An End of Year meeting was held by the Weedsport Village Board on Friday, February 26, 2010 at 4:00 p.m. at the Village Hall, 8892 South St.

 

Present were:    Mayor Jean Saroodis

Trustees:           Hinman, Swim

Also present:    James Saroodis, Superintendent of Public Works

 

The meeting was called to order at 4:00 p.m. by Mayor Saroodis.

 

The purpose of the meeting was to pay end of year bills and make necessary transfers.

 

Small Cities Housing Rehab Monies

Trustee Hinman had previously asked if Village Board members and Village employees were eligible for the Small Cities low interest loans/grants for housing repairs.  The Treasurer had asked Bernie Thoma of Thoma Development who indicated that Board members are not eligible for the funds and employees must obtain a waiver to participate.

 

Bond Anticipation Note (BAN) Matured

The Treasurer informed the Board that NYSEFC determined they were not able to re-finance the $1,000,000 BAN with Key Bank that matured today because the sanitary sewer work performed prior to enactment of the American Reinvestment and Recovery Act needs to be financed separately.  The BAN was re-financed again with Key Bank.  Per bond counsel and EFC, we had to pay down $32,044 of principal and the remaining $967,956 was re-financed as a callable BAN at an interest rate of 1.44%.  NYSEFC said it should take them a month or two to reallocate the expenses and draw up the proper loan documents to re-finance the remaining $967,956.

 

Vehicle Damaged While Plowing

Jimmy damaged a vehicle with the backhoe while plowing down by Key Bank.  The owner of the car obtained a damage estimate of $3,059.68 and it has been forwarded to the insurance company.  Jim noted that the vehicle was parked illegally and the owner was issued a ticket.

 

Easter Egg Hunt

The annual Easter egg hunt is scheduled for Saturday March 27th  (rain date March 28) at the Aquaduct Park.  Last year the Village reimbursed the Town $242.58 for supplies purchased.  They are asking the Village to again purchase supplies up to a maximum of $250.  They also request a village police officer to assist with traffic.  Greg Gilfus said we could provide this service with Board approval.  Trustee Hinman made the first motion, seconded by Trustee Swim to purchase supplies at a maximum of $250 and to allow police traffic control.  All Aye.

 

Correction to Abstract #12, Voucher #509

The March Excellus health insurance voucher was incorrect.  The original voucher amount was $6,536.77 but when the March bill arrived, it showed a credit to the Village of $602.14.  Thus voucher #509 needed to be corrected to $5,934.63 to reflect this credit.   Trustee Swim made the first motion to correct Abstract #12, seconded by Trustee Hinman.  All Aye.

 

Correction Entries

Approval is needed to correct entries presented and approved at the January 13, 2010 meeting returning $146,672.77 from the capital project fund to the sewer fund as follows:

 

                                                            Credit:  HI909 – Fund Balance                                                $146,672.77

 

Entry should have been to do a budget amendment to do an interfund transfer back to the Sewer Fund:

 

 

Debit:                  HI1440.211 – San. Swr. Pd Via Reserves                    $ 45,200.00

HI1440.222 – WWTP Pd. Via Reserves                        15,000.00

HI1440.240 – Prelim Work - Paid Via Reserves             86,472.77

 

Credit:                 HI9901.900 – Transfer to Other Funds                                     $146,672.77

 

In the Sewer Fund (G Fund) – need to do the following correction entry:

 

                                                            Credit:  G200 - Cash                                                               $146,672.77

 

     •     Then an entry is needed to record the receipt of the funds as an Interfund Transfer to G5031.

 

The above entries were approved upon first motion from Trustee Hinman, seconded by Trustee Swim.  All Aye.

