Employee Benefits
Purpose: To cover expected payments of accrued sick, vacation, and personal day termination payments upon resignation or termination of an employee. This reserve was established according to General Municipal Law, §6-p.
Date Established: Prior to July 1, 2013 Maximum Inflow: N/A
Balance June 30, 2019: $5,665,883
Ideal Balance: The stated balance of the last reported compensated absences report for expected payments of employee sick, vacation, and personal time payouts.
Additional Information:
Compensated absences as of June 30, 2019: $5,603,128 Source: External Audit Report as of 6/30/19 page 11, table 7
Debt Service
Purpose: To cover debt service payments on outstanding obligations (bonds, BANS) after the sale of district capital assets or improvements. This reserve was established according to General Municipal Law, §6-l
Date Established: Prior to July 1, 2013 Maximum Inflow: N/A
Balance June 30, 2019: $0
Ideal Balance: This reserve, combined with the Debt Service fund, should not exceed outstanding bonded debt as reported on the most recent Board of Education accepted external audit report.
Additional Information:
June 30, 2018 Bonded Debt: $40,485,000
Source: External Audit Report as of 6/30/19 page 11, table 7
June 30, 2018 Debt Service Fund Balance: $713,162
Source: External Audit Report as of 6/30/18 page 43 “debt service nonmajor funds”
Workers’ Compensation
Purpose: To fund Workers Compensation expenses, related medical expenses, and self insurance administrative costs. This reserve was established according to General Municipal Law, §6-j.
Date Established: Prior to July 1, 2013
Maximum Inflow: Not applicable as this is an operational reserve Balance June 30, 2019: $56,684
Ideal Balance: Two years of annual expense based on the average experience of the 3 most recent completed school years.
Additional Information:
|
2018-19: |
$142,145 |
|
2017-18: |
$303,294 |
|
2016-17: |
$365,740 |
|
Total: |
$946,397 |
|
Average: |
$270,393 |
2 Yr Avg Exp:$540,786
Source: NVision expense report of the work comp account code for 3 years prior
Unemployment
Purpose: To pay the cost of reimbursement to the State Unemployment Insurance Fund for payments made to claimants where the school district uses the benefit reimbursement method. This reserve was established according to General Municipal Law, §6-m.
Date Established: Prior to July 1, 2013
Maximum Inflow: Not applicable as this is an operational reserve Balance June 30, 2019: $82,879
Ideal Balance: Minimum of 2 years incurred expense based on the 2 most recently completed fiscal years.
Additional Information:
|
2018-19: |
$3,250 |
|
2017-18: |
$7,882 |
|
Total: |
$11,132 |
Source: NVision expense report for the unemployment expense account code for 2 years prior.
Capital Reserve 2017-2027
Purpose: To cover the local share of future facility capital improvement projects. The district will begin planning for another round of capital projects with the implementation of the 2019-20 building condition survey. This reserve was established according to Education Law, §3651.
Date Established: July 2017
Maximum Inflow: $3,000,000 plus accrued interest Balance June 30, 2018: $3,037,737
Ideal Balance: 10% of all capital work expensed within the last 10 fiscal years. Additional Information:
2008 – 2019 Expenses: $73,161,683
*10%
$7,316,168
Source: NVision expense report of all capital expense funds for the time frame indicated absent the account codes for capital outlay expenses.
Capital Reserve 2018-2028
Purpose: To cover the local share of future facility capital improvement projects. The district will begin planning for another round of capital projects with the implementation of the 2019-20 building condition survey. This reserve was established according to Education Law, §3651.
Date Established: May 2019
Maximum Inflow: $5,000,000 plus accrued interest Balance June 30, 2019: $1,500,000
Ideal Balance: Combined with the 2017-2027 Capital Reserve, 10% of all capital work expensed within the last 10 fiscal years.
Additional Information:
2008 – 2019 Expenses: $73,161,683
*10%
$7,316,168
Source: NVision expense report of all capital expense funds for the time frame indicated absent the account codes for capital outlay expenses.
