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HomeMy WebLinkAbout2020_06_17 Town Board Meeting Packet S.n F- x •FOUNDED IMI • TOWN OF MAMARONECK TOWN BOARD AGENDA Wednesday, June 17, 2020 ZOOM 5:00PM THE TOWN BOARD WILL CONVENE IN CONFERENCE ROOM ATO DISCUSS: 1. Proposed Hommocks Pool Operation 2. 2019 Financial Audit 3. 2020 Financial Update 4. LMC-TV Budget/Board of Control 5. Proposed Sewer Televising Agreement- Village of Mamaroneck 6. New Business 7. Request for Executive Session 7:30PM CALL TO ORDER— COURTROOM Public Hearings 1 . Rock Removal Law 2. Peddler's Law Supervisor's Report Citizen Comments Board of Fire Commissioners 1 . Fire Claims 2. Other Fire Department Business Affairs of Town of Mamaroneck 1. Authorization - Westchester County Contract Wellness in Nutrition (WIN) 2. Authorization— Westchester County Contract Hotline System — Police Department 3. Authorization - Cybersecurity Engagement Letter 4. Consideration of Certiorari Approval of the Minutes Reports of the Council Town Clerk's Report Next Regularly Scheduled Meeting -TBD Meeting Adjournment Any physically handicapped person needing special assistance in order to attend the meeting should call the Town Administrator's office at 381-7810. Town of Mamaroneck 0 O Town Center x n 740 West Boston Post Road, Mamaroneck, NY 10543-3353 FQLAYQE01651 OFFICE OF THE TOWN ADMINISTRATOR TO: FROM: DATE: June 17, 2020 SUBJECT: ATTACHMENTS: Description ❑ Proposed Hommocks Pool Operation O 9 2 y o Town of Mamaroneck m Town Center x 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL 914-381-7810 FAX 914-381-7809 saltieri@townofmamaroneckny.org www.townofmamaroneckny.org Memorandum To: Supervisor and Town Board Re: Tentative Guidelines for Opening the Hommocks Pool Complex Date: June 12,2020 The Recreation Department has been working on a plan to open the Hommocks Pool complex this summer. Under the plan, the Town would operate not only the large pool but also the training and mushroom pool. Guidelines for opening pool only came from New York State on June 11 and they are considered interim guidance. The plan would be to open the pool on June 29 and remain open at least through Labor Day weekend. The tentative hours of operation would be 9:00am until 8:00pm. These plans could change depending upon our observations of the operation and any new directives from New York State. Attached is the Recreation Department's proposed operational rules as well as the interim guidelines from New York State. The last attachment is a financial pro-forma for the proposed operation. The pro-forma assumes two different admission charges and illustrates the expected revenue and expense to open the pool. Pool permits will not be required but patrons must provide proof of residency in the Town (including the two Villages). We would like to review this plan with the Town Board on June 17 particularly in regards to the financial issues. The program will also be provided to the Recreation Commission for their review. ° Stephen V. Altieri Town Administrator Co Printed on Recycled Paper TENTATIVE HOMMOCKS POOL OPERATIONAL RULES AND PROCEDURES DURING COVID-19 PUBLIC HEALTH EMERGENCY Physical Distancing: The current maximum facility capacity will be reduced by 50%, to 85 patrons at a time. Patrons will be required to wear a face covering upon entrance/exit of the facility, for admittance into the restrooms and at any time individuals are within six feet of another individual outside of their household or family unit and not in the water. Those with a reservation will be granted access at a checkpoint and be directed to walk thru the locker rooms and exit directly out the rear door onto the exterior pool deck area. Changing areas, showers and lockers will be closed off and made unavailable. Bathers will be encouraged to come in their suit and leave in their suit. A separate entrance and exit will be established to prevent visitors from sharing the same area. We will ensure that all individuals, including employees maintain a distance of at least six feet from other individuals at all times unless they are members of the same household or family unit, unless safety or core function of a work activity requires a shorter distance (e.g. providing emergency assistance to a swimmer). Designated sitting areas in the outdoor lawn area that are a minimum of six feet of distance between towels and chairs will be established, except for members of the same household/family unit. Social distancing markers (e.g. signage, tape, flags, cones, etc.) that denote 6 ft. of spacing in any anticipated commonly used and high-traffic areas will be used. No gatherings of any size will be allowed, except for a group of five or less from within the same household/family unit. Swimmers will be limited to swimming in a dedicated space to allow for social distancing. Only those family members from the same household may share this area in the pool. Only one lap swimmer will be allowed per lane line. Hygiene and Cleaning: We will adhere to hygiene and sanitation requirements from the Centers for Disease Control and Prevention (CDC) and New York State Department of Health (DOH) and maintain cleaning logs on site that document date, time, and scope of cleaning. Lifeguards and water safety personnel will be required to comply with DOH standards and guidance relating to COVID-19. Hygiene supplies for proper hygiene will be provided on site, including soap, running water, and disposable paper towels (if touch-free hand dryers are not available), as well as an alcohol-based hand sanitizer containing 60% or more alcohol for areas where handwashing is not available or practical. Employees will be encouraged to use cleaning/disinfecting supplies before and after use of shared and frequently touched surfaces. All sanitary facilities, (restrooms) will be cleaned and disinfected at least three times daily with emphasis on frequent enhanced cleaning of"high touch" surfaces and high use spaces. No swimming equipment will be shared, unless it has been cleaned and disinfected between users. Restrooms will be staffed with an attendant. Separate entrance and exits will be established and the number of patrons in the restroom will be monitored and limited as necessary. A thirty minute cleaning and disinfecting period has been scheduled in between all swim time blocks. Communication: Signage will be posted throughout the facility including the entrance to remind patrons and employees to stay home if they have symptoms of COVID-19, have tested positive for COVID-19 within the last 14 days, or were exposed through close contact to someone with COVID-19 within the last 14 days. Signage will be posted to adhere to proper hygiene, social distancing rules, appropriate use of face coverings, and cleaning and disinfecting protocols. Lifeguards will be trained to enforce social distancing and crowd control. A P.A. system will be utilized to provide verbal reminders throughout the day. Protective Equipment: Employees will be provided with an acceptable face covering at no-cost to the employee and have an adequate supply of coverings on site in case of replacement. Lifeguards/water safety personnel must wear a face covering when on patrol and interacting within 6 ft. of coworkers or members of the public, except when performing lifesaving or emergency response activities. Face coverings must be cleaned or replaced after use or when damaged or soiled, may not be shared, and should be properly stored or discarded. Limit the sharing of objects (e.g. tools, towels, vehicles) and the touching of shared surfaces will be discouraged; or, when in contact with shared objects or frequently touched areas, wear gloves (trade-appropriate or medical); or, sanitize or wash hands before and after contact. Employee Screening: Employees who are sick will be required to stay home or return to home if they become ill at work. A mandatory health screening assessment (e.g. questionnaire, temperature check) will be required before employees begin work each day. Assessment responses will be reviewed every day and such review will be documented. Employees who present with COVID-19 symptoms will be sent home to contact their health care provider for medical assessment and COVID-19 testing. If tested positive, employee may only return completing a 14-day quarantine. Employees who present with no symptoms but have tested positive in past 14 days may only return to work after completing a 14-day quarantine. If a worker tests positive for COVID-19, the Town of Mamaroneck Recreation Department will immediately notify state and local health departments and cooperate with contact tracing efforts, including notification of potential contacts, such as workers or visitors who had close contact with the individual, while maintaining confidentiality required by state and federal law and regulations. Miscellaneous: Patrons will be required to make a reservation. Patrons will encouraged to not gather on site prior or post of their reservation time. Drinking fountains will be made unavailable. There will be no food concession available. Employees will be prohibited from sharing food. No furniture or tables will be provided for patron usage. Patrons will be allowed to bring their own chair but all personal items must be removed by patron when leaving. No face coverings will be allowed in the water. Essential in-person gatherings (e.g. staff meetings) will be held in open, well-ventilated spaces with appropriate social distancing among participants. 6/12/2020 frINEW YORK Department STATE OF PORTUNITY. of Health ANDREW M.CUOMO HOWARD A.ZUCKER, M.D.,J.D. SALLY DRESLIN,M.S., R.N. Governor Commissioner Executive Deputy Commissioner June 11,2020 Interim Guidance for Pools and Recreational Aquatic Spray Grounds During the COVID-19 Public Health Emergency Background Amid the ongoing COVID-19 pandemic,the New York State Department of Health (NYSDOH) continues to monitor the public health situation to inform the State's response activities and reopening approach. In accordance with Governor Andrew M. Cuomo's New York Forward data-driven, phased strategy to safeguard the health and well-being of New Yorkers, NYSDOH provides this interim guidance for the public and private owners and operators of pools and recreational aquatic spray grounds, including but not limited to cities, villages, towns, campgrounds, children's camps, day cares, hotels,assisted living facilities, schools, colleges, universities, mobile home parks, homeowners' associations, and apartment complexes.This guidance does not apply to private homeowner's pools. For owners and operators that also provide other activities on premise (e.g.food service, retail, etc.), they must consult and adhere to guidance set forth on the New York Forward wehsite as it applies to their operations. Guidance for Pools and Aquatic Spray Grounds All indoor and outdoor swimming pools and recreational aquatic spray grounds that are subject to the operating conditions defined in New York State Sanitary Code are permitted to operate for members of the public during the COVID-19 public health emergency so long as the owners/operators adhere to any applicable Executive Orders and the following NYSDOH restrictions: • Ensure that all individuals maintain a distance of at least six feet from other individuals at all times, unless they are members of the same household or family unit, or safety or the core activity requires a shorter distance. o However, any time individuals are within six feet of individuals outside of their household or family unit and not in the water, they must wear an acceptable face covering that covers both the nose and mouth. Individuals must be prepared to don a face covering if another person unexpectedly comes within six feet. • For health and safety concerns, ensure face coverings are not worn by individuals while they are in the water; • Limit the maximum size of any single group of people on the premise or in the water to 10 or fewer individuals; however, there may be more than one group on premise or in water so long as they are able to be separated by at least six feet; o Occupancy of the premise and pool should be limited to the number of individuals and groups who can be safely and appropriate spaced such that each individual and group is at least six feet away from others. Empire State Plaza,Coming Tower,Albany,NY 122371 health.ny.gov • Ensure different groups of people are separated by at least six feet on the premise or in the water, to the extent possible; o However, if physical barriers are used to separate groups of individuals, they must not present a health or safety risk by obstructing supervision or impairing air flow, heating, cooling, or ventilation. • Provide supplies for proper hand and respiratory hygiene, including soap, running water, and disposable paper towels; alcohol-based hand sanitizer containing at least 60% alcohol for areas where handwashing facilities may not be available or practical; and tissues and trash receptacles; • Enhance cleaning and disinfection protocols, in compliance with all cleaning and disinfections procedures from NYSDOH, particularly cleaning and disinfection of high- touch areas, including railings, lockers, and chairs, and maintaining logs on site that document date, time, and scope of cleaning and disinfection; • Affix social distancing markers using tape or signs that denote six feet of spacing in commonly used and other applicable areas on the site (e.g. entrances, exits); and • Post signage throughout the premise to remind Individuals to: o stay home if they have symptnmR of COVID-19, have tested positive for COVID- 19 within the last 14 days, or were exposed through close contact to someone with COVID-19 within the last 14 days, o encourage proper hand and respiratory hygiene, o adhere to social distancing rules, o wear appropriate use of face coverings, and o abide by cleaning and disinfecting protocols. Additional Resources NYSDOH COVID-19 Wehsite • NYSDOH Interim Guidance for Cleaning and Disinfection of Public and Private Facilities New York Forward Website • New York Forward Safety Plan Template CDC COVID-19 Website • P •s 's: . .sa • :• . •, Pool Revenue Projection July/August 2020 r---_--- 1 $5 pp/session $6 pp/session !Free-Under 1 Yr Free-Under 1 Yr No Refunds i No Refunds 1 Public Session Capacity 85 I 851 4 sessions/Day 4I Senior Lap Only @ 16 Max/Day 16; 16 Max Capacity/Day' 356; 3561 5%estimate Infants _ i 18 18 ___ _ _ 95%estimate 1 yr or older 338 338 Fee:Swimmers over 1 Yr Old/session $ 1,691 $ 2,029 #Days/Summer 71 1 71! 71 Projected Revenue $ 120,061 $ 144,073 Pool rental Fees @$180/hr 140,000 1 140,000.1 -_ Operating Supplies 50,000T 50,000 Staff ; 115,000 1 115,000 Benefits - 9,1891 9,189 --. . - - •p ct,�a__„_n_$ 314,189 I $ 314,189 NET COST $ (194,128) $ (170,115)1 Break Even Analysis — -I -- - -- Max/Day 356L 356 #Days/Summer � 711 ----71---- -- ---- #People Served 25,276 i 25,276 Cost/Person Served $ 12.43_1 $ 12.43 Perp Person$6/Fee 5.00 6.00 Per Person Town Net Cost $ 7.43 j $ 6.43— j---- Town Funded Share 60% 52% Town of Mamaroneck Town Center 740 West Boston Post Road, Mamaroneck, NY 10543-3353 FOUNDED 1661 OFFICE OF THE TOWN ADMINISTRATOR TO: FROM: DATE: June 17, 2020 SUBJECT: ATTACHMENTS: Description ❑ 2019 Financial Audit ❑ Supplementary Information Town of Mamaroneck, New York Financial Statements and Supplementary Information Year Ended December 31 , 2019 Town of Mamaroneck, New York Table of Contents Page No. Independent Auditors' Report 1 Management's Discussion and Analysis 4 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position Statement of Activities Fund Financial Statements Balance Sheet- Governmental Funds Reconciliation of Governmental Funds Balance Sheet to the Government- Wide Statement of Net Position Statement of Revenues, Expenditures and Changes in Fund Balances- Governmental Funds Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Statement of Revenues, Expenditures and Changes in Fund Balances- Budget and Actual-General, Town Outside Villages, Highway and Special Districts Funds Fiduciary Fund Statement of Fiduciary Net Position Statement of Changes in Fiduciary Net Position Notes to the Financial Statements Required Supplementary Information Service Awards Program Schedule of Changes in the Town's Total Pension Liability Other Post Employment Benefits Schedule of Changes in the Town's Total OPEB Liability and Related Ratios New York State and Local Employees' Retirement System Schedule of the Town's Proportionate Share of the Net Pension Liability Schedule of Contributions New York State and Local Police and Fire Retirement System Schedule of the Town's Proportionate Share of the Net Pension Liability Schedule of Contributions Combining and Individual Fund Financial Statements and Schedules Major Governmental Funds General Fund Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Schedule of Revenues and Other Financing Sources Compared to Budget Schedule of Expenditures and Other Financing Uses Compared to Budget Town Outside Villages Fund Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Town of Mamaroneck, New York Table of Contents (Concluded) Page No. Schedule of Revenues and Other Financing Sources Compared to Budget Schedule of Expenditures and Other Financing Uses Compared to Budget Highway Fund Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Special Districts Fund Combining Balance Sheet- Sub-Funds Combining Schedule of Revenues, Expenditures and Change in Fund Balances- Sub-Funds Section 8 Housing Assistance Fund Comparative Balance Sheet Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Capital Projects Fund Comparative Balance Sheet Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Project-Length Schedule Non-Major Governmental Funds Combining Balance Sheet Combining Statement of Revenues, Expenditures and Changes in Fund Balances Tri-Municipal Cable T.V. Fund Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Special Purpose Fund Comparative Balance Sheet Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Debt Service Fund Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Federal Programs Report on Internal Control Over Financing Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Report on Compliance for Each Major Federal Program and Report on Internal Control Over Compliance Required by the Uniform Guidance Schedule of Expenditures of Federal Awards Notes to Schedule of Expenditures of Federal Awards Summary Schedule of Prior Audit Findings Schedule of Findings and Questioned Costs J PKF OfCONNOR DAVIES ACCOUNTANTS AND ADVISORS Independent Auditors' Report The Honorable Supervisor and Town Board of the Town of Mamaroneck, New York Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the discretely presented component unit, each major fund and the aggregate remaining fund information of the Town of Mamaroneck, New York("Town")as of and for the year ended December 31, 2019, and the related notes to the financial statements, which collectively comprise the Town's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors'Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors'judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Town's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Town's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the discretely presented component unit, each major fund and the aggregate remaining fund information of the Town, as of December 31, 2019, and the respective changes in financial position and the respective budgetary comparison for the General, Town Outside Villages, Highway and Special Districts funds for the year then ended in accordance with accounting principles generally accepted in the United States of America. PKF O'CONNOR DAVIES. LLP 500 Mamaroneck Avenue. Harrison.NY 10528 I Tel:914.381 8900 I Fax:914 381.8910 I www pkfod corn PKF O'Connor Davies.LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms Emphasis of Matters We draw attention to Note 2D in the notes to financial statements which disclose the effects of the Town's adoption of the provisions of Governmental Accounting Standards Board("GASB")Statement No. 84,"Fiduciary Activities". Our opinion is not modified with respect to this matter. As discussed in Note 6 in the notes to the financial statements, on March 11, 2020, the World Health Organization declared a global pandemic as a result of the spread of COVID-19 ("Coronavirus"). Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that Management's Discussion and Analysis and the schedules included under Required Supplementary Information in the accompanying table of contents 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 financial 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 States 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. Supplementary and Other Information Our audit for the year ended December 31, 2019 was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Town's basic financial statements. The combining and individual fund financial statements and schedules and the schedule of expenditures of federal awards as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, for the year ended December 31, 2019 are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund financial statements and schedules and the schedule of expenditures of federal awards 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. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements for the year ended December 31, 2019 and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion,the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole for the year ended December 31, 2019. We also previously audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the basic financial statements of the Town as of and for the year ended December 31, 2018 (not presented herein), and have issued our report thereon dated April 26, 2019, which contained unmodified opinions on the respective financial statements of the governmental activities, the discretely presented component unit, each major fund and the aggregate remaining fund information. The combining and individual fund financial statements and schedules for the year ended December 31, 2018 are presented for purposes of additional analysis and are nota required part of the basic financial statements. Such information is the responsibility of management and was derived from and relate directly to the underlying accounting and other records used to prepare the 2018 financial statements. The combining and individual fund financial statements and schedules have been subjected to the auditing 2 procedures applied in the audit of the 2018 basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare those financial statements or to those financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements as a whole for the year ended December 31, 2018. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated , 2020 on our consideration of the Town's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Town's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Town's internal control over financial reporting and compliance. PKF O'Connor Davies, LLP Harrison, New York , 2020 3 Town of Mamaroneck, New York Management's Discussion and Analysis (MD&A) December 31, 2019 Introduction As management of the Town of Mamaroneck, New York ("Town"), we offer readers of the Town's financial statements this narrative overview and analysis of the financial activities of the Town for the fiscal year ended December 31, 2019. It should be read in conjunction with the basic financial statements, which immediately follow this section, to enhance understanding of the Town's financial performance. Financial Highlights Key financial highlights for fiscal year 2019 are as follows: ❖ As of the close of the current fiscal year, the Town's governmental funds reported combined ending fund balances of $31,008,731, an increase of $2,014,224 from the prior year. The increase in fund balance is primarily due to issuance of serial bonds of $6.3 million in the Town's Capital Projects Fund in addition to sales tax and permit revenue increases in the Town Outside of Villages Fund. The Capital Projects funds have been appropriated for projects that are in progress or scheduled to begin shortly. ❖ At the end of the current fiscal year, the total fund balance for the Town-wide General Fund was $7,586,992 or 61% of total General Fund expenditures and other financing uses for 2019. The total Town-wide General Fund fund balance consists of$229,478 (Nonspendabie), $125,000 (Restricted), $1,211,344 (Assigned) and $6,021,170 (Unassigned). Total fund balance for the Town Outside Villages Fund was$5,662,575 or 43% of total fund expenditures and other financing uses for 2019. ❖ Total fund balance for Highway Fund and Special Districts Funds are $789,373 and $4,559,093, respectively or 14% and 48%, respectively, of total fund expenditures and other financing uses for 2019. •:• The Town adopted a formal fund balance policy and surplus recovery plan on March 20, 2013 which prescribes that a minimum of 15% to 25% of the subsequent year's budgeted appropriations be retained.The percentages at December 31, 2019, in most cases, are within the range of or exceed the surplus levels that are consistent with the Town's policy. ❖ On the government-wide financial statements, the liabilities and deferred inflows of resources of the primary government, which is reported separately from the component unit (Mamaroneck Housing Authority) for which the Town is financially accountable, exceeded its assets and deferred outflows of resources at the close of the most recent fiscal year by $45,243,688. Of this amount, the unrestricted net position,which is available to meet the ongoing obligations of the Town, is reported as a deficit in the amount of $72,181,546 due primarily from the required accrual in accordance with the provisions of GASB Statement No. 75, "Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions "(OPEB"), of $82,693,279. 4 For the year ended December 31, 2019,the Town implemented the provisions of GASB Statement No. 84, "Fiduciary Activities". The objective of this statement is to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes.The statement established criteria for identifying fiduciary activities of all state and local governments. As a result of the adoption of this standard, certain transactions previously reported within the governmental funds are now reflected within the Fiduciary Fund while other transactions previously reported in the Fiduciary Fund are now reflected within the governmental funds. ❖ In addition to the impact of the Town's OPEB obligations,the government-wide financial statements for the year ended December 31, 2019 are also significantly impacted by the provisions of GASB Statement No. 68, Accounting and Financial Reporting for Pensions". This pronouncement established accounting and financial reporting requirements associated with the Town's participation in the cost sharing multiple employer pension plans administered by the New York State and Local Employees' Retirement System ("ERS") and the New York State and Local Police and Fire Retirement System ("PFRS"). Under the new standards, cost-sharing employers are required to report in their government-wide financial statements a net pension liability (asset), pension expense and pension-related deferred inflows and outflows of resources based on their proportionate share of the collective amounts for all of the municipalities and school districts in the plan. At December 31, 2019, the Town reported in its Statement of Net Position a liability of $4,184,883 for its proportionate share of the ERS and PFRS net pension liabilities. More detailed information about the Town's pension plan reporting in accordance with the provisions of GASB Statement No. 68, including amounts reported as pension expense and deferred inflows/outflows of resources, is presented in note 3F in the notes to financial statements. Overview of Financial Statements This discussion and analysis is intended to serve as an introduction to the Town's basic financial statements. The basic financial statements include three components: 1) government-wide financial statements, 2) fund financial statements and 3) notes to financial statements. This report also includes other supplementary information as listed in the table of contents. Government-Wide Financial Statements The government-wide financial statements are designed to provide the readers with a broad overview of the Town's finances in a manner similar to a private-sector business. The Town of Mamaroneck Housing Authority is a legally separate component unit of the primary government ("Town")for which the Town is financially accountable. The financial information for the Town of Mamaroneck Housing Authority is reported separately("discretely presented") from the financial information presented for the primary government. The reader may refer to the component unit's separately issued financial statements for additional information. The statement of net position presents information on all of the Town's assets and deferred outflows of resources and liabilities and deferred inflows of resources, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator as to whether the financial position of the Town is improving or deteriorating. 5 The statement of activities presents information reflecting how the Town's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will result in cash flows in future fiscal periods (for example, uncollected taxes and earned but unused vacation leave and other postemployment benefit obligations("OPEB")). The government-wide financial statements distinguish functions of the Town that are principally supported by taxes and intergovernmental revenues ("governmental activities"). The governmental activities of the Town include general government support, public safety, health, transportation, economic opportunity and development, culture and recreation, home and community services and interest. The government-wide financial statements can be found immediately following this discussion and analysis. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The Town, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related and legal requirements. All of the funds of the Town can be divided into two categories: governmental funds and fiduciary funds. Governmental funds are used to account for essentially 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 fiscal year. Such information may be useful in evaluating a government's near-term financing requirements. 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 similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Town maintains fourteen individual governmental funds. Information is presented separately in the governmental funds balance sheet and in the governmental funds statement of revenues, expenditures,and changes in fund balances for the General Fund,Town Outside Villages Fund, Highway Fund, Special Districts Fund (Water, Sewer, Street Lighting, Refuse and Garbage, Ambulance and Fire Protection Districts), Section 8 Housing Assistance Fund and Capital Projects Fund, which are considered to be major funds. Data for the other three non-major governmental funds (Tri-Municipal Cable T.V., Special Purpose and Debt Service Funds) are combined into a single aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements elsewhere in this report. 6 The Town adopts an annual appropriation budget for its General Fund,Town Outside Villages Fund, Highway Fund, and Special Districts Fund, which are major funds. A budgetary comparison statement has been provided for these funds within the basic financial statements to demonstrate compliance with the respective budgets. Annual budgets are also adopted for the Tri-Municipal Cable T.V. Fund and the Debt Service Fund which are non-major funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the Town's programs. Resources are held in the Custodial Fund by the Town purely in a custodial capacity, primarily to account for real property taxes collected for other governments. The financial statements for the governmental and fiduciary funds can be found in the basic financial statements section of this report. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements are located following the basic financial statements section of this report. Government-wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of the Town's financial position. In the case of the Town, liabilities and deferred inflows of resources exceeded assets and deferred outflows of resources by ($45,243,688) at the close of the current fiscal year. NET POSITION December 31, 2019 2018 Current Assets $ 35,864,802 $ 89,930,159 Capital Assets,Net 54,672,233 50,505,540 Total Assets 90,537,035 140,435,699 Deferred Outflows of 9,008,648 7,302,509 Current Liabilities 4,481,315 60,348,615 Long-Term Liabilities 129,693,099 122,476,486 Total Liabilities 134,174,414 182,825,101 Deferred Inflows of 10,614,957 10,154,280 NET POSITION Net investment in Capital 22,693,069 21,534,691 Restricted Net Assets 4,244,789 4,005,081 Unrestricted Net Assets (72,181,546) (70,780,945) Total Net Position $ (45,243,688) $ (45,241,173) 7 NET POSITION DISTRIBUTION December 31,2019 Net investment in Capital Assets 50% milhi Restricted Net Assets 7% Unrestricted Net Assets -157% s ; Net investment in capital assets, less any outstanding debt used to acquire those assets of $22,693,069, accounts for 50% of the total net position. The Town uses these assets to provide services to citizens. Consequently, these assets cannot be used for future spending. Although the Town'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 capital assets cannot be used to liquidate these liabilities. Approximately 7% of the Town's net position is restricted for various purposes (future capital projects, debt service, Section 8 housing assistance and trusts). The restricted net position of $4,244,789 represents resources that are subject to external restrictions on how they may be used. The restrictions are as follows: Restricted Net Assets December 31, 2019 2018 Future Capital Projects $ 125,000 $ 125,000 Debt Service 2,177,326 1,853,539 Special Districts: Section 8 Housing Authority 399,937 476,629 Tri-Municipal Cable TV 1,354,248 1,289,205 Trusts 188,278 260,708 Total Restricted S $4,244,789 $ $4,005,081 8 The remaining balance of net position, representing unrestricted net assets of($72,181,546) is reported as a deficit as a result of having long-term commitments including compensated absences and other post employment benefit obligations that are greater than currently available resources. Payments of these liabilities will be budgeted in the year that actual payment will be made. Change in Net Position December 31, Primary Government 2019 2018 REVENUES Program Revenues Charges for Services $ 10,160,631 $ 9,512,249 Operating Grants & Contributions 7,432,768 7,156,846 Capital Gains and Contributions 511,640 493,565 General Revenues Real Property Taxes 26,225,787 25,729,260 Other Tax Items 818,786 559,548 Non-Property Taxes 2,191,447 1,917,581 Unrestricted Use of Money and Property 284,394 88,486 Sale of Property and Compensation for Loss 8,269 18,490 Unrestricted State Aid 1,247,050 1,379,690 Miscellaneous 163,732 7,217 Insurance Recoveries 78,729 39,480 Total Revenues 49,123,233 46,902,412 EXPENSES Program Expenses General Government Support 8,365,091 8,416,341 Public Safety 15,094,283 13,909,760 Health 2,248,074 2,210,349 Transportation 5,853,210 5,966,073 Economic Opportunity and Development 7,548,174 7,198,352 Culture& Recreation 5,483,527 5,436,815 Home and Community Services 3,577,494 3,422,663 Interest 955,895 634,799 Total Expenses 49,125,748 47,195,152 Change in Net Position (2,515) (292,740) NET POSITION Beginning,as reported (45,241,173) 9,510,305 Cumulative Effect of Change in Accounting Principle - (54,458,738) Beginning, as restated (45,241,173) (44,948,433) Ending $ (45,243,688) $ (45,241,173) 9 Sources of Revenue for FY 2019 Government Activities Non-Property Taxes Unrestricted State Aid Other Tax Items& 4% 3% Misc Program Revenues 3% 37% Real Property Taxes 53% Expenses for Fiscal Year 2019 Governmental Activities General Home and Interest Government Community 2% Support Services... 17% Culture& Recreation 11% Economic Opportunity and Development 15% 1111111 Public Safety Transportation 12% Health 5% Governmental activities decreased the Town's net position by$2,515 for the fiscal year ended December 31, 2019. Total revenues for the year ended December 31, 2019, from governmental activities totaled $49,123,233. Real Property Taxes of $26,225,787 represent the largest revenue source (53%). Governmental activities expenses of the Town totaled $49,125,748. The largest components of these expenses are in the areas of Public Safety (31%), General Government Support (17%), Economic Opportunity and Development (15%), Transportation (12%), Culture and Recreation (11%) and Home and Community Services (7%). 