The C omprehensi ve Annual Financial Report
For the Fiscal Year July 1, 2004 - June 30, 2005
Office of the COMMISSIONER OF FINANCE r CITY OF WHITE PLAINS, NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT r Year Ended June 30, 2005 r TABLE OF CONTENTS r INTRODUCTORY SECTION PAGE r Letter of Transmittal...... 1 Title Page...... 7 Principal Officials...... 8 GFOA Certificate of Achievement for Excellence in Financial Reporting ...... 9 r Organizational Chart ...... 10 Fiscal Performance Goals ...... 11 r FINANCIAL SECTION
Independent Auditor's Report ...... 17 r Management's Discussion and Analysis ...... 19 Basic Financial Statements Government-wide Financial Statements: r Statement of Net Assets ...... 31 Statement of Activities ...... 34 Fund Financial Statements: Balance Sheet - Governmental Funds ...... 36 r Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Assets ...... 37 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds ...... 38 r Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ...... 39 Statement of Revenues, Expenditures and Changes in r Fund Balances - Budget and Actual - General Fund ...... 40 Statement of Net Assets - Proprietary Funds ...... 41 Statement of Revenues, Expenses, and Changes in Net Assets - Proprietary Funds ...... 42 Statement of Cash Flows - Proprietary Funds ...... 43 r Statement of Fiduciary Net Assets - Fiduciary Funds ...... 44 Statement of Changes in Fiduciary Net Assets - Fiduciary Funds ...... 45 Notes to the Financial Statements ...... 47 r Combining and Individual Fund Financial Statements and Schedules: Schedule of Revenues and Other Financing Sources Compared to Budget - General Fund ...... 72 Schedule of Expenditures and Other Financing Uses r Compa'red to Budget - General Fund ...... 74 Combining Balance Sheet - Nonmajor Governmental Funds ...... 84 Combining Statement of Revenues, Expenditures, and r Changes in Fund Balances - Nonmajor Governmental Funds ...... 88 r r r CITY OF WHITE PLAINS, NEW YORK , COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended June 30, 2005 1 Combining and Individual Fund Financial Statements and Schedules (continued): Schedule of Revenues. Expenditures and Changes in Fund Balance - Budget and Actual - Library Fund ...... 91 1 Schedule of Revenues. Expenditures and Changes in Fund Balance - Budget and Actual-Debt Service Fund ...... 92 Project-length Schedule - Capital Projects Fund ...... 94 Schedule of Revenue and Expenses - Budget and Actual (Budgetary Basis) - 1 Enterprise Fund ...... 100 Schedule of Revenues and Expenses by Department - Enterprise Fund ...... 101 Schedule of Revenue and Expenses - Budget and Actual (Budgetary Basis) - 1 Internal Service Fund ...... 1 04 Combining Statement of Changes in Net Assets - Fiduciary Funds ...... 106 Statement of Changes in Assets and Liabilities - Fiduciary Funds ...... 107 1 STATISTICAL SECTION (UNAUDITED) 1 Revenues by Sources and Expenditures/Expenses by Functions ...... 109 Property Tax Levies and Collections ...... 110 Special Assessments Levied and Collected ...... 111 Property Tax Rates Per $1,000 of Assessed Valuation-Direct and 1 Overlapping Governments ...... 112 Computation of Constitutional City Property Tax Limitation ...... 113 Assessed Valuation of Taxable Real Property, Equalization Rate and Full Valuation ...... 114 Principal Taxpayers 2004 Assessment Roll ...... 115 1 Estimated Value of Building Construction Permits Issue ...... 116 Ratio of Net General Bonded Debt to Assessed Valuation and Net Outstanding Indebtedness Per Capita ...... 117 1 Computation of Direct and Overlapping General Obligation Debt and Legal Net Per Capita Debt-As of June 30, 2005 ...... 118 Ratio of Annual Debt Service for General Obligation Debt to Total General Government Expenditures ...... 119 1 Demographic Statistics ...... 120 Miscellaneous Statistics-June 30, 2005 ...... 121 1 1 1 1 1 1 1 l r r r THE CITY OF WHITE PLAINS MUNICIPAL BUILDING r Department of Finance 255 Main Street, Room 102 • White Plains, New York 10601 (914) 422-1235 • FAX (914) 422-1236 r http://www.cityofwhiteplains.com r Joseph M. Delfino, Mayor Gina Cuneo Harwood, Com issioner TO THE HONORABLE MAYOR, MEMBERS OF THE COMMON COUNCIL AND CITIZENS OF ~HE CITY r OF WHITE PLAINS, NEW YORK ' The Comprehensive Annual Financial Report (CAFR) of the City of White Plains for the fiscal y ar ended June 30, 2005 is hereby submitted in accordance with Section 58 of the City's Charter. r The financial statements included in this report have been prepared by the City's Department of inance in conformity with generally accepted accounting principles (GAAP) for governmental units as promulgated by the Governmental Accounting Standards Board (GASB). The City has responsibility for the accu~cy of the r data presented, including all disclosures. We believe that the financial and other information included in this report is accurate in all material respects and that the respective financial statements present fairly the financial position, changes in financial position and cash flows, where applicable, of the City and its r component units. J The City's basic financial statements have been audited by Bennett Kielson Storch DeS ntis, the Governmental Services Division of O'Connor Davies Munns & Dobbins, LLP, a firm of cert· ed public r accountants. The auditors' report, which precedes the financial statements in this CAFR, expresses their unqualified opinion that the City's financial statements are fairly presented in all material r~spects in accordance with GAAP. ! r This report has also been prepared and organized to meet the requirements of the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting program. In adcordance
with their guidelines, the report is divided into three major sections: I r • Introductory Section - This section, which is unaudited, introduces the reader to the report. It includes the Certificate of Achievement for Excellence in Financial Reporting awarded to the City for 2004 by the Government Finance Officers Association, the organizational chart, the list of the principal officials, r and the City's fiscal performance goals. • Financial Section - This section includes the independent auditors' report, the City's management's r discussion and analysis, and basic financial statements. Unaudited supplementary information is also included.
• Statistical Section - This section, which is unaudited, includes selected financial and demographic r information, generally presented on a multi-year basis. GAAP requires that the City's management provide a narrative introduction, overview and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). r This letter of transmittal compliments the MD&A and should be read in conjunction with it. The City's MD&A r is included in this CAFR immediately following the report of the independent auditors. r 1 l Management of the City is responsible for establishing and maintaining internal controls designed to ensure . that the assets of the government are protected from loss, theft or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally l accepted accounting principles. Internal controls are designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived, and (2) the valuation of costs and benefits 1 requires estimates and judgements by management. As a recipient of federal, state and local financial assistance, the City is also responsible for ensuring that an adequate internal control system is in place to ensure and document compliance with applicable laws and regulations related to these programs. This internal control is subject to periodic evaluation by management and the staff of the City. l
The City of White Plains is required to undergo an annual Single Audit in conformity with the provisions of OMB Circular No. A-133, Audits of States, Local Governments, and Non-Profit Organizations. Information 1 related to this Single Audit, including a schedule of federal financial assistance, the independent auditors' report on internal controls and compliance with applicable laws and regulations, and schedule of findings, and related corrective action plans, is included in a separately issued Single Audit Report. 1 PROFILE OF THE GOVERNMENT l Settled in 1683, White Plains became the seat of Westchester County government in 1778 by State legislative act. In 1866, White Plains became an incorporated village and in 1916 was incorporated as the City of White Plains. The City is located in the south central portion of Westchester County, approximately twenty-two miles north of New York City and encompasses an area of ten square miles. 1
The Chief Executive Officer of the City is the Mayor. The Common Council serves as the policy making and legislative body. The Common Council includes the Mayor and six Council Members, who are elected at l large for four year terms.
The Chief Fiscal Officer of the City is the Commissioner of Finance who is, as are Commissioners and Directors of the other city departments, appointed by the Mayor with the approval of the Common Council. 1 The Commissioner of Finance is responsible for the supervision and administration of the financial affairs of the City.
The City of White Plains is empowered to levy a property tax on real properties located within its boundaries. 1 It also functions in both a fiduciary and guarantor relationship with the County of Westchester and the City School District of White Plains with respect to the collection and payment of real property taxes levied by such jurisdictions. 1
The financial reporting entity includes all funds of the primary government of the City of White Plains, New York, and two discretely presented component units: White Plains Cable Television Access Commission, and the White Plains Urban Renewal Agency. Although these component units are legally separate entities, 1 the City of White Plains is financially accountable for them and they are presented separately in the government-wide financial statements. 1 The City of White Plains also has two component units which are not presented in the financial statements since there are no financial activities to report: the White Plains Center Local Development Corporation and White Plains Housing Development Corpora~on. Further information on these two component units can be found in the Notes accompanying the financial statements. 1
The City School District of White Plains and the White Plains Housing Authority are independent of the municipal government both in governance and operations and are, therefore, excluded from the City's annual 1 financial report.
The City provides a full range of services including, but not limited to, marriage, death and birth certificates, building inspection, licenses and permits, police and fire protection, refuse collection, street and sewer 1 1
2 1 r maintenance, snow removal, engineering, on and off-street parking, water distribution, traffic control, and community and recreational services. The City has a comprehensive recreational· program serving all age levels, and has 200 acres of parkland, including 33 tennis courts, two outdoor swimming pools, and one ice r skating rink. The White Plains Public Library occupies an 80,000 square foot building in the downtown and contains more than 555,124 books, recordings, audio cassettes, CD's, and other materials, as well as a museum gallery. The library sponsors many cultural, recreational, educational and public service programs r throughout the year. The City recently completed a $2 million renovation constructing a new state of the art children's section called the "Trove" which officially opened in October 2005.
The City has legally adopted budgets for the General, Water, Self-Insurance, Library and Debt Service Funds. r Prior to January 15th of each year, the Budget Director furnishes all departments and agencies with instructions on submission of budget estimates for the ensuing fiscal year. Departmental budget estimates th are due to the Budget Director no later than February 15 • Upon receipt, the Budget Director begins r departmental budget hearings to review the estimates, and make revisions in accordance with the spending needs of the department and the total revenue available to the City. At the first Common Council Meeting in April, the Budget Director presents the proposed budget to the Mayor and members of the Common Council. Immediately thereafter, the Common Council begins their review and consideration ofthe proposed r budget. Public sessions are held by the Common Council during the months of April and May. On or before May 30, the budgets are legally enacted through adoption of ordinances by the Common Council. The r budgets are not subject to referendum. The City maintains a system of budgetary controls. The objective of these controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the City's Common Council. The level of budgetary control (Le., the level at which expenditures cannot legally exceed the appropriated r amount) is the major object of expenditure in a department within each fund. The City also maintains an encumbrance accounting system as one method of maintaining budgetary control. Encumbrances are reported as reservations of fund balance at year-end. Although all appropriations lapse at the end of the r fiscal year, the subsequent year's appropriations are amended to provide authority for completing these transactions. The Commissioner of Finance may not disburse money unless it has been appropriated by the Common Council. No appropriations may be used for any purpose other than that for which it is authorized. As demonstrated by the statements and schedules included in the financial section of this report, the City r continues to meet its responsibility for sound financial management. r ASSESSING ECONOMIC CONDITION Local Economy r White Plains, New York is a suburb of New York City, and is located in the affluent County of Westchester. Due to its close proximity and accessibility to New York City, it serves as a major commuter hub as well as a suburban regional center. The City is headquarters for many corporations, and functions as a major r regional retail shopping center for the entire New York metropolitan area including Fairfield County, Connecticut. Total average annual retail sales volume approximates $2.4 billion. Sales tax collections accounted for more than 35% of total revenue for the fiscal year ending June 30, 2005. r Median household incomes within the City and the County are significantly higher than that of New York State as a whole. According to the year 2000 census, the City's median family income was $71,891, the County's was $79,881, while the State's was $51,691. Total population was estimated at 53,077. Housing prices in r Westchester County have continued to appreciate and at the end of the second quarter of 2005, the median price of a single family home in the City of White Plains was approximately $640,000.
The City has a diverse and stable economy, with many employers located within the City, including Verizon, r IBM, Starwood Hotels and Resorts, New York Power Authority, AT & T, Ameriquest Mortgage, the Bank of New York, Colin Service Systems, New York Presbyterian Hospital, White Plains Hospital, Burke Rehabilitation Center, Con Edison and Heineken. Major retailers include such highly-recognized names as r Bloomingdales, Nordstrom, Macy's, Sears, Target, Nieman Marcus, Filene's and Fortunoff. r r 3 l In addition to its strong retail sector many banks, law firms and other professional firms are located in White Plains. There are two hospitals, one university, four'colleges and a law school, making the City a regional center for banking and legal services, health care, and higher education. The city currently has 54 banking offices located within its limits. l
The City continues to maintain unemployment rates consistently lower than national averages. The City's unemployment rate as of June 2005 was 3.5% compared to 5.00/0 nationally (seasonally adjusted), 5.3% for l New York City, and 5.20/0 for New York State. The Westchester county-wide unemployment rate was 4.9%.
Due to its strong and healthy local economy the City has maintained a credit rating of Aa1 from Moody's Investor Service since 1988. With the exception of one other City, this represents the highest bond rating l given to any city within New York State.
Over the past several years, the City of White Plains has gone through a period of unprecedented economic l growth and investment which has been aptly called a renaissance. More than $2 billion in new mixed-use and residential development has recently been completed or is in various phases of development. These new commercial and residential developments, when coupled with the City's easy commute to New York City and Fairfield County, Connecticut, its high quality transportation systems, educational and health facilities, l has further added to the City's already strong economic base.
Long-Term Financial Planning and Major Initiatives l
The City's recent period of growth and expansion has positioned it well for the future. As mentioned, over $ 2 billion of new construction has been completed or is in various stages of development. Included in the projects that are currently under construction is Renaissance Square, a $350 million, 200-unit, lUXUry l residential condominium complex. Located in heart of downtown, this project, when complete, will contain a 200-room W Hotel and 10,000 square feet of retail and150,OOO square feet of office space. Included with this project are various street and road improvements to enhance the flow of traffic through the downtown. l
In early 2006, the Shop pes on Main Street will open. This newly configured building occupies the site of the former Sears store, which moved to the Galleria in 2003. Walmart will occupy 160,000 square feet of retail space, with additional tenants occupying the remaining units. This project is expected to further increase l retail sales volume and sales tax revenues in the City. The City has a total of 930 residential units in various stages of the approval process. This includes rental, l condominium and senior housing. These units are in addition to the 1,600 new residential units that have been constructed within the City during the last several years.
The City's operates under the auspices of a Comprehensive Plan. This Plan, "White Plains Vision - A Plan l for the 21 st Century, It was developed in 1997, and was intended to serve as a planning guide for the City for the following 15 years. Developed with widespread citizen participation, this Plan recognized that periodic updating would be required to recognize and incorporate changes in the economic, social, and physical l conditions of the community. In February 2005, a Committee was appointed by the Mayor and Common Council to review the current plan and make recommendations and revisions, as appropriate. At this time a draft report of the Comprehensive Plan Review committee is being circulated for public comment The revised Comprehensive Plan, when completed, will continue to serve as an important planning guide for the l City well into the future. By Charter, The City of White Plains maintains a six-year capital improvement program which serves as its l planning document to ensure that its facilities, equipment, and infrastructure are well maintained and operating in peak condition. Under the auspices of a Capital Projects Board, this process gives the City the ability to plan for its capital needs and allocate short and long term resources accordingly. As part of this process, the City identifies and quantifies the operational costs associated with its capital projects and l budgets resources accordingly. In addition, the City's Rolling Stock Committee monitors the condition of all City equipment and vehicles and makes recommendations on their replacement. The City maintains a vehicle replacement policy which serves as its fleet replacement guide over a ten-year period. The City's l l
4 l r current capital improvement plan anticipates $8.6 million in capit~1 projects for fiscal.2005-2006 an~ $1.9 million in rolling 'stock replacement. Included in this $8.6 million is $6.2 million in infrastructure and water r system improvements. The City continues to monitor its budget quarterly and to prepare multi year budget forecasts. As a result, the City is able to plan for all of its projects and purchases in accordance with the financial resources r available to them. Financial Policies r The City operates under a host of comprehensive financial polices. The City maintains an investment policy which emphasizes a conservative financial approach based upon New York State law. Available funds are invested in certificates of deposit with varying maturities not exceeding one-year, money market accounts, r savings accounts, U.S. Treasury obligations and municipal cooperative investments authorized under New York State General Municipal Law. The City's investment policy is adopted by the Common Council and reviewed annually. Total investment earnings for the governmental funds in fiscal year 2004-2005 was r $1,604,078; investment earnings for the Cable Television Access Commission and Urban Renewal Agency were $1,634, and $21,300, respectively. These earnings reflect an average interest rate of approximately 2.250/0. r The City maintains a procurement policy in accordance with New York State General Municipal law and adopted by the Common Council. This policy outlines all bidding, and procurement procedures that City departments must adhere to when purchasing goods and services. The Department of Purchasing is r responsible for the administration of this policy. The City is self-insured for General Liability, Workers' Compensation and other risks. Where it is prudent and cost effective, the City purchases policies in the marketplace for such coverage as public officials' liability, r boiler and property insurance and a stop-loss policy for Workers' Compensation. Each year the City reviews the feasibility and cost-effectiveness of obtaining outside coverage for these risks.
The City maintains a set of Fiscal Performance Goals, which were adopted by the Common Council in 1981 r and revised in May 1985. These goals established written policies for guiding the City's financial management practices. While some performance goals are specific and limit certain types of financial activity, the goal statements are not intended to restrict the Common Council's ability and responsibility to r respond to emergency or service delivery needs above or beyond the limitation established by the fiscal performance goals. The fiscal performance goals immediately follow the transmittal letter of this report. r AWARDS AND ACKNOWLEDGMENTS The Government Finance Officers Association of the United States and Canada (GFOA) has awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of White Plains for its r Comprehensive Annual Financial Reports for each fiscal year since 1981. To be awarded a Certificate of Achievement for Excellence in Financial Reporting, a governmental unit must publish an easily readable and efficiently organized Comprehensive Annual Financial Report and the r contents must conform to program standards. Such report must satisfy both generally accepted accounting principles and applicable legal requirements. r A Certificate of Achievement for Excellence in Financial Reporting is valid only for the fiscal year it is awarded. The City of White Plains has received a Certificate of Achievement for the past twenty-four consecutive years. We believe our current report continues to conform to the requirements and we are r submitting it to GFOA to determine its eligibility for another certificate. In addition, the City also received the GFOA's Distinguished Budget Presentation Award for its annual budget document for the 2004-05 fiscal year. White Plains was the first municipality in New York State to receive r this award and has done so for twenty-one consecutive years. In order to qualify for the Distinguished Budget Presentation Award, the City's budget document was judged to be proficient in several categories, including r a policy document, a financial plan, an operations guide, and as a communication device. r 5 1 The preparation of this report could not have been accomplished without the efficient and dedicated service of the entire staff of the Finance Department. They are a very competent group of professionals dedicated to their work and the long term fiscal condition of the City. I would also like to thank all City departments for 1 their assistance in providing the data necessary to compile this report. Working together, we were able to put together a very thorough and comprehensive report illustrating the excellent financial condition of the City. I would also like to thank the City's Budget Department for their continued assistance to the Finance Department throughout the year. My appreciation is also extended to the City's independent auditors for the 1 professionalism and service that they have provided to the City. Finally, I would like to thank the Mayor and members of the Common Council for their foresight, determination and support in planning and conducting the financial operations for the City in a responsible and progressive manner. 1 Dated: November 16, 2005 1
Respectfully Submitted, 1 i!:.OH= ~,{ 1 Commissioner of Finance 1 1 1 1 1 1 1 1 1 1 1
6 1 r r r r r r r r COMPREHENSIVE ANNUAL FINANCIAL REPORT r FOR THE CITY OF WHITE PLAINS, NEW YORK r FOR THE FISCAL YEAR JULY 1, 2004 • JUNE 30, 2005 r r r r r PREPARED BY: r THE DEPARTMENT OF FINANCE r r r 7 1 1 1 1 MAYOR
JOSEPH M. DELFINO * 1
COMMON COUNCIL 1 Thomas Roach, President 1 Arnold S. Bernstein
Benjamin Boykin II 1 Lorenzo Delgado 1 Robert Greer * 1 Rita Z. Malmud 1 1 FINANCE DEPARTMENT
Gina Cuneo Harwood, Commissioner 1 Rosemary Cucurullo, Deputy Commissioner Carol Endres, Chief Accountant John Freiberger, Accountant 1 INDEPENDENT AUDITOR 1 Bennett Kielson Storch DeSantis, The Government Services Division of ODMD, LLP 1
* Audit Committee 1 1
8 1 r r Certificate of r Achievement r for Excellence in Financial r Reporting r Presented to r City of White Plains, r New York For its Comprehensive Annual r Financial Report for the Fiscal Year Ended r June 30,2004 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to r government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest r standards in government accounting r and financial reporting. r President r ~/.~ r Executive Director r r r 9 CITY OF WHITE PLAINS l
VOTERS 1
COMMON ------ELECT------MAYOR 1 COUNCil I \ APPOINTS APPOINTS 1
City Court Board of Library Board of Examining Board Building Plan Judge Ethics Trustees Electrical of Motion Picture Review Board 1
Conservation Medical Recreation Capital Budget & Mgmt. Service Board Board Advisory Advisory Officer 1 Projects Board Committee
Design Review Examining Examining 8d. 1 Board Board of of Stationary Plumbers Engineers 1 Housing Human Rights Pianning Authority Commission Board 1 Traffic Urban Renewal Youth Board Commission Agency 1 Youth Bureau Zoning Board Beautification Director of Appeals Committee 1
Bldg. Code Memorialization Appeals Comm. Committee 1 APPOINTED BY MAYOR AND APPROVED BY COMMON COUNCIL 1
BOARD OF BUDGET CABLE TELEVI· COMMISSIONER CITY I A~ESSOR ASSESSMENT DIRECTOR SIONACCESS I OF BUIL~ING CLERK REVIEW COMMISSION 1
CORPORATION COMMISSIONER INFORMATION PARKING PERSONNEL COMMISSIONER COUNSEL OF FINANCE SERVICES DIRECTOR OFFICER OF PLANNING 1 DIRECTOR
COMMISSIONER COM:\nISS10NER COMMISSIONER OF COMMISSIONER COMMfSSIONER OF RECREAT'ON OF TRAFFIC 1 PUBLIC WORKS OF PUBLIC SAFETY OF PURCHASING AND PARKS
D!RECTOR OF CAB~E TV 1 ACCESS COMMISSION 1
10 1 r r r r r r CITY OF WHITE PLAINS
r FISCAL r PERFORMANCE r GOALS ADOPTED r MAY 18,1981 AMENDED r MAY 6,1985 r r r (I r r t
If 11 l PREFACE 1 Fiscal Performance Goals adopted by the Common Council on May 18, 1981 and amended on May 6, 1985 represent written policies to guide the City's financial management practices. While some of the performance goals are specific and will limit certain types of financial activity, the goal statements are not intended to restrict the Common Council's ability and responsibility to respond to emergencies or service delivery requirements above or beyond the limitations 1 established by the Fiscal Performance Goals. 1 REVENUE PERFORMANCE GOALS • The City will maintain a diversified and stable revenue system as protection from short-run fluctuations. 1 • The City will estimate annual revenues on an objective and reasonable basis. The City will develop a method to project revenues on a multi-year basis. 1 • The City will use one-time or special purpose revenues for capital expenditures or for expenditures required by the revenue, and not to subsidize recurring personnel, operation and maintenance costs. 1 • The City will establish, and annually re-evaluate, all user charges and fees at a level related to the cost of providing the services.
• The City will endeavor to reduce reliance on the property tax by: 1
(a) expanding and diversifying the City tax base with commercial, retail and residential development;
(b) seeking and developing additional revenue sources; 1 (c) seeking legislative support for local option taxes. 1 • The Water Fund of the City will maintain revenue which will support the full direct and indirect costs of the Fund. 1 OPERATING EXPENDITURES PERFORMANCE GOALS • The Budget Director will propose and the Common Council will adopt and maintain a balanced budget in which 1 expenditures will not be allowed to exceed reasonable estimated resources and revenues.
• The City will pay for all current operation and maintenance expenses from current revenue sources. 1 • The operating budget will provide for the adequate maintenance of capital assets and equipment. • The budget will provide for adequate funding of all employee benefit programs and retirement systems. 1 • The City will maintain a budgetary control system which will enable it to adhere to the adopted budget. This includes a centralized purchasing effort and record keeping system to be adhered to by all programs and activities receiving annual Common Council appropriations. 1 • The City will prepare and maintain a system of regular monthly fiscal reports comparing actual revenues and expenditures to budgeted amounts. 1 • The City will develop and implement an effective risk management program to minimize losses and reduce costs. The Common Council will ensure that adequate insurance programs are in place. This shall include unemployment and workers' compensation costs. 1 1
12 1 r • The City will encourage delivery of services by other public and private organizations whenever and wherever greater efficiency and effectiveness can be expected, as well as to develop and internally use technology and r productivity advancements that will help reduce or avoid increasing personnel costs. The intent is to control personnel costs as a proportion of the total budget, to more productively and creatively use available resources, r and to avoid duplication of effort and resources. r RESERVE PERFORMANCE GOALS • The City will establish annually in the operating budget a reserve for financing to: r (a) provide for settlement of pending labor contract negotiations; (b) provide for temporary funding of unforeseen needs of an emergency or non-recurring nature;
(c) permit orderly budgetary adjustments when revenues are lost through the actions of other governmental r bodies; r (d) provide the local match for public or private grants; (e) meet unexpected small increases in service delivery costs.
• The reserve for financing will be budgeted at a level sufficient to provide for settlement of pending labor contract r negotiations plus an amount not to exceed one percent of the proposed tax budget. Use of the contingency funds will only be by action of the Common Council. The reserve for financing shall be separate from the carryover fund r balance. • The City will maintain an employee position control reserve account. Funding will be provided from salary lines plus related benefits as positions become vacant during the fiscal year. Funding for personnel to fill authorized but unfilled budgetary salary positions will be provided from the position control reserve account. The Budget r Department will be responsible for the control of the reserve account. The Personnel Department will be responsible for ensuring that positions are filled only when adequate funds are available in the reserve account. r • The City maintains a year-to-year "carryover fund balance" in an amount necessary to maintain adequ,ate cash flow and to prevent the demand for short-term borrowing. The "carryover fund balance" should be at least four percent of the general fund operating budget, and shall be separate from the reserve for finanCing. The excess of revenues over expenditures generated each year shall be used as the "carryover fund balance" and then shall r be used for balancing the proposed operating tax budget in the succeeding fiscal year.
r INVESTMENT PERFORMANCE GOALS • The City will develop a cash flow analysis of all funds on a regular basis. Collections, deposits and disbursements r of aU funds will be scheduled to ensure maximum cash availability. • The City will obtain the maximum possible return on all cash investments. r • Where permitted by law, cash from several separate funds and sources will be pooled to maximize investment yields. Interest will be credited to the sources of the invested monies.
