2005-12-31
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TOWN OF WAPPINGER, NEW YORK
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FINANCIAL STATEMENTS
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AS OF AND FOR THE YEAR ENDED
DECEMBER 31. 2005
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TOWN OF WAPPINGER, NEW YORK
TABLE OF CONTENTS
DECEMBER 31. 2005
DESCRIPTION
PAGE (S)
Independent Auditors' Report...................................................................................................... 1-2
Report on Internal Control over Financial
Reporting and on Compliance and Other Matters
Based on an Audit of Financial Statements Performed in
Accordance With Government Auditing Standards .................................................................. 3-4
Management's Discussion and Analysis (unaudited)
For The Year Ended December 31, 2005...............................................................................5-11
BASIC FINANCIAL STATEMENTS:
Government-Wide Financial Statements:
Statement of Net Assets - December 31,
2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .. .. .. . .. .. ... .. .... .. .... .. .. ..... ... ...... ." ..... ..12
Statement of Activities - For the Year Ended
December 31, 2005 ............................................ ............................................. ...... ................ 13-14
Fund Financial Statements:
Balance Sheet - Governmental Funds - December 31, 2005.................................................. 15-16
Reconciliation of Governmental Funds Balance Sheet
To The Statement of Net Assets - December 31, 2005..............................................................17
Statement of Revenues, Expenditures and Changes
In Fund Balances- Governmental Funds -
For the Year Ended December 31, 2005............ .... ........................ ......... .......... ............ ........ 18-19
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balance of Governmental Funds to the
Statement of Activities - For the Year Ended December 31, 2005............................................20
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Statement of Net Assets - Fiduciary Funds - December 31, 2005 .................................... 21
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Notes to the Basic Financial Statements......... .............. ........ ..... ........... ............... .................... 22-43
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REQUIRED SUPPLEMENTAL INFORMATION:
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Exhibit I
Budgetary Comparison Schedule -
General Fund - For the Year Ended December 31, 2005.... ........................................ .......44-46
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OTHER SUPPLEMENTAL INFORMATION:
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Exhibit II
Combining Balance Sheet - Non-Major
Governmental Funds - December 31, 2005 ........................................................................47-48
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Exhibit III
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances - Non-Major Governmental
Funds For the Year Ended December 31,2005................................................................... 49-50
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Beechwood Office Park
SEDORE & COMPANY
2678 South Road, Suite 101
Poughkeepsie, NY 12601
le'1845.485,5510
!'on 845.485.5547
/I'hkdl 845,897,1040
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Certified Public Accountants, PC
www.sedoreco.com
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INDEPENDENT AUDITORS' REPORT
jal/les L Serlore, jr:, C/'i1
MiIIi: S OSulliuflil, CPA
jallles F Lmmo, jI:, CPA
/Jllrla M. HiIIllIigrlll, CPA
X<lI'f'1l F HallSell, CPA
L BUlIUlI, CPA
Orades /I. N,il', jI:, CPA
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To the Supervisor and
Members of the Town Board
Town of Wappinger, New York
20 Middlebush Road
Wappingers Falls, New York 12590
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We have audited the accompanying financial statements of the governmental activities, each
major fund, and the aggregate remaining fund information of the Town of Wappinger, New
York, as of and for the year ended December 31, 2005, as listed in the Table of Contents. These
financial statements are the responsibility of the Town of Wappinger, New York's management.
Our responsibility is to express opinions on these basic financial statements based on our audit.
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We conducted our audit in accordance with auditing standards generally accepted in the United
States of America, and the standards applicable to financial audits contained in the Government
Auditing Standards issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the fmancial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinions.
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In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective fmancial position of the governmental activities, each major fund, and the
aggregate remaining fund information of the Town of Wappinger, New York, as of December
31, 2005, and the respective changes in financial position and, where applicable, cash flows
thereof for the year then ended in conformity with accounting principles generally accepted in
the United States of America.
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Management's Discussion and Analysis and Exhibit I, budgetary comparison information, listed
in the Table of Contents, are not a required part of the basic financial statements but are
supplementary information required by accounting principles generally accepted in the United
States of America. We applied certain limited procedures, which consisted principally of
inquiries of management regarding the methods of measurement and presentation of the required
supplementary information. However, we did not audit the information and express no opinion
on it.
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Large Firm Expertise'" Local Firm Service
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Our audit was conducted for the purpose of forming opinions on the fmancial statements that
collectively comprise the Town of Wappinger, New York's basic financial statements. The
combining non-major fund financial statements are presented for purposes of additional analysis.
and are not a required part of the basic financial statements. The combining non-major fund
financial statements have been subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, are fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
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In accordance with Government Auditing Standards, we have also issued our report dated
December 7, 2006 on our consideration of the Town of Wappinger, New York's internal control
over financial reporting and our tests of its compliance with certain provisions of laws,
regulations, contract and grants. The report on compliance with laws and regulations and
internal control over financial reporting is an integral part of an audit performed in accordance
with Government Auditipg Standards and, in considering the results of our audit, this report
should be read in conjunction the auditor's report on the basic financial statements.
S e-.h/z.L d- (j~ AA C. f fl :..s
Poughkeepsie, Ne; YorkU---' --d"
December 7, 2006
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Beechwood Office Park
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SEDORE & COMPANY
2678 South Road, Suite 101
Poughkeepsie, NY 12601
[,I 845.485.5510
t.l\ 845.485.5547
Fi,l,kill 845.897.1040
www.sedoreco.com
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Certified Public Accountants, pc.
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jflllles I. Sedore, f;:, (,j'i1
Mark S. OSulfi1'fl1l, CI'iI
)</II/{'5 F Letterio, Jr., CI'l1
{inf'" AI. HarlJligtlJl, CJ-~l
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REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
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Chllle5 fl. Rae, jI:, Chi
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To the Supervisor and
Members of the Town Board
Town of Wappinger, New York
20 Middlebush Road
Wappingers Falls, New York 12590
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We have audited the accompanying financial statements of the governmental activities, the
business-type activities, the aggregate discretely presented component units, each major fund,
and the aggregate remaining fund information of the Town of Wappinger, New York as of and
for the year ended December 31, 2005, which collectively comprise the Town of Wappinger,
New York's basic financial statements and have issued our report thereon dated December 7,
2006. We conducted our audit in accordance with auditing standards generally accepted in the
United States of America and the standards applicable to financial audits contained in the
Government Auditing Standards, issued by the Comptroller General of the United States.
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Internal Control Over Financial Reportin2
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In planning and performing our audit, we considered the Town of Wappinger's internal control
over financial reporting in order to determine our auditing procedures for the purpose of
expressing our opinions on the basic financial statements and not to provide an opinion on the
internal control over financial reporting. Our consideration of the internal control over financial
reporting would not necessarily disclose all matters in the internal control that might be material
weaknesses. A material weakness is a reportable condition in which the design or operation of
one or more of the internal control components does not reduce to a relatively low level the risk
that misstatements caused by error or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions. We noted no matters
involving the internal control over financial reporting and its operation that we consider to be
material weaknesses
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Large Firm Expertise,... Local Firm Service
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We noted others matter involving the internal control over financial reporting that we have
reported to the management of the Town of Wappinger, New York in a separate letter dated
December 7, 2006.
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Compliance and Other Matters
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As part of obtaining reasonable assurance about whether the Town of Wappinger, New York's
financial statements are free of material misstatement, we performed tests of its compliance with
certain provisions of laws, regulations, contracts and grant agreements, noncompliance with
which could have a direct and material effect on the determination of financial statement
amounts. However, providing an opinion on compliance with those provisions was not an
objective of our audit and, accordingly, we do not express such an opinion. The results of our
tests disclosed no instances of noncompliance or other matters that are required to be reported
under Government Auditing Standards.
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We noted certain other matters that we reported to management of the Town of Wappinger in a
separate letter dated December 7, 2006.
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This report is intended solely for the information and use of the audit committee, Supervisor,
Town Board, Finance Director, management, and federal awarding agencies and pass-through
entities and is not intended to be and should not be used by anyone other than these specified
parties.
Se~~ ~U\U'~'5
Poughkeepsie, New York
December 7, 2006
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MANAGEMENT'S DISCUSSION AND ANALYSIS
Required Supplemental Information
For the Year Ended December 31, 2005
(Un-audited)
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1. Overview of the Financial Statements
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These Audited Financial Statements consist of five parts. The Independent Auditors Report on
our Financial Statements, Management's Discussion and Analysis (this section), Government
ill Wide Financial Statements, Fund Financial Statements and Notes to the Financial Statements.
-Government-Wide Financial Statements provide both long term and short term information
.. about the Town's overall financial status. They report information about the Town as a whole
using accounting methods similar to private sector companies.
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-Fund Financial Statements focus on the individual parts of Town government, reporting the
Town's operations in more detail than the Government -Wide Financial Statements.
They focus on the most significant or "major" funds-not the Town as a whole. See Note A in the
notes to the [mancial statements for information regarding individual types of funds.
