423705210
(EE) ENTERPRISE UTILITY
Results of Operation
Expenses
Electric And Power, Pers SeN
Debt interest, Serial Bonds
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
Page 17
242,800 EE84101 228,950
21,449 EE97107 17,276
OSC Municipality Code 440423705210
Cash Flow
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
Page 19
(FX) WATER
Balance Sheet
liabilities Accounts Payable
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
Page 21
2,241 FX600 1,283
OSC Municipality Code 440423705210
(FX) WATER
Results of Operation
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
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
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
OSC Municipality Code 440423705210
(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
;
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
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 OSC Municipality Code 440423705210
(G) SEWER
Balance Sheet
Assets
Cash
Cash In Time Deposits
Accounts Receivable
Unbilled Receivables
Allowance For Receivables
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
Page 27
G200
281,454 G201
2,764 G380
35,745 G383
6 G389
304,577
2,313
35,596
49
OSC Municipality Code 440423705210
(G) SEWER
Results of Operation
_,,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
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
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
OSC Municipality Code 440423705210
(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
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
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
OSC Municipality Code 440423705210
(G) SEWER
Budget Summary
Appropriations
App ~ Home And Community Services
App ~ Employee Benefits
App ~ Debt Service
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
362,850
59,350
181,600
G8999N
G9199N
G9899N
361,081
64,850
180,819
Page 33 OSC Municipality Code 440423705210
(H) CAPITAL PROJECTS
Balance Sheet
liabilities Accounts Payable
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
Page 35
58,462 H600 63
OSC Municipality Code 440423705210
(H) CAPITAL PROJECTS
Results of Operation
Expenditures
Buildings, Equip & Cap Outlay
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
Page 37
H16202 52,850
OSC Municipality Code 440423705210
(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
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
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
OSC Municipality Code 440423705210
(PN) PERMANENT
Balance Sheet
Assets
Investment In Securities
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
Page 41
10,984 PN450 984
OSC Municipality Code 440423705210
(PN) PERMANENT
Results of Operation
iiMiIM@i'44 Mj
Revenues
Interest And Earnings
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
Page 43
PN2401 -0
OSC Municipality Code 440423705210
(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
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
et:t '"
Page 45
10,984 PN8021 10,984
PN8015 984
10,984 PN8022 10,000 -0
10,984 PN8029 10,000
OSC Municipality Code 440423705210
(TA) AGENCY
Balance Sheet
Liabilities
State Retirement Group Insurance Nys Income Tax Federal Income Tax Assoc & Union Dues Social Security Tax other Funds (specify)
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
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
OSC Municipality Code 440423705210
(TE) PRIVATE PURPOSE TRUST
Balance Sheet
Liabilities
Accounts Payable
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
Page 49
TE600 143
OSC Municipality Code 440423705210
(TE) PRIVATE PURPOSE TRUST
Results of Operation
Expenditures
Mise Home & Comm SelV, Cont Expend
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
Page 51
666 TE89894 143
OSC Municipality Code 440423705210
(V) DEBT SERVICE
Balance Sheet
Assets
Cash
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
Page 53
300 V200 o
OSC Municipality Code 440423705210
(V) DEBT SERVICE
Results of Operation
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
~1W!!1~llil+~;I!lIIl!llIllB!!!!!IlPI; •• ltl: ••••••••••••••• '14 •••• I,II'. 91bB 12 il,a;;; __ Revenues Interest And Earnings V2401 o
Page 55 OSC Municipality Code 440423705210
(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
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
Page 57
824 V8021
824 V8022
1 525 300 V8029
300
300
o 300
o
OSC Municipality Code 440423705210
(W) GENERAL LONG-TERM DEBT
Balance Sheet
General Long Term Debt
State Loans Payable
VILLAGE OF Watkins Glen Annual Update Document
For the Fiscal Year Ending 2010
Page 59
91,547 W619 84,214
OSC Municipality Code 440423705210
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
.. .-
Page 61 OSC Municipality Code 440423705210
VILLAGE OF Watkins Glen Statement of Indebtedness
For the Fiscal Year Ending 2010
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
Page 63 OSC Municipality Code 440423705210
VILLAGE OF Watkins Glen Statement of Indebtedness
For the Fiscal Year Ending 2010
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£
Page 65 OSC Municipality Code 440423705210
Bank Account Number
*****~8467
*****-4313
*****-1854
*****-0358
*****-0340
VILLAGE OF Watkins Glen Bank Reconciliation
For the Fiscal Year Ending 2010
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
Page 67 OSC Municipality Code 440423705210
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