10 Financial Analysis of the Town's Funds As noted earlier, the Town uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Fund Balance Reporting Nonspendable — consists of assets that are inherently nonspendable in the current period either because of their form or because they must be maintained intact, including prepaid items, inventories, long-term portions of loans receivable, financial assets held for resale and principal of endowments. Restricted — consists of amounts that are subject to externally enforceable legal purpose restrictions imposed by creditors, grantors, contributors, or laws and regulations of other governments; or through constitutional provisions or enabling legislation. Committed—consists of amounts that are subject to a purpose constraint imposed by a formal action of the government's highest level of decision-making authority before the end of the fiscal year, and that require the same level of formal action to remove the constraint. Assigned — consists of amounts that are subject to a purpose constraint that represents an intended use established by the government's highest level of decision-making authority, or by their designated body or official. The purpose of the assignment must be narrower than the purpose of the General Fund, and in funds other than the General Fund, assigned fund balance represents the residual amount of fund balance. Unassigned — represents the residual classification for the government's General Fund, and could report a surplus or deficit. In funds other than the General Fund, the unassigned classification should be used only to report a deficit balance resulting from overspending for specific purposes for which amounts had been restricted, committed, or assigned. These changes were made to reflect spending constraints on resources, rather than availability for appropriations and to bring greater clarity and consistency to fund balance reporting. This pronouncement should result in an improvement in the usefulness of fund balance information. Governmental Funds The focus of the Town's governmental funds is to provide information on near-term inflows, outflows and balances of spendable resources. Such information is useful in assessing the Town's financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. As of the end of the current fiscal year, the Town's governmental funds reported combined ending fund balances of $31,008,731, an increase of $2,014,224 compared to last years ending balance of $28,994,507. The nonspendable fund balance component of $1,049,565 consists of amounts representing prepaid expenditures. Prepaid expenditures have been established primarily to account for a portion of the New York state retirement and general liability insurance payments made in advance. Fund balance of$13,776,840 is restricted for special purpose trusts, special revenue funds, capital projects and debt service.The assigned fund balance classification aggregate of $10,161,156, consisting primarily of amounts designated to balance the fiscal 2020 budget ($1,187,103 in the General Fund; $266,026 in the Town Outside Villages Fund; $450,000 in the Special Districts Funds and amounts 11 available to be used at the Town's discretion in funds other than the General Fund; $4,925,941 in the Town Outside Villages Fund, $650,316 in the Highway Fund, $2,539,344 in the Special Districts Funds, and $46,265 in the Non-Major Governmental Tri-Municipal Cable T.V. Fund). The remaining fund balance of $6,021,170 is unassigned and represents the remaining positive fund balance in the General Fund. The General Fund is the primary operating fund of the Town. At the end of the current fiscal year, unassigned fund balance of the General Fund was$6,021,170, representing 79%of the total General Fund balance of$7,586,992. This is a decrease over the prior year, when the total fund balance was $7,809,936. The decrease was a result of funding one-time capital projects throughout the year from fund balance. Actual revenues other than Taxes/Penalties, Fines & Forfeitures, State and Federal aid have exceeded 2019 budget estimates. Other Tax Items (Penalties), program and investment earnings revenues generated the largest positive budget variances. Significant expense savings of 9% or$1,036,000 was achieved by various departments through vacancy, contracted and employee benefit savings. As a result, fund balance drawdown was significantly less than budgeted. Two useful measures of liquidity are the percentage of unassigned fund balance to total expenditures and total fund balance to total expenditures.As a result of the increases in revenues and, at the end of the current fiscal year, the General Fund showed a 48% unassigned fund balance as compared to total expenditures and other financing uses. Actual expenditures and other financing uses were $1,035,729 less than the amounts estimated to be expended in the 2019 final operating budget. Conservative revenue and expenditure budgeting along with prudent financial management has resulted in the conservative use of fund balance as planned. Using fund balances for one-time capital projects reduces the need for debt that increases future operating expenses. The Town Outside Villages Fund's total fund balance at the end of the fiscal year was $5,662,575, an increase of$632,248 from the previous fiscal year.This primarily resulted from licenses/permit fees ($396,730), sales tax distribution revenue ($284,252) being approximately $681,000 greater than the conservatively estimated final budget. The Highway Fund's total fund balance at the end of the current fiscal year was $789,373, a decrease of $45,602 from the previous year. Approximately $204,000 represents funds transferred to capital infrastructure projects reducing the need to issue additional debt. The Special Districts Fund's total fund balance at the end of the current fiscal year was $4,559,093, an increase of $106,566 from the previous year. The increase is primarily the result of actual departmental revenues in the Ambulance ($119,000) and Water funds ($508,000) greater than the conservatively estimated final budget. Positive expenditure budget variances in the Ambulance, Sewer, Garbage and Water Districts attributable to conservative expenditure budget estimates offset the use of the Water District fund balance of approximately $528,000 for capital projects reducing the need to issue debt helped to add to the fund balance at fiscal year ended 2019. The Capital Projects Fund reflects a fund balance of $8,212,600 at the end of the current fiscal year, an increase of$1,478,559 from the previous year. The Town funded various one- time capital projects in the amount of$1,879,318 through the use of fund balance and issued new long term debt of$6,300,000 in the form of serial bonds to fund all currently authorized capital projects in the 2019 fiscal year. 12 Capital Assets The Town's investment in capital assets for its governmental activities as of December 31, 2019, amounted to$54,672,233(net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements, machinery and equipment, infrastructure and construction-in-progress. CAPITAL ASSETS (Net of Accumulated Depreication) 2019 2018 Land $ 4,031,660 $ 4,031,660 Buildings & Improvements 18,439,160 17,340,561 Machinery& Equipment 5,623,893 4,468,075 Infrastructure 24,407,711 20,255,581 Construction-in-Progress 2,169,809 4,409,663 Total Capital Assets $ 54,672,233 $ 50,505,540 Additional information on the Town's capital assets can be found in Note 3 of this report. Long-Term Debt& Short-Term Capital Borrowings At the end of the current fiscal year, the Town had total bonded debt outstanding of $39,420,000. As required by New York State Law, all bonds issued by the Town are general obligation bonds, backed by the full faith and credit of the Town. During the 2019 fiscal year, the Town paid $2,420,500 in principal on outstanding long-term obligations and issued $6,300,000 in long-term obligations in the form of serial bonds in order to fund various capital projects. Additional information on the Town's long-term debt and short-term capital borrowings can be found in Note 3 of this report. Economic Factors and Next Year's Budget As result of the spread of the Coronavirus ("COVID -19"), there are certain economic uncertainties that have arisen that might negatively impact the Town's operating results and revenue projections in the 2020 budget. The impact this may have on the town is not able to be estimated at this time. However,the Town's fund balances are healthy enough to withstand the economic effects of the pandemic for the foreseeable future. Requests for Information This financial report is designed to provide a general overview of the Town's finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report or request for additional financial information should be addressed to Stephen Alfieri - Town Administrator or Tracy Yogman — Town Comptroller, Town of Mamaroneck, 740 W. Boston Post Road, Mamaroneck, New York 10543. 13 Town of Mamaroneck,New York Statement of Net Position December 31,2019 Component Unit Mamaroneck Governmental Housing Activities Authority ASSETS Cash and equivalents $ 20,286,922 $ 154,926 Investments 11,786,433 515,621 Receivables Taxes,net 721,052 - Accounts 1,038,925 - Due from other governments 824,888 - State and Federal aid 157,017 - Rents - 2,539 Interest - 2,747 Prepaid expenses 1,049,565 - Restricted assets - 176,214 Capital assets Not being depreciated 6,201,469 - Being depreciated, net 48,470,764 2,976,774 Total Assets 90,537,035 3,828,821 DEFERRED OUTFLOWS OF RESOURCES 9,008,648 5,358 LIABILITIES Accounts payable 3,194,254 32,675 Accrued liabilities 473,996 - Deposits 495,852 - Employee payroll deductions 45,832 - Tenant deposits payable - 63,425 Due to other governments 10 - Overpayments 10,697 Unearned revenues 9,752 - Accrued interest payable 250,922 7,933 Non-current liabilities Due within one year 2,456,000 290,000 Due in more than one year 127,237,099 968,074 Total Liabilities 134,174,414 1,362,107 DEFERRED INFLOWS OF RESOURCES 10,614,957 - NET POSITION Net investment in capital assets 22,693,069 2,009,435 Restricted for Future Capital Projects 125,000 - Debt service 2,177,326 - Section 8 housing assistance 399,937 - Tri-Municipal Cable T.V. Fund 1,354,248 Trusts 188,278 - Unrestricted (72,181,546) 462,637 Total Net Position $ (45,243,688) $ 2,472,072 The notes to the financial statements are an integral part of this statement. 14 Town of Mamaroneck, New York Statement of Activities Year Ended December 31,2019 Program Revenues Operating Capital Charges for Grants and Grants and Functions/Programs Expenses Services Contributions Contributions Governmental activities General government support $ 8,365,091 $ 2,533,418 $ 8,052 $ 43 Public safety 15,094,283 667,932 66,048 Health 2,248,074 1,069,907 415,446 Transportation 5,853,210 1,100,482 120,683 391,282 Economic opportunity and development 7,548,174 - 6,749,752 Culture and recreation 5,483,527 2,914,205 -Home and community services 3,577,494 1,874,687 72,787 30,000 Interest 955,895 - - 90,315 Total Governmental Activities $ 49,125,748 $ 10,160,631 $ 7,432,768 $ 511,640 Component unit- Mamaroneck Housing Authority $ 815,396 $ 896,791 $ - $General revenues Real property taxes Other tax items Payment in lieu of taxes Interest and penalties on real property taxes Utilities gross receipts taxes Non-property taxes Non-property tax distribution from County Unrestricted use of money and property Sale of property and compensation for loss Unrestricted State aid Miscellaneous Insurance recoveries Total General Revenues Change in Net Position NET POSITION Beginning Ending The notes to the financial statements are an integral part of this statement. 15 Net(Expense) Revenues and Changes in Net Position Component Unit Mamaroneck Governmental Housing Activities Authority $ (5,823,578) $ - (14,360,303) - (762,721) - (4,240,763) - (798,422) - (2,569,322) - (1,600,020) - (865,580) - (31,020,709) - - 81,395 26,225,787 - 1,391 - 808,057 - 9,338 - 2,191,447 - 284,394 8,940 8,269 - 1,247,050 - 163,732 10,884 78,729 - 31,018,194 19,824 (2,515) 101,219 (45,241,173) 2,370,853 $ (45,243,688) $ 2,472,072 16 Town of Mamaroneck, New York Balance Sheet Governmental Funds December 31,2019 Town Outside Special General Villages Highway Districts ASSETS Cash and equivalents $ 3,727,220 $ 14,752 $ 27,317 $ 1,513,702 Investments 8,310,592 - 700,878 2,774,963 Taxes receivable, net 721,052 - - - Other receivables Accounts 264,902 53,749 25,130 89,329 Due from other governments 37,412 652,761 47,424 87,291 State and Federal aid 38,148 - 118,869 - Due from other funds 508,251 4,741,447 42,017 - 848,713 5,447,957 233,440 176,620 Prepaid expenditures 229,478 433,624 139,057 247,406 Total Assets $ 13,837,055 $ 5,896,333 $ 1,100,692 $ 4,712,691 LIABILITIES,DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES Liabilities Accounts payable $ 265,941 $ 88,639 $ 170,345 $ 86,329 Accrued liabilities 57,980 129,483 107,106 48,248 Deposits 495,852 - - - Employee payroll deductions 45,832 - - - Due to other funds 4,748,073 15,636 33,868 19,021 Due to other governments 10 - - - Overpayments 10,697 - - - Unearned revenues - - - - Total Liabilities 5,624,385 233,758 311,319 153,598 Deferred inflows of resources Deferred tax revenues 625,678 - - - Total Liabilities and Deferred Inflows of Resources 6,250,063 233,758 311,319 153,598 Fund balances Nonspendable 229,478 433,624 139,057 247,406 Restricted 125,000 - - 1,319,451 Assigned 1,211,344 5,228,951 650,316 2,992,236 Unassigned 6,021,170 - - - Total Fund Balances 7,586,992 5,662,575 789,373 4,559,093 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 13,837,055 $ 5,896,333 $ 1,100,692 $ 4,712,691 The notes to the financial statements are an integral part of this statement. 17 Section 8 Total Housing Capital Non-Major Governmental Assistance Projects Governmental Funds $ 905,268 $ 10,535,846 $ 3,562,817 $ 20,286,922 - - - 11,786,433 - - - 721,052 385,318 220,497 1,038,925 - - - 824,888 - - - 157,017 - 33,868 14,847 5,340,430 419,186 235,344 7,361,260 - - - 1,049,565 $ 905,268 $ 10,955,032 $ 3,798,161 $ 41,205,232 $ - $ 2,583,000 $ - $ 3,194,254 - 131,179 - 473,996 . - - 495,852 - - - 45,832 505,331 18,501 - 5,340,430 - - 10 - - - 10,697 - 9,752 - 9,752 505,331 2,742,432 - 9,570,823 - - - 625,678 505,331 2,742,432 - 10,196,501 - - - 1,049,565 399,937 8,212,600 3,719,852 13,776,840 - - 78,309 10,161,156 - - - 6,021,170 399,937 8,212,600 3,798,161 31,008,731 $ 905,268 $ 10,955,032 $ 3,798,161 $ 41,205,232 18 Town of Mamaroneck, New York Reconciliation of Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position December 31, 2019 Amounts Reported for Governmental Activities in the Statement of Net Position are Different Because Fund Balances-Total Governmental Funds $ 31,008,731 Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. 54,672,233 Governmental funds do not report the effect of losses on refunding bonds and assets or liabilities related to net pension assets (liabilities) whereas these amounts are deferred and amortized in the statement of activities. Deferred amounts on net pension liabilities - retirement system 3,158,169 Deferred amounts on total pension liabilities- length of service awards program 372,419 Deferred amounts on other post employment benefits obligations (5,282,498) Deferred amounts on refunding bonds 145,601 (1,606,309) Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds. Real property taxes 625,678 Long-term liabilities that are not due and payable in the current period are not reported in the funds. Accrued interest payable (250,922) Bonds payable (40,337,365) Compensated absences (360,815) Net pension liability- retirement system (4,184,883) Total pension liability - length of service program (2,116,757) Other post employment benefit obligations payable (82,693,279) (129,944,021) Net Position of Governmental Activities $ (45,243,688) The notes to the financial statements are an integral part of this statement. 19 Town of Mamaroneck,New York Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds Year Ended December 31,2019 Town Outside Special General Villages Highway Districts REVENUES Real property taxes $ 4,500,208 $ 9,843,286 $ 4,966,518 $ 7,057,075 Other tax items 818,786 - - - Non-property taxes - 2,191,447 - - Departmental income 3,785,291 562,893 30,301 2,256,244 Intergovernmental charges - - 367,043 142,458 Use of money and property 622,670 - 1,017 99,860 Licenses and permits 96,016 1,034,730 - - Fines and forfeitures 286,312 9,705 - - Sale of property and compensation for loss 8,269 - 60,659 24,687 State aid 1,684,456 5,000 118,870 - Federal aid 66,988 - - - Miscellaneous 186,530 144,270 3,196 6,263 Total Revenues 12,055,526 13,791,331 5,547,604 9,586,587 EXPENDITURES Current General government support 4,267,630 723,782 - - Public safety - 6,260,507 - 2,450,658 Health 415,446 59,100 - 1,199,735 Transportation 8,062 15,220 3,202,014 54,882 Economic opportunity and development 496,469 - - - Culture and recreation 2,694,172 1,382,931 - - Home and community services 459,568 218,986 - 2,219,197 Employee benefits 2,235,861 4,193,085 1,536,972 1,628,234 Debt service Principal - - - 29,300 Interest - - - 183 Capital outlay - - - - Total Expenditures 10,577,208 12,853,611 4,738,986 7,582,189 Excess(Deficiency)of Revenues Over Expenditures 1,478,318 937,720 808,618 2,004,398 OTHER FINANCING SOURCES(USES) Bond issued - - - - Issuance premium - - - Insurance recoveries - - 78,729 - Transfers in 158,625 118,970 50,000 19,500 Transfers out (1,859,887) (424,442) (982,949) (1,917,332) Total Other Financing Sources(Uses) (1,701,262) (305,472) (854,220) (1,897,832) Net Change in Fund Balances (222,944) 632,248 (45,602) 106,566 FUND BALANCES Beginning of Year 7,809,936 5,030,327 834,975 4,452,527 End of Year $ 7,586,992 $ 5,662,575 $ 789,373 $ 4,559,093 The notes to the financial statements are an integral part of this statement. 20 Section 8 Total Housing Capital Non-Major Governmental Assistance Projects Governmental Funds $ - $ - $ - $ 26,367,087 - - 818,786 - - - 2,191,447 - - 1,013,083 7,647,812 - - 509,501 1,259 - 98,367 823,173 - - - 1,130,746 - - - 296,017 - - - 93,615 45,043 - 1,853,369 6,623,879 - - 6,690,867 12,868 376,282 33,486 762,895 6,638,006 421,325 1,144,936 49,185,315 - - 1,027,833 6,019,245 - - 8,711,165 - - 1,674,281 - - - 3,280,178 6,714,698 - - 7,211,167 - - - 4,077,103 - - 391 2,898,142 - - - 9,594,152 - - 2,420,500 2,449,800 - - 909,792 909,975 - 7,219,084 - 7,219,084 6,714,698 7,219,084 4,358,516 54,044,292 (76,692) (6,797,759) (3,213,580) (4,858,977) - 6,300,000 - 6,300,000 - 97,000 397,472 494,472 - - - 78,729 - 1,879,318 3,330,292 5,556,705 - - (372,095) (5,556,705) - 8,276,318 3,355,669 6,873,201 (76,692) 1,478,559 142,089 2,014,224 476,629 6,734,041 3,656,072 28,994,507 $ 399,937 $ 8,212,600 $ 3,798,161 $ 31,008,731 21 Town of Mamaroneck, New York Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Year Ended December 31, 2019 Amounts Reported for Governmental Activities in the Statement of Activities are Different Because Net Change in Fund Balances-Total Governmental Funds $ 2,014,224 Governmental funds report capital outlays as expenditures. However, in the statement of activities,the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. Capital outlay expenditures 6,953,514 Depreciation expense (2,786,821) 4,166,693 Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds. Real property taxes (141,300) Bond and installment purchase debt issued provides current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of long-term debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. Bonds issued (6,300,000) Issuance premium (494,472) Principal paid on bonds 2,420,500 Principal paid on installment purchase debt 29,302 Amortization of loss on refunding bonds and issuance premium 25,061 (4,319,609) Some expenses reported in the statement of activities do not require the use of current financial resources and,therefore, are not reported as expenditures in governmental funds. Accrued interest (70,981) Compensated absences 169,484 Pension liabilities-retirement system (443,132) Pension liabilities- length of service awards program (162,173) Other post employment benefit obligations (1,215,721) (1,722,523) Change in Net Position of Governmental Activities $ (2,515), The notes to the financial statements are an integral part of this statement. 22 Town of Mamaroneck,New York Statement of Revenues,Expenditures and Changes in Fund Balances-Budget and Actual General,Town Outside Villages,Highway and Special Districts Funds Year Ended December 31,2019 General Fund Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Real property taxes $ 4,611,982 $ 4,611,982 $ 4,500,208 $ (111,774) Other tax items 511,300 586,932 818,786 231,854 Non-property taxes - - - - Departmental income 3,562,452 3,562,452 3,785,291 222,839 Intergovernmental charges - 750 - (750) Use of money and property 360,000 360,000 622,670 262,670 Licenses and permits 50,300 50,300 96,016 45,716 Fines and forfeitures 300,000 300,000 286,312 (13,688) Sale of property and compensation for loss - - 8,269 8,269 State aid 1,949,225 2,076,997 1,684,456 (392,541) Federal aid 67,812 67,812 66,988 (824) Miscellaneous 17,700 17,700 186,530 168,830 Total Revenues 11,430,771 11,634,925 12,055,526 420,601 EXPENDITURES Current General government support 4,505,728 4,598,940 4,267,630 331,310 Public safety - - - - Heatth 450,000 450,000 415,446 34,554 Transportation 145,320 135,120 8,062 127,058 Economic opportunity and development 557,022 557,022 496,469 60,553 Culture and recreation 2,831,792 2,852,979 2,694,172 158,807 Home and community services 497,845 638,425 459,568 178,857 Employee benefits 2,380,450 2,380,450 2,235,861 144,589 Debt service Principal - - - - Interest - - - - Total Expenditures 11,368,157 11,612,936 10,577,208 1,035,728 Excess(Deficiency)of Revenues Over Expenditures 62,614 21,989 1,478,318 1,456,329 OTHER FINANCING SOURCES(USES) Insurance recoveries - - - - Transfers in 130,000 158,625 158,625 - Transfers out (1,336,813) (1,859,888) (1,859,887) 1 Total Other Financing Uses (1,206,813) (1,701,263) (1,701,262) 1 Net Change in Fund Balances (1,144,199) (1,679,274) (222,944) 1,456,330 FUND BALANCES Beginning of Year 1,144,199 1,679,274 7,809,936 6,130,662 End of Year $ $ - $ 7,586,992 $ 7,586,992 23 Town Outside Villages Fund Highway Fund Variance with Variance with Final Budget Final Budget Original Final Positive Original Final Positive Budget Budget Actual (Negative) Budget Budget Actual (Negative) $ 9,859,314 $ 9,859,314 $ 9,843,286 $ (16,028) $ 4,974,606 $ 4,974,606 $ 4,966,518 $ (8,088) 1,800,000 1,907,195 2,191,447 284,252 - - - - 196,800 546,800 562,893 16,093 20,000 20,000 30,301 10,301 - - - - 400,250 400,250 367,043 (33,207) - - - - 150 150 1,017 867 638,000 638,000 1,034,730 396,730 - - - - 5,000 5,000 9,705 4,705 - - - - - - - - 11,500 38,000 60,659 22,659 - - 5,000 5,000 85,000 85,000 118,870 33,870 5,200 6,860 144,270 137,410 - 7,514 3,196 (4,318) 12,504,314 12,963,169 13,791,331 828,162 5,491,506 5,525,520 5,547,604 22,084 705,434 756,978 723,782 33,196 - - - - 5,919,047 6,325,318 6,260,507 64,811 - - - - 59,100 59,100 59,100 - - - - - 33,550 33,550 15,220 18,330 3,166,903 3,237,392 3,202,014 35,378 1,407,800 1,409,050 1,382,931 26,119 - - - - 224,917 229,960 218,986 10,974 - - - - 4,290,800 4,290,800 4,193,085 97,715 1,565,900 1,565,900 1,536,972 28,928 12,640,648 13,104,756 12,853,611 251,145 4,732,803 4,803,292 4,738,986 64,306 (136,334) (141,587) 937,720 1,079,307 758,703 722,228 808,618 _ 86,390_ 10,000 64,733 78,729 13,996 117,070 118,970 118,970 - 50,000 50,000 50,000 - (407,387) (484,770) (424,442) 60,328 (850,823) (982,949) (982,949) - (290,317) (365,800) (305,472) 60,328 (790,823) (868,216) (854,220) 13,996 (426,651) (507,387) 632,248 1,139,635 (32,120) (145,988) (45,602) 100,386 426,651 507,387 5,030,327 4,522,940 32,120 145,988 834,975 688,987 $ - $ - $ 5,662,575 $ 5,662,575 $ - $ - $ 789,373 $ 789,373 (Continued) 24 Town of Mamaroneck,New York Statement of Revenues,Expenditures and Changes In Fund Balances-Budget and Actual(Continued) General,Town Outside Villages,Highway and Special Districts Funds Year Ended December 31,2019 Special Districts Fund Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Real property taxes $ 7,068,761 $ 7,068,761 $ 7,057,075 $ (11,686) Other tax Items - - - - Non-property taxes - - - - Departmental income 1,702,744 1,702,744 2,256,244 553,500 Intergovernmental charges 120,000 120,000 142,458 22,458 Use of money and property 25,000 28,563 99,860 71,297 Licenses and permits - - - Fines and forfeitures - - - - Sale of property and compensation for loss - - 24,687 24,687 State aid _ - - - Federal aid - - - - Miscellaneous - - 6,263 6,263 Total Revenues 8,916,505 8,920,068 9,586,587 666,519 EXPENDITURES Current General government support - - - Public safety 2,186,186 2,508,980 2,450,658 58,322 Health 1,230,952 1,230,467 1,199,735 30,732 Transportation 149,817 149,817 54,882 94,935 Economic opportunity and development - - - Culture and recreation - - - Home and community services 2,312,043 2,277,497 2,219,197 58,300 Employee benefits 1,674,115 1,685,868 1,628,234 57,634 Debt service Principal 29,300 29,300 29,300 - Interest 200 200 183 17 Total Expenditures 7,582,613 7,882,129 7,582,189 299,940 Excess(Deficiency) of Revenues Over Expenditures 1,333,892 1,037,939 2,004,398 966,459 OTHER FINANCING SOURCES(USES) Insurance recoveries - - - - Transfers in 19,500 19,500 19,500 - Transfers out (1,405,892) (1,997,291) (1,917,332) 79,959 Total Other Financing Uses (1,386,392) (1,977,791) (1,897,832) 79,959 Net Change in Fund Balances (52,500) (939,852) 106,566 1,046,418 FUND BALANCES Beginning of Year 52,500 939,852 4,452,527 3,512,675 End of Year $ - $ - $ 4,559,093 $ 4,559,093 The notes to the financial statements are an integral part of this statement. 25 Town of Mamaroneck, New York Statement of Fiduciary Net Position Fiduciary Fund December 31, 2019 Custodial Fund ASSETS Cash and equivalents $ 11,810,718 Real property taxes receivable for other governments 47,630,912 Total Assets $ 59,441,630 LIABILITIES Due to other governments $ 59,441,630 The notes to financial statements are an integral part of this statement. 26 Town of Mamaroneck, New York Statement of Changes in Fiduciary Net Position Fiduciary Fund December 31, 2019 Custodial Fund ADDITIONS Real property taxes collected for other governments $ 169,814,754 DEDUCTIONS Payments of real property taxes to other governments 169,814,754 Net Increase in Fiduciary Net Position - NET POSITION Beginning of Year - End of Year $ - The notes to financial statements are an integral part of this statement. 27 Town of Mamaroneck, New York Notes to Financial Statements December 31, 2019 Note 1 -Summary of Significant Accounting Policies The Town of Mamaroneck, New York ("Town") was established in 1661 and operates in accordance with Town Law and the various other applicable laws of the State of New York. The Town Board is the legislative body responsible for overall operation. The Town Administrator serves as the chief executive officer and the Town Comptroller serves as the chief financial officer. The Town provides the following services to its residents: public safety, health, transportation, economic opportunity and development, culture and recreation, home and community services and general and administrative support. The accounting policies of the Town conform to generally accepted accounting principles as applicable to governmental units and the Uniform System of Accounts as prescribed by the State of New York. The Governmental Accounting Standards Board ("GASB") is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the Town's more significant accounting policies: A. Financial Reporting Entity The financial reporting entity consists of a) the primary government, which is the Town, b) organizations for which the Town is financially accountable and c) other organizations for which the nature and significance of their relationship with the Town are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete as set forth by GASB. In evaluating how to define the Town, for financial reporting purposes, management has considered all potential component units. The decision to include a potential component unit in the Town's reporting entity was made by applying the criteria set forth by GASB, including legal standing, fiscal dependency and financial accountability. Based upon the application of these criteria, the following individual component unit is included in the Town's reporting entity because of its operational and financial relationship with the Town. The Mamaroneck Housing Authority("Housing Authority")was organized in July 1992 as a municipal housing authority created and established under the Public Housing Law of the State of New York to provide affordable housing. The members of the Housing Authority's Board are appointed by the Town Board and, therefore, the Town is considered able to impose its will on the Housing Authority. Bonds issued by the Housing Authority are guaranteed by the Town. Since the Housing Authority does not provide services entirely or almost entirely to the Town, the financial statements of the Housing Authority have been reflected as a discretely presented component unit. Complete financial statements of the component unit can be obtained from its administrative office at the address indicated below. Town of Mamaroneck Housing Authority 740 West Boston Post Road Mamaroneck, New York 10543 B. Government-Wide Financial Statements The government-wide financial statements (i.e. the Statement of Net Position and the Statement of Activities) report information on all non-fiduciary activities of the primary government as a whole and its component unit. For the most part, the effect of interfund activity has been removed from these statements, except for interfund services provided and used. 28 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies(Continued) The Statement of Net Position presents the financial position of the Town at the end of its fiscal year. The Statement of Activities demonstrates the degree to which direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include (1) charges to customers or applicants who purchase, use or directly benefit from goods or services, or privileges provided by a given function or segment, (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment and (3) interest earned on grants that is required to be used to support a particular program. Taxes and other items not identified as program revenues are reported as general revenues. The Town does not allocate indirect expenses to functions in the Statement of Activities. Separate financial statements are provided for governmental funds and fiduciary funds, even though the latter is excluded from the government-wide financial statements. Major individual governmental funds are reported as separate columns in the fund financial statements. C. Fund Financial Statements The accounts of the Town are organized and operated on the basis of funds. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts, which comprise its assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund balances/net position, revenues and expenditures/expenses. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance related legal and contractual provisions. The Town maintains the minimum number of funds consistent with legal and managerial requirements. The focus of governmental fund financial statements is on major funds as that term is defined in professional pronouncements. Each major fund is to be presented in a separate column, with non-major funds aggregated and presented in a single column. Fiduciary funds are reported by type. Since the governmental fund statements are presented on a different measurement focus and basis of accounting than the government-wide statements' governmental activities column, a reconciliation is presented on the pages following, which briefly explain the adjustments necessary to transform the fund based financial statements into the governmental activities column of the government-wide presentation. The Town's resources are reflected in the fund financial statements in two broad fund categories, in accordance with generally accepted accounting principles as follows: Fund Categories a. Governmental Funds - Governmental Funds are those through which most general government functions are financed. The acquisition, use and balances of expendable financial resources and the related liabilities are accounted for through governmental funds. The following are the Town's major governmental funds: General Fund-The General Fund constitutes the primary operating fund of the Town and is used to account for and report all financial resources not accounted for and reported in another fund. Special Revenue Funds - Special revenue funds are used to account for and report the proceeds of specific revenue sources that are restricted, committed, or assigned to expenditures for specific purposes other than debt service or capital projects. The major special revenue funds of the Town are as follows: 29 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies (Continued) Town Outside Villages Fund - The Town Outside Villages Fund is used to account for transactions, which by statute affect only those areas outside the boundaries of the villages located within the Town.The major revenues of this fund are real property taxes and non-property taxes. Highway Fund - The Highway Fund is used to account for road and bridge maintenance and improvements as defined in the Highway Law of the State of New York. The major revenue of this fund is real property taxes. Special Districts Fund -The Special Districts Fund is provided to account for the operation and maintenance of the Town's water, sewer, street lighting, refuse and garbage, ambulance and fire protection. The major revenues of this fund are real property taxes and departmental income. Section 8 Housing Assistance Fund-The Section 8 Housing Assistance Fund is provided to account for resources received from the U.S. Department of Housing and Urban Development for housing assistance payment purposes. Capital Projects Fund - The Capital Projects Fund is used to account for and report financial resources that are restricted, committed or assigned to expenditures for capital outlays, including the acquisition or construction of major capital facilities and other capital assets. The Town also reports the following non-major governmental funds. Special Revenue Funds: Tri-Municipal Cable T.V. Fund-The Tri-Municipal Cable T.V. Fund is used to account for franchise fees collected and expenditures for the joint activity cable T.V. operations. Special Purpose Fund - The Special Purpose Fund is used to account for assets held by the Town in accordance with terms of a trust agreement. Debt Service Fund - The Debt Service Fund is provided to account for and report financial resources that are restricted, committed or assigned to expenditures for principal and interest and for financial resources that are being accumulated for principal and interest maturing in future years. b. Fiduciary Funds (Not Included in Government-Wide Financial Statements) - The Fiduciary Funds are used to account for assets held by the Town on behalf of others. The Custodial Fund is used to account for real property taxes collected for other governments. D. Measurement Focus, Basis of Accounting and Financial Statement Presentation The accounting and financial reporting treatment is determined by the applicable measurement focus and basis of accounting. Measurement focus indicates the type of resources being measured such as current financial resources(current assets less current liabilities)or economic resources(all assets and liabilities). The basis of accounting indicates the timing of transactions or events for recognition in the financial statements. 30 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies (Continued) The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the Fiduciary funds. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. Property taxes are considered to be available if collected within sixty days of the fiscal year end. If expenditures are the prime factor for determining eligibility, revenues from Federal and State grants are recognized as revenues when the expenditure is made. A ninety day availability period is generally used for revenue recognition for most other governmental fund revenues. Fees and other similar revenues are not susceptible to accrual because generally they are not measurable until received in cash. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, net pension liability, total pension liability and other post employment benefit obligations are recorded only when payment is due. General capital asset acquisitions are reported as expenditures in governmental funds. Issuance of long-term debt and acquisitions under capital leases are reported as other financing sources. Component Units Component units are presented on the basis of accounting that most accurately reflects their activities. The Housing Authority is accounted for on the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded at the time liabilities are incurred. E. Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net Position or Fund Balances Cash and Equivalents, Investments and Risk Disclosure Cash and Equivalents-Cash and equivalents consist of funds deposited in demand deposit accounts, time deposit accounts and short-term investments with original maturities of less than three months from the date of acquisition. The Town's deposits and investment policies are governed by State statutes. The Town has adopted its own written investment policy which provides for the deposit of funds in FDIC insured commercial banks or trust companies located within the State. The Town is authorized to use demand deposit accounts,time deposit accounts and certificates of deposit. Collateral is required for demand deposit accounts, time deposit accounts and certificates of deposit at 100% of all deposits not covered by Federal deposit insurance. The Town has entered into custodial agreements with the various banks which hold their deposits. These agreements authorize the obligations that may be pledged as collateral. Such obligations 31 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31,2019 Note 1 -Summary of Significant Accounting Policies (Continued) include, among other instruments, obligations of the United States and its agencies and obligations of the State and its municipal and school district subdivisions. Investments - Permissible investments include obligations of the U.S. Treasury, U.S. Agencies, repurchase agreements and obligations of New York State or its political subdivisions. The Town follows the provisions of GASB Statement No. 72, "Fair Value Measurements and Application", which defines fair value and establishes a fair value hierarchy organized into three levels based upon the input assumptions used in pricing assets. Level 1 inputs have the highest reliability and are related to assets with unadjusted quoted prices in active markets. Level 2 inputs relate to assets with other than quoted prices in active markets which may include quoted prices for similar assets or liabilities or other inputs which can be corroborated by observable market data. Level 3 inputs are unobservable inputs and are used to the extent that observable inputs do not exist. The Town participates in the Cooperative Liquid Assets Securities System ("CLASS"), a cooperative investment pool,established pursuant to Articles 3A and 5G of General Municipal Law of the State of New York. CLASS has designated Public Trust Advisors, LLC as its registered investment advisor. Public Trust Advisors, LLC is registered with the Securities and Exchange Commission ("SEC"), and is subject to all of the rules and regulations of an investment advisor handling public funds. As such, the SEC provides regulatory oversight of CLASS. The pool is authorized to invest in various securities issued by the United States and its agencies, obligations of the State of New York and repurchase agreements. These investments are reported at fair value. CLASS issues separately available audited financial statements with a year end of June 30th. The Town's position in the pool is equal to the value of the pool shares. The maximum maturity for any specific investment in the portfolio is 397 days. CLASS is rated AAAm by Standard & Poor's. Local government investment cooperatives in this rating category meet the highest standards for credit quality, conservative investment policies and safety of principal. The cooperative invests in a high quality portfolio of investments legally permissible for municipalities and school districts in the State. Additional information concerning the cooperative is presented in the annual report of CLASS, which may be obtained from Public Trust Advisors, LLC, 717 17th Street, Suite 1850, Denver, CO 80202. Investments of the Fire Protection District are stated at fair value. The amounts are invested in various portfolios by the trustee of the Fund, who has been designated by the State Comptroller. These investments are unrated. The Town has no formal policy relating to interest rate or credit risk for the Fire Protection District's Investments. Investments of the Housing Authority consist of negotiable certificates of deposit and money market funds. Investments are stated at cost,which approximates fair value.The investments are not subject to risk categorization. 