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-Notes to the Financial Statements provide further explanation and support for the information
contained in the Financial Statements.
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2. Financial Analysis of the Town as a whole
Assets 2005 2004 Change
Non-Capital $ 9,499,380 $ 10,535,739 $ (1,036,359)
Capital 24,245,927 22,194,551 2,051,376
Total Assets $ 33,745,307 $ 32,730,290 $ 1,015,017
Liabilities
Current $ 16,666,390 $ 13,995,439 $ 2,670,951
Non-Current 22,037,376 24,488,534 (2,451,158)
Total Liabilities 38,703,766 38,483,973 219,793
Net Assets:
Capital 5,124,127 5,614,308 (490,181 )
Restricted 42,165 65,587 (23,422)
Unrestricted (10,124,751) (11,433,578) 1,308,827
Total Net Assets (4,958,459) (5,753,683) 795,224
Total Liabilities and Net Assets $ 33,745.307 $ 32,730,290 $ 1,015,017
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MANAGEMENT'S DISCUSSION AND ANALYSIS
Required Supplemental Information
For the Year Ended December 31, 2005, Cont'd.
(Un-audited)
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Revenues
2005
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Program
Fines, Fees & Charges
Operating Grants
Capital Grants
General Revenues
Property Taxes
Other Taxes
Investment Earnings
State Aid
Other Revenues
Total Revenues
$
2,351,165 $
166,084
108,257
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5,579,837
3,195,552
686,716
233,806
579,331
12,900,748
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Expenses
General Government Support
Public Safety
Health
Transportation
Economic Assistance
Culture and Recreation
Home and Community Service
Other
3,237,827
664,051
416,882
2,432,156
30,308
1,058,234
2,568,843
1,364,797
11,773,098
1.127.650 $
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Total Expenses
Change in Net Assets
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.. Governmental Funds:
GENERAL FUND
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2004
2,330,762 $
45,853
198,434
5,548,365
3,039,514
629,177
237,704
780,104
12,809,913
3,262,995
653,088
328,915
2,229,015
32,684
880,786
2,073,883
1,371,296
10,832,662
1.977 .251 $
Change
20,403
120,231
(90,177)
31,472
156,038
57,539
(3,898)
(200,773)
90,835
(25,168)
10,963
87,967
203,141
(2,376)
177,448
494,960
(6,499)
940,436
(849.601 )
The majority of activity for the Town is presented in the General Fund. Fund Balance for the
General Fund decreased by $448,138 from 2004 to 2005. The major reason for the decrease
was the increase in Interfund Transfers to the Highway Fund and to the Carnwath/Greystone
Restoration Proj ect.
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Total General Fund Equity for 2005 is approximately $1,401,968 and $334,507 of this is
unappropriated fund balance.
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The fluctuations in the budget are explained in the revenue and expense summary above.
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MANAGEMENT'S DISCUSSION AND ANALYSIS
Required Supplemental Information
For the Year Ended December 31, 2005, Cont'd.
(Un-audited)
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The Following Charts describe significant categories of General Fund revenues and
expenses:
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General Fund Revenues 2005
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26%
. Property Taxes
31%
. State Aid
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5%
o Sales and Franchise Tax
4%
o Real Property Tax Items
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9%
. Departmental Income
. Licenses and Permits
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. All Other
24%
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General Fund Expenses 2005
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9%
. General government
support
. Public safety
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o Culture and Recreation
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11%
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o Home and community
servIces
. Employee benefits
. Debt Service
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13%
. All Other
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MANAGEMENT'S DISCUSSION AND ANALYSIS
Required Supplemental Information
For the Year Ended December 31,2005, Cont'd.
(Un-audited)
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HIGHWAY FUND
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The Highway Fund ended the year with $19,265 Fund Balance. Contractual expenses for
continued machinery maintenance increased by $16,100, an extended (6 months) workers'
compensation disability increased the budget by $13,600 and New York State Retirement
System benefits were $39,658 higher than anticipated. These items account for the decrease
in the Fund Balance.
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The following charts describe the significant categories of Highway Fund revenues and
expenses:
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Highway Fund Revenues 2005
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. Property Taxes
. Transfers from Other Funds
o State Aid
o Other Revenue
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MANAGEMENT'S DISCUSSION AND ANALYSIS
Required Supplemental Information
For the Year Ended December 31,2005, Cont'd.
(Un-audited)
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Highway Fund Expenses 2005
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. Street Maintenance
19%
. Permanent Road
Improvements
o Snow Removal
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o Machinery Purchase
and Maintenance
. Employee Benefits
. Brush and Weeds
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17%
. Debt Service
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WATER FUND
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The Town operated twelve water districts during 2005 with an overall Fund Balance of
$262,575. Operating revenues totaled $1,371,342 with the expenses totaling $1,443,460
resulting in excess (deficiency) of revenues over (under) expenditures in the amount of
($72,118). The Town has appropriated Fund Balance in the amount of $103,263 in the 2006
Budget and will continue to monitor available Fund Balance.
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SEWER FUND
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The Town operated nine Sewer Districts during 2005 with an overall Fund Balance
$2,526,160. Operating revenues totaled $4,077,051 with the expenses totaling $3,877,603
resulting in excess of revenues over expenditures in the amount of $199,448. The Town has
appropriated Fund balance in the amount of $772,024 for the 2006 Budget.
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MANAGEMENT'S DISCUSSION AND ANALYSIS
Required Supplemental Information
For the Year Ended December 31, 2005, Cont'd.
(Un-audited)
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BUDGETARY HIGHLIGHTS
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The Town Budget is adopted in OctoberlNovember for the following year and is modified
throughout the year as necessary. Variances in budgetary revenues and expenditures have
been explained in the paragraphs above.
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3. Activities regarding capital assets, long and short term debt
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The Town spent over two million dollars on fifteen capital projects in 2005. The top five
projects were: the Central Wappinger Water Improvement Area 1999-2R, the Sewer
Improvement Area #4 Project, the Widmer Road Paving Project, the Multi-Town
Revaluation Project and the Carnwath (Greystone) Renovation Project. The expenditures for
these projects accounted for eighty one percent (81 %) of the total capital expenditures.
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The Central Wappinger Water Improvement Area 1999 -2R project has connected six of the
Town's water districts to a common source of water. It is expected that the project will be
completed in the year 2008. The project expenses are funded entirely by the members of the
district. Additional bonding to finance the construction of the project took place in 2005 with
long term financing to be issued in 2007. Total bonding for the project will be approximately
$8,590,000.
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The other projects related to purchase of highway equipment, town-wide road blacktopping
and drainage, technology project, fuel tank replacements, and water and sewer district
improvements, other than grant revenue, are funded by the General, Highway Funds or by
the members of each water and sewer district. Future bonding is expected to be issued.
Please review the notes to the financial statements for information regarding these issues.
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Long Term Debt
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The Town received a Moody's rating of Aa3 when it issued new bonds in 2003 and has
maintained this rating. This is the fourth highest rating possible and the highest for a
municipality in Dutchess County.
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MANAGEMENT'S DISCUSSION AND ANALYSIS
Required Supplemental Information
For the Year Ended December 31, 2005, Cont'd.
(Un-audited)
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Total long term debt at the end of 2005 was $23,065,000. Only, $4,184,080 ofthis balance is
General Fund debt. The majority of the Town's debt relates to its water and sewer districts
amounting to $1,171,176 and $17,709,744, respectively. Water and sewer debt is paid by
the members of the respective districts.
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Short Term Debt
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The Town currently has four Bond Anticipation Notes (BANs) outstanding. The Central
Wappinger Water Improvement Area 1999-2R Capital project has two BANs totaling $7.27
million. The long term financing for the Central W appinger Water Improvement Area 1999-
2R Water District will take place in 2007. There are two other BANs totaling $4,699,918
funding various projects within the Town. Please review the notes to the financial statements
for further information regarding short- term debt.
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4. Currently Known Facts Bearing on the Future
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The Town of Wappinger is participating in a revaluation project with several other Southern
Dutchess Municipalities. The purpose of revaluation is to bring present property assessments
to full valuation. Full valuation will provide equitable tax distribution among all
homeowners within the Town, County and the shared school districts. The project was
awarded in 2004 and will require three years to complete. Final valuations are expected to be
in place by the March 1 S\ 2007 valuation date. The total project cost to the town has been
budgeted at $575,000. These funds have been financed by a five year serial bond. Once full
valuation has been established the Southern Dutchess Consortium has agreed to undergo
annual reassessment to maintain full valuation. State funding is currently available to assist
with this maintenance cost.
