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Statement of Annual Financial Operating

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Statement of Annual Financial Operating STATEMENT OF ANNUAL FINANCIAL OPERATING INFORMATION FOR THE FISCAL YEAR ENDED DECEMBER 31, 2017 TOWN OF PATTERSON PUTNAM COUNTY, NEW YORK DATED: JUNE 20, 2018 TOWN OF PATTERSON PUTNAM COUNTY, NEW YORK Town Hall P.O. Box 470 Patterson, New York 12563 Telephone: 845/878-6500 Fax: 845/878-6343 TOWN BOARD Richard Williams, Sr., Supervisor Charles Cook, Deputy Supervisor Mary Smith, Councilwoman Shawn Rogan, Councilman Peter Dandreano, Councilman ------------------------ Antoinette Kopeck, Town Clerk Hogan & Rossi, Town Attorneys Patricia Brooks, Town Comptroller * * * Prepared with the Assistance of MUNICIPAL ADVISOR MUNISTAT SERVICES, INC. Municipal Finance Advisory Service 12 Roosevelt Avenue Port Jefferson Station, N.Y. 11776 (631) 331-8888 E-mail: [email protected] Website: http://www.munistat.com STATEMENT OF ANNUAL FINANCIAL AND OPERATING INFORMATION TOWN OF PATTERSON PUTNAM COUNTY, NEW YORK The material set forth herein, including the cover page, has been prepared by the Town of Patterson, Putnam County, New York (the "Town", the "County", and the "State", respectively) in connection with its obligation to prepare and submit such material in accordance with its Continuing Disclosure Undertaking and the Official Statements having been prepared in connection with the sale and issuance of the following outstanding bond issues. $1,900,000 Public Improvement (Serial) Bonds, 2010 $1,540,000 Public Improvement Refunding (Serial) Bonds, 2013 THE TOWN There follows in this Statement a brief description of the Town, together with certain information concerning its economy and governmental organization, its indebtedness, current major revenue sources and expenditures and general and specific funds. General Information Originally known as Fredrickburg, the Town was established in 1791. The Town is located in the northeastern corner of the County of Putnam, New York, approximately 50 miles north of New York City and covers approximately 20,900 acres or 32 square miles. The Town is bordered to the north by Dutchess County and the east by the State of Connecticut. The 2000 U.S. Census placed the population of the Town of Patterson at 11,306 persons, elevating its status under New York State Town Law to that of a first class town. The 2015 U.S. Census estimate for population is 12,025. Interstate 84, which crosses the southwest corner of the Town, provides transportation connections to the New York State Thruway and the Taconic State Parkway. Secondary major transportation routes in the Town of Patterson include New York State Routes 22 and 311. Eleven miles south of the Town, New York State Route 22 connects to Interstate 684, providing an easy and direct access between the Town and major employment centers in White Plains and New York City. The Metro-North Railway System provides frequent peak and off-peak service to the Town from a station located in the Patterson Hamlet. These regional transportation systems have aided in the significant changes that have occurred to the Town towards the end of the 20th century. Until recently, the Town has traditionally been a farming community. With changes to the means of transportation and the regional transportation system, the Town has seen much of the farmland converted to single family homes on moderate to large lots. Although the intensity of residential development that has occurred in the last three decades has moved the Town much closer to having an exurban character, with the many large areas of open space that remain, the Town is still felt to be a rural community. One of the more prominent natural features of the Town which helps to maintain the rural atmosphere is the Great Swamp. This is an extremely large contiguous wetland system of over 3,000 acres, making this the second largest wetland system in New York State. The Town is home to many small and moderately sized businesses, many of which support the surrounding residential community. There is one neighborhood shopping center at the intersection of Routes 311 and 22. A much larger regional retail center, proposed along Interstate 84, is currently under review by the Town Planning Board. In addition to the retail and service shops, there are several light manufacturing/warehouse operations located in the south-central and northwest corner of the Town. To meet the growing demand, municipal facilities in the Town were expanded. In the mid-1990’s, the Town refurbished a former firehouse into a new Court facility and library, 2001 saw the Town occupy a new 9,500 square foot municipal building used for administrative offices, and in 2003 the Town developed a former moving company site into a new 140 space parking lot for Metro-North and a new 20,000 square foot recreation center and gymnasium. With the help and support of local and State government leaders, these projects were all completed in a way that was affordable to the residents and without placing a strain on municipal finances. 