32 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies (Continued) Risk Disclosure Interest Rate Risk- Interest rate risk is the risk that the government will incur losses in fair value caused by changing interest rates. The Town does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from changing interest rates. Generally, the Town does not invest in any long-term investment obligations. Custodial Credit Risk-Custodial credit risk is the risk that in the event of a bank failure, the Town's deposits may not be returned to it. GASB Statement No. 40, Deposit and Investment Risk Disclosures - an amendment of GASB Statement No. 3", directs that deposits be disclosed as exposed to custodial credit risk if they are not covered by depository insurance and the deposits are either uncollateralized, collateralized by securities held by the pledging financial institution or collateralized by securities held by the pledging financial institution's trust department but not in the Town's name. The Town's aggregate bank balances that were not covered by depository insurance were not exposed to custodial credit risk at December 31, 2019. Credit Risk - Credit risk is the risk that an issuer or other counterparty will not fulfill its specific obligation even without the entity's complete failure. The Town does not have a formal credit risk policy other than restrictions to obligations allowable under General Municipal Law of the State of New York. Concentration of Credit Risk - Concentration of credit risk is the risk attributed to the magnitude of a government's investments in a single issuer. The Town's investment policy limits the amount on deposit at each of its banking institutions. Taxes Receivable-Real property taxes attach as an enforceable lien on real property and are levied on January 1st. The Town collects county, town, highway and special district taxes, which are due April 1st and payable without penalty to April 30th. School districts taxes are levied on July 1st and are due on September 1st, with the first half payable without penalty until September 30th and the second half payable without penalty until January 31st. The Town guarantees the full payment of the County and school districts warrants and assumes the responsibility for uncollected taxes. The Town also has the responsibility for conducting in-rem foreclosure proceedings. The Town functions in both a fiduciary and guarantor relationship with the County of Westchester and the various school districts located within the Town with respect to the collection and payment of real property taxes levied by such jurisdictions. County taxes are included in the Town's levy and are payable without penalty for thirty days. The County Charter provides for the Town to collect County and school districts taxes and remit them as collected to the respective municipality. However, the Town must remit to the County sixty percent of the amount levied by May 25th and satisfy the balance of forty percent by October 15th. With respect to school districts taxes,the Charter provides that the Town satisfy the warrant of each school district by April 5th. Thus, the Town's fiduciary responsibility is from the date of the levy until the due date of the respective tax warrant at which time the Town must satisfy its obligations regardless of the amounts collected. County and school districts taxes collected prior to the satisfaction of the respective warrants are considered a fiduciary activity under the provisions of GASB Statement No. 84, "Fiduciary Activities", and therefore have been accounted for within the Custodial Fund. 33 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies(Continued) Other Receivables-Other receivables include amounts due from other governments and individuals for services provided by the Town. Receivables are recorded and revenues recognized as earned or as specific program expenses/expenditures are incurred.Allowances are recorded when appropriate. Due From/To Other Funds - During the course of its operations, the Town has numerous transactions between funds to finance operations, provide services and construct assets. To the extent that certain transactions between funds had not been paid or received as of December 31, 2019, balances of interfund amounts receivable or payable have been recorded in the fund financial statements. Inventory - There are no inventory values presented in the balance sheets of the respective funds of the Town. Purchases of inventoriable items at various locations are recorded as expenditures at the time of purchase and year-end balances at these locations are not material. Prepaid Expenses/Expenditures - Certain payments to vendors reflect costs applicable to future accounting periods, and are recorded as prepaid items using the consumption method in both the government wide and fund financial statements. Prepaid expenses/expenditures consist of costs which have been satisfied prior to the end of the fiscal year, but represent amounts which have been provided for in the subsequent year's budget and/or will benefit such periods. Reported amounts in governmental funds are equally offset by nonspendable fund balance, which indicates that these amounts do not constitute "available spendable resources" even though they are a component of current assets. Restricted Assets-The Housing Authority's restricted assets include rent security deposits required from tenants according to the terms of the lease agreements. In addition, certain proceeds from the Housing Authority revenue bonds, as well as certain other resources, are set aside pursuant to the terms of the bond indenture. Capital Assets - Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks and similar items),are reported in the governmental activities column in the government-wide financial statements. Capital assets are defined by the Town as assets with an initial, individual cost of more than$5,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation. In the case of the initial capitalization of general infrastructure assets (i.e., those reported by governmental activities), the Town chose to include all such items regardless of their acquisition date or amount. The Town was able to estimate the historical cost for the initial reporting of these assets through backtrending (i.e., estimating the current replacement cost of the infrastructure to be capitalized and using an appropriate price-level index to deflate the cost to the acquisition year or estimated acquisition year). Major outlays for capital assets and improvements are capitalized as projects are constructed. The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives is not capitalized. 34 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies(Continued) Land and construction-in-progress are not depreciated. Property, plant, equipment and infrastructure of the Town are depreciated using the straight line method over the following estimated useful lives. Life Class in Years Buildings and improvements 20-50 Machinery and equipment 5-20 Infrastructure 30-50 The costs associated with the acquisition or construction of capital assets are shown as capital outlay expenditures on the governmental fund financial statements. Capital assets are not shown on the governmental fund balance sheet. Unearned Revenues - Unearned revenues arise when assets are recognized before revenue recognition criteria have been satisfied. In government-wide financial statements, unearned revenues consist of amounts received in advance and/or grants received before the eligibility requirements have been met. Unearned revenues in the fund financial statements are those where asset recognition criteria have been met, but for which revenue recognition criteria have not been met. The Town has reported unearned revenues of$9,752 for State aid received in advance in the Capital Projects Fund. This amount has been deemed to be measurable but not "available" pursuant to generally accepted accounting principles. Deferred Outflows/Inflows of Resources - In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of net position that applies to a future period and so will not be recognized as an outflow of resources (expense/expenditure) until then. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of net position that applies to a future period and so will not be recognized as an inflow of resources (revenue) until that time. The Town reported deferred inflows of resources of$625,678 for real property taxes not expected to be collected within the first sixty days of the subsequent fiscal year in the General Fund. These amounts are deferred and recognized as an inflow of resources in the period that the amount becomes available. 35 Town of Mamaroneck, New York Notes to Financial Statements(Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies(Continued) Deferred outflows and inflows of resources have been reported on the government-wide Statement of Net Position for the following: Deferred Deferred Outflows Inflows of Resources of Resources New York State and Local Employees' Retirement System $ 1,696,173 $ 569,212 New York State and Local Police and Fire Retirement System 2,891,416 860,208 Length of Service Awards Program 492,266 119,847 Deferred loss on refunding bonds 145,601 - Other post employment benefit obligations 3,783,192 9,065,690 $ 9,008,648 $ 10,614,957 These amounts are detailed in the discussion of the Town's pension plans in Note 3F. The Town has reported deferred outflows of resources for a deferred loss on refunding bonds which results from the difference in the carrying value of the refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. The Authority reported deferred outflows of resources of$5,358 for a deferred loss on refunding in the Statement of Net Position. This amount results from the difference in the carrying value of the refunded debt and its requisition price.This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. Long-Term Liabilities- In the government-wide financial statements,long-term debt and other long- term liabilities are reported as liabilities in the Statement of Net Position. Bond premiums and discounts are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are expensed as incurred. In the fund financial statements, governmental funds recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as Capital Projects Fund expenditures. Compensated Absences - The various collective bargaining agreements provide for the payment of accumulated vacation and sick leave upon separation from service. The liability for such accumulated leave is reflected in the government-wide Statement of Net Position as current and long- term liabilities. A liability for these amounts is reported in the governmental funds only if the liability has matured through employee resignation or retirement. The liability for compensated absences includes salary related payments, where applicable. Net Pension Liability - The net pension liability represents the Town's proportionate share of the net pension liability of the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System. The financial reporting of these amounts 36 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies (Continued) are presented in accordance with the provisions of GASB Statement No. 68, "Accounting and Financial Reporting for Pensions" and GASB Statement No. 71, "Pension Transition for Contributions Made Subsequent to the Measurement Date". Total Pension Liability - Length of Service Awards Program - The financial reporting of these amounts are presented in accordance with the provisions of GASB Statement No. 73, "Accounting and Financial Reporting for Pensions and Related Assets That Are Not Within the Scope of GASB Statement No. 68, and Amendments to Certain Provisions of GASB Statements No. 67 and 68". Net Position - Net position represents the difference between assets, deferred outflows of resources, liabilities and deferred inflows of resources. Net position is reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the Town or through external restrictions imposed by creditors,grantors, or laws or regulations of other governments. Net position on the Statement of Net Position includes, net investment in capital assets, restricted for future capital projects, debt service, Section 8 Housing Assistance and trusts. The balance is classified as unrestricted. Fund Balances - Generally, fund balance represents the difference between current assets and deferred outflows of resources and current liabilities and deferred inflows of resources. In the fund financial statements, governmental funds report fund classifications that comprise a hierarchy based primarily on the extent to which the Town is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. Under this standard the fund balance classifications are as follows: Nonspendable fund balance includes amounts that cannot be spent because they are either not in spendable form (inventories, prepaid amounts, long-term receivables, advances) or they are legally or contractually required to be maintained intact(the corpus of a permanent fund). Restricted fund balance is reported when constraints placed on the use of the resources are imposed by grantors,contributors, laws or regulations of other governments or imposed by law through enabling legislation. Enabling legislation includes a legally enforceable requirement that these resources be used only for the specific purposes as provided in the legislation. This fund balance classification is used to report funds that are restricted for debt service obligations and for other items contained in the General Municipal Law of the State of New York. Committed fund balance is reported for amounts that can only be used for specific purposes pursuant to formal action of the entity's highest level of decision making authority. The Town Board is the highest level of decision making authority for the Town that can, by the adoption of a resolution prior to the end of the fiscal year, commit fund balance. Once adopted, these funds may only be used for the purpose specified unless the Town Board removes or changes the purpose by taking the same action that was used to establish the commitment. This classification includes certain amounts established and approved by the Town Board. Assigned fund balance, in the General Fund, represents amounts constrained either by policies of the Town Board for amounts assigned for balancing the subsequent year's budget or the Town Supervisor for amounts assigned as encumbrances. Unlike 37 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31. 2019 Note 1 - Summary of Significant Accounting Policies (Continued) commitments, assignments generally only exist temporarily, in that additional action does not normally have to be taken for the removal of an assignment. An assignment cannot result in a deficit in the unassigned fund balance in the General Fund. Assigned fund balance in all funds except the General Fund includes all remaining amounts, except for negative balances, that are not classified as nonspendable and are neither restricted nor committed. Unassigned fund balance, in the General Fund, represents amounts not classified as nonspendable, restricted, committed or assigned. The General Fund is the only fund that would report a positive amount in unassigned fund balance. For all governmental funds other than the General Fund, unassigned fund balance would necessarily be negative, since the fund's liabilities and deferred inflows of resources, together with amounts already classified as nonspendable, restricted and committed would exceed the fund's assets and deferred outflows of resources. In order to calculate the amounts to report as restricted and unrestricted fund balance in the governmental fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. When both restricted and unrestricted amounts of fund balance are available for use for expenditures incurred, it is the Town's policy to use restricted amounts first and then unrestricted amounts as they are needed. For unrestricted amounts of fund balance, it is the Town's policy to use fund balance in the following order: committed, assigned and unassigned. F. Encumbrances In governmental funds, encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of monies are recorded in order to reserve applicable appropriations, is generally employed as an extension of formal budgetary integration in the General, Town Outside Villages, Highway, Special Districts and Tri-Municipal Cable TV funds. Encumbrances outstanding at year-end are generally reported as assigned fund balance since they do not constitute expenditures or liabilities. G. Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities and deferred inflows of resources and disclosures of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. H. Subsequent Events Evaluation by Management Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were available to be issued, which date is , 2020. 38 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 2 -Stewardship,Compliance and Accountability A. Budgetary Data The Town generally follows the procedures enumerated below in establishing the budgetary data reflected in the financial statements: a) Prior to October 20th, the head of each administrative unit shall submit to the budget officer an estimate of revenues and expenditures for such administrative unit for the ensuing year. b) The budget officer, upon completion of the review of the estimates, shall prepare a tentative budget and file such budget in the office of the Town Clerk on or before October 30th. c) On or before November 10th, the Town Clerk shall present the tentative budget to the Town Board. d) The Town Board shall review the tentative budget and may make such changes, alterations and revisions as it shall consider advisable and which are consistent with law. Upon completion of such review, the tentative budget and any modifications as approved by the Town Board shall become the preliminary budget. e) On or before December 10th, the Town Board shall hold a public hearing on the preliminary budget. f) After the public hearing, the Town Board may further change, alter and revise the preliminary budget subject to provisions of the law. g) The preliminary budget as submitted or amended shall be adopted by resolution no later than December 20th. h) Formal budgetary integration is employed during the year as a management control device for General, Town Outside Villages, Highway, Special Districts, Tri-Municipal Cable TV and Debt Service funds. i) Budgets for General, Town Outside Villages, Highway, Special Districts, Tri-Municipal Cable TV and Debt Service funds are legally adopted annually on a basis consistent with generally accepted accounting principles. The Capital Projects Fund is budgeted on a project basis. Annual budgets are not adopted by the Town Board for the Section 8 Housing Assistance and Special Purpose funds. j) The Town Board has established legal control of the budget at the function level of expenditures.Transfers between appropriation accounts, at the function level, require approval by the Town Board. Any modifications to appropriations resulting from an increase in revenue estimates or supplemental reserve appropriations also require a majority vote by the Board. k) Appropriations in General, Town Outside Villages, Highway, Special Districts, Tri-Municipal Cable TV and Debt Service funds lapse at the end of the fiscal year, except that outstanding encumbrances are reappropriated in the succeeding year pursuant to the Uniform System of Accounts promulgated by the Office of the State Comptroller. Budgeted amounts are as originally adopted, or as amended by the Town Board. 39 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 2 -Stewardship. Compliance and Accountability(Continued) B. Property Tax Limitation Under New York State Town Law,the Town is not limited as to the maximum amount of real property taxes which may be raised. However, Chapter 97 of the New York State Laws of 2011, as amended ("Tax Levy Limitation Law") modified previous law by imposing a limit on the amount of real property taxes a local government may levy. The following is a brief summary of certain relevant provisions of the Tax Levy Limitation Law. The summary is not complete and the full text of the Tax Levy Limitation Law should be read in order to understand the details and implementations thereof. The Tax Levy Limitation Law imposes a limitation on increases in the real property tax levy, subject to certain exceptions. The Tax Levy Limitation Law permits the Town to increase its overall real property tax levy over the tax levy of the prior year by no more than the "Allowable Levy Growth Factor," which is the lesser of one and two-one hundredths or the sum of one plus the Inflation Factor; provided, however that in no case shall the levy growth factor be less than one. The "Inflation Factor" is the quotient of: (i) the average of the National Consumer Price Indexes determined by the United States Department of Labor for the twelve-month period ending six months prior to the start of the coming fiscal year minus the average of the National Consumer Price Indexes determined by the United States Department of Labor for the twelve-month period ending six months prior to the start of the prior fiscal year,divided by (ii)the average of the National Consumer Price Indexes determined by the United States Department of Labor with the result expressed as a decimal to four places. The Town is required to calculate its tax levy limit for the upcoming year in accordance with the provision above and provide all relevant information to the New York State Comptroller prior to adopting its budget. The Tax Levy Limitation Law sets forth certain exclusions to the real property tax levy limitation of the Town, including exclusions for certain portions of the expenditures for retirement system contributions and tort judgments payable by the Town. The Town Board may adopt a budget that exceeds the tax levy limit for the coming fiscal year, only if the Town Board first enacts, by a vote of at least sixty percent of the total voting power of the Town Board, a local law to override such limit for such coming fiscal year. C. Expenditures in Excess of Budget The following functional expenditure categories exceed their budgetary authorization by the amounts indicated: General Fund General Government Support Central communications $ 8,432 Municipal association dues 875 Taxes on Town property 984 Judgments and claims 2,467 Unallocated insurance 11,936 Employee Benefits State retirement 13,502 Town Outside Villages Fund General Government Support Unallocated insurance 9,037 Judgments and claims 800 Metropolitan commuter transportation mobility tax 1,182 Credit card fees 8,174 Tri-Municipal Cable T.V. Fund General Government Support 64,159 40 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 2 -Stewardship,Compliance and Accountability (Continued) D. Adoption of Accounting Standard For the year ended December 31, 2019, the Town implemented the provisions of GASB Statement No. 84, "Fiduciary Activities". The objective of this statement is to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. The statement established criteria for identifying fiduciary activities of all state and local governments. The focus of the criteria generally is on 1) whether a government is controlling the assets of the fiduciary activity and 2) the beneficiaries with whom a fiduciary relationship exists. As a result of the adoption of this standard, certain transactions previously reported within governmental funds are now reflected within the Fiduciary Fund while other transactions previously reported in the Fiduciary Fund are now reflected within governmental funds E. Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified to conform with the current year presentation with respect to the implementation of the provisions of GASB Statement No. 84. These reclassifications had no effect on previously reported fund balance amounts. Note 3 -Detailed Notes on All Funds A. Taxes Receivable Taxes receivable at December 31, 2019 consisted of the following: Town and County taxes - Current $ 291,408 Tax liens 1,835,057 2,126,465 Allowance for uncollectible amounts (1,405,413) $ 721,052 Taxes receivable are also partially offset by deferred tax revenues of$625,678, which represents an estimate of the taxes receivable which will not be collected within the first sixty days of the subsequent year. 41 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) B. Due From/To Other Funds The balances reflected as due from/to other funds at December 31, 2019 were as follows: Due Due Fund From To General $ 508,251 $ 4,748,073 Town Outside Villages 4,741,447 15,636 Highway 42,017 33,868 Special Districts - 19,021 Section 8 Housing Assistance - 505,331 Capital Projects 33,868 18,501 Non-Major Governmental 14,847 - $ 5,340,430 $ 5,340,430 The outstanding balances between funds results mainly from the time lag between the dates that 1) interfund goods and services are provided or reimbursable expenditures occur, 2) transactions are recorded in the accounting system and 3) payments between funds are made. C. Capital Assets Changes in the Town's capital assets are as follows: Balance Balance January 1, December 31, 2019 Additions Deletions 2019 Capital Assets,not being depreciated: Land $ 4,031,660 $ - $ - $ 4,031,660 Construction-in-progress 4,409,663 2,169,809 4,409,663 2,169,809 Total Capital Assets, not being Depreciated $ 8,441,323 $ 2,169,809 $ 4,409,663 $ 6,201,469 Capital Assets,being depreciated: Buildings and improvements $ 25,459,890 $ 1,940,072 $ - $ 27,399,962 Machinery and equipment 14,374,683 2,193,230 909,139 15,658,774 Infrastructure 40,278,978 5,060,066 - 45,339,044 Total Capital Assets, being Depreciated 80,113,551 9,193,368 909,139 88,397,780 Less Accumulated Depreciation for: Buildings and improvements 8,119,329 841,473 - 8,960,802 Machinery and equipment 9,906,608 1,037,412 909,139 10,034,881 Infrastructure 20,023,397 907,936 - 20,931,333 Total Accumulated Depreciation 38,049,334 2,786,821 909,139 39,927,016 Total Capital Assets, being Depreciated,net $ 42,064,217 $ 6,406,547 $ - $ 48,470,764 Capital Assets, net $ 50,505,540 $ 8,576,356 $ 4,409,663 $ 54,672,233 42 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 - Detailed Notes on All Funds (Continued) Depreciation expense was charged to the Town's functions and programs as follows: General Government Support $ 348,489 Public Safety 604,309 Transportation 1,158,750 Economic Opportunity and Development 87,698 Culture and Recreation 287,101 Home and Community Services 300,474 Total Depreciation Expense $ 2,786,821 Capital Assets -Component Unit Changes in the Housing Authority's capital assets are as follows: Balance Balance January 1, December 31, 2019 Additions 2019 Capital Assets, being depreciated: Buildings and improvements $ 6,704,700 $ - $ 6,704,700 Machinery and equipment 741,480 - 741,480 Total Capital Assets, being depreciated 7,446,180 - 7,446,180 Less Accumulated Depreciation for: Buildings and improvements 3,639,655 248,806 3,888,461 Machinery and equipment 533,260 47,685 580,945 Total Accumulated Depreciation 4,172,915 296,491 4,469,406 Total Capital Assets, being depreciated, net $ 3,273,265 $ (296,491) $ 2,976,774 D. Accrued Liabilities Accrued Liabilities at December 31, 2019 were as follows: Fund Town Outside Special Capital General Villages Highway Districts Projects Total Payroll and Employee Benefits $ 45.020 $ 116,772 $ 20,547 $ 44,850 $ - $ 227,189 Other 12,960 12,711 86,559 3,398 131,179 246,807 $ 57,980 $ 129,483 $ 107,106 $ 48,248 $ 131,179 $ 473,996 43 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 - Detailed Notes on All Funds (Continued) E. Joint Ventures The Town and the Village of Larchmont ("Village") participate in the Larchmont-Mamaroneck Joint Garbage Disposal Commission. The purpose of the joint venture is to provide incineration of garbage and refuse from the Village and the Town Garbage District. The following is an audited summary of the financial information included in the financial statements of the joint venture. Balance Sheet Date—December 31, 2018* Total Assets $ 2,628,898 Total Liabilities 10,520,501 Net Position (Deficit) (7,891,603) Total Revenues 3,810,972 Total Expenditures 4,149,717 Decrease in Net Position` (5,478,477) *The December 31, 2019 information is not available. "Includes a Cumulative Effect of Change in Accounting Principle, of$5,139,102, due to the implementation of GASB Statement No. 75,"Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions("OPEB'). The Town, together with the Village of Mamaroneck and the TownNillage of Harrison, participate in the Westchester Joint Water Works. The purpose of the joint venture is to acquire,construct,provide, maintain and operate a water works system. The following is an audited summary of special purpose financial information included in the financial statements of the joint venture. Balance Sheet Date- December 31, 2019 Total Assets $ 13,417,978 Total Liabilities 62,193,936 Net Deficit (48,775,958) Total Revenues 25,760,539 Total Expenses 27,715,262 Net Decrease in Net Assets (1,954,723) The Town, together with the Villages of Mamaroneck and Larchmont, formed the Tri-Municipal Larchmont-Mamaroneck Cable TV Board of Control. The Board was organized to administer the franchise agreement with Verizon and UA-Columbia Cablevision of Westchester. The franchise fees received are used to operate three public cable TV channels, serving the community interests of Larchmont and Mamaroneck. 44 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) The following is an audited summary of financial information included in the financial statements of the Larchmont-Mamaroneck Community Television joint venture. Balance Sheet Date- December 31, 2019 Total Assets $ 104,603 Total Liabilities 6,439 Net Position 98,164 Total Revenues 784,279 Total Expenses 787,939 Net Increase in Net Position (3,660) F. Long-Term Liabilities The following table summarizes changes in the Town's long-term indebtedness for the year ended December 31, 2019: Balance Maturities Balance January 1, New Issues/ and/or December 31, Due Within 2019 Additions Payments 2019 One Year Governmental Activities General Obligation Bonds Payable $ 35,540,500 $ 6,300,000 $ 2,420,500 $ 39,420,000 $ 2,420,000 Plus Unamorlized premium on bonds 467,177 494,472 44,284 917,365 - 36,007,677 6,794,472 2,464,784 40,337,365 2,420,000 Installment Purchase Debt Payable 29,302 - 29,302 - - Other Non-Current Liabilities Compensated Absences 530,299 90,709 260,193 360,815 36,000 Net Pension Liability 2,245,570 1,939,313 - 4,184,883 - Total Pension Liability-Length of service award program 1,608,193 514,244 5,680 2,116,757 - Other Post Employment Benefit Obligations Payable 82,055,445 3,189,224 2,551,390 82,693,279 - Total Other Non-Current Liabilities 86,439,507 5,733,490 2,817,263 89,355,734 36,000 Governmental Activities Long-Term Liabilities $ 122,476,486 $ 12,527,962 $ 5,311,349 5 129,693,099 $ 2,456,000 Mamaroneck Housing Authority Component Unit Revenue Bonds Payable $ 1,360,000 $ - $ 285,000 $ 1,075,000 $ 290,000 Plus Unamortized premium on bonds 17,477 - 6,991 10,486 - 1,377,477 - 291,991 1,085,486 290,000 Deferred Rent Payable 209,079 - 36,491 172,588 - Component Unit- Long-Term Liabilities ,$ 1,586,556 $ - $ 328,482 $ 1,258,074 $ 290000 45 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 - Detailed Notes on All Funds (Continued) Each governmental fund's liability for compensated absences, net pension liability, total pension liability and other post employment benefit obligations payable are liquidated by the respective fund. Governmental liabilities for general obligation bonds are liquidated by the Debt Service Fund, which is funded by the General,Town Outside Villages, Highway and Special Districts funds.Governmental liabilities for installment purchase debt are liquidated by the Special Districts Fund - Ambulance District. General Obligation Bonds Payable General Obligation Bonds payable at December 31, 2019 are comprised of the following individual issues: Amount Outstanding Original at Year of Issue Final Interest December 31, Purpose Issue Amount Maturity Rates 2019 Fire District Improvements 2007 $ 460,000 October, 2022 4.30-4.375 % $ 115,000 Public Improvements 2013 4,158,000 May, 2028 2.00-2.500 2,650,000 Fire District Improvements 2013 996,000 May, 2026 2.590 575,000 Public Improvements 2014 8,860,000 July,2033 2.00-3.250 6,865,000 Public Improvements 2016 2,185,000 July,2031 2.00-3.000 1,780,000 Public Improvements 2016 8,990,845 October, 2036 2.00-2.300 7,815,000 Refunding Bonds 2017 7,040,000 March, 2030 2.00-2.350 6,385,000 Public Improvements 2018 5,815,500 December,2038 3.00-5.000 5,590,000 Fire District Improvements 2018 1,400,000 December,2038 3.00-5.000 1,345,000 Public Improvements 2019 3,830,000 September, 2039 2.00-5.000 3,830,000 Fire District Improvements 2019 2,470,000 September, 2039 2.00-5.000 2,470,000 $ 39,420,000 Interest expenditures of$909,792 were recorded in the fund financial statements in the Debt Service Fund. Interest expense of$955,712 was recorded in the government-wide financial statements for governmental activities. Installment Purchase Debt Payable The Town entered into an agreement to finance the cost of purchasing certain equipment. The lease meets the criteria of a capital lease. The terms of the agreements provide for repayment in annual installments, through 2019, including interest at 0.21%. Interest expenditures of$183 were recorded in the fund financial statements in the Special Districts Fund - Ambulance District and in the Government-Wide financial statements. The loan was paid in full during 2019. 46 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) Payments to Maturity The annual requirements to amortize all bonded debt outstanding as of December 31, 2019 including interest payments of$9,061,869 are as follows: Year Ending December 31, Principal Interest 2020 $ 2,420,000 $ 1,058,471 2021 2,470,000 1,001,667 2022 2,540,000 934,125 2023 2,545,000 864,453 2024 2,605,000 793,966 2025-2029 13,035,000 2,841,875 2030-2034 8,995,000 1,261,051 2035-2039 4,810,000 306,261 $ 39,420,000 $ 9,061,869 The above general obligation bonds are direct obligations of the Town for which its full faith and credit are pledged and are payable from taxes levied on all taxable real property within the Town. Indebtedness -Component Units Bonds payable at December 31, 2019 is comprised of the following: Amount Outstanding Original at Year of Issue Final Interest December 31, Purpose Issue Amount Maturity Rates 2019 Hommocks Park Apartments Refunding Revenue Bonds, Series A 2015 $ 1,535,000 August, 2021 2.00% $ 530,000 Hommocks Park Apartments,Series B 2015 650,000 October, 2035 3.0%-3.50% 545,000 $ 1,075,000 The annual requirements to amortize the bonds outstanding as of December 31, 2019 including interest payments of$171,327 are as follows: Year Ending December 31, Principal Interest Total 2020 $ 290,000 $ 27,494 $ 317,494 2021 300,000 21,394 321,394 2022 30,000 15,094 45,094 2023 30,000 14,194 44,194 2024 30,000 13,294 43,294 2025-2029 165,000 52,519 217,519 2030-2034 190,000 25,938 215,938 2035 40,000 1,400 41,400 $ 1,075,000 $ 171,327 $ 1,246,327 47 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) Interest expense of$27,758 was recorded for the Housing Authority. The revenue bonds are payable from the revenues received by the Housing Authority from the operation of the project. The Town has guaranteed payment of bond principal and interest. The bonds are subject to redemption prior to maturity, at the direction of the Housing Authority and with the consent of the Town, upon the occurrence of one or more of the following events. 1) The Project is damaged or destroyed to the extent that; a) it cannot be reasonably repaired within a six month period or b)the Housing Authority would thereby be prevented from carrying on the normal rental operations of the project, as it existed prior to the damage, for a period of six months or more. 2) Title to, or the use of or possession of, all or substantially the entire project is condemned or taken under the exercise of the power of eminent domain by any governmental authority. Under this extraordinary redemption provision, the bonds are subject to redemption as a whole at any time, but not in part, at a redemption price equal to 100% of the outstanding principal amount thereof without discount, together with accrued interest to the date of redemption. At the option of the Housing Authority, the 2015 Series B bonds maturing on or after October 15, 2024 will be subject to redemption prior to maturity on any date on or after October 15, 2023. The bonds may be redeemed either as a whole or in part and if in part in order of maturity and in any amount within maturity, at the following redemption prices, plus accrued interest to the date of redemption. Redemption Period Redemption Price (Dates Inclusive) as a Percentage of Par October 15, 2024 100% Deferred Rent Payable The Housing Authority leases the land on which the facility is located from the Town. The terms of the lease is 30 years and six months which commenced in July 1995 and expires in December 2023. The rent was $1 for the period July 1, 1995 through June 30, 1996. Beginning July 1, 1996, the rent was increased to $125,000 per year and shall increase by 11/2 % on each July 1st, thereafter, during the term of the lease. For financial statement purposes, rent expense is being recognized on the straight-line basis over the life of the lease in accordance with GASB guidance. For the year ended December 31, 2019, rent expense of$138,211 was charged to operations. Deferred rent payable represents the difference between rent paid or accrued per the terms of the ground lease and what the rent would have been if recorded on the straight-line basis over the life of the lease. At December 31, 2019, deferred rent payable was $172,588. 