Capital Reserve – 1 Million Bus Reserve
Purpose: To fund the purchase of student transportation vehicles. This reserve was established according to Education Law, §3651.
Date Established: December 2012 Maximum Inflow: $1,000,000 Balance June 30, 2018: $231,116
Ideal Balance: Because this is a reserve with a maximum authorized monetary inflow, with expected yearly outflows, there is no way in which to create an ideal balance for this account. In looking at capital transportation reserves holistically, an ideal balance between all capital transportation accounts would be 10 years of student transportation vehicle expenses.
Additional Information:
This reserve has reached the maximum authorized inflow dollars and is being depleted for the purchase of student transportation vehicles. This reserve is expected to reach a $0 balance within the next two fiscal years.
7/1/2008 – 6/30/2019 Student Transportation Vehicle Purchases: $1,265,327
Source: NVision expense report for transportation vehicle purchases for the time frame indicated.
Capital Reserve – 1 Million Transportation Reserve 2017
Purpose: To fund the purchase of student transportation vehicles. This reserve was established according to Education Law, §3651.
Date Established: July 2017 Maximum Inflow: $1,000,000 Balance June 30, 2018: $1,015,864
Ideal Balance: Because this is a reserve with a maximum authorized monetary inflow, with expected yearly outflows, there is no way in which to create an ideal balance for this account. In looking at capital transportation reserves holistically, an ideal balance between all capital transportation accounts would be 10 years of student transportation vehicle expenses.
Additional Information:
This reserve has reached the maximum authorized inflow dollars and will begin utilization following the depletion of the 1 Million Dollar Bus Reserve of 2012.
7/1/2008 – 6/30/2019 Student Transportation Vehicle Purchases: $1,265,327
Source: NVision expense report for transportation vehicle purchases for the time frame indicated.
Tax Certiorari
Purpose: To pay potential judgements and claims in tax certiorari proceedings per Real Property Tax Law (RPTL), Article 7. This reserve was established according to Education Law,
§3651 (1-a).
Date Established: Prior to July 1, 2013 Maximum Inflow: N/A
Balance June 30, 2019: $244,271
Ideal Balance: Total potential liability of known real property tax and assessment challenges. Additional Information:
Current known property tax disputes as of June 30, 2018:
|
Name |
Tax Map # |
Potential Liability |
|
Rite Aid Corp |
166.06-07-046.101 |
$109,293.06 |
|
Lowes |
136.03-01-002.000 |
$50,582.26 |
|
SHRS Realty LLC |
136.03-01-001.001 |
$1,696.44 |
|
BRIXMOR |
136.03-01-001.001 |
$4,232.81 |
|
BRIXMOR |
136.03-01-001.002 |
$4,232.81 |
|
BRIXMOR |
136.03-01-001.004 |
$35,193.25 |
|
BRIXMOR |
136.03-01-001.006 |
$34,184.69 |
|
BRIXMOR |
136.03-01-001.010 |
$2,241.22 |
|
TOTAL |
$241,656.54 |
Source: Report from the Steuben County Office Of Real Property dated April 2017 (updated report has been requested).
Repair
Purpose: To pay for repairs to capital improvements or equipment not recurring annually or at shorter intervals. Additionally, this reserve was initially set up to help defray the cost of repairs and construction to buildings which are not covered by state building aid to assist with the maintenance of these buildings without placing undue indebtedness on the local tax payer, for which state aid would not be available to help cover. This reserve was established according to General Municipal Law, §6-d.
Date Established: May 2016 Maximum Inflow: N/A
Balance June 30, 2019: $894,828 Ideal Balance: $2,000,000 Additional Information:
Buildings such as the sports concession stands and the baseball stadium currently receive no state aid and are reaching an age and condition which will require significant repair in order to maintain the safety and operation of the structures. This reserve was initiated and has been funded over the last several years to assists with expected costs of repairs to these two buildings first. However, the funds are also available in the case of an emergency repair as well.