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INCORPORATEDVILLAGE
OFGARDEN CITY, NEWYORK
COMPREHENSIVE ANNUAL FINANCIAL REPORTFOR THE YEAR ENDED
MAY 31 , 2012
INGORPORATED VILLAGE OF GARDEN CITY, NEW YORK
COMPREHENSIVE ANNUAL FINANCIAL REPORTFOR THE YEAR ENDED MAY 31 , 2012
Prepared by:
Office of the Village AuditorJames E. OlivoVillage Auditor
INCORPORATED VILLAGE OF GARDEN CITYCOMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED MAY 31 ,2012TABLE OF CONTENTS
INTRODUCTORY SECTION
Letter of Transmittal............
GFOA Certificate of Achievement
Organizational Chart..
Listing of Village Officials
FINANCIAL SECTION
1-5
..7
..8
..9
11-12
14-27
31
32 33
37
38
....39
40-41
.,..42
43-72
74 80
81
84
(Continued)
I ndependent Auditors' Report
Management's Discussion and Analysis
Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Assets......
Statement of Activities
Fund Financial Statements:
Balance Sheet - Governmental Funds...
Reconciliation of the Governmental Funds Balance Sheet tothe Statement of Net Assets
Statement of Revenues, Expenditures, and Changes ln FundBalances - Governmental Funds ..............
Reconciliation of the Governmental Funds Statement of Revenues,Expenditures, and Changes in Fund Balances to the Statement
of Activities
Statement of Net Assets - Proprietary Funds...
Statement of Revenues, Expenses, and Changes lnNet Assets - Proprietary Funds
Statement of Cash Flows - Proprietary Funds
Statement of Assets and Liabilities - Fiduciary Fund
Notes to Financial Statements..............
Required Supplementary lnformation:
Schedule of Revenues, Expenditures, and Changes in Fund Balance -Budget and Actual - General Fund........
Schedule of Funding Progress for Other Postemployment Benefits (OPEB)
Other Supplementary I nformation:
34
35
36
Statement of Changes in Agency Assets and Liabilities - Fiduciary Fund
INCORPORATED VILLAGE OF GARDEN CITYCOMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED MAY 31 ,2012TABLE OF CONTENTS
STATISTICAL SECTION
Financial Trends:
Net Assets by Component............
Changes in Net Assets
Fund Balances of Governmental Funds
Changes in Fund Balances of Governmental Funds...............
Revenue Capacity:
Assessed Value, State Equalization Rate, and EstimatedFull Value of Real Property
Direct and Overlapping Property Tax Rates
Principal Property Taxpayers
Property Tax Levies and Collections .........
Debt Capacity:
Ratios Outstanding Debt by Type....
Ratios of General Bonded Debt Outstanding
Direct and Overlapp¡ng Governmental Activities Debt
Debt Limit Margin lnformation
Demographic and Economic lnformation:
Demographic and Economic Statistics ....
Principal Employers
Operating I nformation:
Full-Time Equivalent Government Employees by Function.
Operating I ndicators by Function/Program
Capital Asset lndicators by Function/Program
...86-87
...88-91
...92-93
...94-95
....96-97
....98-99
....... 100
....... 101
102
103
104
105
106
107
......108
110-111
112-113
MAYoR
DONALD T. BRUDIE
INCORPORATED
Vnr-rcn oF G¡.nonx Crry351 STEWA.RTAVE'NUE
G¡.nnnN CrrY, N.Y. 1.1530-4528
WEB SITE: GARDENCITYNYNET
TELEPHONE (sr 6) 465-4000
FAX (516) 742-5223
TRUsTEEs
JOHN J WATRAS
NICHOLAS P EPISCOPIA
ANDREW J. CAVANAUGH
LAUBENCE J. OUINN
DENNIS C DONNELLY
BRIAN C. DAUGHNEY
JOHN A. DEIVIARO
VlLuee Aou¡rursrnaron
ROBERT L, SCHOELLE, JR
November 28,2012
To Mayor Brudie, Board of Trustees and Residents of the lncorporated Village of Garden Glty
Attached is the Comprehensive Annual Financial Report for the lncorporated Village ofGarden City, New York (the "Village") for the 2011-2012 fiscal year which ended on May 31, 2012. ltis the responsibility of the Village to ensure the accuracy of both the data and the disclosures madein the attached report. Accordingly, it has been prepared in conformity with Accounting PrinciplesGenerally Accepted in the United States of America as they apply to governmental units and to thebest of our knowledge is correct in all material respects. We believe this repoil fairly presents thefinaneial position of the Village and the results of operations for the year ended May 31 , 2012. Alldisclosures necessary to gain a full and complete understanding of the Village's financial activitieshave been included.
This report includes all the funds of the Village (the primary government) and its componentunit, the Garden City Public Library (the "Library"). Activities considered to be part of the reportingentity have been determined by the application of criteria set forth in the Governmental AccountingStandards Board (GASB) Statement No. 14, "The Financial Reporling Entity," as amended. Thebasic, but not the only criteria for inclusion in the financial statements of the reporting entity iswhether the component unit is financially accountable to the primary government. Discretepresentation via a separate column is used in incorporating the financial statement of the Library in
the statements of the Village.
The Management Discussion and Analysis (MD&A), located in the financial section followingthe independent auditors' report, provides an introduction, overview, and analysis of the basicfinancial statements. The MD&A compliments this letter of transmittal and should be read in
conjunction with it.
The Village is a full service municipality. lt provides police, fire, sewer, water, sanitation,parks, recreation, library, building inspection and street maintenance services. Attendant with theabove ser'r'ices, administration is provided including accounting, purchasing, human resources,maintenance of plant and equipment, Village Justice Court and other general services. Theseservices are provided through the Village's General Fund, which is the main operating fund of theVillage.
The Village enterprise operations consist of three distinct activities: municipal water supply,swimming pool, and indoor tennis facilities, Each of these operations receives no funding from anytax base, rather their income is derived from sales of goods, or in the case of the recreation facilities,annual subscriptions.
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Historv
The Village's history began in 1869 when Alexander T. Stewart, a wealthy merchant,purchased approximately 7,000 acres of land for his own garden community. The Village wasincorporated in 1919 and since then comprehensive planning and zoning have blended a modernbusiness core and shopping district with a residential community of private homes, town houses,apartment buildings and condominiums.
Economic Gondition and Outlook
The Village is a suburban residential community with a population of approximately 22,400.|tis located in Nassau County, thirty miles east of Manhattan. More than half of the Village's residentsare employed in the managerial or professional sectors of the economy, primarily in the finance,insurance, or real estate industries.
Although the economic consequences resulting from Wall Street declines during 2009-2010have impacted the community, it appears as if the high value of property in the Village remainsrelatively stable. The State equalization rate has remained unchanged, reflecting this trend.
The residential real estate market within Garden City remains strong as the Village isconsidered to be one of the region's most desirable residential communities, Factors whichcontribute to Garden City's popularity include the quantity and high quality of municipal services andfacilities as well as our school district consistently being rated one of the best in New York State.
The desirability of the Village as a prime business location is demonstrated by the trendtoward reinvestment in existing buildings in the central business corridor. Several of these existingbuildings have been leased to Winthrop University hospital for use by it's physicians as medicaloffices. The proximity of a diverse selection of restaurants, department stores, shops and personalservice businesses enhances the desirability of the business district and contributes to the continuedstrength of the office market.
That same diversity attracts customers from the surrounding communities and contributes tothe continued success of the retail marketplace. National stores such as Lord and Taylor and Searsprovide a positive presence and continue to attract customers to the area.
Balancing of business development (commercial, retail, and personal service) along with thequality of life issues, so important to a residential community, is vital to the Village Board ofTrustees. The character of Garden City is clearly shaped by its residential nature and yet asubstantial percentage of the tax base is derived from business enterprises operating within theVillage. The commitment to a continual planning process necessary to maintain this balance isdemonstrated by the Planning Commission and the Architectural Design Review Board, both ofwhich review all building expansion projects within the Village. The activities of these groups alongwith the diligent oversight of the Board of Trustees via site plan approval has been and continues tobe critical to maintaining this balance and protecting the character of the Village.
The Village's prudent handling of its financial responsibilities has earned an Aaa credit ratingfrom Moody's lnvestors Service, the highest rating given to municipal debt, which permits the Villageto sell municipal bonds at a favorable interest rate, making them less of a financial burden to thetaxpayers.
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Maior lnitiatives
Current Year
Annually the Village initiates capital planning through the establishment of a five-year plan.During 2012, projects involving sidewalk and curb restoration, road maintenance, and tree plantingwere all continued.
The Village has made a long-term commitment to maintaining its infrastructure, which isevidenced by the annual funding of the above projects. Several major renovations of our centralbusiness district's parking areas were completed. Due to the favorable borrowing market and in aneffort to reduce the immediate burden on taxpayers, these renovations will be financed through a
future bond offering. This financing was completed in March 2012. The Village is pleased that ourMoody's lnvestors Service credit rating was upheld at Aaa.
ln the current year, the renovation of our Police Headquarters, financed by previously issuedbonds, was completed. ln addition, major improvements to the Village's Swimming Pool facility,consisting of a renovation of the filtration systems, a children's water play area and new playgroundequipment with safety surfaces and shade structures, were completed.
Water treatment facilities, an area where continual investment is necessary to ensure thesafety of our water supply, were again maintained and updated.
Future Years
The 2012-2013 Capital Plan has continued the existing road maintenance program ata oneand a half miles per year resurfacing schedule. This schedule will allow the Village to maintain roadson a 40 year cycle, with future funding planned to be provided through appropriations, therebyavoiding bonding for continued maintenance items. An annual appropriation is also being maintainedto fund sidewalk repair, curb replacement and tree replacement in an effort to keep our bonded debtat the lowest possible level.
For 2012-2013, appropriations for capital items have been increased in an effort to return tothe pay as you go financing philosophy which served the Village so well for so long.
Financial lnformation
Village finances are accounted for through its various funds. All property taxes and non-taxrevenues are accounted for in their respected fund. All current operating expenditures are madefrom the funds pursuant to appropriations by the Village Board of Trustees.
lnternal Controls
The Mayor, Board of Trustees and the Village Administrator - Treasurer are responsible forimplementing and maintaining a secure internal control system. Recognizing this, the Board ofTrustees has established the position of Village Auditor to function as an lnternal Auditor. The dutiesof this position include the continual examination of the current system of internal controls to assesstheir adequacy and the development of new controls as necessary. This system of control ensuresthat the assets of the Village are protected from loss, theft, and/or misuse. As with any system ofinternal control, the structure is intended to provide reasonable cost effective controls throughsegregation of duties, enforcement of policy regulations, and periodic field audits.
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Financial (continued)
lnternal Gontrols (continued)
ln addition, the Village maintains controls in order to ensure compliance with the budgetaryprovisions embodied in the annual appropriated budgets approved by the Board of Trustees. The
Village operates in an automated data processing environment making strict budgetary controlspossible, Once the Village Board of Trustees has adopted a budget, line item control is enforcedthrough a computerized purchase requisition system. This prevents the over expenditure of any line
item by denying the requisition unless there are sufficient funds in the budget for that item. Activities
of all funds, except the Capital Projects and Agency Funds, are appropriated through this annualbudget process and controlled through the purchase requisition system.
The Capital Projects Fund does not adopt an annual budget since the revenues and
expenditures recorded in this fund span more than a single fiscal year. The Capital Projects Fund is
approved through resolutions authorizing individual projects which remain in effect for the life of theproject.
An examination of the Village's finances is conducted by lndependent Auditors on an annualbasis. The financial statements enclosed have been audited by the firm of Albrecht, Viggiano,Zureck & Company, P.C. This audit and the comments and recommendations of the independentauditor are viewed as an essential element of prudent financial management by the Board of
Trustees. An Audit Committee consisting of three members of the Board meets twice annually with
the independent auditors to discuss any items of concern.
ln addition, the New York State Comptroller's Office periodically audits the Village to ensurecompliance with State Laws regulating Villages and Municipalities. That State audit includes areview of the report of the lndependent Auditors and an additional look at areas of concern, if any.
Emplovee Relations
The Village provides services through approximately 300 full time employees. With the
exception of department heads and certain managerial and confidential employees, all full time
employees are covered by three collective bargaining agreements.
An agreement with the Garden City Unit of the Nassau Chapter of the Civil ServiceEmployees Association, lnc. covers all Village employees except sworn employees of the Fire and
Police Departments, department heads and certain managerial and confidential employees. Thiscontract was settled and expires on May 31, 2013. All sworn employees of the Police Department,with the exception of the Chairman of the Board of Police Commissioners, are covered by a contractwith the Garden City Police Benevolent Association, This contract was settled as a result of an
arbitrator's decision and expires on May 31, 2014. Career firefighters in the positions of firefighterand fire lieutenant are included within an agreement with the Professional Firefighters Association of
Nassau County, which expired on May 31, 2010. Collective bargaining is continuing with the
Professional Firefighters Association of Nassau County and the Civil Service Employees AssociationSupervisory group.
Awards
The Government Finance Officers Association of the United States and Canada (GFOA)
awarded a Certificate of Achievement for Excellence in Financial Reporting to the Village for its
comprehensive annual financial report for the year ended May 31 , 2011. ln order to be awarded aCertificate of Achievement, a government must publish an easily readable and efficiently organized
comprehensive annual financial report. This report must satisfy both accounting principles generally
accepted in the United States of America and applicable reporting requirements.
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Awards (continued)
A Certificate of Achievement is valid for a period of one year only. We believe that ourcurrent comprehensive annual financial report continues to meet the Certificate of AchievementProgram's requirements and we are submitting it to the GFOA to determine its eligibility for anothercertificate.
Acknowledqment
The preparation of this comprehensive annual financial report was made possible throughthe assistance of the Village department heads and staff. ln addition, Albrecht, Viggiano, Zureck andCompany, P,C, and Liberty Capital Services, LLC were also instrumental in the preparation of thisdocument. We would like to express our sincere appreciation for the efforts made by all involved,
Respectfully submitted,
Robert L. Schoelle, JrVillage Administrator
James E. OlivoVillage Auditor
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THIS PAGE IS INTENTIONALLY LEFT BLANK
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Incorporated Village
of Garden Cify, New York
Preserited to
For its Comprehensive Annual
Finaucial RePort
for the Fiscal Yea¡ Ended
May 31, 2Û1I
A Cercificate of Achievcme'¡rt for Excellence in FinancialRoporting is presented by thr: Govemment Fiuance Officers
Association of the Uniied States and Canada togovernment rmits and public ønployoo reti¡erncnt
sys1ems vlhose comprehcnsive anuual financialreports (CAFRs) achieve the higbeststandards in govrlrnment accounting
and financial reportmg.
Certificate ofAchievementfor Excellencein FinancialReporting
#rVÊtu*President
Executive Director
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INCORPORATED VILLAGE OF GARDEN CITY, NEW YORKLISTING OF VILLAGE OFFICIALS
MAY 31 ,2012
The Mayor and the seven member Board of Trustees are the governing body of thelncorporated Village of Garden City. The Mayor and the Board of Trustees appoint the VillageAdministrator who serves as the chief administrative officer and fiscal head of the lncorporated Villageof Garden City's government and is responsible for the proper administration of municipal affairs andcoordination of departmental activities. The principal department heads are appointed annually by theMayor, with ratification by the Board of Trustees.
The Mayor and Trustees are elected for two year terms. The terms are staggered so that fouroffices are filled each year.
Certain Village Officials
Donald T. Brudie....Nicholas P. ep¡scopiä...John J. WatrasAndrew J. Cavanaugh..Dennis C. Donnelly.......Laurence J. Quinn ........Brian C. Daughney.......John A. DeMaroRobert L. Schoelle, Jr...
Ernest J. CipulloCharles A. CavarraMichael D. FilipponKevin A. Ocker......
Robert J. Mangan.James E. Olivo.....Brian S. Ridgway..Carolyn J. Voegler
MayorTrusteeTrusteeTrusteeTrusteeTrusteeTrusteeTrusteeVillage Administrator and
TreasurerCommissioner of PoliceFire Department ChiefSuperintendent of BuildingsCommissioner of
Recreational and CulturalAffairs
Director of Public WorksVillage AuditorVillage ClerkLibrary Director
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TH¡S PAGE INTENTIONALLY LEFT BLANK
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CERTIFI ED PUBLIC ACCOUNTANTS
INDEPENDENT DITORS'REPORT
Mayor and Board of Trusteeslncorporated Village of Garden CityGarden City, New York
We have audited the accompanying financial statements of the governmental activities, thebusiness-type activities, the discretely presented component unit and each major fund of thelncorporated Village of Garden City, New York, as of and for the year ended May 31 , 2012, whichcollectively comprise the lncorporated Village of Garden City's basic financial statements as listed inthe table of contents. These financial statements are the responsibility of the lncorporated Village ofGarden City's management. Our responsibility is to express opinions on these financial statementsbased on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audit to obtain reasonable assuranceabout whether the basic financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used and the significantestimates made by management, as well as evaluating the overallfinancial statement presentation. Webelieve that our audit provides a reasonable basis for our opinions.
ln our opinion, the financial statements referred to above present fairly, in all material respects, therespective financial position of the governmental activities, the business-type activities, the discretelypresented component unit and each major fund of the lncorporated Village of Garden City, NewYork, as of May 31,2012, and the respective changes in financial position and, where applicable,cash flows thereof for the year then ended in conformity with accounting principles generallyaccepted in the United States of America.
As described in Note 1.H to the basicfinancial statements, the lncorporated Village of Garden City,New York adopted the provisions of Governmental Accounting Standards Board No. 54, "FundBalance Reporting and Governmental Fund Definitions" as of and for the year ended May 31 , 2012.
PERSONAL SERVICE, TRUSTED ADVICE
ALBRECHT, VIGGIANO, ZURECK & CON/IPANY P.C.
245 PARK AVENUE, 24TH FLOOR 25 SUFFOLK COURTNEWYORK, NY 101ó7 HAUPPAUGE, NY 11788-3715
4 A T:212.792.4075 T ó31.434.9500 F: ó31 .434.9518- tt-
<-
www.avz.comINDEPENDENT ò¡EÑlBER OF BKR INTERNATIONAL
Accounting principles generally accepted in the United States of America require that the
manageméni's discussion and analysis, scheduling of funding progress for other postemployment
benefits healthcare costs and the budgetary comparison information be presented to supplement the
basic financial statements. Such information, although not a part of the basic financial statements, is
required by the Governmental Accounting Standards Board, who considers it to be an essential part
of financiál reporting for placing the basic financial statements in an appropriate operational,
economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United
Staies of America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management's responses to our
inquiries, the basic financial statements, and other knowledge we obtained during our audit of the
basic financial statements. We do not express an opinion or provide any assurance on the
information because the limited procedures do not provide us with sufficient evidence to express an
opinion or provide any assurance.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the lncorporated Village of Garden City, New York's basic financial statements as
a whole. The introductory section, other supplementary information and statistical sections are
presented for purposes of additional analysis and are not a required part of the basic financial
statements. The other supplementary information, as listed in the table of contents, are the
responsibility of management and were derived from and relate directly to the underlying accounting
and other records used to prepare the basic financial statements. The information has been subjected
to the auditing procedures applied in the audit of the financial statements and certain additionalprocedures, inõluding comparing and reconciling such information directly to the underlying accounting
and other records uðed to prepãre the financial statements or to the financial statements themselves,
and other additional procedures in accordance with auditing standards generally accepted in the United
States of America. ln our opinion, the information is fairly stated in all material respects in relation to the
financial statements as a whole. The introductory and statistical sections have not been subjected to the
auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not
express an opinion or provide any assurance on them.
At^^,l^ !"yryZ,"L i $-?c ? s'
Hauppauge, New YorkNovember 28,2012
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REQUIRED SUPPLEMENTARY INFORMATIONManagement's Discussion and Analysis
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INCORPORATED VILLAGE OF GARDEN CITYMANAGEMENT'S DISCUSS ION AND ANALYS IS
May 31 ,2012
As management of the lncorporated Village of Garden City, New York (the "Village"), we offerreaders of the financial statements this narrative overview and analysis of the financial activities forthe year ended May 31 ,2012. We encourage readers to consider the information presented here inconjunction with additional information that we have furnished in our letter of transmittal of thisreport.
FINANCIAL HIGHLIGHTS
The combined assets of the Village exceeded its liabilities by $27,808,688 (net assets) atMay 31 ,2012.
The Village's total combined net assets decreased by $9,287,616 of which $7,806,456 wasrelated to governmental activities and $1,481,160 was related to business-type activities.The most notable factor contributing to this decrease is the ongoing recognition of otherpostem ployment benefit costs,
As of May 31 , 2012, lhe Village's governmental funds reported combined ending fundbalances of $10,168,127. Of this amount, $806,595 is not in spendable form or is required toremain intact. The remaining $9,361 ,532 or approximately 92o/o of total fund balances is inspendable form with various levels of spending constraint: restricted, assigned, orunassigned making them available for spending at the Village's discretion (in compliance withGovernmental Accounting Standards Board (GASB) Statement No. 54, Fund BalanceReporting and Government Fund Type Definitions) see Note 2.8.
a
a
a
a
a
At year end, the Village's total fund balance for the General Fund was $9,075,878, a slightdecrease of $299,905 from the prior year. The assigned and unassigned (GASB StatementNo. 54) fund balance for the General Fund was $8,269,283.
The Village's total bonded debt (inclusive of general obligation bonds and a specialassessment bond) was $21,440,000, of which $10,690,000 relates to governmental activitiesand $10,750,000 relates to business-type activities. There was an increase in bonded debt inthe amount of $3,579,500, a result of a general obligation bond issued during the year in theamount of $6,010,000 for various road, lighting, pool improvements, and resurfacing ofparking fields, which was offset by principal payments in the amount of $2,430,500.
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INCORPORATED VILLAGE OF GARDEN CITYMANAGEMENT'S DISCUSSION AND ANALYSIS
May 31 ,2012
OVERVIEW OF THE FINANCIAL STATEMENTS
The discussion and analysis is intended to serve as an introduction to the Village's basic financialstatements. The Village's basic financial statements comprise of the following components: 1)
government-wide financial statements, 2) fund financial statements and 3) notes to basic financialstatements. This report also contains supplementary information in addition to the basic financialstatements themselves.
COMPONENTS OFTHE ANNUAL FINANICAL REPORT
RequiredSupplementary
lnformation
Summary Detail
Government-wide Fi nancial Statements
The government-wide financial statements are designed to provide readers with a broad overview ofthe Village's finances, in a manner similar to a private-sector business. The intent of thegovernment-wide financial statements is to give the reader a long-term view of the Village's financialcondition.
The Statement of Net Assets presents financial information on all of the Village's assets andliabilities, with the difference between the two reported as net assets. This combines andconsolidates the Village's current financial resources with capital assets and long-term obligations.The purpose of this statement is to give the reader an understanding of the Village's total net worth.Over time, increases or decreases in the Village's net assets are one indicator of whether itsfinancial health is improving or deteriorating. You will need to consider other nonfinancial factors,however, such as changes in the Village's property tax base and the condition of the Village'sbuildings, roads, drainage and other assets to assess the overall health of the Village.
The Statement of Activities presents information showing how the Village's net assets changedduring the most recent year. Revenues and expenses are reported by activity to give the reader an
understanding of how each of the Village's activities is being supported. All changes in net assetsare reported as soon as the underlying event giving rise to the change occurs, regardless of thetiming of related cash flows. Thus, revenues and expenses are reported in this statement for someitems that will only result in cash flows in future periods. This method is known as the accrual basisof accounting and is different from the modified accrual basis of accounting used in the Village'sfund financial statements.
Management'sDiscussion and
Analysis
BasicFinancial
Statements
Government-wideFinancial
StatementsFund
Financial StatementsNotes to the
Financial Statements
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INCORPORATED VILLAGE OF GARDEN CITYMANAGEMENT'S DISCUSSION AND ANALYSIS
May 31 ,2012
OVERVIEW OF THE FINANCIAL STATEMENTS (continued)
Government-wide Fi nancial Statements (continued )
The Village's government-wide financial statements includes both the governmental and business-type activities of the Village itself (known as the primary government) and of its legally separatecomponent unit for which the Village is financially accountable. Financial information for thecomponent unit is reported separately (discretely presented) from the financial information presentedfor the primary government.