48 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) Compensated Absences Pursuant to its collective bargaining agreements, the Town is required to pay its civil service employees for accumulated sick leave upon retirement. The contract provides for the payment of $80 per day for those days earned in excess of 165 days but not more than 240 days. Maximum number of days to be paid will be 75 days. The contract also provides for these employees to be compensated at their regular rate of pay for unused vacation time upon separation of employment up to a maximum of 30 days. No payment is provided for unused sick leave or vacation time for police and fire employees. The value of compensated absences has been reflected in the government-wide financial statements. Pension Plans New York State and Local Retirement System The Town participates in the New York State and Local Employees' Retirement System ("ERS") and the New York State and Local Police and Fire Retirement System ("PFRS") which are collectively referred to as the New York State and Local Retirement System ("System"). These are cost-sharing, multiple-employer defined benefit pension plans. The System provides retirement benefits as well as death and disability benefits. The net position of the System is held in the New York State Common Retirement Fund ("Fund"), which was established to hold all net assets and record changes in plan net position. The Comptroller of the State of New York serves as the trustee of the Fund and is the administrative head of the System. The Comptroller is an elected official determined in a direct statewide election and serves a four year term. Obligations of employers and employees to contribute and benefits to employees are governed by the New York State Retirement and Social Security Law("NYSRSSL"). Once a public employer elects to participate in the System, the election is irrevocable. The New York State Constitution provides that pension membership is a contractual relationship and plan benefits cannot be diminished or impaired. Benefits can be changed for future members only by enactment of a State statute. The Town also participates in the Public Employees' Group Life Insurance Plan, which provides death benefits in the form of life insurance. The System is included in the State's financial report as a pension trust fund. That report, including information with regard to benefits provided may be found at www.osc.state.ny.us/retire/about_us/financial_statements_index.php or obtained by writing to the New York State and Local Retirement System, 110 State Street, Albany, NY 12244. The System is noncontributory except for employees who joined after July 27, 1976,who contribute 3% of their salary for the first ten years of membership, and employees who joined on or after January 1, 2010,who generally contribute between 3%and 6%of their salary for their entire length of service. Under the authority of the NYSRSSL, the Comptroller annually certifies the actuarially determined rates expressly used in computing the employers' contributions based on salaries paid during the System's fiscal year ending March 31. The employer contribution rates for the plan's year ending in 2019 are as follows: Tier/Plan Rate ERS 2 751 19.6% 3 A14 15.8 4 A15 15.8 5 A15 13.0 6 A15 41J1 9.3 6 A15 41J2 9.3 49 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) Tier/Plan Rate PFRS 2 384D 24.0 5 384D * 19.4 5 384D 22.9 6 384D * 14.4 * Indicates employees are required to make a contribution for this PFRS tier/plan. At December 31, 2019, the Town reported the following for its proportionate share of the net pension liability for ERS and PFRS: ERS PFRS Measurement date March 31, 2019 March 31, 2019 Net pension liability $ 1,619,233 $ 2,565,650 Town's proportion of the net pension liability 0.0228534% 0.1529847% Change in proportion since the prior measurement date 0.0010706% 0.0003722% The net pension liability was measured as of March 31, 2019 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The Town's proportion of the net pension liability was based on a computation of the actuarially determined indexed present value of future compensation by employer relative to the total of all participating members. For the year ended December 31,2019,the Town recognized pension expense in the government- wide financial statements of$1,140,550 for ERS and $1,747,397 for PFRS. Pension expenditures of$992,909 for ERS and $1,451,906 for PFRS were recorded in the fund financial statements and were charged to the following funds: ERS PFRS General Fund $ 538,502 $ - Town Outside Villages 77,031 1,109,832 Highway 270,553 - Special Districts 16,823 342,074 Total $ 902,909 $ 1,451,906 50 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) At December 31, 2019, the Town reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: ERS PFRS Total Deferred Deferred -Deferred Deferred Deferred Deferred Outflows inflows Outflows Inflows Outflows Inflows of Resources of Resources of Resources of Resources of Resources of Resources Differences between expected and actual experience $ 318,861 $ 108,696 $ 623,267 $ 273,926 $ 942,128 $ 382,622 Changes of assumptions 407,009 932,169 - 1,339,178 Net difference between projected and actual earnings on pension plan investments - 415,585 - 513,837 - 929,422 Changes In proportion and differences between Town contributions and proportionate share of contributions 218,927 44,931 241,266 72,445 460,193 117,376 Town contributions subsequent to the measurement date 751,376 - 1,094,714 - 1,846,090 - $ 1,696,173 $ 569,212 E__2,891,416 $ 660,208 $ 4,587,589 S 1,429,420 $751,376 and $1,094,714 reported as deferred outflows of resources related to ERS and PFRS, respectively, resulting from the Town's accrued contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended March 31, 2020. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to ERS and PFRS will be recognized in pension expense as follows: Year Ended March 31, ERS PFRS 2020 $ 388,468 $ 579,688 2021 (258,928) (86,169) 2022 1,795 43,330 2023 244,250 321,370 2024 - 78,275 The total pension liability for the ERS and PFRS measurement date was determined by using an actuarial valuation date as noted below, with update procedures used to roll forward the total pension liabilities to that measurement date. Significant actuarial assumptions used in the valuation were as follows: ERS PFRS Measurement date March 31, 2019 March 31, 2019 Actuarial valuation date April 1, 2018 April 1, 2018 Investment rate of return 7.0% * 7.0% Salary scale 4.2% 5.0% Inflation rate 2.5% 2.5% Cost of living adjustments 1.3% 1.3% *Compounded annually, net of pension plan investment expenses, including inflation. 51 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) Annuitant mortality rates are based on the System's experience with adjustments for mortality improvements based on Society of Actuaries Scale MP-2014. The actuarial assumptions used in the valuation are based on the results of an actuarial experience study for the period April 1, 2010 - March 31, 2015. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best estimate ranges of expected future real rates of return (expected return, net of investment expenses and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the target asset allocation are summarized in the following table. Long-Term Expected Target Real Rate Asset Type Allocation of Return Domestic Equity 36 % 4.55 % International Equity 14 6.35 Private Equity 10 7.50 Real Estate 10 5.55 Absolute Return Strategies 2 3.75 Opportunistic Portfolio 3 5.68 Real Assets 3 5.29 Bonds and Mortgages 17 1.31 Cash 1 (0.25) Inflation Indexed Bonds 4 1.25 100 % The real rate of return is net of the long-term inflation assumption of 2.5%. The discount rate used to calculate the total pension liability was 7.0%.The projection of cash flows used to determine the discount rate assumes that contributions from plan members will be made at the current contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based upon those assumptions, the System's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. 52 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 - Detailed Notes on All Funds (Continued) The following presents the Town's proportionate share of the net pension liability calculated using the discount rate of 7.0%, as well as what the Town's proportionate share of the net pension liability (asset) would be if it were calculated using a discount rate that is 1 percentage point lower (6.0%) or 1 percentage point higher(8.0%)than the current rate: 1% Current 1% Decrease Assumption Increase (6.0%) (7.0%) _ (8.0%) Town's proportionate share of the ERS net pension liability(asset) $ 7,079,546 $ 1,619,233 $ (2,967,817) Town's proportionate share of the PFRS net pension liability (asset) $ 9,271,876 $ 2,565,650 $ (3,034,827) The components of the collective net pension liability as of the March 31, 2019 measurement date were as follows: ERS PFRS Total Total pension liability $ 189,803,429,000 $ 34,128,100,000 $ 223,931,529,000 Fiduciary net position 182,718,124,000 32,451,037,000 215,169,161,000 Employers' net pension liability $ 7,085,305,000 $ 1,677,063,000 $ 8,762,368,000 Fiduciary net position as a percentage of total pension liability 96.27% 95.09% 96.09% Employer contributions to ERS and PFRS are paid annually and cover the period through the end of the System's fiscal year,which is March 31st. Retirement contributions as of December 31, 2019 represent the employer contribution for the period of April 1, 2018 through December 31, 2019 based on prior year ERS and PFRS wages multiplied by the employers' contribution rate, by tier. Retirement contributions to ERS and PFRS for the nine months ended December 31, 2019 were $751,376 and $1,094,714, respectively. Voluntary Defined Contribution Plan The Town can offer a defined contribution plan to all non-union employees hired on or after July 1, 2013 and earning at the annual full-time salary rate of$75,000 or more. The employee contribution is between 3%and 6%depending on salary and the Town will contribute 8%. Employer contributions vest after 366 days of service. No current employees participated in this program. 53 Town of Mamaroneck, New York Notes to Financial Statements(Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds(Continued) Defined Benefit-Fire Service Awards Program The Town's financial statements are for the year ended December 31, 2019. The information contained in this note is based on information for the Town of Mamaroneck Fire District Length of Service Awards Program for the program year ending on December 31, 2019, which is the most recent program year for which complete information is available. The Program is accounted for in the Town's financial statements within the Fire Protection District Fund. Plan description The Town of Mamaroneck Fire District ("District"), established a defined benefit Service Awards Program (referred to as a"LOSAP"-Length Of Service Awards Program-under Section 457(e)(11) of the Internal Revenue Code)effective January 1, 1999 for the active volunteer firefighter members of the Town of Mamaroneck Fire District. This is a single employer defined benefit plan. The Program was established pursuant to Article 11-A of the New York State General Municipal Law. The Program provides municipally-funded deferred compensation to volunteer firefighters to facilitate the recruitment and retention of active volunteer firefighters. The Town of Mamaroneck Fire District is the Sponsor of the Program and the Program administrator. An eligible Program Participant is defined to be an active volunteer firefighter who is at least 18 years of age and has earned one year of Service Award Program Service Credit. An active volunteer firefighter earns a year of Service Credit for each calendar year after the establishment of the Program in which he or she accumulates 50 points. Points are granted for the performance of certain firefighter activities in accordance with a system established by the Sponsor on the basis of a statutory list of activities and point values. A Participant may also receive Service Credit for five years of active volunteer firefighting service rendered prior to the establishment of the Program. Participants acquire a non-forfeitable right to be paid a Service Award after earning five years of Service Credit, becoming totally and permanently disabled, dying while an active volunteer or upon attaining the Program's Entitlement Age while an active volunteer. The Program's Entitlement Age is age 60, and is the age at which benefits begin to be paid to Participants. Benefits provided A Participant's Service Award benefit is paid as a ten-year certain and continuous monthly payment life annuity. The amount payable each month equals$20 multiplied by the total number of years of Service Credit earned by the Participant. The maximum number of years of Service Credit a Participant may earn under the Program is 40 years. Currently,there are no other forms of payment of a volunteer's earned Service Award under the Program. Except in the case of pre-Entitlement Age death or total and permanent disablement,a Participant's Service Award will not be paid until he or she attains the Entitlement Age.Volunteers who are active after attaining the Entitlement Age and who may have commenced receiving a Service Award have the opportunity to earn Service Credit and, thereby, increase their Service Award payments. The pre-Entitlement Age death and disability benefit is equal to the actuarial value of the Participant's earned Service Award at the time of death or disablement. Program does not provide extra line-of- duty death or disability benefits. All death and disability benefits are self-insured and are paid from the Program Trust Fund. 54 Town of Mamaroneck, New York Notes to Financial Statements(Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) Active Members 47 Vested-Terminated 22 Retired and Beneficiaries 2 Total 71 Contributions New York State General Municipal Law §219(d) requires the District to contribute an actuarially determined contribution on an annual basis. The actuarially determined contribution shall be appropriated annually by the District. Measurement of Total Pension Liability The total pension liability at the December 31, 2019 measurement date was determined using an actuarial valuation as of that date. Actuarial Assumptions. The total pension liability in the December 31, 2019 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Actuarial Cost Method: Entry Age Normal Inflation: 0.0% Salary Scale: None assumed Mortality rates: Non pre-retirement mortality; post retirement RP2000 projected to 2030 Discount Rate. The discount rate used to measure the total pension liability was 2.75%, which is based on the 20-year AA general obligation bond rate as of plan year end. Trust Assets. Although assets have been accumulated in an irrevocable trust such that the assets are dedicated to providing pensions to plan members in accordance with benefit terms, the trust assets are not legally protected from creditors of the District.As such, the trust assets do not meet the criteria in paragraph 4 of GASB Statement No. 73. The trust assets are recorded in the Fire Protection District fund as investments and as a component of Restricted fund balance. Changes in the Total Pension Liability Balance as of 1/1/19 measurement date $ 1,608,193 Service cost 81,582 Interest 44,169 Differences between expected and actual experience (4,799) Changes in assumptions 393,292 Benefit payments and expenses (5,680) Balance as of 12/31/19 measurement date $ 2,116,757 55 Town of Mamaroneck, New York Notes to Financial Statements(Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) Sensitivity of the Total Pension Liability to changes in the discount rate. The following presents the total pension liability of the District as of the December 31, 2019 measurement date, calculated using the discount rate of 2.75 percent, as well as what the District's total pension liability would be if it were calculated using a discount rate that is 1-percentage point lower(1.75%) or 1-percentage point higher(3.75%)than the current rate: 1% Current 1% Decrease Assumption Increase (1.75%) (2.75%) (3.75%) Total Pension Liability $ 2,264,153 $ 2,116,757 $ 1,966,058 Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2019, the District recognized pension expense of$167,853. At December 31, 2019, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows Inflows of Resources of Resources Differences between expected and actual experience $ 17,265 $ 4,319 Changes of assumptions 475,001 115,528 $ 492,266 $ 119,847 Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Year Ended December 31, 2020 $ 42,102 2021 42,102 2022 42,102 2023 42,102 2024 42,102 Thereafter 161,909 Other Post Employment Benefit Obligations ("OPEB") In addition to providing pension benefits, the Town provides certain health care benefits for retired employees through a single employer defined benefit OPEB plan. The various collective bargaining agreements stipulate the employees covered and the percentage of contribution. Contributions by the Town may vary according to length of service. The cost of providing post employment health care benefits is shared between the Town and the retired employee as noted below. Substantially all of the Town's employees may become eligible for those benefits if they reach normal retirement age while working for the Town. No assets are accumulated in a trust that meets the criteria in 56 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 - Detailed Notes on All Funds (Continued) paragraph 4 of GASB Statement No. 75, "Accounting and Financial Reporting for Postemployment Benefits Other than Pensions", so the net OPEB liability is equal to the total OPEB liability, Separate financial statements are not issued for the plan. At December 31, 2019, the following employees were covered by the benefit terms: Inactive employees currently receiving benefit payments 130 Active employees 134 264 The Town's total OPEB liability of$82,693,279 was measured as of December 31, 2019, and was determined by an actuarial valuation as of January 1, 2019. The total OPEB liability in the January 1, 2019 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: Inflation 3.00% Salary increases 3.00% Discount rate 3.26% Healthcare cost trend rates 8.0%for 2019, decreasing by .5% per year to an ultimate rate of 5.0% Retirees' share of benefit-related costs Varies from 2%to 100%, depending on applicable retirement year and bargaining unit The discount rate was based on S&P 20-year M Municipal Bond Index. Mortality rates were based on the sex-distinct RP-2014 Mortality Tables for employees and healthy annuitants, adjusted backward to 2006 with scale MP-2014, and then adjusted for mortality improvements with scale MP-2016 mortality improvement scale on a fully generational basis. The actuarial assumptions used in the January 1, 2019 valuation for turnover and retirement for ERS and PFRS were based on the April 1, 2010 to March 31, 2015 experience study released by the Retirement Systems Actuary and published in their August 2015 report. The Town's change in the total OPEB liability for the year ended December 31, 2019 is as follows: Total OPEB Liability- Beginning of Year $ 82,055,445 Service cost 2,071,412 Interest 2,940,383 Differences between expected and actual experience (6,362,401) Changes in assumption 4,539,830 Benefit payments (2,551,390) Total OPEB Liability- End of Year $ 82,693,279 57 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) The following presents the total OPEB liability of the Town, as well as what the Town's total OPEB liability would be if it were calculated using a discount rate that is 1 percentage point lower(2.26%) or 1 percentage point higher (4.26%) than the current discount rate: 1% Current 1% Decrease Assumption Increase (2.26%) (3.26%) (4.26%) Total OPEB Liability $ 94,642,901 $ 82,693,279 $ 70,743,657 The following presents the total OPEB liability of the Town, as well as what the Town's total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1 percentage point lower(7.0% decreasing to 4.0%) or 1 percentage point higher(9.0% decreasing to 6.0%) than the current healthcare cost trend rates: Healthcare 1% Cost Trend 1% Decrease Rates Increase (7.0% decreasing (8.0% decreasing (9.0% decreasing to 4.0%) to 5.0%) to 6.0%) Total OPEB Liability $ 69,026,136 $ 82,693,279 $ 98,873,294 For the year ended December 31, 2019,the Town recognized OPEB expense of$3,767,111 in the government-wide financial statements. At December 31, 2019, the Town reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Deferred Outflows Inflows of Resources of Resources Changes of assumptions or other inputs $ 3,783,192 $ - Differences between expected and actual experience - 9,065,690 $ 3,783,192 $ 9,065,690 Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year Ended December 31, 2020 $ (1,244,684) 2021 (1,244,684) 2022 (1,244,684) 2023 (1,244,684) 2024 (303,762) 58 Town of Mamaroneck, New York Notes to Financial Statements(Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) G. Revenues and Expenditures Interfund Transfers Interfund transfers are defined as the flow of assets, such as cash or goods and services,without the equivalent flow of assets in return. The interfund transfers reflected below have been reflected as transfers: Transfers In Town Outside Special Capital Non-Major General Villages Highway Districts Projects Governmental Transfers Out Fund Fund Fund Fund Fund Funds Total General Fund $ - $ - $ - $ - $ 770,075 $ 1,089,812 $ 1,859,887 Town Outside Villages Fund 50,000 - - - 205,599 168,843 424,442 Highway Fund - - - - 204,368 778,581 982,949 Special Districts Fund - - - 624,276 1,293,056 1,917,332 Non-Major Governmental Funds 108,625 118,970 50,000 19,500 75,000 - 372,095 $ 158,625 $ 118,970 $ 50,000 $ 19,500 $ 1,879,318 $ 3,330,292 $ 5,556,705 Transfers are used to 1) move funds from the fund with collection authorization to the funds where additional amounts are needed and 2) to move amounts earmarked in the operating funds to fulfill commitments for Capital Projects and Debt Service funds expenditures. H. Net Position The components of net position are detailed below: Net investment in capital assets- the component of net position that reports the difference between capital assets less both the accumulated depreciation and the outstanding balance of debt,excluding unexpended proceeds, that is directly attributable to the acquisition, construction or improvement of those assets. Restricted for Future Capital Projects - the component of net position that reports the amounts restricted for future capital projects. Restricted for Debt Service-the component of net position that reports the difference between assets and liabilities of the Debt Service Fund with constraints placed on their use by Local Finance Law. Restricted for Section 8 Housing Assistance —the component of net position that represents funds restricted for specific purposes under New York State Law or by external parties and/or statues. Restricted for Tri-Municipal Cable T.V. Fund-the component of net position that reports the amounts restricted for future capital projects within the Tri-Municipal Cable T.V. Fund. Restricted for Trusts-the component of net position that has been established to set aside funds in accordance with the terms of the grants. Unrestricted- all other amounts that do not meet the definition of "restricted" or "net investment in capital assets". 59 Town of Mamaroneck,New York Notes to Financial Statements(Continued) pecember31.2019 Note 3-Detailed Notes on All Funds(Continued) I. Fund Balances 712 71M Tww 1...1 1.21 Yew MIIM .w.. Miro. Cm. MAYO. 42.16 11..r 1W. Pool .wars. ammo 14. 111.21 71.r 2M1.wr PROM r....r OMNI Me. " INV. V Pomo .arm.. w Imo 11.w ImoIw / r 121 Imo lona1• 1121 war. w Mr M M --war--_ 1Mw ...1.r.r ~21.4.++..1 t 71211 I tle i 11/211 .1--M17.14. I 1 .1- 121111.. / m2I1 .t---,EL.1W-1.. ► Iw.w t - t - t t 7.14271 1.221. a,w r14.. • - • 421122 • 171172 - • - 1711141 • 1!121 11.1.gswlMr. 171141 - 7422 171141 271/2 121m I No*.War - • 12.147 • - 1212 - 111x1 . - 111+1{ P row Moto - 1)141.1 - 421111 • 1111111 . • 122147 TOOnotope O..I.V.hwl - - 1}221 1}1171 . - - 7211271 1211211 710...11'+.1 T.V.rw-Or 4/1.wM4Iwl 4.2141.1 02M 1IL1 101. - • - - M0271 ISM - - 7272 12.12 O M rr . - 114421 12221 1_I_I IS*M 0141 wow-r ,14„nM 1„1„nominno • 7,122 3225 _mast TMr.1M1r1 num 121.341 ME 7.7112 3211111L 1111121 17►20 112147 I.. BM. 1.211141 !*417.2 11124M wee.. N.O..w war Own!lMswY11y.1. 14.711 1.770 - - - 377.{1 3214 - 7.W M1Y.//, - 222 - 212 - 34211 - - - - • "AO 11/1 777 172 . Tsrwsw - - 71.131 - NAN 6w.noawgw MwMwr1 7211 . 7171 OA.01011.0000.6, 1422 - . MN V 1112 • - . - - • 1121 IM...w ms lo.4 mows • • • - 2U1/ 1122 - 727 KW 1,110 2141 7.171 71.010 ..r.w14M1 na 1.171.12 710.4 - 14122 WMM I)m.171 1.171,® 11412 - 1122 42 - =21 01171 We YW1. • 123.114 110114 1341211 117121 - 1.1142% WAY 211312 - - 111214 M.Hyw(l.21.rU tan. T0014.-CY 1.V. 0.10. OW .-- 700 Mo..i 121124 1111711 24211 212.1 11. 1SM1.IM 3.12.140 112722 71ill 114422 7727 112711 m.o.. 121.114 1121.171 4!7.517 - 112.17 WiPi11Was 7 721422 i 1712!/ -1 W t I_Il LAM.1 ... I 7)11.1412 / 10.171 70 I {271 1 311114 j 112 1 2134 I 7./2217 7 7/14121 I 711M1P 60 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) Certain elements of fund balance are described above. Those additional elements, which are not reflected in the Statement of Net Position but are reported in the governmental funds balance sheet are described below. Prepaid Expenditures has been established to account for retirement and health insurance payments made in advance. The amount is classified as nonspendable to indicate that funds are not"available" for appropriation or expenditure even though they are a component of current assets. Restricted for Pension Benefits represents funds restricted for specific purposes under New York State law or by external parties and/or statutes. Purchases on order are assigned and represent the Town's intention to honor the contracts in process at year-end. The subsequent year's appropriations will be amended to provide authority to complete the transactions. Subsequent year's expenditures represent that at December 31, 2019,the Town Board has assigned the above amounts to be appropriated for the ensuing year's budget. Unassigned fund balance in the General Fund represents amounts not classified as nonspendable, restricted, committed or assigned. Note 4 -Summary Disclosure of Significant Contingencies A. Litigation The Town, in common with other municipalities, receives numerous notices of claims for money damages arising from false arrest, property damage or personal injury. Of the claims currently pending, none are expected to have a material effect on the financial position of the Town if adversely settled. Westchester Joint Water Works ("WJWW°) a joint venture of the Town as reported in note 3 is currently being fined by the New York State Health Department for not meeting a Supreme Court of the State of New York ruling requiring the construction of a filtration plant by December 3, 2008. These fines amounted to $54,616,250 as of December 31, 2019 and continue to accrue at $13,750 a day. The Town' share of these fines is approximately $10,129,258 or 18.5% of the total. Management of the WJWW has indicated that the State is holding in abeyance the imposition of these fines although they continue to be accrued by the WJWW. The Town has not accrued their share in the Special District Fund—Water District as the expectation of management is that the fines will be suspended or replaced with a negotiated settlement as the WJWW has proposed multiple acceptable alternatives to the filtration plant. The Town is also defendant in numerous tax certiorari proceedings, the results of which generally require tax refunds on the part of the Town. The amount of possible refunds cannot be determined at the present time and any refunds resulting from adverse settlements will be funded in the year in which the payments are made. 61 Town of Mamaroneck, New York Notes to Financial Statements (Concluded) December 31, 2019 Note 4-Summary Disclosure of Significant Contingencies (Continued) B. Risk Management The primary government purchases various conventional liability and workers' compensation insurance policies to protect against potential losses. The general liability policy provides coverage of$1 million per occurrence, not to exceed an aggregate of up to $3 million. In addition, there is a public officials liability policy providing coverage of$1 million per claim, not to exceed an aggregate of up to $2 million. Finally there is an excess liability policy of $20 million per occurrence, not to exceed an aggregate of up to $40 million. The Town's workers' compensation policy provides coverage at statutory levels. Settled claims resulting from these risks have not exceeded commercial insurance coverage in any of the past three fiscal years. The Housing Authority purchases various conventional insurance policies to reduce its exposure to loss. The Housing Authority maintains a general liability policy with coverage up to$5 million. Settled claims resulting from these risks have not exceeded commercial coverage in any of the past three fiscal years. C. Contingencies The Town participates in various Federal grant programs. These programs are subject to program compliance audits pursuant to the Single Audit Act. The amount of expenditures which may be disallowed by the granting agencies cannot be determined at this time, although the Town anticipates such amounts, if any, to be immaterial. Note 5 -Tax Abatements The Town has real property tax abatement agreements exempt under Real Property Tax Law and General Municipal Law. However,the total value of the tax abatement agreements for the year ended December 31, 2019 aggregated less than$20,000 and,therefore,detail information has been excluded from these financial statements. Note 6 -Subsequent Event Subsequent to year end, the COVID-19 (coronavirus) pandemic has resulted in substantial economic volatility on a global scale. As a result, the Town's economically sensitive revenues (i.e. sales taxes, mortgage recording taxes, interest earnings, fees, state and federal aid) might be negatively impacted. Collection rates on real property taxes might be slowed as unemployment rates are expected to spike. Meanwhile, the Town's expenditures for public safety and health service functions and pension benefits (due to stock market declines) would all be expected to increase. None of these factors were taken into consideration in the development of the 2020 adopted budget. Given the uncertainty around the extent and timing of the potential future spread or mitigation of the coronavirus and around the imposition or relation of protective measures, management cannot reasonably estimate the actual impact on the Town's financial position at this time. 62 Town of Mamaroneck, New York Required Supplementary Information Schedule of Changes in the Town's Total Pension Liability Last Ten Fiscal Years (1) 2019 2018 2017 Total Pension Liability: Service Cost $ 81,582 $ 61,843 $ 59,638 Interest 44,169 60,525 45,337 Changes in assumptions or other inputs 393,292 (2) (148,536) 172,911 Differences between expected and actual experience (4,799) 22,197 Benefit payments (5,680) (30,250) (5,171) Net Change in total pension liability 508,564 (34,221) 272,715 Total pension liability—beginning 1,608,193 1,642,414 1,369,699 Total pension liability—ending $ 2,116,757 $ 1,608,193 $ 1,642,414 Covered payroll N/A N/A N/A Total pension liability as a percentage of covered payroll 0% 0% 0% (1) Schedule is intended to show information for 10 years. Additional years will be displayed as they become available. Notes to Required Supplementary information (2) Changes of assumptions or other inputs. The discount rate used to measure the total pension liability was based on the yield to maturity of the S&P Municipal Bond 20 Year High Grade Rate Index and was as follows: December 31,2016: 2.31% December 31, 2017: 3.31% December 31,2018: 3.71% December 31, 2019: 2.75% Trust Assets. There are no assets accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 73 to pay related benefits. See independent auditors'report. 63 Town of Mamaroneck, New York Required Supplementary Information -Schedule of Changes in the Town's Total OPEB Liability and Related Ratios Last Ten Fiscal Years (1)(2) 2019 2018 Total OPEB Liability: Service cost $ 2,071,412 $ 2,209,552 Interest 2,940,383 3,049,245 Changes of benefit terms - - Differences between expected and actual experience (6,362,401) (5) (5,645,533) Changes of assumptions or other inputs 4,539,830 (4) - Benefit payments (2,551,390) (2,656,557) Net Change in Total OPEB Liability 637,834 (3,043,293) Total OPEB Liability—Beginning of Year 82,055,445 85,098,738 (3) Total OPEB Liability—End of Year $ 82,693,279 $ 82,055,445 Town's covered-employee payroll $ 13,033,191 $ 12,306,706 Total OPEB liability as a percentage of covered-employee payroll 634.48% 666.75% Notes to Schedule: (1) Data not available prior to fiscal year 2018 implementation of Governmental Accounting Standards Board Statement No. 75, "Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions". (2) No assets are accumulated in a trust that meets the criteria in paragraph 4 of this Statement to pay related benefits. (3)Restated for the implementation of the provisions of GASB Statement No. 75. (4)Changes in assumptions or other inputs. The discount rate used to measure the total pension liability was based on the yield to maturity of the S&P Municipal Bond 20 Year High Grade Rate Index and was as follows: December 31, 2018: 3.64% December 31, 2019: 3.26% (5) Differences between expected and actual experience is due to actual health care costs being less than expected. See independent auditors' report. 64 Town of Mamaroneck,New York Required Supplementary Information New York State and Local Employees'Retirement System Last Ten Fiscal Years(1) Schedule of the Town's Proportionate Share of the Net Pension Liability(2) 2019 2018 2017 2016(3) 2015 Town's proportion of the net pension liability 0.0228534% 0.0217828% 0.0229223% 0.0212438% 0.0225153% Town's proportionate share of the r —� net pension liability $ 1,619,233 $ 703,029 $ 2,153,827 S 3,409,858 $ 760,623 Town's covered payroll $__ 6,88.2,383 $ 6,649,254 S 8,193,480 $ 8,044,712 $ 8,133,937 Town's proportionate share of the net pension liability as a percentage of its covered payroll 23.53% 10.57% 34.78% 56.41% 12.40% Plan fiduciary net position as a percentage of the total pension liability 98.27% 98.24% 94.70% 90.70% 97.90% Schedule of Contributions 2019 2018 2017 2016 2015 Contractually required contribution $ 1,001,835 $ 988,838 $ 951,893 $ 975,073 $ 921,095 Contributions In relation to the contractually required contribution (1,001,835) (986,838) (951,893) (975,073) (921,095) Contribution excess 5 - $ - $ $ $ - Town's covered payroll $ 7009,504 S 8,950,172 $ 6,368,881 $ 6,296,849V .$ 6,216,275 Contributions as a percentage of covered payroll 14.29% 13.91% 14.95% 15.49% 14.82%, (1)Data not available prior to fiscal year 2015 implementation of Governmental Accounting Standards Board Statement No 68 Accounting and Financial Reporting for Pensions'. (2)The amounts presented for each fiscal year were determined as of the March 31 measurement date within the current fiscal year, (3)The discount rate used to calculate the total pension liability was decreased from 7.5%to 7.0%effective with the March 31,2016 measurement date. See independent auditors'report 65 Town of Mamaroneck,New York Required Supplementary information New York State and Local Police and Fire Retirement System Last Ten Fiscal Years(1) Schedule of the Town's Proportionate Share of the Net Pension Liability(2) 2019 2018 2017 2016(3) 2015 Town's proportion of the net pension liability 0.1529847% 0.1526125% 0.1526963% 0.1601178% 0.1617364% Town's proportionate share of the net pension liability $ 2,565,650 $ 1,542,541 $ 3,164,863 $ 4,740,748 $ 445,195 Town's covered payroll $ 6,571,130 $ 6,443,114. $ 6,168,882 $ 6,036,891 $ 6,198,180 Town's proportionate share of the net pension liability as a percentage of its covered payroll 39.04% 23.94% 51.30% 78.53% 7.18% Plan fiduciary net position as a percentage of the total pension liability 95.09% 96.93% 93.50% 90.20% 99.00% Schedule of Contributions 2019 2018 2017 2016 2015 Contractually required contribution $ 1,459,619 $ 1,428,769 $ 1,403,486 $ 1,382,480 $ 1,105,220 Contributions In relation to the contractually required contribution (1,459,619) (1,428,769) (1,403,486) (1,362,460) (1,105,220) Contribution excess $ - $ - $ - $ - $ - Town's covered payroll $ 6,694,209 ,$ 6,477,510 $ 6,425,121 $ 6,105,861 $ 6,230,182 Contributions as a percentage of Covered payrou 21.80% 22.06% _ 21.84% 22.31% 17.74% (1)Data not available prior to fiscal year 2015 implementation of Governmental Accounting Standards Board Statement No 68 Accounting and Financial Reporting for Pensions'. (2)The amounts presented for each fiscal year were determined as of the March 31 measurement date within the current fiscal year. (3)The discount rate used to calculate the total pension liability was decreased from 7.5%to 7.0%effective with the March 31,2016 measurement date. See Independent auditors'report. 66 Town of Mamaroneck, New York General Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 3,727,220 $ 4,169,095 Investments 8,310,592 3,838,609 Taxes receivable Town and County taxes 291,408 260,044 Tax liens 1,835,057 1,812,593 2,126,465 2,072,637 Allowance for uncollectible amounts (1,405,413) (1,160,213) 721,052 912,424 Other receivables Accounts 264,902 360,537 Due from other governments 37,412 104,736 State and Federal aid 38,148 16,584 Due from other funds 508,251 170,779 848,713 652,636 Prepaid expenditures 229,478 232,605 Total Assets $ 13,837,055 $ 9,805,369 LIABILITIES,DEFERRED INFLOWS OF RESOURCES AND FUND BALANCE Liabilities Accounts payable $ 265,941 $ 234,415 Accrued liabilities 57,980 38,147 Deposits 495,852 573,008 Employee payroll deductions 45,832 410 Due to other funds 4,748,073 372,776 Due to other governments 10 10 Overpayments 10,697 400 Unearned revenues - 9,289 Total Liabilities 5,624,385 1,228,455 Deferred inflows of resources Deferred tax revenues 625,678 766,978 Total Liabilities and Deferred Inflows of Resources 6,250,063 1,995,433 Fund balance Nonspendable 229,478 232,605 Restricted 125,000 125,000 Assigned 1,211,344 1,144,199 Unassigned 6,021,170 6,308,132 Total Fund Balance 7,586,992 7,809,936 Total Liabilities, Deferred Inflows of Resources and Fund Balance $ 13,837,055 $ 9,805,369 See independent auditors'report. 67 Town of Mamaroneck, New York General Fund Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Years Ended December 31, 2019 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Real property taxes $ 4,611,982 $ 4,611,982 $ 4,500,208 $ (111,774) Other tax items 511,300 586,932 818,786 231,854 Departmental income 3,562,452 3,562,452 3,785,291 222,839 Intergovernmental charges - 750 - (750) Use of money and property 360,000 360,000 622,670 262,670 Licenses and permits 50,300 50,300 96,016 45,716 Fines and forfeitures 300,000 300,000 286,312 (13,688) Sale of property and compensation for loss - - 8,269 8,269 State aid 1,949,225 2,076,997 1,684,456 (392,541) Federal aid 67,812 67,812 66,988 (824) Miscellaneous 17,700 17,700 186,530 168,830 Total Revenues 11,430,771 11,634,925 12,055,526 420,601 EXPENDITURES Current General government support 4,505,728 4,598,940 4,267,630 331,310 Health 450,000 450,000 415,446 34,554 Transportation 145,320 135,120 8,062 127,058 Economic opportunity and development 557,022 557,022 496,469 60,553 Culture and recreation 2,831,792 2,852,979 2,694,172 158,807 Home and community services 497,845 638,425 459,568 178,857 Employee benefits 2,380,450 2,380,450 2,235,861 144,589 Total Expenditures 11,368,157 11,612,936 10,577,208 1,035,728 Excess of Revenues Over Expenditures 62,614 21,989 1,478,318 1,456,329 OTHER FINANCING SOURCES (USES) Sale of property - - - - Transfers in 130,000 158,625 158,625 - Transfers out (1,336,813) (1,859,888) (1,859,887) 1 Total Other Financing Uses (1,206,813) (1,701,263) (1,701,262) 1 Net Change in Fund Balance (1,144,199) (1,679,274) (222,944) 1,456,330 FUND BALANCE Beginning of Year 1,144,199 1,679,274 7,809,936 6,130,662 End of Year $ - $ - $ 7,586,992 $ 7,586,992 See independent auditors'report. 