• The Department of Finance will provide quarterly information to the Common Council concerning investment r performance. r r r 13 1 CAPITAL IMPROVEMENTS PERFORMANCE GOALS 1 • Capital improvements will be based on long range projected needs rather than on immediate needs in order to minimize future maintenance, replacement, and capital costs.
• All capital improvements will be made in accordance with the City's approved five year capital improvement 1 program. The capital improvement program shall be up-dated annually. • The development of the capital improvements program will be coordinated with the operating budget in order to 1 maintain a reasonably stable total tax levy.
• The City will identify the estimated cost and potential funding sources for each capital project proposed before submission to review bodies and the Common Council. Future operating costs associated with a proposed capital 1 improvement will be estimated before a decision is made to implement a project.
• Federal, State and other intergovernmental and private funding sources shall be sought out and used as available to assist in financing capital improvements. 1
DEBT PERFORMANCE GOALS 1
• The City will limit long-term debt to only those capital improvements that cannot be financed from current revenues. 1 • The maturity date for any debt will not exceed the reasonably expected useful life of the project so financed.
• Thirty percent of the City's available general obligation debt limit shall be reserved for emergency purposes. 1 • As a means of further minimizing the impact of debt obligations on the City taxpayers: 1 (a) the total net indebtedness shall not exceed five percent of the full assessment value of taxable property; (b) long-term debt shall not exceed $1,000 per capita; 1 (c) these limitations shall not apply to any debt incurred for emergency purposes. • The City will avoid the issuance of Budget, Tax and Revenue Anticipation Notes. 1 • The City will use special assessments, revenue bonds, and/or any other available self-liquidating debt measures instead of general obligation bonds where and when possible and applicable. 1 • The City will annually prepare an official statement and an annual information statement to be used in connection with all sales of bonds and notes.
• The City shall encourage and maintain good relations with financial and bond rating agencies, and will follow a 1 policy of full and open disclosure on every financial report and bond prospectus. 1 FINANCIAL REPORTING PERFORMANCE GOALS • The City will adhere to a policy of full and open public disclosure of all financial activity. The proposed tax budget 1 will be prepared in a manner to maximize its understanding by citizens and elected officials. Copies of financial documents will be made available to all interested parties. Opportunities will be provided for full citizen participation prior to final decisions on adopting the budget. Detailed budgetary information; i.e. specific sources of revenue and objects of expenditure, will be available to the public and elected officials. 1 1
14 1 r • The City's accounting system will maintain records on a basis consistent with accepted municipal accounting r standards. . • The Commissioner of Finance will prepare regular quarterly and annual financial reports presenting a summary r of financial activity by major types of funds and programs. • The City will prepare The Comprehensive Annual Financial Report in conformity with generally accepted r governmental accounting principles and financial reporting practices. • The City will employ an independent public accounting firm to perform an annual audit of all Funds, Authorities, Agencies, and Grant Programs, and will make the annual audited report available to the general public, bond r and financial consultants, and other interested citizens and organizations. The audit shall be completed and submitted to the Common Council within one hundred twenty days of the close of the City's fiscal year.
• The City will conduct its annual audit in compliance with the single audit concept as set forth by the Federal Office r of Management and Budget.
• The City each year will submit its Comprehensive Annual Financial Report to the Government Finance Officers r Association for review to achieve the Certificate of Achievement for Excellence in Financial Reporting. r r r r r r r r r r r r 15 1 1 1 1 1 1 1 1 THIS PAGE INTENTIONALLY LEFT BLANK 1 1 1 1 1 1 1 1 l l
16 1 r O'Connor Davies Munns & Dobbins, IIp r ACCOUNTANTS AND CONSULTANTS r r INDEPENDENT AUDITORS' REPORT
r To the Honorable Mayor and Common Council of the City of White Plains, New York: r We have audited the accompanying financial statements of the govemmental activities, the business-type activity, the aggregate discretely presented component units, each major fund and the aggregate remaining fund information of the City of White Plains, New York as of and for the r year ended June 30, 2005, which collectively comprise the City's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express opinions on these basic financial statements based r on our audit. 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 Government r 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 r basis, evidence supporting the amounts and disclosures in the financial 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 r our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activity, the r aggregate discretely presented component units, each major fund and the aggregate remaining fund information of the City of White Plains, New York as of June 30, 2005, and the respective changes in financial position and cash flows, where applicable, thereof, and the respective r budgetary comparison for the General Fund for the year then ended in conformity with accounting prinCiples generally accepted in the United States of America. r Management's Discussion and Analysis is not a required part of the basic financial statements, but is supplementary information required by the Govemmental Accounting Standards Board. We applied certain limited procedures, which consisted principally of inquiries of management r regarding the methods of measurement and presentation of the required supplementary r information. However, we did not audit the information and express no opinion on it. r r Bennett Kielson Storch DeSantis Division One Barker Avenue, White Plains, New York 10601 914.421.5600 tel 914.421 .5099 fax www.odmd.com r 17 1 In accordance with Govemment Auditing Standards, we have also issued our report dated October 14, 2005 on our consideration of the City of White Plains, New York's intemal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, 1 contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of intemal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the intemal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government 1 Auditing Standards and should be considered in assessing the results of our audit.
Our audit was made for the purpose of forming opinions on the financial statements that 1 collectively comprise the City of White Plains, New York's basic financial statements. The accompanying financial information listed as combining and individual fund financial statements and schedules in the table of contents is presented for purposes of additional analysis and is not a 1 required part of the basic financial statements of the City of White Plains, New York. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the 1 basic financial statements taken as a whole. The information listed in the statistical section has not been subjected to the auditing procedures applied in our audit of the basic financial statements, and accordingly, we express no opinion on it. 1 1
The Government Services Division of O'Connor Davies Munns & Dobbins, LLP l October 14,2005 1 1 1 1 1 1 1 1 l
18 1 r
CITY OF WHITE PLAINS, NEW YORK r MANAGEMENT'S DISCUSSION AND ANALYSIS r For the Fiscal Year Ended June 30, 2005 r
The City of White Plains, New York ("City"), presents this Managemenfs Discussion and Analysis (MD&A) r as an overview of the City's financial activities for the fiscal year ended June 30, 2005. This Managemenfs Discussion and Analysis focuses on current year activities, resulting changes, and currently known facts and should be read in conjunction with the transmittal letter beginning on page 1, the City's financial statements r beginning on page 31, and the notes to the City's financial statements beginning on page 47. r Financial Highlights • The assets of the City exceeded its liabilities by $260,386,233 (net assets) at June 30, 2005. Of this amount, $18,787,078 represents unrestricted net assets and is available to meet r current obligations and pay creditors. For the fiscal year ending June 30, 2005, the City's total net assets decreased $6,630,216 from the prior fiscal year; $6,102,431 of this decrease was in governmental activities and the r remaining $527,785 was in the business-type activity. At the close of the current fiscal year, the City's governmental funds reported combined fund balances of $28,126,330. Approximately eighty two percent, or $22,943,138 represents r unreserved fund balance that is available for spending. • Total general fund revenues exceeded general fund expenditures by $1 ,451,437 . r • At June 30, 2005, the City's total General Fund balance was $22,836,796, an increase of 6.8% from the prior fiscal year. r • At June 30,2005, the City's undesignated general fund balance available for subsequent year appropriation was $8,147,887.
• The City's total bonded debt at June 30, 2005 was $67,783,700, an increase of two percent r over the prior fiscal year. r Overview of the Financial Statements
This City's annual financial report consists of a series of basic financial statements. The intent of this r Managemenfs Discussion and Analysis is to give the reader an introduction and overview of these financial statements. The City's basic financial statements consist of three components: 1) the government-wide financial stateme~ts, 2) the fund financial statements, and 3) the notes to the financial statements. This report also includes supplementary information which is intended to give the reader additional detail in support of r the basic financial statements. r r r 19 l
Management's discussion and analysis 1 l Government-wide Fund financial financial statements statements 1 Notes to the financial statements 1 1 Supplementary information (other than MD&A) 1 1
Government-wide Financial Statements 1 The government-wide financial statements present the City as a single. unified entity and are intended to give the reader a broad perspective of the City's fiscal condition. These statements are in accordance with GASS Statement No. 34 and resemble the financial statements of a private sector entity. Included in the 1 government-wide financial statements are the Statement of Net Assets and the Statement of Activities. The Statement of Net Assets presents financial information on all of the City's assets and liabilities, with the 1 difference being reported as net assets. This statement reports all of the City's assets (cash and non-cash) and its known liabilities, both current and long-term. The purpose of this statement is to give the reader an understanding of the City's net worth. Over time, increases or decreases in the City's net assets may serve as an indicator of whether the financial position of the City is improving or deteriorating, however, other 1 financial and nonfinancial factors need to be considered before such a determination can be made (e.g., changes in the City's property tax base and the condition of its infrastructure and capital assets).
The Statement of Activities presents information indicating how the City's net worth has changed during the 1 fiscal year. Revenues and expenses are reported by activity to give the reader an understanding of how each of the governmenrs activities are being supported. All changes in net assets are reported as soon as the underlying event occurs, regardless of the timtng of related cash flows. Revenues and expenses are reported 1 for all items that are known. even though they may not affect the actual cash flow of the City until a future year (e.g .• uncollected taxes. earned but unused vacation and tax certiorari liabilities). This method of accounting is known as the accrual method and is different from the modified accrual approach used in the City's fund financial statements. The intent of these statements is to give the reader a long-term view of the City's 1 financial condition. Each of the government-wide financial statements distinguishes functions of the City that are principally 1 supported by taxes and intergovernmental revenues (governmental activities) from those that recover all or a Significant portion of their costs through user fees and charges (business-type activities). Governmental 1
20 1 r
activities encompass the basic services that the City provides and include the following; councils and boards, r general government, public works, parking, public safety and community services. The City's business-type activity is reflected in the financial statements of the Water Fund. r The City's government-wide financial statements include not only the statements of the City itself (known as the primary government), but that of its legally separate component units for which the City is financially accountable. Financial information for these component units is reported separately from the financial information presented for the primary government. The Water Fund, although a legally separate function, is r for all practicable purposes operating as a department within the City of White Plains, and therefore has been included as an integral part of the primary government. r The component units being reported separately in the City government-wide financial statements are the White Plains Urban Renewal Agency and the White Plains Cable Television Commission. r The government-wide financial statements can be found beginning on page 31 of this report. Fund Financial Statements r A fund is a grouping of related accounts that are used to maintain control over resources that have been segregated for a specific purpose or set of objectives. The City, like other governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the City's funds can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. The r purpose of the fund financial statements are to illustrate how the City's major funds performed during the current budget year. r Governmental Funds Most of the City's basic services are reported in the governmental funds. The activities reported are essentially the same as those presented in the governmental activities section of the government-wide r financial statements. However, unlike the government-wide financial statements, the governmental fund financial statements focus on near-term inflows and outflows of spendable resources (the budget), as well as on balances of spendable resources available at year end (fund balance). Such Information may be useful in assessing a governmenfs near-term financing requirements. The presentation for the governmental funds r focuses on the City's major or most significant funds.
The governmental fund financial statements are reported on the modified accrual basis of accounting, which r measures cash and other financial assets that can be readily converted to cash. Unlike the government-wide financial statements, it does not include the value of the CitYs capital assets since its purpose is to show how current year resources are being expended. The governmental fund financial statements include a r reconciliation to the government-wide financial statements. The City maintains twenty individual governmental funds. Only information for the CitYs two major funds are presented separately in the governmental fund Balance Sheet and in the governmental fund Statement of r Revenues, Expenditures, and Changes in Fund Balance. The City's two major funds are the General Fund and the Capital Projects Fund.
The CitYs eighteen other governmental funds are considered nonmajor funds. The financial information for r these funds is combined and reported in the aggregate as "nonmajor governmental funds. n Individual fund data for each of these eighteen funds is in the combining statements, which can be found in the r supplemental information section of this report. r r r 21 1 1 The City adopts annual budgets for its General, Library, and Debt Service Funds. Capital projects are adopted individually in accordance with the City's Capital Plan. Individual budgetary comparison information for the General Fund can be found beginning on page 72 of this report. 1
Proprietarv Funds
Proprietary funds cover services in which the City charges a user fee that is separate and distinct from the 1 taxes it levies. These funds are normally self-supporting with the fees received from the users going directly to pay the associated expenses. The City has two types of proprietary funds; enterprise and internal service. The Water Fund is an enterprise fund since its user fees pay the expenses of the Fund. The Self Insurance 1 Fund is an internal service fund, since its costs are charged back to ~ch of the City's departments using this service.
These funds are reported on the full accrual basis of accounting and their fund financial statements are 1 similar to their Statement of Net Assets and Statement of Activities except that a statement of cash flows is included on the fund financial statements. Since both of these services predominantly benefit government, they have been included within governmental activities in the government-wide financial statements. 1 The Proprietary Fund financial statements can be found beginning on page 41 of this report.
Fiduciarv Funds 1
Fiduciary funds are used to account for resources held for the benefit of others outside of the City. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds 1 are not available to support City programs. The City maintains three fiduciary funds: the Police Pension Fund, the Fire Pension Fund and the Agency Fund. The City is the trustee for the Police and Fire Pension Funds and has fiduciary responsibility to hold these assets in trust for the pensioners. The resources of the Agency Fund are held by the City in a custodial capacity for Individuals, private organizations and other governments. 1 The Fiduciary Fund financial statements can be found beginning on page 44 of this report. Notes to the Financial Statements 1 The notes to the financial statements provide additional information that is necessary to acquire a full understanding of the government-wide and fund financial statements. These notes should be read in conjunction with the financial statements. The notes to the financial statements can be found beginning on 1 page 47 of this report. Other Information 1 In addition to the basic financial statements and notes to the financial statements, this report contains supplementary schedules beginning on page 72. This supplemental information gives the reader further detail on the data presented in the basic financial statements. 1
Included In this information are the combining individual nonmajor fund statements. Also, included is the project length schedule for the Capital Projec~s Fund. 1 Government-wide Financial Analysis 1 Net assets over time, may serve as a useful indicator of a govemmenfs financial position. For the fiscal year ended June 30, 2005, the City's assets exceeded liabilities by $260,386,233, a two and one half percent decrease from the prior fiscal year. This decline resulted from the City's use of short term borrowings to pay certain capital expenditures and is not due to a decline in the City's fiscal condition. The revenues from these 1 borrowings will be recognized when they are either redeemed or converted to permanent finanCing. 1
22 1 r r r City of White Plains Net Assets r June 30, 2005 June 30, 2004 Business- Total Business- Total Governmental Type Primary Governmental Type Primary Activities Activity Government Activities Activity Government Current assets $ 70.369.367 $ 8.886.171 $ 79.255,538 $ n,469.430 $ 9.129.108 $ 86.598.538 r 25,n1.868 304,082,813 271 638 908 23 634,388 295 273 296 Capital assets. net 278,310.945 1 1 1 1 1 Total assets 348,680,312 34.658.039 383.338.351 349.108,338 32.763,496 381,871,834 r Current liabilities 46.997.374 5,422,645 52.420.019 44.604,419 4.1n.870 48.782.289 Long-tenn lIabiities 64.031.384 6.500.715 70.532.099 62.205,873 5.323.162 67.529.035 Total liabilities 111,028.758 11.923.360 122.952.118 106.810,292 9,501.032 116,311.324 r Net Assets Invested In capital assets, net of related debt 216.997.086 18.592.642 235.589,728 218,452,330 17,727.785 236,180.115 r Restricted 6,009,427 6.009.427 6,447,715 6,447,715 Unrestricted 14.645.041 4,142,037 18,787,078 17.3981001 5,534,679 22 1932,680 r Total net assets $ 237.651,554 $ 22,734,679 $ 260,386,233 $ 242,298.046 $ 23.262,464 $ 265,560,510
r The largest portion of the City's net assets (900/0) reflects its investment in capital assets (e.g., land, buildings and facilities, machinery and equipment, rolling stock and infrastructure), less any outstanding debt that was used to acquire those assets. The City uses these capital assets to provide a variety of services to its citizens and as a result these assets are not available for future spending. Although the City's investment in capital r assets is reported net of related debt, it should be noted that the resources used to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. r An additional portion of the City's net assets (2.3%) is restricted and represents resources that are subject to external restrictions on how they may be used. The remaining balance of $18,787,078 is unrestricted and may be used to meet the governmenfs ongoing obligations to its citizens and creditors. r At the end of the current fiscal year, the City has reported positive balances in all three categories of net assets for both the governmental and business-type activities. This is a positive indication of the cnys r financial condition and illustrates that its assets are more than sufficient to pay its liabilities. r r r r r 23 l 1
City of White Plains Changes in Net Assets 1
June 30, 2005 June 30, 2004 Total Total Governmental Business-type Primary Governmental Business-type Primary 1 Activities Activity Government Activities Activity Govemment Revenues: Program revenues: Charges for services $ 26,274,895 $ 5.946.111 $ 32.221.006 $ 12,520,972 $ 4,984,370 $ 17,505,342 1 Operating grants and contributions 8.085.497 203.324 8.288.821 7,630.696 39,268 7,669.964 Capital grants and contributions 1.423.455 1.423.455 11.508.645 11.508.645 General revenues: Taxes and related items 79.364.058 79,364,058 72.251,963 72,251.963 1 Intergovernmental 9,398.195 9,398,195 7.112.143 7.112.143 Other 3.612,712 383.593 3,996,305 2,458.253 145,954 2.604.207 Special Item 6.304,861 6.304.861 Total Revenues 128.158,812 6.533,028 134,691,840 119,787.533 5,169,592 124,957.125 l Expenses: Council and boards 662,005 662,005 567.512 567,512 General government 20.402.372 20.402,372 17.993.365 17,993.365 Public works 31.503.823 31,503,823 30.939.781 30,939.781 1 Parking 7,083.831 7,083.831 Public safety 49.500.918 49,500,918 45.147.241 45,147.241 Community services 22.518.404 22,518,404 20.2n.269 20,277.269 Interest 2,589,890 2,589,890 2.440.058 2,440.058 1 Water 7.060.813 7,060,813 6,174.790 6,174.790 Total Expenses 134,261,243 7,060.813 141,322,056 117,365.226 6,174,790 123,540.916
Changes in Net Assets (6.102.431) (527.785) (6,630,216) 2.422,307 (1,005,198) 1,417,109 1
Net Assets - beginning, as reported 242.298.046 23.262.464 265,560,510 239.875,739 24,267,662 264,143,401 Prior Period Adjustment 1455,939 1,455 939 Net assets - beginning, as restated 243 753,985 23,262,464 267,016,449 239,875,739 24,267,662 264,143,401 1 Net Assets. Ending $ 237,651,554 $22,734,679 $ 260,386,233 $ 242,298,046 $ 23,262,464 $ 265,560,510 1 Governmental Activities
For the fiscal year ended June 30, 2005, net assets for governmental activities decreased $6,102,431 (exclusive 1 of the prior period adjustment) from the prior fiscal year for an ending balance of $237,651,554. Total governmental activities revenues were $128,158,812, an increase of seven percent over the previous fiscal year total of $119,787,533. Twenty-eight percent of these revenues were program revenues (departmental revenue) and seventy two percent came from taxes and other sources. The City's major revenue sources are as follows: 1
• $37,060,991 - Property taxes 1 $40,929,781 - Sales tax $ 4,019,245 - Mortgage Tax $ 5,378,950 - State aid not restricted to specific programs • $26,274,895 - Charges for Services 1 • $ 3,612,712 - Other 1 1
24 1 Increases in governmental activities revenues were mostly attributed to increased revenues from property taxes ($3,873,013), sales taxes ($3,231,067), mortgage tax ($1,143,212), and charges for services ($13,753,923). The increased revenue in charges for services refiects revenues generated by the parking department which became a City department effective June 30, 2004. Prior to this time, these revenues were reported on the statements of the Parking Authority component unit, and not included on the City's Statement of Governmental Activities.
Total expenses for governmental activities were $134,261,243, an increase of $16,896,017 from the prior fiscal year. More than $7 million of this increase reflects the expenses of the City's parking department which was formally reported as the Parking Authority component unit prior to fiscal year 2004-05. Other increases are noted in salary and salary related items, including pension costs, which increased $2,005,906 from the previous fiscal year.
Expenses And Program Revenues
Governmental Activities
50,000,000
40,000,000
30,000,000
20 ,000,000
10,000,000
o Council Public Parking Public Comm unity Interest and Government Works Department Safety Services on Boards Debt
Revenues by Source - Governmental Activities
Capital grants and contributions 1 % O perollng grants and contributions 6%
Clwrges for Services 21 %
O ther 3%
Taxes and related il em s 62% Intergovernmental 7 0/0
25 Business-type Activity
Net assets for the business-type activity (Water Fund) decreased $527,785 from the prior fiscal year. This net asset decline is solely from depreciation expense and is not a result of an income loss. At June 30, 2005, total net assets were $22,734,679, of which $4,142,037 was unrestricted and $18,592,642 was invested in capital assets. Revenues totaled $6,533,028, of which ninety-one percent ($5,946,111) were from charges for services (program revenue) and the remaining nine percent from other sources ($383,593), and a capital grant ($203,324). Total expenses were $7,060,813.
Revenues by Source - Business-type Activity
Expense and Program Revenues
Business-type Activity
8,000,000
7,000,000
6,000,000 5,000,000
4,000,000
3,000,000
2,000,000
1,000,000 • Expenses ~====7 . Revenues
26 r r Financial Analysis of Governmental Funds As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with the finance-related legal r requirements. Governmental Funds r The focus of the City's governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City's financing requirements. In particular, unreserved fund balance may be a useful measure of a government's net resources available for spending at the end r of the fiscal year. At June 30, 2005, the City's governmental funds reported combined fund balances of $28,126,330, of which $5,183,192 was reserved for the following purposes: 1) encumbrances ($3,708,153); 2) inventory ($693,602); 3) r prepaid items ($33,023); 4) nonrecurring repairs ($164,000); 5) long-term receivables ($222,688); 6) debt service ($351,726), and; 7) trusts ($10,000). r General Fund The City's main operating fund is the General Fund and the majority of the CitYs programs and activities are supported by this fund. At June 30,2005, the General Fund's unreserved fund balance was $21,121,017 and its r total fund balance was $22,836,796. The difference of $1,715,779 represents fund balance monies that have been reserved for other purposes. Although the City's total fund balance increased from the prior year, the undesignated portion decreased to $8,147,887.
r At June 30, 2005, the City deSignated $12,973,130 of its General Fund unreserved fund balance for the following purposes: subsequent year's expenditures ($8,700,000), tax certiorari ($3,400,000) and open space acquisition ($873,130). These monies would revert back to undesignated fund balance if they are not needed for these r purposes. Capital Projects Fund r The Capital Projects Fund, at June 30, 2005, had a total fund balance of $1,513,090; of which ($1,402,520) was undesignated and $2,915,610 was reserved for encumbrances. The decline in fund balance from the prior fiscal year is due to the City's use of short-term financing rather than bond proceeds for some of its projects. Proceeds from r short-term financing are not recognized as revenues and therefore, are not included in the fund balance calculation. ProprietarY Funds
r The City has two proprietary funds; the Water Fund, which is an enterprise fund, and the Self Insurance Fund, which is an internal service fund. The fund financial statements of the proprietary funds provide the same information as r the government-wide financial statements, but in greater detail. At June 30, 2005, unrestricted net assets were $4,158,348 in the Water Fund and $2,939,128 in the Self Insurance Fund. Factors concerning the finances of the Water Fund have already been addressed in the discussion on the City's business-type activity. The unrestricted net assets for the City's Self Insurance Fund represents monies r available to the City, if needed, to settle claim's in excess of the liabilities that have already been reported. r Unrestricted net assets in the self Insurance fund declined twenty eight percent from the previous fiscal year. r r r 27 l
General Fund Budgetary Highlights 1
The difference between the General Fund's original expenditure budget of $120,382,344, and the final amended budget of$121 ,705,840, was an increase of $1 ,323,496 (.1 %). Additional appropriations were made during the year to fund certiorari payments in excess of what was originally budgeted ($963,306), and to expend grant and other 1 monies received for a specific purpose ($360,190). Despite these supplementary budgetary appropriations the City's actual budget expenditures at June 30,2005 was $117,516,912; $2,685,432 less than the original budget and $4,188,928 less than the final budget. The City typically realizes various expenditure savings throughout the year 1 due to its very conservative budgeting practices.
The difference between the City's original revenue budget of$120,382,344 and final revenue budget of$121,705,840 reflects the appropriation of fund balance to fund the additional certiorari payments ($963,306), and recognition of 1 the grant and other revenues indicated above. The City's actual total revenues at June 30, 2005 were $118,968,34, and exceeded its total expenditures by $1,451,437. Due to this year end surplus, the City did not use any of the $7,707,737 in appropriated fund balance that was included in its final budget. Revenue collections in excess of the l original and final budget were noted in the follOwing categories: taxes and related items ($2,858,304), intergovernmental ($2,914,956) and interest earnings ($326,039). Although, partially offset by shortfalls in fines and forfeitures revenue ($992,073) and licenses and permits ($203,953), these revenue increases along with the expenditure savings mentioned above were more than sufficient to offset the use of any fund balance during the fiscal l year. 1 Capital Assets and Debt Administration Capital assets l At June 30, 2005, the City's investment in capital assets for its governmental and business-type activities, net of accumulated depreciation, totaled $304,082,813. This is an increase of $8,809,517 from the previous fiscal year. This reflects the City's investment in all of its capital assets including land, buildings and facilities, machinery and 1 equipment, rolling stock and infrastructure. Also included is $22,807,336 for construction-in- progress. Major capital activities during the current fiscal year included the following: 1 • Various projects for the reconstruction of streets, sidewalks and storm water drains at a cost of $1,383,365. l • Construction of new parking deck at Mamaroneck Avenue and Shapham Place; construction in progress at June 30, 2005 of $5,466,347.