 

 

Entries to Pay Interest and Principal Due on the Capital Project BAN

 

Correct This Year’s Interest:

           

            Debit:               HI2401            Interest Earned                         $571.17

            Credit:              HI630              Due to Other Funds                                                      $571.17

 

            Debit:               G391               Due From Other Funds             $571.17

            Credit:              G2401             Interest                                                                         $571.17

 

Then move the money from HI Fund to G Fund:

 

            Debit:               HI630              Due to Other Funds                              $571.17

            Credit:              HI200              Cash                                                                            $571.17

 

            Debit:               G200               Cash                                                    $571.17

            Credit:              G391               Due from Other funds                                                   $571.17

 

 

Correct the two prior years interest received in the HI fund totaling $10,626.69.

 

            Debit:               HI599              Appropriated Fund Balance                  $10,626.69

            Credit:              HI630              Due to Other Funds                                                      $10,626.69

 

            Debit:               G391               Due from Other Funds              $10,626.69

            Credit:              G2401             Interest                                                                         $10,626.69

 

Then move the money from HI Fund to G Fund:

 

 

            Debit:               HI630              Due to Other Funds                              $10,626.69

            Credit:              HI200              Cash                                                                            $10,626.69

 

            Debit:               G200               Cash                                                    $10,626.69

            Credit:              G391               Due from Other funds                                                   $10,626.69

 

           

A check for the total amount of $11,197.86 will be drawn from the HI Fund and deposited into G Fund.          

 

The above entries were approved upon first motion from Trustee Swim, seconded by Trustee Hinman.  All Aye.

 

 

BAN Principal Reduction

Need to pay down principal on the Bond Anticipation Note of $32,044.   This debt payment will come from the operating fund which is the Sewer Fund (G Fund). 

 

An entry is needed reduce the BAN amount in the HI Capital  Project Fund by the amount we are paying down:

 

Debit:   HI626 Bond Anticipation Notes Payable                                                           $32,044

Credit:  HI5731 Bond Anticipation Notes Redeemed                                                                            $32,044

 

Budget Journal entries are needed in the Sewer fund for the Principal Reduction Amount:

 

Debit:   G9730.710        Unused Interest Budgeted (31,000 – 21,190.28 = $9,809.72)                      $9,809.72

            G599               Appropriate Fund Balance for Total Interest Earned      11,197.86

            G8130.130      Unused Funds Budgeted for WWTP BackUp Operator            11,036.42

Credit:  G9730.610      WWTP BAN Principal Reduction                                                                     $32,044

           

The above entries were approved upon first motion from Trustee Hinman, seconded by Trustee Swim.  All Aye.

 

 

 

 

Trustee Swim made the first motion, seconded by Trustee Hinman, to approve the following transfers, all aye.

 

To Account                                                      From Account                                                              Amount

 

A8189.100 – Recycling – Pers. Svcs.               A8189.400 – Recycling - Contractual                  656.58

A3120.200 – Police – Equip.                           A3120.120 – Police – Pers. Svcs.                                1,756.54

A5142.400 – Snow – Contra.                          A5142.100 – Snow  - Pers. Svcs.                                1,610.18

 

 

Motion by Trustee Hinman, second by Trustee Swim, to pay bills as presented on the following abstract, all aye.

 

General Fund Abstract #13, Voucher #’s 546 to 578 totaling $26,131.82;

Water Fund Abstract #13, Voucher #’s 172 to 184 totaling $6,057.26;

Sewer Fund Abstract #13, Voucher #’s 172 to 184 totaling $57,373.56;

WWTP Capital Project Fund HI, Abstract #13, Voucher #22 - 24 totaling $83,025.97.

 

There will be additional yearend bills that haven’t come in yet and thus there may be additional transfers needed once those bills arrive.   These bills will be accounts payable.  Motion by Trustee Hinman, second by Trustee Swim, all aye, approving the Treasurer to make necessary budget transfers for accounts payable.    These will be reported to the Board at the next meeting.

 

Motion by Trustee Hinman, second Trustee Swim, to adjourn at 4:20 p.m.  All aye.

 

 

 

 

Diane P. Scheufele,

Treasurer