68 2018 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 3,971,080 $ 3,971,080 $ 3,890,068 $ (81,012) 607,000 607,000 559,548 (47,452) 3,606,000 3,606,000 3,771,843 165,843 305,000 305,000 406,435 101,435 40,250 40,250 63,871 23,621 300,000 300,000 270,033 (29,967) - - 990 990 2,063,725 2,063,725 1,829,363 (234,362) 67,740 67,740 58,243 (9,497) 36,700 36,700 28,277 (8,423) 10,997,495 10,997,495 10,878,671 (118,824) 4,259,764 4,287,963 4,405,442 (117,479) 415,000 415,000 419,206 (4,206) 142,720 142,720 118,387 24,333 551,600 561,600 496,867 64,733 2,721,347 2,743,233 2,635,809 107,424 495,700 508,462 450,093 58,369 2,258,300 2,258,300 2,292,204 (33,904) 10,844,431 10,917,278 10,818,008 99,270 153,064 80,217 60,663 (19,554) - - 17,500 17,500 162,000 190,148 197,538 7,390 (1,279,709) (1,840,935) (1,825,621) 15,314 (1,117,709) (1,650,787) (1,610,583) 40,204 (964,645) (1,570,570) (1,549,920) 20,650 964,645 1,570,570 9,359,856 7,789,286 $ - $ - $ 7,809,936 $ 7,809,936 69 Town of Mamaroneck,New York General Fund Schedule of Revenues and Other Financing Sources Compared to Budget Year Ended December 31,2019 (Wth Comparative Actuals for 2018) Variance with Final Budget Original Final Positive 2018 Budget Budget Actual (Negative) Actual REAL PROPERTY TAXES $ 4,611,982 $ 4,611,982 $ 4,500,208 $ (111,774) $ 3,890,068 OTHER TAX ITEMS Payments in lieu of taxes 1,300 1,300 1,391 91 1,350 Interest and penalties on real property taxes 500,000 575,632 808,057 232,425 548,061 Utilities gross receipts taxes 10,000 10,000 9,338 (662) 10,137 511,300 586,932 818,786 231,854 559,548 DEPARTMENTAL INCOME Parking fees 360,000 360,000 388,323 28,323 380,543 Recreation fees 944,900 944,900 1,023,608 78,708 1,012,028 Clerk fees 7,000 7,000 8,547 1,547 6,610 Election services 1,000 1,000 3,850 2,850 1,212 Senior center dues 18,000 18,000 29,364 11,364 20,641 Pool charges 575,000 575,000 592,712 17,712 614,841 Ice rink charges 1,155,000 1,155,000 1,233,556 78,556 1,198,346 Section 8 Housing Assistance Fund reimbursement 501,552 501,552 505,331 3,779 537,624 3,562,452 3,562,452 3,785,291 222,839 3,771,843 INTERGOVERNMENTAL CHARGES Recycling - 750 - (750) - USE OF MONEY AND PROPERTY Eamings on investments 50,000 50,000 284,394 234,394 88,466 Rents 310,000 310,000 338,276 28,276 317,949 360,000 360,000 622,670 262,670 406,435 LICENSES AND PERMITS 50,300 50,300 96,016 45,716 63,871 FINES AND FORFEITURES Fines and forfeited bail 300,000 300,000 286,312 (13,688) 270,033 70 SALE OF PROPERTY AND COMPENSATION FOR LOSS Insurance recoveries - - 8,269 8,269 990 STATE AID Per capita 140,000 140,000 - (140,000) 142,194 Mortgage tax 1,350,000 1,350,000 1,247,050 (102,950) 1,237,496 Youth programs 3,000 3,000 - (3,000) 5,557 Conservation Program - 127,772 18,601 (108,971) - NGC-Mental Health Board 450,000 450,000 415,446 (34,554) 419,206 Other 6,225 6,225 3,159 (3,066) 24,910 1,949,225 2,076,997 1,684,456 (392,541) 1,829,363 FEDERAL AID Programs for the aging 67,812 67,812 66,988 (824) 58,243 MISCELLANEOUS Refund of prior year's expenditures - - 16,060 16,060 4,034 Gifts and donations 17,700 17,700 22,798 5,098 21,060 AIM related payments - - 142,194 142,194 - Unclassified - - 5,478 5,478 3,183 17,700 17,700 186,530 168,830 28,277 TOTAL REVENUES 11,430,771 11,634,925 12,055,526 420,601 10,878,671 OTHER FINANCING SOURCES Sale of property - 17,500 Transfers in Town Outside Villages Fund 50,000 50,000 50,000 - 50,000 Capital Projects Fund - .. 7,390 Debt Service Fund 80,000 80,000 80,000 - 112,000 Special Purpose Fund - 28,625 28,625 - 28,148 TOTAL OTHER FINANCING SOURCES 130,000 158,625 158,625 - 215,038 TOTAL REVENUES AND OTHER FINANCING SOURCES $ 11,560,771 $ 11,793,550 $ 12,214,151 $ 420,601 $ 11,093,709 See independent auditors'report 71 Town of Mamaroneck,New York General Fund Schedule of Expenditures and Other Financing Uses Compared to Budget Year Ended December 31,2019 !With Comparative Actuals for 2018) Variance with Final Budget Original Final Positive 2018 Budget Budget Actual (Negative) Actual GENERAL GOVERNMENT SUPPORT Town Board $ 30,426 $ 31,005 $ 31,005 $ - $ 30,784 Town Justice 378,115 378,115 340,852 37,263 352,667 Supervisor 98,563 98,563 98,009 554 95,152 Town Administrator 288,409 288,409 280,883 7,526 279,239 Finance 626,259 644,259 620,488 23,771 600,196 Audit 80,100 81,100 81,100 - 78,638 Assessor 603,456 603,456 512,610 90,846 594,921 Town Clerk 268,602 274,246 274,246 - 265,571 Town Attorney 265,550 265,550 236,768 28,782 273,740 Personnel 283,507 283,507 265,272 18,235 260,318 Engineer 153,999 165,868 164,935 933 190,373 Elections 47,500 47,572 47,571 1 46,000 Town Center 375,171 375,171 343,276 31,895 384,963 Central communications 76,299 76,299 84,731 (8,432) 82,791 Central services 130,000 140,108 93,077 47,031 106,422 Central data processing 403,472 462,412 447,843 14,569 348,239 Municipal association dues 4,000 4,000 4,875 (875) 4,875 Taxes on Town property 98,300 98,300 99,284 (984) 95,496 Judgments and claims 65,000 80,000 82,467 (2,467) 108,512 Unallocated insurance 107,000 107,000 118,936 (11,936) 105,873 Metropolitan commuter transportation mobility tax 17,000 17,000 15,852 1,148 16,105 Credit card fees 75,000 75,000 23,550 51,450 84,567 Contingency 30,000 2,000 - 2,000 - 4,505,728 4,598,940 4,267,630 331,310 4,405,442 HEALTH Narcotics Guidance Council 450,000 450,000 415,446 34,554 419,206 72 TRANSPORTATION Superintendent of Highways 129,720 119,520 932 118,588 108,701 Off-street parking 15,600 15,600 7,130 8,470 9,686 145,320 135,120 8,062 127,058 118,387 ECONOMIC OPPORTUNITY AND DEVELOPMENT Programs for the Aging 542,022 542,022 481,469 60,553 481,867 Community Action Program 15,000 15,000 15,000 - 15,000 557,022 557,022 496,469 60,553 496,867 CULTURE AND RECREATION General recreation 428,266 434,780 434,778 2 412,578 Ice rink 709,373 722,533 703,462 19,071 667,481 Youth programs 738,846 738,846 644,626 94,220 668,077 Pool 816,367 817,880 784,852 33,028 769,732 Adult recreation 106,040 106,040 103,262 2,778 98,396 Special recreation facility 32,900 32,900 23,192 9,708 19,545 2,831,792 2,852,979 2,694,172 158,807 2,635,809 HOME AND COMMUNITY SERVICES Community beautification 30,500 36,058 36,058 - 30,420 Cemeteries 16,400 16,400 14,496 1,904 10,750 Human Rights Commission 1,000 1,000 (500) 1,500 - Sustainability - 135,022 25,141 109,881 - Rent Subsidy Program 449,945 449,945 384,373 65,572 408,923 497,845 638,425 459,568 178,857 450,093 EMPLOYEE BENEFITS State retirement 525,000 525,000 538,502 (13,502) 526,109 Social security 385,000 385,000 355,802 29,198 353,857 Workers'compensation benefits 106,500 108,680 107,747 933 125,741 Life insurance 5,700 5,700 5,530 170 5,681 Hospital and medical insurance 1,347,000 1,344,820 1,222,041 122,779 1,269,081 Disability insurance 6,250 6,250 6,067 183 6,238 Unemployment benefits 5,000 5,000 172 4,828 5,497 2,380,450 2,380,450 2,235,861 144,589 2,292,204 TOTAL EXPENDITURES 11,368,157 11,612,936 10,577,208 1,035,728 10,818,008 73 (Continued) Town of Mamaroneck,New York General Fund Schedule of Expenditures and Other Financing Uses Compared to Budget(Continued) Year Ended December 31,2019 (With Comparative Actuals for 2018) Variance with Final Budget Original Final Positive 2018 Budget Budget Actual (Negative) Actual OTHER FINANCING USES Transfers out Debt Service Fund $ 1,076,813 $ 1,089,812 $ 1,089,812 $ - $ 1,009,394 Capital Projects Fund 260,000 770,076 770,075 1 816,227 TOTAL OTHER FINANCING USES 1,336,813 1,859,888 1,859,887 1 1,825,621 TOTAL EXPENDITURES AND OTHER FINANCING USES $ 12,704,970 $ 13,472,824 $ 12,437,095 $ 1,035,729 $ 12,643,629. See independent auditors'report. 74 Town of Mamaroneck, New York Town Outside Villages Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 14,752 $ 4,284,651 Receivables Accounts 53,749 80,285 Due from other governments 652,761 496,877 Due from other funds 4,741,447 1,207 5,447,957 578,369 Prepaid expenditures 433,624 428,302 Total Assets $ 5,896,333 $ 5,291,322 LIABILITIES AND FUND BALANCE Liabilities Accounts payable $ 88,639 $ 68,186 Accrued liabilities 129,483 130,875 Due to other funds 15,636 61,934 Total Liabilities 233,758 260,995 Fund balance Nonspendable 433,624 428,302 Assigned 5,228,951 4,602,025 Total Fund Balance 5,662,575 5,030,327 Total Liabilities and Fund Balance $ 5,896,333 $ 5,291,322 See independent auditors' report. 75 Town of Mamaroneck, New York Town Outside Villages Fund Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Years Ended December 31, 2019 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Real property taxes $ 9,859,314 $ 9,859,314 $ 9,843,286 $ (16,028) Non-property taxes 1,800,000 1,907,195 2,191,447 284,252 Departmental income 196,800 546,800 562,893 16,093 Licenses and permits 638,000 638,000 1,034,730 396,730 Fines and forfeitures 5,000 5,000 9,705 4,705 State aid - - 5,000 5,000 Miscellaneous 5,200 6,860 144,270 137,410 Total Revenues 12,504,314 12,963,169 13,791,331 828,162 EXPENDITURES Current General government support 705,434 756,978 723,782 33,196 Public safety 5,919,047 6,325,318 6,260,507 64,811 Health 59,100 59,100 59,100 - Transportation 33,550 33,550 15,220 18,330 Culture and recreation 1,407,800 1,409,050 1,382,931 26,119 Home and community services 224,917 229,960 218,986 10,974 Employee benefits 4,290,800 4,290,800 4,193,085 97,715 Total Expenditures 12,640,648 13,104,756 12,853,611 251,145 Excess (Deficiency)of Rev- enues Over Expenditures (136,334) (141,587) 937,720 1,079,307 OTHER FINANCING SOURCES (USES) Insurance recoveries - - - - Transfers in 117,070 118,970 118,970 - Transfers out (407,387) (484,770) (424,442) 60,328 Total Other Financing Uses (290,317) S365,800) (305,472) 60,328 Net Change in Fund Balance (426,651) (507,387) 632,248 1,139,635 FUND BALANCE Beginning of Year 426,651 507,387 5,030,327 4,522,940 End of Year $ - $ - $ 5,662,575 $ 5,662,575 See independent auditors'report. 76 2018 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 9,831,560 $ 9,831,560 $ 9,822,525 $ (9,035) 1,730,000 1,730,000 1,917,581 187,581 187,800 187,800 218,091 30,291 554,000 554,000 908,383 354,383 5,000 5,000 9,760 4,760 3,000 3,000 15,117 12,117 12,311,360 12,311,360 12,891,457 580,097 550,266 550,266 568,193 (17,927) 6,038,045 6,038,045 5,877,024 161,021 59,100 59,100 59,100 - 33,550 33,550 24,648 8,902 1,374,910 1,374,910 1,368,079 6,831 221,513 221,513 214,299 7,214 4,157,250 4,157,250 3,962,148 195,102 12,434,634 12,434,634 12,073,491 361,143 (123,274) (123,274) 817,966 941,240 44,000 28,598 (15,402) 133,500 133,500 135,365 1,865 (368,167) (568,115) (563,401) 4,714 (234,667) (390,615) (399,438) (8,823) (357,941) (513,889) 418,528 932,417 357,941 513,889 4,611,799 4,097,910 $ - $ - $ 5,030,327 ,$ 5,030,327 77 Town of Mamaroneck,New York Town Outside Villages Fund Schedule of Revenues and Other Financing Sources Compared to Budget Year Ended December 31,2019 (With Comparative Actuals for 2018) Variance with Final Budget Original Final Positive 2018 Budget Budget Actual (Negative) - Actual REAL PROPERTY TAXES $ 9,859,314 $ 9,859,314 $ 9,843,286 $ (16,028) $ 9,822,525 NON-PROPERTY TAXES Non-property tax distribution from County 1,800,000 1,907,195 2,191,447 284,252 1,917,581 DEPARTMENTAL INCOME Police fees 300 350,300 341,493 (8,807) 338 Zoning fees 15,000 15,000 9,350 (5,650) 37,013 Planning Board fees 5,000 5,000 9,305 4,305 12,526 Emergency tenants protection 2,500 2,500 1,540 (960) 2260 Parking fees 140,000 140,000 166,240 26,240 127,113 Recreation fees 34,000 34,000 34,965 965 38,841 196,800 546,800 562,893 16,093 218,091 UCENSES AND PERMITS Building permits 480,000 480,000 745,634 265,634 673,683 Alarm licenses 38,000 38,000 38,419 419 39,240 Other licenses 120,000 120,000 250,677 130,677 195,460 638,000 638,000 1,034,730 396,730 908,383 FINES AND FORFEITURES False alarms 5,000 5,000 9,705 4705 9,760 STATE AID New York State conservation grant - - 5,000 5,000 - 78 MISCELLANEOUS Unclassified 5,200 6,860 144,270 137,410 15,117 TOTAL REVENUES 12,504,314 12,963,169 13,791,331 828,162 12,891,457 OTHER FINANCING SOURCES Insurance recoveries - - - - 28,598 Transfers in Capital Projects Fund - - - - 1,207 Special Purpose Fund - 1,900 1,900 - - Debt Service Fund 14,500 14,500 14,500 - 14,500 Tri-Municipal Cable T.V.Fund 102,570 102,570 102,570 - 119,658 TOTAL OTHER FINANCING SOURCES 117,070 118,970 118,970 - 163,963 TOTAL REVENUES AND OTHER FINANCING SOURCES $ 12,621,384 $ 13,082,139 $ 13,910,301 $ 828,162 $ 13,055,420 See independent auditors'report. 79 Town of Mamaroneck,New York Town Outside Villages Fund Schedule of Expenditures and Other Financing Uses Compared to Budget Year Ended December 31,2019 (With Comparative Actuals for 2018) Variance with Final Budget Original Final Positive 2018 Budget Budget Actual (Negative) Actual GENERAL GOVERNMENT SUPPORT Central communications $ 41,603 $ 41,603 $ 38,915 $ 2,688 $ 40,504 Central services 101,900 101,900 86,120 15,780 80,470 Central data processing 288,431 288,431 275,179 13,252 153,362 Unallocated insurance 130,000 130,000 139,037 (9,037) 129,387 Judgments and claims 95,000 148,000 148,800 (800) 136,519 Metropolitan commuter transportation mobility tax 20,000 20,000 21,182 (1,182) 19,275 Employee evaluations 5,000 5,000 2,875 2,125 3,134 Credit card fees 3,500 3,500 11,674 (8,174) 5,542 Contingency 20,000 18,544 - 18,544 705,434 756,978 723,782 33.196 568,193 PUBLIC SAFETY Police 5,345,266 5,750,887 5,726,218 24,669 5,331,356 Other public safety 11,000 11,650 8,828 2,822 3,725 Traffic control 112,327 112,327 82,295 30,032 93,883 Control of animals 18,500 18,500 18,264 236 16,389 Safety inspection 431,954 431,954 424,902 7,052 431,871 5,919,047 6,325,318 6,260,507 64,811 5,877,024 HEALTH Narcotics Guidance Council 59,100 59.100 59,100 - 59,100 TRANSPORTATION Off-street parking lots 33,550 33,550 15,220 18,330 24,648 CULTURE AND RECREATION Playgrounds and recreation 63,300 64,550 57,039 7,511 57,213 Youth programs 21,000 21,000 21,000 - 20,000 Library 1,320,500 1,320,500 1,302,279 18,221 1,288,260 Celebrations 3,000 3,000 2,613 387 2,606 1,407,800 1,409,050 1,382,931 26,119 1,368,079 80 HOME AND COMMUNITY SERVICES Board of Appeals 50,990 50,990 48,978 2,012 50,461 Planning Board 72,290 74,709 74,709 - 71,943 Environmental control 97,887 100,511 93,167 7,344 89,406 Emergency tenant protection 2,500 2,500 2,070 430 2,410 Coastal zone 1,250 1250 62 1,188 79 224,917 229,960 218,986 10,974 214,299 EMPLOYEE BENEFITS State retirement 85,000 85,000 77,031 7,969 72,172 Police retirement 1,125,000 1,125,000 1,109,832 15,168 1,095,285 Social security 450,000 450,000 415,321 34,679 380,867 Workers'compensation benefits 392,000 399,700 370,201 29,499 255,911 Life insurance 3,500 3,500 3,016 484 3,096 Hospital and medical Insurance 2,219,300 2,211,600 2,204,410 7,190 2,137,608 Disability insurance 1,000 1,000 780 220 685 Unemployment benefits 15,000 15,000 12,494 2,506 16,524 4,290,800 4,290,800 4,193,085 97,715 3,962,148 TOTAL EXPENDITURES 12,640,648 13,104,758 12,853,611 251,145 12,073,491 OTHER FINANCING USES Transfers out General Fund 50,000 50,000 50,000 - 50,000 Debt Service Fund 167,387 168,843 168,843 - 166,953 Capital Projects Fund 190,000 265,927 205,599 60,328 346,448 TOTAL OTHER FINANCING USES 407,387 484,770 424,442 60,328 563,401 TOTAL EXPENDITURES AND OTHER FINANCING USES $ 13,048,035 $ 13,589,526 $ 13,278,053 $ 311,473 $ 12,636,892 See independent auditors'report. 81 Town of Mamaroneck, New York Highway Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 27,317 $ 796,737 Investments 700,878 - Receivables Accounts 25,130 287 Due from other governments 47,424 45,702 State and Federal aid 118,869 118,826 Due from other funds 42,017 65,107 233,440 229,922 Prepaid expenditures 139,057 138,441 Total Assets $ 1,100,692 $ 1,165,100 LIABILITIES AND FUND BALANCE Liabilities Accounts payable $ 170,345 $ 139,317 Accrued liabilities 107,106 11,450 Due to other funds 33,868 179,358 Total Liabilities 311,319 330,125 Fund balance Nonspendable 139,057 138,441 Assigned 650,316 696,534 Total Fund Balance 789,373 834,975 Total Liabilities and Fund Balance $ 1,100,692 $ 1,165,100 See independent auditors' report. 82 Town of Mamaroneck, New York Highway Fund Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Years Ended December 31, 2019 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Real property taxes $ 4,974,606 $ 4,974,606 $ 4,966,518 $ (8,088) Departmental income 20,000 20,000 30,301 10,301 Intergovernmental charges 400,250 400,250 367,043 (33,207) Use of money and property 150 150 1,017 867 Sale of property and compensation for loss 11,500 38,000 60,659 22,659 State aid 85,000 85,000 118,870 33,870 Miscellaneous - 7,514 3,196 (4,318) Total Revenues 5,491,506 5,525,520 5,547,604 22,084 EXPENDITURES Current Transportation 3,166,903 3,237,392 3,202,014 35,378 Employee benefits 1,565,900 1,565,900 1,536,972 28,928 Total Expenditures 4,732,803 4,803,292 4,738,986 64,306 Excess of Revenues Over Expenditures 758,703 722,228 808,618 86,390 OTHER FINANCING SOURCES (USES) Insurance recoveries 10,000 64,733 78,729 13,996 Transfers in 50,000 50,000 50,000 - Transfers out (850,823) (982,949) (982,949) - Total Other Financing Uses (790,823) (868,216) (854,220) 13,996 Net Change in Fund Balance (32,120) (145,988) (45,602) 100,386 FUND BALANCE Beginning of Year 32,120 145,988 834,975 688,987 End of Year $ - $ - $ 789,373 $ 789,373 See independent auditors' report. 83 2018 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 5,007,569 $ 5,007,569 $ 5,002,973 $ (4,596) 20,000 20,000 33,816 13,816 444,000 444,000 346,909 (97,091) 100 100 225 125 11,500 11,500 26,162 14,662 85,000 85,000 118,826 33,826 - - 8,734 8,734 5,568,169 5,568,169 5,537,645 (30,524) 3,094,064 3,096,424 3,065,907 30,517 1,600,350 1,600,350 1,592,670 7,680 4,694,414 4,696,774 4,658,577 38,197 873,755 871,395 879,068 7,673 10,000 10,000 10,882 882 88,170 90,530 133,640 43,110 (1,076,590) (1,255,948) (1,237,763) 18,185 (978,420) (1,155,418) (1,093,241) 62,177 (104,665) (284,023) (214,173) 69,850 104,665 284,023 1,049,148 765,125 $ - $ - ,$ 834,975 ,$ 834,975 84 Town of Mamaroneck, New York Special Districts Fund Combining Balance Sheet-Sub Funds December 31, 2019 (With Comparative Totals for 2018) Street Refuse and Water Sewer Lighting Garbage District District District District ASSETS Cash and equivalents $ 296,298 $ 88,359 $ 16,247 $ 181,107 Investments 1,455,512 - - - Receivables Accounts - - 89,329 - Due from other governments - 87,291 - - Due from other funds - - - - 87,291 89,329 - Prepaid expenditures 3,005 8,014 5,511 18,869 Total Assets $ 1,754,815 $ 183,664 $ 111,087 $ 199,976 LIABILITIES AND FUND BALANCES Liabilities Accounts payable $ 6,549 $ 1,339 $ 25,670 $ - Accrued liabilities - 2,384 133 1,151 Due to other funds - - - 10,915 Total Liabilities 6,549 3,723 25,803 12,066 Fund balances Nonspendable 3,005 8,014 5,511 18,869 Restricted - - - - Assigned 1,745,261 171,927 79,773 169,041 Total Fund Balances 1,748,266 179,941 85,284 187,910 Total Liabilities and Fund Balances $ 1,754,815 $ 183,664 $ 111,087 $ 199,976 See independent auditors' report. 85 Fire Totals Ambulance Protection District District 2019 2018 $ 567,167 $ 364,524 $ 1,513,702 $ 1,751,066 - 1,319,451 2,774,963 4,054,480 - - 89,329 16,183 - - 87,291 49,740 - - - 39,642 - - 176,620 105,565 93,379 118,628 247,406 194,183 $ 660,546 $ 1,802,603 $ 4,712,691 $ 6,105,294 $ 28,627 $ 24,144 $ 86,329 $ 65,559 30,784 13,796 48,248 51,393 3,747 4,359 19,021 1,535,815 63,158 42,299 153,598 1,652,767 93,379 118,628 247,406 194,183 1,319,451 1,319,451 1,202,047 504,009 322,225 2,992,236 3,056,297 597,388 1,760,304 4,559,093 4,452,527 $ 660,546 $ 1,802,603 $ 4,712,691 $ 6,105,294 86 Town of Mamaroneck, New York Special Districts Fund Combining Schedule of Revenues, Expenditures and Changes in Fund Balances-Sub Funds Year Ended December 31,2019 (With Comparative Totals for 2018) Street Water Sewer Lighting District District District REVENUES Real property taxes $ - $ - $ 301,086 Departmental income 937,081 400,284 - Intergovernmental charges - - - Use of money and property 33,812 - - Sale of property and compensation for loss - - 4,316 Miscellaneous - - - Total Revenues 970,893 400,284 305,402 EXPENDITURES Current Public safety - - - Health - - - Transportation - - 54,882 Home and community services 81,824 99,001 - Employee benefits - 47,693 29,567 Debt service Principal - - - Interest - - - Total Expenditures 81,824 146,694 84,449 Excess of Revenues Over Expenditures 889,069 253,590 220,953 OTHER FINANCING SOURCES(USES) Transfers in - _ _ Transfers out (819,545) (307,973) (125,011) Total Other Financing Uses (819,545) (307,973) (125,011) Net Change in Fund Balances 69,524 (54,383) 95,942 FUND BALANCES (DEFICITS) Beginning of Year 1,678,742 234,324 (10,658) End of Year $ 1,748,266 $ 179,941 $ 85,284 See independent auditors' report. 87 Refuse and Fire Totals Garbage Ambulance Protection District District District 2019 2018 $ 2,196,553 $ 686,722 $ 3,872,714 $ 7,057,075 $ 6,828,665 918,879 - 2,256,244 1,931,831 - 142,458 - 142,458 122,280 - - 66,048 99,860 76,412 11,796 2,307 6,268 24,687 440,330 6,263 - 6,263 5,376 2,208,349 1,756,629 3,945,030 9,586,587 9,404,894 - - 2,450,658 2,450,658 2,039,443 - 1,199,735 - 1,199,735 1,172,014 - - 54,882 165,968 2,038,372 - - 2,219,197 2,203,592 263,422 1,287,552 1,628,234 1,676,476 - 29,300 - 29,300 29,300 - 183 - 183 185 2,038,372 1,492,640 3,738,210 7,582,189 7,286,978 169,977 263,989 206,820 2,004,398 2,117,916 19,500 19,500 59,737 (130,589) (79,413) (454,801) (1,917,332) (2,913,854) (130,589) (79,413) (435,301) (1,897,832) (2,854,117) 39,388 184,576 (228,481) 106,566 (736,201) 148,522 412,812 1,988,785 4,452,527 5,188,728 $ 187,910 $ 597,388 $ 1,760,304 $ 4,559,093 $ 4,452,527 88 Town of Mamaroneck, New York Section 8 Housing Assistance Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 905,268 $ 640,018 LIABILITIES AND FUND BALANCE Liabilities Due to other funds $ 505,331 $ 163,389 Fund balance Restricted 399,937 476,629 Total Liabilities and Fund Balance $ 905,268 $ 640,018 See independent auditors' report. 89 Town of Mamaroneck, New York Section 8 Housing Assistance Fund Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Years Ended December 31, 2019 2018 REVENUES Use of money and property $ 1,259 $ 1,308 Federal aid 6,623,879 6,364,325 Miscellaneous 12,868 22,474 Total Revenues 6,638,006 6,388,107 EXPENDITURES Current Economic opportunity and development 6,714,698 6,383,658 Excess (Deficiency) of Revenues Over Expenditures (76,692) 4,449 FUND BALANCE Beginning of Year 476,629 472,180 End of Year $ 399,937 $ 476,629 See independent auditors' report. 90 Town of Mamaroneck, New York Capital Projects Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 10,535,846 $ 6,465,725 Receivables Accounts 385,318 171,681 State and Federal aid - 3,873 Due from other funds 33,868 2,127,885 419,186 2,303,439 Total Assets $ 10,955,032 $ 8,769,164 LIABILITIES AND FUND BALANCE Liabilities Accounts payable $ 2,583,000 $ 1,129,095 Accrued liabilities 131,179 - Due to other funds 18,501 896,233 Unearned revenues 9,752 9,795 Total Liabilities 2,742,432 2,035,123 Fund balance Restricted 8,212,600 6,734,041 Total Liabilities and Fund Balance $ 10,955,032 $ 8,769,164 See independent auditors' report. 91 Town of Mamaroneck, New York Capital Projects Fund Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Years Ended December 31, 2019 2018 REVENUES State aid $ 45,043 $ 8,524 Federal aid - 38,246 Miscellaneous 376,282 439,660 Total Revenues 421,325 486,430 EXPENDITURES Capital outlay 7,219,084 5,253,640 Deficiency of Revenues Over Expenditures (6,797,759) (4,767,210) OTHER FINANCING SOURCES(USES) Bonds issued 6,300,000 7,215,500 Issuance premium 97,000 - Transfers in 1,879,318 3,383,936 Transfers out - (898,945) Total Other Financing Sources 8,276,318 9,700,491 Net Change in Fund Balance 1,478,559 4,933,281 FUND BALANCE Beginning of Year 6,734,041 1,800,760 End of Year $ 8,212,600 $ 6,734,041 See independent auditors' report. 92 Town of Mamaroneck, New York Capital Projects Fund Project-Length Schedule Inception of Project through December 31, 2019 Project Project Expenditures Unexpended PROJECT Number Budget and Transfers Balance Justice Court Equipment 28-4 $ 48,500 $ 38,747 $ 9,753 Sanitary Sewer Pump Station 2014-23 35,500 522 34,978 Fire District Apparatus 2015-11 1,989,277 1,989,277 - Fire Building Improvements 2015-29 363,000 235,415 127,585 Weaver Street Sidewalk Extensions 2015-45 395,000 55,543 339,457 Town Center Building Improvement 2016-14 371,250 208,831 162,419 Ambulance Equipment 2016-33 5,000 4,007 993 Conservation Trails 2016-39 52,750 28,415 24,335 Parking Lot Town Center 2016-48 847,228 811,522 35,706 Highway Vehicles and Equipment 2017-06 580,000 572,117 7,883 Town Center Building Improvement 2017-14 227,500 2,397 225,103 Computer Software 2017-19 201,290 190,719 10,571 Ice Rink Improvements 2017-24 105,064 61,371 43,693 Fire Building Improvements 2017-29 1,514,700 1,504,396 10,304 Recreation Facility Improvement 2017-31 7,500 - 7,500 Ambulance Equipment 2017-33 19,250 13,530 5,720 Highway Garage Building Improvements 2017-38 163,500 93,171 70,329 Sheldrake Improvements 2017-40 5,000 - 5,000 Gardens Lake Improvement 2017-53 148,925 100,741 48,184 Pryor Manor Bridge Improvement 2017-54 275,000 209,744 65,256 Fire Turnout Gear Equipment 2017-56 250,000 206,833 43,167 Senior Center Improvements 2017-58 16,000 - 16,000 Town Center Building Improvement 2018-14 853,350 69,819 783,531 Recreation Facility Improvement 2018-31 81,500 42,400 39,100 Parking Lot Improvement 2018-48 125,000 1,377 123,623 Sanitary Sewer Improvement 2018-60 2,795,000 1,070,452 1,724,548 Traffic Control Devices 2018-61 1,116,000 7,901 1,108,099 Purchase Street Pressure Regulator 1342-12 102,359 99,301 3,058 North Berry Pressure Regulator 1344-12 91,000 87,381 3,619 Mamaroneck Ave Pressure Regulator 1345-12 122,850 117,796 5,054 Kenilworth Tank 1346-12 798,500 723,381 75,119 Water Infrastructure 18 Paving 1348-12 129,000 96,634 32,366 Rye Lake UV Facility 1352-12 1,586,000 22,767 1,563,233 Paving 1356-12 354,021 216,301 137,720 South Ridge Transit 1360-12 350,000 159,323 190,677 Water Improvements 2015-12 - (18,698) 18,698 Barry Avenue/Macy Road Water Main 2016-12 16,297 9,561 6,736 Police Vehicles 2019-02 79,947 348 79,599 Roads, Sidewalks and Curbs 2019-04 1,287,186 1,226,344 60,842 Highway Vehicles and Equipment 2019-06 424,000 105,754 318,246 Town Center Building Improvement 2019-14 21,985 12,025 9,960 Computer Software 2019-19 223,200 129,614 93,586 Computer Hardware and Equipment 2019-20 276,810 253,434 23,376 Ice Rink Improvements 2019-24 1,313,000 37,610 1,275,390 Fire HQ Lower Level Renovations 2019-29 2,289,000 735,483 1,553,517 93 Fund Balance at Total December 31, Revenues 2019 $ 38,789 $ 42 35,500 34,978 1,989,277 - 363,000 127,585 80,000 24,457 371,250 162,419 5,000 993 52,750 24,335 847,228 35,706 580,000 7,883 227,500 225,103 201,290 10,571 105,064 43,693 1,514,700 10,304 7,500 7,500 19,250 5,720 107,500 14,329 5,000 5,000 148,925 48,184 275,000 65,256 250,000 43,167 16,000 16,000 853,350 783,531 81,500 39,100 125,000 123,623 2,795,000 1,724,548 250,001 242,100 100,100 799 91,000 3,619 122,850 5,054 798,500 75,119 129,000 32,366 500,000 477,233 350,000 133,699 350,000 190,677 - 18,698 16,294 6,733 79,947 79,599 1,287,186 60,842 424,000 318,246 21,985 9,960 223,200 93,586 276,810 23,376 275,000 237,390 2,289,000 1,553,517 94 Town of Mamaroneck, New York Capital Projects Fund Project-Length Schedule Inception of Project through December 31, 2019 Project Project Expenditures Unexpended PROJECT Number Budget and Transfers Balance Ambulance Equipment 2019-33 $ 5,000 $ 3,610 $ 1,390 Sheldrake Improvements 2019-40 50,000 3,950 46,050 Senior Center Improvements 2019-58 190,000 31,004 158,996 LVAC Building Improvements 2019-59 8,150 7,433 717 Waverly Avenue Bridge Improvement 2019-62 1,999,200 18,183 1,981,017 Hillside Avenue Bridge Improvement 2019-63 207,000 2,688 204,312 Sidewalk Extension East Hickory Grove Drive 2019-64 226,300 3,588 222,712 Stone Masonry Repairs 2019-65 90,000 - 90,000 Comprehensive Plan 2019-66 248,000 2,256 245,744 Pagers and Communication Equipment 2019-67 46,350 - 46,350 MEMS Building Improvements 2019-68 5,000 - 5,000 Electrical Vehicle Charging Station 2019-69 133,185 107,325 25,860 Totals $ 25,265,424 $ 11,713,643 $ 13,551,781 See independent auditors' report. 95 Fund Balance at Total December 31, Revenues 2019 $ 5,000 $ 1,390 50,000 46,050 190,000 158,996 8,150 717 124,200 106,017 207,000 204,312 226,300 222,712 90,000 90,000 180,000 177,744 46,350 46,350 5,000 5,000 113,997 6,672 $ 19,926,243 $ 8,212,600 96 Town of Mamaroneck, New York Non-Major Governmental Funds Combining Balance Sheet December 31, 2019 (With Comparative Totals for 2018) Tri- Municipal Special Debt Cable T.V. Purpose Service ASSETS Cash and equivalents $ 1,212,060 $ 188,278 $ 2,162,479 Receivables Accounts 220,497 - - Due from other funds - - 14,847 220,497 - 14,847 Total Assets $ 1,432,557 $ 188,278 $ 2,177,326 Fund balances Restricted 1,354,248 188,278 2,177,326 Assigned 78,309 - - Total Fund Balances 1,432,557 188,278 2,177,326 Total Liabilities and Fund Balances $ 1,432,557 $ 188,278 $ 2,177,326 See independent auditors' report. 97 Total Non-Major Governmental Funds 2019 2018 $ 3,562,817 $ 2,625,847 220,497 225,340 14,847 804,885 235,344 1,030,225 $ 3,798,161 $ 3,656,072 3,719,852 3,403,452 78,309 252,620 3,798,161 3,656,072 $ 3,798,161 $ 3,656,072 98 Town of Mamaroneck, New York Non-Major Governmental Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances Year Ended December 31, 2019 (With Comparative Totals for 2018) Tri- Municipal Special Cable T.V. Purpose REVENUES Departmental income $ 1,013,083 $ - Use of money and property 8,052 - Miscellaneous - 33,486 Total Revenues 1,021,135 33,486 EXPENDITURES Current General government support 1,027,833 - Home and community services - 391 Debt service Principal - - Interest - - Total Expenditures 1,027,833 391 Excess (Deficiency) of Revenues Over Expenditures (6,698) 33,095 OTHER FINANCING SOURCES (USES) Issuance premium - - Transfers in - - Transfers out (102,570) (105,525) Total Other Financing Sources (Uses) (102,570) (105,525) Net Change in Fund Balances (109,268) (72,430) FUND BALANCES Beginning of Year 1,541,825 260,708 End of Year $ 1,432,557 $ 188,278 See independent auditors' report. 99 Total Non-Major Governmental Funds Debt Service 2019 2018 $ - $ 1,013,083 $ 1,021,764 90,315 98,367 8,628 33,486 42,807 90,315 1,144,936 1,073,199 - 1,027,833 1,079,793 - 391 741 2,420,500 2,420,500 2,460,000 909,792 909,792 646,702 3,330,292 4,358,516 4,187,236 (3,239,977) (3,213,580) (3,114,037) 397,472 397,472 404,266 3,330,292 3,330,292 3,911,344 (164,000) (372,095) (381,976) 3,563,764 3,355,669 3,933,634 323,787 142,089 819,597 1,853,539 3,656,072 2,836,475 $ 2,177,326 $ 3,798,161 $ 3,656,072 100 Town of Mamaroneck, New York Tri-Municipal Cable T.V. Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 1,212,060 $ 1,316,715 Accounts receivable 220,497 225,110 Total Assets $ 1,432,557 $ 1,541,825 FUND BALANCE Restricted $ 1,354,248 $ 1,289,205 Assigned 78,309 252,620 Total Fund Balance $ 1,432,557 $ 1,541,825 See independent auditors' report. 101 Town of Mamaroneck, New York Tri-Municipal Cable T.V. Fund Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Years Ended December 31, 2019 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Departmental income $ 761,244 $ 761,244 $ 1,013,083 $ 251,839 Use of money and property 5,000 5,000 8,052 3,052 Total Revenues 766,244 766,244 1,021,135 254,891 EXPENDITURES Current General government support 963,674 963,674 1,027,833 (64,159) Deficiency of Revenues Over Expenditures (197,430) (197,430) (6,698) 190,732 OTHER FINANCING USES Transfers out (102,570) (102,570) (102,570) - Net Change in Fund Balance (300,000) (300,000) (109,268) 190,732 FUND BALANCE Beginning of Year 300,000 300,000 1,541,825 1,241,825 End of Year $ - $ - $ 1,432,557 $ 1,432,557 See independent auditors' report. 102 2018 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 751,165 $ 751,165 $ 1,021,764 $ 270,599 1,000 1,000 5,074 4,074 752,165 752,165 1,026,838 274,673 982,507 982,507 1,079,793 (97,286) (230,342) (230,342) (52,955) 177,387 (119,658) (119,658) (119,658) - (350,000) (350,000) (172,613) 177,387 350,000 350,000 1,714,438 1,364,438 $ - $ - $ 1,541,825 $ 1,541,825 103 Town of Mamaroneck, New York Special Purpose Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 188,278 $ 260,478 Accounts receivable - 230 Total Assets $ 188,278 $ 260,708 FUND BALANCE Restricted $ 188,278 $ 260,708 See independent auditors' report. 104 Town of Mamaroneck, New York Special Purpose Fund Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Years Ended December 31, 2019 2018 REVENUES Miscellaneous $ 33,486 $ 39,226 EXPENDITURES Current Home and community services 391 741 Excess of Revenues Over Expenditures 33,095 38,485 OTHER FINANCING USES Transfers out (105,525) (28,148) Net Change in Fund Balance (72,430) 10,337 FUND BALANCE Beginning of Year 260,708 250,371 End of Year $ 188,278 $ 260,708 See independent auditors' report. 105 Town of Mamaroneck, New York Debt Service Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 2,162,479 $ 1,048,654 Due from other funds 14,847 804,885 Total Assets $ 2,177,326 $ 1,853,539 FUND BALANCE Restricted $ 2,177,326 $ 1,853,539 See independent auditors' report. 106 Town of Mamaroneck, New York Debt Service Fund Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Years Ended December 31, 2019 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Use of money and property $ - $ - $ 90,315 $ 90,315 Miscellaneous - - - - Total Revenues - - 90,315 90,315 EXPENDITURES Debt service Serial bonds Principal 2,449,225 2,420,504 2,420,500 4 Interest 876,191 909,792 909,792 - Total Expenditures 3,325,416 3,330,296 3,330,292 4 Deficiency of Revenues Over Expenditures (3,325,416) (3,330,296) (3,239,977) 90,319 OTHER FINANCING SOURCES (USES) Issuance premium - - 397,472 397,472 Transfers in 3,325,416 3,348,994 3,330,292 (18,702) Transfers out (164,000) (164,000) (164,000) - Total Other Financing Sources 3,161,416 3,184,994 3,563,764 378,770 Net Change in Fund Balance (164,000) (145,302) 323,787 469,089 FUND BALANCE Beginning of Year 164,000 145,302 1,853,539 1,708,237 End of Year $ - $ - $ 2,177,326 $ 2,177,326 See independent auditors' report. 107 2018 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ - $ - $ 3,554 $ 3,554 - - 3,581 3,581 - - 7,135 7,135 2,355,000 2,355,000 2,460,000 (105,000) 806,903 806,903 646,702 160,201 3,161,903 3,161,903 3,106,702 55,201 (3,161,903) (3,161,903) (3,099,567) 62,336 404,266 404,266 3,161,903 3,161,903 3,911,344 749,441 (234,170) (234,170) (234,170) - 2,927,733 2,927,733 4,081,440 1,153,707 (234,170) (234,170) 981,873 1,216,043 234,170 234,170 871,666 637,496 $ - $ - $ 1,853,539 $ 1,853,539 108 OPKF aCONNOR DAVIES ACCOUNTANTS AND ADVISORS Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards Independent Auditors' Report The Honorable Supervisor and Town Board of the Town of Mamaroneck, New York We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the discretely presented component unit, each major fund and the aggregate remaining fund information of the Town of Mamaroneck, New York ("Town") as of and for the year ended December 31, 2019, and the related notes to the financial statements, which collectively comprise the Town's basic financial statements, and have issued our report thereon dated , 2020. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Town's internal control over financial reporting ("internal control") to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Town's internal control. Accordingly, we do not express an opinion on the effectiveness of the Town's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. PKF O'CONNOR DAVIES.LLP 500 Mamaroneck Avenue, Harrison.NY 10528 I Tel 914.381 8900 I Fax:914.381.8910 I www.pkfod.com PKF O'Connor Davies,LLP is a member firm of the PKF International Limited network of legally independent firms ano does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms 109 Compliance and Other Matters As part of obtaining reasonable assurance about whether the Town's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Town's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Town's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. PKF O'Connor Davies, LLP Harrison, New York 2020 110 PKF O'CONNOR DAVIES ACCOUNTANTS AND ADVISORS Report on Compliance for Each Major Federal Program and Report on Internal Control Over Compliance Required by The Uniform Guidance Independent Auditors' Report The Honorable Supervisor and the Town Board of the Town of Mamaroneck, New York Report on Compliance for Each Major Federal Program We have audited the Town of Mamaroneck, New York's ("Town") compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of the Town's major federal programs for the year ended December 31, 2019. The Town's major federal programs are identified in the summary of auditors' results section of the accompanying schedule of findings and questioned costs. Management's Responsibility Management is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards. Auditors' Responsibility Our responsibility is to express an opinion on compliance for each of the Town's major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards ("Uniform Guidance"). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the Town's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the Town's compliance. Opinion on Each Major Federal Program In our opinion, the Town complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended December 31, 2019. PKF O'CONNOR DAVIES, LLP 500 Mamaroneck Avenue. Harrison,NY 10528 I Tel 914 381 8900 I Fax:914.381 8910 I www.pkfod.com PKF O'Connor Davies,LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member harm or firms 111 Report on Internal Control Over Compliance Management of the Town is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Town's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Town's internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in infernal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. PKF O'Connor Davies, LLP Harrison, New York , 2020 112 Town of Mamaroneck, New York Schedule of Expenditures of Federal Awards Year Ended December 31, 2019 Pass-Through Federal Entity Provided Total Federal Grantor/Pass-Through Grantor/ CFDA Identifying to Sub- Federal Program or Cluster Title Number(1) Number Recipients Expenditures U.S. Department of Housing and Urban Development Direct Program Section 8 Housing Choice Vouchers 14.871 $ - $ 6,714,698 U.S. Department of Health and Human Services Indirect Programs-Passed through County of Westchester Special Programs for the Aging-Title III, Part B AGET6860415 Grants for Supportive Services and Senior Centers 93.044 710335 - 8,172 Special Programs for the Aging-Title III,Part C AGET9420415 Nutrition Services 93.045 710335 - 58,816 Total U.S. Department of Health and Human Services - 66,988 Total Expenditures of Federal Awards $ - $ 6,781,686 (1) Catalog of Federal Domestic Assistance Number See Independent Auditors'Report and Notes to Schedule of Expenditures of Federal Awards. 113 Town of Mamaroneck, New York Notes to Schedule of Expenditures of Federal Awards December 31, 2019 Note 1 - Basis of Presentation The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of the Town of Mamaroneck, New York("Town") under programs of the federal government for the year ended December 31, 2019. Federal awards received directly from the Federal agencies as well as Federal awards passed through other government agencies are included in the Schedule. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net position or cash flows of the Town. Note 2 -Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. Note 3 - Indirect Cost Rate The Town has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Note 4 -Subrecipient For the year ended December 31, 2019, the Town provided no funds to subrecipients. Note 5 - Nonmonetary Assistance For the year ended December 31, 2019, the Town received no nonmonetary assistance. 114 Town of Mamaroneck, New York Summary Schedule of Prior Audit Findings Year Ended December 31, 2019 None 115 Town of Mamaroneck, New York Schedule of Findings and Questioned Costs Year Ended December 31, 2019 Section I -Summary of Auditors' Results Financial Statements Type of report the auditor issued on whether the financial statements audited were prepared in accordance with GAAP Unmodified Internal control over financial reporting: • Material weakness(es) identified? Yes X No • Significant deficiency(ies) identified? Yes X None reported Noncompliance material to financial statements noted? Yes X No Federal Awards Internal Control over major federal programs: • Material weakness(es) identified? Yes X No • Significant deficiency(ies) identified ? Yes X None reported Type of auditor's report issued on compliance for major federal programs Unmodified Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? Yes X No Identification of major federal programs CFDA Number(s) Name of Federal Program or Cluster 14.871 Section 8 Housing Choice Vouchers Dollar threshold used to distinguish between Type A and Type B programs: $750,000 Auditee qualified as low-risk auditee? X Yes No 116 Town of Mamaroneck, New York Schedule of Findings and Questioned Costs(Concluded) Year Ended December 31, 2019 Section ll-Financial Statement Findings None Section III-Federal Award Findings and Questioned Costs None 117 Town of Mamaroneck, New York Financial Statements and Supplementary Information Year Ended December 31 , 2019 Town of Mamaroneck, New York Table of Contents Page No. Independent Auditors' Report 1 Management's Discussion and Analysis 4 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position Statement of Activities Fund Financial Statements Balance Sheet-Governmental Funds Reconciliation of Governmental Funds Balance Sheet to the Government- Wide Statement of Net Position Statement of Revenues, Expenditures and Changes in Fund Balances- Governmental Funds Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Statement of Revenues, Expenditures and Changes in Fund Balances- Budget and Actual-General, Town Outside Villages, Highway and Special Districts Funds Fiduciary Fund Statement of Fiduciary Net Position Statement of Changes in Fiduciary Net Position Notes to the Financial Statements Required Supplementary Information Service Awards Program Schedule of Changes in the Town's Total Pension Liability Other Post Employment Benefits Schedule of Changes in the Town's Total OPEB Liability and Related Ratios New York State and Local Employees' Retirement System Schedule of the Town's Proportionate Share of the Net Pension Liability Schedule of Contributions New York State and Local Police and Fire Retirement System Schedule of the Town's Proportionate Share of the Net Pension Liability Schedule of Contributions Combining and Individual Fund Financial Statements and Schedules Major Governmental Funds General Fund Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Schedule of Revenues and Other Financing Sources Compared to Budget Schedule of Expenditures and Other Financing Uses Compared to Budget Town Outside Villages Fund Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Town of Mamaroneck, New York Table of Contents (Concluded) Pace No. Schedule of Revenues and Other Financing Sources Compared to Budget Schedule of Expenditures and Other Financing Uses Compared to Budget Highway Fund Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Special Districts Fund Combining Balance Sheet- Sub-Funds Combining Schedule of Revenues, Expenditures and Change in Fund Balances- Sub-Funds Section 8 Housing Assistance Fund Comparative Balance Sheet Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Capital Projects Fund Comparative Balance Sheet Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Project-Length Schedule Non-Major Governmental Funds Combining Balance Sheet Combining Statement of Revenues, Expenditures and Changes in Fund Balances Tri-Municipal Cable T.V. Fund Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Special Purpose Fund Comparative Balance Sheet Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Debt Service Fund Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Federal Programs Report on Internal Control Over Financing Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Report on Compliance for Each Major Federal Program and Report on Internal Control Over Compliance Required by the Uniform Guidance Schedule of Expenditures of Federal Awards Notes to Schedule of Expenditures of Federal Awards Summary Schedule of Prior Audit Findings Schedule of Findings and Questioned Costs CJ PKF ()CONNOR DAVIES ACCOUNTANTS AND ADVISORS Independent Auditors' Report The Honorable Supervisor and Town Board of the Town of Mamaroneck, New York Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the discretely presented component unit, each major fund and the aggregate remaining fund information of the Town of Mamaroneck, New York("Town")as of and for the year ended December 31, 2019, and the related notes to the financial statements, which collectively comprise the Town's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors'Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors'judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Town's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Town's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the discretely presented component unit, each major fund and the aggregate remaining fund information of the Town, as of December 31, 2019, and the respective changes in financial position and the respective budgetary comparison for the General, Town Outside Villages, Highway and Special Districts funds for the year then ended in accordance with accounting principles generally accepted in the United States of America. PKF O'CONNOR DAVIES,LLP 500 Mamaroneck Avenue.Harrison.NY 10528 I Tel:914.381 8900 I Fax:914.381.8910 I www pkiod corn PKF O'Connor Davies,LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms Emphasis of Matters We draw attention to Note 2D in the notes to financial statements which disclose the effects of the Town's adoption of the provisions of Governmental Accounting Standards Board("GASB")Statement No. 84,"Fiduciary Activities". Our opinion is not modified with respect to this matter. As discussed in Note 6 in the notes to the financial statements, on March 11, 2020, the World Health Organization declared a global pandemic as a result of the spread of COVID-19 ("Coronavirus"). Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that Management's Discussion and Analysis and the schedules included under Required Supplementary Information in the accompanying table of contents 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 financial 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 States 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. Supplementary and Other Information Our audit for the year ended December 31, 2019 was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Town's basic financial statements. The combining and individual fund financial statements and schedules and the schedule of expenditures of federal awards as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, for the year ended December 31, 2019 are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund financial statements and schedules and the schedule of expenditures of federal awards 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. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements for the year ended December 31, 2019 and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion,the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole for the year ended December 31, 2019. We also previously audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the basic financial statements of the Town as of and for the year ended December 31, 2018 (not presented herein), and have issued our report thereon dated April 26, 2019, which contained unmodified opinions on the respective financial statements of the governmental activities, the discretely presented component unit, each major fund and the aggregate remaining fund information. The combining and individual fund financial statements and schedules for the year ended December 31, 2018 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relate directly to the underlying accounting and other records used to prepare the 2018 financial statements. The combining and individual fund financial statements and schedules have been subjected to the auditing 2 procedures applied in the audit of the 2018 basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare those financial statements or to those financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements as a whole for the year ended December 31, 2018. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated , 2020 on our consideration of the Town's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing,and not to provide an opinion on the effectiveness of the Town's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Town's internal control over financial reporting and compliance. PKF O'Connor Davies, LLP Harrison, New York , 2020 3 Town of Mamaroneck, New York Management's Discussion and Analysis (MD&A) December 31, 2019 Introduction As management of the Town of Mamaroneck, New York ("Town"), we offer readers of the Town's financial statements this narrative overview and analysis of the financial activities of the Town for the fiscal year ended December 31, 2019. It should be read in conjunction with the basic financial statements, which immediately follow this section, to enhance understanding of the Town's financial performance. Financial Highlights Key financial highlights for fiscal year 2019 are as follows: ❖ As of the close of the current fiscal year, the Town's governmental funds reported combined ending fund balances of $31,008,731, an increase of$2,014,224 from the prior year. The increase in fund balance is primarily due to issuance of serial bonds of $6.3 million in the Town's Capital Projects Fund in addition to sales tax and permit revenue increases in the Town Outside of Villages Fund. The Capital Projects funds have been appropriated for projects that are in progress or scheduled to begin shortly. ❖ At the end of the current fiscal year, the total fund balance for the Town-wide General Fund was $7,586,992 or 61% of total General Fund expenditures and other financing uses for 2019. The total Town-wide General Fund fund balance consists of$229,478 (Nonspendable), $125,000 (Restricted), $1,211,344 (Assigned) and $6,021,170 (Unassigned).Total fund balance for the Town Outside Villages Fund was$5,662,575 or 43% of total fund expenditures and other financing uses for 2019. • Total fund balance for Highway Fund and Special Districts Funds are $789,373 and $4,559,093, respectively or 14%and 48%, respectively, of total fund expenditures and other financing uses for 2019. ❖ The Town adopted a formal fund balance policy and surplus recovery plan on March 20, 2013 which prescribes that a minimum of 15% to 25% of the subsequent year's budgeted appropriations be retained.The percentages at December 31, 2019, in most cases, are within the range of or exceed the surplus levels that are consistent with the Town's policy. ❖ On the government-wide financial statements, the liabilities and deferred inflows of resources of the primary government, which is reported separately from the component unit (Mamaroneck Housing Authority) for which the Town is financially accountable, exceeded its assets and deferred outflows of resources at the close of the most recent fiscal year by $45,243,688. Of this amount, the unrestricted net position,which is available to meet the ongoing obligations of the Town, is reported as a deficit in the amount of $72,181,546 due primarily from the required accrual in accordance with the provisions of GASB Statement No. 75, "Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions "(OPEB"), of $82,693,279. 4 For the year ended December 31, 2019, the Town implemented the provisions of GASB Statement No. 84, "Fiduciary Activities". The objective of this statement is to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes.The statement established criteria for identifying fiduciary activities of all state and local governments. As a result of the adoption of this standard, certain transactions previously reported within the governmental funds are now reflected within the Fiduciary Fund while other transactions previously reported in the Fiduciary Fund are now reflected within the governmental funds. ❖ In addition to the impact of the Town's OPEB obligations,the government-wide financial statements for the year ended December 31, 2019 are also significantly impacted by the provisions of GASB Statement No. 68, "Accounting and Financial Reporting for Pensions". This pronouncement established accounting and financial reporting requirements associated with the Town's participation in the cost sharing multiple employer pension plans administered by the New York State and Local Employees' Retirement System ("ERS") and the New York State and Local Police and Fire Retirement System ("PFRS"). Under the new standards, cost-sharing employers are required to report in their government-wide financial statements a net pension liability (asset), pension expense and pension-related deferred inflows and outflows of resources based on their proportionate share of the collective amounts for all of the municipalities and school districts in the plan. At December 31, 2019, the Town reported in its Statement of Net Position a liability of $4,184,883 for its proportionate share of the ERS and PFRS net pension liabilities. More detailed information about the Town's pension plan reporting in accordance with the provisions of GASB Statement No. 68, including amounts reported as pension expense and deferred inflows/outflows of resources, is presented in note 3F in the notes to financial statements. Overview of Financial Statements This discussion and analysis is intended to serve as an introduction to the Town's basic financial statements. The basic financial statements include three components: 1) government-wide financial statements, 2) fund financial statements and 3) notes to financial statements. This report also includes other supplementary information as listed in the table of contents. Government-Wide Financial Statements The government-wide financial statements are designed to provide the readers with a broad overview of the Town's finances in a manner similar to a private-sector business. The Town of Mamaroneck Housing Authority is a legally separate component unit of the primary government ("Town")for which the Town is financially accountable. The financial information for the Town of Mamaroneck Housing Authority is reported separately("discretely presented") from the financial information presented for the primary government. The reader may refer to the component unit's separately issued financial statements for additional information. The statement of net position presents information on all of the Town's assets and deferred outflows of resources and liabilities and deferred inflows of resources, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator as to whether the financial position of the Town is improving or deteriorating. 5 The statement of activities presents information reflecting how the Town's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will result in cash flows in future fiscal periods(for example, uncollected taxes and earned but unused vacation leave and other postemployment benefit obligations("OPEB")). The government-wide financial statements distinguish functions of the Town that are principally supported by taxes and intergovernmental revenues ("governmental activities"). The governmental activities of the Town include general government support, public safety, health, transportation, economic opportunity and development, culture and recreation, home and community services and interest. The government-wide financial statements can be found immediately following this discussion and analysis. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The Town, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related and legal requirements. All of the funds of the Town can be divided into two categories: governmental funds and fiduciary funds. Governmental funds are used to account for essentially 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 fiscal year. Such information may be useful in evaluating a government's near-term financing requirements. 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 similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Town maintains fourteen individual governmental funds. Information is presented separately in the governmental funds balance sheet and in the governmental funds statement of revenues, expenditures, and changes in fund balances for the General Fund,Town Outside Villages Fund, Highway Fund, Special Districts Fund (Water, Sewer, Street Lighting, Refuse and Garbage, Ambulance and Fire Protection Districts), Section 8 Housing Assistance Fund and Capital Projects Fund, which are considered to be major funds. Data for the other three non-major governmental funds (Tri-Municipal Cable T.V., Special Purpose and Debt Service Funds) are combined into a single aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements elsewhere in this report. 6 The Town adopts an annual appropriation budget for its General Fund,Town Outside Villages Fund, Highway Fund, and Special Districts Fund, which are major funds. A budgetary comparison statement has been provided for these funds within the basic financial statements to demonstrate compliance with the respective budgets. Annual budgets are also adopted for the Tri-Municipal Cable T.V. Fund and the Debt Service Fund which are non-major funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the Town's programs. Resources are held in the Custodial Fund by the Town purely in a custodial capacity, primarily to account for real property taxes collected for other governments. The financial statements for the governmental and fiduciary funds can be found in the basic financial statements section of this report. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements are located following the basic financial statements section of this report. Government-wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of the Town's financial position. In the case of the Town, liabilities and deferred inflows of resources exceeded assets and deferred outflows of resources by ($45,243,688) at the close of the current fiscal year. NET POSITION December 31, 2019 2018 Current Assets $ 35,864,802 $ 89,930,159 Capital Assets,Net 54,672,233 50,505,540 Total Assets 90,537,035 140,435,699 Deferred Outflows of 9,008,648 7,302,509 Current Liabilities 4,481,315 60,348,615 Long-Term Liabilities 129,693,099 122,476,486 Total Liabilities 134,174,414 182,825,101 Deferred Inflows of 10,614,957 10,154,280 NET POSITION Net investment in Capital 22,693,069 21,534,691 Restricted Net Assets 4,244,789 4,005,081 Unrestricted Net Assets (72,181,546) (70,780,945) Total Net Position $ (45,243,688) $ (45,241,173) 7 NET POSITION DISTRIBUTION December 31,2019 Net investment in Capital Assets 50% Restricted Net Assets 7% Unrestricted Net Assets -157% Net investment in capital assets, less any outstanding debt used to acquire those assets of $22,693,069, accounts for 50% of the total net position. The Town uses these assets to provide services to citizens. Consequently, these assets cannot be used for future spending. Although the Town'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 capital assets cannot be used to liquidate these liabilities. Approximately 7% of the Town's net position is restricted for various purposes (future capital projects, debt service, Section 8 housing assistance and trusts). The restricted net position of $4,244,789 represents resources that are subject to external restrictions on how they may be used. The restrictions are as follows: Restricted Net Assets December 31, 2019 2018 Future Capital Projects $ 125,000 $ 125,000 Debt Service 2,177,326 1,853,539 Special Districts: Section 8 Housing Authority 399,937 476,629 Tri-Municipal Cable TV 1,354,248 1,289,205 Trusts 188,278 260,708 Total Restricted $ $4,244,789 $ $4,005,081 8 The remaining balance of net position, representing unrestricted net assets of($72,181,546) is reported as a deficit as a result of having long-term commitments including compensated absences and other post employment benefit obligations that are greater than currently available resources. Payments of these liabilities will be budgeted in the year that actual payment will be made. Change in Net Position December 31, Primary Government 2019 2018 REVENUES Program Revenues Charges for Services $ 10,160,631 $ 9,512,249 Operating Grants &Contributions 7,432,768 7,156,846 Capital Gains and Contributions 511,640 493,565 General Revenues Real Property Taxes 26,225,787 25,729,260 Other Tax Items 818,786 559,548 Non-Property Taxes 2,191,447 1,917,581 Unrestricted Use of Money and Property 284,394 88,486 Sale of Property and Compensation for Loss 8,269 18,490 Unrestricted State Aid 1,247,050 1,379,690 Miscellaneous 163,732 7,217 Insurance Recoveries 78,729 39,480 Total Revenues 49,123,233 46,902,412 EXPENSES Program Expenses General Government Support 8,365,091 8,416,341 Public Safety 15,094,283 13,909,760 Health 2,248,074 2,210,349 Transportation 5,853,210 5,966,073 Economic Opportunity and Development 7,548,174 7,198,352 Culture& Recreation 5,483,527 5,436,815 Home and Community Services 3,577,494 3,422,663 Interest 955,895 634,799 Total Expenses 49,125,748 47,195,152 Change in Net Position (2,515) (292,740) NET POSITION Beginning,as reported (45,241,173) 9,510,305 Cumulative Effect of Change in Accounting Principle - (54,458,738) Beginning,as restated (45,241,173) (44,948,433) Ending $ (45,243,688) $ (45,241,173) 9 Sources of Revenue for FY 2019 Government Activities Non-Property Taxes Unrestricted State Aid Other Tax Items& 4% 3% Misc Program Revenues 3% 37% Akftt 416411410110,1Real Property Taxes 53% Expenses for Fiscal Year 2019 Governmental Activities General Home and Interest Government Community 2% Support Services... 17% Culture& Recreation 11% Economic Opportunity and `` '' � 4. Development 15% .' Public Safety 31% Transportation 12% Health 5% Governmental activities decreased the Town's net position by$2,515 for the fiscal year ended December 31, 2019. Total revenues for the year ended December 31, 2019, from governmental activities totaled $49,123,233. Real Property Taxes of $26,225,787 represent the largest revenue source (53%). Governmental activities expenses of the Town totaled $49,125,748. The largest components of these expenses are in the areas of Public Safety (31%), General Government Support (17%), Economic Opportunity and Development (15%), Transportation (12%), Culture and Recreation (11%) and Home and Community Services (7%). 10 Financial Analysis of the Town's Funds As noted earlier, the Town uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Fund Balance Reporting Nonspendable — consists of assets that are inherently nonspendable in the current period either because of their form or because they must be maintained intact, including prepaid items, inventories, long-term portions of loans receivable, financial assets held for resale and principal of endowments. Restricted — consists of amounts that are subject to externally enforceable legal purpose restrictions imposed by creditors, grantors, contributors, or laws and regulations of other governments; or through constitutional provisions or enabling legislation. Committed—consists of amounts that are subject to a purpose constraint imposed by a formal action of the government's highest level of decision-making authority before the end of the fiscal year, and that require the same level of formal action to remove the constraint. Assigned — consists of amounts that are subject to a purpose constraint that represents an intended use established by the government's highest level of decision-making authority, or by their designated body or official. The purpose of the assignment must be narrower than the purpose of the General Fund, and in funds other than the General Fund, assigned fund balance represents the residual amount of fund balance. Unassigned — represents the residual classification for the government's General Fund, and could report a surplus or deficit. In funds other than the General Fund, the unassigned classification should be used only to report a deficit balance resulting from overspending for specific purposes for which amounts had been restricted, committed, or assigned. These changes were made to reflect spending constraints on resources, rather than availability for appropriations and to bring greater clarity and consistency to fund balance reporting. This pronouncement should result in an improvement in the usefulness of fund balance information. Governmental Funds The focus of the Town's governmental funds is to provide information on near-term inflows, outflows and balances of spendable resources. Such information is useful in assessing the Town's financing requirements. in particular, unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. As of the end of the current fiscal year, the Town's governmental funds reported combined ending fund balances of $31,008,731, an increase of $2,014,224 compared to last years ending balance of $28,994,507. The nonspendable fund balance component of $1,049,565 consists of amounts representing prepaid expenditures. Prepaid expenditures have been established primarily to account for a portion of the New York state retirement and general liability insurance payments made in advance. Fund balance of$13,776,840 is restricted for special purpose trusts, special revenue funds, capital projects and debt service.The assigned fund balance classification aggregate of $10,161,156, consisting primarily of amounts designated to balance the fiscal 2020 budget ($1,187,103 in the General Fund; $266,026 in the Town Outside Villages Fund; $450,000 in the Special Districts Funds and amounts 11 available to be used at the Town's discretion in funds other than the General Fund; $4,925,941 in the Town Outside Villages Fund, $650,316 in the Highway Fund, $2,539,344 in the Special Districts Funds, and $46,265 in the Non-Major Governmental Tri-Municipal Cable T.V. Fund). The remaining fund balance of $6,021,170 is unassigned and represents the remaining positive fund balance in the General Fund. The General Fund is the primary operating fund of the Town. At the end of the current fiscal year, unassigned fund balance of the General Fund was$6,021,170, representing 79% of the total General Fund balance of$7,586,992. This is a decrease over the prior year, when the total fund balance was $7,809,936. The decrease was a result of funding one-time capital projects throughout the year from fund balance. Actual revenues other than Taxes/Penalties, Fines & Forfeitures, State and Federal aid have exceeded 2019 budget estimates. Other Tax Items (Penalties), program and investment earnings revenues generated the largest positive budget variances. Significant expense savings of 9% or$1,036,000 was achieved by various departments through vacancy, contracted and employee benefit savings. As a result, fund balance drawdown was significantly less than budgeted. Two useful measures of liquidity are the percentage of unassigned fund balance to total expenditures and total fund balance to total expenditures.As a result of the increases in revenues and, at the end of the current fiscal year, the General Fund showed a 48% unassigned fund balance as compared to total expenditures and other financing uses. Actual expenditures and other financing uses were $1,035,729 less than the amounts estimated to be expended in the 2019 final operating budget. Conservative revenue and expenditure budgeting along with prudent financial management has resulted in the conservative use of fund balance as planned. Using fund balances for one-time capital projects reduces the need for debt that increases future operating expenses. The Town Outside Villages Fund's total fund balance at the end of the fiscal year was $5,662,575, an increase of$632,248 from the previous fiscal year.This primarily resulted from licenses/permit fees ($396,730), sales tax distribution revenue ($284,252) being approximately $681,000 greater than the conservatively estimated final budget. The Highway Fund's total fund balance at the end of the current fiscal year was $789,373, a decrease of $45,602 from the previous year. Approximately $204,000 represents funds transferred to capital infrastructure projects reducing the need to issue additional debt. The Special Districts Fund's total fund balance at the end of the current fiscal year was $4,559,093, an increase of $106,566 from the previous year. The increase is primarily the result of actual departmental revenues in the Ambulance ($119,000) and Water funds ($508,000) greater than the conservatively estimated final budget. Positive expenditure budget variances in the Ambulance, Sewer, Garbage and Water Districts attributable to conservative expenditure budget estimates offset the use of the Water District fund balance of approximately $528,000 for capital projects reducing the need to issue debt helped to add to the fund balance at fiscal year ended 2019. The Capital Projects Fund reflects a fund balance of$8,212,600 at the end of the current fiscal year, an increase of$1,478,559 from the previous year. The Town funded various one- time capital projects in the amount of$1,879,318 through the use of fund balance and issued new long term debt of$6,300,000 in the form of serial bonds to fund all currently authorized capital projects in the 2019 fiscal year. 12 Capital Assets The Town's investment in capital assets for its governmental activities as of December 31, 2019, amounted to$54,672,233 (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements, machinery and equipment, infrastructure and construction-in-progress. CAPITAL ASSETS (Net of Accumulated Depreication) 2019 2018 Land $ 4,031,660 $ 4,031,660 Buildings & Improvements 18,439,160 17,340,561 Machinery& Equipment 5,623,893 4,468,075 Infrastructure 24,407,711 20,255,581 Construction-in-Progress 2,169,809 4,409,663 Total Capital Assets $ 54,672,233 $ 50,505,540 Additional information on the Town's capital assets can be found in Note 3 of this report. Long-Term Debt& Short-Term Capital Borrowings At the end of the current fiscal year, the Town had total bonded debt outstanding of $39,420,000. As required by New York State Law, all bonds issued by the Town are general obligation bonds, backed by the full faith and credit of the Town. During the 2019 fiscal year, the Town paid $2,420,500 in principal on outstanding long-term obligations and issued $6,300,000 in long-term obligations in the form of serial bonds in order to fund various capital projects. Additional information on the Town's long-term debt and short-term capital borrowings can be found in Note 3 of this report. Economic Factors and Next Year's Budget As result of the spread of the Coronavirus ("COVID -19"), there are certain economic uncertainties that have arisen that might negatively impact the Town's operating results and revenue projections in the 2020 budget. The impact this may have on the town is not able to be estimated at this time. However,the Town's fund balances are healthy enough to withstand the economic effects of the pandemic for the foreseeable future. Requests for Information This financial report is designed to provide a general overview of the Town's finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report or request for additional financial information should be addressed to Stephen Altieri - Town Administrator or Tracy Yogman — Town Comptroller, Town of Mamaroneck, 740 W. Boston Post Road, Mamaroneck, New York 10543. 13 Town of Mamaroneck,New York Statement of Net Position December 31,2019 Component Unit Mamaroneck Governmental Housing Activities Authority ASSETS Cash and equivalents $ 20,286,922 $ 154,926 Investments 11,786,433 515,621 Receivables Taxes, net 721,052 - Accounts 1,038,925 - Due from other governments 824,888 - State and Federal aid 157,017 - Rents - 2,539 Interest - 2,747 Prepaid expenses 1,049,565 - Restricted assets - 176,214 Capital assets Not being depreciated 6,201,469 Being depreciated,net 48,470,764 2,976,774 Total Assets 90,537,035 3,828,821 DEFERRED OUTFLOWS OF RESOURCES 9,008,648 5,358 LIABILITIES Accounts payable 3,194,254 32,675 Accrued liabilities 473,996 - Deposits 495,852 - Employee payroll deductions 45,832 Tenant deposits payable - 63,425 Due to other governments 10 - Overpayments 10,697 Unearned revenues 9,752 - Accrued interest payable 250,922 7,933 Non-current liabilities Due within one year 2,456,000 290,000 Due in more than one year 127,237,099 968,074 Total Liabilities 134,174,414 1,362,107 DEFERRED INFLOWS OF RESOURCES 10,614,957 - NET POSITION Net investment in capital assets 22,693,069 2,009,435 Restricted for Future Capital Projects 125,000 - Debt service 2,177,326 - Section 8 housing assistance 399,937 - Tri-Municipal Cable T.V. Fund 1,354,248 Trusts 188,278 - Unrestricted (72,181,546) 462,637 Total Net Position $ (45,243,688) $ 2,472,072 The notes to the financial statements are an integral part of this statement. 14 Town of Mamaroneck, New York Statement of Activities Year Ended December 31,2019 Program Revenues Operating Capital Charges for Grants and Grants and Functions/Programs Expenses Services Contributions Contributions Governmental activities General government support $ 8,365,091 $ 2,533,418 $ 8,052 $ 43 Public safety 15,094,283 667,932 66,048 Health 2,248,074 1,069,907 415,446 Transportation 5,853,210 1,100,482 120,683 391,282 Economic opportunity and development 7,548,174 - 6,749,752 Culture and recreation 5,483,527 2,914,205 -Home and community services 3,577,494 1,874,687 72,787 30,000 Interest 955,895 - - 90,315 Total Governmental Activities $ 49,125,748 $ 10,160,631 $ 7,432,768 $ 511,640 Component unit- Mamaroneck Housing Authority $ 815,396 $ 896,791 $ - $ General revenues Real property taxes Other tax items Payment in lieu of taxes Interest and penalties on real property taxes Utilities gross receipts taxes Non-property taxes Non-property tax distribution from County Unrestricted use of money and property Sale of property and compensation for loss Unrestricted State aid Miscellaneous Insurance recoveries Total General Revenues Change in Net Position NET POSITION Beginning Ending The notes to the financial statements are an integral part of this statement. 15 Net(Expense) Revenues and Changes in Net Position Component Unit Mamaroneck Governmental Housing Activities Authority $ (5,823,578) $ - (14,360,303) - (762,721) - (4,240,763) - (798,422) - (2,569,322) - (1,600,020) - (865,580) - (31,020,709) - - 81,395 26,225,787 - 1,391 - 808,057 - 9,338 - 2,191,447 - 284,394 8,940 8,269 - 1,247,050 - 163,732 10,884 78,729 - 31,018,194 19,824 (2,515) 101,219 (45,241,173) 2,370,853 $ (45,243,688) $ 2,472,072 16 Town of Mamaroneck, New York Balance Sheet Governmental Funds December 31,2019 Town Outside Special General Villages Highway Districts ASSETS Cash and equivalents $ 3,727,220 $ 14,752 $ 27,317 $ 1,513,702 Investments 8,310,592 - 700,878 2,774,963 Taxes receivable, net 721,052 - - - Other receivables Accounts 264,902 53,749 25,130 89,329 Due from other governments 37,412 652,761 47,424 87,291 State and Federal aid 38,148 - 118,869 - Due from other funds 508,251 4,741,447 42,017 - 848,713 5,447,957 233,440 176,620 Prepaid expenditures 229,478 433,624 139,057 247,406 Total Assets $ 13,837,055 $ 5,896,333 $ 1,100,692 $ 4,712,691 LIABILITIES,DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES Liabilities Accounts payable $ 265,941 $ 88,639 $ 170,345 $ 86,329 Accrued liabilities 57,980 129,483 107,106 48,248 Deposits 495,852 - - - Employee payroll deductions 45,832 - - - Due to other funds 4,748,073 15,636 33,868 19,021 Due to other governments 10 - - - Overpayments 10,697 - - - Unearned revenues - - - - Total Liabilities 5,624,385 233,758 311,319 153,598 Deferred inflows of resources Deferred tax revenues 625,678 - - - Total Liabilities and Deferred Inflows of Resources 6,250,063 233,758 311,319 153,598 Fund balances Nonspendable 229,478 433,624 139,057 247,406 Restricted 125,000 - - 1,319,451 Assigned 1,211,344 5,228,951 650,316 2,992,236 Unassigned 6,021,170 - - - Total Fund Balances 7,586,992 5,662,575 789,373 4,559,093 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 13,837,055 $ 5,896,333 $ 1,100,692 $ 4,712,691 The notes to the financial statements are an integral part of this statement. 17 Section 8 Total Housing Capital Non-Major Governmental Assistance Projects Governmental Funds $ 905,268 $ 10,535,846 $ 3,562,817 $ 20,286,922 - - 11,786,433 - - - 721,052 385,318 220,497 1,038,925 - - - 824,888 - - - 157,017 - 33,868 14,847 5,340,430 419,186 235,344 7,361,260 - - 1,049,565 $ 905,268 $ 10,955,032 $ 3,798,161 $ 41,205,232 $ - $ 2,583,000 $ - $ 3,194,254 - 131,179 - 473,996 - - - 495,852 - - 45,832 505,331 18,501 - 5,340,430 _ - - 10 - - - 10,697 - 9,752 - 9,752 505,331 2,742,432 - 9,570,823 - - - 625,678 505,331 2,742,432 - 10,196,501 - - - 1,049,565 399,937 8,212,600 3,719,852 13,776,840 - - 78,309 10,161,156 - - - 6,021,170 399,937 8,212,600 3,798,161 31,008,731 $ 905,268 $ 10,955,032 $ 3,798,161 $ 41,205,232 18 Town of Mamaroneck, New York Reconciliation of Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position December 31, 2019 Amounts Reported for Governmental Activities in the Statement of Net Position are Different Because Fund Balances-Total Governmental Funds $ 31,008,731 Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. 54,672,233 Governmental funds do not report the effect of losses on refunding bonds and assets or liabilities related to net pension assets (liabilities) whereas these amounts are deferred and amortized in the statement of activities. Deferred amounts on net pension liabilities- retirement system 3,158,169 Deferred amounts on total pension liabilities- length of service awards program 372,419 Deferred amounts on other post employment benefits obligations (5,282,498) Deferred amounts on refunding bonds 145,601 (1,606,309) Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds. Real property taxes 625,678 Long-term liabilities that are not due and payable in the current period are not reported in the funds. Accrued interest payable (250,922) Bonds payable (40,337,365) Compensated absences (360,815) Net pension liability- retirement system (4,184,883) Total pension liability - length of service program (2,116,757) Other post employment benefit obligations payable (82,693,279) (129,944,021) Net Position of Governmental Activities $ (45,243,688) The notes to the financial statements are an integral part of this statement. 