Town of Tuxedo

2015 Budget

2014 Recap

• Projected fund balance used for 2014 budget was $948K

• Revenues fell short of projections• Expenses exceeded projections

For 2015

• Actual trends were used to accurately forecast expenses and revenues

• Department Heads participated in the budget process and have ownership of the deliverables for 2015

• New reporting tools will be utilized and outsourcing payroll will provide managers the necessary tools to manage their budgets

Impact of Planning Miss

• $1.7M swing between projected starting fund balance and actual fund balance

• Moody’s downgraded the town of Tuxedo twice in 2014 resulting in a higher cost of borrowing money to purchase Quarry Field

Capital Condition

• Infrastructure is suffering as all projects have been put on hold indefinitely

• Our highway equipment is aging. Used equipment that was purchased is causing maintenance costs to rise

• Our police fleet is aging. Cars have over 100K miles.

• Buildings are in need of repair

Impact of 2014 Audit

• The 2014 audit by the State Comptroller’s office directed the Town to move court revenue into the same fund as the court expenses. (The “A” fund)

• The Village tax rate will be reduced• The Town tax rate will increase• Town-$9 per $10,000 of market value increase• Village-$6 per $10,000 of market value

decrease

Tax Implication

Tax Rate Tax Rate Percentage2014 2015 INC/- DEC

Village only Tax 14.55 11.15 -0.23

Townwide Including Village 14.55 11.15 -0.23

Part Town Excluding Village 17.43 25.91 0.49

TAX INCREASE PART TOWN PER 10,000 MARKET VALUE 9.00

TAX DECREASE ON VILLAGE ONLY TAX PER 10,000 MARKET VALUE -6.00

2014 Success’s

• After starting out the year with a deficiency balance we will carry a positive fund balance into 2015. This is due to the $1.5M payment received as part of the host community agreement.

• Controls and security are being put in place to protect the town’s assets and limit risk.

• Policies and procedures are being introduced as our action plan for the State audit.

2015 Highlights

• Total Levy increase of 1.03%• Town increase• Village decrease• We are negotiating a one time payment of $750K

from Related• The Board will continue to work on ways to

reduce expenses and increase revenues• Residents will receive a rebate check from the

State for the Town staying below the tax cap.

Looking Forward

• The Board needs to work with our neighboring communities to identify opportunities for sharing services.

• Town Supervisor has had conversations with the County regarding shared services.

• Board is currently working on securing grant monies for shared service opportunities..

Summary Page TOWN OF TUXEDO, NEW YORK

PRELIMINARY BUDGET SUMMARY 2015

PRELIM- ACTUAL MODIFIED ACTUAL TENTATIVE INARY CHANGE %CHANGE FULL YR Y-T-D BUDGET BUDGET ADOPTED FROM FROM

2013 2014 2014 2015 2015 2015 2014 2014AppropriationsGeneral Fund Townwide A 3,111,446 2,905,282 1,662,458 3,059,976 3,054,045 - 148,763 5.12%General Fund-Town Outside Village B 2,825,867 2,968,289 1,942,465 3,386,821 3,259,611 - 291,322 9.81%Highway Fund - Townwide DA 1,017,674 1,247,568 927,349 1,461,273 1,220,223 - (27,345) -2.19%Highway Fund-Town Outside Village DB 429,213 375,528 179,402 580,574 334,759 - (40,769) -10.86%Joint Fire District SF 822,945 857,475 857,475 857,475 857,475 - - 0.00%Tuxedo Library District SL 479,034 487,666 487,666 487,666 501,931 - 14,265 2.93%Tuxedo Refuse District SR1 197,331 197,901 49,380 197,901 197,901 - - 0.00%Tuxedo Refuse District SR2 - 100,000 - 100,000 - - - - Sewer District SS 326,511 365,125 204,799 290,006 336,757 - (28,368) -7.77%Sterling Mine Estate DD SD 12,496 11,986 - 11,535 11,535 - 451 3.76%Total Appropriations 9,222,517 9,516,820 6,310,994 10,433,227 9,774,237 - 358,319 3.77%

RevenuesGeneral Fund Townwide A 2,568,625 2,645,282 2,107,671 3,059,976 2,956,045 - 310,763 11.75%General Fund-Town Outside Village B 2,428,755 2,713,378 2,311,792 3,386,821 2,989,611 - 276,233 10.18%Highway Fund - Townwide DA 1,020,162 985,625 935,638 1,461,273 1,035,223 - 49,598 5.03%Highway Fund-Town Outside Village DB 523,763 204,028 161,869 580,574 209,759 - 5,731 2.81%Joint Fire District SF 822,945 857,475 857,475 857,475 857,475 - 7,700 34.53%Tuxedo Library District SL 479,034 487,666 487,666 487,666 501,931 - 14,265 2.93%Tuxedo Refuse District SR1 196,091 198,901 197,907 197,901 197,901 - (1,000) -0.50%Tuxedo Refuse District SR2 100,000 100,025 100,004 100,000 - - (100,025) (1)Sewer District SS 322,471 338,625 336,329 290,006 336,757 - (1,868) -0.55%Sterling Mine Estate DD SD 6,846 12,036 11,936 11,535 11,535 - 501 4.16%Total Revenues 8,468,692 8,543,041 7,508,287 10,433,227 9,096,237 - 561,898 6.58%

Tax Rate Schedule

2015Implied 2014

Estimate Less Less Fund Amt to be Taxable Tax Rate Tax Rate % change

Appropri. Estimated Balance & Raised Assessed $$ per $$ per From Cur-2015 Revenues Appr Reser By Tax Value Thousand Thousand rent Year

Village RateGeneral Fund Townwide A 3,054,045 1,927,950 98,000 1,028,095 176,110,575 5.83777944 9.3640 -37.66%Highway-Townwide DA 1,220,223 50,000 185,000 985,223 176,110,575 5.59434449 5.1277 9.10%

4,274,268 1,977,950 283,000 2,013,318 176,110,575 11.43212393 14.4917 -21.11%Town RateGeneral Fund-Town Outside Village B 3,259,611 482,500 270,000 2,507,111 102,809,432 24.38600348 17.3067 40.90%Highway Fund-Town Outside Village DB 334,759 52,500 125,000 157,259 102,809,432 1.52961204 1.5179 0.77%

3,594,370 535,000 395,000 2,664,370 102,809,432 25.91561552 18.8246 37.67%Special Districts:Joint Fire District (A) SF 857,475 30,000 - 827,475 110,084,861 7.516701138 4.3622 72.31%Tuxedo Library District (B) SL 501,931 - - 501,931 109,362,710 4.589599142 2.5863 77.46%Tuxedo Refuse District (Homes IWS) SR2 197,901 1,000 - 196,901 1,100 0 1.1290 0.00%Tuxedo Refuse District 2 (Leaf P/U) SR1 - - - - - 0 0.0000 0.00%Sewer District SS 336,757 43,870 - 292,887 11,899,075 24.61426426 24.6099 0.02%Sterling Mine Estate DD SD 11,535 50 - 11,485 23 499347.8261

1,905,599 74,920 - 1,830,679