• Construction of various interior improvements to the library, with current construction cost of $2,188,853 l at June 30, 2005. • Acquisition of property at a total cost of $1,868,500. 1 • The purchase of various vehicles and equipment at a total cost of $1 ,476,307. l 1 1 1 28 l r
City of White Plains r Capital Assets
June 30, 2005 June 301 2004 Total Total r Govemmental Business-type Primary Business-type Primary Governmental Activities Activi~ Govemment Activities Activi~ Govemment Capital assets, not being depredated: Land $ 48,655,172 $ 584,715 $ 49,239,887 $ 45,330,733 $ 584,715 $ 45,915,448 r Construction in progress 20 245 784 2,561,552 22,807,336 18 591,630 2,004,907 20,596,537 1 1 1 Total capital assets not being depreciated 68,900,956 3,146,267 721047,223 63,9221363 2,589,622 661511,985 r Capital assets being depreciated: Buildings and facilities 176,058,461 5,291,879 181,350,340 173,266,722 4,641,881 1n,908,603 Machinery and equipment 7,060,076 639,293 7,699,369 6,703,993 624,098 7,328,091 Rolling stock 16,806,285 635,451 17,441,736 16,366,700 592,225 16,958,925
Infrastructure 196:658,709 29,854,151 226,5121860 189,1141145 28,295,156 217,409,301 Total capital assets, being depreciated 396,583,531 36:420,n4 433,004,305 385,451,560 34,153,360 419,604 920 r 1
Less accumulated depreciation for: Buildings and facilities 64,962,291 1,438,220 66,400,511 60,686,625 1,330,132 62,016,757 r Machinery and equipment 5,847,190 609,013 6,456,203 5,435,340 596,864 6,032,204 Rolling stock 10,940,835 448,602 11,389,437 10,945,082 478,710 11,423,792
Infrastructure 105,4231226 11,299,338 116:122,564 100,667,968 10,702,888 111 1370:856 Total accumulated depreciation 187 173 542 13:795,173 200,968,715 1n,735.015 13.108.594 190 843:609 r 1 1 1 Total capital assets being depreciated ,net 209,409,989 22,625.601 232.035,590 207,716,545 21,044,766 228,761,311
Capital assets, net $ 278 310 945 $ 25,n1.868 $ 304 082 813 $ 271.638 908 $ 23 634,388 $ 295,273,296 r 1 1 1 1 1 1
Further information on the City's capital asset activity for the fiscal year ended June 30, 2005 can be found r in Note 3 on pages 58 through 60 of this report. Lona-term Debt r At June 30,2005, the City had total bonded debt outstanding of $67,783,700. In accordance with New York State Law, the City issues general obligation bonds, backed by the full faith and credit of the City. Principal and interest on debt associated with the Water Fund are paid solely from revenues of that fund. Of the total r bonded debt outstanding at fiscal year end, $7,189,734 represented debt of the Water Fund. During the current fiscal year, the City issued $8,177,000 in serial bonds for renovations to the library, parking structure additions, water main distribution improvements and water lines, and various park and street r improvements. Moody's Investor Service assigned an Aa1 rating on this bond issue and reaffirmed the Aa1 underlying rating on all of the City's outstanding debt. r The City also issued $4,735,500 bond anticipation notes for the purchase of various vehicles, financial systems, and garage improvements.
At the end of the fiscal year, the City had authorized, unissued long-term debt in the amount of $1 ,015,000 for r dam rehabilitation, $500,000 for reconstruction of sanitary sewers, $125,000 for ice-rink renovations, $250,000 for miscellaneous sanitary sewer reconstruction, $1,400,000 for water system improvements, $650,000 for fire r station roof reconstruction and $350,000 for municipal parking structure rehabilitation. Pursuant to Article VIII of the State Constitution and Title 9 of Article 2 of the Local Finance Law, the City is subject to a "constitutional debt limit." This debt limit is calculated by taking 7% of the latest five-year average of the full valuation of all taxable real property within the City. At June 30, 2005, the City exhausted 13.33% r of its constitutional debt capacity, and accordingly had the authority to Issue up to an additional $380,485,817 of general obligation long-term debt. This compares favorably to the fiscal year ended June 30, 2004, when r the City was at 14.62% of its capacity. r 29 1
Pursuant to the Local Finance Law and its Charter, the City authorizes the issuance of bonds by the adoption l of a bond ordinance approved by two-thirds of the members of the Common Council. Customarily, the Common Council has delegated to the Commissioner of Finance, as Chief Fiscal Officer of the City, the power to authorize and sell bond anticipation notes. The Common Council has also delegated to the Commissioner of Finance the power to prescribe the details, form and content of, and to sell serial bonds authorized by the 1 Common Council.
Additional information on the City's long-term debt can be found in Note 3 on pages 62 through 64 of this l report. Economic Factors and Next Year's Budgets and Rates 1 The following economic factors currently affect the City and were considered in developing the current year budget. 1 • The unemployment rate for the City of White Plains as of June 2005 was 3.50/0, compared to 4.20/0 reported one year earlier.
• The City's sales tax revenue increased 8.60/0 over the previous fiscal year due to the many 1 new retail establishments and restaurants that have opened in the City. • Over 1,600 new residential units have been constructed in the downtown bringing additional l taxpayers and revenue to the City.
• Approximately 900 additional market and affordable housing units are expected to be developed within the next two years. 1
• Mortgage tax increased 40% over the previous fiscal year due to the continued strength of the real estate market. 1 • The occupancy of 241 lUXUry condominium units at Trump Tower at City Center in the fall of 2005 will further increase mortgage and real estate tax collections. 1 • The revenue increases resulting from the rate increases enacted in the fiscal 2004-2005 budget for property taxes, payment in lieu of taxes, water usage, and parking fees and fines will continue. 1 • The City's redevelopment efforts will continue to add additional office and retail space and additional revenue to the City. l • On the expenditure side, continued increases are expected in health insurance premiums, heating and fuel, salaries and pension costs.
• The City's budget projects that the Federal Reserve Bank will continue to raise interest rates 1 at a moderate pace throughout the fiscal year. Requests for Information 1
This financial report is designed to provide a general overview of the City's finances for aU those with an interest in the governmenfs finances. Questions concerning any of the information provided In this report or requests for additional financial information should be addressed to Gina Cuneo Harwood, Commissioner of Finance, 1 City of White Plains, 255 Main Street, White Plains, New York 10601. 1 1
30 1 r r r r
r BASIC FINANCIAL STATEMENTS r r r r r r r r r r r r r r 31 l CITY OF WHITE PLAINS, NEW YORK STATEMENT OF NET ASSETS JUNE 30, 2005 , Primary Government 1
Governmental Business-type Activities Activi~ Total 1 ASSETS Cash and cash equivalents $ 55,389,047 $ 5,587,516 $ 60,976,563 Investments 4,381,741 4,381,741 Deposits 48,173 48,173 1 Taxes receivable 1,442,080 1,442,080 Other receivables (net of allowance for uncollectibles) 3,234,858 2,924,996 6,159,854 Due from other governments and agencies 5,062,439 384,872 5,447,311 1 Internal balances 16,311 (16,311 ) Inventory of supplies, at cost 693,602 693,602 Prepaid items 33,023 33,023 Deferred charges 68,093 5,098 73,191 1 Capital assets (net of accumulated depreciation): Land 48,655,172 584,715 49,239,887 Buildings and facilities 111,096,170 3,853,659 114,949,829 Machinery and equipment 1,212,886 30,280 1,243,166 1 Rolling stock 5,865,450 186,849 6,052,299 Infrastructure 91,235,483 18,554,813 109,790,296 Construction-in-progress 20 245 784 2 561,552 22 807 336 z 1 z z 1 1 Total Assets 348z680z312 34,658,039 38313381351
LlABILmES Accounts payable 3,741,359 4,296,230 8,037,589 1 Contract retainage payable 708,633 125,582 834,215 Accrued liabilities 7,556,886 99,131 7,656,017 Accrued interest payable 760,501 116,353 876,854 Deposits 245,187 245,187 1 Due to other governments and agencies 14,459,521 14,459,521 Loan payable 687,500 687,500 Bond anticipation notes payable 4,735,500 4,735,500 1 Unearned revenue 4,645,840 4,645,840 Due to retirement systems 2,112,203 43,982 2,156,185 Noncurrent liabilities: Due within one year 7,344,244 741,367 8,085,611 1 Due in more than one year 64,031 1384 61500,715 701532,099 Total Uabilities 111 ,028,758 11,923,360 122z952,118
NET ASSETS 1 Investment in capital assets, net of related debt 216,997,086 18,592,642 235,589,728 Restricted for: 1 Capital projects 2,232,983 2,232,983 Debt service 852,139 852,139 Community services 2,749,499 2,749,499 Nonrecurring repairs 164,000 164,000 1 Permanent Fund: Expendable 806 806 Nonexpendable 10,000 10,000 14,645.041 4.142,037 18 787 078 1 Unrestricted 1 1
Total Net Assets $ 237 !651 l 554 $ 22,734,679 $ 26013861233 1 The notes to the financial statements are an Integral part of this statement.
32 1 r r r Component Units
Urban Renewal Cable r Agency Television r $ 1,012,485 $ 67,282 r 87,242 r 2,743,760 172,807 r 141,710 17,883 r 3,756 245 486,924 1 r 17,787 15,340 38,674 r 11,260 r r 7,700 71611 r 17z787 80,585 r 2,743,760 332,400 r
994 698 73,939 r 1 $ 3,738A58 $ 406 339 r 1 r 33 1 CITY OF WHITE PLAINS, NEW YORK STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED JUNE 30,.2005 1 Program Revenues 1
Operating Capital Charges for Grants and Grants and 1 ExQenses Services Contributions Contributions Functions/Programs: Primary government: Governmental activities: 1 Council and boards $ 662,005 $ $ $ General government 20,402,372 2,407,397 15,068 68,921 Public works 31,503,823 1,024,905 81,269 804,756 Parking department 7,083,831 15,584,702 1 Public safety 49,500,918 2,955,164 514,858 Community services 22,518,404 4,302,727 7,474,302 382,953 Interest 2,589,890 166 825 1 1 Total Governmental Activities 134,261,243 26,274,895 8,085,497 1,423,455
Business-type activity: Water 7,060,813 5,946,111 203£324 1 Total Primary Government $ 141,322,056 $ 32,221,006 $ 8,288,821 $ 1,423,455
Component units: Urban Renewal Agency $ 427,748 $ $ 233,652 $ 1 Cable Television 540,279 350,757 Total Component Units $ 968,027 $ 350157 $ 233,652 $ 1 General Revenues: Taxes and related items Intergovernmental 1 Franchise taxes Unrestricted investment earnings Gain on sale of capital assets Miscellaneous 1 Total General Revenues 1 Change in Net Assets Net Assets - Beginning, as reported 1 Prior Period Adjustment Net Assets - Beginning, as restated 1 Net Assets - Ending 1 1 The notes to the financial statements are an integral part of this statement. l
34 1 r r Net {ExQense} Revenue and Changes in Net Assets r Primary Government ComQonent Units r Governmental Business-type Urban Renewal Cable r Activities Activi~ Total Agenc~ Television $ (662,005) $ $ (662,005) $ $ (17,910,986) (17,910,986) (29,592,893) (29,592,893) r 8,500,871 8,500,871 (46,030,896) (46,030,896) (10,358,422) (10,358,422) r {2,423,065} {2z423z065} (98,4n,396) (98,4n,396)
r {911,378} {911,378} {981477z396} {911 1378} {99,388zn 4}
r (194,096) (189z522} r {194,096} (189z522}
79,364,058 79.364.058 r 9.398,195 9.398.195 373.194 373,194 1.135.611 156.366 1.291.9n 21,300 1.634 47.720 47,720 2,056 187 227 227 2 283 414 r 1 z 1 1 r 92.374.965 383.593 92.758.558 21,300 1.634 (6,1021431} {527z785} (6,630.216} {172z796} (1871888} r ':" 242.298,046 23,262,464 265.560,510 3,911.254 594.227 -. 114551939 114551939
243 753,985 23 262,464 267.016,449 3 911.254 594.227 r - 1 1 1 $ 237,651 554 $ 22 734 679 $ 260 386,233 $ 3 738 458 $ 406,339 r 1 1 1 1 1 1 r r r 35 l CITY OF WHITE PLAINS, NEW YORK BALANCE SHEET GOVERNMENTAL FUNDS JUNE 30, 2005 l
Capital Nonmajor Total General Projects Governmental Governmental Fund Fund Funds Funds 1 ASSETS Cash and cash equivalents $ 37,140,016 $ 6,781,474 $ 5,180,805 $ 49,102,295 Investments 3,404,386 375,194 3,n9,580 l Taxes receivable 1,442,080 1,442,080 Other receivables (net of allowance for uncollectibles) 441,404 277,104 2,366,660 3,085,168 Due from other governments and agencies 3,856,018 668,926 537,495 5,062,439 Due from other funds 410,126 410,126 1 Inventory of supplies, at cost 693,602 693,602 Prepaid items 32z133 890 33,023 Total Assets $ 47,419,765 $ 7,727,504 $ 8,461,044 $ 63,608,313 1 LlABILmES AND FUND BALANCES Liabilities: Accounts payable $ 1,820,641 $ n1,749 $ 411,953 $ 3,004,343 1 Contract retainage payable 1,468 707,165 708,633 Accrued liabilities 3,636,633 647,770 4,284,403 Deposits 217,656 27,531 245,187 Due to other governments and agencies 14,410,456 49,065 14,459,521 1 Due to other funds 410,126 410,126 Loans payable 687,500 687,500 Bond anticipation notes payable 4,735,500 4,735,500 Deferred revenue - taxes 191,629 191,629 1 Deferred revenue - other 2,293,023 2,352,637 4,645,660 Due to retirement systems 2z011,463 98z018 2,109,481 24 582,969 6 214,414 4,684,600 35,481,983 Total Liabilities z z 1 Fund Balances (Deficits): Reserved for encumbrances 767,356 2,915,610 25,187 3,708,153 Reserved for inventory 693,602 693,602 1 Reserved for prepaid items 32,133 890 33,023 Reserved for nonrecurring repairs 164,000 164,000 Reserved for long term receivables 222,688 222,688 Reserved for debt service 351,726 351,726 1 Reserved for trusts 10,000 10,000 Unreserved: DeSignated for subsequent year's 1 expenditures, reported In: General Fund 8,700,000 8,700,000 Special Revenue Funds 1,936,949 1,936,949 Debt Service Fund 500,413 500,413 1 DeSignated for tax certiorari 3,400,000 3,400,000 DeSignated for open space 873,130 873,130 Undeslgnated, reported In: General Fund 8,147,887 8,147,887 1 Capital Projects Fund (1,402,520) (1,402,520) Special Revenue Funds 786,473 786,473 Permanent Fund 806 806 1 Total Fund Balances 22z836z796 1z513z090 3zn6z444 28z1261330 7,727,504 Total Liabilities and Fund Balances $ 47,419,765 $ $ 8,461,044 $ 63,608,313 1
The notes to the financial statements are an integral part of this statement. 1 36 1 r CITY OF WHITE PLAINS, NEW YORK RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL r FUNDS TO THE STATEMENT OF NET ASSETS FOR THE FISCAL YEAR ENDED JUNE 30, 2005 r Amounts reported for governmental activities in the statement of net assets are different because: r Total Fund Balances - Governmental Funds $ 28.126,330
Capital assets used in governmental activities are not financial r resources and therefore, are not reported in the funds. 278,310,945 The Internal Service Fund is used by management to charge the cost of workers' compensation, general liability, and unemployment r benefits to Individual funds. The assets and liabilities of the internal service fund are included in governmental activities in the statement of net assets. 2,955,439 r Other long-term assets that are not available to pay for current period expenditures and. therefore, are either deferred or not reported in the funds. Real property taxes 191,629 r Accrued property tax interest receivable 130,342 Governmental funds report the effect of issuance costs, premiums. discounts, and similar items when debt is first issued, whereas these amounts are deferred r and amortized in the statement of activities. Deferred charges 117,296 r long-term liabilities that are not due and payable in the \ current period. and therefore, are not reported in the funds: Bonds payable (60,593.966) r Tax certiorari payable (4,336.141) Compensated absences (4,139.819) Accrued interest payable (760,501) r New York State loan (2.350,000) r Net Assets of Governmental Activities $ 237.651.554 r r r r
r The notes to the financial statements are an integral part of this statement. r 37 l CITY OF WHITE PLAINS, NEW YORK STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS l FOR THE FISCAL YEAR ENDED JUNE 30, 2005
Capital Nonmajor Total l General Projects Governmental Governmental Fund Fund Funds Funds REVENUES Taxes and related items $ 79,910,187 $ $ $ 79,910,187 l Intergovernmental 10,323,416 817,882 7,004,773 18,146,071 Charges for services 13,346,928 13,346,928 Licenses and permits 2,461,692 2,461,692 l Fines and forfeitures 6,980,147 6,980,147 Interest 932,039 153,540 1,085,579 Fees and program income 3,118,156 3,118,156 Miscellaneous 2,569,808 418,099 437,402 3,425,309 l
Total Revenues 116.5241217 11235.981 1Ol131871 1281474,069
EXPENDITURES Current: l Council and boards 633,424 633,424 General government 21,389,560 21,389,560 Public works 23,710,685 23,710,685 l Parking 6,687,958 6,687,958 Public safety 46,895,801 46,895,801 Community services 5,828,340 15,254,653 21,082,993 Debt Service: l PrinCipal 6,060,995 6,060,995 Interest and fiscal charges 2,489,014 2,489,014 Capital Outlay 14 989 505 14 989 505 1 1 1 1 l Total Expenditures 105.1451768 1419891505 2318041662 14319391935
Excess (Deficiency) of Revenues over Expenditures 11,378.449 ( 13.7531524) (13. 090l91 ) (15,465.866) l OTHER FINANCING SOURCES (USES) New York State loan 2,350,000 2,350,000 Bonds issued 6,275,000 6,275,000 l Transfers in 94,132 222,113 12,434,051 12,750,296 Transfers out {12.371,144} {2081501} {1701651} {12l50,296} Total Other Financing Sources (Uses) (9,927 ,012) 6,288,612 12 263,400 8,625,000 1 l Net Change in Fund Balances 1,451,437 (7,4641912) (8271391) (61840,866) Fund Balances - Beginning of Year, as reported 23,216,332 8,978,002 4,663,096 36,857,430 l
Change in Accounting Principle (1 ,8301973) {59 1261) {1,8901234}
Fund Balances - Beginning of Year, as restated 21,385 359 8,978 002 4 603 835 34 967 196 l 1 1 1 1 1 1 Fund Balances - End of Year $ 22,836.796 $ 1,513.090 $ 3.776.444 $ 28,126,330 l l
The notes to the financial statements are an Integral part of this statement. l
38 l r CITY OF WHITE PLAINS, NEW YORK RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN r FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED JUNE 30, 2005 r Amounts reported for governmental activities in the statement of activities are different because: r Net Change in Fund Balances - Total Governmental Funds $ (6,840,866)
Governmental funds report capital outlays as expenditures. However, in the r statement of activities, the cost of these 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. Capital outlay expenditures 15,939,125 r Depreciation expense (10,689,375) 5,249,750
Revenues in the statement of activities that do not provide current financial r resources are not reported as revenues in the funds. Real property taxes (301,882) Sale of property (81,372) r Gain on sale of assets 47,720 (335,534)
Bond proceeds provide current financial resources to governmental funds, but issuing r debt increases long-term liabilities in the statement of net assets. Repayment of bond principal is an expenditure in the governmental funds, but repayment reduces long-term liabilities in the statement of net assets. Also, governmental funds report the effect of issuance costs, premiums, discounts, and similar items when debt is first issued, whereas r these amounts are deferred and amortized in the statement of activities. Principal paid on bonds 6,060,995 Bonds issued (6,275,000) r State loan (2,350,000) Amortization of issuance costs, loss on refunding and premium (33,325) (2,597,330) r The Self-Insurance Fund is an internal service fund used by management to charge the costs of workers' compensation, general liability and unemployment benefits to the individual funds. The net revenue of this fund is reported with governmental activities. (1,119,368) r Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expend itures in the governmental funds. r Accrued interest (87,640) Compensated absences (204,034) Tax certiorari (244,247) Pension costs 76.838 r (459,083) r Change in Net Assets of Governmental Activities $ (6,102.431) r r The notes to the financial statements are an integral part of this statement. r 39 1
CITY OF WHITE PLAINS, NEW YORK GENERAL FUND 1 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30, 2005 1 Variance with Budgeted Amounts Final Budget Positive Original Final Actual {N~ative1 1 Revenues: Taxes and related items $ n,051 ,883 $ n,051 ,883 $ 79,910,187 $ 2,858,304 Intergovernmental 7,099,597 7,408,460 10,323,416 2,914,956 1 Charges for services 13,333,683 13,353,010 13,346,928 (6,082) Ucenses and permits 2,665,645 2,665,645 2,461,692 (203,953) Fines and forfeitures 7,972,220 7,972,220 6,980,147 (992,073) Interest 606,000 606,000 932,039 326,039 1 Miscellaneous 215231985 2.5551985 215691808 131823 Total Revenues 111.253,013 111,613,203 116,524,217 4,911,014
Appropriation of Fund Balance 6.744,331 7,707,637 (7,7071637) 1
Total Revenues and Appropriation of Fund Balance 117 997 344 119,320,840 116,524.217 {2,796 623) 1 1 1 1 Expenditures: Current: Council and boards 4,446,954 2,194,980 633,424 1,561,556 General government 21,039,494 22,633,356 21,389,560 1,243,796 1 Public works 22,339,973 24,099,276 23,710,685 388,591 Parking 6,662,866 6,962,932 6,687,958 274,974 Public safety 47,574,897 47,376,471 46,895,801 480,670 5,852 776 5,897 653 5,828 340 69 313 1 Community services 1 1 1 1 Total Expenditures 10719161960 10911641668 105,145,768 41018,900 Excess (Deficiency) of Revenues and Appropriation 1 of Fund Balance Over Expenditures 1010801384 101156,172 11 13781449 112221277
Other Financing Sources (Uses): New York State loan 2,350,000 2,350,000 2,350,000 1 Transfers in 35,000 35,000 94,132 59,132 Transfers out {121465,3841 {12z54111721 {12,371 11441 1701028 {10,080 3841 {10,156,1721 {9,927 0121 229 160 Total Other Financing Sources 1 1 1 1
Net Change in Fund Balance $ $ 1,451 1437 $ 11451 1437 Fund Balance - Beginning of Year, as reported 23,216,332 1 Change in Accounting Principle {1,830,9731
21,385 359 Fund Balance - Beginning of Year, as restated 1 1 Fund Balance - End of Year $ 22.836,796 1 1 The notes to the financial statements are an Integral part of this statement. 1 40 1 r CITY OF WHITE PLAINS, NEW YORK STATEMENT OF NET ASSETS r- PROPRIETARY FUNDS JUNE 30, 2005
Business-type Activity- Governmental r Entererise Fund Activi~ Internal Service Water Fund Fund r ASSETS Current Assets: Cash and cash equivalents $ 5.587.516 $ 6.286.752 Investments 602.161 r Deposits 48,173 Receivables 2,924.996 19.348
Due from other governments and agencies 3841872 Total Current Assets 8.897 384 6 956,434 r 1 1 Noncurrent Assets: Deferred charges 5.098 r Capital Assets: Land 584,715 Building and facilities 4.641,881 Machinery and equipment 639,293 r Rolling stock 635,451 Infrastructure 30,504,149 Construction-in-progress 2,561,552 Less accumulated depreciation {13z195z173} Total Noncurrent Assets 25z176 966 r 1 Total Assets 3416741350 6 1956,434
LIABILITIES r Current Liabilities: Accounts payable 4,296,230 737,016 Contract retainage payable 125,582 Accrued liabilities 99,131 3,272,483 r Accrued interest payable 116,353 Due to retirement system 43,982 2,722 Deferred revenue 180 Bonds payable - current 735,591 Compensated absences - current 4 905 r 5z176 1 Total Current Liabilities 514221645 410171306
Noncurrent Liabilities: r Bonds payable ..6,~8,733 I Compensated absences 51 1982
Total Noncurrent liabilities 61500z115 Total Liabilities 11 923 360 4 017.306 r 1 1 1 NET ASSETS Invested in capital assets, net of related debt 18,592,642 Unrestricted 4 158 348 2 939 128 r 1 1 1 1
Total Net Assets 22,750,990 $ 219391128 r Adjustment to reflect the consolidation of internal service fund activity related to enterprise fund {16 1311} r Net Assets of Business-type Activity $ 22.734.679 r The notes to the financial statements are an integral part of this statement r 41 l CITY OF WHITE PLAINS, NEW YORK STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS PROPRIETARY FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2005 l
Business-type Activity - Governmental 1 Ente!.:Qrise Fund Activi~
Internal Service Water Fund Fund l Operating Revenues: Charges for services: Metered water sales $ 5,946,111 $ Self insurance services 1,462,381 l Intergovernmental 203,324 Miscellaneous 2271227 871366 Total Operating Revenues 613761662 11549,747 l Operating Expenses: Personnel services 1,570,400 100,129 Employee benefits 694,369 41,676 l Materials and supplies 3,234,589 348 Direct costs 527,242 2,701,034 Equipment 6,479 Depreciation and amortization 744 359 1 z Total Operating Expenses 61771438 218431187 Operating Loss (4OOl76) (1 1293,440)
Nonoperating Revenues (Expenses) l Interest income 140,709 168,792 Refunding bond issuance costs (1,274) Interest expense {261 z164} 1 Total Nonoperating Revenues (Expenses) {121 l29} 1681792 Change in Net Assets (522,505) (1,124,648) 1
Net Assets - Beginning of Year 23:2731495 4,063l76 Net Assets - End of Year $ 22l50!990 $ 2!939!128 1 Change In Net Assets $ (522,505) Adjustment to reflect the consolidation of Internal service fund activity related 1 to enterprise fund {5,28Ol Change in Net Assets of Business-type Activity $ {527,785) l 1 l 1
The notes to the financial statements are an integral part of this statement. 1
42 l r CITY OF WHITE PLAINS, NEW YORK STATEMENT OF CASH FLOWS PROPRIETARY FUNDS r FOR THE FISCAL YEAR ENDED JUNE 30, 2005 Business-type Activity- Governmental Ente!:Qrise Fund Activi~ r Internal Service Water Fund Fund CASH FLOWS FROM OPERATING ACTIVITIES Cash received for services provided $ 5,492,136 $ 1,462,381 r (1.877.568) Cash payments for contractual services (2.699.794 ) Cash payments to employees for salaries and benefits (2,406.729) (133.861 ) Other operating revenue 430.551 87.366 Net Cash Provided by (Used in) Operating Activities 816 164 {461 682} r 1 z CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES r Interest paid on capital debt (238,711 ) Principal paid on capital debt (632.005) Proceeds from capital debt 1.902,000 Purchase of capital assets (2 881 839} r 1 1 Net Cash Used in Capital and Related Financing Activities {11850.555}
CASH FLOWS FROM INVESTING ACTIVITIES r Purchase of investments (1.974,485) Proceeds from sale of investments 1,982,454 Interest on investments 140,709 168197 r Net Cash Provided by Investing Activities 140,709 176.766 Net Decrease in Cash and Cash Equivalents (893,682) (284.916)
Cash and Cash Equivalents - Beginning of Year 6 481 198 6.571 668 r 1 1 1 Cash and Cash Equivalents - End of Year $ 5,587,516 $ 6.286 752 r 1 Reconciliation of Operating Loss to Net Cash Provided by (Used in) Operating Activities:
r Operating loss $ {400,776} $ {112931440}
Adjustments to reconcile operating loss to r net cash provided by (used in) operating activities: Depreciation and amortization expense 744.359 Increase in deposits (2,447) r (Increase) Decrease in accounts receivable (453,975) 9,601 (Increase) in due from other governments and agencies (203,324) Increase in accounts payable 1,202,533 131,190 Increase in contract retalnage payable 69,307 r (Decrease) Increase in accrued liabilities (151,114) 685,607 (Decrease) Increase in due to retirement system (1,725) 2,722 Increase in compensated absences 10,879 4,905 r Increase in deferred revenue 180 Total Adjustments 112161940 831158
Net Cash Provided by (Used in) Operating Activities $ 816,164 $ (461 682} r 1 r The notes to the financial statements are an integral part of this statement. r 43 l CITY OF WHITE PLAINS, NEW YORK STATEMENT OF ASSETS AND LIABILITIES FIDUCIARY FUNDS 1 JUNE 30, 2005 l l Agency Fund ASSETS l Cash and cash equivalents $ 1,090,801 Receivables 7,168 Total Assets $ 1,097,969 l
LIABILITIES Accounts payable $ 21,817 Accrued liabilities 8,901 l Deposits 872.756 Due to other governments 194,495 Total Liabilities $ 1,097,969 l l 1 l l 1 1 1 1 1
The notes to the financial statements are an integral part of this statement. 1
44 1 r CITY OF WHITE PLAINS, NEW YORK STATEMENT OF CHANGES IN NET ASSETS r FIDUCIARY FUND - PENSION TRUST r FOR THE FISCAL YEAR ENDED JUNE 30, 2005 r Combined Local r Pension Funds ADDITIONS Contributions by Employer $ 17,592 Investment Income -Interest 213 r Total Additions 17,805 DEDUCTIONS Benefits 318,599 r Residual contribution to General Fund 757 527 z r Total Deductions 1,076,126 Change in Net Assets (1,058,321 ) r Net Assets - Beginning of Year 1,058,321 r Net Assets - End of Year $ r r r r r r r
r The notes to the financial statements are an integral part of this statement. r 45 1, , 1, 1 1 1 THIS PAGE INTENTIONALLY LEFT BLANK 1 1 1 1, 1 1 1 1 1
46 1 r CITY OF WHITE PLAINS, NEW YORK NOTES TO FINANCIAL STATEMENTS r JUNE 30, 2005 Note 1: Summary of Sianificant Accounting Policies r The City of White Plains. New York ("Cityn) was incorporated in 1916 and covers an area of approximately 10 square miles. The City has been the seat of the Westchester County government since 1778. The City operates under an elected Common Council, which includes the MaY9r as Chief Executive Officer and six Council Members and provides services to its 53.077 residents in many areas. including various general government services. public works. r parking. public safety and community services. The accounting policies of the City conform to generally accepted accounting principles as applicable to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing r government accounting and financial reporting principles. The more significant of the City's accounting policies are described below. r A. Reporting Entity Following the principles of GASB Statement No. 14. "The Financial Reporting Entity," these financial statements present the primary government and its component units, entities for which the government is considered to be r financially accountable. Discretely presented component units are reported in separate columns in the basic financial statements to emphasize that their services are not provided to the primary government. r The discretely presented component units include the White Plains Urban Renewal Agency ("Urban Renewal Agency"). the White Plains Cable Television Access Commission ("Cable TV CommiSSion"). the White Plains Center Local Development Corporation ("Local Development Corporation") and the White Plains Housing Development Corporation ("Corporation It). The governing bodies of these component units are not substantively the same as the r City's and they do not provide services entirely or almost entirely to the City as described below. None of the component units issue a separate financial report. r The Urban Renewal Agency was created in 1964 pursuant to an act of the New York State Legislature, General Municipal Law. Article 15-B. Title 14. which provided for the following:
1. The purpose of the Urban Renewal Agency is to eliminate or prevent the development and spread of r deterioration and blight through the clearance, re-planning, reconstruction, rehabilitation, conservation or renewal of areas designated for residential, commercial. industrial, community, public and other uses. r 2. The Urban Renewal Agency shall be perpetual in duration and consist of five members who are appointed and serve at the pleasure of the Mayor. The City provides support to the Urban Renewal Agency in the form of office space. r The Urban Renewal Agency is reported as a component unit because the Mayor appoints its governing body and members of its board may be removed by the Mayor after a replacement board member has been appointed by the Mayor and approved by the Common Council.