19 Town of Mamaroneck,New York Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds Year Ended December 31,2019 Town Outside Special General Villages Highway Districts REVENUES Real property taxes $ 4,500,208 $ 9,843,286 $ 4,966,518 $ 7,057,075 Other tax items 818,786 - - - Non-property taxes - 2,191,447 - - Departmental income 3,785,291 562,893 30,301 2,256,244 Intergovernmental charges - - 367,043 142,458 Use of money and property 622,670 - 1,017 99,860 Licenses and permits 96,016 1,034,730 - - Fines and forfeitures 286,312 9,705 - - Sale of property and compensation for loss 8,269 - 60,659 24,687 State aid 1,684,456 5,000 118,870 - Federal aid 66,988 - - - Miscellaneous 186,530 144,270 3,196 6,263 Total Revenues 12,055,526 13,791,331 5,547,604 9,586,587 EXPENDITURES Current General government support 4,267,630 723,782 - - Public safety - 6,260,507 - 2,450,658 Health 415,446 59,100 - 1,199,735 Transportation 8,062 15,220 3,202,014 54,882 Economic opportunity and development 496,469 - - - Culture and recreation 2,694,172 1,382,931 - - Home and community services 459,568 218,986 - 2,219,197 Employee benefits 2,235,861 4,193,085 1,536,972 1,628,234 Debt service Principal - - - 29,300 Interest - - - 183 Capital outlay - - - - Total Expenditures 10,577,208 12,853,611 4,738,986 7,582,189 Excess(Deficiency)of Revenues Over Expenditures 1,478,318 937,720 808,618 2,004,398 OTHER FINANCING SOURCES(USES) Bond issued - - - - Issuance premium - - - - Insurance recoveries - - 78,729 - Transfers in 158,625 118,970 50,000 19,500 Transfers out (1,859,887) (424,442) (982,949) (1,917,332) Total Other Financing Sources(Uses) (1,701,262) (305,472) (854,220) (1,897,832) Net Change in Fund Balances (222,944) 632,248 (45,602) 106,566 FUND BALANCES Beginning of Year 7,809,936 5,030,327 834,975 4,452,527 End of Year $ 7,586,992 $ 5,662,575 $ 789,373 $ 4,559,093 The notes to the financial statements are an integral part of this statement. 20 Section 8 Total Housing Capital Non-Major Governmental Assistance Projects Governmental Funds $ - $ - $ - $ 26,367,087 - - - 818,786 - - - 2,191,447 - 1,013,083 7,647,812 - - - 509,501 1,259 - 98,367 823,173 - - - 1,130,746 - - - 296,017 - - - 93,615 - 45,043 - 1,853,369 6,623,879 - - 6,690,867 12,868 376,282 33,486 762,895 6,638,006 421,325 1,144,936 49,185,315 - - 1,027,833 6,019,245 - - - 8,711,165 - - - 1,674,281 - - - 3,280,178 6,714,698 - - 7,211,167 - - - 4,077,103 - - 391 2,898,142 - - - 9,594,152 - - 2,420,500 2,449,800 - - 909,792 909,975 - 7,219,084 - 7,219,084 6,714,698 7,219,084 4,358,516 54,044,292 (76,692) (6,797,759) (3,213,580) (4,858,977) - 6,300,000 - 6,300,000 - 97,000 397,472 494,472 - - - 78,729 - 1,879,318 3,330,292 5,556,705 - - (372,095) (5,556,705) - 8,276,318 3,355,669 6,873,201 (76,692) 1,478,559 142,089 2,014,224 476,629 6,734,041 3,656,072 28,994,507 $ 399,937 $ 8,212,600 $ 3,798,161 $ 31,008,731 21 Town of Mamaroneck, New York Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Year Ended December 31, 2019 Amounts Reported for Governmental Activities in the Statement of Activities are Different Because Net Change in Fund Balances-Total Governmental Funds $ 2,014,224 Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. Capital outlay expenditures 6,953,514 Depreciation expense (2,786,821) 4,166,693 Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds. Real property taxes (141,300) Bond and installment purchase debt issued provides current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of long-term debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. Bonds issued (6,300,000) Issuance premium (494,472) Principal paid on bonds 2,420,500 Principal paid on installment purchase debt 29,302 Amortization of loss on refunding bonds and issuance premium 25,061 (4,319,609) Some expenses reported in the statement of activities do not require the use of current financial resources and,therefore, are not reported as expenditures in governmental funds. Accrued interest (70,981) Compensated absences 169,484 Pension liabilities-retirement system (443,132) Pension liabilities-length of service awards program (162,173) Other post employment benefit obligations (1,215,721) (1,722,523) Change in Net Position of Governmental Activities $ (2,515), The notes to the financial statements are an integral part of this statement. 22 Town of Mamaroneck,New York Statement of Revenues,Expenditures and Changes in Fund Balances-Budget and Actual General,Town Outside Villages,Highway and Special Districts Funds Year Ended December 31,2019 General Fund Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Real property taxes $ 4,611,982 $ 4,611,982 $ 4,500,208 $ (111,774) Other tax items 511,300 586,932 818,786 231,854 Non-property taxes - - - - Departmental Income 3,562,452 3,562,452 3,785,291 222,839 Intergovernmental charges - 750 - (750) Use of money and property 360,000 360,000 622,670 262,670 Licenses and permits 50,300 50,300 96,016 45,716 Fines and forfeitures 300,000 300,000 286,312 (13,688) Sale of property and compensation for loss - - 8,269 8,269 State aid 1,949,225 2,076,997 1,684,456 (392,541) Federal aid 67,812 67,812 66,988 (824) Miscellaneous 17,700 17,700 186,530 168,830 Total Revenues 11,430,771 11,634,925 12,055,526 420,601 EXPENDITURES Current General government support 4,505,728 4,598,940 4,267,630 331,310 Public safety - - _ _ Health 450,000 450,000 415,446 34,554 Transportation 145,320 135,120 8,062 127,058 Economic opportunity and development 557,022 557,022 496,469 60,553 Culture and recreation 2,831,792 2,852,979 2,694,172 158,807 Home and community services 497,845 638,425 459,568 178,857 Employee benefits 2,380,450 2,380,450 2,235,861 144,589 Debt service Principal - - _ - Interest - - - - Total Expenditures 11,368,157 11,612,936 10,577,208 1,035,728 Excess(Deficiency)of Revenues Over Expenditures 62,614 21,989 1,478,318 1,456,329 OTHER FINANCING SOURCES(USES) Insurance recoveries - _ _ - Transfers in 130,000 158,625 158,625 - Transfers out (1,336,813) (1,859,888) (1,859,887) 1 Total Other Financing Uses (1,206,813) (1,701,263) (1,701,262) 1 Net Change in Fund Balances (1,144,199) (1,679,274) (222,944) 1,456,330 FUND BALANCES Beginning of Year 1,144,199 1,679,274 7,809,936 6,130,662 End of Year $ - $ - $ 7,586,992 $ 7,586,992 23 Town Outside Villages Fund Highway Fund Variance with Variance with Final Budget Final Budget Original Final Positive Original Final Positive Budget Budget Actual (Negative) Budget Budget Actual (Negative) $ 9,859,314 $ 9,859,314 $ 9,843,286 $ (16,028) $ 4,974,606 $ 4,974,606 $ 4,966,518 $ (8,088) 1,800,000 1,907,195 2,191,447 284,252 - - 196,800 546,800 562,893 16,093 20,000 20,000 30,301 10,301 - - - - 400,250 400,250 367,043 (33,207) - - - - 150 150 1,017 867 638,000 638,000 1,034,730 396,730 - - - - 5,000 5,000 9,705 4,705 - - - - - - - - 11,500 38,000 60,659 22,659 - - 5,000 5,000 85,000 85,000 118,870 33,870 5,200 6,860 144,270 137,410 - 7,514 3,196 (4,318) 12,504,314 12,963,169 13,791,331 828,162 5,491,506 5,525,520 5,547,604 22,084 705,434 756,978 723,782 33,196 - - - - 5,919,047 6,325,318 6,260,507 64,811 - - - - 59,100 59,100 59,100 - - - - 33,550 33,550 15,220 18,330 3,166,903 3,237,392 3,202,014 35,378 1,407,800 1,409,050 1,382,931 26,119 - - - - 224,917 229,960 218,986 10,974 - - - - 4,290,800 4,290,800 4,193,085 97,715 1,565,900 1,565,900 1,536,972 28,928 12,640,648 13,104,756 12,853,611 251,145 4,732,803 4,803,292 4,738,986 64,306 (136,334) (141,587) 937,720 1,079,307 758,703 722,228 808,618 86,390 - - - - 10,000 64,733 78,729 13,996 117,070 118,970 118,970 - 50,000 50,000 50,000 - (407,387) (484,770) (424,442) 60,328 (850,823) (982,949) (982,949) - (290,317) (365,800) (305,472) 60,328 (790,823) (868,216) (854,220) 13,996 (426,651) (507,387) 632,248 1,139,635 (32,120) (145,988) (45,602) 100,386 426,651 507,387 5,030,327 4,522,940 32,120 145,988 834,975 688,987 $ - $ ,$ 5,662,575 $ 5,662,575 $ ,$ - $ 789,373 $ 789,373 (Continued) 24 Town of Mamaroneck,New York Statement of Revenues,Expenditures and Changes in Fund Balances-Budget and Actual(Continued) General,Town Outside Villages,Highway and Special Districts Funds Year Ended December 31,2019 Special Districts Fund Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Real property taxes $ 7,068,761 $ 7,068,761 $ 7,057,075 $ (11,686) Other tax items - - - - Non-property taxes - - - - Departmental income 1,702,744 1,702,744 2,256,244 553,500 Intergovernmental charges 120,000 120,000 142,458 22,458 Use of money and property 25,000 28,563 99,860 71,297 Licenses and permits - - - - Fines and forfeitures - - - - Sale of property and compensation for loss - - 24,687 24,687 State aid - - - - Federal aid - - - - Miscellaneous - - 6,263 6,263 Total Revenues 8,916,505 8,920,068 9,586,587 666,519 EXPENDITURES Current General government support - - - Public safety 2,186,186 2,508,980 2,450,658 58,322 Health 1,230,952 1,230,467 1,199,735 30,732 Transportation 149,817 149,817 54,882 94,935 Economic opportunity and development - _ - Culture and recreation - - - - Home and community services 2,312,043 2,277,497 2,219,197 58,300 Employee benefits 1,674,115 1,685,868 1,628,234 57,634 Debt service Principal 29,300 29,300 29,300 - Interest 200 200 183 17 Total Expenditures 7,582,613 7,882,129 7,582,189 299,940 Excess(Deficiency) of Revenues Over Expenditures 1,333,892 1,037,939 2,004,398 966,459 OTHER FINANCING SOURCES(USES) Insurance recoveries - _ - Transfers in 19,500 19,500 19,500 - Transfers out (1,405,892) (1,997,291) (1,917,332) 79,959 Total Other Financing Uses (1,386,392) (1,977,791) (1,897,832) 79,959 Net Change in Fund Balances (52,500) (939,852) 106,566 1,046,418 FUND BALANCES Beginning of Year 52,500 939,852 4,452,527 3,512,675 End of Year $ - $ - $ 4,559,093 S 4,559,093 The notes to the financial statements are an integral part of this statement. 25 Town of Mamaroneck, New York Statement of Fiduciary Net Position Fiduciary Fund December 31, 2019 Custodial Fund ASSETS Cash and equivalents $ 11,810,718 Real property taxes receivable for other governments 47,630,912 Total Assets $ 59,441,630 LIABILITIES Due to other governments $ 59,441,630 The notes to financial statements are an integral part of this statement. 26 Town of Mamaroneck, New York Statement of Changes in Fiduciary Net Position Fiduciary Fund December 31, 2019 Custodial Fund ADDITIONS Real property taxes collected for other governments $ 169,814,754 DEDUCTIONS Payments of real property taxes to other governments 169,814,754 Net Increase in Fiduciary Net Position - NET POSITION Beginning of Year - End of Year $ - The notes to financial statements are an integral part of this statement. 27 Town of Mamaroneck, New York Notes to Financial Statements December 31, 2019 Note 1 -Summary of Significant Accounting Policies The Town of Mamaroneck, New York ("Town") was established in 1661 and operates in accordance with Town Law and the various other applicable laws of the State of New York. The Town Board is the legislative body responsible for overall operation. The Town Administrator serves as the chief executive officer and the Town Comptroller serves as the chief financial officer. The Town provides the following services to its residents: public safety, health, transportation, economic opportunity and development, culture and recreation, home and community services and general and administrative support. The accounting policies of the Town conform to generally accepted accounting principles as applicable to governmental units and the Uniform System of Accounts as prescribed by the State of New York. The Governmental Accounting Standards Board ("GASB") is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the Town's more significant accounting policies: A. Financial Reporting Entity The financial reporting entity consists of a) the primary government, which is the Town, b) organizations for which the Town is financially accountable and c) other organizations for which the nature and significance of their relationship with the Town are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete as set forth by GASB. In evaluating how to define the Town, for financial reporting purposes, management has considered all potential component units. The decision to include a potential component unit in the Town's reporting entity was made by applying the criteria set forth by GASB, including legal standing, fiscal dependency and financial accountability. Based upon the application of these criteria, the following individual component unit is included in the Town's reporting entity because of its operational and financial relationship with the Town. The Mamaroneck Housing Authority("Housing Authority")was organized in July 1992 as a municipal housing authority created and established under the Public Housing Law of the State of New York to provide affordable housing. The members of the Housing Authority's Board are appointed by the Town Board and, therefore, the Town is considered able to impose its will on the Housing Authority. Bonds issued by the Housing Authority are guaranteed by the Town. Since the Housing Authority does not provide services entirely or almost entirely to the Town, the financial statements of the Housing Authority have been reflected as a discretely presented component unit. Complete financial statements of the component unit can be obtained from its administrative office at the address indicated below. Town of Mamaroneck Housing Authority 740 West Boston Post Road Mamaroneck, New York 10543 B. Government-Wide Financial Statements The government-wide financial statements (i.e. the Statement of Net Position and the Statement of Activities) report information on all non-fiduciary activities of the primary government as a whole and its component unit. For the most part, the effect of interfund activity has been removed from these statements, except for interfund services provided and used. 28 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies(Continued) The Statement of Net Position presents the financial position of the Town at the end of its fiscal year. The Statement of Activities demonstrates the degree to which direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include (1) charges to customers or applicants who purchase, use or directly benefit from goods or services, or privileges provided by a given function or segment, (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment and (3) interest earned on grants that is required to be used to support a particular program. Taxes and other items not identified as program revenues are reported as general revenues. The Town does not allocate indirect expenses to functions in the Statement of Activities. Separate financial statements are provided for governmental funds and fiduciary funds, even though the latter is excluded from the government-wide financial statements. Major individual governmental funds are reported as separate columns in the fund financial statements. C. Fund Financial Statements The accounts of the Town are organized and operated on the basis of funds. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts, which comprise its assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund balances/net position, revenues and expenditures/expenses. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance related legal and contractual provisions. The Town maintains the minimum number of funds consistent with legal and managerial requirements. The focus of governmental fund financial statements is on major funds as that term is defined in professional pronouncements. Each major fund is to be presented in a separate column, with non-major funds aggregated and presented in a single column. Fiduciary funds are reported by type. Since the governmental fund statements are presented on a different measurement focus and basis of accounting than the government-wide statements' governmental activities column, a reconciliation is presented on the pages following, which briefly explain the adjustments necessary to transform the fund based financial statements into the governmental activities column of the government-wide presentation. The Town's resources are reflected in the fund financial statements in two broad fund categories, in accordance with generally accepted accounting principles as follows: Fund Categories a. Governmental Funds - Governmental Funds are those through which most general government functions are financed. The acquisition, use and balances of expendable financial resources and the related liabilities are accounted for through governmental funds. The following are the Town's major governmental funds: General Fund-The General Fund constitutes the primary operating fund of the Town and is used to account for and report all financial resources not accounted for and reported in another fund. Special Revenue Funds - Special revenue funds are used to account for and report the proceeds of specific revenue sources that are restricted, committed, or assigned to expenditures for specific purposes other than debt service or capital projects. The major special revenue funds of the Town are as follows: 29 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies (Continued) Town Outside Villages Fund - The Town Outside Villages Fund is used to account for transactions, which by statute affect only those areas outside the boundaries of the villages located within the Town.The major revenues of this fund are real property taxes and non-property taxes. Highway Fund - The Highway Fund is used to account for road and bridge maintenance and improvements as defined in the Highway Law of the State of New York. The major revenue of this fund is real property taxes. Special Districts Fund -The Special Districts Fund is provided to account for the operation and maintenance of the Town's water, sewer, street lighting, refuse and garbage, ambulance and fire protection. The major revenues of this fund are real property taxes and departmental income. Section 8 Housing Assistance Fund-The Section 8 Housing Assistance Fund is provided to account for resources received from the U.S. Department of Housing and Urban Development for housing assistance payment purposes. Capital Projects Fund - The Capital Projects Fund is used to account for and report financial resources that are restricted, committed or assigned to expenditures for capital outlays, including the acquisition or construction of major capital facilities and other capital assets. The Town also reports the following non-major governmental funds. Special Revenue Funds: Tri-Municipal Cable T.V. Fund-The Tri-Municipal Cable T.V. Fund is used to account for franchise fees collected and expenditures for the joint activity cable T.V. operations. Special Purpose Fund - The Special Purpose Fund is used to account for assets held by the Town in accordance with terms of a trust agreement. Debt Service Fund - The Debt Service Fund is provided to account for and report financial resources that are restricted, committed or assigned to expenditures for principal and interest and for financial resources that are being accumulated for principal and interest maturing in future years. b. Fiduciary Funds (Not Included in Government-Wide Financial Statements) - The Fiduciary Funds are used to account for assets held by the Town on behalf of others. The Custodial Fund is used to account for real property taxes collected for other governments. D. Measurement Focus, Basis of Accounting and Financial Statement Presentation The accounting and financial reporting treatment is determined by the applicable measurement focus and basis of accounting. Measurement focus indicates the type of resources being measured such as current financial resources(current assets less current liabilities)or economic resources(all assets and liabilities). The basis of accounting indicates the timing of transactions or events for recognition in the financial statements. 30 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies (Continued) The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the Fiduciary funds. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. Property taxes are considered to be available if collected within sixty days of the fiscal year end. If expenditures are the prime factor for determining eligibility, revenues from Federal and State grants are recognized as revenues when the expenditure is made. A ninety day availability period is generally used for revenue recognition for most other governmental fund revenues. Fees and other similar revenues are not susceptible to accrual because generally they are not measurable until received in cash. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, net pension liability, total pension liability and other post employment benefit obligations are recorded only when payment is due. General capital asset acquisitions are reported as expenditures in governmental funds. Issuance of long-term debt and acquisitions under capital leases are reported as other financing sources. Component Units Component units are presented on the basis of accounting that most accurately reflects their activities. The Housing Authority is accounted for on the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded at the time liabilities are incurred. E. Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net Position or Fund Balances Cash and Equivalents, Investments and Risk Disclosure Cash and Equivalents-Cash and equivalents consist of funds deposited in demand deposit accounts, time deposit accounts and short-term investments with original maturities of less than three months from the date of acquisition. The Town's deposits and investment policies are governed by State statutes. The Town has adopted its own written investment policy which provides for the deposit of funds in FDIC insured commercial banks or trust companies located within the State. The Town is authorized to use demand deposit accounts,time deposit accounts and certificates of deposit. Collateral is required for demand deposit accounts, time deposit accounts and certificates of deposit at 100% of all deposits not covered by Federal deposit insurance. The Town has entered into custodial agreements with the various banks which hold their deposits. These agreements authorize the obligations that may be pledged as collateral. Such obligations 31 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies (Continued) include, among other instruments, obligations of the United States and its agencies and obligations of the State and its municipal and school district subdivisions. Investments - Permissible investments include obligations of the U.S. Treasury, U.S. Agencies, repurchase agreements and obligations of New York State or its political subdivisions. The Town follows the provisions of GASB Statement No. 72, "Fair Value Measurements and Application", which defines fair value and establishes a fair value hierarchy organized into three levels based upon the input assumptions used in pricing assets. Level 1 inputs have the highest reliability and are related to assets with unadjusted quoted prices in active markets. Level 2 inputs relate to assets with other than quoted prices in active markets which may include quoted prices for similar assets or liabilities or other inputs which can be corroborated by observable market data. Level 3 inputs are unobservable inputs and are used to the extent that observable inputs do not exist. The Town participates in the Cooperative Liquid Assets Securities System ("CLASS"), a cooperative investment pool,established pursuant to Articles 3A and 5G of General Municipal Law of the State of New York. CLASS has designated Public Trust Advisors, LLC as its registered investment advisor. Public Trust Advisors, LLC is registered with the Securities and Exchange Commission ("SEC"), and is subject to all of the rules and regulations of an investment advisor handling public funds. As such, the SEC provides regulatory oversight of CLASS. The pool is authorized to invest in various securities issued by the United States and its agencies, obligations of the State of New York and repurchase agreements. These investments are reported at fair value. CLASS issues separately available audited financial statements with a year end of June 30t. The Town's position in the pool is equal to the value of the pool shares. The maximum maturity for any specific investment in the portfolio is 397 days. CLASS is rated AAAm by Standard & Poor's. Local government investment cooperatives in this rating category meet the highest standards for credit quality, conservative investment policies and safety of principal. The cooperative invests in a high quality portfolio of investments legally permissible for municipalities and school districts in the State. Additional information concerning the cooperative is presented in the annual report of CLASS, which may be obtained from Public Trust Advisors, LLC, 717 17th Street, Suite 1850, Denver, CO 80202. Investments of the Fire Protection District are stated at fair value. The amounts are invested in various portfolios by the trustee of the Fund, who has been designated by the State Comptroller. These investments are unrated. The Town has no formal policy relating to interest rate or credit risk for the Fire Protection District's Investments. Investments of the Housing Authority consist of negotiable certificates of deposit and money market funds. Investments are stated at cost,which approximates fair value.The investments are not subject to risk categorization. 32 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies (Continued) Risk Disclosure Interest Rate Risk- Interest rate risk is the risk that the government will incur losses in fair value caused by changing interest rates. The Town does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from changing interest rates. Generally, the Town does not invest in any long-term investment obligations. Custodial Credit Risk-Custodial credit risk is the risk that in the event of a bank failure, the Town's deposits may not be returned to it. GASB Statement No. 40, "Deposit and Investment Risk Disclosures - an amendment of GASB Statement No. 3", directs that deposits be disclosed as exposed to custodial credit risk if they are not covered by depository insurance and the deposits are either uncollateralized, collateralized by securities held by the pledging financial institution or collateralized by securities held by the pledging financial institution's trust department but not in the Town's name. The Town's aggregate bank balances that were not covered by depository insurance were not exposed to custodial credit risk at December 31, 2019. Credit Risk - Credit risk is the risk that an issuer or other counterparty will not fulfill its specific obligation even without the entity's complete failure. The Town does not have a formal credit risk policy other than restrictions to obligations allowable under General Municipal Law of the State of New York. Concentration of Credit Risk - Concentration of credit risk is the risk attributed to the magnitude of a government's investments in a single issuer. The Town's investment policy limits the amount on deposit at each of its banking institutions. Taxes Receivable-Real property taxes attach as an enforceable lien on real property and are levied on January 1st. The Town collects county, town, highway and special district taxes, which are due April 1st and payable without penalty to April 30th. School districts taxes are levied on July 1st and are due on September 1st, with the first half payable without penalty until September 30th and the second half payable without penalty until January 31st. The Town guarantees the full payment of the County and school districts warrants and assumes the responsibility for uncollected taxes. The Town also has the responsibility for conducting in-rem foreclosure proceedings. The Town functions in both a fiduciary and guarantor relationship with the County of Westchester and the various school districts located within the Town with respect to the collection and payment of real property taxes levied by such jurisdictions. County taxes are included in the Town's levy and are payable without penalty for thirty days. The County Charter provides for the Town to collect County and school districts taxes and remit them as collected to the respective municipality. However, the Town must remit to the County sixty percent of the amount levied by May 25th and satisfy the balance of forty percent by October 15th. With respect to school districts taxes,the Charter provides that the Town satisfy the warrant of each school district by April 5th. Thus,the Town's fiduciary responsibility is from the date of the levy until the due date of the respective tax warrant at which time the Town must satisfy its obligations regardless of the amounts collected. County and school districts taxes collected prior to the satisfaction of the respective warrants are considered a fiduciary activity under the provisions of GASB Statement No. 84, "Fiduciary Activities", and therefore have been accounted for within the Custodial Fund. 33 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies (Continued) Other Receivables-Other receivables include amounts due from other governments and individuals for services provided by the Town. Receivables are recorded and revenues recognized as earned or as specific program expenses/expenditures are incurred.Allowances are recorded when appropriate. Due From/To Other Funds - During the course of its operations, the Town has numerous transactions between funds to finance operations, provide services and construct assets. To the extent that certain transactions between funds had not been paid or received as of December 31, 2019, balances of interfund amounts receivable or payable have been recorded in the fund financial statements. Inventory - There are no inventory values presented in the balance sheets of the respective funds of the Town. Purchases of inventoriable items at various locations are recorded as expenditures at the time of purchase and year-end balances at these locations are not material. Prepaid Expenses/Expenditures - Certain payments to vendors reflect costs applicable to future accounting periods, and are recorded as prepaid items using the consumption method in both the government wide and fund financial statements. Prepaid expenses/expenditures consist of costs which have been satisfied prior to the end of the fiscal year, but represent amounts which have been provided for in the subsequent year's budget and/or will benefit such periods. Reported amounts in governmental funds are equally offset by nonspendable fund balance, which indicates that these amounts do not constitute "available spendable resources" even though they are a component of current assets. Restricted Assets-The Housing Authority's restricted assets include rent security deposits required from tenants according to the terms of the lease agreements. In addition, certain proceeds from the Housing Authority revenue bonds, as well as certain other resources, are set aside pursuant to the terms of the bond indenture. Capital Assets - Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks and similar items), are reported in the governmental activities column in the government-wide financial statements. Capital assets are defined by the Town as assets with an initial, individual cost of more than$5,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation. In the case of the initial capitalization of general infrastructure assets (i.e., those reported by governmental activities), the Town chose to include all such items regardless of their acquisition date or amount. The Town was able to estimate the historical cost for the initial reporting of these assets through backtrending (i.e., estimating the current replacement cost of the infrastructure to be capitalized and using an appropriate price-level index to deflate the cost to the acquisition year or estimated acquisition year). Major outlays for capital assets and improvements are capitalized as projects are constructed. The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives is not capitalized. 34 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies (Continued) Land and construction-in-progress are not depreciated. Property, plant,equipment and infrastructure of the Town are depreciated using the straight line method over the following estimated useful lives. Life Class in Years Buildings and improvements 20-50 Machinery and equipment 5-20 Infrastructure 30-50 The costs associated with the acquisition or construction of capital assets are shown as capital outlay expenditures on the governmental fund financial statements. Capital assets are not shown on the governmental fund balance sheet. Unearned Revenues - Unearned revenues arise when assets are recognized before revenue recognition criteria have been satisfied. In government-wide financial statements, unearned revenues consist of amounts received in advance and/or grants received before the eligibility requirements have been met. Unearned revenues in the fund financial statements are those where asset recognition criteria have been met, but for which revenue recognition criteria have not been met. The Town has reported unearned revenues of$9,752 for State aid received in advance in the Capital Projects Fund. This amount has been deemed to be measurable but not "available" pursuant to generally accepted accounting principles. Deferred Outflows/Inflows of Resources - In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of net position that applies to a future period and so will not be recognized as an outflow of resources (expense/expenditure) until then. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of net position that applies to a future period and so will not be recognized as an inflow of resources (revenue) until that time. The Town reported deferred inflows of resources of$625,678 for real property taxes not expected to be collected within the first sixty days of the subsequent fiscal year in the General Fund. These amounts are deferred and recognized as an inflow of resources in the period that the amount becomes available. 35 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies (Continued) Deferred outflows and inflows of resources have been reported on the government-wide Statement of Net Position for the following: Deferred Deferred Outflows Inflows of Resources of Resources New York State and Local Employees' Retirement System $ 1,696,173 $ 569,212 New York State and Local Police and Fire Retirement System 2,891,416 860,208 Length of Service Awards Program 492,266 119,847 Deferred loss on refunding bonds 145,601 - Other post employment benefit obligations 3,783,192 9,065,690 $ 9,008,648 $ 10,614,957 These amounts are detailed in the discussion of the Town's pension plans in Note 3F. The Town has reported deferred outflows of resources for a deferred loss on refunding bonds which results from the difference in the carrying value of the refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. The Authority reported deferred outflows of resources of$5,358 for a deferred loss on refunding in the Statement of Net Position. This amount results from the difference in the carrying value of the refunded debt and its requisition price.This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. Long-Term Liabilities- In the government-wide financial statements, long-term debt and other long- term liabilities are reported as liabilities in the Statement of Net Position. Bond premiums and discounts are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are expensed as incurred. In the fund financial statements, governmental funds recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as Capital Projects Fund expenditures. Compensated Absences - The various collective bargaining agreements provide for the payment of accumulated vacation and sick leave upon separation from service. The liability for such accumulated leave is reflected in the government-wide Statement of Net Position as current and long- term liabilities. A liability for these amounts is reported in the governmental funds only if the liability has matured through employee resignation or retirement. The liability for compensated absences includes salary related payments, where applicable. Net Pension Liability - The net pension liability represents the Town's proportionate share of the net pension liability of the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System. The financial reporting of these amounts 36 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 1 -Summary of Significant Accounting Policies (Continued) are presented in accordance with the provisions of GASB Statement No. 68, "Accounting and Financial Reporting for Pensions" and GASB Statement No. 71, "Pension Transition for Contributions Made Subsequent to the Measurement Date". Total Pension Liability - Length of Service Awards Program - The financial reporting of these amounts are presented in accordance with the provisions of GASB Statement No. 73, "Accounting and Financial Reporting for Pensions and Related Assets That Are Not Within the Scope of GASB Statement No. 68, and Amendments to Certain Provisions of GASB Statements No. 67 and 68". Net Position - Net position represents the difference between assets, deferred outflows of resources, liabilities and deferred inflows of resources. Net position is reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the Town or through external restrictions imposed by creditors,grantors, or laws or regulations of other governments. Net position on the Statement of Net Position includes, net investment in capital assets, restricted for future capital projects, debt service, Section 8 Housing Assistance and trusts. The balance is classified as unrestricted. Fund Balances - Generally, fund balance represents the difference between current assets and deferred outflows of resources and current liabilities and deferred inflows of resources. In the fund financial statements, governmental funds report fund classifications that comprise a hierarchy based primarily on the extent to which the Town is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. Under this standard the fund balance classifications are as follows: Nonspendable fund balance includes amounts that cannot be spent because they are either not in spendable form (inventories, prepaid amounts, long-term receivables, advances) or they are legally or contractually required to be maintained intact(the corpus of a permanent fund). Restricted fund balance is reported when constraints placed on the use of the resources are imposed by grantors,contributors, laws or regulations of other governments or imposed by law through enabling legislation. Enabling legislation includes a legally enforceable requirement that these resources be used only for the specific purposes as provided in the legislation. This fund balance classification is used to report funds that are restricted for debt service obligations and for other items contained in the General Municipal Law of the State of New York. Committed fund balance is reported for amounts that can only be used for specific purposes pursuant to formal action of the entity's highest level of decision making authority. The Town Board is the highest level of decision making authority for the Town that can, by the adoption of a resolution prior to the end of the fiscal year, commit fund balance. Once adopted, these funds may only be used for the purpose specified unless the Town Board removes or changes the purpose by taking the same action that was used to establish the commitment. This classification includes certain amounts established and approved by the Town Board. Assigned fund balance, in the General Fund, represents amounts constrained either by policies of the Town Board for amounts assigned for balancing the subsequent year's budget or the Town Supervisor for amounts assigned as encumbrances. Unlike 37 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31. 