1 In 2007 the Town sold the courthouse/library building to the Library Association, and by 2010 a new 7,300 S.F. Court facility was constructed near the existing Town Hall. In 2008 the sewer district closed the existing fields and constructed an 80,000 gallon/day sewer plant, which provided an extension of the district to include several condo units, the school administration building, and the local elementary school. Another extension was completed to the local shopping center and the Library/Cartwright properties by 2016. Utilities and Other Services Electric and gas service is provided to the Town by New York State Electric & Gas Corporation. Water is provided by private wells and financed municipal water systems. Sewer collection and treatment is provided by the Town to parcels located in the sewer district, with upgrades above the State requirements financed by the NYC DEP. Police protection is provided by State and County police; fire protection is provided by a fire protection district serviced by two volunteer fire departments and EMS services are provided by the Town. Government The Town was established in 1791. Three independently governed school districts are located wholly or partially within the Town, and rely on their own taxing powers granted by the State to raise revenues. The school districts use the Town's assessment roll as their basis for taxation of property located within the Town. Subject to the provisions of the State Constitution, the Town operates pursuant to the Town Law, the Local Finance Law, other laws generally applicable to the Town, and any special laws generally applicable to the Town. Under such laws, there is no authority for the Town to have a charter, but pursuant to the Town Law and other laws generally applicable to home rule, the Town may from time to time adopt local laws. The legislative power of the Town is vested in the Town Board, which consists of five members, including the Supervisor, who is the chief executive officer of the Town, elected for a term of four years. The four other members of the Town Board are elected to four-year terms, which terms are staggered such that two councilmen are elected every two years. All the Town Board members are elected at large and there is no limitation to the number of terms each may serve. The Town's other elected officials include the Receiver of Taxes, the Superintendent of Highways, the Town Clerk and two Town Justices. Its appointed officials include the Assessor, Town Comptroller and the Town Attorney. Town responsibilities in its unincorporated areas include code enforcement, building inspection, planning and zoning, parks and recreational activities, paving and street maintenance, street lighting, drainage, traffic control, and water and sewage collection and treatment facilities. Financial Organization The Supervisor is the chief fiscal officer of the Town. He is responsible for drafting and preparing the budget and securing and administering State and Federal grants. The Comptroller is the accounting officer of the Town, and her duties include administration, direction and control of budget, accounts payable and receivable, and payroll. Employees The Town provides services through approximately 38 full-time employees, 103 part-time employees and 21 seasonal employees, some of whom are represented by organized labor, as follows: Approx. No. Expiration Date Name of Union of Members of Contract Civil Service Employees Association – Full-Time ................... 17 12-31-18 2 ECONOMIC AND DEMOGRAPHIC INFORMATION Population Characteristics Since 1990, the Town has had a population trend, as compared to the County and the State, as indicated below: Town of Putnam State of Year Patterson County New York 1990 8,679 83,941 17,990,455 2000 11,306 95,745 18,976,457 2010 12,023 99,710 19,378,102 2016 11,968 99,408 19,697,457 Source: U.S. Bureau of the Census. Income Data Per Capita Money Income 1990 2000 2010 2016 Town of Patterson $ 17,543 $ 26,103 $ 27,876 $33,795 County of Putnam 20,536 30,127 7,915 41,993 State of New York 16,501 23,389 30,791 34,212 Median Family Income 1990 2000 2010 2016 Town of Patterson $ 53,471 $ 75,746 $ 94,135 $ 93,382 County of Putnam 58,892 82,197 101,576 97,606 State of New York 39,741 51,691 67,405 60,741 Source: United States Department of Commerce, Bureau of the Census a. Note: Based on American Community Survey 5-Year Estimates (2012-2016) Summary of Building Activity The chart below represents the level of building permit activity for the four most recently completed fiscal years. The figures include residential and commercial activity and with most of the activity coming from additions and renovations to existing homes and facilities. It also includes demolitions, installation of fences, swimming pools, fences, accessory buildings, etc.
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