Both of the government-wide financial statements distinguish functions of the Village that areprincipally supported by taxes and intergovernmental revenues (governmental activities) from otherfunctions that are intended to recover all or a significant portion of their costs through user fees andcharges (business-type activities).
Governmental Activities - The Village's basic services are reported here, including: generalgovernment support; public safety; transportation; economic assistance and opportunity; culture andrecreation and home and community services. Property taxes, mortgage taxes, franchise fees,fines, and state and federal grants finance these activities. The Village also charges fees tocustomers to help it cover the cost of certain services it provides.
Busrness-Iype Activities - The Village charges a fee to customers to help it cover all or most of thecost of certain services it provides. The Village's water and recreation facilities are reported here.
Component Unit - Component units are legally separate organizations for which the Village is eitherfinancially accountable, or the nature and significance of their relationship with the Village is suchthat exclusion would cause the Village's financial statements to be misleading or incomplete. TheGarden City Public Library is reported in a separate column in the government-wide statements, asa discretely presented component unit. Although legally separate, this "component unit" is importantbecause the Village is financially accountable for this entity.
lnformation on the separately issued financial statement is shown in Note 1.4 to the financialstatements.
Fund Financial Statements
The fund financial statements focus on current available resources and are organized and operatedon the basis of funds, each of which is defined as an accounting entity with a self-balancing set ofaccounts established for the purpose of carrying on specific or attaining certain objectives in
accordance with special regulations, restriction or limitations. The Village, like other governments,uses fund accounting to ensure and demonstrate compliance with finance-related legalrequirements. All of the funds of the Village can be divided into three categories: governmentalfunds, proprietary funds and fiduciary funds.
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INCORPORATED VILLAGE OF GARDEN CITYMANAGEMENT'S DISCUSS ION AND ANALYSIS
MaY 31 ,2012
OVERV¡EW OF THE FINANCIAL STATEMENTS (continued)
Fund Financial Statements (continued)
Gove Funds
The Village's activities are reported in governmentalfunds. Governmentalfunds are used to account
for esseñtially the same functions reported as governmental activities in the government-wide
financial statements. However, unlike the government-wide financial statements, governmental fund
financial statements focus on near-term inflows and outflows of spendable resources, as well as on
balances of spendable resources available at the end of the year. Such information may be useful in
eval uating a government's near-term fi nancial requi rements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similarinformation presented for governmental activities in the government-wide financial statements. By
doing so, readers may better understand the long{erm effect of the Village's near term financial
decisions. Both the governmental fund balance sheet and governmentalfund statement of revenues,
expenditures, and change in fund balances provide a reconciliation to facilitate this comparison
between govern mental fu nds and governmental activities'
The Village maintains two individual major governmental funds. lnformation is presented separately
in the governmental fund balance sheet and in the governmental fund statement of revenues,
expenditures, and changes in fund balances for the General and Capital Project Funds.
The Village adopts an annual appropriated budget for its General Fund. A budgetary comparison
schedule for the General Fund can be found in the section labeled "Required Supplementarylnformation Other Than Management's Discussion and Analysis."
The governmental fund financial statements can be found in the "Basic Financial Statements"
section of this report.
Proprietarv Fund
The Village maintains two types of proprietary funds. Enterprise funds are used to report the same
functions presented as business-type activities in the government-wide financial statements. The
Village uses enterprise funds to account for its water, pool and tennis funds. The lnternal Service
Fund is used to accumulate and allocate costs internally among the Village's various functions' The
Village uses its lnternal Service Fund to account for risk management activities. Because these
serv'lces predominantly benefit governmental rather than business-type activities, they have beenincluded within governmental activities in the government-wide financial statements, but are included
in a single column in the proprietary funds statements.
Proprietary funds provide the same type of information as the government-wide financial statements,
only in more detail. The proprietary fund financial statements provide separate information for the
waier, pool, tennis and internal service funds since all are considered to be major funds of the
Village. The proprietary fund financial statements can be found in the "Basic Financial Statements"
section of this report.
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INCORPORATED VILLAGE OF GARDEN CITYMANAGEMENT'S DISCUSSION AND ANALYSIS
May 31 ,2012
OVERVIEW OF THE FINANCIAL STATEMENTS (continued)
Fund Financial Statements (continued)
Fiduciarv Funds
All of the Village's fiduciary activities are reported in a separate Statement of Fiduciary Assets andLiabilities. We exclude these activities from the Village's other financial statements because theVillage cannot use these assets to finance its operations. The Village is responsible for ensuringthat the assets reported in these funds are used for their intended purposes. The fiduciary fundfinancial statement can be found in the "Basic Financial Statements" section of this repod.
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data providedin the government-wide and fund financial statements. The notes to the financial statements can befound following the basic financial statements.
Other lnformation
ln addition to the basic financial statements this report contains supplementary informationimmediately following the notes to the financial statements.
GOVERNMENT.WIDE FINANCIAL ANALYSIS
As noted earlier, net assets may serve over time as a useful indicator of a government's financialposition. ln the case of the Village, assets exceeded liabilities by $27,808,688 at the close of themost recent year.
Our analysis below focuses on the net assets and changes in net assets of the Village as a whole.
Gondensed Statement of Net Assetsas of May 31, 2012 and 2011
Governmental Bus¡ness-type Total
Activities Activities Primary Government
2012 2011 2011 2012 20112
Assets
Current and other assets
Capital assets
$ 2,| ,638,08653,482,691
Total Assets 75,'120,777
s 20,477,048 $ 3,585,160 $ $ 25,223,246 $
73336,122
4,6't0,608
18.224,711
25,087,656
72,601,73054,377,019 19,853,431
74,854,067 23,438,591 319 98,559,368 97,689,386
Liabilities
Current and other liabilities
Long-term liabilities
Total Liabilities
9,1 82,605
47,347j009,545,722
38,910,8'17
2,411,595 1,995,257
10,141,286
11,594,200
59,156,480
l',1,540,979
49,052,1 0311 .380
56,529,705 48,456,539 14,220,975 12, 136.543 70,750,680 60,593,082
Net assetslnvested in capital assets,
net of debt
Unrestricted
41,851,325 45,259,008(18,861 ,480)
9,026,069't91,547
8,514,014
2,184,762
50,877,394(23,068,706)
53,773,022(16,676,718)
Total NetAssets $ 18,59 1.072 $ 26,397,528 $ 9,217,616 $ 10,698,776 $ 27,808,688 $ 37,096,304
Total assets of the Village's governmental activities, as of May 31 ,2012, were $75,120,777, anincrease of $266,710. Total liabilities as of May 31 , 2012 were $56,529,705, an increase of$8,073,166. This resulted in a net asset balance of $18,591 ,072for 2012, a decrease of $7,806,456.
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INCORPORATED VILLAGE OF GARDEN CITYMANAGEMENT'S DISCUSSION AND ANALYSIS
May 31 ,2012
GOVE RN M ENT-WI DE Fl NANCIAL AN ALYSI S (conti nued )
Of the Village's governmental activities net asset balance, $41,851,325 were invested in capitalassets, net of related debt; leaving $23,260,253 in the unrestricted deficit category.
The largest portion of the governmental activities net assets, $41 ,851,325, reflects its investment incapital assets (e.g., land, buildings, machinery, and equipment, and infrastructure); less any relateddebt used to acquire those assets that is still outstanding. The Village uses these capital assets toprovide services to citizens; consequently, these assets are not available for future spending.Although the Village's investment in its capital assets is reported net of related debt, it should be
noted that the resources needed to repay this debt must be provided from other sources, since thecapital assets themselves will not be used to liquidate these liabilities.
The deficit balance of unrestricted net assets does not necessarily indicate fiscal stress. The deficitbalance in unrestricted net assets arose primarily due to long-term liabilities which include otherpostemployment benefits, compensated absences, claims and judgments and tax certiorari coststhat will be funded through future budgetary appropriations when they become payable in futureperiods.
Total assets of the Village's business-type activities, as of May 31 , 2012, were $23,438,591, an
increase of $603,372. Total liabilities as of May 31 , 2012 were $14,220,975, an increase of$2,084,432. This resulted in a net asset balance of $9,21 7 ,616 for 2012, a decrease of $1 ,481 ,160.Of the Village's business-type activities net asset balance, $9,026,069 were invested in capitalassets, netof related debt; and leaving $191,547 in the unrestricted balance. The Pool and TennisFunds reported a negative investment in capital assets, net of related debt. This is a result of theVillage's assets depreciating at a faster rate than the corresponding debt is being amortized (i.e.paid down), which is a result of the Village's debt being issued at a later date compared to the datethe asset is placed into service.
The Village's combined net assets were again decreased in the current year and will continue todecrease in subsequent years due to the ongoing recognition of Governmental AccountingStandards Board (GASB) Statement No. 45, Accounting and Financial Reporting by Employers forPostemployment Benefits Other Than Pensions (OPEB). The unfunded liability for postemploymentbenefits healthcare costs related to the primary government increased by $6,140,493 in the currentyear, bringing the unfunded liability at year end to $24,453,102. Additional information on otherpostemployment benefits can be found in Note 3.F to the financial statements.
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INCORPORATED VILLAGE OF GARDEN CITYMANAGEMENT'S DISCUSSION AND ANALYSIS
May 31 ,2012
GOVERN M ENT-WI DE F¡ NANCIAL ANALYSI S (continued )
Our analysis below separately considers the operations of governmental and business-typeactivities.Changes in NetAssets
Fortheyears ended May 31,2012and 2011
Governmental Business-$pe Activities Ïotal
Activities Activities Primary Government
Program Revenues
Charges for services
Operating grants
and contributions
Capital grants
and contributions
Total Program Revenues
General Revenues
Real property taxes
Other real property tax items
Non-property tax items
Earnings on investments
Grants - unrestricted
Legal settlement
Other
Total General Revenues
Total Revenues
Program Expenses
General government support
Public safety
Transportation
Economic assistance
and opportunity
Culture and recreation
Home and
community services
lnterest on debt
Pool
Tennis
Water
419,625 440,161
2012 2011 2012 2011 2012 2011
$ 3,086,466 $ 3,093,593 $ 6,241,016 $ 6,764,732 $ 9,327,482 $ 9,858,325
424,011 244,761 424,011 2M,761
568,821 582,599 568,821 582,599
4,079,298 3,920,953 6,241,016 6,764,732 10,320,314 1
44,593,1 60
718,361
995,737
127,090
752,983
44,328,042
653,051
1,088,762
148,289
807,361
43,432
22,279
35,519
29,392
44,593,160
718,361
995,737
170,522
752,983
22,279
419.625
44,328,042
653,051
1,088,762
183,808
807,361
29,392
440 161
47,606,956 47,465,666 65 711 64,911 47,6 72.667 47,530,577
51,686,254 51 I 6,306,727 6,829,643 57,992,981 58,21 6.262
11,572,522
23,283,535
4,690,515
7,784
11,247 ,553
8,391,920
298,881
13,691 ,507
22,205,619
4,939,638
30,676
10,941,924
8,555,314
318,151
11,572,522
23,283,535
4,690,515
7,784
11,247 ,553
13,691 ,507
22,205,619
4,939,638
30,676
10,941,924
8,555,314
31 8,1 51
1,164,447
458,895
1 ,1 39,389
451,771
6j96/27
1,164,447
458,895
6,292,376
8,391,920
298,881
1 ,1 39,389
451,771
6,196,727
Total Program Expenses 59,492,710 60,682 .829 7,787,887 7,915,718 67,280,E92 68 7
Change in Net Assets
Net Assets at Beginning of Year
(7,806,456)
26397,528
(9,296,210)
35,693,738
(1,481,160)
1 776
(1,086,075)
11,784,851
(9,287,616)
37,096,304
(10,382,285)
47,478,589
NetAssetsatEndofYear $ 18,591,072 $ 26,397,528 $ 9,217,616 $ 10,698,776 $ 27,808,688 $ 37,096,304
Certain amounts in the 2011 schedule of changes in net assets have been reclassified to conform tothe current year presentation.
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INCORPORATED VILLAGE OF GARDEN CITYMANAGEMENT'S DISCUSSION AND ANALYSIS
May 31 ,2012
GOVERNMENT-WIDE FINANCIAL ANALYSIS (continued)
During the year ended May 31 , 2012, government-wide revenues decreased from the prior year by$223,281 while government-wide expenses decreased from the prior year by $1 ,317,950.
The key elements of the change in government-wide revenues are as follows
Decrease in the charges for services related to the business-type activities, primarily relatedto a decrease in water sales in the amount of approximately $583,000. This is mainly due tothe change in weather conditions. ln the current fiscal year, the temperatures were coolerand there were higher amounts of precipitation compared to the prior year, which resulted ina decrease in water consumption.
lncrease in operating grants and contributions of approximately $179,000 primarily due to thefederal and state aid received for costs associated with the cleanup from the effects ofHurricane lrene.
lncrease in real property taxes of approximately $265,000 due to a minimal increase in thetax rate of the General Fund.
Decrease in non-property taxes items of approximately $93,000 due to decreases in publicutility gross receipts taxes and franchise fees.
The key elements of the change in government-wide expenses are as follows
Decrease in general government support expenses of approximately $2,119,000 primarilydue to a significant decrease in tax certioraris settlements against the Village in the currentyear as compared to prior year.
lncrease in public safety expenses of $1,078,000 primarily due to an increase in policedepartment salaries, compensated absences payouts and employee benefits (i.e. NYSretirement system contributions).
Decrease in transportation expenses of approximately $249,000 primarily due to a decreasein salaries paid and materials and supplies needed for snow removal and street maintenanceas the current year's winter was milder with minimal snow and icy conditions compared toprior year.
lncrease in culture and recreation expenses of approximately $306,000 due to an increase inemployee benefit costs and an increase in the contribution to the Garden City Public Library(component unit).
Decrease in home and community expenses of approximately $163,000 primarily due to adecrease in salaries and compensated absences payouts in the current year.
Decrease in Water Fund expenses of approximately $96,000 primarily due to a significantdecrease in litigation costs as the Village's environmental cost recovery lawsuits are close tobeing resolved and therefore less costs were incurred in the current year and a decrease insalaries for water pumpage. This was offset by a reallocation of certain employees fromother funds to perform special projects required by Nassau County, which resulted in anincrease in salaries and employee benefits costs.
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GOVE RN M ENT-WI D E Fl NANCIAL ANALYSIS (conti n ued )
Net Gost of ServicesGovernmental Activit¡esFor Years Ended May 31,2012 and 201 I
Total Costs of Services
INCORPORATED VILLAGE OF GARDEN CITYMANAGEMENT'S DISCUSSION AND ANALYSIS
May 31 ,2012
Program Revenues Net Cost of Services
2012 2011 201226,140
1,862,348963,618
554,137673,055
2011s 24,710
1,831,2921,019,457
530,470515,024
21.421.1873,726,897
7,78410,693,4167,718,865
298,881
20,374,3273,920,181
30,67610,411,4548,040,290
31 8,151
_q___!9É190_
2012 2011$ '11 ,546,382 $ 13,666,797General government support
Public safetyTransportationEconom¡c assistance and opportunityCulture and recreationHome and commun¡ty serviceslnterest on debt
PoolTennisWater
$ 11.572,52223,283,535
4,690,5157,784
11.247.5538,391,920
298,881s 59,492,710
22,205,6194,939,638
30,67610,941,9248,555,314
318,151
_$______a9@,929_
$ 13,691 ,507 $
s taA s 3.920.953 $ 55.413.412
The cost of the governmental activities this year was $59,492,710. The net cost of these servicesafter being subsidized by program revenues of 94,079,298 was $55,413,412.
Net Cost of ServicesBus¡ness-Type Activit¡esFor Years Ended May 31, 2012 and 2O'11
Total Costs of Services Prooram Revenues Net Cost of Services
2012 2011 2012 2011 2012 2011
$ 1,139,389451,771
6j96,727$ 7,787.887
$ 1,164,447458,895
6,292,376$ 7,91s,71 8
g 1,111,211 $ 1,092,315392,371 352,000
72,132I 06,895971,959
$ 1,150.9865,320,417
g 6.764,732
28,178s9,400
1,459,293
$ $
4,737,434$ 6.241 .016 $ 1,546.871
The cost of the business-type activit¡es this year was ç7,787,887. The net cost of these servicesafter being subsidized by program revenues of $6,241 ,016 was $1 ,546,871 .
FINANCIAL ANALYSIS OF THE VILLAGE'S FUNDS
Governmental Funds
The focus of the Village's governmental funds is to provide information on near-term inflows,outflows, and balances of spendable resources. Such information is useful in assessing the Village'sfinancing requirements. ln particular, spendable fund balance may serve as a useful measure of agovernment's net resources available for spending at the end of the year.
The Village has implemented Governmental Accounting Standards Board (GASB) Statement No.
54, Fund Balance Reporting and Government Fund Type Definitions. As a result of thisimplementation, the fund balance section of the balance sheets of the governmental funds has beenmodified. The change has been made in order for the Village's new fund balance components tofocus on "the extent to which the government is bound to honor constraints on the specific purposesfor which amounts in the fund can be spent". Previously, the fund balance section focused on
whether these resources were available for appropriation. lt also distinguished the unreserved fundbalance from the. reserved fund balance. ln order to show compliance with GASB Statement No. 54,
however, the components of the new fund balance include the following line items:
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INCORPORATED VILLAGE OF GARDEN CITYMANAGEMENT'S DISCUSSION AND ANALYSIS
May 31 ,2012
FINANCIAL ANALYSIS OF THE VILLAGE'S FUNDS (continued)
Nonspendable fund balance - $806,595 (inherently non spendable) includes the portion ofnet resources that cannot be spent because they are not in spendable form, cannot be
converted to cash in the current period or are legally or contractually required to remainintact.
Restricted fund balance - $16,751 (externally enforceable limitations on use) includeamounts subject to limitations imposed by creditors, grantors, contributors, or laws andregulations of other governments.
Assigned fund balance - $7,733,797 (limitation resulting from intended use) consists ofamounts where the intended specific purpose is established by the Village Board ofTrustees, but do not meet the criteria to be classified as restricted or committed.
Unassigned fund balance - $1,610,984 (residual net resources) is the remaining fundbalance in the General Fund in excess of nonspendable, restricted and assigned fundbalance.
The implementation of these new components is intended to increase clarity and help service theneed of the financial statement users. See Note 2.8 for more information.
At May 31 , 2012 the Village's governmental funds reported total ending fund balances of
$10,1 68,127 an increase of $1 ,382,269 in comparison with the prior year.
General Fund
The General Fund is the chief operating fund of the Village. At the end of the current year, the totalfund balance of the General Fund was $9,075,878, decreasing by $299,905 from the prior year. Ofthis amount, $806,595 is not in spendable form (inventory of material and supplies) and theremaining $8,269,283 is in spendable form as follows: $2,964,244 has be assigned by the VillageBoard for the subsequent year's budget, $435,221 has be assigned for purchase orders by theVillage Auditor, $3,235,200 has been assigned by the Village Board for future employee benefitpayments, $23,634 has been assigned for miscellaneous designations, and the remaining
$1,61 0,984 represents spendable, unassigned fund balance.
The key elements of the fund balance decrease of $299,905 are as follows:
. There was a planned fund balance reduction of $1,913,685, a result of an appropriation in
the current year's original budget.
. Revenues were higher than the final budget primarily due to federal aid received forassistance with the cleanup costs of Hurricane lrene in the amount of $312,649. Overall,actual revenues increased from prior year by $303,304 due to a minimal increase in the realproperty taxes assessed and the increase in federal grants.
. General government support expenditures were under the Village's final budget by
$1,4Q1,707, as there were less tax certiorari cases settled against the Village thananticipated and an overall reduction of spending. The actual general government supportexpenditures decreased by $849,981 as compared to prior year, a result of a decrease in
premiums paid to the lnternal Service Fund for risk management and less refunds of realproperty taxes (tax certioraris).
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INCORPORATED VILLAGE OF GARDEN CITYMANAGEMENT'S DISCUSSION AND ANALYSIS
May 31 ,2012
FINANCIAL ANALYSIS OF THE VILLAGE'S FUNDS (continued)
General Fund (continued)
o Actual public safety expenditures increased by $884,143 compared to prior year, a result ofincreased salaries and compensated absences pay outs during the year. Public safetyexpenditures were under the final budget by $350,993 due to an overall reduction ofspending in the police and fire departments.
. Actual transportation expenditures decreased by $424,348 compared to prior year, a result ofless costs for snow removal. The transportation expenditures were under the final budget by
$123,175 as the Village did not need to purchase material and supplies or incur costs for themaintenance of snow removal equipment as anticipated.
. Expenditures related to employee benefits increased by $1,090,072 compared to prior year,a result higher contributions to the New York State and Local Employees' Retirement Systemand the New York State and Local Police and Fire Retirement System and an increasehealth insurance costs as compared to the prior year. These costs were under final budgetby $239,428.
o Overall debt service expenditures were higher than prior year by $175,826 due to thepayments made on bonds issued in the prior years. These debt service expendituresexceeded the final budget by $Zt 3,914.
Gapital Projects Fund
At the end of the current year, the Capital Projects Fund had a total fund balance of $1 ,092,249, anincrease of $1,682,174from the prior year. Of this amount $16,751 was restricted to specific capitalproject expenditures and $1,075,498 is assigned for capital project purposes.
The fund balance increase in the Capital Projects Fund by of $1,682,174from the prior year is aresult of timing differences between project expenditures and the recognition of correspondingpermanent financing. The Village received bond proceeds in the amount of $3,875,000 in thecurrent year which was used to finance prior year and current year capital projects.
Proprietary Funds
The Village's proprietary fund statements provide the same type of information found in thegovernment-wide financial statements but in more detail.
As of May 31 , 2012, the Pool Fund's net deficit was $446,712. This net deficit was greater than theprior year in the amount of $1,666. The Tennis Fund's net assets at year end were $92,111, a
decrease of $55,055 from the prior year. The overall deficit of the Pool Fund and the decrease in theTennis net assets is primarily a result of recognizing depreciation and other postemployment benefitcosts (OPEB).
The Water Fund's net assets were $9,678,853 a decrease of $1,321,135 from the prior year. Asdiscussed in the analysis of government-wide financial statements, this is a result of less sales in thecurrent year due to weather conditions and the reallocation of salaries for special projects and therelated employee benefits costs, including OPEB costs.
The lnternal Service Fund's net deficit at May 31,2012 was $1,504,866, This net deficit was greaterthan prior year in the amount of $1 ,217,034. This is mainly a result of an increase in costs in thecurrent year related to workers' compensation liability as the Village is fully insured as of August 1,
2011 and decrease premiums received from the participating funds.
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INGORPORATED VILLAGE OF GARDEN CITYMANAGEMENT'S DISCUSSION AND ANALYSIS
May 31 ,2012
GENERAL FUND BUDGETARY HIGHLIGHTS
The Village appropriated expenditures in the original General Fund budget in excess of estimatedrevenues in the amount of 92,427,008, by designating unreserved fund balance from the prior yearand reappropriating prior year encumbrances in the amount of $513,323, Over the course of theyear the Board of Trustees revises the budget as needed so that expenditures do not exceedappropriations. ln the General Fund, various transfers between appropriations were approved forthis purpose. The final expenditure budget was increased by $612,825 from the original expenditurebudget. The majority of this increase was for public safety related salaries and compensatedabsence payment to retirees.
Please see the "General Fund" section for more details on the comparison of final budgets to actualexpenditures.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The Village's investment in capital assets, net of accumulated depreciation, for its governmental andbusiness-type activities as of May 31 , 2012, amounts to $53,482,691 and $19,853,431 , respectively.This investment in capital assets includes land, buildings, improvements, machinery and equipment,roads, curbs, sidewalks, drainage, sewer and water systems, and construction in progress.