r The Cable TV Commission was created in 1981 to implement the Cable Television Access operations as set forth in the original Cable Television Franchise Agreement dated September 4, 1979 and subsequent renewal agreement effective through December 31 ,2005. The Commission operates the City's cable access channels and facilities and r acts as franchise administrator for the City. The' Commission is reported as a component unit because the Mayor appoints its governing body and can remove its members at will. The City also guarantees the Commission's debt r obligation. There was no debt as of June 30, 2005. The Local Development Corporation is a not-for-profit local development corporation established pursuant to Section 1411 of the Not-for-Profit Corporation Law of the State of New York. The Local Development Corporation was formed and operated exclusively for charitable purposes within the meaning of Section 501 (c) (3) of the Internal Revenue r Code to lessen the burdens of the government of the City by engaging in the following transactions: Contract with the City for the demolition of an existing garage; contract with a developer for the construction of a new White Plains r r 47 CITY OF WHITE PLAINS, NEW YORK l NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005 1
Center Parking Garage (City Center Garage), to provide for future reconstruction and additions to the facility; enter into various leases and subleases with the City regarding the City Center Garage, and; contract with the City for the 1 operation and maintenance of the City Center Garage.
The Local Development Corporation is a component unit because the Board of Directors consists of the Mayor, the Commissioner of Building, and the Commissioner of Public Works and is fiscally dependent on the City. The Local 1 Development Corporation is a public instrumentality and is separate from the City. The Corporation has no assets, no liabilities. and no operations as of and for the year ended June 30, 2005. 1 The White Plains Housing Development Corporation is a component unit because the officers of the Corporation are appointed officials of the City serving ex officio, who can be removed by a majority of the Common Council. The Corporation is a not-for-profit corporation that was created in 1994, under the laws of the State of New York for the purpose of: 1
1. Functioning as an instrumentality for the City, a political subdivision of the State, and a Public Housing Agency under the United States Housing Act of 1937 and defined in regulations issued by the United States Department of Housing and Urban Development. 1
2. Engaging or assisting in the acquisition of land and construction and equipping of rental apartment facilities located in the City for, but not limited to elderly, handicapped, and low-income individuals and families. 1
3. Issuing Housing Revenue Bonds for the defeasance or refunding of the outstanding revenue bonds of the White Plains Battle Hill Housing and the White Plains Armory Plaza Housing Development Corporation. 1 The only financial transactions of the Corporation are conduit debt transactions which are not recorded as liabilities of the Corporation. As such, the Corporation has no assets, no liabilities, and no operations as of and for the year ended June 30, 2005. 1 B. Government-Wide Financial Statements
The government-wide financial statements (i.e., the Statement of Net Assets and the Statement of Activities) report 1 information on all of the non-fiduciary activities of the primary government as a whole and its components units. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues. are reported separately from business-type 1 activities. which rely to a significant extent on fees and charges for services. Likewise, the primary government is reported separately from certain legally separate component units for which the primary government is financially accountable. 1 The Statement of Net Assets presents the financial position of the City and its component units at the end of the fiscal year. The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific 1 function or segment Program revenues include: 1) charges to customers or applicants who purchase. use, or directly benefit from goods. services, or privileges provided by a given function or segment. 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment and 3) interest earned on grants that is not required to be used to support a particular program. Taxes and other items not identified 1 as program revenues are reported as general revenues. The City does not allocate indirect expenses to specific functions in the Statement of Activities. l Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. 1 Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary 1
48 1 r CITY OF WHITE PLAINS, NEW YORK NOTES TO FINANCIAL STATEMENTS r JUNE 30, 2005 fund's principal ongoing operations. The principal operating revenue for the proprietary fund is the sale of water. r Operating expenses of the enterprise fund, and the internal service fund, include the cost of sales and services, administrative expenses, and depreciation of capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses r c. Fund Financial Statements The accounts of the City are organized and operated on the basis of funds. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts which comprise its assets, liabilities, fund balances, revenues r and expenditures/expenses. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance related legal and contractual provisions. The City maintains the minimum number of funds consistent with legal and managerial requirements. The focus of the r governmental fund financial statements is on major funds as that term is defined in professional pronouncements. Each major fund is to be presented in a separate column, with nonmajor funds, If any, aggregated and presented in a single column. Proprietary and Fiduciary funds are reported by type. Since the governmental fund statements are presented on a different measurement focus and basis of accounting than the government-wide statement's r governmental activities column, a reconciliation is presented on the page following, which briefly explains the adjustments necessary to transform the fund based financial statements into the governmental activities column of the government-wide presentation. The City's resources are reflected in the fund financial statements in three broad fund r categories, in accordance with the generally accepted accounting principles as follows: 1. Governmental Funds - Governmental Funds are those through which most general government functions are financed. The acquisition, use and balances of expendable financial resources and the related liabilities are r accounted for through governmental funds. The following are the City's major governmental funds:
General Fund - The General Fund constitutes the primary operating fund of the City in that it includes all r revenues and expenditures not required by law to be accounted for in other funds. Capital Projects Fund - The Capital Projects Fund is used to account for financial resources to be used for r the acquisition or construction of major capital facilities, other than those financed by proprietary funds. The City reports the following nonmajor governmental funds:
Special Revenue Funds - The Special Revenue Funds are governmental funds established to account for r the proceeds of specific revenue sources that are legally restricted to expenditures for certain defined purposes. r Library Fund - to account for the operation and maintenance of the City library. Financing is primarily provided by a contribution from the General Fund. r RESTORE Grant Fund - to account for a New York State Grant which provides assistance to low income senior citizens for housing repairs.
Community Development Block Grant Fund - to account for programs and activities which will benefit low r and moderate income families through the prevention or elimination of slums and blight. Section 8 Housing Assistance Program Fund - to account for Federal Grants used for subsidizing the r rents of low and moderate income senior citizens and other families within the City of White Plains. Youth Development Fund - to account for the various grant monies received from the Federal, State and local governments and private contributions for youth development programs that are designed to build r skills and competencies among the City's youth. r r 49 CITY OF WHITE PLAINS, NEW YORK 1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005 l
City Center Garage Fund - to account for parking revenues which are restricted to the operation and maintenance of this parking structure. l War Memorial Fund - to account for funds used to dedicate a memorial to those who have perished in wars. l Community Services Fund - to account for funds used to send underprivileged and economically disadvantaged children to day camp.
Recreational Parkland Fund - to account for funds to be used in acquiring and/or developing l recreational facilities and open space in the City.
Library Gifts and Donations Fund - to account for donations received to benefit the City's library. l
Library Lost Books Fund - to account for donations received to defray the cost of replacing books lost from the City's library. 1 Police Activities Fund - to account for Federal forfeiture proceeds to be used to support community policing activities, training and law enforcement operations. 1 Mayor's Youth Council Fund - to account for monies received to benefit the youth of White Plains.
Housing Authority Enhancement Fund - to account for gifts, grants and contributions received and subsequently disbursed for the purpose of enhancing public housing occupancy. 1
Planning Activities Fund - to account for fees received from developers for environmental studies and other professional consulting services incurred by the planning board in reviewing the developers' application. l
Parking Fund - to account for those fees received in lieu of providing required off-street parking in the central parking area, which are used to increase the quantity/quality of parking spaces available to serve l properties in that area.
Debt Service Fund - The Debt Service Fund is provided to account for the accumulation of resources to be used for the redemption of principal and interest on long-term debt. 1
Permanent Fund - The Permanent Fund is used to report resources that are legally restricted to the extent that only earnings, not principal, may be used for purposes that support the City's programs. The Goldie l Zeitlin Memorial Fund is a permanent fund of the City and is used for certain expenditures related to urban concerns.
2. Proprietary Funds - Proprietary funds include enterprise and internal service funds. Enterprise funds are used l to account for operations that are financed and operated in a manner similar to private enterprises or where the governing body has decided that periodic determination of revenues earned, expensed incurred and/or net income is necessary for management accountability. Enterprise funds are used to account for those operations that provide services to the public while internal service funds are used to account for operations that provide l services to other departments or agencies of the government, on a cost reimbursement basis. The City records the operations of its Water Fund as an enterprise fund and has established its Self Insurance Fund as an internal service fund. The City applies all applicable Financial Accounting Standards Board (FASS) 1 pronouncements issued after November 30, 1989 in accounting and reporting for its enterprise operation.
3. Fiduciary Funds - (Not included in Government-wide Statements) - The Fiduciary Funds are used to account for assets held by the City in an agency capacity on behalf of others: l l
50 l CITY OF WHITE PLAINS, NEW YORK r NOTES TO FINANCIAL STATEMENTS r JUNE 30, 2005 Agency Fund - primarily utilized to account for employee payroll tax with holdings and various deposits that r are payable to other jurisdictions or individuals. Police and Fire Pension Funds - to account for the accumulation of resources for pension benefit payments to qualified Public Safety employees or their surviving dependents. These funds have been r discontinued as of June 30, 2005. D. Measurement Focus, Basis of Accounting, and Financial Statement Presentation r The accounting and financial reporting treatment is determined by the applicable measurement focus and basis of accounting. Measurement focus indicates the type of resources being measured such as current financial resources (current assets less current liabilities) or economic resources (all assets and liabilities). The basis of accounting r indicates the timing of transactions or events for recognition in the financial reports. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund, pension trust funds, and component units. The Agency fund r has no measurement focus and utilizes the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as r soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and r available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as r expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. General capital asset acquisitions are reported as expenditures in governmental funds. Issuance of long-term debt r and acquisitions under capital leases are reported as other financing sources. Property taxes, franchise taxes, licenses, and interest associated with the current fiscal period are all considered to be susceptible to accrual and have been recognized as revenues of the current fiscal period. Other receipts become measurable and available when cash is received by the City and are recognized as revenue at that time. Entitlements r are recorded at the time of receipt or earlier if the susceptible-ta-accrual criteria are met. Expenditure driven grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant requirements r have been met. When both restricted and unrestricted resources are available for use, it is the City's policy to use restricted resources first, then unrestricted resources as they are needed. r E. Assets, Liabilities and Net Assets or Fund Balances 1. Deposits and Investments
r The City's cash and cash equivalents balances consist of funds deposited in demand deposit accounts, time deposit accounts, certificates of deposit with original maturities of less than three months and petty cash and change funds. State statutes govern the City's investment policies. The City has adopted its own written r investment policy which provides for the deposit of funds in FDIC insured commercial banks or trust companies located within the State. The City is authorized to use demand deposit accounts, time deposit accounts and certificates of deposit. Permissible investments include obligations of the U.S. Treasury, U.S. Agencies, repurchase agreements, obligations of New York State or its political subdivisions, and municipal cooperative r investments authorized under New York State General Municipal Law. r r 51 CITY OF WHITE PLAINS, NEW YORK 1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005 1
Collateral is required for demand deposit accounts, time deposit accounts and certificates of deposit at 100% of all deposits not covered by Federal deposit insurance. The City has entered into custodial agreements with the 1 various banks that hold their deposits. These agreements authorize the obligations that may be pledged as collateral. Such obligations include, among other instruments, obligations of the United States and its agencies, and obligations of the State and its municipal and school district subdivisions. l The City utilizes a pooled investment concept for all its funds to maximize its investment program. Investment income from this pooling is allocated to the respective funds based upon the sources of funds invested.
The City's investments are categorized by the levels of credit risk: 1 1. Insured or registered, or securities held by the City or its agent in the City's name. l 2. Uninsured and unregistered, with securities held by the counter party's trust department or agent in the City's name.
3. Uninsured and unregistered, with securities held by the counter party, or by its trust department or agent, l but not in the City's name.
The primary government partiCipates in a cooperative investment pool established pursuant to New York State 1 General Municipal Law. The sponsoring agency of the pool is another governmental unit which, acting through its fiscal officers, is primarily responsible for executing the provisions of the cooperative agreement. The pool is authorized to invest in various securities issued by the United States and its agencies. The reported amount represents the amortized cost of the cooperative shares and is considered to approximate fair value. The fair l value of the City's position in the cooperative is the same as the value of the pool's shares. These investments are not subject to risk categorization. Additional information concerning the cooperative investment pool is presented in the annual report of the New York Liquid Asset Fund (NYLAF). l 2. Receivables and Payables
Real property taxes attach as an enforceable lien on real property and are levied as of January 18t for County l 8t taxes and July 1st for City and School taxes. The City collects County taxes due in one installment on April 1 , th and payable without penalty by April 30 • The City collects City and School taxes which are due in two installments, in July and January, and are payable without penalty until the end of the respective month. 1 The City functions in both a fiduciary and guarantor relationship with the County of Westchester and the City School District of White Plains with respect to the collection and payment of real prope~ taxes levied by such jurisdictions. The City must remit to the County 60 percent of the amount levied by May 25 and the balance of 40 1 th percent on October 15 • With respect to school district taxes, the City must satisfy the warrant of the school district no later than February 20th of the second year after the fiscal year for which such taxes were levied. Thus, the City's fiduciary responsibility for school district taxes is from the date of the levy until two years after said date, l at which time the City must satisfy its obligations to the School District, regardless of the amounts collected. The collection of school district taxes is deemed a financing transaction until the warrants are satisfied. Since the County tax warrant must be paid in full by October, uncollected County taxes have been accounted for in a manner similar to City taxes. ' 1 , ;rhe combined tax rate to finance City general governmental services and the payment of principal and interest on -./ long-term debt for the fiscal year ending June 30, 2005, was $117.61 per $1,000 of assessed value. l Other receivables include amounts due from other governments and individuals for services provided by the City. Receivables are recorded and revenues are recognized as earned or as specific program expenses/expenditures are incurred. Allowances are recorded when appropriate. l l
52 l r CITY OF WHITE PLAINS, NEW YORK NOTES TO FINANCIAL STATEMENTS r JUNE 30, 2005 r 3. Due FromlTo Other Funds During the course of its operations, the City has numerous transactions between funds to finance operations, provide services and construct assets. To the extent that certain transactions between funds had not been paid r or received as of June 30, 2005, balances of interfund amounts receivable or payable have been recorded in the fund financial statements. Any residual balances outstanding between the governmental activities and business r type activities are reported in the government-wide financial statements as internal balances. 4. Inventory and Prepaid Items
Inventories are valued at cost using the first-in/first-out (FIFO) method and consists of expendable supplies and r vehicle repair parts. The cost of such inventories is recorded as expenditures when consumed rather than when purchased. In fund financial statements, reported amounts are equally offset by a reservation of fund balance, which indicates that these amounts do not constitute "available spendable resources" even though they are a r component of current assets. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. Reported amounts in governmental funds are r equally offset by a reservation of fund balance in the fund financial statements, which indicates that these amounts do not constitute "available spendable resources" even thought they are a component of current assets. r 5. Deferred Charges Deferred charges in the government-wide financial statements represent the unamortized portion of the cost of r issuance of the refunding bonds. These costs are being amortized over the term of the respective bond issue. 6. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g. roads, bridges, sidewalks, r and similar items), are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the City as assets with an initial, individual cost of more than $10,000 and an estimated useful life in excess of one year. Such assets are recorded at r historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation.
In the case of the initial capitalization of general i~frastructure assets (i.e., those reported by governmental r activities), the City chose to include all such items regardless of their acquisition date or amount. The City was able to estimate the historical cost for the initial reporting of these assets through back trending (i.e., estimating the current replacement cost of the infrastructure to be capitalized and used an appropriate price-level index to r deflate the cost to the acquisition year). Major outlays for capital assets and improvements are capitalized as projects are completed. The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives is not r capitalized. Land and construction in progress are not depreciated. Property, plant, equipment and infrastructure of the primary government, as well as the component units, are depreciated using the straight line method over the following estimated useful lives.
r Class Life In Years Buildings and Facilities 10 - 50 Machinery and Equipment 10 - 20 r Roiling Stock 3 - 15 r Infrastructure 75 - 100 r 53 CITY OF WHITE PLAINS, NEW YORK 1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005 1 1 The costs associated with the acquisition or construction of capital assets are shown as capital outlay expenditures on the governmental funds financial statements. Capital assets are not shown on the governmental funds balance sheet. 1 7. Unearned/Deferred Revenue Unearned/deferred revenues arise when assets are recognized before revenue recognition criteria has been 1 satisfied. In government-wide financial statements, unearned revenues consist of revenue received in advance or revenue from grants received before the eligibility requirements have been met.
Deferred revenues in fund criteria financial statements are those where asset recognition criteria have been met, 1 but for which revenue recognition criteria have not been met. The City has reported deferred revenues of $191,629 for real property taxes, $1,401,661 for parking permits received in advance and $891,362 for miscellaneous fees received in advance in the General Fund. 1 The City has also reported deferred revenues of $37,036 for state aid received in advance in the Youth Development Fund and $160,016 for parking permits in the City Center Garage Fund. For deferred revenues for loans receivable, the City has reported $2,917 in the RESTORE Grant Fund, $2,128,396 in the Community 1 Development Fund and $24,272 in the Section 8 Housing Assistance Program Fund. Such amounts have been deemed to be measurable but not "available" pursuant to generally accepted accounting principles.
8. Compensated Absences 1 ~cab 1 The City's policy permits employees to accumulate limited earned but unused vacation benefits, which are eligible for payment upon separation from City service. The liability for such leave is reported in the government-wide 1··· Statement of Net Assets and the proprietary fund financial statements as current and long-term liabilities. A liability for those amounts is recorded in the governmental funds only if the liability has matured through employee resignation or retirement. The liability for compensated absences includes salary-related benefits, where applicable. 1 Sick Leave
Accumulated sick leave lapses when employees leave the employ of the City and, upon separation of service, no monetary obligation exists. 1 9. Long-Term Obligations 1 In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, bUSiness-type activity, or proprietary fund type statements of net assets. Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the bonds using the straight line method. Bonds payable are reported net of the applicable bond premium or 1 discount. Bond issuance costs are reported as deferred charges and amortized over the term of the related debt In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as 1 bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as Capital Projects Fund expenditures. 1 1
54 1 r CITY OF WHITE PLAINS, NEW YORK NOTES TO FINANCIAL STATEMENTS r JUNE 30, 2005 r 10. Net Assets Net assets represent the difference between assets and liabilities. Net assets are reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the City or through r external restrictions imposed by creditors, grantors, or laws or regulations of other governments. Net assets on the Statement of Net Assets include, invested in capital assets, net of related debt, restricted for capital projects, debt service, community services, nonrecurring repairs, and permanent fund. The balance is classified as r unrestricted. 11. Fund Balances· Reserves and Designations r Portions of fund balance are segregated for future use· and are therefore not available for future appropriation or expenditure. Amounts reserved for encumbrances, inventory, prepaid items, nonrecurring repairs, long-term receivables, debt service, and trusts represent portions of fund balance which are required to be segregated in accordance with State law or generally accepted accounting principles. Designations of unreserved fund r balances in governmental funds indicates the utilization of these resources in the ensuing year's budget or tentative plans for future use. r 12. Encumbrances In governmental funds, encumbrance accounting under which purchase orders, contracts and other commitments for the expenditure of monies are recorded in order to reserve applicable appropriations, is generally employed as r an extension of formal budgetary integration in the General, Library and Capital Projects funds. Encumbrances outstanding at year end are reported as reservations of fund balance since they do not constitute expenditures or r liabilities. 13. Estimates and Assumptions
The preparation of financial statements in conformity with generally accepted accounting principles requires r management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of revenues and expenditures/expenses during the reporting period. Actual amounts could r differ from those estimates. r Note 2: Stewardship. Compliance and Accountability A. Budgetary Information r The procedures for establishing the budgetary data reflected in the financial statements are as follows: 1. Formal annual operating budgets are adopted by the Common Council for the General Fund, Library Fund, Water Fund, Debt Service Fund and Self Insurance Fund. General, Library and Debt Service Fund budgets are r prepared on a basis consistent with generally accepted accounting principles (GAAP) and serve as management control devices during the fiscal year. The Capital Projects Fund is budgeted on project basis with Common Council approval. Other Special Revenue Funds and the Permanent Fund do not have annual r budgets since grant awards and revenues received under other contractual requirements recorded in these funds span more than a single fiscal year.
2. Prior to January 15th of each year, the Budget Director furnishes to the heads of departments, offices and other r spending agencies, instructions for the submission of budget estimates for the General Fund, Library Fund, r Water Fund, Debt Service Fund and Self Insurance Fund. r 55 CITY OF WHITE PLAINS, NEW YORK l NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005 1
th 3. Not later than February 15 , estimates of the expenditure requirements and projected revenues for the new budget year are submitted to the Budget Director. Immediately thereafter, the Budget Director conducts 1 departmental budget hearings to review said estimates, after which he/she may revise the estimates based upon the needs of the various spending agencies and the probable total revenue available to the City.
4. At the first stated meeting of the Common Council in April, the Budget Director presents the proposed budgets l to the Mayor and the members of the Common Council. Immediately thereafter, the Common Council commences consideration and review of the proposed budgets.
5. Public sessions are held by the Common Council during the months of April and May on the proposed budget. l
th 6. On or before May 30 , the budgets are legally enacted through adoption of ordinances by the Common Council. The budgets are not subject to referendum. 1
7. The Commissioner of Finance may not disburse money unless appropriated and may not disburse funds in excess of such appropriations. With the exception of personal services and related employee benefits, department heads are authorized, in all funds, to transfer budgeted amounts between major objects of 1 expenditure within their department, which is the legal level of budgetary control up to $5,000 in the fiscal year with the approval of the Budget Director. Transfers in excess of $5,000 between major objects of expenditures within a department, transfers of personal services, related employee benefits, transfers between departments 1 and any revisions that alter the total expenditures of any fund must be approved by the Common Council.
8. Appropriations in all budgeted funds lapse at the end of the fiscal year, except that outstanding encumbrances are re-appropriated in the subsequent year pursuant to the Uniform System of Accounts promulgated by the 1 Office of the State Comptroller. Encumbrance accounting is employed throughout the year in the governmental funds as an extension of formal l budgetary integration. Encumbrances (e.g., purchase orders, contracts) at year-end are reported as reservations of fund balances since they do not constitute expenditures or liabilities.
B. Property Tax Limitation 1
The amount that may be raised by the City for real property taxes in any fiscal year, for purpose other than for debt service on City indebtedness, is limited by the Constitution of the State of New York to two percent of the five year 1 average full valuation of taxable real property located within the City. For the fiscal year 2004-05, the maximum tax amount which could have been raised was $110,493,971, which was $81,713,941, greater than the actual levy.