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.. TOWN OF WAPPINGER, NEW YORK
STATEMENT OF NET ASSETS
DECEMBER 31. 2005
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GOVERNMENTAL
ACTIVITIES
.. ASSETS
Current assets:
Cash and cash equivalents $ 7,681,055
.. Receivables (net) 1,758,103
Inventories 47,866
Deposits with other governments 5,000
Prepaid expenses 7,356
III Total current assets 9,499,380
Capital assets:
.. Land 7,782,217
Infrastructure, net of depreciation 2,963,853
Buildings, machinery and equipment, net of depreciation 5,274,734
.. Construction in progress 8,225,123
Total capital assets 24,245,927
l1li Total assets $ 33,745,307
LIABILITIES
l1li Current Liabilities:
Accounts Payable $ 1,174,015
Accrued liabilities and retainage payable 668,904
III Notes payable 11,969,918
Deferred revenue 15,628
Due to other governments 28,892
.. Current portion of long-term liabilities
LandfIll remediation liability 1,019,033
Bonds payable 1,790,000
Total current liabilities 16,666,390
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Non-current liabilities:
Judgment and claims 80,000
III Compensated absence liabilities 181,271
LandfIll remediation liability 501,105
Bonds payable 21,275,000
III Total non-current liabilities 22,037,376
Total liabilities 38,703,766
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NET ASSETS
Invested in Capital Assets, net of related debt 5,124,127
.. Restricted for:
Recreation 42,165
Unrestricted (10,124,751)
Total net assets (4,958,459)
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Total liabilities and net assets $ 33,745,307
IilII The accompanying Notes to the Financial Statements
should be read in conjunction with these Financial Statements.
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TOWN OF WAPPINGER, NEW YORK
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED DECEMBER 31. 2005
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EXPENSES
CHARGES
FOR SERVICES
OPERATING
GRANTS AND
CONTRIBUTIONS
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FUNCTIONS/PROGRAMS
Governmental Activities:
General government support
Public safety
Health
Transportation
Economic assistance & opportunity
Culture and recreation
Home and community services
Interest on long-term debt
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$ 3,237,827
664,051
416,882
2,432,156
30,308
1,058,234
2,568,843
1,364,797
$ 17,941
99,349
$
7,370
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61,363
2,172,512
158,714
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Total governmental activities
11,773,098
2,351,165
166,084
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General revenues
Taxes:
Real property taxes
Non-property ciX items
Sales tax
Mortgage tax
Franchise taxes
Unrestricted investment earnings
Grants and contributions not restricted to specific programs
Permits and licenses
Fines and forfeited bail
Special item-Gain on sale of property and compensation for loss
Payments from other governments
Miscellaneous
Total general revenues, special items and transfers
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Change in net assets before extraordinary item
Extraordinary item - Landfill remediation cost
Change in net assets
Net assets - beginning
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Net assets - ending
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The accompanying Notes to the Financial Statements
should be read in conjunction with these Financial Statements.
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NET (EXPENSE) REVENUE
AND CHANGES IN
NET ASSETS
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CAPITAL
GRANTS AND GOVERNMENTAL
CONTRIBUTIONS ACTIVITIES
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108,257
$ (3,212,516)
(564,702)
(416,882)
(2,323,899)
(30,308)
(838,157)
(396,331)
(1,364,797)
$
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108,257
(9,147,592)
IIiIIII 5,579,837
76,613
1,262,899
IIiIIII 1,607,294
248,746
686,716
IIiIIII 233,806
229,214
144,424
25,060
.. 5,013
175,620
10,275,242
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1,127,650
(332,416)
.. 795,234
(5,753,693)
MIl $ (4,958,459)
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III TOWN OF WAPPINGER, NEW YORK
BALANCE SHEET
GOVERNMENTAL FUNDS
.. DECEMBER 31.2005
.. GENERAL HIGHWAY SEWER
FUND FUND FUND
ASSETS
.. Cash and cash equivalents $ 614,042 $ 6,238 $ 2,333,593
Receivables:
Charges for services 448,422
.. Other 163,549 4,089
Deposits with other governments
Due from other funds 661,347 81,564 2,600
.. Due from other governments 408,378
State and federal receivable 401,008 108,257
Inventory, at cost 47,866
.. Prepaid expenses 5,991
. Total assets $ 2,254,315 $ 248,014 $ 2,784,615
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LIABILITIES AND FUND EQUITY
.. LIABILITIES
Accounts payable $ 405,309 $ 201,913 $ 235,855
Accrued liabilities 24,324 12,765
.. Retainage payable 983
Bond anticipation notes payable
Due to other funds 387,211 14,071 22,600
.. Due to other governments 18,892
Deferred revenues 15,628
Total liabilities 852,347 228,749 258,455
III
FUND BALANCE
.. Fund balance (deficit):
Reserved for:
Recreation 42,165
.. Prepaids and inventory 5,991 47,866
Miscellaneous 402,900
Unreserved:
ill Subsequent year's expenditures 616,405 291,867
Undesignated 334,507 (28,601) 2,234,293
Total fund balance 1,401,968 19,265 2,526,160
..
Total liabilities
and fund balance $ 2,254,315 $ 248,014 $ 2,784,615
..
The accompanying Notes to the Financial Statements
.. should be read in conjunction with these Financial Statements.
15
.
..
iIIIl
$ 228,755 $ 102,183 $ 1,174,015
72,234 62 109,385
.. 95,416 96,399
11,969,918 11,969,918
313,425 12,000 749,307
.. 10,000 28,892
15,628
12,689,748 114,245 14,143,544
..
-
16
..
..
TOWN OF WAPPINGER, NEW YORK
RECONCILIATION OF GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET ASSETS
DECEMBER 31.2005
ill
..
III Total fund equity for governmental funds $ (3,894,857)
Total net assets reported for governmental activities in the statement
.. of net assets are different because:
.. Capital assets used in governmental activities are not
financial resources and therefore are not reported in the funds. 24,245,927
.. Long-term liabilities, including bonds payable, compensated
absences, judgement and claims and landfill remediation
liabilities are not due and payable in the current period
and therefore are not reported in the funds.
.. (24,846,409)
"..
.. Accrued interest is not reported in the funds. (463,120)
Total net assets of governmental activities $ (4,958,459)
..
..
..
..
..
..
..
-
The accompanying Notes to the Financial Statements
should be read in conjunction with these Financial Statements.
17
-
..
(t
.. TOWN OF WAPPINGER, NEW YORK
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
,
ill FOR THE YEAR ENDED DECEMBER 31. 2005
j:
.. GENERAL IDGHWAY SEWER
FUND FUND FUND
REVENUES
II. Real property taxes $ 1,333,804 $ 1,662,016 $ 1,575,821
Real property taxes items 76,543
Non property taxes items 1,511,645
III Departmental income 273,611 1,433,768
Intergovernmental charges 5,013
.. Use of money and property 148,878 11,242 482,533
Licenses and permits 229,294
Fines and forfeitures 144,424
II. Sale of property and compensation for loss 13,489
Miscellaneous local sources 118,393 7,287 3
State aid 1,855,227 108,257
Total revenues 5,705,308 1,793,815 3,492,125
...
EXPENDITURES
.. General government support 2,357,094 32,511
Public safety 499,760
Health 3,800
III Transportation 216,580 1,508,539
Economic assistance & opportunity 30,308
Culture and recreation 817,485
.. Home and community services 578,120 1,600,858
Employee benefits 699,977 416,410 1,300
Debt service 738,032 243,958 2,242,934
.. Total expenditures 5,941,156 2,168,907 3,877,603
Excess of revenues over expenditures (235,848) (375,092) (385,478)
AlII
Other financing sources:
.. BANs redeemed from appropriations
Operating transfers in 87,710 327,687 584,926
Operating transfers out (300,000)
Total other financing sources (212,290) 327,687 584,926
.
Excess (deficiency) of revenue and other sources
.. over expenditures and other uses (448,138) (47,405) 199,448
Fund Balance, December 31, 2004 1,850,106 66,670 2,326,712
.. Fund Balance, December 31, 2005 $ 1,401,968 $ 19,265 $ 2,526,160
-
The accompanying Notes to the Financial Statements
should be read in conjunction with these Financial Statements.
18
..
..
..
CAPITAL NON-
.. PROJECTS MAJOR TOTAL
FUND FUNDS FUNDS
.. $ $ 1,008,196 $ 5,579,837
70 76,613
1,511,645
.. 634,238 2,341,617
5,013
123,429 19,983 786,065
.. 229,294
144,424
8,921 2,650 25,060
.. 15,763 96,250 237,696
1,963,484
Ii. 148,113 1,761,387 12,900,748
i
.. 757,601 212 3,147,418
499,760
L 409,382 413,182
476,365 32,500 2,233,984
30,308
38,123 855,608
i. 1,254,326 712,136 4,145,440
5,267 1,122,954
727,729 3,952,653
... 2,526,415 1,887,226 16,401,307
(2,378,302) (125,839) (3,500,559)
..
La 818,550 818,550
225,850 1,226,173
(926,173) (1,226,173)
~ (107,623) 225,850 818,550
f
..
m (2,485,925) 100,011 (2,682,009)
L
(5,741,399) 285,063 (1,212,848)
t;
... $ (8,227,324) $ 385,074 $ (3,894,857)
k
L
L 19
..