During the fiscal year ended May 31 ,2012, the Village's major capital expenditures were as follows:
Pool improvementsParking areas- Central Business DistrictVillage Hall building extensionRoad repairsSidewalk repairs
Capital Assets at May 31,2012 and 2Q11(Net of Depreciation)
$ 2,089,5581,189,495
699,297336,000261,711
Governmental Activities2012 2011
Business-type Activities2012
LandConstruction in progressBuildingslmprovements other than buildingsMachinery and equipmentlnfrastructure:
Roads, curbs, and sidewalksDrainage and sewer systems
Total capital assetsLess: accum ulated depreciation
Total net capital assets
$ 16,603,615 $ 16,603,615 $
23,064,1566,848,542
18,072,889
37,582,55710,739,159
22,162,7497,018,109
17,809,214
35,370,98610,739,159
69,2122,25't,6708,246,138
15,163,09913,231,915
69,21257,670
8,246,13814,521,69913,045,332
$
112,910,91859,428.227
109,703,83255,326,813
38,962,03419 108 603
35,940,05117,715,340
$ 53,482,69'1 $ 54,377,019 $ 19,853,431 $ 18,224,711
The Village has five-year cap¡tal improvement plans for the General Fund. The five-year plans allowfor the continued improvements to infrastructure, buildings and equipment while remainingconsistent with the Village's debt service requirements. Annually, the Village Board of Trusteesreviews, updates, and amends the capital plan.
Additional information on the Village's capital assets can be found in Note 3.C to the financialstatements,
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INCORPORATED VILLAGE OF GARDEN CITYMANAGEMENT'S DISCUSSION AND ANALYSIS
May 31 ,2012
CAPITAL ASSET AND DEBT ADMINISTRATION (continued)
Debt Administration
At the end of the current year, the Village had total long-term bonded debt outstanding of$10,690,000 and $10,750,000 for its governmental and business-type activities, respectively. Theentire debt is backed by the full faith and credit of the Village. The Village also has $762,809outstanding in capital loans payable.
Outstanding Debt at May 31, 2012 and 20112012 2011
Governmental Activities:
Capital loans payableSpecial assessment bond payable
with governmental com mitmentGeneral obligation bonds payable, exclusive of premium
Total outstanding debt, governmental activities
$ 762,809 $ 938,011
1,370,000
11
1,130,0009,560,000
$ 11,452,80979 500
Busi ness-type Activities:
General obligation bonds payable, exclusive of premiumTotal outstanding debt, business-type activities
$ 10, 750.000$ 10,750,000
The above does not include premiums related to general obligation bonds in the amount of $72,569and $46,675 for the governmental activities and business-type activities, respectively, as of May 31,2012 and $14,500 and $15,697 respectively, as of May 31 , 2011 .
During the current fiscal year, the Village's debt, inclusive of bonded debt and capital loans,increased by $3,404,298 or 18.00%, which is a net change in the debt retired and new borrowings.
Moody's lnvestment Services maintained the Village's credit rating at "Aaa" during the year endedMay 31 ,2012.
Debt Limit
The Village has the power to contract indebtedness for any Village purpose so long as the principalamount thereof, subject to certain limited exceptions, shall not exceed 7.00o/o of the average fullvaluation of taxable real estate of the Village, and is subject to certain enumerated exclusions anddeductions such as water and certain sewer facilities and cash or appropriations for current debtservice.
The constitutional method for determining full valuation is calculated by taking the assessedvaluation of taxable real estate as shown upon the latest completed assessment roll and dividing thesame by the equalization rate as determined by the State Board of Equalization and Assessment.The State Legislature is required to prescribe the manner by which such ratio shall be determined.Average full valuation is determined by taking the sum of the full valuation of the last completedassessment roll and the four preceding assessment rolls and dividing such sum by five. Thepercentage of debt contracting power exhausted at May 31, 2012 was 2.72o/o.
Additional information on the Village's debt activity can be found in Note 3.D to the financialstatements.
$ 9,695,000$ 9,695,000
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INCORPORATED VILLAGE OF GARDEN CITYMANAGEMENT'S DISCUSSION AND ANALYSIS
May 31 ,2012
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET AND RATES
Propertv Tax
The Village has adopted a budget for the 2012-2013 fiscal year, which factors in inflation and otheradjustments to revenues and expenditures as well as prior year positive and negative fund balances.The 2012-2013 budget includes an overall increase in real property tax revenues of approximately
$478,443, which is the result of an increase in the tax rate of 1.71% from the prior year.
ln June 2011, New York State enacted Chapter 97, Laws of 2011 Real Property Tax Levy Cap andMandate Relief Provisions, which includes a 2.00o/o property tax cap for municipalities. For fiscalyears, beginning in 2012 and lasting through at least June 15, 2016, no local government isauthorized to increase its property tax levy by more than 2.00% or the rate of inflation (whichever isless). Local governments can exceed the tax levy limit by a 60.00% vote of the governing body and
annually adopting a local law. There are permitted exceptions and adjustments. The Village did not
exceed the 2o/o cap, inclusive of allowable exclusion in the 2012-2013 budget.
Tax Assessment Trends
Assessment reductions resulting from tax certiorari actions continue to erode the Village tax base.
This trend has shown signs of slowing and for the year ending May 31 ,2012, the Village anticipatesthat assessment refunds will not exceed the reduced budgeted allocation.
CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT
This financial report is designed to provide citizens, taxpayers, customers, investors, and creditorswith a general overview of the finances of the Village, and to demonstrate our accountability with themoney we receive. lf you have any questions about this report or need additional financialinformation, contact the lncorporated Village of Garden City, Business Office, Garden City, NewYork.
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BASIC FINANCIAL STATEMENTS
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INCORPORATED VILLAGE OF GARDEN CITY
GOVERNMENT-WI DE FINANCIAL STATEMENTSTATEMENT OF NET ASSETS
May 31,2012
Primary GovernmentGovernmental
ActivitiesBusiness-type
Activities TotalComponent
Unit
ASSETSCurrent Assets:
CashAccounts receivableDue from other governmentslnternal balancesTax sale certificateslnventory of material and supplies
Total Current AssetsNoncurrent Assets:
Non-depreciable capital assetsDepreciable capital assets,
net of depreciationTotal Noncurrent Assets
LIABILITIESGurrent Liabilities:
Accounts payable and
accrued liabilitiesDue to New York State retirement systemsUnearned revenuesNoncurrent liabilities due within one year:
Compensated absencesClaims and judgments payableTax certioraris payableCapital loans payable
Special assessment bond payablewith governmental commitment
General obligation bonds payableTotal Current Liabilities
Noncurrent Liabilities:Compensated absencesClaims and judgments payableOther postemployment benefits payableCapital loans payable
Special assessment bond payablewith governmental commitment
General obligation bonds payableTotal Noncurrent Liabilities
Total Liabilities
NET ASSETSlnvested in capital assets,
net of related debtUnrestricted
Total Net Assets
21,638,086 3,585,160 25,223,246
16,603,6'15
$ 19,407,244317,587642,978106,636357,046806,595
$ 2,792,663723,539
(106,636)
175,594
$ 22,199,9071,041J26
642,978-0-
357,046
301,123186386
$
982 189
301 695
2,320,882
17,532,549
18,924,497
54,411,62536,879,07653,482,691 19,853,431 73,336,122
TotalAssets 75,120,777 23,438,591 98,559,368
0
301,695
1,999,700741,068'150,558
385,3921,570,4522,903,000
175,771
240,0001 ,016,664
745,62055,1 89
595,657
16,088
995,041
2,749,320796,257746,215
401,4801,570,4522,903,000
175,771
240,0002,011,705
992953
7846
9,182,60s 2,411,595 11,594,200 125,945
7,322,4417,180,695
22,751,021587,038
890,0008,615,905
305,665
1,702,081
7,628,1067,180,695
24,453,102587,038
890,000
18,417,5399,801,63447 347 100 11,809,380 59,156,480 -0-
56 529,705 14,220,975 70,750,680 125,945
9,026,069191,547 175,750
$ 18,591,072 $ 9,217,616 $ 27,808,688 $ 175,750
41,851,325(23,260,253)
50,877,394(23,068,706)
See notes to the financial statements.
-31 -
INCORPORATED VILLAGE OF GARDEN CITY
GOVERNMENT-WI DE FINANCIAL STATEMENTSTATEMENT OF ACTIVITIES
YearEnded May31,2012
Program Revenues
Function/Program ExpensesCharges for
Services
OperatingGrants and
Contributions
CapitalGrants and
Contributions
PRIMARY GOVERNMENTGovernment Activities :
General government supportPublic safetyTransportationEconomic assistance and opportunityCulture and recreationHome and community serviceslnterest on debt
Total Governmental Activities
Business-type Activities :
PoolTennisWater
Total Business-type Activities
Total Primary Government
COMPONENT UNITGarden City Public Library
Total Component Unit
'10,000
3,086,466 424,011 568 821
1 ,1 39,389451,771
6,196,7277,787,887 0 0
$ 67,280,597 $ 9,327,482 $ 424,011 $ 568,821
$ 3,282,082 ç 74,864 $ 5,258
$ 3,282,082 $ 74,864 $ 5,258 $ 0
GENERAL REVENUES:
Real property taxesOther real property tax itemsNon-property tax items
Earnings on investmentsGrants and contributions not
restricted to specific programs
Legal settlementOther
Total General Revenues
Change in Net Assets
Net Assets at Beginning of Year
Net Assets at End of Year
See notes to the financial statements
$ t I ,572,52223,283,535
4,690,5'157,784
11,247,5538,391,920
298,881
59,492,710
26,140'1,858,976
404,797
550,364246,189
$ 3,372
3,773416,866
$ 558,821
$
1,111,211
392,3714,737,4346,241,016
32-
Net lExoenses) Revenues and Chanoe tn Net Assets
Primary GovernmentGovernmental
ActivitiesBusiness-type
Activities TotalComponent
Unit
$ (11,546,382)(21,421,187)
(3,726,897)(7,784)
(10,6e3,416)(7,718,865)
(2e8,881)
$ (11,546,382)(21,421,187)
(3,726,897\(7,784)
(10,6e3,416)(7,718,865)
(298,881)
(55,413,412) $ -0- (55,413,412)
(28,178)(5e,400)
(1,459,293)
-0- (1,546,871)(55,413,412) (1,546,871) (56,960,283)
44,593,160718,361995,737127,090
752,983
43,432
22,279
44,593,160718,361
995,737170,522
752,98322,279
419,625
$ (3,201 ,960)(3,201 ,960)
3,617
3,050,000
24,665419,625
47,606,956 65,711 47,672,667 3,078,282
(7,806,456)
26,397,528
(1 ,481 ,160)
10 698 776
(e,287,616)
37,096,304
(123,678)
$ 18,59'r ,072 $ S,Z
299 428
17,616 $ 27,808,688 $ 175,750
See notes to the financial statements.
-33-
INCORPORATED VILLAGE OF GARDEN CITY
BALANCE SHEETGOVERNMENTAL FUNDS
May 31 ,2012
Maior Funds
ASSETSCashAccounts receivableDue from other governmentsTax sale certificateslnventory of materials and supplies
LIABILITIES AND FUND BALANCESLiabilities
Accounts payable and accrued liabilitiesTax certioraris payableDue to New York State retirement systemsDue to other fundsDeferred revenuesAdvances from other funds
Fund Balances
Nonspendable
Restricted
Assigned
Unassigned
Total Fund Balances
Total Liabilities and Fund Balances
TotalAssets $ 13,175,800 $ t,214,988 $ 14,390,788
$ 1,842,631903,000741,068
34,511507,604
$ 122,739 $ 1,965,370903,000741,068
34,511507,604
71 108 71 108
Total Liabilities 4,099,922 122 739 4.222,661
General CapitalProjects Totals
$ 1 1,051,594317,587642,978357,046806,595
$ 1 ,214,988 $ 12,266,582317,587642,978357,046806,595
806,s95
6,658,299
1,610,984
16,751
1,O75,498
806,595
16,751
7,733,797
1 ,610,984
9,075,878
$ 13,175,800
1,092,249 10,168,127
$ r,214,988 $ 14,390,788
See notes to the financial statements
-34 -
INCORPORATED VILLAGE OF GARDEN CITY
' RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET ASSETS
May 31 ,2012
TOTAL FUND BALANCES. GOVERNMENTAL FUNDS $ 10,168,127
Amounts reported for governmental activities in the Statement of Net Assets
are different because:
Capital assets less accumulated depreciation are included in the
Statement of Net Assets:
Capital assets - non-depreciableCapital assets - depreciable
Accumulated depreciation
Compensated absencesClaims and judgments payable
Tax certioraris payable
Other postemployment benefits payable
Capital loans payable
Special assessment bond payable with governmental commitment
General obligation bonds payable, inclusive of premium
lnterest payable applicable to the Village's governmental activities is not
due and payable in the current period and accordingly is not reported in the
funds. However, these liabilities are included in the Statement of Net
Assets
Other assets and liabilities not reported in the governmental funds
NET ASSETS OF GOVERNMENTAL ACTIVITIES
See notes to the financial statements.
lnternal Service Fund is used to account for the Village's risk retention and the
charges to individual funds. Total assets of the lnternal Service Fund inclusive of an internal
receivable (a result of the net deficit), due from the business-type activities, reported on
the Statement of Net Assets:
Long-term liabilities applicable to the Village's governmental activities
are not due and payable in the current period and accordingly are
not reported in the funds. However, these liabilities are included in the
Statement of Net Assets:
$ 16,603,61596,307,303
(59,428,227)
(7,707,833)(8,751,147)(2,000,000)
(22,751,021)(762,809)
(1,130,000)(9,632,569)
53,482,691
7,352,917
(52,735,379)
(34,32e)
357 045
$ 18,591 ,o72
-35-
INCORPORATED VILLAGE OF GARDEN CITYSTATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDSYear Ended May 31,2012
General Capital Projects
Total
GovernmentalFunds
REVENUESReal property taxes and tax itemsOther real property tax itemsNon-property tax itemsDepartmental incomeI ntergovernmental chargesUse of money and propertyLicenses and permitsFines and forfeituresSpecial assessmentsSale of property and compensation for lossMiscellaneous local sourcesState and local aidFederalaid
Total Revenues
EXPENDITURESCurrent:
General government supportPublic safetyTransportationEconomic assistance and opportunityCulture and recreationHome and community servicesEmployee benefits
CapitaloutlayDebt service:
Principallnterest
Total Expenditures
Excess (Deficiency) of RevenuesOver (Under) Expenditures
oTHER FTNANCTNG SOURCES (USES)
Principal amount of bond issuancePremium on bondsTransfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances (Deficit)
at Beginning of Year
$ 44,566,731718,361995,736
1,640,42117,685
219,986127,083
1,131,920239,733337,639
90,3291,229,134
312,649
44,566,731718,361995,736
1,640,42117,685
219,986127,083
1,131,920239,733337,639
90,3291,229,134
312,649
$
51,627,407 51,627,407
8,703,94914,263,5612,369,624
7,7847,385,3715,525,517
10,775,501
1,525,702283,018
$ 3,340,798
8,703,94914,263,5612,369.624
7,7847,385,371
5,525,51710,775,501
3,340,798
1,525,702283,018
50,840,027 3,340,798 54¡80,825
787,380 (3,340,798) (2,553,418)
60,6871,271
(1,149,243)
3,875,000
1,149,243(1,271)
3,875,00060,687
1,150,514(1,150,514)
(1,087,285) 5,022,972
1,682,174
3,935,687
(299,905) 1,382,269
9,375,783 (589,925) 8,785,858
Fund Balances at End ofYear $ 9,075,878 $ t,092,249 $ 10,168,127
See notes to the financial statements.
-36-
INCORPORATED VILLAGE OF GARDEN CITY
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIESYear Ended May 31,2012
NET CHANGE IN FUND BALANCES
Governmental funds report capital outlays as expenditures. However, in
the Statement of Activities the cost of those assets is allocated over theirestimated useful lives and reported as depreciation expense. The amount
by which depreciation exceeds capital outlay in the current period is:
CapitaloutlayDepreciation expenseLoss on dispositions
Revenues in the Statement of Activities that do not provide current financial
resources are not reported as revenues in the funds.
The issuance of long-term debt provides current flnancial
resources to governmental funds, while the repayment ofthe principal of long-term debt consumes the current financial
resources of governmental funds. Neither transaction has any
effect on net assets.
Compensated absencesTax certioraris payable
Other postemployment benefìts payable
Repayment of capital loansBonds issuedPremium on bonds issuedRepayment of special assessment bond with governmental commitment
Repayment of bond principal
Amortization of bond premiums
Accrued interest costs
The lnternal Service Fund is used by management to charge the costs
of insurance activities to the individual funds. The net loss of the lnternal
Service Fund is reported with governmental activities.
Claims and judgments payable
Workers' compensation premium and other lnternal
Service Fund changes in activity
CHANGE IN NET ASSETS OF GOVERNMENTAL ACTIVITIES
See notes to the financial statements
-37 -
$ 3,431,320(4,312,O14)
(13,634)
$ 1,382,269
(8e4,328)
26,429
(7,210,427)
(1 ,1 10,3ee)
78,011
800,000(5,665,208)
175,202
(3,875,000)(60,687)
240,000'1,110,500
2,618(15,863)
(341,713)
(768,686)
$ (7,806,4s6)
INCORPORATED VILLAGE OF GARDEN CITYSTATEMENT OF NET ASSETS
PROPRIETARY FUNDSMay 31,2O12
BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS
Pool Tennis WaterTotal
Enterprise Fundslnternal
Service Fund
ASSETSCurrent Assets:
CashAccounts receivableDue from other fundslnventory of materials
and supplies
Total Current Assets
Noncurrent Assets:Advances to other fundsNon-depreciable
capital assetsDepreciable capital assets,
net of depreciation
Total Noncurrent AssetsTotal Assets
LIABILITIESCurrent Liabilities:
Accounts payableand accrued liabilities
Collections in advance-membership fees
Due to New York Stateretirement systems
Compensated absencesGeneral obligation
bonds payableClaims and
judgments payable
Total Current Liabilities
Noncurrent Liabilities:Compensated absencesOther postemployment
benefits payableGeneral obligation
bonds payableClaims and
judgments payable
Total Noncurrent Liabilities
Total Liabilities
NET ASSETS (DEFTCTT)
lnvestment in capitalassets, net of related debt
UnrestrictedTotal Net Assets (Deficit)
$ 786,049 $
2,155301,374 $
2201,705,24Q $
721J642,792,663 $
723,5397140,662
34,511
175,594 175,594
788,204 301,594 2,601,998 3,691,796 7,175,173
71,108
2,089,558
357,453 216 055
231,324
16,959,04'1
2,320,882
17,532,549
2,447,0113,235,215
216,055 17,190,365 19,853,431 71 108
517 649 19,792,363 23,545,227 7,246,281
466,376
512,183
3,693980
79,251
15,072
83,474
3,154600
48,000
268,172
48,34214,508
867,790
749,620
595,657
55,18916,088
995,041
1.487,127
1,062,483 150 300 1198,812 2,411,595 1,487,127
18,616
117,311
2,483,517
11,391
65,847
198,000
275,658
1,518,923
7,120,117
305,665
1,702,081
9,801,634
7,264,020
2,619,4443,681,927
275.238 I,914,698 11,809,380 7,264,020
425,538 '10,113,510 14,220,975 8 751 147
(70,315)(376,397)
(2e,e45)
122.056
9,126,329552,524
9,026,069
298,183 (1,504,866)
s ø46,712\ g 92.111 $ 9,678,853 $ 9,324,252 $ (1,504,866)
Adjustment to report the internal balance for the net effect of the activity
between the internal service fund and the enterprise funds
Net Assets of business-type activities
See notes to the financial statements
-38-
$ (106,636)
$ 9,217,616
INCORPORATED VILLAGE OF GARDEN CITY
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS
PROPRIETARY FUNDSYear Ended May 31,2012
BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS
Pool Tennis WaterTotal
Enterprise Fundslnternal
Service Fund
OPERATING REVENUESGharges for services:Water salesPublic fire protectionWater services for other
governmentslntergovernmental salesMembership and guest feesOther operating revenuesPremiums Charged for
Risk Retention:General fundEnterprise fundsComponent unit- Garden City
Public Library
Total Operating Revenues
OPERATING EXPENSES
PumpingTransmission and distributionPurificationOther operating expensesAdministrative and generalDepreciationExcess insuranceClaims and judgmentsWorkers' compensation
Total Operating Expenses
lncome (Loss) from Operations
1,111,211 392.371 4,737,434 6,241,016 3,351 ,145
$ 1 ,012,097 $99,114
$ 3,933,145 $545,1 99
152,48284,627
21,981
3,933,145545,199
152,48284,627
1,403,701121,862 $
391,604767 21,293
2,557,096235,956
136,800
784,155177,854117,383
293,45870,39570,954
1,114,607954,820279,533964,679
1,332,0891,204,926
1,114,607954,820279,533
2,042,2921,580,3381,393,263
16,800
1,257,254732,680
2
1,079,392 434.807 5,850,654 7,364,853 4,590,318
31 ,819 (42,436 (1,113,220) (1,123,837) (1,239,173)
NON-OPERATING REVENUES (EXPENSES)lnterest on investmentsLegal settlementlnterest on debt
2,876
(33,029)
776 39,78022,279
43,432
22,279
(106,636)
$ (1,481,160)
22,139
Total Non-OperatingRevenues (Expenses)
Changes in Net Assets
Total Net Assets (Deficit)at Beginning of Year
Total Net Assets (Deficit)
Adjustment for the net effect of the current year activitybetween the internal service fund and enterprise funds
Changes in Net Assets of business-type activities
See notes to the financial statements.
(13,395) (269,974) (316,398)
(30,1 53) (12,619) (207,915) (250,687) 22,139
1,666 (55,055) (1,321,135) (1,374,524) (1,217,034)
(448,378) 147j66 10,999,988 (287,832)
at End of Year g (446,712\ $ 92,111 $ 9,678,853
-39-
$ (1,504,866)
INCORPORATED VILLAGE OF GARDEN CITY
STATEMENT OF CASH FLOWSPROPRIETARY FUNDS
Year Ended May 31,2012
BUSINESS.TYPE ACTIVITIES - ENTERPRISE FUNDSTotal Enterprise
Fundslnternal
Pool
CASH FLOWS FROM OPERATING ACTIV¡TIESRevenue Collected:
Water salesPublic fire protectionWater services for other governmentsI ntergovernmental salesMembership and guest fees $ 1,075,287Other receipts 99,1 14
Cash for interfund services providedPayments for Expenses:
Payments to suppliers (241,413)Compensation and related expenses (599,727)Cash paid for internal services provided (59,672\
T Water Fund
$
$ 3,981,s5754s,199152,482
84,627
$ 3,e81,557545,199152,48284,627
1,478,247121,862 $
402,960767
(104,847)(221,70e)
(7,898)
21,981
(1,728,093) (2,074,353)(2,441,439) (3,262,875)
(168,386) (235,956)
21,2933,329,852
(4,248,605)
Net Cash Provided (Used)by Operating Activities 273 589 69,273 447.928 790,790 (897,460)
CASH FLOWS FROM NONCAPITAL AND RELATED FINANCING ACTIVITIES
Proceeds from legal settlementDue to other funds (1 ,719) (2,500)
Advances to other funds
Net Cash Provided (Used) by Noncapitaland Related Financing Activities (1,719) (2,500) 3,999
22,279(18,280)
22,279(22,499) (16,500)
33,835
(220\ 17,335
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Purchases of capital assets (1 ,680,916)Proceeds from capital debt 2,135,000Premium from capital debt 33,768Principal paid on capital debt (77,000) (48,000)
lnterest paid on capital debt (33,02e) (13,395) (269,974) (316,398)
(61,3e5) (2,081,270\ (1,764,842\
(856,296)
(955,000)
(2,537,212)2,135,000
33,768(1,080,000)
Net Cash Provided (Used) by Capitaland Related Financing Activities
CASH FLOWS FROM INVESTING ACTIV¡TIES
lnterest and earnings received
Net Cash Providedby lnvesting Activities
Net Change in Cash
Cash at Beginning of Year
377 823 0
2,876 776 36_990 40,642 22 139
2,876 776
6,154
295,220
990 40,64236 22.139
652,s69 ('t,592,353) (933,630) (8s7,986)
7,998,6481 33.480 3,297,593 3,726,293
$ 786,049 $ 301.374 $2, 140.662
See notes to the financial statements
Cash at End of Year
-40-
$ 1,705,240 g 2,792ß63
(continued)
INCORPORATED V¡LLAGE OF GARDEN CITYSTATEMENT OF CASH FLOWS
PROPRIETARY FUNDSYear Ended May 31,20'12
BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS
Pool Tennis
(continued)
RECONC|LIATTON OF THE TNCOME (LOSS) FROM OPERATTONS TO NET CASHPROVIDED BY OPERATING ACTIVITIES:
WaterTotal Enterprise
Funds
$ 31,81e $ (42,436) $ (1,113,220) $ (1,123,837) $ (1,23e,173)
lnternalSeruice Fund
lncome (Loss) from OperationsAdjustments to reconcile operating
income to net cash providedby operating activities:
Accounts receivablelnventoryDepreciation expenseAccounts payable
and accrued liabilitiesDue to New York State
retirement systemDue to other fundsCompensated absencesOther postemployment
benefits payableCollections in advanceClaims and judgments payable
(1 50)
117,383
29,942
1,063
1,066
29,12663,340
177
70,954
7,885
342
717
20,45511,179
48,412(40,758)
1,204,926
(10e,884)
14,445
18,303
425,704
48,439(40,7s8)
1,393,263
(72,057)
15,850
20,086
475,28574,519
341 713
$ 273,589 $ 69,273 $ qqt,gZe $ 790,790 $ (897,460)
NON GASH INVESTING, CAPITAL AND FINANCING AGTIVITIES:
Amortization of bond premiumsAccounts payable and accrued
liabilities related to capital assets $ 315,213
Net Cash Provided (Used)by Operating Activities
Total Non Cash lnvesting,Capital and Financing Activities: $ 315,213 $ -0- $ 78,919 $
$ 2,790 $
76,129
2,790
391,342
394,132 $ 0
See notes to the financial statements
-41 -
INCORPORATED VILLAGE OF GARDEN CITY
STATEMENT OF ASSETS AND LIABILITIESFIDUCIARY FUND
May 31,2012
ASSETSCashDue from others
LIABILITIESBuilding fees and other dePositsJustice court fundOther agency liabilities
AgencyFund
$ 2,792,673102,885
TotalAssets $ 2,895.558
$ 2,202,955141,140551.463
Total Liabilities $ Z
See notes to the financial statements.