C. Capital Projects Fund Deficits 1
Individual projects within the Capital Projects fund reported deficits at year end due to the application of generally accepted accounting principles to the financial reporting of the fund. The proceeds of bond anticipation notes issued to l finance the construction of capital projects are not recognized as an "other financing source". Liabilities for bond anticipation notes payable are accounted for in the Capital Projects Fund. Bond anticipation notes are recognized as revenue only to the extent that they are redeemed. These deficits will be eliminated as the bond anticipation notes are redeemed from interfund transfers from other governmental funds or converted to permanent finanCing. These deficits 1 will be eliminated with the subsequent issuance of authorized financing. D. Change in Accounting Principle 1 GASB Technical Bulletin No. 2004-2, Recognition of Pension and Other Post Employment Benefit ExpenditureslExpense and Liabilities by Cost-Sharing Employers, clarifies the application of existing standards for distinguishing the respective portions of certain types of liabilities that should be reported as (a) governmental fund l liabilities and expenditures and (b) district-wide liabilities and expenses. Pursuant to this Technical Bulletin, the City l
56 l r CITY OF WHITE PLAINS, NEW YORK NOTES TO FINANCIAL STATEMENTS r JUNE 30, 2005
has determined that amounts recorded as liabilities at June 30, 2004 on the government-wide financial statements for r certain pension costs totaling $ 1,890,234 should also have been reported as a fund liability. Accordingly, the fund balances of the General Fund and the Library Fund as of July 1,2004 have been restated, by $1 ,830,973 and $59,261, r respectively, for the effects of this change. E. Prior Period Adjustment
During the 2005 fiscal year, the City determined that a certain land capital asset had been excluded from the prior r year's government-wide financial statements. Accordingly, an increase to the net assets reported as of July 1,2004 of r $1,455,939 was required. Note 3: Detailed Notes on all Funds r A. Receivables Taxes receivable at June 30,2005 consisted of the following:
r Current Year Prior Years Total
City $ 143,589 $ 75,597 $ 219,186 r School 428,309 136,721 565,030 County and Sewer 350,075 119,568 469,643 Liens and Other Charges 188,221 188,221 r Total $ 921,973 $ 520,107 $ 1,442,080
Taxes receivable are partially offset in the fund financial statements by deferred tax revenues of $191,629, which r represents an estimate of the receivable which will not be collected within the first sixty days of the subsequent year.
Other receivables at June 30, 2005 of the City's governmental activities consisted of rehabilitation loans, charges for r services, utility gross receipts and miscellaneous items. The receivable of the business-type activity consisted of water rents. r B. Due FromlTo Other Funds The balances reflected as due from/to other funds at June 30, 2005 were as follows: r Receivable Fund Payable Fund Amount General Nonmajor Governmental: Community Development Block Grant $ 15,376 Section 8 Housing Assistance Program 3,908 r Youth Development 345,531 City Center Garage 45,311 r Total $ 410,126 The outstanding balances between funds result mainly from the time lag between the dates that interfund goods and r services are provided or reimbursable expenditures occur and payments between funds are made. These balances also include the amount of working capital loans made to the Youth Development Fund that the General Fund expects r to collect in the subsequent year. r 57 CITY OF WHITE PLAINS, NEW YORK 1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005 l
C. Capital Assets 1 Capital asset activity for the year ended June 30, 2005 was as follows: 1 Primary Government Balance Prior Period Balance Governmental Activities: Jul:t 1. 2004 Adjustment Increases Decreases June 30. 2005 1 Capital assets. not being depreciated: land $ 45,330.733 $ 1.455,939 $ 1,868,500 $ $ 48.655.172 Construction in progress 18,591.630 14,568.591 12,914.437 20.245.784 1 Total capital assets. not being depreciated 63.922.363 1,455.939 16,437.091 12.914,437 68,900.956
Capital assets, being depreciated: l Buildings and facilities 173,266.722 2.791,739 176,058,461 Machinery and equipment 6,703,993 356,083 7,060,076 Rolling stock 16,366,700 1,724.085 1,284,500 16,806,285 l Infrastructure 189,114,145 7,544,564 196,658,709 Total capital assets being depreciated 385,451,560 12.416,471 1,284,500 396,583,531 l less accumulated depreciation for: Buildings and facilities 60,686,625 4,275.666 64.962,291 Machinery and equipment 5,435.340 411.850 5,847,190 1 Rolling stock 10,945,082 .1,246,601 1,250,848 10,940,835
Infrastructure 100.6671968 4,7551258 1051423.226 Total accumulated depreciation 177.735,015 10,689,375 1.250,848 187,173,542 1 Total capital assets being depreciated, net 207,716,545 1,727.096 33,652 209,409.989 1 Governmental activities capital assets, net $ 271,638,908 $ 1,455,939 $ 18,164,187 $ 12,948,089 $ 278,310,945
Depreciation expense was charged to functions/programs of the govemmental activities of the primary govemment as follow 1
General govemment $ 39,119 1 Public works 8,222,957 Public safety 1,586,174 Community services 841,125 1 Total depreciation expense-general govemment activities $ 10,689,375 1 1 1
58 l CITY OF WHITE PLAINS, NEW YORK NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005
Balance Balance
Business-type Activity: Jul~ 1. 2004 Increases Decreases June 30. 2005 Capital assets, not bei ng depre ciated: Land S 584,71 5 S S S 584.715 Construction in progress 2.004,907 2,765.638 2.208.993 2.561.552 Total capital assets nol being depreciated 2,589.622 2.765.638 2.208,993 3. 146.267
Capital assets. being depreciated: Bu il dings and facilities 4,64 1.881 649.998 5,291,879 Machinery and equipment 624,098 15,195 639,293 Rolling slock 592,225 101.006 57,780 635.451 Infrastructure 28.295,156 1.558,995 29.854.151 Total capital assets being depreciated 34.153.360 2.325.194 57.780 36,420,774
Less accumulated deprecIation for: Buildings and fa cilities 1,330.132 108.088 1,438,220 Machinery and equipment 596.864 12.149 609,013 Rolling stock 478,710 27,672 57,780 448,602 Infrastructure 10,702.888 596,450 11 .299.338 Total accumulated depreciation 13. 108,594 744.359 57.780 13,795,173 v'
Total capital assets being depreciated. net 21.044.766 1,580.835 22.625.601
Business-type activity capital assets, net S 23.634.388 S 4,346,473 S 2.208.993 S 25.771 ,868
Total depreciation expense for the business-type activity of the primary govemment was $744,359.
Construction Commitments
The City has active construction projects as of June 30, 2005. These projects include new construction and renovations to its existing properties. At year end, the City had $2,915,610 in construction encumbrances.
Capital Assets - Discretely Presented Component·Units
Capital assets activity for the Urban Renewal Agency for the year ended June 30, 2005, was as follows:
Balance Balance Urban Renewal July 1, 2004 Increases Decreases June 30, 2005 Capital Assets Land $ 2,743,760 $ $ $ 2,743,760
59 CITY OF WHITE PLAINS, NEW YORK 1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005 l Capital asset activity for the Cable TV Commission for the year ended June 30, 2005, was as follows: 1 Balance Balance Jul~ 1, 2004 Increases Decreases June 30, 2005 Capital assets, being depreciated: 1 Buildings and facilities $ 345,616 $ $ $ 345,616 Machinery and equipment 278,394 278,394 Rolling stock 32,513 32,513 Total capital assets being depreCiated 656,523 656,523 l
Less accumulated depreciation for: Buildings and facilities 158,984 13,825 172,809 1 Machinery and equipment 108,845 27,839 136,684 Rolling stock 11,379 3,251 14,630 ~capitar assets beh 19 dep. eciateG- 279,208 44,915 324,123 r 1 / 3'l17.3'? ~3Gl,L/pO Cable 1V Commission capital assets, net $ 935.731 $ 44,915 $ $ .9BOMtr 1 Depreciation expense charged to the component units was $44,915 to the Cable TV Commission.
D. Accrued Liabilities l
Accrued liabilities at June 30, 2005 were as follows:
Nonmajor Total 1 General Governmental Governmental Salary and employee benefits $ 3,350,891 $ 244,802 $ 3,595,693 1 Other 285,742 402,968 688,710 Total accrued liabilities $ 3,636,633 $ 647,770 $ 4,284,403 1 E. Pension Obligations
The City participates in the New York State and Local Employees' Retirement System (ERS), and the New York State 1 and Local Police and Fire Retirement System (PFRS), the Systems. These are cost-sharing, multiple-employer, defined benefit retirement systems. The Systems provide retirement benefits as well as death and disability benefits. Obligations of employers and employees to contribute and benefits to employees are governed by the New York State Retirement and Social Security Law (NYSRSSL). As set forth in the NYSRSSL, the Comptroller of the State of New 1 York (Comptroller) serves as sole trustee and administrator 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 its funds. The Systems issue a publicly available financial report that includes financial statements and 1 required supplementary information. That report may be obtained by writing to the New York State and Local Retirement Systems, 110 State Street, Albany, N.Y. 12244.
The Systems are non-contributory, except for employees who joined the New York State and Local Employees' l Retirement System after July 27, 1976 who contribute 3% of their annual salary. Effective October 1, 2000, Chapter 126 of the Laws of 2000, eliminated the 3% annual salary contribution for Tier 3 and Tier 4 members who have a minimum of ten years of membership or credited service in the ERS as of that date. Under the authority of the l NYSRSSL, the Comptroller shall certify annually the rates expressed as percentages of payroll of members which shall l
60 1 CITY OF WHITE PLAINS, NEW YORK NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005
be used in computing the contributions required to be made by employers. The contributions made to the Systems were equal to 100 percent of the actu arially required contributions for each year as indicated below:
ERS Governmental Business-type Total Activities Activity Cable TV ERS PFRS
2005 $ 3,678,959 $ 179,074 $ 40,420 $ 3,898,453 $ 4,696,2 19 2004 2,470,093 116,169 12,626 2,598,888 2,3 12,746 2003 384,015 18,041 3,112 405,168 28,505
The City also provides benefits to retired police officers and firemen (or their surviving dependents) who are members of the PFRS. New York State legislation amended Section 301 of th e City's Charter to eliminate the mandatory statutory contributions for these benefit payments and the City adopted an ordinance authorizing the purchase of an annuity to cover future benefit payments. The current year benefit expense of $318,599 reflects the purchase of this annuity which fulfills the City's pension obligation for this plan.
F. Short-Term Capital Borrowings
The schedule below details the changes in short-term * caPital borrowings:
Balance Balan ce July 1, 2004 New Iss ues Redemptions June 30, 2005
Bond Anticipation Notes $ 223000g $ 4 Z35 500 $ 2230000 $ 4 Z35 500
The City issued the following bond anticipation notes:
Year of Original Maturity Interest Issue Date Amount Rate Purpose
2003 09/30/05 $ 1,000 ,000 3.00% Community Th eater 2005 01/27/06 1,575,500 3.00% Rolling Stock Acquisition/Refurbish FY05 2005 01 /27106 280,000 3.00% Single Space Electronic Parking Meters 2004 04/06/06 760,000 3.50% Fire Dept. Rolling Stock Acquisition FY04 2004 04/06/06 220,000 3.S0% Rolling Stock Acquisition/Refurbish FY04 2004 04/06/06 150,000 3.50% Tax Collection/Utility Billing System 2004 04/06/06 100,000 ~.SO% 140 So. Kensico Ave. Rehabili tation-Structural 200S 04/06/06 6S0 ,000 3.S0% Longview Ave. Garage Design $ 4,73S,500
61 CITY OF WHITE PLAINS, NEW YORK 1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005 1
Liabilities for bond anticipation notes are generally accounted for in the Capital Projects Fund. Bond anticipation notes issued for judgments or settled claims are recorded in the fund paying the claim. State law requires that bond l anticipation notes issued for capital purposes or judgments be converted to long-term obligations generally within five years after the original issue date. However, bond anticipation notes issued for assessable improvement projects may be renewed for periods equivalent to the maximum life of the permanent financing, provided that stipulated annual reductions of principal are made. 1
Bond anticipation notes interest expense of $73,547 was recorded in the government-wide financial statements for governmental activities. Interest expenditures of $22,200 were recorded in the fund financial statements in the Debt l Service Fund. G. Short-Term Non-capltal Borrowings: 1 Balance Balance July 1, 2004 New Issues Redemptions June 30, 2005 l Fannie Mae Loan $ 1 000000 !!:$======$ 312 500 ~$===~68~7:::f::!5=2:0~0 1 The above loan, payable within three years at 2.67% interest, is used for loans to City residents for home rehabilitation purposes. These home rehabilitation loans were granted at interest rates ranging from 1.000/0 to 1·... 5.000/0. The City's repayment of the Fannie Mae loan is financed from the repayments of the home rehabilitation loans. H. Long-Term Liabilities l Changes in the City's long-term liabilities for the year ended June 30, 2005 were as follows: Primary Government 1 Maturities Balance New and/or ~Ba~~ Due Within Governmental activities: July 1, 2004 Issues Payments ~~ One Year 1 Bonds payable $ 60,379,961 $ 6,275,000 $ (6,060,995) $ 60,593,966 $ 6,262,409 Deferred amounts on refunding ~62,439) 13,236 (49,203} 60,317,522 6,275,000 (6,047,759) 60,544,763 6,262,409 l State loan payable 2,350,000 2,350,000 186,835 Tax certiorari 4,091,894 1,375,817 (1,131,570) 4,336,141 700,000 Compensated absences 3,935,785 349,043 (140,104) 4,144,724 195,000 l Govemmental activities Long-term liabilities $ 68,345,201 $ 10,349,860 $ (7,319,433) $ 71,375,628 $ 7,344,244 l Each governmental funds' liability for compensated absences is liquidated by the respective fund. The liability for tax certiorari is liquidated by the General Fund. Governmental fund liabilities for bonds are liquidated by the Debt Service Fund, which is primarily funded by the General Fund. 1 1 1
62 1 CITY OF WHITE PLAINS, NEW YORK NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005
Primary Government (continued) Maturities Balance New and/or Balance Due Within Business·type activity: July 1. 2004 Issues Payments July 1. 2004 One Year
Bonds payable $ 5.919.739 $ 1.902.000 S (632.005) $ 7.169,734 S 735,591 Deferred amounts on refunding (6,763) 1,353 (5,410) 5,912,976 1,902,000 (630,652) . 7,164,324 735,591 Compensated absences 46,679 14,394 (3 ,515) 57,756 5,776 Business-type activity Long-term liabilities $ 5,959,655 S 1,916.394 S (634 ,167) S 7.242.062 S 741,367
Component Unit: Cable T elevi sion- Compensated absences $ 22,901 $ 6,242 S (13,632) S 15,31 1 S 7,700
Bonds Payable
The Pri ~ ary government issues general obligati on bonds to provide funds for major capital projects. General obligation bonds have been issued for both governm ental and business-type activities.
Generallobli9ation bonds at June 30, 2005 were comprised of the following individ ual issues:
GovernJ ental Activities: Interesl I Sale Original Rates to Final Outstanding Serial Bond Descri tion Date Borrowing Maturity Maturity June 30, 2005
Public I provements 1992 $ 4,725,000 5.40 % 2008 $ 850,000 Public l"1provemenls (Library) 1992 340,000 5.40 2008 90,000 Public I ~provements 1995 2,470,000 5. 00 2006 150,000 Public I provements 1997 200.000 4.75 2007 42,700 Public l ~r rovements 1998 2,045,000 4.20-4.25 2008 700,000 Public ImFrovements (Refunding) 1998 4,035,394 4.00 2007 844 ,000 Public Improvements (Refunding-Series A) 1999 1,336,398 3.73-3.78 2007 335,000 Public 1m rovements 1999 3,035,000 4.50-4.70 2010 1,699,944 rovements 2000 3,235,000 5.10-5.25 2016 2,350,000 rovements (Series A) 2001 2,100,000 3.75-4.20 2012 1,305,000 rovements (Series B) 2001 2,755,000 4.00-4.50 2016 2,170,000 rovements (Series A) 2002 21,000,000 3.75-5.00 2022 18,940,000 rovements (Series B) 2002 2,950,000 4.125-5.00 2022 2,575,000 Public Improvements 2003' 7,525,000 3.50-3.60 2018 6,751 ,268 Public Improvements (Refunding-Seri es A) 2003 2,810,946 2.00-3.00 2009 2,197,054 Public Improvements (Refunding-Series B) 2003 5,370.000 3.00-3.50 2008 4,045.000 Public Improvements (Taxable Bond) 2003 360,000 5.15 2014 324 ,000 Public Improvements 2004 8,112,000 3.00-4.50 2024 7,875,000 Public Improvements (Library) 2004 1,075,000 3.00-4.50 2024 1,075,000 Public Improvements 2005 3,575,000 3.50-4.25 2025 3,575.000 Public Improvements (Library) 2005 2.700,000 3.50-4.25 2025 2,700.000 $ 60,593,966
63 CITY OF WHITE PLAINS, NEW YORK NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005
Business-type Activity: Inleresl Sale Original Rates to Final Outstanding Serial Bond Description Date Borrowing Maturity Maturity June 30. 2005
Public Improvements 1992 $ 935,000 5.40 % 2008 S 210,000 Public Improvements 1995 200,000 5.00 2006 20.000 Public Improvements 1998 2,440,000 3.50-4.90 2012 1,210,000 Public Improve ments (Refunding-Series A) 1998 297,424 4.00 2007 71,000 Public Improvements (Refunding) 1999 500,000 4.50-4 .70 2010 280,056 Public Improvements (Series A) 2001 1,203,000 3.75-4 .20 2012 870,000 Public Improvements (Series B) 2001 445 ,000 4.00-4.50 201 6 355,000 Public Improvements 2003 450,000 3.50-3.60 2018 403,732 Public Improvements (Refunding-Series A) 2003 459,054 2.00-3.00 2008 367,946 Public Improvements 2003 1,500,000 3.00-4 .50 2018 1,500,000 Public Improvements 2004 1,902,000 3.50-4 .25 2018 1,902,000 $ 7,189,734
Bond interest expenditures of $2,439,743 were recorded in the fund financial statements in the Debt Service Fund. Interest expense of $ 2,489,272 was recorded in the government-wide financial statements for governmental activities. Interest expense of $261 ,164 was recorded in the fund financial statements and government-wide financial statements for the business-type activity.
~~\j" e ~ State Loali' Payable
The ERS and PFRS charges to participating governments increased significantly in 2003. Consequently, the State Legislature enacted Chapter 49 of the Laws of 2003 which authorized local governments to amortize the portion of their respective contribution which exceeded 7% of covered payroll; commencing in 2006. The amortization payment would include interest at 5% per annum and could be amortized over a maximum ten year period. The City has elected to amortize $2,350,000 of the total required contribution and can elect to accelerate its amortization payments to the State. This obligation has been reflected as an other financing source at the fund level and as a liability in the government-wide financial statements.
64 CITY OF WHITE PLAINS, NEW YORK NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005
Payments to Maturity
Annual debt service requirements to maturity for general obligation bonds and state loan payable are as follows:
Governmental activities Business-type activity r Bonds Bonds Year ending June 30 Principal Interest Princi~al Interest r 2006 $ 6,262,409 $ 2,486,918 $ 735,591 $ 293,220 2007 5,891,488 2,244,042 747,212 257,974 2008 5,393,889 2,025,935 712,111 228,198 2009 3,543,990 1,823,405 642,010 200,432 r 2010 3,172,706 1,686,933 558,294 175,805 2011-2015 14,375,553 6,666,043 1,708,447 597,049 2016-2020 13,471,612 3,679,953 1,093,388 336,794 2021-2025 7,282,319 1,026,363 992,681 121,262 r 2026-2029 1,200,000 135,000 r $ 60,593,966 $ 21,774,592 $ 7,189,734 $ 2,210,734 r New York State Loan Total Year ending June 30 Princi~al Interest Princi~al Interest r 2006 $ 186,835 $ 117,500 $ 7,184,835 $ 2,897,638 2007 196,178 108,158 6,834,878 2,610,174 2008 205,986 98,349 6,311,986 2,352,482 2009 216,286 88,050 4,402,286 2,111,887 r 2010 227,100 77,236 3,958,100 1,939,974 2011-2015 1,317,615 204,065 17,401,615 7,467,157 2016-2020 14,565,000 4,016,747 2021-2025 8,275,000 1,147,625 r 2026-2029 1,200,000 135,000 $ 2,350,000 $ 693,358 $ 70,133,700 $ 24,678,684
r The above general obligation bonds and state loan are direct obligations of the City for which its full faith and credit are pledged and are payable from taxes levied on all taxable real property within the City. r Tax Certiorari At June 30, 2005, there were approximately 325 tax certiorari proceedings pending against the City to reduce various assessments upon which taxes had been levied between fiscal year 1991 and fiscal year 2005. Based upon historical r experience, the City has estimated it can reasonably be expected to refund approximately $4.3 million and accordingly. this amount has been recorded as a liability in the Govemment-wide Statement of Net Assets at June 30, r 2005. r r r 65 CITY OF WHITE PLAINS, NEW YORK 1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005 1 Legal Debt Margin 1 Pursuant to Article VIII of the State Constitution and Title 9 of Article 2 of the Local Finance Law, the debt limit of the primary government is calculated by taking 7% of the latest five year average of the full valuation of all taxable real property. The constitutional debt limit of the reporting entity as of June 30, 2005 was as follows: 1
Fiscal Year State 1 Ended Assessed Equalization Full June 30 Valuation Rate Valuation 2005 $ 304,680,309 3.82% $ 7,975,924,319 2004 317,104,534 4.45 7,125,944,584 1 2003 318,804,180 4.71 6,768,666,242 2002 318,424,656 6.35 5,014,561,512 2001 317,044,650 7.09 4,471,715,797 1 Total Five Year Full Valuation $ 31,356,812,454 1 Average Five Year Full Valuation $ 6,271,362,491
Constitutional Debt Limit - 7% of Average Full Valuation $ 438,995,374 1
Outstanding Indebtedness: Serial Bonds 67,783,700 Bond Anticipation Notes 4,735,500 1 72,519,200 Less Exclusions: Debt Service amortization (principal only) 7,555,500 1 Water Projects 6,454,143 14,009,643 1 Total Net Indebtedness 58,509,557
Net Debt Contracting Margin $ 380,485,817 1
Percentage of Debt Contracting Power exhausted as of June 30 13.33% 1 1 1 1 1 66 1 r CITY OF WHITE PLAINS, NEW YORK NOTES TO FINANCIAL STATEMENTS r JUNE 30, 2005 I. Interfund Transfers r Interfund transfers are defined as the flow of assets, such as cash or goods and services, without equivalent flows of assets in return. The interfund transfers reflected below have been reported as transfers. r Transfers In: General Capital Nonmajor r Transfers Out: Fund Fund Governmental Total General Fund $ $ 125,613 $ 12,245,531 $ 12,371,144 Capital Fund 94,132 114,369 208,501 Nonmajor Governmental Funds 96,500 74,151 170,651 r $ 94,132 $ 222,113 $ 12,434,051 $ 12,750,296 r Transfers are used to 1) move revenues from the fund with collection authorization to the Debt Service Fund as debt service principal and interest payments become due, and 2) move unrestricted General Fund revenues to finance various programs that the government must account for in other funds in accordance with budgetary authorizations, r including amounts provided as subsidies or matching funds for various grant programs. J. Lease Agreements r Commitments under lease agreements for a Senior Center facility operated by the City and for handicapped accessible office space for the City's Building and Parking Departments provide for minimum annual rental payments r as follows: Year Ending Senior Building Parking June 30 Center Department Department r 2006 126,000 75,234 64,288 $ $ $ 2007 126,000 66,843 2008 21,000 69,397 r 2009 11,637 r Rental expenditures charged to operations of the primary government for fiscal year 2004-2005 were $329,873. The City, under various agreements, leases real property for usage as parking lots. Rental payments are based on parking income generated or negotiated on a year-to-year basis. The City is responsible for ordinary repairs and r maintenance of its leased property. Rental expense charged to operations aggregated $87,815 in the fiscal year ending June 30, 2005. r K. Post-Employment Benefits Employees, vestees, and their eligible dependents, upon retirement, are covered for health care benefits. These benefits include hospitalization, major medical and prescription drug services. Benefits are funded by the City on a pay r as-you-go basis. There is no charge for coverage until the enrollee is deceased. Upon the death of the covered enrollee, the surviving eligible dependent(s) must pay the monthly premium to continue coverage. The City also reimburses eligible retirees and their spouses the amount of Medicare (Part B) Premium that the Social Security Administration deducts from each individual's Social Security payment. To be eligible, the individual must be sixty-five r years of age or disabled and enrolled in Medicare Part B benefits. These reimbursements are funded by the City on a r r 67 CITY OF WHITE PLAINS, NEW YORK 1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005 1 pay-as-you-go basis. For a survivor to continue to receive Medicare reimbursements, that individual must also continue to participate in the health care program. 1 For the fiscal year ending June 30, 2005, there were 699 retirees and their dependents receiving health benefits. The cost of these benefits for the year was $5,501,625. 1 Individuals receiving Medicare reimbursements totaled 698 at June 30, 2005. The cost was $558,308 for the year ended June 30, 2005.
L. Net Assets 1 The components of net assets are detailed below: 1 Investment in Capital Assets, net of related debt - the component of net assets that reports the difference between capital assets less both the accumulated depreciation and the outstanding balance of debt, excluding unexpended proceeds, that is directly attributable to the acquisition, construction or improvement of those assets. 1 Restricted for Capital Projects - the component of net assets that reports the amounts restricted for capital projects, exclusive of unexpended bond proceeds. 1 Restricted for Debt Service - the component of net assets that reports the difference between assets and liabilities of the Debt Service Fund with constraints placed on their use by Local Finance Law. 1 Restricted for Community Services - the component of net assets of the non major governmental funds, exclusive of the Debt Service and Permanent Funds, that are legally or administratively restricted to expenditures for certain purposes. 1 Restricted for Nonrecurring Repairs - to set aside funds to be used for a specific purpose in the City Center Garage Fund.
Restricted for Permanent Fund - the component of net assets that reports the difference between assets and liabilities 1 with constraints placed on their use by external parties.
Unrestricted - all other net assets that do not meet the definition of "restricted" or "invested in capital assets, net of 1 related debt." M. Fund Balances 1 Certain elements of reserved fund balance are described above. Those additional elements which are not reflected in the statement of net assets but are reported in the governmental funds balance sheet are described below. The unreserved components of fund balance are also described below. 1
Reserved
Encumbrances outstanding have been reserved as it is the City's intention to honor purchase orders and contracts in 1 process at year-end. The subsequent year's appropriation is amended to provide authority to complete the transaction. 1 The Reserve for Inventory is used to indicate that a portion of fund balance is not "available" for expenditure because the asset is in the form of commodities and the City anticipates utilizing them in the normal course of operations. 1 1
68 1 r CITY OF WHITE PLAINS, NEW YORK NOTES TO FINANCIAL STATEMENTS r JUNE 30, 2005 The Reserve for Prepaid Items has been established to account for payments made in advance. The reserve indicates that these funds are not "available" for appropriation or expenditure even though they are a component of r current assets. The Reserve for Long-term Receivables is used to indicate that certain taxes receivable due other governments will r not be collected in sufficient time to use the funds to satisfy liabilities of the period. A reserve has been established to indicate that the funds are not "available" for appropriation or expenditure even though the amounts are a component r of current assets. Unreserved - Designations r Designations of fund balance are not legally required segregations but represent tentative management plans for a specific purpose. The City's designations are detailed below.