TOWN OF WAPPINGER, NEW YORK
RECONCILIATION OF STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED DECEMBER 31. 2005
..
..
ill
Net change in fund balance - total government funds
The change in net assets reported for governmental activities in the
statement of activities is different because:
..
..
Governmental funds report all capital outlays as expenditures.
However, in the statement of activities, the cost of certain assets
is allocated over their estimated useful lives and reported as
depreciation expense. This is the amount by which capital outlays
exceeded depreciation expense in the current period.
iIIII
lit
Bond proceeds are reported on the financing sources in governmental
furlds and thus contribute to the change in fund balance. fu the
statement of net assets, however, issuing debt increases long-tenn
liabilities and does not affect the statement of activities. Similarly,
repayment of principal is an expenditure in the governmental funds
but reduces the liability in the statement of net assets.
..
..
Debt issued:
Bond anticipation note redeemed
Repayments:
Bond anticipation note principal
Bond principal
lit
-
In the statement of activities, interest is accured on outstanding
bonds, whereas in governmental funds, an interest expenditure is
reported when due.
-
..
Some expenses reported in the statement of activities, such as
compensated absences and landfill liabilities do not require
the use of current financial resources and therefore are not
reported as expenditures in governmental funds.
..
Net change in net assets of governmental activities
..
..
-
The accompanying Notes to the Financial Statements
should be read in conjunction with these Financial Statements.
..
(818,550)
818,550
1,848,556
$ (2,682,009)
2,051,376
1,848,556
(79,250)
(343,439)
$
795,234
20
..
..
..
..
..
..
..
The accompanying Notes to the Financial Statements
should be read in conjunction with these Financial Statements
21
..
..
..
..
..
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31. 2005
..
NOTE A - Summary of Sie:nificant Accountine: Policies
The Town of Wappinger, New York (lithe Town") was incorporated on May 20, 1875, under the
provisions of the State of New York. The Town operates under a Town Board form of
government, consisting of a Supervisor and four Councilmen/women. The Supervisor serves as
the Chief Executive Officer and as the Chief Fiscal Officer of the Town.
..
..
The Town provides the following services: highway maintenance, water, sewer, planning,
zoning, building and safety inspection, lighting, and culture and recreation.
..
The Town's financial statements are prepared in accordance with accounting principles generally
accepted in the United States of America as applied to governmental units (GAAP). The
Governmental Accounting Standards Board (GASB) is responsible for establishing GAAP for
state and local governments through its pronouncements (Statements and Interpretations). The
Town is also required to follow the pronouncements ofthe Financial Accounting Standards
Board (FASB) issued through November 30, 1989 (when applicable) that do not conflict with or
contradict GASB pronouncements, .in preparing its government-wide financial statements.
The more significant accounting policies -established by GAAP and used -by the-TOwn in
preparing its government-wide and fund fmancial statements are discussed below.
..
...
...
1. The Reportine: Entitv
The Town, for fmancial purposes, includes all of the funds relevant to the operations
of the Town of Wappinger, New York. The financial statements include organizations,
function and activities that are controlled by or dependent upon the Town. Control or
dependence is determined on the basis of budget adoption, taxing authority, funding and
appointment of the respective governing board. Under these criteria, no other entities are
included in the Town's financial statements.
...
...
..
2. Basic Financial Statements - Government-Wide Statements
..
The Town's basic fmancial statements include both government-wide (reporting the
Town as a whole) and fund financial statements (reporting the Town's major funds). Both
the government-wide and fund financial statements categorize primary activities as either
governmental or business type activities. The Town's parks and recreation, public works,
and general administrative services are classified as governmental activities. The Town's
water services are also classified as governmental activities since user fees are not
intended to cover all costs including depreciation.
..
..
..
..
..
22
ill
IiIIIIl
..
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D)
DECEMBER 31. 2005
IiIIIIl
NOTE A - Summary of Sie:nificant Accountine: Policies (Continued)
2. Basic Financial Statements - Government-Wide Statements. Cont'd
..
In the government-wide Statement of Net Assets, the governmental activities columns is
presented on a consolidated basis by column, and is reported on a full accrual, economic
resource basis, which recognizes all long-term assets and receivables as well as long-term
debt and obligations. The Town's net assets are reported in three parts-invested in
capital assets, net of related debt; restricted net assets; and unrestricted net assets. The
Town first utilizes restricted resources to finance qualifying activities.
...
..
...
The government-wide Statement of Activities reports both the gross and net cost of each
of the Town's functions or activities. The functions are also supported by general
government revenues (property and sales taxes, certain intergovernmental revenues,
fines, permits and charges, etc.). The Statement of Activities reduces gross expenses
(including depreciation) by related program revenues, operating and capital grants.
Program revenues must be directly associated with the function (public works,
community and youth services, etc.). Operating grants include operating-specific and
discretionary (either operating or capital) grants while the capital grants column reflects
capital-specific grants.
..
..
..
The net costs are normally covered by general revenue (property, sales or mortgage taxes,
intergovernmental revenues, interest income, etc).
..
This government-wide focus is more on the sustainability of the Town as an entity
and the change in the Town's net assets resulting from the current year's activities.
II
3. Basic Financial Statements - Fund Financial Statements
...
The financial transactions of the Town are reported in individual funds in the fund
financial statements. Each fund is accounted for by providing a separate set of self-
balancing accounts that comprises its assets, liabilities, reserves, fund equity, revenues
and expenditures/expenses. Funds are organized into three major categories:
governmental, proprietary, and fiduciary. An emphasis is placed on major funds within
the governmental and proprietary categories. A fund is considered major if it is the
primary operating fund of the Town or meets the following criteria:
II
II
a. Total assets, liabilities, revenues, or expenditures/expenses of that individual
governmental fund are at least 10 percent of the corresponding total for all funds of
that category or type; and
..
..
..
23
..
..
..
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D)
DECEMBER 31. 2005
i
lit
NOTE A - Summary of Shmificant Accountin2: Policies (Continued)
3. Basic Financial Statements - Fund Financial Statements. Cont'd
lit
b. Total assets, liabilities, revenues, or expenditures/expenses of the individual
governmental fund or enterprise fund are at least 5 percent of the corresponding total
for all governmental and enterprise funds combined.
Ii.
The following fund types are used by the Town:
...
A. Governmental Funds
'(
..
The focus of the governmental funds' measurement (in the fund statements) is upon
determination of fmancial position and changes in financial position (sources, uses,
and balances of financial resources) rather than upon net income.
Ira
The following is a description of the governmental funds of the Town:
1. General fund is the general operating fund of the Town. It is used to account for
all financial resources except those required to be accounted for in another fund.
The General Fund is considered a major fund and is presented separately.
ill
ill
2. Highway fund is used to record the revenues and expenditures related to the
maintenance of Town roadways. The Highway Fund is considered a major fund
and is presented separately.
..
3. Sewer Fund is used to record the revenues and expenditures related to the
delivery of sewer services to the Town's customers. The Sewer Fund is
considered a major fund and is presented separately.
..
.
4. Capital projects fund is used to account for financial resources to be used for the
acquisition and construction of major capital facilities. The Capital Projects Fund
is considered a major fund and is presented separately. However, no budgetary
comparison schedule is presented as required supplemental information, as the
Town is not legally required to adopt an annual budget for the Capital Projects
Fund.
i.
ill
5. Non-major funds include those that are used to account for the proceeds of
specific revenue sources that are legally restricted to expenditures for specified
purposes.
...
...
..
24
..
..
II.
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D)
DECEMBER 31. 2005
..
NOTE A - Summary of Si2nificant Accountim~ Policies (Continued)
B. Fiduciary Funds
ill
III
Fiduciary Funds are used to report assets held in a trustee or agency capacity for others
and therefore are not available to support Town programs. The reporting focus is on net
assets and changes in net assets and are reported using accounting principles similar to
proprietary funds.
The Town's fiduciary funds are presented in the fiduciary fund financial statements.
Since by definition these assets are being held for the benefit of a third party and cannot
be used to address activities or obligations of the government, these funds are not
incorporated into the government-wide statements.
..
if.
III
1iJt:
..
4. Basis of Accountin2
Basis of accounting refers to the point at which revenues or expenditures/expenses are
recognized in the accounts and reported in the financial statements. It relates to the
timing of the measurements made regardless of the measurement focus applied.
..
A. Accrual
II
The governmental activities in the government-wide financial statements and fiduciary
fund fmancial statements are presented on the accrual basis of accounting. Revenues are
recognized when earned and expenses are recognized when incurred.
..
B. Modified Accrual
if:'
The governmental funds financial statements are presented on the modified accrual basis
of accounting. Under the modified accrual basis of accounting, revenues are recorded
when susceptible to accrual; i.e., both measurable and available. "Available" means
collectible within the current period or within 60 days after year-end. Expenditures are
generally recognized under the modified accrual basis of accounting when the related
liability is incurred. The exception to this general rule is that principal and interest on
general obligation long-term debt, if any, is recognized when due.