-42-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The lncorporated Village of Garden City (the "Village") was established in 1919 and is governed byVillage Law and other general laws of the State of New York and various local laws. The Board ofTrustees, which is the legislative body responsible for the overall operation of the Village, consistsof the Mayor and seven trustees elected for two-year terms. The Mayor serves as the ChiefExecutive Officer. The Mayor and the Board of Trustees appoint the Village Administrator whoserves as the Chief Fiscal Officer of the Village. The Mayor, with ratification by the Board ofTrustees, annually appoints the principal department heads.
The Village provides a full range of municipal services including police, fire, sewer, water,sanitation, street maintenance, building, zoning, parks, recreation, library and general andadministrative services.
The financial statements of the Village have been prepared in conformity with accounting principlesgenerally accepted in the United States of America (GAAP) as applied to governmental units. TheGovernmental Accounting Standards Board (GASB) is the accepted standard setting body forestabl ishing governmental accounting and financial reporti ng pri nciples.
The more significant of the government's accounting policies are described below.
A. REPORTING ENTITY
The financial repofting entity consists of: (a) the primary government, which is the Village; and(b) organizations for which the primary government is financially accountable. The decision toinclude a potential component unit in the Village's reporting entity is based on several criteriasetforth in GASB Statement No. 14, "The Financial Repoñing Entity", as amended by GASBStatement No. 39, including legal standing, dependency and financial accountability.
Based on the application of these criteria, the following is a summary of the entity that isaccounted for as a discretely presented component unit in the Village's basic financialstatements:
The Garden City Public Library (the "Library") was established by the Village for the benefit ofits residents and granted a charter by the State Board of Regents as provided in Article 5 of theEducation Law. The Village appoints Library trustees; raises taxes and finances the Library'soperations through the transfer of funds to the Library; has title to real property used by theLibrary; and issues all Library indebtedness which is supported by the full faith and credit of theVillage.
Complete financial statements of the Garden City Public Library can be obtained by contacting
Garden City Public Library60 7th Street,
Garden City, NY 11530
B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
The Village's basic financial statements include both government-wide (reporting the Villageas a whole) and fund financial statements (reporting the Village's major funds).
-43-
¡NCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (continued)
Government-wide Financial Statements
The government-wide financial statements (i.e., the Statement of Net Assets and theStatement of Activities) report information on all of the non-fiduciary activities of the Village as awhole with separate columns for the primary governmental activities and business-typeactivities as well as the discretely presented component unit. For the most part, the effect ofinterfund activity has been eliminated from the government-wide financial statements, exceptfor interfund services provided and used. Governmental activities, which normally aresupported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely, to a significant extent, on fees and charges for support.
The government-wide Statement of Activities demonstrates the degree to which the directexpenses of a given function are offset by program revenue. Direct expenses are those thatare clearly identifiable with a specific function. Program revenues include: 1) charges tocustomers or applicants who purchase, use, or directly benefit from goods, services, orprivileges provided by a given function, 2) grants and contributions that are restricted tomeeting the operation or capital requirements of a particular function, and 3) interest earned ongrants or capital projects that is required to be used to support a particular program or project.
Taxes and other items not properly included among program revenues are reported as generalrevenues. The Village does not allocate indirect expenses to specific functions in theStatement of Activities.
Separate financial statements are provided for governmental funds, proprietary funds andfiduciary funds, even though the fiduciary funds are excluded from the government-widefinancial statements. Major individual governmental funds are reported as separate columns in
the fund financial statements.
Fund Financial Statements
The accounts of the Village are organized on the basis of funds, each of which is considered a
separate accounting entity. The operations of each fund are accounted for with a separate setof self-balancing accounts that comprise its assets, liabilities, fund balances, revenues, andexpenditures, which are segregated for the purpose of carrying on specific activities orattaining certain objectives in accordance with special regulations, restrictions or limitations.The various funds are presented by type in the fund financial statements. The focus of thegovernmental funds financial statements is on the major funds. Accordingly, the Villagemaintains the following fund types:
Governmental Funds - Governmental funds are those through which most governmentalfunctions are financed. The acquisition, use and balances of expendable financial resourcesand the related liabilities are accounted for through governmental funds. The measurementfocus of the governmental funds is upon determination of financial position and changes infinancial position. The Village reports the following major governmental funds:
General Fund - is the principal operating fund of the Village. This fund is used to accountfor all financial resources except those required to be accounted for in other funds.
Caoital Proiects Fund - is used to account for and report financial resources that arerestricted, committed, or assigned to expenditure for capital outlays, including theacquisition or construction of capital facilities and other capital assets other than thosefinanced by proprietary funds.
+4-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (continued)
Fund Financial Statements (continued)
Proprietary Funds - Proprietary funds are used to account for ongoing activities which aresimilar to those often found in the private sector. Proprietary fund financial statementsinclude a Statement of Net Assets, a Statement of Revenues, Expenses, and Changes inFund Net Assets, and a Statement of Cash Flows for each major proprietary fund. TheVillage presents all proprietary funds as major funds because the Village believes thefinancial position and activities of these funds are significant to the Village as a whole.
Proprietary funds are accounted for using the "economic resources" measurement focus andthe accrual basis of accounting. Accordingly, all assets and liabilities (whether current ornoncurrent) are included on the Statement of Net Assets. The Statement of Revenues,Expenses, and Changes in Fund Net Assets presents increases (revenues) and decreases(expenses) in total net assets.
The Village reports the following major proprietary funds
Enterprise Funds - used to account for the following operations
Water Fund - used to account for operations related to water billings.
Pool Fund - used to account for operations at the Village's swimming pool
Tennis Fund - used to account for operations at the Village's tennis bubble.
The Village applies to its enterprise funds all applicable GASB pronouncements and onlyFinancial Accounting Standards Board (FASB) Statements and lnterpretations, issued on orbefore November 30, 1989, that do not conflict with GASB pronouncements.
lnternal Service Fund - used to account for special activities or services provided by onedepartment to the other departments or to other governments on a cost-reimbursement basis.
lnternal service funds of a government (which traditionally provide services primarily to otherfunds of the government) are presented, in summary form, as part of the proprietary fundfinancial statements. Since the principal users of the internal services are the Village'sgovernmental activities, financial statements of internal service funds are consolidated intothe governmental column when presented at the government-wide level. The costs of theseservices are allocated to the appropriate functional activity (general government support,public safety, health, transportation, economic assistance and opportunity, culture andrecreation, home and community services, etc.). When significant, surplus or deficits in thelnternal Service Fund may be allocated back to customers at the government-wide levelStatement of Activities. This creates a reconciling item between the business-type activitiescolumn and the proprietary fund statements.
The lnternal Service Fund includes the following fund:
Risk Retention Fund - used to account for transactions and reserves set aside by theVillage to provide for risk management programs.
-45-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (continued)
Fund Financial Statements (continued)
Fiduciary Funds - Fiduciary funds are used to account for assets held by the Village in atrustee or custodial capacity.
The Village has reported the following fiduciary fund:
Aqencv Fund - used to account for money received and held in the capacity of trustee,custodian or agent. The Village uses this fund to account for Justice Court monies held andvarious deposits such as building fees and tax redemptions.
The Village's Agency fund is presented in the fund financial statements. Since, by definition,these assets are being held for the benefit of a third party and cannot be used to addressactivities or obligations of the government, these funds are not incorporated into thegovern ment-wide statements.
C. MEASUREMENT FOGUS, BASIS OF AGCOUNTING, AND FINANCIAL STATEMENTPRESENTATION
The accounting and financial reporting treatment is determined by the applicable measurementfocus and basis of accounting. Measurement focus refers to what is being measured whereasthe basis of accounting refers to when revenues and expenditures are recognized in theaccounts and reported in the financial statements. Basis of accounting relates to the timing ofthe measurement made, regardless of the measurement focus applied.
The government-wide financial statements are reported using the economic resourcesmeasurement focus and the accrual basis of accounting, as are the proprietary fund financialstatements. Revenues are recognized when earned and expenses are recognized when aliability is incurred, regardless of the timing of related cash flows. Property taxes are recognizedas revenues in the year for which they are levied. Grants and similar items are recognized asrevenue as soon as all eligibility requirements imposed by the provider have been met.
Private-sector standards of accounting and financial reporting issued prior to December 1,
1989, are followed in both the government-wide and proprietary fund financial statements tothe extent that those standards do not conflict with or contradict guidance of the GovernmentalAccounting Standards Board. Governments also have the option of following subsequentprivate-sector guidance for their business-type activities and enterprise funds, subject to thissame limitation. The Village has elected not to follow subsequent private-sector guidance.
Governmental fund financial statements are reported using the current financial resourcesmeasurement focus and the modified accrual basis of accounting. Revenues are recognizedas soon as they are both measurable and available. Revenues are considered available whenthey are collectible within the current period or soon enough thereafter to pay liabilities of thecurrent period. For this purpose, the Village generally considers revenues to be available ifthey are collected within sixty (60) days of the end of the current period. Expendituresgenerally are recorded when a liability is incurred, as under accrual accounting. However, debtservice expenditures, as well as expenditures related to compensated absences, taxcertioraris, pollution remediation obligations, capital loans, and other postemployment benefitsare recorded when payment is due.
-46-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENTPRESENTATION (continued)
Revenues susceptible to accrual are mortgage tax, franchise fees, charges for services, stateand federal aid, intergovernmental revenue and operating transfers. Permit fees and othersimilar revenues are not susceptible to accrual because they are not measurable until receivedin cash. ln those instances where expenditures are the prime factor in determining eligibility forstate and federal grants, revenues are recognized when the expenditure is incurred,
Proprietary funds distinguish between operating revenues and expenses from non-operatingitems. Operating revenues and expenses generally result from providing goods and services inconnection with the fund's ongoing operations. The principal operating revenues of theVillage's propriety funds are charges to customers for water sales, membership and guest feesto the pool and tennis facilities, and premiums for the risk management program. Operatingexpenses include costs of sales and services, administrative expenses and depreciation oncapital assets. All revenue and expenses not meeting this definition are reported as non-operating revenues and expenses.
Because governmental fund statements are presented using a measurement focus and basisof accounting different from that used in the government-wide statements' governmentalcolumn, a reconciliation is presented that briefly explains the adjustments necessary toreconcile ending net assets and the change in net assets.
Transactions between the primary government and its discretely presented component unit arereported as external transactions and therefore are reported as revenues and expenditures onthe Statement of Revenues, Expenditures, and Changes in Fund Balances for governmentalfunds.
When both restricted and unrestricted resources are available for use, it is the government'spolicy to use restricted resources first, then unrestricted resources as they are needed,
D. ASSETS, LIABILITIES AND NET ASSETS OR EQUITY
1. CASH AND CASH EQUIVALENTS
Cash consists of funds deposited in demand accounts and time deposit accounts. Forpurposes of the Statement of Cash Flows, the Village considers all highly liquidinvestments with a maturity when purchased of three months or less to be cashequivalents. At May 31, 2012, the Village did not have any cash equivalents. TheStatement of Cash Flows presented uses the direct method of reporting cash flows.
State statutes govern the Village's investment policies. The Village has its own writteninvestment policy stating that Village money must be deposited in FDIC-insuredcommercial banks or trust companies located within the State. The Village is authorized touse demand accounts and certificates of deposit. Permissible investments includeobligations of the U.S. Treasury and U.S. agencies, repurchase agreements, andobligations of the New York State or its localities. All demand accounts and time depositsaccounts are carried at cost. The Village had no investments as of May 31 ,2012.
-47-
1
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
D. ASSETS, LIABILITIES AND NET ASSETS OR EQUITY (continued)
1. CASH AND CASH EQUIVALENTS (continued)
Collateral is required for demand deposits and time deposits accounts al 102% of alldeposits not covered by federal deposit insurance. The Village's investment policydefines acceptable forms of collateral as: Obligations that may be pledged as collateralinclude obligations of the United States and its agencies and obligations of the State andits municipalities and school districts.
2. RECEIVABLES AND PAYABLES
Receivables relating to governmental activities primarily include amounts due from othergovernments related to various grant agreements as well as amounts due from individualsand entities for services provided by the Village. ln addition, the Village's receivablesinclude the amount of Village owned tax certificates, including interest and fees. Acorresponding deferred revenue is reported in the governmental fund statement.
Receivables relating to business-type activities primarily consist of amounts due fromresidents and other entities for services rendered. Receivables are recorded and revenuesrecognized as earned or as specific program expenditures are incurred.
lnterfund transactions, exclusive of interfund services provided and used, have beeneliminated from the government-wide financial statements. ln the funds statements,interfund transactions include:
a) lnterfund Revenues
lnterfund revenues and interfund services provided and used, in the General Fundrepresent amounts charged for services or facilities provided by the General Fund.The amounts paid by the fund receiving the benefits of the service or facilities arereflected as an expenditure of that fund,
b) Transfers
Transfers represent payments between the General Fund and Capital Projects Fundfor residual equity transfers to close out completed capital projects as well astransfers to fund certain capital projects.
lnternal balances reported in the government-wide Statement of Net Assets,represent the portion of the net deficit in the lnternal Service Fund that was allocatedto the business-type activities in the current year.
3. INVENTORIES
lnventories in the General Fund and Water Fund, consisting of expendable supplies andspare parts held for consumption, are valued at average cost. These inventories areaccounted for on the consumption method and recorded as an expenditure at the time ofusage. ln the General Fund, amounts reported as inventory are equally offset bynonspendable fund balance amounts, indicating that they do not constitute "availablespendable resources" even though they are a component of net current assets.
-48-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
D. ASSETS, LIABILITIES AND NET ASSETS OR EQUITY (continued)
4. CAPITAL ASSETS
Capital assets, which include property, plant, equipment and infrastructure assets, arereported in applicable governmental or business-type activities columns in the government-wide financial statements and in the fund financial statements for proprietary funds. Capitalassets purchased or acquired with an original cost of $500 or more and have a useful lifegreater than a year, are reported at historical cost or estimated historical cost. Contributedcapital assets are recorded at fair market value as of the date of the donation to the Village.
Costs incurred for repairs and maintenance are expensed as incurred. Renewals andbetterments are capitalized. lnterest has not been capitalized during the construction period
on property, plant or equipment.
lnfrastructure assets consisting of water mains are capitalized in the Water Fund.lnfrastructure assets for governmental activities acquired after December 31, 1980,consisting of certain improvements other than buildings including roads, curbs, sidewalks,drainage systems and sewer systems are capitalized along with other capital assets.
Depreciation on all assets is provided on the straight-line basis over the followingestimated useful lives:
Buildingslmprovements other than buildingsMachinery and equipmentI nfrastructure systems :
Roads, curbs and sidewalksDrainage systemsSewer systemsWater mains
20 - 50 years10 - 30 years3 - 25 years
20 years20 years50 years
100 years
ln the fund financial statements, capital assets are recorded as capital outlay expendituresin the governmentalfund upon acquisition.
5. DEFERRED REVENUE/UNEARNED REVENUE
Deferred revenues/unearned revenues are those where asset recognition criteria have beenmet, but which revenue recognition criteria have not been met. Such amounts includecollections in advance, unearned income and amounts that have been deemed to be"measurable" but not "available" to finance current expenses. Accordingly, the amountshave been recorded as deferred revenue in the fund statements and unearned revenue in
the government-wide statements.
6. LONG.TERMOBLIGATIONS
ln the government-wide financial statements and in the proprietary fund types of the fundfinancial statements, liabilities for long-term obligations consisting of compensatedabsences, claims and judgments payable, tax certioraris payable, other postemploymentbenefits payable, the capital loan payable, the special assessment bond payable andgeneral obligation bonds payable are reported as liabilities in the applicable governmentalactivities, business-type activities, or proprietary fund type Statement of Net Assets.
-49-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
D. ASSETS, LIABILITIES AND NET ASSETS OR EQUITY (continued)
6. LONG-TERM OBLIGATIONS (continued)
Bond premiums and discounts, as well as issuance costs, are deferred and amortized overthe life of the bonds on a straight-line basis. Bonds payable are reported net of applicablebond premium or discount. Bond issuance costs are reported as deferred charges andamortized over the term of the related debt.
ln the fund financial statements, governmental funds recognize bond premiums anddiscounts, as well as bond issuance costs, during the current period, in the fund servicingthe debt. The face amount of the debt issued is reported as other financing sources.Premiums received on debt issuances are reported as other financing sources whilediscounts on debt issuances are reported as other financing uses. lssuance costs, whetheror not withheld from actual debt proceeds received, are reported as debt serviceexpenditures.
Bond issuance costs that are immaterial are charged as an operating expense. Premiumsthat are immaterialwill not be amortized.
7. NET ASSETS AND FUND EQUITY CLASSIFICATIONS
ln the government-wide and proprietary fund financial statements equity is classified as netassets and displayed in three components:
a) lnvested in capital assets, net of related debt - consists of capital assets includingrestricted capital assets, net of accumulated depreciation and reduced by theoutstanding balances of any bonds, notes, or other borrowings that are attributable tothe acquisition, construction, or improvement of those assets. Accounts payable thatare related to capital projects are used in the calculation of invested in capital assets,net of related debt.
b) Restricted net assets - consists of net assets with constraints placed on the use eitherby (1) external groups such as creditors, grantors, contributors, or laws or regulations ofother governments; or (2) law through constitutional provisions or enabling legislation.
c) Unrestricted net assets - all other net assets that do not meet the definition of"restricted" or "invested in capital assets, net of related debt."
Governmental Accounting Standards Board Statement No. 54, "Fund Balance Repoftingand Governmental Fund Definitions" (GASB Statement No. 54) has been implemented.GASB Statement No. 54 changed the terminology and classification of fund balance toreflect spending constraints on resources rather than availability for appropriation. The fundbalance section of the governmental funds balance sheets have been modified accordingly.Not all of the Village's funds will necessarily have all of the components of fund balanceavailable to that fund. The implementation of these new components is intended to increaseclarity and help serve the needs of the financial statements users.
-50-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
D. ASSETS, LIABILITIES AND NET ASSETS OR EQUITY (continued)
7. NET ASSETS AND FUND EQUITY CLASSIFICATIONS (continued)
ln the fund financials statements, governmental funds report aggregate amounts for fiveclassifications of fund balances based on the constraints imposed on the use of theseresources; they are 1) nonspendable, 2) restricted 3) committed, 4) assigned, or 5)unassigned.
1) Nonspendable fund balance includes amounts that cannot be spent because they areeither (a) not in spendable form (i.e. prepaid items or inventories), or (b) will notconvert to cash within the current period (i.e. long term receivables and financialassets held for resale), or (c) legally or contractually required to be maintained intact(i.e. the principal of a permanent fund).
The spendable portion of the fund balance comprises the remaining four classificationsrestricted, committed, assigned, and unassigned.
2) Restricted fund balance reflects the constraints imposed on resources either (a)externally by creditors, grantors, contributors, or laws or regulations of othergovernments; or (b) imposed by law through constitutional provisions or enablinglegislation.
3) Committed fund balance reflects amounts that can only be used for specific purposesby a government using its highest and most binding level of decision makingauthority. The Village's highest decision making authority is the Board of Trustees,who by adoption of a Village ordinance prior to year end, can commit fund balance.Those committed amounts cannot be used for any other purpose unless the Board ofTrustees removes or changes the specified use by taking the same type of actionimposing the commitment. At May 31, 2012, the Village did not have any committedfund balance.
4) Assigned fund balance reflects the amounts constrained by the Village's "intent" to beused for specific purposes, but are neither restricted nor committed. The Board ofTrustees has the authority to assign amounts to be used for specific purposes.Assigned fund balances include all remaining amounts (except negative balances)that are reported in governmental funds, other than the General Fund, that are notclassified as nonspendable and are neither restricted nor committed.
5) Unassigned fund balance is the residual classification for the General Fund. lt is alsoused to report negative fund balances in other governmental funds.
When both restricted and unrestricted resources are available for use, it is the Village'spolicy to use restricted resources first, and then unrestricted resources - committed,assigned and unassigned - in order as needed.
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INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
1. SUMMARY OF SIGNIFICANT AGCOUNTING POLICIES (continued)
E. REVENUES AND EXPENDITURES/ EXPENSES
1. REAL PROPERTY TAX ASSESSMENT AND COLLECTION PROCEDURES
The Village's propertytaxes are levied and become a lien on June 1st, each fiscal year.
Taxes are levied based upon the taxable value of all real property located within theVillage. Taxes are recorded as a receivable on June 1st, and are payable one-half by July1st, and one-half by December 31st, each year. Current year delinquent property taxes notcollected by March 31st are placed on tax sale. Delinquent taxes not received within 60days of year end are recorded as deferred revenues in the fund statements.
For the year ended May 31 ,2012, the maximum amount of taxes which could be levied bythe Village based on the foregoing was $139,620,189. The actual real property taxes leviedby the Village for the year ended May 31 , 2012 was $44,560,340. The State Constitutionlimits the amount of revenue which the Village can raise from the real estate tax foroperating purposes to 2.OOo/o of the average full value of taxable real estate within theVillage for the most recent five year period plus any amounts required to pay principal and
interest on certain indebtedness.
2. OTHER POSTEMPLOYMENT BENEFITS
ln addition to providing pension benefits, the Village provides health insurance coverageand survivor benefits for retired employees and their survivors. Substantially all of theVillage's employees may become eligible for these benefits if they reach normalretirement age while working for the Village as well as meet certain years of servicerequirements.
Health care benefits in accordance with New York State Health lnsurance Rules andRegulations (administered by the New York State Department of Civil Service), areprovided through the New York State Empire Plan (the "Empire Plan") whose premiumsare based on the benefits paid throughout the State during the year.
The Village recognizes the cost of providing benefits by recording its share of insurancepremiums as an expenditure in the year paid. The Village's union contracts andordinances require that it provide its eligible enrollees with the Empire Plan benefitcoverage, or if another provider is utilized, the equivalent coverage. Under the provisionsof the Empire Plan, premiums are adjusted on a prospective basis for any lossesexperienced by the Empire Plan. The Village has the option to terminate its participationin the Empire Plan at any time without liability for its respective share of any previouslyincurred loss. The liability for other postemployment benefits is recorded as a noncurrentliability in the government-wide and proprietary fund statements in accordance withGASB Statement No. 45, "Accounting and Financial Reporting by Employers forPostemployment Benefits Other than Pensions."
3. COMPENSATED ABSENCES
The liability for vested or accumulated vacation and sick leave (compensated absences) isrecorded as current and noncurrent obligations in the government-wide and proprietaryfund financial statements. The current portion of this debt is estimated based on historicaltrends. The compensated absences liability and expense are reported in thegovernmental funds only if they have matured, for example, as a result of employeeresignation and retirements.