Designated for Subsequent Year's Expenditures - At June 30, 2005, the City has designated that $11 ,137,362 of fund r balance be appropriated for the ensuing year's budget. This designation is reported in the following funds: r General Fund $ 8 7QO 000 Nonmajor Governmental Funds: Special Revenue Funds: r Library Fund $ 75,115 RESTORE Grant Fund 55,091 Community Development Block Grant Fund 1,151,652
Section 8 Housing Assistance Program Fund 6551091 r Total Special Revenue Funds 1,936,949 r Debt Service Fund 500.413 Total Nonmajor Governmental Funds S 2431362
Designated for Tax Certiorari - This designation is used to segregate a portion of the fund balance of the General r Fund to be utilized for potential tax certiorari settlements.
Designated for Open Space - This designation represents funds which the City will use, as approved by the Common r Council, to acquire andlor develop recreational facilities and open space.
r Note 4: Other Information r A. Self Insurance Fund The City, including component units, is self-insured for workers' compensation, general and automobile liability, and unemployment benefits. Insurance policies were purchased for the following exposures with the deductible or self insured retention indicated in parenthesis: public officials and employment practices liability ($25,000/$100,000 r deductible), property ($100,OOO/deductible), workers' compensation excess coverage ($750,000/self insured retention), boiler and machinery ($10,000/deductible), and employee faithful performance ($25,000 deductible). The r City is fully self insured for general and automobile liability. r r 69 CITY OF WHITE PLAINS, NEW YORK l NOTES TO FINANCIAL STATEMENTS JUNE 30, 2005 l The Self Insurance Fund (SIF), an internal service fund, is funded by charges to the City's other funds and component units, and is based primarily upon the contributing funds claims experience. Estimates for incurred but not reported (IBNR) losses and trend and development factors for workers' compensation, general liability and auto liability claims, l as well as administrative costs, are also formulated into the contributions. Each contributing fund, based upon its proportionate share of SIF fund balance, benefits from the investment income earned by the SIF. l There were no significant reductions in insurance coverage from fiscal year 2003-2004 to fiscal year 2004-2005. For the exposures covered by insurance, there were no settlements in excess of the insurance coverage in any of the three prior fiscal years. l General and Workers' Automotive Reconciliation of claims/liabilities: Compensation Liability l
Liability - June 30, 2003 $ 1,521,290 $ 1,547,140 Claims incurred 199,259 189,743 l Claims payments (503,529) (731,471) Changes to prior year estimates 112,587 680,714 Liability - June 30,2004 1,329,607 1,686,126 Claims incurred 236,127 218,897 l Claims payments (681,719) (523,623) Changes to prior year estimates 975,827 515,429 Liability - June 30, 2005 $ 1,859,842 $ 1,896,829 -::: ~IJSC,/~'1 ( l l B. Litigation
There are claims against the City that have occurred in the normal course of operations for personal injuries and l wrongful death claimed to have been sustained from various causes. Additionally, litigation is pending with respect to other miscellaneous matters. In the opinion of the management of the City, based on the advice from the Corporation Counsel, the final disposition of these matters will not have a materially adverse effect on the financial condition of the City. l C. Contingencies l The City participates in various Federal grant programs, principal of which are programs of the U.S. Department of Housing and Urban Development. These programs are subject to program compliance audits pursuant to the Single Audit Act as amended in 1996. This audit is currently in process and the report will be issued under separate cover. l Accordingly, the City's compliance with applicable grant requirements will be established at a future date. The amount of expenditures which may be disallowed by the granting agencies cannot be determined at this time, although the City anticipates such amounts, if any, will be immaterial. l D. Subsequent Events
The City, on September 30,2005, issued $750,000 Bond Anticipation Notes, (Renewal) at 2.740/0 interest. These l notes, for the construction of the Community Theater, mature on September 29, 2006. l l
70 l II:l.C!. r!
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND ADDITIONAL SCHEDULES
~
IrW1.':~
71 1 CITY OF WHITE PLAINS, NEW YORK GENERAL FUND SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES COMPARED TO BUDGET 1 FOR THE FISCAL YEAR ENDED JUNE 30, 2005
Variance with Budgeted Amounts Final Budget 1 Positive Original Final Actual {Negative} REVENUES Taxes and Related Items: 1 Property taxes $ 37,952,591 $ 37,952,591 $ 37,315,925 $ (636,666) Interest and lien fees 311,000 311,000 309,522 (1,478)
Less ~ allowance for uncollected taxes (200,OOO} (2001000} (18 1327} 181 1673 38,063,591 38,063,591 37,607,120 (456,471) 1 Sales and use taxes 37,800,000 37,800,000 40,929,781 3,129,781
Utility gross receipts tax 1,188.292 11188.292 11373.286 1841994 Total Taxes and Related Items 77,051,883 77.051,883 79,910,187 2.858,304 1 Intergovernmental: Federal Support: Emergency Management Assistance 14,500 46,656 47,086 430 Senior Citizens - Title III B 12,922 12,922 14,042 1,120 1 Nutrition Program-Title mc 37,623 37,623 30,723 (6,900) Commodity funding 2,000 2,000 1,971 (29) u.s. Dept of Justice Grant 165,000 165,000 137,500 (27,500) 1 U.S.-OOJ COPS Fast 8,707 8,707 U.S.-OOJ Bullet Proof Vest Partnership 15,000 15,000 U.S.-OJP Local Law Enforcement Block Grant 23,500 23,500 15,122 (8,378) F.B.I. Violent Crime Task Force 10,305 10 305 8,440 (11865} 1 1 265,850 306113 2781591 (28.122}
State Support: General purpose state aid ~P.lt") <3,217,050 3,217,050 4,359,890 1,142,840 1 Supplemental municipal aid J.E-l9:- 1,019,060 1,019,060 1,019,060 Youth programs "","1 Cit, /tv 82,037 82,037 72,827 (9,210) Public safety grants 268,000 266,502 (1,498) Arterial highway maintenance 28,050 28,050 28,050 1 Mental health program 45,650 45,650 47,403 1,753 STAR grant 10,500 10,500 15,068 4,568 Unified court aid 54,500 54,500 35,909 (18,591) 100 000 NY Power Authority Grant 100,000 1001°00 1 1 415561847 418241847 51944,709 1,1191862
County and Local Support: Mortgage tax 2,200,000 2,200,000 4,019,245 1,819,245 1 Stop OWl programs 11,400 11,400 10,110 (1,290) Injury Prevention 2,500 2,500 2,701 201
ommunity development grant 63,000 631000 68,060 51060 2 276,900 2 276 900 4 100 116 1 823 216 1 1 1 1 1 1 1 1
Total Intergovernmental 71099,597 7,4081460 1013231416 2,914,956
Charges for Services: General services 164,035 164,035 107,166 (56,869) 1 Finance department 474,600 474,600 478,625 4,025 City clerk's office 94,450 94,450 104,051 9,601 Public works department 140,720 140,720 148,129 7,409 Parking department 10,031,000 10,031,000 9,757,150 (273,850) 1 Public safety department 1,275,803 1,295,130 1,582,282 287,152 Recreation department 664,100 664,100 660,500 (3,600) Youth services bureau 488.975 488 975 509 025 050 1 1 2°1 1 Total Charges for Services 131333,683 13.3531010 131346,928 i61082} Continued 1
72 1 r r CITY OF WHITE PLAINS, NEW YORK GENERAL FUND SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES COMPARED TO BUDGET (Concluded) r FOR THE FISCAL YEAR ENDED JUNE 30, 2005 Variance with Budgeted Amounts Final Budget Positive r Original Final Actual {Negative} Licenses and Permits: City clerk's office 32,000 32,000 30,423 (1,577) Planning department 1,000 1,000 1,173 173 r Building department: Building permits 1,200,000 1,200,000 1,147,973 (52,027) Other 762,200 762,200 519,960 (242,240) Public works department: r Street openings 80,000 80,000 103,537 23,537 Street obstructions 90,000 90,000 116,460 26,460 Other 97,500 97,500 104,057 6,557 Public safety department 94,325 94,325 64,915 (29,410) City franchise fees 308 620 308 620 373.194 64,574 r 1 1 Total Licenses and Permits 21665.645 216651645 2,461 1692 (203,953)
Fines and Forfeitures: r Parking fines 6,610,000 6,610,000 5,671,080 (938,920) Forfeited deposits 500 500 1,100 600 Hazard alarm 261,720 261,720 186,285 (75,435)
Fines and bail 111001000 111001000 11121 1682 21 1682 r Total Fines and Forfeitures 71972.220 719721220 619801147 (992.073)
Interest 6061000 6061000 9321039 3261039 r Miscellaneous: Sale of property 891,500 891,500 503,539 (387,961) Insurance recoveries 39,500 39,500 38,762 (738) r Contributions 40,700 72,700 176,153 103,453 Tenant emergency protection 52,272 52,272 50,445 (1,827) Rentals and commissions 719,463 719,463 707,969 (11,494) Residual from Pension Trust 650,000 650,000 757,527 107,527 Other 130,550 130 550 335 413 204 863 r 1 1 1 Total Miscellaneous 21523,985 215551985 21569,808 13,823
Total Revenues 111 253.013 111 613 203 116 524 217 4 911 014 r 1 1 1 1 1 1 1 OTHER FINANCING SOURCES New York State loan 2,350,000 2,350,000 2,350,000 Transfers In- Capital Projects Fund 35 000 35 000 94 132 59 132 r 1 1 1 1 Total Other Financing Sources 213851000 213851000 214441132 59,132 r Total Revenues and Other Financing Sources 113,638,013 113,998,203 118,968,349 4,970,146 Appropriation of Fund Balance 6.7441331 717071637 {7.7071637}
Total Revenues, Other Financing Sources and Appropriation of Fund Balance $ 120 382 344 $ 121lO5 840 $ 118 968 349 $ {2l37,491} r z 1 1 1 1 r r r 73 1 CITY OF WHITE PLAINS, NEW YORK GENERAL FUND SCHEDULE OF EXPENDITURES AND OTHER FINANCING USE:S COMPARED TO BUDGET FOR THE FISCAL YEAR ENDED JUNE 30, 2005 1
Variance with Budgeted Amounts Final Budget Positive 1 Original Final Actual {Negative} EXPENDITURES Current: 1 Council and Boards: Common Council: Personal services $ 204.814 $ 204.839 $ 204.839 $ Employee benefits 73,046 92.650 86.530 6.120 1 Materials and supplies 56.749 56,749 39.235 17.514 Direct costs 2.612 2,612 820 1,792 Contingency 3,827,000 1,524,407 1.524,407 4 164 221 1,881,257 331 424 1.549,833 1 1 1 1 City Court: Employee benefits 2,100 2.570 2,570 Materials and supplies 10.440 11,470 10,516 954 Direct costs 4 975 3,475 1,659 1,816 1 1 17,515 17,515 14.745 2170 Board of Assessment Review: Personal services 10,425 9.952 9.952 Employee benefits 1,212 1,188 1,070 118 1 Materials and supplies 11163 11163 284 879
12,800 12,303 11 1306 997 Zoning Board of Appeals: Personal services 39,816 49,806 49,806 1 Employee benefits 20,649 21,895 21,895 Materials and supplies 1,530 1,530 941 589
61,995 731231 72,642 589 Real Estate Committee: 1 Materials and supplies 760 760 221 539
Direct costs 8,550 181550 17,726 824
9,310 19,310 17,947 11363 Human Rights Commission: 1 Personal services 121,214 130,258 130,258 Employee benefits 43,567 44,774 43,114 1,660 Materials and supplies 3,661 3,661 1,709 1,952 Direct costs 41550 4,550 3,222 1,328 1 172,992 183,243 178,303 4,940 White Plains Board of Ethics- Direct costs 950 950 950 1 White Plains Housing Authority: Personal services 6,500 6,500 6,500 Employee benefits 671 671 557 114 7,171 71171 7,057 114 1
Total Council and Boards 4,446 954 2 194 980 633,424 1,561,556 1 1 1 1 General Government Office of the Mayor: Personal services 544,626 505,583 505,583 Employee benefits 196,050 183.065 170,853 12,212 1 Materials and supplies 27,400 28,900 21,411 7,489 Direct costs 55,400 47.800 31,920 15,880
Equipment 91990 141590 14.108 482 n9 938 743,875 36 063 833,466 1 1 1 Continued 1
74 1 r CITY OF WHITE PLAINS, NEW YORK GENERAL FUND SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES COMPARED TO BUDGET (Continued) r FOR THE FISCAL YEAR ENDED JUNE 30, 2005 Variance with Budgeted Amounts Final Budget r Positive Original Final Actual {Negative} City Clerk: Personal services 404,869 418,319 418,319 r Employee benefits 136,764 148,070 145,591 2,479 Materials and supplies 37,537 37,537 33,250 4,287 Direct costs 58,833 58,833 35,896 22,937 Equipment 130z704 130z704 r 638,003 793,463 763 760 29z703 1 Law Department: Personal services 878,327 877,685 877,685 r Employee benefits 273,995 278,086 266,526 11,560 Materials and supplies 56,240 59,040 54,947 4,093 Direct costs 862,973 855,173 339,739 515,434
Equipment 31187 31187 2 1000 1,187 2 074,722 2 073 171 1,540 897 532 274 r 1 1 1 1 1 Assessor: Personal services 400,241 431,992 431,992 Employee benefits 139,023 154,000 149,429 4,571 r Materials and supplies 19,332 19,347 17,502 1,845 Direct costs 855 870 599 271
Equipment 31823 31543 31516 27
5631274 6091752 6031038 61714 r Finance Department: Personal services 969,198 1,061,727 1,061,727 Employee benefits 6,592,908 6,556,399 6,415,251 141,148 Materials and supplies 107,815 102,839 90,477 12,362 r Direct costs 1,893,921 2,916,227 2,878,344 37,883 Equipment 11800 12,410 592 11 1818
915651642 1016491602 101446,391 2031211 Budget Department: r Personal services 377,753 394,528 394,528 Employee benefits 121,367 102,647 99,188 3,459 Materials and supplies 13,080 14,800 9,784 5,016 Direct costs 500 500 r Equipment 900 5131100 512 1475 5041000 81475 Information Services: Personal services 537,121 550,684 550,684 r Employee benefits 188,492 196,085 179,599 16,486 , Materials and supplies 325,784 325,784 169,663 156,121 Direct costs 141,139 141,139 70,068 71,071
Equipment 841552 841552 621321 221231 r 112771088 112981244 110321335 265,909 Purchasing Department: Personal services 289,375 319,197 319,197 Employee benefits 109,935 112,724 109,610 3,114 r 18,038 Materials and supplies 18,038 13,283 4,755 Direct costs 950 950 838 112
Equipment 11425 11425 268 11157 419z723 452 334 443 196 9,138 r 1 1 Planning Department: Personal services 569,841 596,284 596,284 Employee benefits 195,584 199,767 194,537 5,230 r Materials and supplies 27,790 26,770 18,610 8,160 Direct costs 34,000 35,020 34,745 275
Equipment 11150 11150 60 11090 828 365 858,991 844 236 14z755 r 1 1 Continued r 75 l CITY OF WHITE PLAINS, NEW YORK GENERAL FUND SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES COMPARED TO BUDGET (Continued) FOR THE FISCAL YEAR ENDED JUNE 30, 2005 1
Variance with Budgeted Amounts Final Budget Positive 1 Original Final Actual {Negative} Building Department: Personal services 1,472,475 1,637,064 1,637,064 Employee benefits 493,629 537,948 520,443 17,505 1 Materials and supplies 210,876 209,966 182,218 27,748 Direct costs 11,125 11,125 10,350 775 Equipment 525 1 435 731 704 1 1 21188,630 2,3971538 213501806 46:132
Traffic Department: Personal services 687,903 755,379 755,378 1 l Employee benefits 245,563 260,663 256,008 4,655 Materials and supplies 313,773 313,653 310,279 3,374 Direct costs 56,739 56,739 21,735 35,004 Equipment 7,806 7,926 423 7 503 1 1 11311,784 1.3941360 1,3431823 501537 Personnel Department: Personal services 529,193 518,489 518,489 Employee benefits 198,106 198,681 194,814 3,867 1 Materials and supplies 35,629 33,549 18,542 15,007 Direct costs 62,769 60,769 39,944 20,825 Equipment 21000 11414 586 8251697 8131488 n31203 401285 1
Total General Government 21 1039,494 22.633,356 21.3891560 1,243:196
Public Works: 1 Administration: Personal services 808,302 945,497 945,497 Employee benefits 278,305 317,613 310,303 7,310 Materials and supplies 17,871 17,871 17,782 89 1
Direct costs 37,788 39:159 381612 11147
11142,266 1.3201740 1,3121194 81546 Engineering: Personal services 1,254,469 1,222,677 1,222,677 l Employee benefits 454,164 415,797 394,124 21,673 Materials and supplies 29,640 29,640 25,442 4,198 Direct costs 400 429 429 1 Equipment 3.735 3:135 31735 11742,408 1,6721278 1,6461407 251871 Building Maintenance: Personal services 1,047,930 1,210,156 1,210,155 1 l Employee benefits 457,779 496,073 484,013 12,060 Materials and supplies 985,492 937,356 905,827 31,529 Direct costs 281,453 271,944 262,071 9,873 Equipment 2 420 . 7 493 6 659 834 1 1 1 l 21n5,074 219231022 2,8681725 541297
Garage and Shop: Personal services 941,749 1,086,634 1,086,634 l Employee benefits 411,535 443,769 436,823 6,946 Materials and supplies 105,568 109,648 109,309 339 Direct costs 50,045 25,867 22,862 3,005 Equipment 10,161 13 305 13 122 183 1 1 1 1.5191058 116791223 1,6681750 101473 Continued l
76 1 r CITY OF WHITE PLAINS, NEW YORK GENERAL FUND SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES COMPARED TO BUDGET (Continued) FOR THE FISCAL YEAR ENDED JUNE 30, 2005 Variance with Budgeted Amounts Final Budget Positive r Original Final Actual {Negative} Public Works-Continued: Waste Water: Personal services 410,371 449,001 449,001 r Employee benefits 185,832 189,543 185,285 4,258 Materials and supplies 73,672 42,472 39,664 2,808 Direct costs 30,200 22,680 14,240 8,440 Equipment 2,407 2,565 2,565 r 702 482 706,261 69Ol55 15,506 1 Highway and Bridges: Personal services 2,840,236 3,401,947 3,401,947 Employee benefits 1,225,543 1,332,193 1,261,178 71,015 r Materials and supplies 1,889,671 2,219,021 2,169,119 49,902 Direct costs 323,203 368,151 286,769 81,382
Equipment 421065 42,040 42,039 1 r 6,320,718 7,363,352 7,161,052 202,300 Parks Maintenance: Personal services 782,537 867,505 867,505 Employee benefits 281,325 296,435 295,472 963 r Materials and supplies 297,864 341,377 340,876 501 Direct costs 56,250 77,255 76,497 758 Equipment 7,651 8149 8,748 1
1,425,627 1,591,321 11589,098 2,223 r Sanitation: Personal services 3,898,481 3,943,206 3,943,206 Employee benefits 1,633,226 1,683,106 1,616,029 67,077 Materials and supplies 173,183 200,953 198,662 2,291 r Direct costs 997,800 1,005,732 1,005,731 1 Equipment 91650 101082 10,076 6
6l12,340 6,8431079 6,773,704 69,375
Total Public Works 22,339 973 24,099,276 23,710,685 388,591 r 1 Parking General Operations: r Personal services 444,952 2,134.260 2,134,259 1 Employee benefits 158,475 785,298 739,989 45,309 Materials and supplies 1,142,805 573,634 538.505 35,129 Direct costs 267,000 181,551 98,715 82,836 r Equipment 89,500 84,525 58.957 25.568
Capital Outlay 251000 251000 16,500 8,500
2,127.732 3,7841268 31586.925 197.343 Garages: r Personal services 1.947,462 1,054,845 1.054,845 Employee benefits 691,941 357,862 337,978 19,884 Materials and supplies 496,212 496,020 192 Direct costs 66 349 66 143 206 r 1 1 2,639,403 119751268 11954,986 20,282 Parking Lots: Personal services 588.440 Employee benefits 239.758 r Materials and supplies 128.365 1281365 828,198 128.365 128.365 r Continued r r 77 1 CITY OF WHITE PLAINS, NEW YORK GENERAL FUND SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES COMPARED TO BUDGET (Continued) FOR THE FISCAL YEAR ENDED JUNE 30, 2005 1
Variance with Budgeted Amounts Final Budget Positive 1 Original Final Actual {N~ativel Parking-continued l Violations Bureau: Personal services 307,281 347,557 347,557 Employee benefits 113,852 112,405 107,589 4,816 Materials and supplies 171,400 120,969 109,734 11,235 1 Direct costs 471,500 490,600 452,196 38,404
Equipment 31500 3,500 606 21894 1,067 533 1,075,031 1,017,682 57,349 1 1 Total Parking Department 6,6621866 6,9621932 61687,958 274,974
Public Safety: Administration: 1 Personal services 872,240 811,437 811,437 Employee benefits 251,947 224,239 216,757 7,482 Materials and supplies 44,599 114,544 87,504 27,040 Direct costs 195,719 194,333 183,123 11,210 1 Equipment 84,987 741536 101451
113641505 1,4291540 113731357 56,183 Fire Department: Personal services 13,066,169 13,054,413 13,054,413 1 Employee benefits 5,024,154 4,966,347 4,815,010 151,337 Materials and supplies 279,556 294,421 289,821 4,600 Direct costs 49,706 33,192 10,127 23,065
Equipment 1031641 981641 41 1090 571551 1 1815231226 18,4471014 1812101461 236,553
Police Department Personal services 19,575,903 19,404,236 19,404,236 1 Employee benefits 7,167,873 7,128,010 6,968,463 159,547 Materials and supplies 716,758 707,163 695,569 11,594 Direct costs 176,796 171,546 157,692 13,854 1 Equipment 491836 881962 861023 2,939
2716871166 27,4991917 27,311 1983 1871934
Total Public Safety 47,574,897 47,376,471 46 895 801 480,670 1 1 l Community Services: Recreation and Parks: Personal services 1,850,371 1,849,953 1,849,953 1 Employee benefits 432,466 460,931 454,160 6,771 Materials and supplies 480,743 487,022 486,826 196 Direct costs 411,803 434,228 432,753 1,475 Equipment 11 943 11 255 11 186 69 1 1 1 l 311871326 3,2431389 312341878 81511 T.H. Slater Center: Materi~ls and supplies 43,582 43,582 39,372 4,210 Direct costs 199 851 199 851 198.776 1 075 1 1 1 1 2431433 243,433 2381148 5,285 Service Office: Personal services 67,558 46,751 46,751 Employee benefits 39,014 15,626 14,052 1,574 1 Materials and supplies 4,420 4,420 1,556 2,864
Direct costs 1101570 1101570 801350 301220 221 562 177,367 142,709 34,658 1 1 Continued 78 1 r CITY OF WHITE PLAINS, NEW YORK GENERAL FUND SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES COMPARED TO BUDGET (Concluded) r FOR THE FISCAL YEAR ENDED JUNE 30, 2005 Variance with Budgeted Amounts Final Budget r Positive Original Final Actual (Negative) Community Services-continued: Youth Services: r Personal services 1.652,288 1.678,531 1,678,531 Employee benefits 395.730 403.571 396.636 6,935 Materials and supplies 78.876 81.336 78,268 3.068 Direct costs 73,061 67,573 57,783 9.790 r Equipment 500 2 453 1 387 1,066 1 1 2,200,455 212331464 2,2121605 20,859
Total Community Services 5,852,776 5,897 653 5.828,340 69 313 r 1 1
Total Expenditures 107,916,960 10911641668 105,145l68 4.018.900 r OTHER FINANCING USES: Transfers out: Capital Projects Fund 50,000 125,788 125.613 175 Library Fund 4.934,968 4.934,968 4,766,482 168,486 r Housing Authority Enhancement Fund 5,385 5,385 4,018 1,367 Debt Service Fund 714751031 714751031 714751031
Total Other Financing Uses 12,4651384 12154t172 12,371 1144 1701028 r Total Expenditures and Other Financing Uses $ 120,382,344 $ 121,705 840 $ 117 516,912 $ 4,188 928 r 1 1 1 r r r r r r r r r 79 1 1 1 1 1 1 1 1 THIS PAGE INTENTIONALLY LEFT BLANK 1 1 1 1 1 1 1 1 1 1
80 1 r r NONMAJOR GOVERNMENTAL FUNDS Special Revenue Funds
Special revenue funds are used to account for specific revenues that are legally restricted to expenditure for r particular purposes.
Library Fund - to account for the operation and maintenance of the City library. Financing is primarily r provided by a contribution from the General Fund. RESTORE Grant Fund - to account for a New York State Grant which provides assistance to low r income senior citizens for housing repairs. Community Development Block Grant Fund - to account for programs and activities which will benefit r low and moderate income families through the prevention or elimination of slums and blight. Section 8 Housing Assistance Program Fund - to account for Federal Grants used for subsidizing the rents of low and moderate income senior citizens and other families within the City of White Plains.
r Youth Development Fund - to account for various grant monies received from the Federal, State and local governments and private contributions for youth development programs that are designed to r build skills and competencies among our City's children and youth. City Center Garage Fund - to account for parking revenues which are restricted to the operation and maintenance of this parking structure. r War Memorial Fund - to account for funds used to dedicate a memorial to those who have perished in wars. r Community Services Fund - to account for funds used to send underprivileged and economically disadvantaged children to day camp.
Recreational Parkland Fund - to account for funds to be used in acquiring and/or developing r recreational facilities and open space in the City. Library Gifts and Donations Fund - to account for donations received to benefit the City's library.
r Lost Books Fund - to account for donations received to defray the cost of replacing books lost from the City's library. r Police Activities Fund - to account for Federal forfeiture proceeds to be used to support community policing activities, training and law enforcement operations. r Mavor's Youth Council Fund - to account for monies received to benefit the youth of White Plains. Housing Authority Enhancement Fund - to account for gifts, grants and contributions received and r subsequently disbursed for the purpose of enhancing public housing occupancy. Planning Activities Fund - to account for fees received from developers for environmental studies and other professional consulting services incurred by the planning board in reviewing the developers' r applications. Parking Fund - to account for those fees received in lieu of providing required off-street parking in the central parking area, which are used to increase the quantity/quality of parking spaces available to r serve properties in that area. r r 81 l
Debt Service Fund 1 The Debt Service Fund accounts for the resources accumulated and payments made for principal and interest on long-term debt obligations of governmental funds. l Permanent Fund Permanent funds are used to report resources that are legally restricted to the extent that only earnings, not l principal, may be used for purposes that support the City's programs.