T{.
III
ill
''A
iii
III
..
..
i.
25
..
..
..
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D)
DECEMBER 31. 2005
..
NOTE A - Summary of Si2nificant Accountin2 Policies (Continued)
5. Financial Statement Amounts
J.
A. Cash and Investments
..
Cash includes amounts in demand and time deposits, as well as, short-tt:mn investments.
State statutes and the Town's own written investment policy govern the investment policies
of the Town. The Town may invest its funds in banks or trust companies authorized to do
business in the State of New York, as well as investing in obligations of the U. S. Treasury,
U.S. Agencies, and obligations of the State of New York and its political subdivisions.
Deposits not covered by Federal Deposit Insurance, are collateralized by the banking
institutions with investments governed under state statutes. Short-term investments consist
of investments in repurchase agreements. The repurchase agreements involve purchases by
a broker of portfolio securities concurrently with an agreement by the broker to sell the
same securities at a later date at a fixed price. Generally, the effect of such a transaction is
that the Town can invest its excess cash balances at competitive interest rates. The Town
reports its repurchase agreements at market value, which approximates cost plus accrued
interest.
:,\
...
it.
..
ill
The cash and investments of the Town at December 31,2005, are as follows:
..
CAPITAL NON-
GENERAL IDGHWAY SEWER PROJECTS MAJOR
FUND ~ FUND FUND ~ TOTAL
Non-Interest
Bearing Accounts $ 800 $ - $ - $ - $ - $ 800
Interest Bearing
Accounts 613.242 6.238 2,333.593 4,427.129 300.053 7.680.255
TOTALS $ 614,042 $ 6,238 $ 2,333,593 $4,427,129 $ 300,053 $7,681,055
III
..
ill
...
Custodial credit risk is the risk that in the event of a bank failure, the Town's deposits may
not be returned to it. While the Town does not have a specific policy for custodial credit
risk, New York State statues govern the Town's investment policies, as discussed
previously in these Notes. Governmental Accounting Standards Board Statement No. 40
Deposit and Investment Risk Disclosure, directs that deposits be disclosed as exposed to
custodial credit risk if they are not covered by depository insurance, and the deposits are
either:
..
.. 1.
2.
3.
iIIIlI
Uncollateralized, or;
Insured or collateralized with securities held by a pledging financial institution in
the Town's name, or;
Collateralized with securities held by the pledging financial institution's trust
department or agent but not in the Town's name.
a.
26
..
..
..
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D)
DECEMBER 31. 2005
.,
..
NOTE A - Summary of Si2nificant Accountin2 Policies (Continued)
5. Financial Statement Amounts (Continued)
A. Cash and Investments (Continued)
III
iii
1
2
3
$ 3,257 $ 7,676,998 $
...
Amounts on deposit differ from the Town's cash by outstanding checks, deposits clearing
after year-end and balances handled by the Town's judges.
..
B. Inventories
..
Inventories consist of significant expendable supplies primarily sand and road salt and are
carried at cost.
C. Canital Assets
.
..
Capital assets purchased or acquired with an original cost of $500 or more are reported at
historical cost or estimated historical cost. Contributed assets are reported at fair market -
value as of the date received. Additions, improvements and other capital outlays that
significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs
and maintenance are expensed as incurred. Depreciation on all assets is provided on the
straight-line basis over the following estimated useful lives:
"'
..
.
Buildings
Infrastructure - Water & Sewer
Infrastructure - Roads
Machinery and equipment
Improvements
15-40 years
40 years
15 years
5-15 years
10-30 years
*,'
...
-
GASB Statement No. 34 requires the Town to report and depreciate new infrastructure assets
effective with the beginning of the current year. Infrastructure assets include roads, bridges,
underground pipe (other than related to utilities), traffic signals, etc. These infrastructure
assets are likely to be the largest asset class of the Town. Neither their historical cost nor
related depreciation has historically been reported in the financial statements. The retroactive
ill
..
..
..
27
..
..
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D)
.. DECEMBER 31.2005
.. NOTE A - Summary of Sil!nificant Accountinl! Policies (Continued)
5. Financial Statement Amounts (Continued)
..
C. Capital Assets (Continued)
..
reporting of infrastructure is subj ect to an extended implementation period and is first
effective for fiscal years ending in 2006. The Town has implemented the general provisions
of GASB Statement No. 34 in 2003 and expects to implement the retroactive infrastructure
provisions in the year ending December 31, 2006.
...
D. Accumulated Compensated Absences
..
..
It is the Town's policy to permit employees of the Highway Department to accumulate a
limited amount of earned but unused vacation and sick leave, which will be paid to
employees upon separation from the Town's service. Other Town employees may
accumulate a limited amount of unused compensated absences as well. However, for other
Town employees, only unused vacation leave will be paid upon separation from the Town's
service. The Town accrues a liability for compensated absences, which meet the following
criteria:
..
..
1. The Town's obligations relating to employees' rights to compensation for future
absences is attributable to employee's services already rendered;
..
2. The obligation relates to rights that vest or accumulate;
3. Payment of the compensation is probable;
4. The amount can be reasonably estimated.
..
ill
In accordance with the above criteria, the Town has accrued a liability for vacation pay,
which has been earned and not taken by Town employees as of December 31,2005, in the
amount of$I8I,27I. The non-current portion (the amount estimated to be used in
subsequent fiscal years) for governmental funds is maintained separately and represents a
reconciling item between the fund and government-wide presentations. It is anticipated that
none of these liabilities will be liquidated with expendable available financial resources.
..
E. Interfund Activitv
ill
...
Interfund activity is reported as either loans, services provided, reimbursements or transfers.
Loans are reported as interfund receivables and payables as appropriate and are subject to
elimination upon consolidation. Services provided, deemed to be at market or near market
rates, are treated as revenues and expenditures/expenses. Reimbursements are when one fund
incurs a cost, charges the appropriate benefiting fund and reduces its related cost as a
reimbursement. All other interfund transactions are treated as transfers. Transfers between
governmental or proprietary funds are netted as part of the reconciliation to the government-
wide fmandaI statements.
..
..
28
..
..
..
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D)
DECEMBER 31. 2005
..
NOTE A - Summary of Shmificant Accountim! Policies (Continued)
5. Financial Statement Amounts (Continued)
...
F. Bud1!ets
..
The Town employs formal budgetary accounting as a management tool, on a basis
consistent with generally accepted accounting procedures. During the year, a budget was
adopted and modified by the Town Council for the General Fund and Non-major Funds.
Budgetary controls are established or adopted for the Capital Projects Fund on a project
basis. Unused appropriations of the annually budgeted funds lapse at the end of the year.
i.
G. Pension Plans
lit
Plan Description
€
..
The Town of Wappinger 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 multiple-employer 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).
...
l..
r
..
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 Systems and for the custody and control of their funds. The Systems
issue a publicly available financial report that includes financial statements and required
supplementary information. That report may be obtained by writing to the New York
State and Local Retirement Systems, 110 State Street, Albany, NY 12244.
It.
..
Funding Policy
The Systems are noncontributory except for employees who joined the New York State
and Local Employees' Retirement System after July 27, 1976 who contribute 3% of their
salary. Under the authority of the NYSRSSL, the Comptroller shall certify annually the
rates expressed as proportions of payroll of members, which shall be used in computing
the contributions required to be made by employers to the pension accumulation fund.
lit
I.
j.
II.
..
29
.
..
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D)
ill DECEMBER 31. 2005
.. NOTE A - Summarv of Sig:nificant Accounting: Policies (Continued)
5. Financial Statement Amounts (Continued)
iIIlI
G. Pension Plans: Plan Description (Continued)
The Town of Wappinger is required to contribute at an actuarially determined rate. The
required contributions for the current year and two preceding years were:
..
ERS
III
iIIlI
2005
2004
2003
$ 238,735
$ 210,000
$ 115,996
..
The Town's contributions made to the Systems were equal to or in excess of 100 percent of
the contributions required for each year.
H. Post Emplovment Benefits
II
In addition to providing pension benefits, the Town provides health insurance coverage and
survivor benefits for retired employees and their survivors. Substantially all of the Town
employees may become eligible for these benefits if they reach normal retirement age while
working for the Town. Health care benefits and survivors benefits are provided through an
insurance company whose premiums are based on the benefits paid during the year. The
Town recognizes the cost of providing benefits by recording its share of insurance premiums
as an expenditure in the year paid.
..
ill
III
For the year of 2005, $54,952 was paid on behalf of sixteen retirees, and recorded as
expenditures in the General and Special Revenue Funds.
..
I. Property Taxes
The Town submits an approved budget to the Dutchess County Commissioner of Finance by
December 5th of the previous year. The County then establishes the warrant for the year,
which is due and payable on or about January 1 of each year. The Town collects the taxes on
behalf of the Town and County without penalty through February 28th and with penalties and
interest through August 31 st. The Town's portion of the taxes is recognized and transferred
prior to the County's portion. Therefore, the Town receives its entire tax, leaving the unpaids
to be collected by the County Commissioner of Finance.