- 52-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May31,2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
E. REVENUE AND EXPENDITURES/EXPENSES (continued)
3. COMPENSATED ABSENCES (continued)
The amount that is expected to be liquidated with expendable available financial resourcesis reported as a liability in the funds statement in the respective fund that will pay it.
4. RISK MANAGEMENT
The lnternal Service Fund services all claims for risk of loss to which the Village is
exposed, including general liability and workers' compensation claims. All funds of theVillage participate, including the discretely presented component unit. Based on actuarialestimates, liabilities have been established in the self-insurance fund for claims reportedbut not paid, and incurred but not reported The Village allocates the cost of providingclaims servicing and claims payment by charging a "premium" to each fund. This chargeconsiders recent trends in actual claim experience of the Village as a whole and makesprovisions for catastrophic losses. The premiums paid by the operating funds areaccounted for as expenditures/expenses of the funds.
F. ENCUMBRANCES
Encumbrance accounting, under which purchase orders, contracts and other commitmentsfor the expenditure of monies are recorded for budgetary control purpose, is employed in thegovernmental funds. Encumbrances are reported as restrictions, commitments, orassignments of fund balances since they do not constitute expenditures or liabilities.Expenditures for such commitments are recorded in the period in which the liability isincurred. Appropriations for all governmentalfunds except the Capital Projects Fund lapse atyear end. However, encumbrances reserved against fund balance are re-appropriated in theensuing year.
G. USE OF ESTIMATES
The preparation of basic financial statements, in conformity with accounting principlesgenerally accepted in the United States of America, requires management to make estimatesand assumptions that affect the reported amounts of assets and liabilities, and disclosure ofcontingent assets and liabilities, at the date of the financial statements, and the reportedamounts of revenues and expenditures during the reporting period. Actual results could differfrom those estimates.
H. NEW PRONOUNCEMENTS
The Village has adopted all of the current statements of the Governmental AccountingStandards Board that are applicable. During the year ended May 31 , 2012, the Village hasadopted GASB Statement No. 54, "Fund Balance Reporting and Governmental Fund TypeDefinitions."
-53-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
I. SUBSEQUENT EVENTS
Management has evaluated subsequent events for disclosure and/or recognitionfinancial statements through the date of the financial statements.
2. STEWARDSHIP, COMPLIANCE AND ACCOUNTAB¡LITY
A. BUDGETARY INFORMATION
Budqet Policies
in the
The Village follows the following procedures enumerated below in establishing the budgetarydata reflected in the financial statements:
a) Approximately four months prior to May 31st, the Village Administrator will submit aproposed operating budget for the General Fund for the fiscal year commencing June 1st.The operating budget includes proposed expenditures and the means of financing them.
b) Public hearings are conducted to obtain the public's comments on the proposed budget.On or before May 1st, the proposed budget is officially adopted by the Board of Trusteesand tax rates are established.
c) Revenues are budgeted by source. Expenditures are budgeted by department andcharacter (personal services, equipment and capital outlay, contractual expenditures, etc.)which constitutes the legal level of control. Expenditures and encumbrances may notexceed appropriations at this level. All budget revisions at this level are subject to finalapproval of the Board of Trustees. Within these control levels, the Village Auditor isauthorized to make transfer appropriations without Board approval.
d) Appropriations lapse at the close of the year to the extent that they have not beenexpended or encumbered. Activities of all funds, except the Capital Projects and AgencyFunds, are appropriated through this annual budget process and controlled through thepurchase requisition system. The Capital Projects Fund is approved through resolutionsauthorizing individual projects which remain in effect for the life of the project.
e) The budget for the General Fund is legally adopted for each year. Budgets are adopted ona basis of accounting consistent with GAAP, except that appropriations authorized for thecurrent year are increased by the amount of encumbrances carried fon¡vard from the prioryear. ln the event that actual revenues received exceed budgeted amounts, additionalbudgetary appropriations may be made. The Capital Project Fund is budgeted on a projector grant basis.
ln June 2011, New York State enacted Chapter 97, Laws of 2011 Real Property Tax Levy Capand Mandate Relief Provisions, which includes a 2.00o/o property tax cap for municipalities.Beginning in 2012 and lasting through at least June 15, 2016, no local government isauthorized to increase its property tax levy by more than 2.00% or the rate of inflation(whichever is less); however, local governments can exceed the tax levy limit by a 60% vote ofthe governing body and annually adopting a local law.
-54-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
2. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (continued)
B. FUND BALANCE
ln order to comply with GASB Statement No. 54, the fund balance section of the balancesheets of the governmental funds has been modified. The change has been made in order forthe Village's new fund balance components to focus on "the extent to which the government is
bound to honor constraints on the specific purposes for which amounts in the fund can bespent" (GASB Statement No. 54 paragraph 54). Previously, the fund balance section focusedon whether these resources were available for appropriation. lt also distinguished theunreserved fund balance from the reserved fund balance. ln order to show compliance withGASB Statement No. 54 however, the components of the new fund balance include thefollowing items, as needed: 1) nonspendable, 2) restricted 3) committed,4) assigned, or 5)unassigned.
The following table provides the detail regarding fund balance categories and classifications forthe governmental funds which show components of nonspendable fund balances, as well asthe purposes for restricted, and assigned fund balance. The unassigned fund balance is alsoshown.
GeneralFund
Capital ProjectsFund Total
Fund Balances:
Nonspendable:
lnventoryTotal Nonspendable
Restricted for:
Capital projects
Total Restricted
Assigned to:
Subsequent year's budgetPurchases on orderCapital projects and
contractual obligations
Compensated absences
Other assignmentsTotalAssigned
Unassigned, reported in:
General Fund
Total Unassigned
$ B06,5es806,595
$ 806,595
$ -0- 806,595
-0
16,751 '16 751
l6 751 16,751
179,072
2,964,244
614,293
896,426 896,426
3,235,20023,634
2,964,244
435,221
3,235,20023,634
6,658,299 1,075,498 7,733,797
I,610,984 1,610,984r,610 984 0 1,610,984
$ 9,075,878 $ 1,092,249Total Fund Balances
-55-
$ 10,168,127
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
3. DETAIL NOTES ON ALL FUNDS
A. CASH AND CASH EQUIVALENTS
Custodial Credit Risk - Deposits/lnvestments - Custodial credit risk for deposits exists when,in the event of the failure of a depository financial institution, a government may be unable torecover deposits, or recover collateral securities that are in possession of an outside agency.Custodial credit risk for investments exists when, in the event of the failure of thecounterparty, a government will not be able to recover the value of its investments orcollateral securities that are in possession of an outside party.
GASB Statement No. 40 directs that deposits be disclosed as exposed to custodial credit riskif they are not covered by depository insurance, and the deposits are either:
. Uncollateralized,
. Collateralized with securities held by the pledging financial institution, or
. Collateralized with securities held by the pledging financial institution's trustdepartment or agent but not in the Village's name.
At May 31,2012, the Village's cash book balance was $24,990,730. This amount is inclusiveof Fiduciary Fund deposits of $2,792,673 but exclusive of petty cash of $1,850. The bankbalance was $25,453,918. Of the bank balance, $1,135,295 was covered by Federal depositinsurance, and $24,318,623 was covered by collateral held by the Village's agent, a third-party financial institution, in the Village's name.
At May 31,2012, the Village's component unit's cash book and bank balance was $300,823.This amount is exclusive of petty cash of $300. Of the bank balance, $70,371 was coveredby Federal deposit insurance, the remaining bank balance of $230,452 is commingled withthe Village's accounts and covered by collateral held by the Village's agent, a third-partyfinancial institution, in the Village's name, as mentioned above.
Credit Risk - State law and Village law limit investments to those authorized by Statestatues. The Village has a written investment policy.
lnterest-Rate Risk - lnterest-rate risk arises because potential purchasers of debt securitieswill not agree to pay face value for those securities if interest rates substantially inorease,thereby affording potential purchasers more favorable rates on essentially equivalentsecurities. Accordingly, such investments would have to be held to maturity to avoid apotential loss,
Concentration of Credit Risk - Credit risk can arise as a result of failure to adequatelydiversify investments. Concentration risk disclosure is required for positions of 5% or more insecurities of a single issuer.
As of May 31 ,2012, the Village of Garden City did not have any investments subject to creditrisk, interest-rate risk or concentration of credit risk.
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INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
3. DETAIL NOTES ON ALL FUNDS (continued)
B. INTERFUND RECEIVABLE AND PAYABLE
The interfund receivable balance for the business-type funds and intedund payable balancefor the governmental funds at May 31, 2012 represents the current portion of the principalbalance for a loan made to provide a financing source for the purchase of equipment and issubject to a 2.OO% interest rate. All interfund receivable and payable balances which will bereimbursed subsequent to year end are stated as follows:
Amount Receivable Amount Payable
Governmental Fund:General Fund
Proprietary Fund:lnternal Service Fund
Governmental Fund:General Fund
Proprietary Fund:lnternal Service Fund
Total
Years ending May 31 , 201320142015
Total
$ 34,511
34,511
Total 34,511 $ 34,511
The noncurrent portion of the principal balance referred to as advances to/from other fundswill be reimbursed over a two year period beginning with the Village's year ending May 31,2013 and is stated as follows:
Amount Receivable Amount Payable
$
$
$
$
71 108
71,108
$ 71,108
$ 71,109
The annual payment requirement including principal and interest for the short-term portion ofthe interfund loan and the associated long-term advance to/from other funds is as follows:
Principal lnterestTotal Principaland lnterest
$ 34,51135,20235,906
$ 105,619
$ $2,1131,422
718
36,62436,62436 624
$ 4,253 $ 109,872
-57 -
INCORPORATED VILLAGE OF GARDEN GITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
3. DETAIL NOTES ON ALL FUNDS (continued)
C. CAPITAL ASSETS
Capital asset activities for the year ended May 31 ,2012 are as follows:
Balance
Governmental activities:
Capital assets not being depreciated:Land
Depreciable capital assets:
Buildings
lmprovements other than buildings
Machinery and equipment
lnfrastructure:
Roads, curbs and sidewalks
Drainage and sewer systems
Total depreciable capital assets
Less accumulated depreciation:
Buildings
lmprovements other than buildings
Machinery and equipmentlnfrastructure:
Roads, curbs and sidewalks
Drainage and sewer systems
June 1,2011
$ 16,603,615
22,162,7497,018,109
17,809,214
35,370,986
10,739,159
93.100.217
Additions
901,407
54,667 $
263,675
2,211,571
Balance
May 31,2012
$ 16,603,615
23,064,156
6,848,542
18,072,889
37,582,557
10,739,159
Deletions
$224,234
3,431,320 224,234 96,307,303
14,015,197
5,060,703
13,436,829
17,154,966
5,659,1 1 I
1,'151,956
337,1 80
880,678
1,617,340
324,860
210,600
15,167,153
5,397,88314,106,907
18,772,306
5,983,978
Total accumulated depreciation $ 55,326,813 $ 4,312,014 $ 210,600
Total net depreciable capital assets
Total net capital assets
Depreciation expense was charged to governmental functions as follows:
General government support
Public safety
Transportation
Culture and recreation
Home and community services
Total depreciation expense - governmental activities
59,428,227
36,879,076
$ 53,482,691
$ 960,549
320,026
1,276,166
1,136,661
618,612
$ 4,312,014
-58-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
3. DETAIL NOTES ON ALL FUNDS (continued)
C. CAPITAL ASSETS (continued)
A summary of changes within the businesstype activities capital assets for the year endedMay 31 ,2012 is as follows:
Balance
June 1, 201 1 Additions Deletions
Balance
I'llay 31 ,2012Business-type activities:
Capital assets not being depreciated:
Land
Construction in progress
Total capital assets not being depreciated
Depreciable capital assets:
Buildings
lmprovements other than buildings
Machinery and equipment
Total depreciable capital assets
Less accum ulated depreciation:
Buildings
lmprovements other than buildings
Machinery and equipment
Total accum ulated depreciation
Total net depreciable capital assets
Total net capital assets
69,212
57,670 $ 2,796,413 $ 602
$ $ 69,212
2,251,67013
126,882 2,796,413 602,413 2,320,882
8,246,138
14,521 ,699
13,045,332
641,400
186,583
8,246,1 38
15,163,099
13,231,915
35,813,169 827,983 -0- 36,641,152
5,762,993
4,613,873
7,338,474
230,635
357,600
805,028
5,993,628
4,971,473
8,143,502
Depreciation expense was charged to functions as follows:
Culture and recreation
Home and community servrces
Total depreciation expense - business-$pe activities
$ 17,715,340 $ 1,393,263 $ -0- 19,108,603
17,532,549
$ 19,853,431
$ 188,338
1,204,925
$ 1,393,263
Depreciation for the Village is recorded on the straight-line basis over the estimated usefullives, in years, of the respective assets.
The Village evaluates prominent events or changes in circumstances affecting capital assets todetermine whether impairment of a capital asset has occurred. The Village's policy is to record
an impairment loss in the period when the Village determines that the carrying amount of theasset will not be recoverable. At May 31 , 2012, the Village has not recorded any such
impairment losses.
D. INDEBTEDNESS
LONG.TERM DEBT
Capital Loans Payable
The Village's capital loans payable consists of two loans, of which the borrowings were used
to finance capital projects, due to an outside third party, New York Power Authority ("NYPA').The capital loans bear interest at a variable rate and will mature during fiscal year ending2017 . At May 31, 2012, the principal balance on these loans was $762,809.
-59-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
3. DETAIL NOTES ON ALL FUNDS (continued)
D. INDEBTEDNESS (continued)
LONG-TERM DEBT (continued)
Gapital Loan Payable (continued)
The future principal and interest payments, utilizing the year end variable rate of 0.88%, forthe capital loans are as follows:
Total PrincipalPrincipal lnterest and lnterest
Years ending May 31 , 20132014201520162017
$ $175,771177,324178,891180,47250 351
6,0054,4522,8851,304
81
$ 181,776181,776181,776181,776
50,432
$ 777,536Total $ 762,809 $ t4,727
Special Assessment Bond Payable
The Village has $1,130,000 of special assessment debt outstanding from an original issue of$2,250,000 to provide funds for the improvement of a parking lot. The Village receives84.949% of the resources to repay the debt from amounts levied against the property ownersdirectly benefiting from the capital project financed. The remaining 15.051% of the debtservice requirements is funded by the Village's general revenues. ln the event that a
deficiency exists because of unpaid or delinquent special assessments at the time a debtservice payment is due, the Village must provide resources to cover the deficiency until otherresources are received. As of May 31,2012, there were no unpaid or delinquent specialassessments. The bond has interest rates ranging from 4.10% to 4.13% and are payableover the next four years.
The future principal and interest payments for the special assessment bond is as follows:
Principal lnterestTotal Principaland lnterest
Years ending May 31 , 2013201420152016
$ $ $240,OQO
285,000305,000300 000
46,61336,71324,95612,375
286,613321,713329,956312,375
Total $ 1,130,000 $ 120,657 $ 1,250,657
-60-
3. DETAIL NOTES ON ALL FUNDS (continued)
D. INDEBTEDNESS (continued)
LONG-TERM DEBT (continued)
General Obligation Bonds Payable
Description of lssue and Purpose
The Village borrows money in order to acquire land, or equipment or to construct buildings andimprovements. These long-term liabilities, which are the full faith and credit debt of the Village,are reported as governmental and business{ype activities.
At May 31,2012, bonds payable consisted of the following individual issues:
Governmental Activities :
Original Year of Final lnterest
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
Maturity RateOutstanding
Balance
Acquisition of St. Paul's land, 2003Various purposes serial bonds, 2003Sewer Pump, Cedar Valley, and
Meadow,2003Building construction, 2006Library reconstruction, 2008Community Park improvements, 2008Village Hall improvements, 2010Various road and lighting improvements,
resurfacing of parking fields, 2012
Busi ness-type Activities :
Description of lssue and Purpose
Water Fund:Water system improvements,
serial bonds, 2006Water system im provements,
serial bonds, 2008Water system im provements,
serial bonds,2010Pool Fund:
Pool reconstruction, 2002Pool improvements, 201 2
Tennis Fund:Tennis structure, 2002
$ 3,345,6952,239,500
942,449950,000
1,005,0002,350,0002,555,500
OriginalDebt
3,875,000 2027
20132013
2.250Yo - 4.OOO%
2.250% - 4.000%
2.2500/0 - 4.000%4.1000/" - 4.200%3.000% - 3.380%3.000% - 3.600%1.500% - 3.500%
lnterestRate
185,000190,000
50,000650,000605,000
'1,690,000
2,315,000
$
20132021201720222025
2.000o/o - 2.6250/0 3,875,000
Total Governmental Activities $ 9,560,000
Year of FinalMaturity
OutstandingBalance
$ 1,585,000
4,365,000
4,210,000
950,0002,135,000
600,000
2021 4.100% - 4.200%
2022 3.000% - 3.600%
2025 1.500% - 3.500%
2017 4.300% - 4.750%2027 2.000% - 2.625%
2017 4.3000/0 - 4.750%
Total Business-type Activities
$ 1,095,000
3,125,000
3,755,000
394,0002,135,000
.000
-61 -
$ 10,750,000
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
3. DETAIL NOTES ON ALL FUNDS (continued)
D. INDEBTEDNESS (continued)
LONG-TERM DEBT (continued)
General Obligation Bonds Payable (continued)
Future principal and interest payments for the general obligation bonds are as follows:
Governmental Activities :
Principal lnterestTotal Principaland lnterest
Years ending May 31 , 20132014201520162017
2018 - 20222023 - 2027
Busi ness-type Activities :
$ 1,010,0001,005,0001,015,0001,015,000
955,0003,835,000
725,000
259,541228,790203,496178,002152,509427,258
51 508
$ 1,269,5411,233,7901,218,4961J93,0021 ,107,5094,262,258
776 508
$
Total $ 9,560,000 $ 1,501,104 $11,061,104
Water Fund Pool Fund Tennis Fund
Principal lnterest Pilncipal lnterest lntercst
Total Principal
and lnterest
YearsendingMay3l, 2013 $
2014
2015
201 6
2017
2018 -2022
2023 -2027
865,000 $
865,000
870,000
875,000
725,000
3,280,000
495,000
245,248
221,560
1 9i,766
141,054
1 49,560
398,153
33,413
$ 77,000
207,000
21 0,000
21 0,000
210,000
660,000
955,000
$ 64,710
63,1 18
56 956
50,556
44,156
162,61 I72,795
$ 1,31 1 ,463
1,414,023
1,391,847
1,331,360
1,181,091
4,500,771
1,556,208
Principal
$ 48,000
48,000
50,000
50,000
50,000
$ 11 505
I 345
7 125
4 750
2375
Total $ 7,975,000 $ 1,386,754 $ 2,5æ,000 $ 514,909 $ 246,000 $ 35,100 $ 12,686,763
-62-
INCORPORATED VILLAGE OF GARDEN GITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
3. DETAIL NOTES ON ALL FUNDS (continued)
D. INDEBTEDNESS (continued)
CHANGES IN LONG.TERM LIABILITIES
Long-term liability activities for the year ended May 31 ,2012 are as follows:
Balance
June 1,2011
Noncurrent
Balance liabilities due
lncreases Reductions May 31, 2012 within one vear
Noncurrent
líabilities
Governmental Activities:General obligation bonds
Plus premiums on issuance
Total general obligation bonds
Compensated absences
Claims and judgments payable
Tax certioraris payable
Other postemployment
benefits payable
Capital loans payable
Special assessment bond payable
with governmental commitment
Governmental activities
long{erm
Business-type Activities:General obligation bonds
Plus premiums on issuance
Total general obligation bonds
Compensated absences
Other postemployment
benefits payable
Business-type activities
$ 3,875,000 $
60,687$ 6,795,500
14,500
1 ,1 10,500 $
2,618
9,560,000
72,569$ 1 ,010,000
6,664
$ 8,550,000
65.905
6,810,000
7,785,844
8,409,434
2,800,000
3,935,687
707,076
1,712,872
1,847,662
7,581,713
1 ,'t 13,1 18
785,087
1,371,159
1,744,662
1 ,916,505
175,202
9,632,569
7,707,833
8,7s',t,147
2,903,000
22,751,021
762,809
1 ,016,664
385,392
1,570,452
2,903,000
8,615,905
7,322,441
7,180,695
22,751,021
587,038
17,085,813
938,011 17 5,771
240,0001,370,000 240,000 1,130,000 890,000
activities $45,199,102 $15,785,010 $ Z 733 $ 53,638,379 $ 6,291 ,279 $ 47,347,100
$ 9,695,000 $ 2,135,000 $
15,697 33,768
2,168,768
$ 10,750,000 $
46,675
1,080,000
2,790
990,000
5,041
$ 9,760,000
41.634
9,710,697
301,667
1,226,796
41,253
1,082,790
21.167
90,263
10,796,675
321,753
995,041
16,088
9,801,634
305,665
't,702,081565,548 702.0811,
long{erm activities $11,239,160 $ 2,775,569 g't,194,220 $ 12,820,509 $ 1,011,129 $ 11,809,380
The liabilities for compensated absences, other postemployment benefits payable and generalobligation bonds payable will be liquidated through future budgetary appropriation in the fundthat gave rise to the liability. The liability for claims and judgments payable will be liquidatedthrough the lnternal Service Fund and tax certioraris payable, the capital loans payable and thespecial assessment bond payable will be liquidated through the General Fund.
E. RETIREMENT SYSTEMS
Plan Descri
The Village participates in the New York State and Local Employees' Retirement System(ERS), the New York State and Local Police and Fire Retirement System (PFRS) and thePublic Employees' Group Life lnsurance Plan (collectively known as the "Systems"). These are
cost-sharing multiple-employer retirement systems. The Systems provide retirement benefitsas well as death and disability benefits.
-63-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
3. DETAIL NOTES ON ALL FUNDS (continued)
E. RETIREMENT SYSTEMS (continued)
Plan Description (continued)
Obligations of employers and employees to contribute and benefits to employees are governed
by the New York State Retirement and Social Security Law (NYSRSSL). As set forth in the
NYSRSSL, the Comptroller of the State of New York (the "Comptrolle/') serves as sole trusteeand administrative head of the Systems. The Comptroller shall adopt and may amend rules
and regulations for the administration and transaction of the business of the Systems and forthe custody and control of their funds. The Systems issue a publicly available financial reportthat includes financial statements and required supplemental information. That report may be
found at www.osc.state.ny.us/retire/publications/index.php or obtained by writing to the New
York State and Local Retirement System, 110 State Street, Albany, NY 12244.
Fundinq Policv
The Systems are noncontributory except for employees who joined the New York State and
Local Employees' Retirement System after July 27, 1976, who contribute 3.00% of their salaryfor the first ten years of membership, and employees who joined on or after January 1,2010(ERS) or January 9,2010 (PFRS) who generally contribute 3.00% of their salary for their entire
length of service. Under the authority of the NYSRSSL, the Comptroller annually certifies theactuarially determined rates expressed as proportions of payroll members, used in computingthe employers' contributions based on salaries paid during the System's fiscal year ending
March 31.
The Village is required to contribute at an actuarially determined rate. The actual contributionswere equal to 100% of the actuarially required amounts. The credits and miscellaneousadjustments represent modifications made by the ERS and PFRS to the prior year's
contributions due to differences between estimated and actual salaries for the plan year.
Contributions for the current year and two preceding years were equal to 100.00% of thecontributions required, and were as follows:
Annual Required Contribution - ERS
Amount
Credits &MiscellaneousAdiustments
PrepaymentDiscount
TotalPayment
2012 $20112010
2,304,222I ,651 ,1851 ,035,916
Amount
25,099 $(46,463)(61,4O2)
(20,e73) $(15,364)
(9,330)
2,308,3481,589,358
965,1 84
$
Annual Required Contribution - PFRS
Credits &MiscellaneousAdiustments
PrepaymentDiscount
TotalPayment
2012 $2011
2010
2,089,2781,704,572
1,314,345
(80,701) $62,511
(127,746)
(18,029) $(16,919)
(10,820)
1,990,5481,750,164
1,175,779
$
-64-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
3. DETAIL NOTES ON ALL FUNDS (continued)
E. RETIREMENT SYSTEMS (continued)
Fundinq Policv (continued)
Amounts due to New York State Retirement Systems reported in the governmental fund andbusiness{ype activities represent the approximate contribution to the ERS and PFRS for themonths of April and May 2012.