Goldie Zeitlin Memorial Fund - to account for principal and interest on a donation received from a City resident. The interest portion can be used to provide lectures discussing urban concerns. 1 1 1 1 1 1 1 1 1 1 l 1 1 1
82 1 r r r r r r r r r THIS PAGE INTENTIONALLY LEFT BLANK r r r r r r r r r r 83 1 CITY OF WHITE PlAINS, NEW YORK COMBINING BALANCE SHEET NONMAJORGOVERNMENTALFUNDS 1 JUNE 30, 2005
Community Section 8 1 Development Housing Youth Library RESTORE Block Assistance Development Fund Grant Fund Grant Fund PrQSram Fund Fund ASSETS 1 Cash and cash equivalents $ 412.951 $ 55.091 $ 1.710.966 $ 691.544 $ 79,373 Investments 200.000 Receivables 1.840 2.917 2.211,218 24.272 Due from other governments and agencies 60,471 64.368 412.656 Prepaid items 890 1 415 681 $ 58 008 $ 4 182 655 780 184 492 029 Total Assets $ 1 1 1 1 $ 1 $ 1
LIABILITIES AND FUND BALANCES Liabilities: 1 Accounts payable $ 84,121 $ $ 141,756 $ 10,551 $ 79.739 Accrued liabilities 143,629 39.156 6,527 29.209 Deposits 591 26.940 Due to other governments and agencies 49.065 Due to other funds 15.376 3.908 345.531 1 Loans payable 687,500 Deferred revenue - other 2,917 2,128,396 24.272 37,036
Due to retirement system 62 1669 181228 31830 514 Total liabilities 290 419 2 917 3 031 003 125 093 492 029 1 1 1 1 1 1 1 Fund Balances: Reserved for encumbrances 25";'re7 Reserved for prepaid items 890 1 Reserved for nonrecurring repairs Reserved for debt service Reserved for trusts Unreserved: Designated for subsequent year's expenditures 75;115 55.091 1.151,652 655.091 1 Undesignated 241070 Total Fund Balances 125 262 55 091 1 151 652 655 091 1 1 1 1 1 1 Total liabilities and Fund Balances $ 4151681 $ 581008 $ 4 11821655 $ 7801184 $ 4921029 1 1 1 1 1 1 1 84 1 r r
Special Revenue Funds r Mayor's War Recreational library Lost Police Youth City Center Memorial Community Parkland Gifts and Books Activities Council Garage Fund Fund Services Fund Fund Donations Fund Fund Fund Fund r $ 572,190 $ 49,057 $ 80,358 $ 192,081 $ 87,125 $ 22,259 $ 238,730 $ 1,512 165,194 r 126,298 $ 8631682 $ 491057 $ 801358 $ 1921081 $ 871125 ! 22!259 $ 238!730 ~ 11512
r $ 9,600 $ 4,328 $ $ 8,087 $ 45 $ 9,356 $ $ 62,870 418,708 r 45,311 160,016 12ln r 699.682 9.600 4.328 8.087 45 9.356 r 164,000 r 391457 761030 1921081 791038 221214 2291374 11512 1641000 39.457 761030 192.081 791038 221214 2291374 11512
r $ 8631682 $ 491057 $ 801358 $ 1921081 $ 87 125 i 221259 $ 238,730 $ 1 512 1 1 r Continued on next page r r r r r r r 85 l CITY OF WHITE PLAINS, NEW YORK COMBINING BALANCE SHEET (Continued) NON MAJOR GOVERNMENTAL FUNDS JUNE 30, 2005 l Pennanent Seecial Revenue Funds {Continued} Fund Housing Goldie Total 1 Authority Planning Zeitlin Nonmajor Enhancement Activities Parking Debt Memorial Governmental Fund Fund Fund Service Fund Fund Funds ASSETS cash and cash equivalents $ 5.768 $ $ 118.429 $ 862.680 $ 691 $ 5.180.805 1 Investments 10.000 375.194 Receivables 115 2.366.660 Due from other governments and agencies 537.495 Prepaid Items 890 1 Total Assets $ 5168 $ $ 118.429 $ 862.680 $ 10.806 $ 8,461.044
LlABILmES AND FUND BALANCES liabilities: 1 Accounts payable $ 1.500 $ $ $ $ $ 411.953 Acc~ed liabilities 10.541 647.nO Deposits 27.531 Due to other governments and agencies 49.065 Due to other funds 410.126 1 Loans payable 687.500 Deferred revenue - other 2.352.637 Due to retirement system 98.018 Total liabilities 1.500 10.541 4.684 600 1 l Fund Balances: Reserved for encumbrances 25.187 Reserved for prepaid items 890 Reserved for nonrecurring repairs 164.000 1 Reserved for debt service 351.726 351.726 Reserved for trusts 10.000 10.000 Unreserved: Designated for subsequent year's expenditures 500,413 2.437.362 1 Undesignated 41268 118.429 806 787.279 Total Fund Balances 4.268 118.429 852 139 10.806 3 n6.444 1 I 1 $ Total liabilities and Fund Balances $ 5168 $ $ 118.429 8621680 $ 101806 $ 81461.044 1 1 1 1 1 l 1
86 1 r r r r r r r r r THIS PAGE INTENTIONALLY LEFT BLANK r r r r r r r r r r 87 1 CITY OF WHITE PLAINS, NEW YORK COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NON MAJOR GOVERNMENTAL FUNDS 1 FOR THE FISCAL YEAR ENDED JUNE 30, 2005 1
Community Section 8 Development Housing Youth Library RESTORE Block Assistance Development 1 Fund Grant Fund Grant Fund Pmgram Fund Fund Revenues: Intergovernmental $ 1.840 $ $ 1.360.614 $ 4.837.788 $ 783.882 Interest 957 19.062 5.701 Fees and program income 109.025 13.440 647.855 1
Miscellaneous 41 1478 4.076 1191082 Total Revenues 1521343 141397 210271531 4 18471565 9021964 Expenditures: 1 Current: Community services 4.766,674 3.827 2,154,034 4,959,197 902.964 Debt service: Principal Interest 27 071 l 1 Total Expenditures 41661674 31827 21181 1105 4 1959.197 9021964
Excess (Deficiency) of Revenues over Expenditures !4 614 331 } 10 570 {153 574} {1111632} 1 1 1 1 1 Other Financing Sources (Uses): Transfers in 4.766,482 Transfers out (152 151) 1 1 Total Other Financing Sources (Uses) 416141331
Net Change in Fund Balances 101570 {1531574) {1111632} Fund Balances· Beginning of Year, as reported 184,523 44.521 1.305,226 766,723 1
Change in Accounting Principle {591261}
Fund Balances· Beginning of Year, as restated 125 262 44 521 1 305 226 766123 1 1 1 1 1
Fund Balances· End of Year $ 1251262 $ 551091 $ 11151!652 $ 655,091 ~ 1 1 1 1 1 1 1
88 1 r r r SQecial Revenue Funds Mayor's War Recreational Library Lost Police Youth City Center Memorial Community Parkland Gifts and Books Activities Council r Garage Fund Fund Services Fund Fund Donations Fund Fund Fund Fund $ $ $ $ $ $ $ $ 2,382 844 1,419 11,787 2,026 3,619 14 r 2,347,836 46 56,518 388 51615 14614n 2 350 264 844 57,937 11,787 2,414 5 615 150 096 14 r 1 1 1 1 r 2,301,466 9,600 38,826 20,339 4,167 53,194 21301 1466 91600 381826 201339 4 1167 531194
48,798 (8.756) 19.111 11.787 (17,925) 1.448 96 902 14 r 1
{181500} {18 SOO} r I
48.798 {81756} 191111 {61713} {17 1925) 11448 961902 14 r 115,202 48,213 56,919 198,794 96,963 20,766 132,472 1,498
115 202 48 213 56 919 198,794 96,963 20.766 132 472 1.498 r 1 1 1 1 $ 1641000 $ 391457 $ 761030 $ 1921081 $ 791038 $ 221214 $ 229,374 $ 11512 r Continued on next page r r r r r r r 89 1 CITY OF WHITE PLAINS, NEW YORK COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES (Concluded) NONMAJOR GOVERNMENTAL FUNDS 1 FOR THE FISCAL YEAR ENDED JUNE 30, 2005
Pennanent SQedalRevenue Funds {Continued} Fund 1
Housing Goldie Total Authority Planning Zeitlin Nonmajor Enhancement Activities Parking Debt Memorial Governmental 1 Fund Fund Fund Service Fund Fund Funds Revenues: Intergovernmental $ $ $ $ 20,649 $ $ 7,004,773 Interest 2,434 103,103 192 153,540 Fees and program income 3,118,156 1
Miscellaneous 63122 4371402 Total Revenues 21434 1871474 192 10l13.871 Expenditures: 1 Current: Community services 1,500 38,865 15,254,653 Debt service: Principal 6,060,995 6,060,995 Interest 2 461 943 2 489 014 1 1 1 1 1 Total Expenditures 11500 381865 8.5221938 2318041662
Excess (Deficiency) of Revenues over Expenditures {38 865} 192 {11500} 1 2.434 {8.335.464} {13109Ol91} 1
Other Financing Sources (Uses): Transfers in 4,018 7,663,551 12,434,051 Transfers out {170.651} 1 Total Other Financing Sources (Uses) 41018 716631551 12,263,400
Net Change In Fund Balances 21518 {381865} 21434 {671 1913} 192 {827.391}
Fund Balances - Beginning of Year, as reported 1,750 38,865 115,995 1,524,052 10,614 4,663,096 1
Change in Accounting Principle {591261}
Fund Balances - Beginning of Year, as restated 1150 38 865 115 995 1 524 052 10 614 4.603 835 1 1 1 1 1 1 1 Fund Balances - End of Year $ 4!268 $ $ 118 429 $ 852 139 $ 10 806 $ 3 776 444 1 1 1 5 1 1 1 1 1 1 1 1
90 1 r CITY OF WHITE PLAINS, NEW YORK UBRARYFUND r SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE· BUDGET AND ACTUAL r FOR THE FISCAL YEAR ENDED JUNE 30, 2005
Budgeted Amounts Variance with Final Budget r Positive Original Final Actual (Negative} Revenues: r Intergovernmental $ $ $ 1,840 $ 1,840 Fines and fees 108,000 108,000 109,025 1,025 Miscellaneous: Rent and commissions 20,350 20,350 18,113 (2,237) r Other 41°00 4 1°00 23,365 19,365 Total Revenues 1321350 132,350 152,343 191993
27,845 27 845 (27,845) r Appropriation of Fund Balance 1 Total Revenues and Appropriation of Fund Balance 160 195 160,195 152,343 (7,852} r 1 Expenditures: Current: Personnel services 2,267,919 2,440,254 2,440,250 4 r Employee benefits 975,501 1,008,269 1,002,743 5,526 Materials and supplies 1,057,470 1,052,470 1,027,234 25,236 Direct costs 275,532 274,732 269,826 4,906 Equipment 40,000 45,800 26,621 19,179 r 326,590 121 487 121,487 Contingency~
Other Financing Sources (Uses): r Transfers in 4,934,968 4.934,968 4,766,482 (168,486) Transfers out (152 z151} (152z151} (152,151} Total Other Financing Sources 4l82z817 4l82,817 4,6141331 (168,486) r Net Change in Fund Balance $ $ $ r Fund Balance - Beginning of Year. as reported 184.523 I)A;}t/}- Change in Accounting Principle \5a.261} c:: r Fund Balance - Beginning of Year, as restated 125,262 r Fund Balance - End of Year $ 125,262 r r r 91 CITY OF WHITE PLAINS, NEW YORK DEBT SERVICE FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN l FUND BALANCE - BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30, 2005 1 1
Budgeted Amounts Variance with 1 Final Budget Positive Original Final Actual {N!!9ative} l Revenues: Intergovernmental $ $ $ 20,649 $ 20,649 Interest 103,103 103,103 Miscellaneous 63,722 63,722 1 Total Revenues 187,474 63,722 Appropriation of Fund Balance 985,215 985,215 {985,215} l Total Revenues and Appropriation of Fund Balance 985,215 985,215 187,474 {921,493) 1 Expenditures: Debt Service: Principal 6,065,995 6,065,995 6,060,995 5,000 l Interest 2,468,402 2,468,402 2!461!943 6,459 Total Expenditures 8,534,397 8,534,397 8,522,938 11,459
DefiCiency of Revenues and Appropriation 1 of Fund Balance over Expenditures (7.549.182) (7.549.182) (8.335,464 ) (786,282) Other Financing Sources- 1 Transfers in 7.549!182 7,549,182 7,663,551 (114.369} Net Change in Fund Balance $ $ (671,913) (671.913) 1 Fund Balance - Beginning of Year 1,524,052 1,524,052
$ 852 139 $ 852,139 Fund Balance - End of Year 1 1 1 1 l 1
92 1 r r r r r r r r r THIS PAGE INTENTIONALLY LEFT BLANK r r r r r r r r r r 93 \/ 1 CITY OF WHITE PLAINS, NEW YORK CAPITAL PROJECTS FUND PROJECT· LENGTH SCHEDULE INCEPTION OF PROJECT THROUGH JUNE 30,2005 1 Expenditures and Transfers 1 Project Year Project Prior Current Total Number Description Authorized Budget Years Year Expenditures Active Ca~ital Prolects 504 Longview Ave. Storm Water Drain 98-99 $ 575,000 $ 4,429 $ $ 4,429 1 512 Longview Ave. Sanitary Sewer Phase I 98-99 278,000 2,385 34,980 37,365 518 140 South Kensico Entrance Ramp 98-99 152,000 2,000 2,000 546 Old Mamaroneck Road Signalization 98-99 45,000 13,779 13,779 572 City Hall Rehabilitation/ Expansion 96-97 1,110,000 1,068,902 (10) 1,068,892 5112 Delfino Park Improvements 99-00 30,000 8,518 4,982 13,500 1 5115 Lexington/Grove Garage Rehabilitation 99-00 649,000 568,999 15,203 584,202 5119 Backflow Prevention Devices 99-00 150,000 5124 Rochambeau Parking Improvements 99-00 40,000 5144 Recreation Management Information System 00-01 130,000 85,875 4,554 90,429 1 5149 Interoperable Coordinated Signal System 00-01 690,000 495,470 68,921 564,391 5161 Street and Traffic Improvements-Bloomingdale/Maple 01-02 1,995,800 1,417,085 280,644 1,697,729 5166 PubliC Safety Building Exterior Rehabilitation 01-02 100,000 198 198 5170 Miscellaneous Sanitary Sewer Reconstruction FY 02 01-02 253,000 2,385 119,366 121,751 5177 Building Management Information System 01-02 135,000 122,028 7,704 129,732 1 5179 Telephone System Upgrade 01-02 50,000 20,263 20,355 40,618 5182 Rochambeau School Gym Floor 02-03 25,000 5184 Signalization Upgrade-South Kenscio Avenue 02-03 50,000 26,739 26,740 5185 Renovations to Fire Facilities FY 03 02-03 253,000 2,611 50,938 53,549 1 5190 Metropolitan Area Network Enhancement-Phase 1 02-03 135,000 8,640 22,727 31,367 5192 Liberty Waterfront Park 02-03 825,000 484,716 3,000 487,716 5198 Community Theater 02-03 3,511,000 3,375,044 53,166 3,428,210 5200 City-wide Hardware Replacement/Upgrade 02-03 75,000 22,601 13,419 36,020 1 5203 Miscellaneous Street Reconstruction FY 03 02-03 1,007,800 517,644 202,607 720,251 5213 Municipal Parking Structure Rehabilitation FY 04 03-04 193,000 26,197 63,368 89,565 5214 Tax Collection/Utility Billing System 03-04 151,500 48,561 21,040 69,601 5215 140 So. Kensico Ave. Rehabilitation·Structural 03-04 101,000 31,231 447 31,678 5217 Mamaroneck-Shapham MuniCipal Garage 03-04 6,889,000 1,353,808 5,466,347 6,820,155 1 5218 Miscellaneous Street Reconstruction FY 04 03-04 1,005,500 2,201 552,129 554,330 5224 Renovations to Fire Facilities FY 04 03-04 252,500 5226 Sanitary Sewer Reconstruction FY 04 03-04 505,000 5227 Single Space Electronic Parking Meters 03-04 282,800 272,083 272,083 1 5229 Longview Ave. Garage Design 04-05 657,000 216,610 216,610 5230 Miscellaneous Storm Water Drains FY 05 04-05 151,500 22,683 22,683 5231 Miscellaneous Street Reconstruction FY 05 04-05 1,005,750 3,393 3,393 5232 Ebersole Ice Rink Floor Renovation 04-05 126,250 5233 Miscellaneous Sanitary Sewer Reconstruction FY 05 04-05 252,500 1 5234 Rolling Stock Acquisition/Refurbish FY 05 04-05 1,592,825 1,255,552 1,255,552 5235 MartinelMamaroneck/Main Street Reconstruction FY 05 04-05 505,000 93,021 93,021 5237 Municipal Parking Lot Rehabilitation FY 05 04-05 202,000 125,997 125,997 5238 Municipal Parking Structure Rehabilitation FY 05 04-05 353,500 1 5239 Library Interior Renovations-2nd Floor Children's Room 04-05 2,513,000 1,488,250 1,488,250 '5242 Horton Mill Village Infrastructure 04-05 800,000 50,000 50,000 5246 Public Safety Dispatch Upgrade 04-05 75188 Sub-total active projects 29.880.013 9.712.309 10.533.476 20,245.786 1 1 1 1 1
94 1 r r
Methods of Financing- Cumulative Proceeds Federal Fund Balance Bond Anticipation r (Deficit) at Notes Outstanding Interfund of and Transfers Obligations State Aid Other Totals June 301 2005 at June 301 2005
$ 5.000 $ 570.000 $ $ $ 575.000 $ 570.571 $ r 3.000 275.000 278.000 240.635 2.000 150.000 152.000 150.000 2.250 13.786 16.036 2.257 260.000 850.000 1,110,000 41.108 r 13,500 13,SOO 610.000 39,000 649.000 64,798 150,000 150,000 150,000 20.000 20.000 40,000 40,000 50,000 80,000 130,000 39,571 r 564.391 564,391 61.050 1.925.000 9.750 1.995.800 298.071 100.000 100,000 99,802 3,000 250.000 253,000 131.249 r 135.000 135,000 5,268 50,000 50,000 9.382 25,000 25,000 25,000 50.000 50.000 23.260 3.000 250,000 253,000 199.451 r 135,000 135,000 103,633 800.000 25,000 825,000 337,284 11.000 390.390 2.047,818 2.449,208 (979,002) 1,000,000 75.000 75.000 38.980 r 17.800 650.000 340,000 1.007,800 287,549 193,000 193,000 103,435 1,500 1.500 (68,101 ) 150,000 1.000 1,000 (30.678) 100.000 r 6,800.000 89,000 6,889,000 68,845 5.500 462,000 446.938 91.062 1,005.500 451.170 6.S00 6,500 6,SOO 5.000 5.000 5.000 2,800 2,800 (269,283) 280,000 r 7,000 7.000 (209.610) 650,000 1.S00 150,000 151.500 128.817 5.750 575.000 580.750 5n.357 1.250 1.250 1.250 r 2.500 2,500 2,500 17.325 17.325 ( 1.238,227) 1,575.500 5.000 SOO.OOO 505.000 411.979 2,000 200,000 202.000 76,003 3,500 3.500 3,500 r 79,678 1,885,000 1,964,678 476,428 91.550 91,550 41,550 75188 75188 75188 2 181.691 16 102 000 1?55 505 2 699.680 22 738 876 2.493.090 3.755 500 r 1 1 1 1 1 1 1 1 r r r r Continued on next page r 95 1
CITY OF WHITE PLAINS, NEW YORK CAPITAL PROJECTS FUND PROJECT-LENGTH SCHEDULE (Continued) l INCEPTION OF PROJECT THROUGH JUNE 30, 2005
§!eendltures and Transfers 1 Project Year Project Prior Current Total Number Descrietion Authorized BUdget Years Year Exeenditures l ~Omel!I~~fc~(~ects i!! of JYDe 301 2005 523 Renovate PubliC Safety Training Facility, Phase II 98-99 $ 202,000 $ 171,930 $ 30,070 $ 202,000 5100 Ridgeway Reconstruction 99-00 350,000 248,778 101,222 350,000 5107 Sidewalk Reconstruction-ADA 99-00 75,000 340 340 5123 Ralph Avenue Field Drainage Repairs 99-00 35,000 35,000 35,000 1 5146 Downtown Streetscape Improvements 00-01 3,005,000 2,985,250 19,669 3,004,919 5164 Eastview Softball/Soccer Fields 01-02 480,425 448,696 448,696 5172 ChesterlMaple Concrete Repairs 01-02 405,000 232,566 172,434 405,000 5174 Municipal Parking Structure Rehabilitation FY 02 01-02 606,470 488,773 117,697 606,470 1 5175 Renovations to Fire Facilities FY 02 01-02 253,000 175,173 77,827 253,000 5188 White Plains High School New Playing Field 02-03 110,000 2,799 107,201 110,000 5197 MainiMamaroneck Plaza-Fountain 02-03 4,008,000 3,994,437 13,563 4,008,000 5199 Municipal Parking Structure Rehabilitation FY 03 02-03 193,000 80,565 112,435 193,000 5202 Gardella Park Improvements 02-03 101,200 30,133 71,067 101,200 1 .. 03-04 765,000 5207 Fire Dept. Roiling Stock Acquisition FY 04 345,022 419,978 765,000 5209 Field-Based Incident Management 03-04 31,000 26,840 4,160 31,000 "'-. 5210 Rolling Stock Acquisition/Refurbish FY 04 03-04 222,000 1,245 220,755 222,000 5212 Public Safety Tele-staff System 03-04 125,000 124,719 281 125,000 l 5216 Gillie Park Improvements-Roof 03-04 101,000 436 100,564 101,000 5219 Senior Center Entrance Way 03-04 75,000 711 31,700 32,411 5222 Library Interior Renovations-2nd Floor 03-04 822,500 120,219 700,603 820,822 5223 Gardella Park Improvements-PootlPumphouse 03-04 151,500 135,854 15,646 151,500 1 5225 Miscellaneous Storm Water Drains FY 04 03-04 151,500 57,066 94,434 151,500 5228 Church Street School Parking Area 03-04 350,000 275 349,724 349,999
5241 Open Space Acquisition-Ben Simon Property 04-05 118681500 118681500 118681500 Sub-total completed projects 14 487 095 9 671 827 4 664 530 14 336 357 1 1 1 1 1 1 1 1 l $ Total Capital Projects Fund $ 44,367!108 191384,136 $ 15,198,006 $ 3415821143 1 1 l 1 l 1 1 1 96 l r r
Methods of Financing- Cumulative r Proceeds Federal Fund Balance Bond Anticipation Interfund of and (Deficit) at Notes Outstanding r Transfers Obligations State Aid Other Totals June 30, 2005 at June 30. 2005 $ 2,000 $ 200,000 $ $ $ 202,000 $ $ 350,000 350,000 340 340 10,000 25,000 35,000 r 1,740,000 1,264,919 3,004,919 448,696 448,696 400,000 5,000 405,000 600,000 6,470 606,470 r 3,000 250,000 253,000 110,000 110,000 8,000 360,000 3,640,000 4,008,000 193,000 193,000 r 1,200 100,000 101,200 /' 5,000 5,000 (760,000) 760,000 31,000 31,000 2,000 2,000 (220,000) 220,000 /' 125,000 125,000 r 1,000 100,000 101,000 32,411 32,411 5,822 815,000 820,822 1,500 150,000 151,500 r 1,500 150,000 151,500 349,999 349,999
181500 118501000 118681500 1841522 419751000 210901000 611061835 1313561357 {98010001 9801000 r $ 213661213 $ 21.0n OOo $ 318451505 $ 8.806.515 $ 361095,233 $ 115131090 $ 417351500 1 r r r r r r r r r 97 , 1 1 1 1 1 1 1 THIS PAGE INTENTIONALLY LEFT BLANK 1 1 1 1 1 1 1 1 l l 98 l r r r r ENTERPRISE FUND r An Enterprise Fund accounts for the acquisition, operation and maintenance of City facilities and services that are primarily self-supporting through service charges to customers. Included is r the Water Fund. Water Fund - to account for all activities necessary to provide water r to the residents of the City. r r r r r r r r r r r r 99 ,
CITY OF WHITE PLAINS, NEW YORK WATER FUND 1 SCHEDULE OF REVENUES AND EXPENSES-BUDGET AND ACTUAL (BUDGETARY BASIS) FOR THE FISCAL YEAR ENDED JUNE 30, 2005 1 1 Budgeted Amounts Variance with Final Budget Positive 1 Original Final Actual {Negative} Revenues: Water rents $ 5,673,000 $ 5,673,000 $ 5,946,111 $ 273,111 Intergovernmental 852,000 852,000 203,324 (648,676) 1 Interest 180,100 180,100 140,709 (39,391)
Miscellaneous 11 1400 11 1400 2271227 215,827 Total Revenues 6,716 500 6,716,500 6,517 371 (199,129} 1 1 1 Expenses: Personnel services 1,466,631 1,570,401 1,570,400 1 Employee benefits 703,532 711,718 694,369 17,349 1 Materials and supplies 3,299,104 3,294,884 3,234,589 60,295 Direct costs 517,464 530,201 527,242 2,959 Equipment 21,970 127,320 122,680 4,640 Depreciation and amortization 953,683 953,683 744,359 209,324 1 Debt service - Principal 632,005 632,005 632,005 Debt service - Interest 253,711 261,164 261,164 Refunding bond issuance costs 1,275 1,274 1 Capital outlay 25,000 20,000 20,000 1 88,892 88,892 Contingency f..uoc. e.r r.~ 2071000 Total Expenses 8 080,100 8,191,543 7,788 082 403,461 1 1 1 Deficiency of Revenues over Expenses $ {1,363,600} $ {1,475!043} $ {1,270l11} $ 204,332 1 1 1 1 1 1 1
100 1 r CITY OF WHITE PLAINS, NEW YORK WATER FUND r SCHEDULE OF REVENUES AND EXPENSES BY DEPARTMENT r FOR THE FISCAL YEAR ENDED JUNE 30, 2005 r Total Administration SUQQI:t Distribution Charges for services: Metered water sales $ 5.946.111 $ $ $ 5.946.111 Intergovernmental - federal 203.324 203.324 r Miscellaneous 2271227 2271227 Total Operating Revenues 6,376,662 6.376,662 r Operating Expenses: General operations: Personnel services 1,570,400 357.527 368.566 844.307 Employee benefits 694.369 231.067 130,469 332,833 r Materials and supplies: Office operations 30,470 28,054 2.373 43 Land operations 138.579 11.539 127.040 Building - facility operations 5,585 4.559 1,026 r Rolling stock operations 37.137 1,262 1.676 34.199 Water operations 144.048 131.695 12,353 Utilities 2.878,607 2.718 2.875.889 r Rentals 163 69 94 Direct costs: Contractual services 474,163 217,316 94,461 162.386 Insurance 53.079 53.079 r Equipment 6,479 274 6,205 Depreciation and amortization 7441359 7441359 r Total Operating Expenses 6l77,438 1.6351382 31621 1570 11520,486 Operating (Loss) Income {4OOl76} {1.6351382} {3,621 1570} 418561176
Nonoperating Revenues (Expenses): r Interest income 140.709 140,709 Interest expense (261.164) (261.164) Refunding bond issuance costs ~11274l {11274} r Total Nonoperating Expenses {121 l29} {1211729} r Change in Net Assets $ (522.505) $ (1,757.111l $ (3.621.570) $ 4.856,176 r r r r r 101 1 1 1 1 1 1 1 1 THIS PAGE INTENTIONALLY LEFT BLANK 1 1 1 1 1 1 1 1 1 l 102 1 r r r INTERNAL SERVICE FUNDS Internal Service Funds account for activities and services performed for other organizational units within the City. Charges to other City r agencies are made to support these activities. Included is the Self-Insurance Fund. r Self-Insurance Fund - to account for all insurance and risk management activities. r r r r r r r r r r r r r r 103 1
CITY OF WHITE PLAINS, NEW YORK SELF INSURANCE FUND SCHEDULE OF REVENUES AND EXPENSES-BUDGET AND ACTUAL (BUDGETARY BASIS) 1 FOR THE FISCAL YEAR ENDED JUNE 30, 2005 1 1
Budgeted Amounts Variance with 1 Final Budget Positive Original Final Actual (Negative} 1 Revenues: Charges for services $ 1,424,029 $ 1,424,029 $ 1,462,381 $ 38,352 Interest 111,616 111,616 168,792 57,176 Miscellaneous 87 366 87,366 1 1 Total Revenues 1,535,645 1,535,645 1,718,539 182,894
Appropriation of net assets 674,052 1,317 233 (1,317,233} 1 1 Total Revenues and Appropriation of Net Assets 2 209,697 2,852,878 1,718,539 (1,134,339) 1 l Expenses: Personnel services 100,404 100,129 100,129 Employee benefits 35,816 38,808 41,676 (2,868) l Materials and supplies 465 350 348 2 Direct costs: Liability insurance 650,000 650.360 691,492 (41.132) Workers' compensation 650.000 1.185.350 1.208,769 (23,419) 1 Unemployment benefits 80.000 80.000 56,581 23,419 Contractual services 689,450 797,881 744,192 53,689 Contingency 3.562 1 Total Expenses 21209z697 2z8521878 218431187 9,691
Deficiency of Revenues and Appropriation
of Net Assets over Expenses $ $ $ {1! 1241648} $ (11124,648) 1 1 1 1 1 1
104 1 r r r FIDUCIARY FUNDS Assets held by the City in a trustee capacity or as an agency for individuals, private organizations, other governments, and/or other r funds are accounted for in the Trust and Agency Funds.