..
III
..
-
...
30
..
..
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONTID)
.. DECEMBER 31. 2005
.. NOTE A - Summary of Shmificant Accountinl! Policies (Continued)
5. Financial Statement Amounts (Continued)
...
J. Lonl!- Term Liabilities
..
Long-Term Debt is recognized as a liability of a governmental fund when due, or when
resources have been accumulated for payment early in the following year. For other long-
term obligations, only that portion expected to be financed from expendable available
financial resources is reported as a fund liability of a governmental fund. The remaining
portion of such obligations is only reported in the statement of net assets, Long-Term
Liabilities.
..
II.
K. Reservations of Fund Eauitv
The Town records indicate that portions of the fund equity are segregated for specific future
uses. The following details the description and amounts of the reserves used by the Town:
BALANCE AT
12/31/05
..
..
..
General Fund
Reserved for Recreation
Reserved for Prepaids and Inventory
Reserved for Miscellaneous:
Inspection Fees
Total General Fund
$ 42,165
5,991
..
402.900
451,056
III
Highway Fund
Reserved for Prepaids and Inventory
47.866
..
Non-Major Funds
Reserved for Prepaids and Inventory
1,365
TOTAL FUND BALANCE RESERVES
$ 500,287
lit
..
L. Risk Manal!ement
The Town of Wappinger assumes the liability for most risk including, but not limited to,
property damage and personal injury liability. Such risks are covered by the purchase of
commercial insurance. Judgments and claims are recorded when it is probable that an asset
has been impaired or a liability has been incurred and the amount of loss can be reasonably
estimated. Workers compensation coverage is provided through a retrospective policy,
wherein premiums are recorded based on the ultimate cost of the experience to date of
workers in similar occupations. The Town does not estimate claims, which may have
occurred but are not reported in areas where the Town is not insured.
..
..
..
31
..
lit
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D)
III DECEMBER 31. 2005
.. NOTE A - Summarv of Sie:nificant Accountine: Policies (Continued)
5. Financial Statement Amounts (Continued)
..
M. Use of Estimates
<1
The preparation of basic financial statements, in conformity with accounting principles
generally accepted in the United States of America, requires management to make estimates
and assumptions that affect the amounts reported in the basic financial statements and the
accompanying notes. Actual results could differ from those estimates.
..
ill
NOTE B - Other Receivables
..
Other Receivables at December 31, 2005, consist of the following:
ill
CAPITAL NON
GENERAL SEWER IDGHWAY PROJECTS MAJOR
ill FUND FUND FUND FUND FUNDS TOTAL
Accounts Receivable $ 163,549 $ 4,089 $ 229 $ . $ 167,867
.. Rents Receivable 448,422 194,105 642,527
TOTALS $ 163,549 $ 448,422 $ 4,089 $ 229 $ 194,105 $ 810,394
L
ill
till
...
..
-
...
32
...
IiII
..
..
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
DECEMBER 31. 2005
lit
..
NOTE C - Interfund Receivables and Pavables and Transfers
The following is a summary of amounts due from and due to other funds, as of December 31,
2005. These interfund balances have been eliminated as part of the aggregation of fund
balances. Such balances arise through the use of a pooled cash disbursement account and the
temporary funding of capital projects.
lit
..
AMOUNT AMOUNT
FUND RECEN ABLE PAYABLE
General $ 661,347 $ 387,211
Highway 81,564 14,071
Sewer 2,600 22,600
Capital Projects 313,425
Non-Major 3,796 12,000
TOTALS $ 749,307 $ 749,307
..
..
..
..
TRANSFERS TRANSFERS
FUND IN OUT
General $ 87,710 $ 300,000
Highway 327,687
Sewer 584,926
Capital Projects 926,173
Non-Major 225,850
TOTALS $ 1,226,173 $ 1,226,173
..
ill
..
..
..
...
...
33
..
.
..
.
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
DECEMBER 31.2005
NOTE D - Capital Assets
..
The following is a summary of changes and adjustments in the Capital Assets, for the year ended
December 31, 2005:
..
BALANCE
JANUARY 1,
2005 ADDmONS
Land $ 7,782,217 $
Buildings 5,584,203 5,155
Improvements
Other Than Buildings 693,686 32,760
Roads 493,863 489,825
Infrastructure 1,880,196 347,532
Machinery &
Equipment 4,011,616 151,948
Construction in Progress 6,638,467 1,586,656
Total 27,084,248 2,613,876
Less: accumulated depreciation
Buildings 1,895,867 144,387
Improvements
Other Than Buildings 531,688 15,468
Roads 52,832 65,579
Infrastructure 72,886 55,678
Machinery &
Equipment 2,336,423 280,800
Total accumulated depreciation 4,889,696 561,912
Governmental activities capital
assets, net $ 22,194,552 $ 2,051,964
$ (588)
..
(DISPOSALS)
$
..
..
(603)
..
(603)
..
..
II.
(15)
..
(15)
..
..
*Depreciation was charged to governmental activities as follows:
General government support $ 138,767
Public safety 54,466
Transportation 260,416
Culture and recreation 69,276
Home and community services 38,987
Total depreciation expense $ 561,912
ill
-
...
...
BALANCE
DECEMBER 31,
2005
$ 7,782,217
5,589,358
726,446
983,688
2,227,125
4,163,564
8,225,123
29,697,521
2,040,254
547,156
118,411
128,549
2,617,223
5,451,593
$ 24,245,928
34
.
.
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
. DECEMBER 31. 2005
NOTE E - Bond Anticipation Notes Payable
.. Bond Anticipation Notes can be used for any purpose for which bonds are authorized, and are
generally accounted for in the Capital Projects Fund, since maturities cannot exceed one year.
.. Local fmance law allows the notes to be renewed, up to five years for capital purposes and up to
the period of probable usefulness for assessable improvements, provided that stipulated annual
reductions of principal are made.
. The Bond Anticipation Notes outstanding as of December 31, 2005, are as follows:
AMOUNT
iii. OUTSTANDING
ORIG INAL FINAL ORIGINAL AT
.. ISSUE MATURITY INlEREST AMOUNT DECEMBER 31,
PURPOSE DAlE DAlE RAlE OF ISSUE 2005
.. Sewer - Tri-Municipal 11/12/92 09/15/12 5.80%-6.65% 4,342,000 1,265,000
Sewer - Tri-Municipal 08/07/02 06/15/12 2.00%-4.40% 1,718,000 1,235,000
Sewer - Tri-Municipal 03/14/02 04/15/21 1.21 %-4.98% 9,836,556 8,060,000
.. Sewer - Tri-Municipal 11/26/02 05/15/15 3.18%-5.99% 8,519,786 4,635,000
Sewer - Tri-Municipal 06/01/95 11/15/15 3.70%-5.55% 2,610,054 1,480,000
. Water - Fleetwood 07/30/98 10/15/18 3.70%-5.15% 510,000 370,000
AMOUNT
OUTSTANDING
.. ORIGINAL FINAL ORIGINAL AT
ISSUE MATURITY INlEREST AMOUNT DECEMBER 31,
. PURPOSE DAlE DAlE RAlE OF ISSUE 2005
Greystone Property
Purchase 1 % 1/00 1 % 1/20 4.75%-6.50% 2,085,000 1,750,000
.. Water 452,732 263,200
Sewer 288,876 171,500
... Drainage 1,253,392 745,300
10/02/01 08/15/11 3.77% 1,995,000 1,180,000
Emergency Services
.. Building 06/01/95 11/15/15 3.70%-5.55% 1,275,000 940,000
Water 564,000 537,976
Sewer 905,000 863,244
- Lighting 785,000 748,780
02/25/03 03/01/23 4.00%-4.50% 2,254,000 2,150,000
III
TOTALS $ 35,145,396 $ 23,065,000
35
III
Ii.
L.
..
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
DECEMBER 31. 2005
..
NOTE E - Bond Anticiuation Notes Payable (Continued)
Changes in Bond Anticipation Notes Payable as of December 31, 2005, are as follows:
II.
BALANCE BALANCE
JANUARY 1, NEW DECEMBER 31,
PURPOSE 2005 ISSUES PAYMENTS 2005
Various Purposes $ 728,600 $ 1,203,368 $ (113,750) $ 1,818,218
Highway 1,453,000 700,000 (232,400) 1,920,600
Water 8,415,000 288,500 (472,400) 8,231,100
TOTALS $ 10,596,600 $ 2,191,868 $ (818,550) $ 11,969,918
NOTE F - Lonf!-Term Liabilities
1. Serial Bonds
..
..
..
!l:'
ill
..