F. OTHER POSTEMPLOYMENT BENEFITS
Plan Description
The Village, a participant in a single-employer defined benefit plan, has collective bargainingcontracts with four associations a) Civil Service Employees Association, lnc., b) Civil ServiceEmployees Association, lnc.'s Supervisor Unit, c) Garden City Police Benevolent Associationand d) Professional Firefighters Association of Nassau County. These contracts will berenegotiated at various times in the future.
The Village, in accordance with its contract with Civil Service Employees Association, lnc. andCivil Service Employees Association, lnc.'s Supervisor Unit will pay 90% of the premium costsfor medical insurance coverage (currently provided by the New York State Empire Plan andHIP) at retirement, provided the employee retired afterJune 1,2001 and had been employedby the Village for at least fifteen years. The Village will pay 90% of the individual and 75% ofthe family premium costs for employees hired prior to June 1,2001 who retire after June 1,
2001 and have been employed by the Village for at least ten years but less than fifteen years.
The Village, in accordance with its contract with Garden City Police Benevolent Associationand Professional Firefighters Association of Nassau CounÇ, will pay 100o/o of the premiumcosts for medical insurance coverage (currently provided by the New York State Empire Planand HIP) at retirement, provided the employee had been employed by the Village for at leastten years.
All retirees are eligible for Medicare reimbursement in the amount of $1,157 per year for thoseenrolling prior to January 1, 2010, $1,326 per year for those enrolling from January 12, 201Qand before January 1, 2011, $1,385 per year for those enrolling subsequent to January 1,2011and before January 1,2012 and $1,199 per year for those enrolling on January 1,2012 andafter. Upon death of a retiree, the Village will cease to pay any portion of the health insurancepremium for the surviving spouse, however the spouse is still eligible for Medicarereimbursement.
GASB 45 allows plan sponsors to utilize the results of an actuarial valuation for multiple years ifno significant changes have occurred since the prior valuation was performed Accordingly, theVillage's OPEB valuation for the fiscal year ending May 31 , 2012 is based on the employeedata, plan provisions, methods and assumptions described in the actuarial valuation for theyear ending May 31 ,2010.
-65-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
3. DETAIL NOTES ON ALL FUNDS (continued)
F. OTHER POSTEMPLOYMENT BENEFITS (continued)
Plan Description (continued)
The Village, as administrator of the plan, does not issue a separate report.
The number of participants as of June 1,2010, the effective date of the most recent OPEBvaluation, is as follows:
Primary Governmental Business-typeGovernment Activities Activities
18Active employeesRetired employees
Total
290209
272202 7
499 474 25
There have been no significant changes in the number of employees or the type of coveragesince that date.
Fundinq Policv
The Village currently pays for other postemployment benefits (OPEB) on a pay-as-you-gobasis. GASB Statement No. 45 does not require that the unfunded liability actually beamortized nor that it be funded, only that the unfunded accrued liability is accounted for and incompliance in meeting its Annual Required Contribution (ARC). However, if the liability is
funded, assets must be transferred to a qualifying irrevocable trust or equivalent arrangementfor the exclusive benefit of plan members and must be protected from creditors. At this time,there is no New York State statute providing local governments with the requisite authority forestablishing another postemployment benefits trust. Therefore, these financial statements arepresented on a pay-as-you-go basis until a funding mechanism is authorized for municipalitiesby New York State statute.
Annual Other Postemplovment Benefit Cost and Net Obliqation
For the year ended May 31 , 2012, the Village's annual other postemployment benefits cost(expense) was $8,147,261 of which $7,581,713 was related to governmental activities and$565,548 was related to business-type activities. The annual expense, inclusive of currenthealth insurance premiums, totaled $2,006,768 for retirees and their beneficiaries, of which$1,916,505 was related to governmental activities and $90,263 was related to business-typeactivities. The result was an increase in the other postemployment benefits liability of$6,140,493, of which $5,665,208 was related to governmental activities and $475,285 wasrelated to business-type activities for the year ended May 31 , 2012. The active and retiredemployees of the Village's discretely presented component unit are included in governmentalactivities portion of the OPEB liability.
-66-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
3. DETAIL NOTES ON ALL FUNDS (continued)
F. OTHER POSTEMPLOYMENT BENEFITS (continued)
Annual Other Postemplovment Benefit Cost and Net Obliqation (continued)
Benefit Ob and Normal Cost
Primary
Govemment
Governmental
Activities
Business-type
Activities
Actuarial Accrued Liability (AAL)
Active employees
Retired employees
Total Actuarial Accrued Liability (AAL)
Actuarial value of plan assets
Unfunded actuarial accrued liability (UAAL)
Funded Ratio
Normal cost at the beginning of the year
Amortization cost at the beginning of the year
Annual covered payroll
UAAL as a percentage of covered payroll
$ 92,989,078 $ 86,796,154 $ 6,192,924
$$$ 57,023,770
35,965,308
52,484,393
34,311,761
4,539,377
1,653,547
92,989,078
-0-
86,796,154
-0-
6,192,924
-0-
$
$
$
0.00%
2,937,094
s,171,806
24,991,040
372.09o/o
0.00%
2,719,310
4,827,372
n/a*
n/a*
0.000/o
217,784
344,434
$
$
$
$
n/a*
n/a*
* lnformation was only available for the total primary government
The Village's annual other postemployment benefit cost is calculated based on the annualrequired contribution (ARC) of the employer, an amount actuarially determined in accordancewith the parameters of GASB Statement No. 45. The ARC represents a level of funding that, ifpaid on an ongoing basis, is projected to cover normal cost each year and amortize anyunfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. Theunfunded actuarial accrued liability for the Village for the year ended May 31 , 2012 amountedto $92,989,078.
-67 -
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
3. DETAIL NOTES ON ALL FUNDS (continued)
F. OTHER POSTEMPLOYMENT BENEFITS (continued)
Annual Other Postemplovment Benefit Cost and Net Obliqation (continued)
The following table shows the components of the Village's other postemployment benefitsliability:
Level Dollar Amortization MethodCalculation of ARC under the Unit Credit Cost Methocl
PrimaryGovernment
GovernmentalActiv¡ties
Business-typeActivities
Normal cost
Amortizat¡on of unfunded actuarial liabìlity(UAAL) over 30 years
lnterest
Annual required contribution (ARC)
lnterest on net OPEB obligation
Adjustment to ARC
OPEB Cost
Less: Contribut¡on for year ended May 31,2012
lncrease in other postemployment benefits liability
Other postemployment benefits liability at May 31, 2011
Other postemployment benefits liability at May 31,2012
Percent of annual OPEB cost contributed
Annual OPEBCost
$ 2,937,094
5,171 ,806
324,356
2,719,310
4,827,372
301,867
217,784
344,434
22,489
$ $
8,433,256
732,504
(1 ,018,499)
7,848,549
683,432
(950,268)
584,707
49,072
(68,231)
8,147,261
2,006,768
7 ,581 ,713
1 ,916,505
565,548
90,263
6,140,493
18,312,609
$ 24,453j02
5,665,208
17,085,81 3
475,285
1,226,796
s 22.751,021 $ 1,702,081
AnnualContribution
Made
24.630/o
PercentageContributed
Net OPEBObligation
25.28% 15.96%
Funded Status and Fundinq Proqress
The percentage contributed, as it relates to the Village, for the current year and the precedingtwo years were:
May 31 ,2012 $May 31,2011May 31 ,2010
8,147,2618,248,1187,406,833
$ 2,006,7681,790,1751,694,082
Unfunded
ActuadalAccrued
Liabilitv UPvAL) Funded Ratio
g 24,453,10218,312,60911,854,666
24.630/o
21.70o/o
22.87%
The funded status of the plan as of June 1,2010 is as follows:
Actuarial Accrued
Liability (AAL)
ActuarialValue of
Plan Assets
UMLasa
Percentage of
Covered Payroll Covered Payroll
-0- $ 92,989,078Primary Govemment $ 92,989,078 $
-68-
0 00% $ 24,991,040 372.09010
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
3. DETAIL NOTES ON ALL FUNDS (continued)
F. OTHER POSTEMPLOYMENT BENEFITS (continued)
Funded Status and Fundinq Proqress (continued)
The schedule of funding progress, presented as required supplementary information followingthe notes to the financial statements, presents multi-year trend information about whether theactuarial value of plan assets is increasing or decreasing over time relative to the actuarialaccrued liability for benefits.
Actuarial Methods and Assumptions
The projection of future benefits for an ongoing plan involves estimates of the value of reportedamounts and assumptions about the probability of occurrence of events far into the future.Amounts determined regarding the funded status of a plan and the employer's annual requiredcontributions are subject to continual revision as actual results are compared with pastexpectations and new estimates are made about the future.
Projections of benefits for financial reporting purposes are based on the substantive plan (theplan as understood by the employer and the plan members) and include the types of benefitsprovided at the time of each valuation and the historical pattern of sharing benefit costsbetween the employer and plan members to that point. The actuarial methods andassumptions used include techniques that are designed to reduce the effects of short{ermliability in actuarial accrued liabilities, consistent with the long-term perspective of thecalculations.
ln the June 1 , 2010 actuarial valuation, the liabilities were computed using the projected unitcredit actuarial cost method and level dollar amortization method over an open 30 yearamortization period to amortize the initial unfunded liability. The actuarial assumptions utilized a4.0% interest rate and a 4.0% inflation rate. The valuation assumes an initial 8.5o/o-19.5o/o
healthcare cost trend and post-retirement benefit increase (inclusive of the 4.Oo/o inflation rate)and reduced increments to a rate of 5.0% after ten years. The actuarial valuation does notincorporate an assumption for projected salary increases as the projected unit credit actuarialcost method does not include a salary component.
G. COMPENSATED ABSENCES
Village employees are granted vacation and sick leave and earn compensatory absences in
varying amounts. ln the event of termination or upon retirement, an employee is entitled topayment for accumulated vacation, personal leave and sick leave at various rates subject tocertain maximum limitations.
Estimated vacation, sick leave, and compensatory absences accumulated by governmentalfund type employees have been recorded in the Statements of Net Assets. Vested vacation,personal leave and sick leave accumulated by business type employees have been recorded in
proprietary funds as a liability and expense. Payment of vacation time and sick leave is
dependent upon many factors, therefore, timing of future payments is not readily determinable.However, management believes that sufficient resources will be made available for thepayments of vacation, sick leave, and compensatory absences when such payments becomedue. As of May 31,2012, the value of the Village's accumulated vacation time and sick leave forgovernmental and business-type activities was $8,029,586, of which $3,235,200 was includedin the assigned fund balance of the General Fund.
-69-
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
4. COMMITMENTS AND CONTINGENCIES
A. RISK MANAGEMENT
ln common with other municipalities, the Village receives numerous notices of claims. TheVillage established a self-insurance risk management program for general liability and
workers' compensation claims which is accounted for in the lnternal Service Fund. Withrespect to those insurance needs which are being self-insured, the Village has umbrellapolicies which provide for (1) $30,000,000 of coverage per year for general liability claimswhich on a case by case basis are more than $200,000 ($3,000,000 in the aggregate) and
(2) $2,000,000 of coverage per year for workers' compensation claims filed prior to August 1,
2011 which, on a case by case basis, are more than $400,000. During the year, the Villagepurchased an insurance policy which covers all workers' compensation claims incurred afterAugust 1, 2011. There have been no significant reductions in insurance coverage as
compared to the prior year, and there were no settlements in excess of insurance coverageover the last three years.
The actuarially determined lnternal Service Fund liabilities are reported when it is probable
that a loss has occurred and the amount of that loss can be reasonably estimated. Liabilitiesinclude an amount for claims that have been incurred but not reported. Claims liabilities arereevaluated periodically to take into consideration recently settled claims, the frequency ofthe claims, and other economic and social factors. The Village's discretely presented
component unit is included in the Village's risk management program for both workers'compensation and general liability claims.
At May 31, 2012, the lnternal Service Fund had a deficit fund balance of $1,504,866. Thisdeficit is being addressed through an increase in future premiums. The Enterprise Funds'portion of the lnternal Service Fund's deficit is approximately $106,600 and has beenreported as an internal balance in the government-wide financial Statement of Net Assets ofNet Assets.
B. SELF.INSURANCE PROGRAM
The schedule below presents the changes in claim reserves for general liability and workers'compensation for the years ended May 31 ,2012 and 2011:
Workers' GeneralCom Liabilitv
2012 2011 2012 2011
$ 5,954,670 $ 5,409,251 $ 2,454,764 $2,220,019Unpaid claims as of June 1,
lncurred claims:Provision for insured events
of the current fiscal year
lncrease/ (decrease) in netprovision for insured events of
prior fiscal years
Total incurred claims andclaim adjustments
Payments:Claims during the current year
Unpaid claims as of May 31,
-0-* 1,291,943 606,630 569,056
1120.994 1.010.931 n4.572\ 1.37 1.639
1,120,994 2.302.874 591 87 1.940.695
874,223 1,757.455 496,963 1, 705.950
$_ß.n1A41 $__5*954-020 $-2*549,200 $2.Æ4Jß4*The Village purchased a workers' compensation insurance policy during the fiscal year endedMay 31 , 2012, which will provide coverage for workers' compensation claims occurring afterAugust 1,2Q11. Therefore, there is no provision for self-insured workers'compensation eventsin the current fiscal year.
_ 70 _
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
MaY 31 ,2012
4. COMMITMENTS AND CONTINGENCIES (continued)
B. SELF-INSURANCE PROGRAM (continued)
During the year ended May 31 , 2012, the lnternal Service Fund charged the followingpremiums:
Primarv G rnment:General FundWater FundPool FundTennis Fund
Component Unit:Garden City Public Library
$ 2,957,096168,386
59,6727.898
3,193,052
136,800
Total Premiums $ 3.329.852
C. LEGALSETTLEMENT
The Village was a member of the plaintiff class in a class action lawsuit against a majority ofthe major petroleum companies for contamination of the Village's water supply with methyltertiary butyl ether. This lawsuit was settled in April 2010 and the Village's portion was
$1,372,036 net of legal costs. The Village recognized $1,349,757 of the settlement in prioryears and the remaining $22,279 in the year ended May 31, 2012. These payrnents are
recorded as a non-operating revenue in the Water Fund's Statement of Revenues, Expenses,and Changes in Net Assets.
D. GENERAL LITIGATION
Consistent with other municipalities, the Village has been named a defendant in various legal
actions in the course of ordinary operations. The Village has accrued for all estimated andprobable contingent losses. The Village primarily funds settlements of legal actions throughcurrent operating funds; however, the Village has the ability to fund settlements throughbonding if deemed necessary. An estimate cannot be made on certain of the legal actions thathave possible unfavorable outcome against the Village. ln the opinion of the Village'smanagement, the potential loss on all claims will not materially affect the Village's financialposition.
E. TAX CERTIORARI PROGEEDINGS
From time to time, the Village is involved in tax certiorari proceedings under which taxpayersseek reduction in the assessed value of property upon which taxes are measured. A reductionin assessed valuation may result in a refund of real property taxes previously paid by theclaimant. The amount refunded to Village taxpayers as a result of tax certiorari proceedings
was $1 ,744,662 for the year ended 2012.
F. CONSTRUCTION AND OTHER CAPITAL ACQUISITION COMMITMENTS
Construction in progress commitments for equipment purchases and other capital acquisitioncommitments amounting to $195,823 are restricted or assigned in the Capital Projects Fund.
-71 -
INCORPORATED VILLAGE OF GARDEN CITYNOTES TO FINANCIAL STATEMENTS
May 31 ,2012
5. SUBSEQUENT EVENT
On October 29,2012, Hurricane Sandy made landfall on Long lsland, affecting the lncorporatedVillage of Garden City. As of the date of this report, the Village's capital assets do not appear tobe severely damaged or impaired, however there were additional expenditures which wereincurred and will continue to be incurred, relating to the clean-up and the maintaining of publicsafety conditions in the Village. Management is not able to quantify the total costs of this stormat this time, however the Village will apply for Federal and/or State aid, as available, to assistwith these costs. Based on past experience, aid has been made available to the Village forsimilar storm costs.
6. NEW PRONOUNCEMENTS
The GASB has issued Statement No. 61 "The Financial Reporting Entity: Omnibus - anamendment of GASB Statements No. 14 and No. 34". This statement modifies certainrequirements for inclusion of component units in the financial reporting entiÇ. The requirements ofthe new statement become effective for fiscal periods beginning after June 15,2012.
The GASB has issued Statement No. 63 "Financial Reporting of Deferred Outflows of Resources,Deferred lnflows of Resources, and Net Position". This statement is for presentation purposesonly. The requirements of the new statement become effective for fiscal periods beginning afterDecember 15,2011.
The Village is currently evaluating the impact of the above pronouncements
-72-
REQUIRED SUPPLEM ENTARY I NFORMATIONOTHER THAN
MANAGEMENT'S DISCUSSION AND ANALYSIS
Schedule of Revenues, Expenditures, and Ghanges in FundBalance - Budget and Actual- General Fund
Schedule of Funding Progress for Other Post-EmploymentBenefits (OPEB)
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
The budgets are adopted on a basis of accounting consistent withGAAP, except that appropriations authorized for the current year areincreased by the amount of encumbrances carried forward from theprior years. ln the event that actual revenues received exceedbudgeted amounts, additional budgetary appropriations are made.The capital projects are budgeted on a project or grant basis.
-73-
INCORPORATED VILLAGE OF GARDEN CITY
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUALGENERAL FUND
Year Ended May 31,2012
OriginalBudqet
FinalBudget Actual
VariancePositive
(Neqative
REVENUES
Real Property TaxesReal property taxes
Total Real Property Taxes
Other Real Property Tax ltemsPayment in lieu of taxeslnterest and penalties on real property tax
Non-Property Tax ltemsPublic utilities gross receipts taxCounty sales taxFranchise fees
Departmental lncomeCharges for tax advertisingSafety inspection feesParking lots and garagesZoning feesDump permitsSewer chargesRefuse and garbage feesPark and recreational chargesPublic works serviceHealth feesPlanning commission feesArchitectural design review feesUtility permit fees
Intergovernmental GhargesFire protection servicesSewer services
Use of Money and Propertylnterest and earningsCommissionsRental real property
$ 44,580 ,340 $ 44,566,731$ 44,580,340
44,580,340
$ (13,609)
44,s80,340 44 731 (13,609)
610,080105,050
610,08010s,050
604,2681 14,093
(5,812)9,043
Total Other Real Property Tax ltems 715,130 715j30 718,361 3 .231
700,00060,267
700,00060,267
240,000
671,42462,159
262 153
(28,576)1,892
22.153240 000
Total Non-Property Tax ltems 1,000,267 1,000,267 99s,736 (4,531)
2,500562,500220,000
30,0001,2502,800
220,000478,760225,O00
6,0002,000
10,000
2,500562,500220,000
30,0001,2502,800
220,000478,760225,000
6,0002,000
10,00012,100
1,675546,460178,89634,7504,920
10
130,380508,364195,776
6,6903,500
29,000
(825)(16,040)(41,104)
4,7503,670
(2,7e0)(89,620)29,604
(29,224)690
1,50019,000
12 100 12 1
Total Departmental lncome 1,772p10 772 910 1,640,421 (132,4891
25,000345
25,000345
17,250435
(7,750)90
Total lntergovernmental Charges 25,345 25,345 17,685 (7,66!)