Agency Fund - to account for custodial transactions where assets r equals liabilities. Police and Fire Pension Funds - to account for the accumulation of r resources for pension benefit payments to qualified members. r r r r r r r r r r r r r 105 1
CITY OF WHITE PLAINS, NEW YORK FIDUCIARY FUNDS - PENSION TRUSTS 1 COMBINING STATEMENT OF CHANGES IN NET ASSETS FOR THE FISCAL YEAR ENDED JUNE 30, 2005 1 1 POlice Fire Pension Fund Pension Fund Total 1 ADDITIONS Contributions by Employer $ $ 17,592 $ 17,592 Investment Income -Interest 213 213 Total Additions 17,805 17,805 1
DEDUCTIONS Benefits 207,996 110,603 318,599 1 Residual to General Fund 7571527 7571527 Total Deductions 965,523 110,603 1,076,126 1 Change in Net Assets (965,523) (92,798) (1,058,321 ) Net Assets - Beginning of Year 965,523 92,798 1,058,321 1 Net Assets - End of Year $ $ $ 1 1 1 1 1 1 1 1 1
106 1 r
CITY OF WHITE PLAINS, NEW YORK AGENCY FUND r STATEMENT OF CHANGES IN ASSETS AND LIABILITIES r FOR THE FISCAL YEAR ENDED JUNE 30, 2005 r
r Balance Balance Jul:t1, 2004 Additions Deductions June 30, 2005 r ASSETS Cash and cash equivalents $ 693,267 $ 50,074,569 $ 49,677,035 $ 1,090,801 Receivables 11,827 7,651 12,310 7,168 r Due from other funds 202 202 Total Assets $ 7051094 $ 5010821422 $ 49,689,547 $ 1,0971969 r LIABILITIES Accounts payable $ 13,118 $ 40,003,496 $ 39,994,797 $ 21,817 Accrued liabilities 20,877 15,283,437 15,295,413 8,901 r Deposits 595,365 2,634,854 2,357,463 872,756 Due to other governments 75134 301297,873 30,1791112 1941495
Total liabilities $ 705 094 $ 88 219 660 $ 87,826 785 $ 1,097 969 r 1 1 1 1 1 r r r r r r r r r 107 , , 1 1 1 1 1 1 THIS PAGE INTENTIONALLY LEFT BLANK 1 1 1 1 1 1 1 1 1 1 108 1 ~ ----, .------, ...--, --, ..----., ~ ~ .--, .-, ~ ~ .---, .-, --,
CITY OF WHITE PLAINS, NEW YORK REVENUES BY SOURCES AND EXPENDITURES/EXPENSES BY FUNCTIONS GENERAL, LIBRARY AND DEBT SERVICE FUNDS
LAST TEN FISCAL YEARS ~ 1997 jjml ~ ~ ~ ~ 2003 ~ 2005 Revenues: Taxes and related items: Property taxes $ 31,923,616 $ 30,216,914 $ 30,678,425 $ 29,067,868 $ 29,192,414 $ 29,859,815 $ 30,553,704 $ 31,757,331 $ 34,571.019 $ 37,625,447 less allowance for refunds (2,503,458) (240,069) (931,140) (565,309) (777,497) (529,969) (14,435) (232,061) (1,288,878) (18.327) Sales and use 30,010,108 31,166,411 29,923,627 32,605,848 34,267,100 35,787,758 35,518,199 34,413,440 37,698,714 40,929,781
Utilities gross receipts 992.789 1.029.463 1.008.723 903.049 969.426 1.149.547 1.044.818 1.151.473 1.365.271 11373.286 60,423,055 62,172,719 60,679,635 62,011,456 63,651.443 66,267,151 67,102,286 67,090,183 72,346,126 79,910,187 Intergovernmental 4,324.465 5.808,029 6,672,771 5,858,778 6.042.465 6.438,348 6,725,266 7,829,239 7,870,770 10.345,905 Charges for services 3,668,833 3,962,347 4,008,768 4,139,536 4,443,953 4.897,534 4,746,611 5,587,683 6,112,023 13,346,928 Miscellaneous 5.697.738 7.9831417 5.406.171 5.648.992 5.890.203 7.147.056 5.3081603 12.189.341 20.508~26 13~61.014 74,114,091 79,926,512 76,767,345 77,658,762 80,028,064 84,750,089 83.882,766 92,696,446 106,837,145 116,864,034 Other Financing Sources- New YOlk State loan 2,350,000
Transfers in 666.646 1131411 514~81 189~88 108.106 94.575 4301917 159.294 596.286 208.501 Total Other Financing Sources 666.646 113.411 514.281 189~88 108.106 94.575 430.917 159.294 596.286 2.558.501 ...... 77.281.626 80.136.170 84.313.683 92 855.740 0 Total Revenues and Other Sources 74.780.737 80.039.923 77.848.050 84.844.664 1 108.029.717 1191422.535 \0 Expenditures!Expenses: Current: Council and boards 527.945 496,934 1,516,267 1,446,722 517,889 525.657 568,859 543,549 567,148 633,424 General government 11,978,195 12.382,627 12,721,067 13,546,418 14.460,848 15,237.798 15,750,840 17.280.172 18,563,692 21.389,560 Public works 14.968.879 16.598.370 15.961.341 17.229.350 17,648,704 18.943.800 19.956.756 21.433,284 22.713.995 23,710,685 Parking 6,687.958 Public safety 29.103.271 29,063.561 30,239,864 30,291,125 31,923,240 33.641,015 34.775,773 37.157.871 42,067.710. 46.895,801 Community services 8.204,013 8,339,316 8,691,690 9,115,344 9,236,045 9,781,660 9,689.894 9,348,466 9,867,631 10,595,014 Debt service 5.789.404 5.907.492 5.757.074 5.567.078 5.114.590 5.246.370 4.836.196 9.612.731 17.541.647 8.522.938 70,571,707 72,788.300 74,887,303 77,196,037 78,901,316 83,376.300 85,578,318 95,376,073 111,321,823 118,435,380 Other Financing Uses- Transfers out 440.210 1.641.586 3.642.299 2.754•251 1.161.845 762.169 885.885 453.750 241.300 207.631
Total expenditures and Other Financing Uses 71.011.917 74.429.886 78.529.602 79.950.288 80.063.161 84.138.469 86.464.203 95.829.823 111.563,123 118.643,011
$ $ 5 610.037 $ (2. 102 238} 73.009 706.195 $ {2,974,O83! $ Net Change In Fund Balances 3.7681820 1 I 11~47.9761 1 ! ! $ {21150!520~ ,31533,406} $ 779,524 l
CITY OF WHITE PLAINS, NEW YORK l PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS 1 1
Total 1 Assessed As of the End of Each Fiscal Year Valuation Fiscal for Taxable Property Amount Percent Amount Percent Year ProQertv TaxLe~ Collected Collected Uncollected Uncollected 1 2004-05 $ 304,680,309 $ 35,833,456 $ 35,128,929 98.03% $ 704,527 1.97 % 2003-04 317,104,534 33,077,1n 32,674.496 98.78 402,681 1.22 2002-03 318,804,180 30,943,293 30,667,049 99.11 276,244 .89 2001-02 318.424,656 29,129.488 29,006,844 99.58 122,644 .42 1 2000-01 317,044,650 29,003,245 28,958,600 99.85 44,645 .15 1999-00 316,074,036 28,178,013 28,115,385 99.78 62,628 .22 1998-99 323,734,626 28,132,558 27,975,582 99.44 156,976 .56 1997-98 337,316,854 29,312,835 29,132,730 99.39 180,105 .61 1 1996-97 343,748,614 29,871,755 29,457,510 98.60 414,245 1.40 1995-96 345,578,872 30,030,804 29,388,088 97.86 642,716 2.14 1 1 1 1 1 1 1 1 1 1
110 1 r
CITY OF WHITE PLAINS SPECIAL ASSESSMENTS LEVIED AND COLLECTED
LAST TEN FISCAL YEARS r r r Fiscal Assessments Assessments Assessments Percent Year Levied Collected Uncollected Collected 2004-05 $ 450,000 $ 450,000 $ 100.0% 2003-04 400,000 400,000 100.0 r 2002-03 400,000 400,000 100.0 2001-02 300,000 300,000 100.0 2000-01 300,000 300,000 100.0 1999-00 300,000 300,000 100.0 r 1998-99 300,000 300,000 100.0 1997-98 N/A N/A N/A N/A 1996-97 N/A N/A N/A N/A r 1995-96 N/A N/A N/A N/A r
The special assessment levy is for the Business Improvement District (BID). The levy and r collections are recorded in the General Fund. The BID was established in FY 1998-99 r consequently, there is only seven years of information. r r r r r r r 111 l
CITY OF WHITE PLAINS, NEW YORK 1 PROPERTY TAX RATES PER $1,000 OF ASSESSED VAlUATION-DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARS 1
Total City 1 Total Assessed City White City, Valuation New York of Plains Refuse School, Including State White School Westchester Sewer Disposal Total County Special Equalization 1 Year Plains District Coun~ Districts District Coun~ Tax Rate Franchises Rate 2004-05 $ 117.61 $ 375.30 $ 82.26 $ 8.73(1) $ 9.75 $100.74(1) $ 593.65(1) $ 304.680.309 3.82% 10.75(2) 102.76(2) 595.67(2) 1 2003-04 104.31 349.03 62.88 7.80(1) 8.60 79.28(1) 532.62(1) 317.104.534 4.45 9.39(2) 80.87(2) 534.21(2)
2002-03 97.00 326.53 54.36 7.04(1) 7.86 69.26(1) 492.79(1) 318.804.180 4.71 1 9.38(2) 71.60(2) 495.13(2)
2001-02 91.48 300.71 54.99 7.36(1) 8.16 70.51(1) 462.70(1) 318.424.656 6.35 9.82(2) 72.97(2) 465.16(2) 1
2000-01 91.48 278.59 59.68 7.29(1) 8.30 75.27(1) 445.34(1) 317.044.650 7.09 11.14(2) 79.12(2) 449.19(2) 1 1999-00 89.15 258.81 61.48 7.57(1) 8.34 77.39(1) 425.35(1) 316.074.036 7.45 11.34(2) 81.16(2) 429.12(2)
1998-99 86.90 242.51 64.17 7.60(1) 8.20 79.97(1) 409.38(1) 323.734.626 8.10 1 12.53(2) 84.90(2) 414.31(2)
1997-98 86.90 229.85 58.59 7.36(1) 7.35 73.30(1) 390.05(1) 337.316,854 8.22 12.17(2) 78.11(2) 394.86(2) 1
1996-97 86.90 219.02 56.93 7.66(1) 7.20 71.79(1) 377.71(1) 343,748.614 9.03 11.81(2) 75.94(2) 381.86(2) 1 1995-96 86.90 202.91 58.83 6.97(1) 7.21 73.01(1) 362.82(1) 345.578.872 9.28 11.48(2) 77.52(2) 367.33(2) 1 (.1) Bronx Valley District (2) Mamaroneck District 1 1 l 1 l
112 l [
CITY OF WHITE PLAINS, NEW YORK r COMPUTATION OF CONSTITUTIONAL CITY PROPERTY TAX LIMITATION r
Pursuant to Article VIII of the State Constitution and Title 9 of Article 2 of the Local Finance Law, the property tax limitation r of the City is calculated by taking 2% of the latest five year average of the full valuation of all taxable real property. r The constitutional City property tax limitation as of June 30, 2004 for fiscal year 2004-2005 is as follows: r 2004 Tax Rate r Amount Equivalent Average five year full valuation (per schedule of r constitutional debt limit status) $ 5,524,698,529 r City Property Tax Limit-2% of $ 110,493,971 $ 362.66 average full valuation r Adopted Tax Levy for succeeding year $ 35,833,139 $ 117.61 r Less appropriation for debt service 7,053,109 23.15 Tax Levy subject to 2% limitation $ 28,780,030 $ 94.46
Tax Limit in Excess of Tax Levy r Subject to 2% Limitation $ 81,713,941 $ 268.20 r r r r r r r 113 l
CITY OF WHITE PLAINS, NEW YORK l ASSESSED VALUATION OF TAXABLE REAL PROPERTY, EQUALIZATION RATE AND FULL VALUATION
LAST TEN FISCAL YEARS 1 1
Total 1 One-Three Condo, Taxable State Family Co-ops, Assessed Equalization Full Tax Year Residences Apartments Commercial Valuation(1 ) Rate Valuation 2004-05 $ 115,034,569 $ 52,353,935 $ 137,291,805 $ 304,680,309 3.82% $ 7,975,924,319 1 2003-04 115,031,520 52,841,217 149,231,797 317,104,534 4.45 7,125,944,584 2002-03 114,298,042 52,806,756 151,699,382 318,804,180 4.71 6,768,666,242 2001-02 113,649,994 52,815,345 151,959,317 318,424,656 6.35 5,014,561,512 2000-01 112,243,094 52,978,985 151,822,571 317,044,650 7.09 4,471,715,797 1 1999-00 110,803,152 53,130,144 152,140,740 316,074,036 7.45 4,242,604,510 1998-99 110,063,285 52,800,348 160,870,993 323,734,626 8.10 3,996,723,778 1997-98 114,204,943 49,003,168 174,108,743 337,316,854 8.22 4,103,611,363 1996-97 114,286,969 48,649,719 180,811,926 343,748,614 9.03 3,806,739,911 1 1995-96 113,678,859 54,922,485 176,9n,528 345,578,872 9.28 3,723,910,259 l 1 Note: (1) Assessed values are established by the City of White Plains Assessor on March 1st of each year and include Special Franchise Assessments as established by the New York State Office of Real Property Services. The 2004-05 tax levy was based upon the list of March 1, 2004. 1 1 1 1 1 1 1 1 114 1 r r CITY OF WHITE PLAINS, NEW YORK PRINCIPAL TAXPAYERS r 2004 ASSESSMENT ROLL r % Assessed of Total r Valuation Assessed Name Nature of Business FY 2004-05 Valuation
Fashion Mall Partners, LP Retail Outlet $ 11,635,350 3.82% r Consolidated Edison Public Utility 9,761,549 3.20 Metropolitan Life Ins. Co. Insurance 8,260,300 2.71 White Plains Galleria Umited Partnership Retail Outlet 8,100,000 2.66 Westchester One Office Space Rental 6,750,000 2.22 r Eastridge Properties Office Space Rental 5,400,000 1.n IBM Business Equipment 5,316,600 1.74 Gateway I Group, Inc. Office Space Rental 4,888,100 1.60 Cali WP Realty Associates, LP Real Estate Development 4,869,200 1.60 r American Telephone & Telegraph Public Utility 3,558,365 1.17 Verizon New York, Inc. Public Utility 3,517,133 1.16 Town Park Hotel Corp Hotel 2,650,000 .87 r Hutchinson Corp. Park Association Office Space Rental 2,600,000 .85 1185 Bank Street, LLC Office Space Rental 2,300,000 .75 Bloomingdale's Inc. Retail Outlet 2,250,000 .74 Urstadt Biddle Properties, Inc. Retail Outlet 2,200,000 .72 r A&S Galleria R.E. Inc. Retail Outlet 1,800,000 .59 Bryant Gardens Corp. Cooperative Apartments 1,600,000 .54 Mass Mutual Life Ins., Co. Office Space Rental 1,225,000 .40 Reckson Operating Partnership, LP Office Space Rental 1 220 000 .40 r 1 1 $ 89 901 597 (1) r 1 1
r (1) Represents 29.51 % of the $304,680,309 total taxable assessed valuation for 2004-05. r r r r r r 115 1
CITY OF WHITE PLAINS, NEW YORK 1 ESTIMATED VALUE OF BUILDING CONSTRUCTION PERMITS ISSUED LAST TEN FISCAL YEARS l l
Miscellaneous (Alterations, Equipment) l New Non-Residential- New Residential- Installations etc.,. Total Number Number Number Estimated Fiscal of Square Estimated of Dwelling Estimated of Estimated Value l Year Permits Feet Value Permits Units Value Permits Value Issued 2004-05 3 70,200 $ 3,260,000 --12- 236 $ 65,322,000 1,607 $ 58,362,973 $ 126.944.973 2003-04 2 151,800 5,796,000 18 52 13,506,500 1,732 135,081,542 154,384,042 2002-03 4 557,055 67,698,500 10 311 69,346,700 1,562 106,155,702 243.200,902 2001-02 5 n6,804 74,442,300 21 913 132,270,166 1,468 59,248,808 265,961,274 l 2000-01 2 n,650 8,100,000 18 33 4,446,000 1,679 54,768,760 67,314,760 1999-00 3 502,000 3,840,000 41 307 35,397,300 1,833 58,655,394 97,892,694 1998-99 3 139,840 2,168,000 40 42 6,987,087 1,836 71,526,674 80.681,761 1997-98 2 35,266 5,746,000 52 65 12,033,742 1,795 68,431,932 86,211,674 1 1996-97 3 14,791 737,500 31 107 9,682,413 1,657 48,656,644 59,076,557 1995-96 116 117 18,223,700 1,565 41.253.578 59,4n.278 l • Source: Annual Reports - Building Department, City of White Plains. l l l 1 1 1 l l 1
116 l r
RAno OF NET GENERAL BONDED DEBT TO ASSESSED r VALUATION AND NET OUTSTANDING INDEBTEDNESS PER CAPITA r LAST TEN FISCAL YEARS r Less Less: Debt Ratio of Net Net Direct Debt Payable From Outstanding Tax Total Service Sources Other Net Indebtedness Supported Fiscal Assessed Outstanding Funds Than Property Outstanding to Assessed Indebtedness r Year Po~ulation· Valuation Indebtedness (1) Available Taxes (2) Indebtedness Valuation PerCa~ita 2004-05 53,077 $ 304,680,309 $ 67,783,700 $ 852,139 $ 19,470,166 $ 47,461,395 19.61% $ 894 2003-04 53,077 317,104,534 66,299,700 1,524,052 19,284,100 45,491,548 14.35 857 2002-03 53,077 318,804,180 62,637,700 2,366,166 13,252,777 47,018,757 14.75 886 r 2001-02 53,On 318,424,656 62,342,098 972,917 13,797,457 47,571,724 14.94 896 2000-01 53,077 317,044,650 42,245,098 1,164,054 14,986,219 26,094,825 8.23 492 1999-00 48,718 316,074,036 44,403,098 1,075,736 16,212,321 27,115,041 8.58 557 1998-99 48,718 323,734,626 46,421,098 1,283,856 18,066,387 27,070,855 8.36 556 r 1997-98 48,718 337,316,854 51,847,700 2,804,623 19,962,333 29,080,744 8.62 597 1996-97 48,718 343,748,614 54,570,000 2,278,223 19,561,553 32,730,224 9.52 672 r 1995-96 48,718 345,578,872 59,727,000 1,001,729 21,710,851 37,014,420 10.71 760
·Source FY1995-96 through FY1999-00 is the 1990 Census. r FY2000-01 through 2004-05 is the 2000 Census. Note: (1) Includes all general obligation debt. (2) FY 1995-96 through 2004-05 the amounts are the general obligation bonds that are being paid by the Water Fund and dedicated r parking revenues. r r r r r r r r r 117 l
CITY OF WHITE PLAINS, NEW YORK l COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT AND LEGAL NET PER CAPITA DEBT AS OF JUNE 30, 2005 l 1 1 Net General Percentage Amount Legal Obligation Applicable Applicable Net Per Debt To To Capita Jurisdiction Outstanding Government Government Debt 1
Direct: City of White Plains $ 60.593 966 (1) 100% $ 60 593 966 $ 1.142 1 1 1 1 Overlapping: White Plains School District 31.700,000 100% 31,700,000 597 Westchester County 614 482 223 (2) 5.04% 30 951 567 583 1 1 1 1 1 Total overlapping 64611821223 621651 1567 1,180
Total direct and overlapping 1 general obligation debt and
legal net per capita debt $ 7061776 1189 $ 123 245 533 $ 2!322 1 1 1 1 (1) Excluded is the general obligation debt paid by the Water Fund only. 1 (2) Excludable sewer debt. 1 1 1 1 1 1
118 l r
CITY OF WHITE PLAINS, NEW YORK r RATIO OF ANNUAL DEBT SERVICE FOR GENERAL OBLIGATION DEBT TO TOTAL GENERAL GOVERNMENT EXPENDITURES r LAST TEN FISCAL YEARS r r Ratio of Debt Service r Total To Total Interest General General Fiscal Principal and Fiscal Total Debt Government Government Year Retirement Charges Service (1) EXQenditures (2) EXQenditures r 2004·05 $ 6,060,995 $ 2,461,943 $ 8,522,938 $ 118,643,011 7.2% 2003-04 6,852,569 2,692,078 9,544,647 111,563,123 8.6 2002·03 6,985,217 2,627,514 9,612,731 95,829,823 10.0 2001·02 3,584,238 1,251,958 4,836,196 86,464,203 5.7 r 2000·01 3,956,898 1,289,472 5,246,370 84,138,469 6.2 1999-00 3,808,934 1,305,656 5,114,590 80,063,161 6.4 1998·99 4,072,000 1,495,078 5,567,078 79,950,288 7.0 r 1997·98 4,128,080 1,628,994 5,757,074 78,529,602 7.3 1996-97 4,182,702 1,724,790 5,907,492 74,429,886 7.9 r 1995-96 3,955,270 1,834,134 5,789,404 71,011,897 8.2 r (1) Exclusive of Enterprise Fund. r (2) Includes the General, Library and Debt Service Funds. r r r r r r r 119 1
CITY OF WHITE PLAINS, NEW YORK 1 DEMOGRAPHIC STATISTICS LAST TEN FISCAL YEARS 1 l
Westchester County Public 1 Fiscal Per Capita Unemployment School Year POQulation(1 ) Income(2) Rate(2) Enrollment (3) 2004-05 53,On Not Available 4.0% 6,727 l 2003-04 53,077 Not Available 4.2 6,972 2002-03 53,077 $ 55,557 4.0 6,868 2001-02 53,077 54,854 4.4 6,546 2000-01 53,On 56,142 3.3 6,546 l 1999-00 48,718 55,066 3.1 6,622 1998-99 48,718 51,129 3.6 6,439 1997-98 48,718 48,750 3.3 6,202 1996-97 48,718 44,921 3.7 5,921 l 1995-96 48,718 42,735 4.1 5,945 l
(1) 1990 and 2000 U.S. Census Bureau. l (2) Source: New York State Department of Labor. (3) Source: Annual School Census of the White Plains Board of Education. l 1 l 1 1 l l
120 r
CITY OF WHITE PLAINS, NEW YORK r MISCELLANEOUS STATISTICS r JUNE 30, 2005
Date of Incorporation 1916 r Form of Government Mayor-Council Area 9.79 Square Miles Employees: (Authorized Positions) r Council and Boards 14 General Government 116 Public Works 266 r Parking department 70 Public Safety 465 Community Services 83 r 1,014 Fire Protection: Number of Stations 7 (2 of which are equipped, r but not staffed) Number of Fire Fighters (AuthOrized Positions exclusive of volunteers) 170 r Police Protection: Number of Stations 1 Number of Police Officers r (Authorized Positions) 215 Public Works: Number of Street Lights 6,000 r Miles of Paved City Streets 140 Miles of Sanitary Sewers 124.4 r Miles of Storm Water Drains 81.5 Municipal Water Operations: Number of Metered Accounts 9,492 Average Daily Consumption 8,630,000 gallons r Miles of Water Mains 157.4 Fire Hydrants 1,760 Supply New York City Aqueduct Three City wells r Two City reservoirs
r Building Permits Issued: New Residential 12 New Non-Residential 3 r Miscellaneous (Alterations, Equipment Installations, etc.) 1,607 r 1,622 -r r 121 l
CITY OF WHITE PLAINS, NEW YORK 1 MISCELLANEOUS STATISTICS-CONTINUED JUNE 30, 2005 l
Number of Parks and Recreation Facilities 19 1 Total acres Parks and Recreation Facilities 200 1 Number of Libraries 1 Number of Volumes 555,124 1
Public Education: (Independent School District) 1 Elementary Schools 5 Middle Schools 2 High Schools 1 Total Enrollment 6,727 1 1 Parking System-Number of Spaces: (As of 06/30/05) Parking Garages 6,072 Off-Street Lots 2,563 1 On-Street Parking 1,432 10,067 1 1 1 1 1 1 l
122