Serial Bonds may be issued for any object or purpose for which a period of probable usefulness
has been established. The Serial Bonds Payable, as of December 31, 2005, are as follows:
...
ill
AMOUNT
OUTSTANDING
ORIGINAL FINAL ORIGINAL AT
ISSUE MATURITY INTEREST AMOUNT DECEMBER 31,
PURPOSE 11m 11m RATE OF ISSUE ~
Sewer - Tri-Municipal 11/12/92 09/15/12 5.80%-6.65% 4,342,000 1,265,000
Sewer - Tri-Municipal 08/07/02 06/15/12 2.00%-4.40% 1,718,000 1,235,000
Sewer - Tri-Municipal 03/14/02 04/15/21 1.21 %-4.98% 9,836,556 8,060,000
Sewer - Tri-Municipal 11/26/02 05/15/15 3.18%-5.99% 8,519,786 4,635,000
Sewer - Tri-Municipal 06/01/95 11/15/15 3.70%-5.55% 2,610,054 1,480,000
Water - Fleetwood 07/30/98 10/15/18 3.70%-5.15% 510,000 370,000
..
..
III
..
..
...
36
..
It
lit
..
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
DECEMBER 31. 2005
II
ilia
NOTE F - Lon2- Term Liabilities (Continued)
1. Serial Bonds (Continued) .
AMOUNT
OUTSTANDING
ORIGINAL FINAL ORIGINAL AT
ISSUE MATURITY INTEREST AMOUNT DECEMBER 31,
PURPOSE DATE DATE RATE OF ISSUE 2005
Greystone Property
Purchase 1 % 1/00 1 % 1120 4.75%-6.50% 2,085,000 1,750,000
Water 452,732 263,200
Sewer 288,876 171,500
Drainage 1,253,392 745,300
10/02/01 08/15/11 3.77% 1,995,000 1,180,000
Emergency Services
Building 06/01/95 11/15/15 3.70%-5.55% 1,275,000 940,000
Water 564,000 537,976
Sewer 905,000 863,244
Lighting 785,000 748,780
02/25/03 03/01/23 4.00%-4.50% 2,254,000 2,150,000
TOTALS $ 35,145,396 $ 23,065,000
..
..
II.
..
..
ill
.
Ii.
..
III
..
..
..
37
..
III
..
..
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
DECEMBER 31. 2005
It NOTE F - Lone-Term Liabilities (Continued)
3. Chanees
.. The changes in the Town's indebtedness during the year ended December 31, 2005, are
summarized as follows:
.. BALANCE BALANCE AMOUNTS
JANUARY 1, DECEMBER 31, DUE WITIIIN
i. ~ INCREASE (DECREASE) 2005 ONE YEAR
Serial Bonds Note F.1 $ 24,881,556 $ - $ (1,816,556) $ 23,065,000 $ 1,790,000
III Statutory Installment
Bonds Note 32,000 (32,000)
Compensated Absences
.. Note A8 156,386 24,885 181,271
Landfill Closure and Post
Post Costs Note J 1,202,169 317,969 1,520,138 1,019,033
III Judgement & Claims
Note 1.1 80,000 80,000
.. TOTALS $ 26,352,111 $ 342,854 $ (1,848,556) $ 24,846,409 $ 2,809,033
4. Debt Service Reauirements
It
The annual requirements to amortize bonded debt, as of December 31, 2005, are as follows:
III
YEAR ENDING
DECEMBER 31. PRINCIPAL INTEREST TOTAL
lilII
2006 $ 1,790,000 $ 1,045,347 $ 2,835,347
2007 1,830,000 974,726 2,804,726
III 2008 1,875,000 898,090 2,773,090
2009 1,920,000 816,209 2,736,209
.. 2010 1,970,000 728,945 2,698,945
2011-2015 8,270,000 2,285,067 10,555,067
IIIIll 2016-2020 4,315,000 814,839 5,129,839
2021-2023 1,095,000 48,152 1,143,152
TOTALS $ 23,065,000 $ 7,611,374 $ 30,676,374
..
38
..
iii
III
..
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
DECEMBER 31. 2005
...
NOTE G - Operatine: Leases
..
The Town is committed under various leases for office equipment and communication
equipment. These leases are considered for accounting purposes to be operating leases. Lease
expenditures for the year ended December 31, 2005 amounted to $47,816. At December 31,
2005, the approximate annual operating lease commitments, subject to appropriation of funds,
were as follows:
It
..
YEAR ENDING
DECEMBER 31.
OPERATING
LEASES
..
2006
2007
2008
2009
2010
$
46,051
32,893
29,926
20,178
3,930
132,978
..
ill
Total minimum lease payments
NOTE H - Deficit Fund Balances
$
.
Certain Capital Projects had fund equity deficits at the end of the year. Certain of those deficits
arose through the funding of expenditures by issuing bond anticipation notes. As these notes are
paid, revenue will be recognized and the deficits will be eliminated. There were seventeen such
capital projects with accumulated fund equity deficits totaling $8,612,904. In addition, there
were five capital projects with accumulated fund equity deficits totaling $290,932, whose
expenditures were funded by loans from other funds.
ill
..
NOTE I - Commitments and Contine:ent Liabilities
..
1. Lawsuits
iIIII
The Town is a defendant in various lawsuits and tax certiorari cases. The outcome of the
majority of these cases and lawsuits, as determined by the Town Attorney, should not result in
material unfavorable settlements. One case has resulted in a decision against the Town for
approximately $450,000. This case is under appeal, The Town has not recorded any liabilities
related to this lawsuit. However, the Town has recorded an estimated liability amounting to
$80,000 as Judgment and Claims, representing possible future settlements on tax certiorari cases.
ill
-
-
39
..
..
..
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
... DECEMBER 31. 2005
ilia NOTE I - Commitments and Contine:ent Liabilities (Continued)
2. Grants
...
The Town has received amounts from grantor agencies, principally the Department of Housing
and Urban Development. Any allowed claims, including amounts already collected, may
constitute a liability of the applicable funds. The amount, if any, of expenditures, which may be
disallowed by the grantor agency, cannot be determined at this time.
IIIl
3. Tri-Municipal Sewer Plant Expansion
..
III
As a result of a consent judgment signed between the Town and the New York State Department
of Environmental Conservation, regarding alleged environmental violations, the Town was
required to fund construction of a sewer line to the Tri-Municipal Sewer Treatment Plant, plus a
one million gallon expansion of said plant. The plant is owned and operated by the Tri-
Municipal Sewer Commission, made up of representatives of the Town of Poughkeepsie and the
Village of Wappingers Falls. The Town, therefore, does not have ownership rights, nor does it
have voting rights on the Commission's governing board.
lilt
..
Funding for the project has been provided by two authorizations, for a total estimated project
cost of $19,630,054. Through December 31, 2005, $17,189,840 in bonds have been issued
through the Environmental Facility Corporation (EFC), and $2,060,414 in Bond Anticipation
Notes had been issued.
-
Total project costs incurred through December 31, 2002, amounted to $18,590,291. The unspent
construction funds are periodically being applied toward the Town's principal and interest
payments.
4. Tri Municipal Sewer Plant Expansion - Phase ilIA
In January 1999, the Town Board authorized the Phase 3A Sewer Improvement Project to further
expand the Commission's sewage treatment facility, from 2.4 million gallon per day capacity to
3.4 million gallon per day capacity, the costs of which to be funded by the Town.
The Town estimated construction and related project costs to be $10,400,000, which was
increased to $10,900,000 in April 2001. The Town has incurred $10,399,170 in professional
fees and project costs to date. The Town initially issued bond anticipation notes through the
Environmental Facilities Corporation totaling $10,900,000 to fund project costs.
On March 14,2002, long-term financing for the project was issued through the New York State
Environmental Facilities Corporation in the amount of $9,836,556. Additionally, on March 3,
2003, the Town issued a bond in the amount of $905,000 to cover costs not eligible for bonding
on the project through New York State Environmental Facilities Corporation.
Included in Deposits with Other Governments, is $5,000, representing cash held by the Tri-
Municipal Sewer Commission for project expenditures to be paid by that entity.
..
IIIl
III
..
..
..
..
40
..
..
III
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
DECEMBER 31. 2005
III
NOTE I - Commitments and Contine:ent Liabilities (Continued)
..
5. Central Wappine:er Water Improvement Area 99-2R
...
In February 2001, the Town Board adopted a Bond Resolution authorizing the issuance
of $8,590,000 in serial bonds to pay the costs of water improvement. As of December
31,2005 the Town has issued $7,950,000 in bond anticipation notes to pay for the costs
of aforesaid project.
..
The Town is planning to apply for long-term financing for the project through the New
York State Environmental Facilities Corporation.
..
The costs incurred on the project amounted to $7,376,483, as of December 31, 2005.
6. Authorized Debt
Ira
As of December 31, 2005, the Town has authorized, but not issued, the following new
debt:
..
PURPOSE
Autho rimtion
Date
Authorized
Amount
550,000
Un-issued
Amount
$ 1,430,000
640,000
2,670,000
225,000
$ 4,965,000
III
II
Refunding Bonds
Central Wappinger Water
Road Improvement
Computer Hardware and
Software
02/01/99
02/12/01
05/27/03
$
4,700,000
8,590,000
3,300,000
ill
03/12/03
lOTALS
$
17,140,000
ill
III
NOTE J - Municipal Landfills
1. Castle Point Landfill
..