140,0005,000
108,375
140,0005,000
108,375
102,3333,788
I 13,865
(37,667)(1,212)5,490
253,375 (33,389)Total Use of Money and Property
-74-
253,375 219,986
(Continued)
INCORPORATED VILLAGE OF GARDEN CITY
SCHEDULE OF REVENUES, EXPENDITURES, ANDCHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUNDYear Ended May 31,2012
OriginalBudget
FinalBudqet Actual
VariancePositive
(Neqative)
REVENUES (continued)
Licenses and PermitsBusiness and occupational licensesDog license fund apportionmentPermits
Fines and ForfeituresFines and forfeited bailForfeiture of deposits
Minor sales - otherSales of equipmentlnsurance recoveriesOther compensation for losses
Total Licenses and Permits 125,325
4,5003,500
117.325
4,5003,500
117,325
4,0808,022
114,981
(420)4,522(2.344\
125,325 127 083 7581
1,300,0001,500
1,300,0002,228
1,129,9202,000
(170,080)(228)
Total Fines and Forfeitures 1,301,500 1,302,228 1,131,920 (170,308)
Special AssessmentsSpecial assessment - parking lot
Total Special Assessments
Sales of Property and Compensation for Loss
253,986 253,986 239 733 (14,253)
(14,253)253 986 253,986 239 733
13,00020,000
150,00035,000
13,00020,000
150,00035,000
14,09s10,568
262,00550,971
1,095(s,432)
112,00515,971
Total Sales of Propertyand Compensation for Loss 218,000 218,000 337 639 1 19,639
Miscellaneous Local SourcesRefund of prior year expensesGifts and donationslnterfund revenuesUnclassified revenues
State and LocalAidPer capitaMortgage taxEmergency disaster assistanceYouth programsConsolidated local street
and highway improvement aidSpecial state grantOther
20,00010,200
6,50020,00010,200
52,98910,25020,000
52,9893,750
7 090 (3,110)
Total Miscellaneous Local Sources 30,200 36 700 90,329 53,629
214,0375s0,000
4,8754,374
312,345
58,035
214,037550,000
9,249
312,345
64,387
207,449539,182104,216
7,145
319,08810,00042,054
(6,588)(10,818)104,216
(2,104)
6,74310,000
(22,333\
Total State and Local Aid 1,143,666 79 116
-75-
150 018 1,229,134
(Continued)
INCORPORATED VILLAGE OF GARDEN CITY
SCHEDULE OF REVENUES, EXPENDITURES, ANDCHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUNDYear Ended May 31,2012
OriginalBudget
FinalBudqet
VariancePositive
(Neqative)
REVENUES (continued)
FederalAidEmergency Disaster Assistance
Total FederalAid
Total Revenue
Actual
312,649 312,649
-0- 0 312,649 312,649
$ 51,420.044 $ Sr,433,624 $ Sr,627,407 $ 193,783
(Continued)
-76 -
INCORPORATED VILLAGE OF GARDEN CITY
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUALGENERAL FUND
Year Ended MaY 31,2012
Original FinalBudqet Actual
VariancePositive
(Neqative)
(continued)EXPENDITURES
General Govern ment SupportBoard ofTrustees:
Other expendituresVillage Justice:
Personal servicesEquipmentOther expenditures
Clerk-Treasurer:Personal servicesEquipmentOther expenditures
Purchasing:Personal servicesOther expenditures
Assessment:Personal servicesOther expenditures
Tax Advertising and Expense:
Other expendituresDiscount on TaxesLaw:
Other expendituresPersonnel:
Personal servicesOther expenditures
Engineer:Personal servicesOther expenditures
Elections:Personal servicesOther expenditures
Buildings:Personal servicesOther expenditures
St. PaulSchool:Other expenditures
Central Garage:Personal servicesEquipmentOther expenditures
Central Printing and Mailing:
Other expendituresCentral Data Processing:
Personal servicesOther expenditures
Municipal Association Dues
Refunds of Real Property Taxes
$ s,402 $ 10,102 $ 8,473 $ 1,629
288,3464,559
38,150
768,72770,288
381,354
279,7607,850
47,9245,000
2,00021,000
670,000
108,39615,000
194,49318,805
210,602194,004
26,955
284,9669,000
200,585
26,000
102,552217,241
22,5002,828,506
288,34610,91 1
38,150
848,72770,288
379,654
279,7607,850
44,4248,500
2,00022,380
670,000
108,39615,000
196,09321,305
8951,480
202,202191 ,504
26,955
322,7668,280
227,305
26,000
102,552217,241
22,5002,685,919
253,22410,911
30,382
841,128
261,490
279,2153,762
37,6876,642
1,09022,380
583,681
107,7677,297
196,03416,400
8951,433
200,505164,032
6,971
322,7528,270
214,835
25,993
102,041189,31920,933
1,744s62
35,122
7,768
7,59970,288
118,164
5454,088
6,7371,858
910
86,319
6297,703
4,905
47
1,69727,472
19,984
14
10
12,470
7
511
27,9221,567
941,257
(Continued)
59
725650
-77 -
INCORPORATED VILLAGE OF GARDEN CITYSCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUALGENERAL FUND
Year Ended May 31,2012
VariancePositiveOriginal
BudqetFinal
Budget Actual (Negative
EXPENDITURES (continued)
General Government Support (continued)
lnsurance chargesMTA payrolltaxContingency
2,69511 731 11 731
11,561,780 10,105,6s6 8,703,949 1,401 .707
2,957,09679,344
1,470,000
2,957,09679,344
2,957,09676,649
Public SafetyPolice Department:
Personal servicesEquipmentOther expenditures
Fire Depaftment:Personal servicesEquipmentOther expenditures
Safety lnspection:Personal servicesOther expenditures
TransportationStreet Administration:
Personal servicesEquipmentOther expenditures
Street Maintenance:Personal servicesEquipmentOther expenditures
Snow Removal:Personal seruicesEquipmentOther expenditures
Street Lighting:Personal servicesEquipmentOther expenditures
Economic Assistance and OpportunityPublicity:
Other expenditures
Total General
Government Support
Total EconomicAssistance and Opportunity
7,559,08515,007
601,469
3,197,61835,224
1,093,393
8,939,03531,007
579,105
3,257,20546,831
1,117,786
8,887,37330,931
442,905
3,245,80511,307
1,012,629
51,66276
136,200
11,40035,524
105,157
532,494100 117
Total Public Safety 1 3, 1 31 ,381 1 4,61 4 ,554 1 4,263,561
541J2688,459
541,126102,459
8,6322,342
3s0,993
290,1711 ,319
54,996
731,5185,000
307,360
254,5231,250
1 49,1 00
134,3005,500
290,1711 ,319
54,996
706,2685,000
307,360
171j901,250
134,700
123,3005,500
287,892
52,770
704,8872,074
306,723
17 I ,113
61,420
2,2791 ,3192,226
1,381
2,926637
771,250
73,280
713.08 691 745
122,s122,837
657,396
7882,663
34,3491
Total Transportation 2,648,118 2,492,799 2,369,624 123,175
16,000 16,000 7 784 8,216
16,000 8,216
-78-
16,000 7 784(Continued)
INCORPORATED VILLAGE OF GARDEN CITY
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUNDYear Ended May 31,2012
OriginalBudget
1,305,57111,900
287,493
1,964,12914,485
737,255
FinalBudqet Actual
VariancePositive
(Negative)
EXPENDITURES (continued)
Gulture and RecreationParks:
Personal servicesEquipmentOther expenditures
Playgrounds andRecreation Centers:
Personal servicesEquipmentOther expenditures
Concerts:Other expenditures
Historian:Other expenditures
Library:Contribution to component unit
Home and Community ServicesSanitary Sewers:
Personal seruicesEquipmentOther expenditures
Storm Sewers:Personal servicesOther expenditures
Refuse and Garbage:Personal servicesOther expenditures
Street Cleaning:Personal servicesOther expenditures
Other Sanitation:Personal servicesOther expenditures
Shade Trees:Personal servicesOther expenditures
1 ,316,95411,900
301,242
1,976,12914,485
737,255
1 ,316,43610,287
296,747
5181,6134,495
1,950,08912,577
746,764
3,000
1,000
3,050,000
3,000 2,471
1,000
3,050,000 3,050,000
Total Culture and Recreation 7,374,833 7 ,411,965 7,385,371
26,0401,908
(e,50e)
529
1,000
0
26,594
169,65625,000
152,355
165,77648,095
1,821,0571,650,439
473,345199,500
236,86967,674
232,254151.267
162,00625,000
1s2,355
196,77648,095
1,942,4811,593,575
502,653205,042
244,87971,814
158,389
114,544
190,56645,488
1,942,3341,578,936
498,315202,595
244,85468,516
3,61725,00037,811
6,2102,607
147
14,639
4,3382,447
253,298
2,6103,906
283,654203,842
281,044199,936
Total Home andCommunity Services 5,393,287 106,655
-79 -
5,632,172 5,525,517(Continued)
INCORPORATED VILLAGE OF GARDEN CITY
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUNDYear Ended May 31,2012
VariancePositiveOriginal
BudqetFinal
Budqet Actual (Negative
EXPENDITURES (continued)
Employee BenefitsState retirementPolice and fire retirementSocial securityUnemployment insuranceHospital and medical insurance
Debt ServicePrincipallnterest
Excess (Deficiency) of RevenuesOver (Under) Expenditures
Other Financing Sources (Uses)Premium on bondsTransfers inTransfers out (1,060,743) (1,149,243\
1,644,0422,054,2241,503,417
40,0005 668
1,702,6572,267,9581,607,606
40,0005,396,668
1,702,6572,197,2871,528,352
22,O81
5,325J24
-0-70,71179,25417,91971,544
Total Employee Benefits 10 351 11,014,929 10,775,501
1,525,500
239,428
1,525,627496,932
1,525,702283,0'18
(75)213,914497 059
Total Debt Service 2,022,559 2,022,559 1,808,720
Total Expenditures 52,786,309 53,310,634 50,840,027 2,470,607
( 1 ,366,26s) (1 ,877,01 0) 787,380 2,664,390
213 839
60,6871,271
(1,149,243)
60,6871,271
-0-
Total Other Financing Uses (1,060,743)
Net Change in Fund Balance $ (2,427,008\
Fund Balance at Beginning of Year
Fund Balance at End of Year
(1,149,243) (1,087,285) 61 958
$ (3,026,253) (299,905)
9,375,783
$ 2,726,348
$g
-80-
INCORPORATED VILLAGE OF GARDEN CITYSCHEDULE OF FUNDING PROGRESS
FOR OTHER POSTEMPLOYMENT BENEFITS (OPEB)May 31 ,2012
ActuarialValuation Date ActuarialValue
of Assets
ActuarialAccruedLiability
UnfundedLiabilitv
CoveredPayroll
UnfundedLiability as a
Percentage ofCovered
June 1 Funded Ratio
2010
2008
$
$
-0- $ 92,989,078
-0- $ 80,844,585
$ 92,989,078
$ 80,844,585
0.00%
0.00%
$ 24,991,040
$ 25,511,693
372.09o/o
316.89%
-81 -
THIS PAGE IS INTENTIONALLY LEFT BLANK
-82-
OTHER SUPPLEMENTARY INFORMATION
-83-
INCORPORATED VILLAGE OF GARDEN CITY
STATEMENT OF CHANGES IN AGENCY ASSETS AND LIABILITIES
FIDUCIARY FUNDYear Ended MaY 31 ,2012
June 1 2011 Additions Deductions May 31,2012
ASSETSCashDue from others
$ 2,968í07-0-
$ 34,339,307471.644
$ 34,514,741368,759
2,792,673102,885
$
Total Assets $ 2,968,107 $ 34,810,951 $ e¿,883,500 $ 2,895,558
LIABILITIESBuilding fees and other depositsJustice court fundOther agency liabilities
Total Liabilities
$ 2,385,440123,302
$ 1,015,3221,269,079
32,526,550
1,197,8071,251,241
2,202,955141,140551,463
$ $
459 .365
$ 2,e68,107 $ 34,8 10,951 $ 34,883,500 $ 2,895,558
-84-
STATISTICAL SECTION
This comprehensive statistical data for the lncorporated Village of Garden City (the "Village")
includes, in some cases, statistical information for the town and school districts, which are not part ofthe Village's reporting entity. lt is intended to provide readers of this report with a broader and more
complete understanding of the Village and its financial affairs than is possible from the financialstatements and schedules included in the Financial Section. Many tables in this section coverseveral years for comparison purposes, and many present data from outside of the Village'saccounting records. This part of the Village's comprehensive annual financial report presents
detailed information as a context for understanding what the information in the financial statements,note disclosures, and required supplementary information says about the government's overallfinancial health.
Page
Financial Trends
These schedules contain information to help the reader understand how thegovernment's financial performance and well-being have change over time.
Revenue Gapacity
These schedules contain information to help the reader assess thegovernment's most significant local revenue source, the property tax.
Debt Capacity
These schedules present information to help the reader assess the affordabilityof the government's current levels of outstanding debt and the government'sability tó issue additionál debt in the future.
Demographic and Economic lnformation
These schedules offer demographic and economic indicators to help the readerunderstand the environment within which the government's financial activitiestake place.
Operating lnformation
These schedules contain service and capital asset data to help the readerunderstand how the information in the government's financial report relates tothe services the government provides and the activities it performs'
86-95
96-1 01
102-105
1 06-1 07
108-113
-85-
INCORPORATED VILLAGE OF GARDEN CITY
NET ASSETS BY COMPONENTLAST NINE FISCAL YEARS
(accrual basis of accounting)
Years Ended May 31, 2012 2011 2010 2009
Governmental activitiesNet assets
lnvested in capital assets,net of related debt
Unrestricted
Business{ype activitiesNet assets
lnvested in capital assets,net of related debt
Unrestricted
Primary governmentNet assets
lnvested in capital assets,net of related debt
Unrestricted
$ +1,851,325(23,260,253)
$ 45,259,008 $ 45,276,890 $(9,583,152)(18, 861,480)
46,215,824(3,759,618)
Total governmental activities net assets $ 18,591 ,072 $ 26,397 .528 $ 35,693,738 $ 42,456,206
$ $ 9,012,566 $2,772,285
$ 9,026,069191.547
8,514,0142,184,762
12,677,218(e25,813)
Total business-type activities net assets $ 9,217,616 $ tO,698.776 $ rr,784,851 $ 1t,751,405
$ 50,877,394 $ 53,773,022 $ 54,289,456(6,810,867)
$ 58,893,042(4,685,431)(23,068,706) (16,676,718)
Total primary government net assets $ 27,808,688 $ 37,096,304 $ q,+78.589 $ 54,207,611
Source: Office of the Village Auditor and the audited fìnancial statements of the lncorporated Village of Garden City
Note: Data not available prior to fiscal 2004 implementation of Governmental Accounting
Standards Board Statement No. 34, Basic Financial Statements andManagemenf's Discussion and Analysrs for Sfate and Local Governments.
-86-
2008 2007 2006 2005 2004
$ 44,914,9666,818,812
$ 44,215,174 $11,791,831
44,278,93510,444,052
$ 39,966,579 $ 41,738,52714,251,02413,318.975
$ 51,733.778 $ 56,007,005 $ 54,722,987 $se $ 55,989,551
I 10,473,725 $2,565,864
12,769,879638,961
$ 12,759,053 $ 11,876,497 $1,477,752
11,078,1452,402,109804 .059
$ 13,039,589 $ 13,408,840 $ 13,563,112 $ ts 249 $ 13,480,254
$ 55,388,6919,384,676
$ 56,985,053 $12 430 792
57,037,98811,248,111
$ st,843,076 $ 52,816,67216,653,13314,796,727
$ 64,773,367 $ Og,¿15.845 $ 68,286,099 $ 66,639,803 $ 69,469 ,805
-87-
INCORPORATED VILLAGE OF GARDEN CITYCHANGES IN NET ASSETSLAST NINE FISCAL YEARS(accrual basis of accounting)
Years Ended Mav 31, 2012 2011 2010 2009
ExpensesGovernmental activities:
General government supportPublic safetyTransportationEconomic assistance and opportunityCulture and recreationHome and community serviceslnterest on debt
Total governmental activities expenses
Business-type activities:PoolTennisWater
Total business-type activities expensesTotal primary government expenses
Program RevenuesGovernmental activities:
Charges for services:General government supportPublic safetyTransportationCulture and recreationHome and community services
Operating grants and contributionsCapital grants and contributions
Total governmentalactivities program revenues
Business-Çpe activities:Charges for services:
PoolTennisWater
Total business-typeactivities program revenues
Total primarygovernment program revenues
$ 11,572,52223,283,5354,690,515
7,78411,247,5538,391,920
298,88159,492,710
1,139,389451,771
6,196,727
$ 13,691 ,507 $22,205,619
4,939,63830,676
10,941,9248,555,314
318,151
13,889,43520,603,7244,409,301
21,70310,947,0138,653,097
310,2ô5
12,003,81922,266,724
4,298,66765,1'11
7,435,85012,259,179
383.061
$
60,682,829 58,834,538 58,712,411
1,164,447458,895
6,292,376
1,124,830415,233
5,373,0956,913,158
1,200,801437,469
5,669,124
7 787 7.915.718 7
$ 68,598,547 $ 65,747,696
$ 26,140 $1,858,976
404,797550,364246,189424,011s68 821
$ 28,8301,727,098
542,060431,066113,345
12,240566,1 00
24,7101,826,918
450,732526,144265,089
8,700818,660
28,5351,817,490
428,554456,385320,694
19.361
$
655 154
4,079,298 3,920,953 3.726.173 3,420,739
1,111,211392,371
4,737,434
1 ,092,315352,000
5,320,417
1,060,504387,764
4,148,020
1,036,969401,736
4,509,246
6,241,016 6,764,732 5,596,288 5,947,951
$ 10,320,314 $ 10,685,68s $ 9,322,461 $ 9.368.690
Source: Offìce of the Village Auditor and the audited financial statements of the Incorporated Village of Garden City
Notes: Data not available prior to fiscal 2004 implementation of Governmental AccountingStandards Board Statement No. 34, Basic Financial Statements andManagement's Drscussþn and Analysis for State and Local Governments.
Beginning with the year ended May 31 , 2010, the Village reports the Library contribution as a culture and recreation expense. Previously,
this expense was reported as a home and community services expense.
-88-
2008 2007 2006 2005 2004
$ 12,840,280 $18,621,5923,815,348
60,5626,720,021
1 1 ,991 ,1 64346,799
12,O25,22517,769,6553,720,959
44,171
5,672,581't1,208,340
309,874
9,496,35319,1 19,01 63,639,415
26,4015,550,758
11,590,991216.235
12,575,60817,009,0173,508,639
44,2535,060,933
10,239,771246,548
9,490,85414,909,2113,255,1 18
43,1 534,527,8597,269J44
278,650
$ $ $
54,395,766 50,750,805 49,639,1 69 48,684,769 39,773,989
1,296,2774't8,049
4,524,140
1,157 ,748398,349
4.120.319
't,189,250
370,2333.562.716
1j36,454387,575
3,373,326
1,230,164407,487
3,974,773
$
6,238,466 5,676,416 5,612,424 . 5,122,199 . 4,897,355-g 60,6u,232 -$ 56/27,221 $ 55,251,5e3 _$________q9i96,eq9- _9__-44,6?\A!!-
$$ 26,5601,786,021
393,814355,182
84,12566,575
682,001
32,5602,253,254
407,001399,018150,571
87,621267,416
26,150 $1,612,545
330,744353,291147,213637,010
21,315 $1,675,604
414,378321,320141,786235,821
14,985I ,545,919
486,976264,412
8,941329,119
35 144
3.394.282 3,597,441 3.106.953 2,810,224 2.685,496
1,007,340412,778
4,371,697
994,636399,998
4,053,708
957,163429,259
4,392,928
951,159375,1 93
3,632,176
928,499367,967
3,426,049
5,791,815 5 444342 5,779,350 4,958,528 4.722,515
$ 9,186,097 $ 9,045,783 $ 8.886.303 $ 7,768,752 $ 7.408.011
(Continued)
-89-
INCORPORATED VILLAGE OF GARDEN CITY
CHANGES tN NET ASSETS (CONTINUED)LAST NINE FISCAL YEARS(accrual basis of accounting)
(Continued)
Years Ended Mav 31.
Net (Expense)/RevenueGovernmental activitiesBusiness-type activitiesTotal primary government net expense
2012
$ (55,413,412)(1,546,871)
_$______(56,999¿99I
2011 2010 2009
General Revenues and Other Changes in Net AssetsGovernmental activities
Real propertytaxes $ 44,593,160 $
Other real property tax items 718,361
Non-property tax items 995,737Earnings on investments 127,090
Grants and contributions notrestricted to specific programs 752,983
Other 419,625TransfersTotal governmental activities 47,606,956
Business-type activities:Earnings on investmentsLegal settlementOther
Total business-type activitiesTotal primary government
43,432
Change in Net AssetsGovernmental activitiesBusiness-type activitiesTotal primary government
65,711 64,911 1,350,316
_9________47,672,667_ _$._______9,530, _ _$__19É99ør
$ (56,761,876)(1,150,986)
$ (57,912,862)
$ (55,108,365) $ (55,291,672)(1,359,443)
_$___156,65X_1jÐ
42,579,108553,785
1 ,066,1 87500,597
1,008,858305,565
44,328,042 $653,051
1,088,762148,289
807,361440,161
44,312,262 $603,744959,073202,686
883,3501,384,782
47,465,666 48,345,897 46,014,100
2752235,51929,392
29,9511,320,365
71,259
71,259$ 46,085,359
$ (7,806,456) $ (9,2e6,210) $ (6,762,468) $ (9,277,572)(1,481,160) (1,086,075) 33,446 (1,288,184)
$ (e,287,616) _$_(10,382¿9q _9_____re12s,022\__$_______í_qq65J99)
-90-
2008 2007 2006 2005 2004
$ (51,001,484)(446,651)
$ (51 ,448,I 35)
$ 41,579,104540,415992,944
1,475,783
1,634,786505,225
41,550,829 $544,352951,345
1,717,785
2,107,1751,565,856
40,694,602 $387,730865,867
1 ,I 56,939
2,183,4062,681,105
38,912,605 $420,383767,324631,591
2,213,421225,224
38,107,563441,922723,472602,266
1,942,591207,373
(3,069,199)
38,955,988
$ (47,153,364) $ (46,532,216) $ (45,874,545) $ (37,088,4e3)17
$
46.728,257 48.437.382 47,969,649 43,'t70,548
77,400 73,802 41,937 37,666 48,250
12,107
77,400 73,802 41,937
-$--46,99!,692- -$-------48,9!J-91- -$-----48'9!é99-37
1,437,433 $ (2,703,997)
60,357$ 39,016,345
$ 1,867,495('t14,483\
$ 1 ,753,012
$ (4,273,227)(369,251)
$ (4,642,478)
1,284,018 $$(154,272\ 208,863 (126,005)
_9_____1,1 2e :7 46_ _$____L,946 299_ _$_____ø999I9?I
-91 -
INCORPORATED VILLAGE OF GARDEN CITYFUND BALANCES OF GOVERNMENTAL FUNDSLAST TEN FISCAL YEARS(modified accrual basis of accounting)
Years Ended May 31 , 2012 2011 2010 2009 2008
Note'1
General Fund
Reserved"Unreserved
NonspendableAssignedUnassigned
Capital Projects FundReserved"Unreserved
RestrictedAssigned
TotalCapital
Projects Fund
$ 806,5956,658,2991,610,984
$ 5,087,9464,287,837
$ 5,474,1573,749,967
$ 5,563,7943,221,296
$ 6,521,6085,779,734
TotalGeneral Fund $ 9,075,878 $ 9,375,783 $ 9,224,124 $ I,785,090 $ 12,301,342
$ 1,769,305(2,359,230)
$ 579,6791,413,870
$ 2,523,238(467,315)
$ 1,177,7873,590,261
$ 16,7511,075,498
$ 1,092 .249 $ (58e,925) $ 1,993,549 $ 2,055,923 $ ¿,768,048
Source: Office of the Village Auditor and the audited financial statements of the lncorporated Village
of Garden City.
Note 1: Components of fund balance reclassified in accordance with Governmental Standards
Board (GASB)Statement No. 54, Fund Balance Reporting and Governmental
Fund Type Definitions
" lncludes encumbrances, inventory, civil practice law rules and employee benefit reserves.
-92-
2007 2006 2005 2004 2003
$ 8,042,4758,382,651
$ 7,386,3276,383,592
$ 3,972,1066,244,484
$ 5,891,948 $
3,207,0161,205,4206,014,747
$ 16,425,126 $ 13,769,919 $ 10,21 6.590 $ 9,098,964 $ 7,220,167
$ 4,013,729166,539
$ 1,580,339(45,6e3)
$ 2,870,375803,702
$ 1,212,6581,998,162
$ 1,672,4702,607,964
$ 4,180,268 $ 1,534,646 $ 3,674,077 $ Z,Zt 0,820 $ 4,280,434
-93-
INGORPORATED VILLAGE OF GARDEN CITY
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS(modified accrual basis in accounting)
Years Ended Mav 31. 2 2 2011 201 0 2009 2008
RevenuesReal property taxes and tax itemsOther real property tax itemsNon-property tax itemsDepartmental incomelntergovernmental chargesUse of money and propertyLicense and permitsFines and forfeituresSpecial assessmentsSale of property and
compensation for lossMiscellaneous local sourcesState and local aidFederal aid
Total Revenues 51,627,407 51 324 103 50,855,324 49 332 310
$ 44,566,731718,361995,736
1,640,42117,685
219,986127,083
1,131,920239,733
$ 44.319,271653,05',I
1,088,7621,720j36
21,335232,498103,790
1,051,891253,987
$ 44,286,198603,743959,073
1,759,50338,810
265,82194,686
972,224253,987
$ 42,551,527553,785
1,066,1871,548,708
58,827518,630
98,351992,526253,987
$ 41,310,904540,416992,944
1,381,73770,542
1,314,458112,218964,270253,986
208,67451,063
2,129,376
337,63990,329
1,229,134312,649
359,21977,717
1,240j08202,338
209,88249,354
1,362,043
241,001115,569
1,333,212
ExpendituresCurrent:
General government supportPublic safetyTransportationEconomic assistance and
opportunityCulture and recreationHome and community servicesEmployee benefits
Capital outlayDebt Service:
Principallnterest
Total Expenditures
Excess (Deficiency) of Revenuesover Expenditures
Other Financing Sources (Uses)Capital loanTransfers inTransfers outProceeds of refunding bondsPayments to refund bond escrow agenlTransfer to component unitPremium on obligationsDebt proceeds
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Debt Service as a Percentageof Noncapital Expenditures
8,703,94914,263,5612,369,624
7,7847,385,3715,525,517
10,775,5013,340,798
9,553,930'13,379,418
2,793,972
30,6767,342,9455,604,5419,685,4293,732,113
1,309,271323,623
10,534,07913,001 ,5662,439,092
21,7037,901,1845,819,0088,011,4343,650,8'13
1,343,107312,178
53,034,'164
10,653,70213,887,8092,424,676
65,1'11
7,809,0306,122,7878,489,9823,994,271
10,720,01513,146,8352,147,288
60,5624,546,5289,659,0508,285,4046,076,086
1,525,702283,018
1 ,691,431 1,340,298421 888 309 116
54,180,825 53,755,918 55,560,687 56,291.182
(2,553,41S) (2,431 ,815) (2,178,840) (6,228,377) (6,e60,5e4)
1 ,150,514(1,150,514)
60,687
1,438,221(1,438,221)
1,755,472(1,755,472)
4,806,074(4,806,074)
3,802,196(3,802,196)
'19,590
3,405,0003,875,000 2,555,5003,935,687 0 2 0 3,424,590
$ 1,382,269 $ (2,431 ,815) $ 376,660 $ (6,228,377) $ (3,536,004)
3.56% 4.12o/o
Source: Office of the Village Auditor and the audited financial statements of the lncorporated Village of Garden City.
Note: Debt service as a percentage of noncapital expenditures was presented by reducing total expenditures by capital outlay per
the "Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the
Statement of Activities" for the last nine years as data is not available prior to fiscal 2004 implementation of Governmental
Accounting Standards Board Statement No. 34, Basic Financial Statements and Management's Discussion and Analysis for State
and Local Governments.