The Town has voluntarily entered into a Consent Order with the New York State
Department of Environmental Conservation to close, cap and monitor the landfill at
Castle Point. The closing and capping project was completed in 1999. The costs of
monitoring, which could be required for up to thirty years after closure, are currently
estimated to amount to $53,076. The Town has recorded the long term liability of
$48,653 and short term liability of $4,423 in the Statement of Net Assets. The costs
of both closure and post closure monitoring are ordinarily recognized over the
expected useful life of the landfill. However, since the landfill has stopped accepting
refuse and is now closed, any additional costs over the estimate is being recognized as
incurred. The Town incurred $14,426 in monitoring costs during 2005. The future
costs may be higher due to inflation, changes in technology or subsequent changes in
regulations.
..
..
..
41
..
ill
..
ill
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
DECEMBER 31. 2005
ill
NOTE J - Municipal Landfills (Continued)
2.
Pou!!hkeepsie-Wappin!!ers-LaGran!!e Joint Landfill
ill
ill
The Town has shared in the monitoring costs of a closed landfill, the Poughkeepsie-
Wappinger-LaGrange Joint Landfill. This joint activity includes the City and Town
of Poughkeepsie, New York, the Village ofWappingers Falls, New York, the Town
of LaGrange, New York and the Town of Wappinger, New York. All costs
associated with monitoring are recognized as incurred. The Town's share of
monitoring costs, for the year ended December 31, 2005, amounted to $2,374.
III
..
The following is a summary of unaudited financial information at December 31,
2005, which is included in the separate financial statements available from the Joint
Landfill Board of Governors, Town of Poughkeepsie, One Overocker Road,
Poughkeepsie, New York, 12603:
..
Total Assets $ 9,260,124
Total Liabilities $
.. Total Venture Equity $ 9,260,124
Total Revenues $ 7,250,410
Total Expenditures $ 6,927,737
ill
..
During 2002, violations were documented at the landfill and in 2003 an Order of
Consent was issued through the New York State Department of Environmental
Conservation to remediate Environmental Conservation Law and New York Codes
Rule and Regulations violations. To comply with this order the municipalities need
to perform final closure of the landfill under current regulations by December 31,
2005 and perform post closure care and monitoring for a minimum of thirty years
thereafter. The estimated cost of fmal closure is $10,000,000. All costs will be
borne proportionately by each municipality: the Town of Wappinger's share is
14.1728%. The Town paid $1,014,610 in October 2006 for its share offmal closure
costs, $402,670 having been paid in prior years and funded with boand anticipation
notes. Currently the Town has $830,368 in bond anticipation notes outstanding with
cash of $455,380, representing unspent proceeds on hand. To partially finance this
project the municipalities have applied for a grant through the NYS DEC's LCSAP
program to the extent of $2,000,000 which will be refunded to the respective
participants when received.
..
ill
..
ill
..
Post closure and monitoring costs, which will commence in 2007 and continue for
30 years, are estimated to amount to $3,192,400, with the Town's share being
$452,452.
..
42
..
III
..
III
TOWN OF WAPPINGER, NEW YORK
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
DECEMBER 31. 2005
III NOTE K - Subsequent Events
The Town has issued the following new debt:
II ISSUE MATURITY
TYPE DATE DATE Rate PURPOSE AMOUNT
III Bond Anticipation
Note 08/09/06 08/09/07 3.72% Road Resurfacing $ 1,000,000
III Joint Landfill Closure 566,900
Renewal of previously
.. issued Notes 4,066,918
$ 5,633,818
.
Bond Anticipation
Note 09/21/06 08/09/07 3.60% Sewer Improvement Area # 5 $ 250,000
III
Construction of Roads 402,000
Construction Equipment 240,000
II $ 892,000
Note L - New Renortin2 Standard
.
In June 2004, the Governmental Accounting Standards Board (GASB) issued Statement
45 Accounting and Financial Reporting by Employers for Postemployment Benefits Other
Than Pensions. This Statement establishes certain new financial reporting requirements
for state and local governments throughout the United States. When implemented, it will
require the reporting of liabilities pertaining to postemployment benefits earned by
employees on a current basis. The Town is required to implement this standard for the
year ending December 31,2008.
IIiIII
..
-
The Town is in the process of implementing the provisions of GASB Statement 45. The
implementation of GASB Statement 45 will have a substantive effect on the Town's
government wide financial position. However, the Town does not believe that it will
have a significant effect on its governmental (fund) financial position, upon which the
Town's budgets are based and taxes are raised.
III
-
-
43
..
..
..
45
..
..
III
.. SEWER FUND
VARIANCE
ORIGINAL FINAL FAVORABLE
BUDGET BUDGET ACTUAL UNFAVORABLE)
.. REVENUES
Real property taxes $ 1,454,555 $ 1,454,555 $ 1,575,821 $ 121,266
Real property tax items
II Non property tax items
Departmental income 1,474,417 1,474,417 1,433,768 (40,649)
Use of money and property 374,850 374,850 482,533 107,683
III Licenses and permits
Fines and forfeitures
Sale of property and compensation for loss
Miscellaneous local sources 3 3
II State aid
Total revenues 3,303,822 3,303,822 3,492,125 188,303
.. Appropriation of prior's year's fund balance 768,024 768,024 385,478 (382,546)
Total revenues and appropriation of
prior year's fund balance 4,071,846 4,071,846 3,877,603 (194,243)
.. EXPENDITURES AND ENCUMBRANCES
General Government Support 32,511 (32,511)
II Public safety
Health
Transportation
Economic assistance & opportunity
.. Culture and recreation
Home and community service 1,874,736 1,874,736 1,600,858 273,878
Employee benefits 1,395 1,395 1,300 95
. Debt service 2,202,965 2,202,965 2,242,934 (39,969)
Total expenditures and encumbrances 4,079,096 4,079,096 3,877,603 201,493
.. Excess (deficiency) ofrevenues and appropriation of
prior year's fund balance over (under)
expenditures and encumbrances (7,250) (7,250) 7,250
..
Other financing sources (uses)
Operating transfers in 7,250 7,250 (7,250)
.. Operating transfers out
Total other financing sources 7,250 7,250 (7,250)
.. Excess (deficiency) ofrevenues and appropriation of
prior year's fund balance and other sources
over (under) expenditures, encumbrances $ $ $ $
-
-
46
-
..
..
ill
III
..
..
..
OTHER SUPPLEMENTAL INFORMATION
..
..
..
..
..
..
..
..
..
..
..
..
..
III
TOWN OF WAPPINGER, NEW YORK
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
DECEMBER 31,2005
..
.. MISC
WATER LIGHT GRANT
FUND FUND FUND
.. ASSETS
.. Cash and cash equivalents $ 176,149 $ 1,510 $ 122,394
Receivables:
Charges for services 194,105
lit Other
Due from other funds 2,500
Inventory, at cost
.. Prepaid expenses 1,365
Total assets $ 374,119 $ 1,510 $ 122,394
..
II
EXHIBIT II
..
II
III
$
$
102,183
62
12,000
III
ill
114,245
II
1,365
III
133,745
. 1,296 249,964
1,296 385,074
...
$ 1,296 $ 499,319
..
48
...
..
TOWN OF WAPPINGER, NEW YORK
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED DECEMBER 31,2005
..
iIII
iIII
REVENUES
..
Propeliy taxes
Property tax items
Departmental income
Use of money and property
Sale of property and compensation for loss
Miscellaneous local sources
State aid
iIII
II
.
Total revenues
EXPENDITURES
ill
ill
General government support
Health
Transportation
Home and community services.
Employee benefits
Debt service
ill
ill
Total expenditures
Excess (deficiency) of revenues over expenditures
II1II
.
Other financing sources:
Operating transfers in
Total other financing sources
..
Excess (deficiency) of revenue and other sources
over expenditures and other uses
..
Fund Balance, December 31, 2004
-
Fund Balance, December 31, 2005
WATER
FUND
LIGHT
FUND
$ 495,984
$
24,250
634,238
12,620
2,650
309
1,145,492
24,559
93
32,500
711,420
4,218
727,729
1,443,460
32,500
(297,968)
(7,941)
225,850
225,850
(72,118)
(7,941)
334,693
6,824
$ 262,575
$
(1 , 11 7)
..
See independent auditor's report
-
MISC
GRANT
FUND
$ 487,962
70
7,046
96,250
591,328
119
409,382
1,049
410,550
180,778
180,778
(58,458)
$ 122,320
49
..
...
II
II
SPECIAL
GRANT
FUND
...
$
II
..
..
EXHIBIT III
TOTAL
NON-MAJOR
GOVERMENTAL
FUNDS
8
$ 1,008,196
70
634,238
19,983
2,650
96,250
8
1,761,387