3.27% 3.36% 331%
-94-
2007 2006 2005 2004 2003
$ 41,768,796544,392951,345
1,892,34766,758
1,567,175't02,169
'1,000,258
$ 40,671,111387,730865,867
1,261,53655,514
1,088,29793,651
954,371
362,9212,361,1882,820,416
$ 38,893,343420,383767,324
1,371,77072,363
639,02297,991
948,885
$ 37,932,349441,922720,572
1,323,92757,716
485,68975,744
959,599
$ 35,347,179423,564698,873922,60046,005
455,60973,823
1,049,939
274,85630,612
2,462,212
173,64944,579
2,449,242
184,17378,589
2,187,40884,300
256,7531,833,0981,507,778
50,660,920 50, 922.602 45,878,551 44,531,988 42,615,221
6,318,78312,661,7822,291,229
64,9724126,3018,798,4707,810,5576,087,016
6,663,41812,520,0402,096,025
26,4014,005,6598,895,7167,732,6496,906,441
1,030,000221.444
6,076,05011,733,7942,266,279
20,8963,678,2408,368,9287,331,3903,545,522
7,680,78611,184,2381,936,882
28,2623,462,7345,182,4285,480,7144,344,863
1,070,000
8,395,82010,825,565
1,938,744
25,2753,204,2424,854,7724,906,1073,938,217
1,055,627308,416
1,025,000251,569
44,297,668282 706
1,095,662316,651
49,523,153 50,097,793 13 39,50'l ,055
1,137,767
958,6554,828,305
(4,828,305)
4,407
589,0894,502,773
(4,5O2,773)4,022,027
(4,022,027)3,240,105
(3,240jO5)
(3,06e,199)
3,429,666(3,429,666)6,705,662
(6,705,662)(2,782,042)
824,809 1,580,883 3,878,375 3.114j66
3,200 ,0004,163,062 589,089 (3,069,199) (2,782,042)0
$ 5,300,82e $ 1,4 13,898 $ 1,580,883 809,176$ $ 332,124
3.670/o3.23o/o 2.91% 3.21%
-95-
3.97%
INCORPORATED VILLAGE OF GARDEN CITY
ASSESSED VALUE, STATE EQUALIZATION RATE, AND ESTIMATED FULL VALUE OF REAL PROPERTYLAST TEN FISCAL YEARS
YearsEnded
May 3'1,
Single FamilyDwellings Condominiums Apartments
GolfCourses Hotel Utilities
SpecialFranchise
2012
2011
2010
2009
2008
2007
2006
200s
2004
2003
$ 84,260,005 $
84,35'1,91 3
84,752,561
85,495,752
85,584,548
85,635,018
85,249,948
84,524,461
84,340,074
84,050,417
2,332,225 $
2,341,705
2,360,947
2,133,085
2,843,766
2,877,357
2,660,097
2,660,358
2,654,725
2,658,324
1,839,553
1,837,477
1,837,477
2,010,925
2,071,347
2,070,459
2,280,225
2,444,383
2,468,750
2,573,180
$ 525,000 $
525,000
525,000
732,900
985,1 00
1,239,940
1,202,340
1,202,340
1,202,340
1,202,340
717,250 $
717,250
717,250
1,404,000
1,404,000
'1,404,000
1,404,000
1,404,000
1,404,000
1,404,000
1,387,700
1,387,700
1,387,700
1,387,700
1,387,700
1,387,700
1,569,350
'1,569,350
1,569,350
1,950,500
$ 1,133,447
1,133,283
1,106,725
1,118,529
1 ,I 06,503
1,077,666
1,159,779
1,203,390
1,369,826
1,522,451
(Note: Value of property as of January I st each year. Assessment to be used for subsequent fiscal year tax levy.)
(a) This column includes tax-exempt property.
Source: lncorporated Village of Garden City Assessment Roll
-96-
Commercial
TotalAssessedValuationTaxable Exemptions
Total GrossAssessedValuation
StateEqualization
Rate
EstimatedActual Taxable
Value
TotalDirect Tax
Rate
$ 12,937,323
13,499,452
14,359,O27
15,089,'155
15,895,435
15,993,124
17,341,515
'18,365,755
20,219,602
20,280,602
$ 10s,132,503
105,793,780
107,046,687
109,372,046
111,278,399
111,685,264
112,867,254
113,374,037
115,228,667
115,641,814
$ 47,921,748
47,921,748
47,921,748
47,921,748
47,921,748
47,921,748
49,554,813
49,690,311
49,617,61'l
49,615,852
$ 153,054,251
153,71 5,528
154,968,435
157,293,794
159,200,147
159,607,012
162,422,067
163,064,348
164,846,278
165,257,666
1.66% $
1.660/o
1.51o/o
1.51o/o
1.52%
1.600/o
1.80o/o
1.960/o
2.14o/o
2.690/o
(a)
9,220,135,602
9,259,971,566
10,262,810,265
10,416,807,550
10,473,693,882
9,975,438,250
9.023,448,167
8,319,609,592
7,703,097,103
6,143,407,658
(a)
29.11
28.83
28.58
27.05
25.94
26.15
25.03
23.91
23.00
21.38
-97 -
INCORPORATED VILLAGE OF GARDEN CITYDIRECT AND OVERLAPPING PROPERTY TAX RATESLAST TEN FISCAL YEARS
Village Direct Rates
YearsEnded
May 31,Full
Valuation
StateEqualization
Rate
TotalAssessed
ValueTax Levy
Village
TotalVillage Direct
Tax Rate
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
Source:
1.66%
1.66%
1.51%
1.51%
1.52%
1.60Yo
1.80%
1.96%
2.14%
2.69%
$ 9,220,135,602
9,259,971,566
10,262,810,265
1 0,416,807,550
10,473,693,882
9,975,438,250
9,023,448,167
8,319,609,592
7,703,097,103
6,143,407,658
$ 153,054,251
153,715,528
154,968,435
157,293,794
159,200,147
159,607,012
162,422,067
163,064,348
164,846,278
165,257,666
$ 44,560,340
44,317,329
44,295,682
42,552,860
41,301,210
41,740,531
40,6s5,930
38,993,380
37,907,386
35,330,034
29.11
28.83
28.58
27.05
25.94
26.15
25.03
23.91
23.00
21.38
County of Nassau and lncorporated Village of Garden City Assessment Roll.
-98-
Overlappi nq Rates
Tax LevySchool
TotalSchool Direct
Tax RateTax Levy
Town
TotalTown Direct
Tax RateTax LevyCounty
TotalCounty Direct
Tax Rate
Total Direct &Overlapping
Rate
$ 90,654,014
88,375,513
85,022,296
83,705,109
79,811,700
76,673,601
73,047,315
69,198,930
65,306,161
61,713,710
s9.23
57.49
s4.86
53.22
50.13
48.04
44.97
42.44
39.62
37.34
$ 1,747,700
1,684,757
1 ,131,599
1,088,208
1,097,096
1,106,731
1,099,484
1,059,307
1,002J61
1,009,480
1.14
1.10
0.73
0.69
0.69
0.69
0.68
0.65
0.61
0.61
$ 23,338,1 1 9
20,212,275
18,943,139
18,065,080
18,136,211
17,383,673
18,113,121
18,295,728
16,311 ,488
15,069,882
15.25
13.15
12.22
11.48
11.39
10.89
11.15
11.22
9.89
9.12
104.73
100.57
96.39
92.44
88.1 5
85.77
81.83
78.22
73.12
68.45
-99-
INCORPORATED VILLAGE OF GARDEN CITYPRI NCI PAL PROPERTY TAXPAYERS
CURRENT AND NINE YEARS AGO
2012Assessed
Value
$ 3,215,0892,117,963
717,250577,850525,000426,859400,000342,600328,500320,000
$ 8,971,111 (a)
Percent ofAssessed ValueName Type
The Treeline Companies Office Building(s)Keyspan Public UtilityCento Properties Co. HotelHamilton Garden Owners Cooperative ApartmentsSears Roebuck & Co. Department StoreStewart & Clinton, LLC Office Building(s)EB Franklin Avenue Realty, LLC Office Building(s)Cherry Valley Apartments Cooperative Apartments520 Franklin AvenueAssociates, LLC Office Building(s)1001 Realty, LLC Office Building(s)
Total Assessments and Percent of Total Assessment Roll
(a) Represents 8.53% of the total taxable assessed valuation of the Village for 2012
2003
3.06%2.01%0.687o0.55%0.50%o.410/o
0.38%0.33o/o
031%0.30%
8.s3%
NameAssessed
Value
$ 3,439,3491,956,0001,428,0001,404,0001,142,5001 ,097,1001,096,7001,003,040
729,600457 747
$ 13,754,036 (b)
Percent ofAssessed Value
Keyspan Public UtilityFranklin Avenue Plaza, LLC Office Building(s)Treeline Garden City Plaza Associates Office Building(s)Cento Properties Co. HotelSears Roebuck & Co. Department StoreDDGC Pproperties Office Building(s)Stewart & Clinton, LLC Office Building(s)Garden City Company Office Building(s)Reckson Associates Office Building(s)New York Telephone Co. Public Utility
Total Assessments and Percent of Total Assessment Roll
(b) Represents 1 1 .89% of the total taxable assessed valuation of the Village for 2003.
Source: lncorporated Village of Garden City Assessment Roll
2.970/0
1.690/o
1.23o/o
1.21o/o
0.99%0.95%0.95%0.87%0.63%0.40o/o
11.89o/o
- 100 -
INGORPORATED VILLAGE OF GARDEN CITYPROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
YearsEnded
May 31,
Tax Levyper
Tax RollOther ltemson Tax Roll
TotalTax Levy
Tax LevyCollected
Percentof Levy
Collected(a)
2012 $ 44,560,340 $ 492,799 $ 45,053,139 $ 45,027,762 99.94%
2011 44,317,329 390,132 44,707,461 44,683,034 99.95%
2010 44,295,682 405,488 44,701,170 44,676,262 99.940/0
2009 42,552,860 382,636 42,935,496 42,910,815 99.94%
2008 41,301 ,210 384,907 41,686,117 41 ,660,912 99.94%
2007 41,740,531 72,389 41,812,920 41,790,695 99.95%
2006 40,655,930 98,733 40,754,663 40,733,382 99.95%
2005 38,993,380 106,212 39,099,592 39,079,610 99.95%
2004 37,907,386 124,844 38,032,230 38,010,137 99.94%
2003 35,330,034 87,514 35,417,548 35,393,259 99.93%
Source: lncorporated Village of Garden City Assessment Roll.
(a) Collected during the year of levy.
Note: Tax collections received subsequent to year end are not significant and therefore were notincluded in the above schedule. The Village has a tax sale on an annual basis.
-101-
Governmental Activities
INCORPORATED VILLAGE OF GARDEN CITYRATIOS OUTSTANDING DEBT BY TYPE
LASTTEN FISCALYEARS
Business-typeActivities
Years EndedMay 31,
GeneralObligation
Bonds
SpecialAssessment
BondsCapital Loan
Payable
GeneralObligation
BondsTotalPrimaryGovernment
Percentage ofPersonallncome Per Capita
$ 9,560,0006,795,s007,690,5006,095,0007,415,0005,070,0005,135,0006,165,0007,190,0008,260,000
$ 1 ,130,0001,370,0001 ,610,0001,825,0002,040,0002,250,000
-0--0--0--0-
(b)$ 762,809
938,0111,112,2821,280,3891 ,436,8191,501,339
589,089-0--0--0-
$ 10,750,0009,695,000
10,295,0006,685,0007,495,0003,620,0002,440,0002,845,0003,395,0003,935,000
$22,202,80918,798,51 1
20,707,78215,885,38918,386,81912,441,3398,164,0899,010,000
10,58s,00012,195,000
(a)2.05% $1.79%2.O2o/o
1.60%1.85o/o
131%0.89%
1.02%1.24%1.480
(a)
2012201120102009200820072006200520042003
458399438346400283192
220269320
Source: Office of the Village Auditor, Official Statements and the audited financial statements of the lncorporated Village ofGarden City.
Note: Details regarding the outstanding debt can be found in the lncorporated Village of Garden City notes to the flnancialstatements.
(a) See the schedule of Demographic and Economic Statistics for personal income and population
(b) The Village received a capital loan from the New York Power authority to finance various projects.
-102-
INCORPORATED VILLAGE OF GARDEN CITYRATIOS OF GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
YearsEnded
Mav 31, Population
TaxableAssessedValuation
GeneralObligation
Bonds
Percentageof General
Obligation Bondsto Assessed
Value
Net BondedDebt Per
Capita
2012201120102009200820072006200520042003
22,37122,37121,67221,67221,67221,67221,67221,67221,67221,672
(a)
$ 153,054,251153,715,528154,968,435157,293,794159,200,147159,607,012162,422,067163,064,348164,846,278165,257,666
$ 20,310,00016,490,50017,985,50012,780,00014,910,0008,690,0007,575,0009,010,000
10,585,00012,195,000
13.27% $10.73%11.61%8.12%9.37o/o
5.44%4.66%5.53o/o
6.42o/o
7.38o/o
908737830590688401
350416488563
Source: Office of the Village Auditor and the Official Statements of the lncorporated Village of Garden City
(a) lncludes tax-exempt values for the prior calendar year.
-103-
INCORPORATED VILLAGE OF GARDEN CITYDIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
As of May 31,2012
GovernmentalUnit
Direct:
Village of Garden City
Overlapping:County of Nassau
Garden CitySchool District
$ 1 1,452,809 $
$ 3,667,105,000
$ 297,575,000
$ 516,532,000
$ gt,366,119
-0- $ t 1,452,809
$ 3,150,573,000
266,208,881
Outstandinglndebtedness Exclusions
Netlndebtedness
EstimatedPercentageApplicable
(a)
2.88o/o
EstimatedShare of
OverlappingDebt
$ 11 ,452,809
$ 90,736,502
15,839,428Town of Hempstead 5.95%
$ 43,460,000 0 43,460,000 100% 43,460,000
Totaloverlapping debt 4,008,140,000 547,898 .119 3,460,241,881 150,035,931
Total direct and
overlapping debt $ 4,019,592,809 $ 547 1 19 $ 3,471,694,690 $ 161 ,488 ,740
Source: Offlce of the Village Auditor for the lncorporated Village of Garden City
(a) The percentage of overlapping debt applicable is estimated using taxable property values. Applicable percentages were
estimated by determining the portion of another governmental unit's taxable value that is within the district's boundaries and
dividing it by each unit's total taxable value.
-104-
INCORPORATED VILLAGE OF GARDEN CITYDEBT LIMIT MARGIN INFORMATION
Mav 31,2012
YearsEnded
Mav 31,
NetAssessedValuation
StateEqualization
Rate ValuationFu
20122011201020092008
$ 105,132,503105,793,780107,046,687109,372,046111,278,399
1.660/0
1.660/o
1.51Yo
1.51o/o
1.52o/o
$ 6,333,283,3136,373,119,2777,089,184,5707,243,181,8547 320 947 303
$ 34,359,710,317
6,871,943,263
481,036,028
21.440,000762,809
22,202,809
7,975,000'135 000
9,1'10,000
13,092,809
467,943,219
2.72%97.28Yo
Total Five Year Full Valuation
Average Five Year Full Valuation
Debt Limit - 7o/o o'l Average Full Valuation
lnclusions:Outstanding BondsCapital Loan Payable
Total lnclusions
Exclusions:Water DebtAppropriations for Repayment of Outstanding Bonds and Capital Loan
Total Exclusions
Total Net lndebtedness Subject to the Debt Limit
Net Debt Contracting Margin
Percent of Debt Limit ExhaustedPercent of Debt Limit Available
Last Ten Fiscal Years
1
YearsEnded
May 31,Constitutional
Debt Limit
Outstandinglndebtedness
May 31,Less:
Exclusions
lndebtednessSubject toDebt Limit
Net DebtContracting
Margin
Percent ofNet Debt
ContractingMargin
Available
2012201120102009200820072006200520042003
$ 481,036,028490,094,668488,656,640439,76't,724402,060,274355,638,965316,732,584278,616,238241,207,O52219,106,619
s 22,202,80918,798,51120,707,78215,885,38918,386,81912,441,3398,164,0899,010,000
10,585,00012,195,000
$ 9,1 10,00010,581 ,32010,841,4007,163,2888,220,0355,765,9912,170,OO02,425,0002,805,0003,080,000
13,092,8098,217,1919,866,3828,722,101
10j66,7846,675,3485,994,0896,585,0007,780,0009,115,000
$ 467,943,21948't,877,477478,790,258431,039,623391,893,490348,963,617310,738,495272,031,238233,427,052209,99't ,619
$ 2.72%1.68%2.02%1.98o/o
2.53%1.88Vo
1.89%2.36%3.23o/o
4.16%
Source: Office of the Village Auditor for the lncorporated Village of Garden City
- 105 -
INCORPORATED VILLAGE OF GARDEN CITYDEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
Years EndedMay 31 , Population Personal lncome
Per Capitalncome
UnemploymentRate
Year-RoundHouseholds
Estimate
AverageHousehold
SizeEstimates
PopulationDensity PerSquare Mile
(a)
22,37122,37121,67221,67221,67221,67221,67221,67221,67221,672
48,48647,07447,30545,92745,95443,97642,41940,86239,32838,146
(b)
6.60%6.70%6.70%7.400/o
5.50%4.50o/o
3.10o/o
3.40%3.80%3.90%
7,3667,3667,3867,3867,3867,3867,3867,3867,3867,386
3.00
3.00
2.90
2.902.902,902.902.90
2.902.90
4,2614,2614,1284,'1284,1284,1284,1284,1284,1284,128
(a)
2012201120102009200820072006200520042003
$ 1,084,675,4701,053,082,98r1,025,186,688
995,326,882995,924,436953,037,738919,298,490885,559,242852,314,856826,692,822
Sources:
(a) U.S. Census Bureau
(b) This data was provided by the NYS Dept of Labor using the census share methodology with current LAUS dataand special tabulations of rounded household-only data from Census 2000 and 2010.
-106-
INCORPORATED VILLAGE OF GARDEN CITYPRINCIPAL EMPLOYERS
CURRENT AND NINE YEARS AGO
2012
RankNumber ofEm
1
2
34567I910
Name of Employer
Adelphi UniversityBookspan lnc.Garden City Hotel lnc.
Lord & TaylorTravelex AmericaMargolin Winer & Evans LLPMetropolitan Diagnostic lmagingJaspan Schlesinger Hoffman LLPVisiting Nurse Association of Long lslandL'abbate, Balkan Colavita & Contini LLP
Type
Higher EducationCatalog & Mail-order HouseHotelDepartment StoreBankingAccounting Auditing & BookkeepingMedical DoctorsLegal ServicesMedical Care ProviderLegal Services
1 ,100900475275218185140130129125
2003*
TypeNumber ofEmployeesName of Employer
Adelphi UniversityGarden City Hotel lnc.Bookspan lnc.Sears, Roebuck & Co.Northwest AirlinesMay Department Stores Co.Esselte CorporationBank of New YorkRoslyn Bankcorp.Saks & CompanyMerrill Lynch Pierce Fenner & Smith, lnc.
EmploymentCode
Higher educationHotelCatalog & Mail-Order HouseDepartment StoreTravelDepartment StorePackaging MachinerySavings lnstitutionSavings lnstitutionDepartment StoreSecurity Brokers & Dealers
ApproximateNumber ofEmplovees
AccccccD
D
D
D
More than 1000500- 1000250- 499200- 249
Source: Dun & Bradstreet Regional Business Directory (201 I edition)
*lnformation for the rank of principal employers in 2003 and the percentage of the Village's total employment was not available.
AB
cD
-107-
INCORPORATED VILLAGE OF GARDEN CITYFULL-TIME EQUIVALENT GOVERNMENT EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
Full-Time EquivalentEmployees as of May 3l , 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
Function
General government supportPublic safetyTransportationEconomic assistance and opportunityCulture and recreationHome and community services
33107
18605721
33104
18605721
3B
10318695721
38111
20695721
11
3811
20695721
3911320705721
381220695721
1
381021
705821
38109
19
695821
38109
19
705821
Total 296 293 306 316 316 317 320 318 314 315
Source: Office of Village Auditor and Official Statements of the lncorporated Village of Garden City
-108-
THIS PAGE IS INTENTIONALLY LEFT BLANK
- 109 -
INCORPORATED VILLAGE OF GARDEN CITYOPERATING INDICATORS BY FUNCTION/ PROGRAMLAST TEN FISCAL YEARS
Years Ended May 31, 2012 2011 2010 2009 2008
FUNCTION
Public SafetyBuilding
Building permits issuedPolice (calendar year)
Physical arrestsAided casesTraffic violationsParking violations
Fire (calendar year)Number of calls answeredlnspectionsMutualaid
TransportationHighway and streets
Street resurfacing (miles)Sidewalk repairs (sf)Curb replacement (lf)Snow plowing (days)lce control (days)
Gulture and RecreationParks & shade trees
Flowers plantedTrees planted
RecreationPool membersTennis contracts (hours)Tennis lessons (hours)
3481,5367,357
18,899
2861,5038,576
19,163
351
1,51 1
12,21915,745
1,299345
16
1,188517
15
1,078474
5
1,265112
12
234
2891,593
10,1 1318,182
1.2828,375
5,4201
1
27,000297
7,052137.50137.00
235
3181,5728,703
19,866
28,000128
7,159144.O0140.00
1.5223,307
5,3868þ
213
1.4222,244
6,55945
251
1,098246
12
1.1517,3794,912
411
377
2.0041,36512,613
1
I
28,000116
7,426144.00155.00
15,7412,5202,100
0
29,000159
8,118141.00156.50
15,9743,135
20,500
7,371
30,000236
8,518452.00146.50
16,9804,016
20,000
0
Home and Community ServiceSanitation
Refuse collected (tons)Recyclables collected (tons)Leaves composted (cu yds)
Sanitary sewers & storm drainsSewers relined
14,9352,255
20,600
15,2672,515
22,000
0 0
WaterWater pumped (billion gallons)Hydrants replacedWater main breaksService taps
* Statistics not maintained.Source: Various departments of the lncorporated Village of Garden City
1,612231816
1,715251623
1,4252516
21
1,536231214
1,591
2410
12
-110-
2007 2006
443
2761,484
12,77615,756
1,032371
5
2005
376
3051,470
13,37415,471
2004 2003
3241,421
13,71515,373
377
1.2532,460
8,30347
30,000
8,810146.00103.50
17,4002,928
20,000
0
1.7645,08412,868
922
1.44I 1,1388,186
519
1,62336
711
2.3356,24417,595
1018
3.6764,17720,855
712
338
3781,556
13,00716,867
1,096462
8
487
3941,519
13,49418,064
1,091447
14
1,076305
4
1,001
36221
45130,000
340
8,839146.50105.00
17,4104,O57
20,000
4,545
30,000373
8,846149.00101.50
16,7214,255
20,000
21,192
30,000450
8,922153.5090.00
17,3723,273
20,000
0
30,000400
9,027
16,3043,270
20,000
6,728
1,80030
3I
1,63433
510
1,721
29I
14
1,70726
612
-111-
INCORPORATED VILLAGE OF GARDEN CITYCAPITAL ASSET INDICATORS BY FUNCTION/ PROGRAMLAST TEN FISCAL YEARS
Years Ended May 31, 2012 2011 2010 2009 2008
Function
General GovernmentMunicipal buildings
Public SafetyPolice stationsPolice vehiclesFire stationsFire apparatus
TransportationHighways and streetsStreets (miles)StreetlightsVehicles
Culture and RecreationGreenspace park acreage (approximate)Street treesMajor parksNeighborhood parksRecreational fields & parks (acres)Swimming poolsSenior centersVehicles (parks)Vehicles (recreation)
Home and Community ServicesSanitationTransfer stationsVehicles
Sanitary sewersPumping stationsSewer mains
Storm drainsCatch basins
WaterWater wellsWater storage tanksVehicles
105
15
105
15
105
15
105
l5
10
515
24252525 25
1
253
15
1
253
15
I25
315
1
253
15
1
253
15
73.72,568
31
301.317,142
26
98.732
1915
1
19
268.3
1,003
73.72,568
3'1
301.317,O77
2
698.7
32
1915
1
19
268.3
1,003
73.72,563
31
301.317,077
2
698.7
32
1915
1
19
268.3
1,003
73.72,563
31
301.317,084
26
98.732
1915
73.72,555
32
301.316,998
2
598.7
32
1915
1
19
268.3
1,000
1
19
2
68.3
1,003
Source: Various departments of the lncorporated Village of Garden City
-112-
2007 2006 2005 2004 2003
2424242424
1
253
14
1
253
14
1
253
14
1
253
14
1
253
14
73.72,550
32
301.316,825
25
98.732
1915
19
268.3
1,000
73.72,519
32
301.316,674
2
598.7
32
1915
1
19
268.3
1,000
73.72,491
32
301.316,634
25
98.732
1915
19
268.3
1,000
73.72,463
32
301.316,561
25
98.732
1915
,|
19
268.3
1,000
73.72,435
32
301.316,411
25
98.732
1915
1
19
268.3
1,000
105
't5
105
15
105
15
105
15
105
15
-113-