2019 Note 1 -Summary of Significant Accounting Policies (Continued) commitments, assignments generally only exist temporarily, in that additional action does not normally have to be taken for the removal of an assignment. An assignment cannot result in a deficit in the unassigned fund balance in the General Fund. Assigned fund balance in all funds except the General Fund includes all remaining amounts, except for negative balances, that are not classified as nonspendable and are neither restricted nor committed. Unassigned fund balance, in the General Fund, represents amounts not classified as nonspendable, restricted, committed or assigned. The General Fund is the only fund that would report a positive amount in unassigned fund balance. For all governmental funds other than the General Fund, unassigned fund balance would necessarily be negative, since the fund's liabilities and deferred inflows of resources, together with amounts already classified as nonspendable, restricted and committed would exceed the fund's assets and deferred outflows of resources. In order to calculate the amounts to report as restricted and unrestricted fund balance in the governmental fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. When both restricted and unrestricted amounts of fund balance are available for use for expenditures incurred, it is the Town's policy to use restricted amounts first and then unrestricted amounts as they are needed. For unrestricted amounts of fund balance, it is the Town's policy to use fund balance in the following order: committed, assigned and unassigned. F. Encumbrances In governmental funds, encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of monies are recorded in order to reserve applicable appropriations, is generally employed as an extension of formal budgetary integration in the General, Town Outside Villages, Highway, Special Districts and Tri-Municipal Cable TV funds. Encumbrances outstanding at year-end are generally reported as assigned fund balance since they do not constitute expenditures or liabilities. G. Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities and deferred inflows of resources and disclosures of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. H. Subsequent Events Evaluation by Management Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were available to be issued, which date is , 2020. 38 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 2 -Stewardship,Compliance and Accountability A. Budgetary Data The Town generally follows the procedures enumerated below in establishing the budgetary data reflected in the financial statements: a) Prior to October 20th, the head of each administrative unit shall submit to the budget officer an estimate of revenues and expenditures for such administrative unit for the ensuing year. b) The budget officer, upon completion of the review of the estimates, shall prepare a tentative budget and file such budget in the office of the Town Clerk on or before October 30th. c) On or before November 10th, the Town Clerk shall present the tentative budget to the Town Board. d) The Town Board shall review the tentative budget and may make such changes, alterations and revisions as it shall consider advisable and which are consistent with law. Upon completion of such review, the tentative budget and any modifications as approved by the Town Board shall become the preliminary budget. e) On or before December 10th, the Town Board shall hold a public hearing on the preliminary budget. f) After the public hearing, the Town Board may further change, alter and revise the preliminary budget subject to provisions of the law. g) The preliminary budget as submitted or amended shall be adopted by resolution no later than December 20th. h) Formal budgetary integration is employed during the year as a management control device for General, Town Outside Villages, Highway, Special Districts, Tri-Municipal Cable TV and Debt Service funds. i) Budgets for General, Town Outside Villages, Highway, Special Districts, Tri-Municipal Cable TV and Debt Service funds are legally adopted annually on a basis consistent with generally accepted accounting principles. The Capital Projects Fund is budgeted on a project basis. Annual budgets are not adopted by the Town Board for the Section 8 Housing Assistance and Special Purpose funds. j) The Town Board has established legal control of the budget at the function level of expenditures.Transfers between appropriation accounts, at the function level, require approval by the Town Board. Any modifications to appropriations resulting from an increase in revenue estimates or supplemental reserve appropriations also require a majority vote by the Board. k) Appropriations in General, Town Outside Villages, Highway, Special Districts, Tri-Municipal Cable TV and Debt Service funds lapse at the end of the fiscal year, except that outstanding encumbrances are reappropriated in the succeeding year pursuant to the Uniform System of Accounts promulgated by the Office of the State Comptroller. Budgeted amounts are as originally adopted, or as amended by the Town Board. 39 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 2 -Stewardship, Compliance and Accountability(Continued) B. Property Tax Limitation Under New York State Town Law,the Town is not limited as to the maximum amount of real property taxes which may be raised. However, Chapter 97 of the New York State Laws of 2011, as amended ("Tax Levy Limitation Law") modified previous law by imposing a limit on the amount of real property taxes a local government may levy. The following is a brief summary of certain relevant provisions of the Tax Levy Limitation Law. The summary is not complete and the full text of the Tax Levy Limitation Law should be read in order to understand the details and implementations thereof. The Tax Levy Limitation Law imposes a limitation on increases in the real property tax levy, subject to certain exceptions. The Tax Levy Limitation Law permits the Town to increase its overall real property tax levy over the tax levy of the prior year by no more than the "Allowable Levy Growth Factor," which is the lesser of one and two-one hundredths or the sum of one plus the Inflation Factor; provided, however that in no case shall the levy growth factor be less than one. The "Inflation Factor" is the quotient of: (i) the average of the National Consumer Price Indexes determined by the United States Department of Labor for the twelve-month period ending six months prior to the start of the coming fiscal year minus the average of the National Consumer Price Indexes determined by the United States Department of Labor for the twelve-month period ending six months prior to the start of the prior fiscal year,divided by (ii)the average of the National Consumer Price Indexes determined by the United States Department of Labor with the result expressed as a decimal to four places. The Town is required to calculate its tax levy limit for the upcoming year in accordance with the provision above and provide all relevant information to the New York State Comptroller prior to adopting its budget. The Tax Levy Limitation Law sets forth certain exclusions to the real property tax levy limitation of the Town, including exclusions for certain portions of the expenditures for retirement system contributions and tort judgments payable by the Town. The Town Board may adopt a budget that exceeds the tax levy limit for the coming fiscal year, only if the Town Board first enacts, by a vote of at least sixty percent of the total voting power of the Town Board, a local law to override such limit for such coming fiscal year. C. Expenditures in Excess of Budget The following functional expenditure categories exceed their budgetary authorization by the amounts indicated: General Fund General Government Support Central communications $ 8,432 Municipal association dues 875 Taxes on Town property 984 Judgments and claims 2,467 Unallocated insurance 11,936 Employee Benefits State retirement 13,502 Town Outside Villages Fund General Government Support Unallocated insurance 9,037 Judgments and claims 800 Metropolitan commuter transportation mobility tax 1,182 Credit card fees 8,174 Tri-Municipal Cable T.V. Fund General Government Support 64,159 40 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 2 -Stewardship,Compliance and Accountability (Continued) D. Adoption of Accounting Standard For the year ended December 31, 2019, the Town implemented the provisions of GASB Statement No. 84, "Fiduciary Activities". The objective of this statement is to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. The statement established criteria for identifying fiduciary activities of all state and local governments. The focus of the criteria generally is on 1)whether a government is controlling the assets of the fiduciary activity and 2) the beneficiaries with whom a fiduciary relationship exists. As a result of the adoption of this standard, certain transactions previously reported within governmental funds are now reflected within the Fiduciary Fund while other transactions previously reported in the Fiduciary Fund are now reflected within governmental funds E. Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified to conform with the current year presentation with respect to the implementation of the provisions of GASB Statement No. 84. These reclassifications had no effect on previously reported fund balance amounts. Note 3 -Detailed Notes on All Funds A. Taxes Receivable Taxes receivable at December 31, 2019 consisted of the following: Town and County taxes -Current $ 291,408 Tax liens 1,835,057 2,126,465 Allowance for uncollectible amounts (1,405,413) $ 721,052 Taxes receivable are also partially offset by deferred tax revenues of$625,678, which represents an estimate of the taxes receivable which will not be collected within the first sixty days of the subsequent year. 41 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) B. Due From/To Other Funds The balances reflected as due from/to other funds at December 31, 2019 were as follows: Due Due Fund From To General $ 508,251 $ 4,748,073 Town Outside Villages 4,741,447 15,636 Highway 42,017 33,868 Special Districts - 19,021 Section 8 Housing Assistance - 505,331 Capital Projects 33,868 18,501 Non-Major Governmental 14,847 - $ 5,340,430 $ 5,340,430 The outstanding balances between funds results mainly from the time lag between the dates that 1) interfund goods and services are provided or reimbursable expenditures occur, 2) transactions are recorded in the accounting system and 3) payments between funds are made. C. Capital Assets Changes in the Town's capital assets are as follows: Balance Balance January 1, December 31, 2019 Additions Deletions 2019 Capital Assets, not being depreciated: Land $ 4,031,660 $ - $ - $ 4,031,660 Construction-in-progress 4,409,663 2,169,809 4,409,663 2,169,809 Total Capital Assets, not being Depreciated $ 8,441,323 $ 2,169,809 $ 4,409,663 $ 6,201,469 Capital Assets,being depreciated: Buildings and improvements $ 25,459,890 $ 1,940,072 $ - $ 27,399,962 Machinery and equipment 14,374,683 2,193,230 909,139 15,658,774 Infrastructure 40,278,978 5,060,066 - 45,339,044 Total Capital Assets, being Depreciated 80,113,551 9,193,368 909,139 88,397,780 Less Accumulated Depreciation for: Buildings and improvements 8,119,329 841,473 - 8,960,802 Machinery and equipment 9,906,608 1,037,412 909,139 10,034,881 Infrastructure 20,023,397 907,936 - 20,931,333 Total Accumulated Depreciation 38,049,334 2,786,821 909,139 39,927,016 Total Capital Assets, being Depreciated,net $ 42,064,217 $ 6,406,547 $ - $ 48,470,764 Capital Assets, net $ 50,505,540 $ 8,576,356 5 4,409,663 5 54,672,233 42 V Town of Mamaroneck, New York Notes to Financial Statements(Continued) December 31,2019 Note 3 -Detailed Notes on All Funds (Continued) Depreciation expense was charged to the Town's functions and programs as follows: General Government Support $ 348,489 Public Safety 604,309 Transportation 1,158,750 Economic Opportunity and Development 87,698 Culture and Recreation 287,101 Home and Community Services 300,474 Total Depreciation Expense $ 2,786,821 Capital Assets-Component Unit Changes in the Housing Authority's capital assets are as follows: Balance Balance January 1, December 31, 2019 Additions 2019 Capital Assets, being depreciated: Buildings and improvements $ 6,704,700 $ - $ 6,704,700 Machinery and equipment 741,480 - 741,480 Total Capital Assets, being depreciated 7,446,180 - 7,446,180 Less Accumulated Depreciation for: Buildings and improvements 3,639,655 248,806 3,888,461 Machinery and equipment 533,260 47,685 580,945 Total Accumulated Depreciation 4,172,915 296,491 4,469,406 Total Capital Assets, being depreciated, net $ 3,273,265 $ (296,491) $ 2,976,774 D. Accrued Liabilities Accrued Liabilities at December 31, 2019 were as follows: Fund Town Outside Special Capital General Villages Highway Districts Projects Total Payroll and Employee Benefits $ 45,020 $ 116,772 $ 20,547 $ 44,850 $ - $ 227,189 Other 12,960 12,711 86,559 3,398 131,179 246,807 $ 57,980 $ 129,483 $ 107,106 $ 48,248 $ 131,179 $ 473,986 43 Town of Mamaroneck, New York Notes to Financial Statements(Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) E. Joint Ventures The Town and the Village of Larchmont ("Village") participate in the Larchmont-Mamaroneck Joint Garbage Disposal Commission. The purpose of the joint venture is to provide incineration of garbage and refuse from the Village and the Town Garbage District. The following is an audited summary of the financial information included in the financial statements of the joint venture. Balance Sheet Date—December 31, 2018* Total Assets $ 2,628,898 Total Liabilities 10,520,501 Net Position (Deficit) (7,891,603) Total Revenues 3,810,972 Total Expenditures 4,149,717 Decrease in Net Position** (5,478,477) *The December 31,2019 information is not available. * Includes a Cumulative Effect of Change in Accounting Principle, of$5,139,102, due to the implementation of GASB Statement No. 75,"Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions("OPEB"). The Town, together with the Village of Mamaroneck and the TownNillage of Harrison, participate in the Westchester Joint Water Works. The purpose of the joint venture is to acquire,construct,provide, maintain and operate a water works system. The following is an audited summary of special purpose financial information included in the financial statements of the joint venture. Balance Sheet Date- December 31, 2019 Total Assets $ 13,417,978 Total Liabilities 62,193,936 Net Deficit (48,775,958) Total Revenues 25,760,539 Total Expenses 27,715,262 Net Decrease in Net Assets (1,954,723) The Town, together with the Villages of Mamaroneck and Larchmont, formed the Tri-Municipal Larchmont-Mamaroneck Cable TV Board of Control. The Board was organized to administer the franchise agreement with Verizon and UA-Columbia Cablevision of Westchester. The franchise fees received are used to operate three public cable TV channels, serving the community interests of Larchmont and Mamaroneck. 44 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) The following is an audited summary of financial information included in the financial statements of the Larchmont-Mamaroneck Community Television joint venture. Balance Sheet Date- December 31, 2019 Total Assets $ 104,603 Total Liabilities 6,439 Net Position 98,164 Total Revenues 784,279 Total Expenses 787,939 Net Increase in Net Position (3,660) F. Long-Term Liabilities The following table summarizes changes in the Town's long-term indebtedness for the year ended December 31, 2019: Balance Maturities Balance January 1, New Issues/ and/or December 31, Due Within 2019 Additions Payments 2019 One Year Governmental Activities General Obligation Bonds Payable $ 35,540,500 $ 6,300,000 $ 2,420,500 $ 39,420,000 $ 2,420,000 Plus Unamortized premium on bonds 467,177 494,472 44,284 917,365 - 36,007,677 6,794,472 2,464,784 40,337,365 2,420,000 Installment Purchase Debt Payable 29,302 - 29,302 - - Other Non-Current Liabilities Compensated Absences 530,299 90,709 260,193 360,815 36,000 Net Pension Liability 2,245,570 1,939,313 - 4,184,883 - Total Pension Liability-Length of service award program 1,608,193 514,244 5,680 2,116,757 - Other Post Employment Benefit Obligations Payable 82,055,445 3,189,224 2,551,390 82,693,279 - Total Other Non-Current Liabilities 86,439,507 5,733,490 2,817,263 89,355,734 36,000 Governmental Activities Long-Term Liabilities $ 122,476,486 $ 12,527,962 $ 5,311,349 $ 129,693,099 $ 2,456,000 Mamaroneck Housing Authority Component Unit Revenue Bonds Payable $ 1,360,000 $ - $ 285,000 $ 1,075,000 $ 290,000 Pius Unamortized premium on bonds 17,477 - 6,991 10,486 - 1,377,477 - 291,991 1,085,486 290,000 Deferred Rent Payable 209,079 - 36,491 172,588 - Component Unit- Long-Term Liabilities $ 1,586,556 $ - $ 328,482 $ 1,258,074 $ 290,000 45 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31,2019 Note 3 -Detailed Notes on All Funds (Continued) Each governmental fund's liability for compensated absences, net pension liability, total pension liability and other post employment benefit obligations payable are liquidated by the respective fund. Governmental liabilities for general obligation bonds are liquidated by the Debt Service Fund, which is funded by the General,Town Outside Villages, Highway and Special Districts funds.Governmental liabilities for installment purchase debt are liquidated by the Special Districts Fund - Ambulance District. General Obligation Bonds Payable General Obligation Bonds payable at December 31, 2019 are comprised of the following individual issues: Amount Outstanding Original at Year of Issue Final Interest December 31, Purpose Issue Amount Maturity Rates 2019 Fire District Improvements 2007 $ 460,000 October, 2022 4.30-4.375 % $ 115,000 Public Improvements 2013 4,158,000 May, 2028 2.00-2.500 2,650,000 Fire District Improvements 2013 996,000 May, 2026 2.590 575,000 Public Improvements 2014 8,860,000 July, 2033 2.00-3.250 6,865,000 Public Improvements 2016 2,185,000 July, 2031 2.00-3.000 1,780,000 Public Improvements 2016 8,990,845 October, 2036 2.00-2.300 7,815,000 Refunding Bonds 2017 7,040,000 March, 2030 2.00-2.350 6,385,000 Public Improvements 2018 5,815,500 December,2038 3.00-5.000 5,590,000 Fire District Improvements 2018 1,400,000 December,2038 3.00-5.000 1,345,000 Public Improvements 2019 3,830,000 September, 2039 2.00-5.000 3,830,000 Fire District Improvements 2019 2,470,000 September, 2039 2.00-5.000 2,470,000 $ 39,420,000 Interest expenditures of$909,792 were recorded in the fund financial statements in the Debt Service Fund. Interest expense of$955,712 was recorded in the government-wide financial statements for governmental activities. Installment Purchase Debt Payable The Town entered into an agreement to finance the cost of purchasing certain equipment. The lease meets the criteria of a capital lease. The terms of the agreements provide for repayment in annual installments,through 2019, including interest at 0.21%. Interest expenditures of$183 were recorded in the fund financial statements in the Special Districts Fund - Ambulance District and in the Government-Wide financial statements. The loan was paid in full during 2019. 46 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 - Detailed Notes on All Funds (Continued) Payments to Maturity The annual requirements to amortize all bonded debt outstanding as of December 31, 2019 including interest payments of$9,061,869 are as follows: Year Ending December 31, Principal Interest 2020 $ 2,420,000 $ 1,058,471 2021 2,470,000 1,001,667 2022 2,540,000 934,125 2023 2,545,000 864,453 2024 2,605,000 793,966 2025-2029 13,035,000 2,841,875 2030-2034 8,995,000 1,261,051 2035-2039 4,810,000 306,261 $ 39,420,000 $ 9,061,869 The above general obligation bonds are direct obligations of the Town for which its full faith and credit are pledged and are payable from taxes levied on all taxable real property within the Town. Indebtedness -Component Units Bonds payable at December 31, 2019 is comprised of the following: Amount Outstanding Original at Year of Issue Final Interest December 31, Purpose Issue Amount Maturity Rates 2019 Hommocks Park Apartments Refunding Revenue Bonds, Series A 2015 $ 1,535,000 August, 2021 2.00% $ 530,000 Hommocks Park Apartments, Series B 2015 650,000 October, 2035 3.0%-3.50% 545,000 $ 1,075,000 The annual requirements to amortize the bonds outstanding as of December 31, 2019 including interest payments of$171,327 are as follows: Year Ending December 31, Principal Interest Total 2020 $ 290,000 $ 27,494 $ 317,494 2021 300,000 21,394 321,394 2022 30,000 15,094 45,094 2023 30,000 14,194 44,194 2024 30,000 13,294 43,294 2025-2029 165,000 52,519 217,519 2030-2034 190,000 25,938 215,938 2035 40,000 1,400 41,400 $ 1,075,000 $ 171,327 $ 1,246,327 47 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 - Detailed Notes on All Funds (Continued) Interest expense of$27,758 was recorded for the Housing Authority. The revenue bonds are payable from the revenues received by the Housing Authority from the operation of the project. The Town has guaranteed payment of bond principal and interest. The bonds are subject to redemption prior to maturity, at the direction of the Housing Authority and with the consent of the Town, upon the occurrence of one or more of the following events. 1) The Project is damaged or destroyed to the extent that; a) it cannot be reasonably repaired within a six month period or b)the Housing Authority would thereby be prevented from carrying on the normal rental operations of the project, as it existed prior to the damage, for a period of six months or more. 2) Title to, or the use of or possession of, all or substantially the entire project is condemned or taken under the exercise of the power of eminent domain by any governmental authority. Under this extraordinary redemption provision, the bonds are subject to redemption as a whole at any time, but not in part, at a redemption price equal to 100% of the outstanding principal amount thereof without discount, together with accrued interest to the date of redemption. At the option of the Housing Authority, the 2015 Series B bonds maturing on or after October 15, 2024 will be subject to redemption prior to maturity on any date on or after October 15, 2023. The bonds may be redeemed either as a whole or in part and if in part in order of maturity and in any amount within maturity, at the following redemption prices, plus accrued interest to the date of redemption. Redemption Period Redemption Price (Dates Inclusive) as a Percentage of Par October 15, 2024 100% Deferred Rent Payable The Housing Authority leases the land on which the facility is located from the Town. The terms of the lease is 30 years and six months which commenced in July 1995 and expires in December 2023. The rent was $1 for the period July 1, 1995 through June 30, 1996. Beginning July 1, 1996, the rent was increased to $125,000 per year and shall increase by 11/2 % on each July 1st, thereafter, during the term of the lease. For financial statement purposes, rent expense is being recognized on the straight-line basis over the life of the lease in accordance with GASB guidance. For the year ended December 31, 2019, rent expense of$138,211 was charged to operations. Deferred rent payable represents the difference between rent paid or accrued per the terms of the ground lease and what the rent would have been if recorded on the straight-line basis over the life of the lease. At December 31, 2019, deferred rent payable was $172,588. 48 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) Compensated Absences Pursuant to its collective bargaining agreements, the Town is required to pay its civil service employees for accumulated sick leave upon retirement. The contract provides for the payment of $80 per day for those days earned in excess of 165 days but not more than 240 days. Maximum number of days to be paid will be 75 days. The contract also provides for these employees to be compensated at their regular rate of pay for unused vacation time upon separation of employment up to a maximum of 30 days. No payment is provided for unused sick leave or vacation time for police and fire employees. The value of compensated absences has been reflected in the government-wide financial statements. Pension Plans New York State and Local Retirement System The Town participates in the New York State and Local Employees' Retirement System ("ERS") and the New York State and Local Police and Fire Retirement System ("PFRS") which are collectively referred to as the New York State and Local Retirement System ("System"). These are cost-sharing, multiple-employer defined benefit pension plans. The System provides retirement benefits as well as death and disability benefits. The net position of the System is held in the New York State Common Retirement Fund ("Fund"), which was established to hold all net assets and record changes in plan net position. The Comptroller of the State of New York serves as the trustee of the Fund and is the administrative head of the System. The Comptroller is an elected official determined in a direct statewide election and serves a four year term. Obligations of employers and employees to contribute and benefits to employees are governed by the New York State Retirement and Social Security Law("NYSRSSL"). Once a public employer elects to participate in the System, the election is irrevocable. The New York State Constitution provides that pension membership is a contractual relationship and plan benefits cannot be diminished or impaired. Benefits can be changed for future members only by enactment of a State statute. The Town also participates in the Public Employees' Group Life Insurance Plan, which provides death benefits in the form of life insurance. The System is included in the State's financial report as a pension trust fund. That report, including information with regard to benefits provided may be found at www.osc.state.ny.us/retire/about_us/financial_statements_index.php or obtained by writing to the New York State and Local Retirement System, 110 State Street, Albany, NY 12244. The System is noncontributory except for employees who joined after July 27, 1976,who contribute 3% of their salary for the first ten years of membership, and employees who joined on or after January 1, 2010,who generally contribute between 3%and 6%of their salary for their entire length of service. Under the authority of the NYSRSSL, the Comptroller annually certifies the actuarially determined rates expressly used in computing the employers' contributions based on salaries paid during the System's fiscal year ending March 31. The employer contribution rates for the plan's year ending in 2019 are as follows: Tier/Plan Rate ERS 2 751 19.6% 3 A14 15.8 4 A15 15.8 5 A15 13.0 6 A15 41J1 9.3 6 A15 41J2 9.3 49 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31,2019 Note 3 -Detailed Notes on All Funds (Continued) Tier/Plan Rate PFRS 2 384D 24.0 5 384D * 19.4 5 384D 22.9 6 384D * 14.4 * Indicates employees are required to make a contribution for this PFRS tier/plan. At December 31, 2019, the Town reported the following for its proportionate share of the net pension liability for ERS and PFRS: ERS PFRS Measurement date March 31, 2019 March 31, 2019 Net pension liability $ 1,619,233 $ 2,565,650 Town's proportion of the net pension liability 0.0228534% 0.1529847% Change in proportion since the prior measurement date 0.0010706% 0.0003722% The net pension liability was measured as of March 31, 2019 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The Town's proportion of the net pension liability was based on a computation of the actuarially determined indexed present value of future compensation by employer relative to the total of all participating members. For the year ended December 31,2019,the Town recognized pension expense in the government- wide financial statements of$1,140,550 for ERS and $1,747,397 for PFRS. Pension expenditures of$992,909 for ERS and $1,451,906 for PFRS were recorded in the fund financial statements and were charged to the following funds: ERS PFRS General Fund $ 538,502 $ - Town Outside Villages 77,031 1,109,832 Highway 270,553 - Special Districts 16,823 342,074 Total $ 902,909 $ 1,451,906 50 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) At December 31, 2019, the Town reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: ERS PFRS Total Deferred Deferred Deferred Deferred Deferred Deferred Outflows Inflows Outflows Inflows Outflows Inflows of Resources of Resources of Resources of Resources of Resources of Resources Differences between expected and actual experience $ 318,861 $ 108,696 $ 623,267 $ 273,926 $ 942,128 $ 382,622 Changes of assumptions 407,009 932,169 - 1,339,178 Net difference between projected and actual earnings on pension plan investments - 415,585 513,837 - 929,422 Changes In proportion and differences between Town contributions and proportionate share of contributions 218,927 44,931 241,266 72,445 460,193 117,376 Town contributions subsequent to the measurement date 751,376 - 1,094,714 - 1,846,090 - $ 1,696,173 $ 569,212 $ 2,891,416 $ 860,208 $ 4,587,589 $ 1,429,420 $751,376 and $1,094,714 reported as deferred outflows of resources related to ERS and PFRS, respectively, resulting from the Town's accrued contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended March 31, 2020. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to ERS and PFRS will be recognized in pension expense as follows: Year Ended March 31, ERS PFRS 2020 $ 388,468 $ 579,688 2021 (258,928) (86,169) 2022 1,795 43,330 2023 244,250 321,370 2024 - 78,275 The total pension liability for the ERS and PFRS measurement date was determined by using an actuarial valuation date as noted below, with update procedures used to roll forward the total pension liabilities to that measurement date. Significant actuarial assumptions used in the valuation were as follows: ERS PFRS Measurement date March 31, 2019 March 31, 2019 Actuarial valuation date April 1, 2018 April 1, 2018 Investment rate of return 7.0% * 7.0% Salary scale 4.2% 5.0% Inflation rate 2.5% 2.5% Cost of living adjustments 1.3% 1.3% *Compounded annually, net of pension plan investment expenses, including inflation. 51 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) Annuitant mortality rates are based on the System's experience with adjustments for mortality improvements based on Society of Actuaries Scale MP-2014. The actuarial assumptions used in the valuation are based on the results of an actuarial experience study for the period April 1, 2010 - March 31, 2015. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best estimate ranges of expected future real rates of return (expected return, net of investment expenses and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the target asset allocation are summarized in the following table. Long-Term Expected Target Real Rate Asset Type Allocation of Return Domestic Equity 36 % 4.55 % International Equity 14 6.35 Private Equity 10 7.50 Real Estate 10 5.55 Absolute Return Strategies 2 3.75 Opportunistic Portfolio 3 5.68 Real Assets 3 5.29 Bonds and Mortgages 17 1.31 Cash 1 (0.25) Inflation Indexed Bonds 4 1.25 100 % The real rate of return is net of the long-term inflation assumption of 2.5%. The discount rate used to calculate the total pension liability was 7.0%. The projection of cash flows used to determine the discount rate assumes that contributions from plan members will be made at the current contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based upon those assumptions, the System's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. 52 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 - Detailed Notes on All Funds (Continued) The following presents the Town's proportionate share of the net pension liability calculated using the discount rate of 7.0%, as well as what the Town's proportionate share of the net pension liability (asset) would be if it were calculated using a discount rate that is 1 percentage point lower (6.0%) or 1 percentage point higher (8.0%)than the current rate: 1% Current 1% Decrease Assumption Increase (6.0%) (7.0%) (8.0%) Town's proportionate share of the ERS net pension liability (asset) $ 7,079,546 $ 1,619,233 $ (2,967,817) Town's proportionate share of the PFRS net pension liability (asset) $ 9,271,876 $ 2,565,650 $ (3,034,827) The components of the collective net pension liability as of the March 31, 2019 measurement date were as follows: ERS PFRS Total Total pension liability $ 189,803,429,000 $ 34,128,100,000 $ 223,931,529,000 Fiduciary net position 182,718,124,000 32,451,037,000 215,169,161,000 Employers' net pension liability $ 7,085,305,000 $ 1,677,063,000 $ 8,762,368,000 Fiduciary net position as a percentage of total pension liability 96.27% 95.09% 96.09% Employer contributions to ERS and PFRS are paid annually and cover the period through the end of the System's fiscal year,which is March 31st. Retirement contributions as of December 31, 2019 represent the employer contribution for the period of April 1, 2018 through December 31, 2019 based on prior year ERS and PFRS wages multiplied by the employers' contribution rate, by tier. Retirement contributions to ERS and PFRS for the nine months ended December 31, 2019 were $751,376 and $1,094,714, respectively. Voluntary Defined Contribution Plan The Town can offer a defined contribution plan to all non-union employees hired on or after July 1, 2013 and earning at the annual full-time salary rate of$75,000 or more. The employee contribution is between 3%and 6%depending on salary and the Town will contribute 8%. Employer contributions vest after 366 days of service. No current employees participated in this program. 53 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 - Detailed Notes on All Funds (Continued) Defined Benefit-Fire Service Awards Program The Town's financial statements are for the year ended December 31, 2019. The information contained in this note is based on information for the Town of Mamaroneck Fire District Length of Service Awards Program for the program year ending on December 31, 2019, which is the most recent program year for which complete information is available. The Program is accounted for in the Town's financial statements within the Fire Protection District Fund. Plan description The Town of Mamaroneck Fire District ("District"), established a defined benefit Service Awards Program(referred to as a"LOSAP"-Length Of Service Awards Program-under Section 457(e)(11) of the Internal Revenue Code)effective January 1, 1999 for the active volunteer firefighter members of the Town of Mamaroneck Fire District. This is a single employer defined benefit plan. The Program was established pursuant to Article 11-A of the New York State General Municipal Law. The Program provides municipally-funded deferred compensation to volunteer firefighters to facilitate the recruitment and retention of active volunteer firefighters. The Town of Mamaroneck Fire District is the Sponsor of the Program and the Program administrator. An eligible Program Participant is defined to be an active volunteer firefighter who is at least 18 years of age and has earned one year of Service Award Program Service Credit. An active volunteer firefighter earns a year of Service Credit for each calendar year after the establishment of the Program in which he or she accumulates 50 points. Points are granted for the performance of certain firefighter activities in accordance with a system established by the Sponsor on the basis of a statutory list of activities and point values. A Participant may also receive Service Credit for five years of active volunteer firefighting service rendered prior to the establishment of the Program. Participants acquire a non-forfeitable right to be paid a Service Award after earning five years of Service Credit, becoming totally and permanently disabled, dying while an active volunteer or upon attaining the Program's Entitlement Age while an active volunteer. The Program's Entitlement Age is age 60, and is the age at which benefits begin to be paid to Participants. Benefits provided A Participant's Service Award benefit is paid as a ten-year certain and continuous monthly payment life annuity. The amount payable each month equals$20 multiplied by the total number of years of Service Credit earned by the Participant. The maximum number of years of Service Credit a Participant may earn under the Program is 40 years. Currently,there are no other forms of payment of a volunteer's earned Service Award under the Program. Except in the case of pre-Entitlement Age death or total and permanent disablement,a Participant's Service Award will not be paid until he or she attains the Entitlement Age.Volunteers who are active after attaining the Entitlement Age and who may have commenced receiving a Service Award have the opportunity to earn Service Credit and, thereby, increase their Service Award payments. The pre-Entitlement Age death and disability benefit is equal to the actuarial value of the Participant's earned Service Award at the time of death or disablement. Program does not provide extra line-of- duty death or disability benefits. All death and disability benefits are self-insured and are paid from the Program Trust Fund. 54 Town of Mamaroneck, New York Notes to Financial Statements(Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) Active Members 47 Vested-Terminated 22 Retired and Beneficiaries 2 Total 71 Contributions New York State General Municipal Law §219(d) requires the District to contribute an actuarially determined contribution on an annual basis. The actuarially determined contribution shall be appropriated annually by the District. Measurement of Total Pension Liability The total pension liability at the December 31, 2019 measurement date was determined using an actuarial valuation as of that date. Actuarial Assumptions. The total pension liability in the December 31, 2019 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Actuarial Cost Method: Entry Age Normal Inflation: 0.0% Salary Scale: None assumed Mortality rates: Non pre-retirement mortality; post retirement RP2000 projected to 2030 Discount Rate. The discount rate used to measure the total pension liability was 2.75%, which is based on the 20-year AA general obligation bond rate as of plan year end. Trust Assets. Although assets have been accumulated in an irrevocable trust such that the assets are dedicated to providing pensions to plan members in accordance with benefit terms, the trust assets are not legally protected from creditors of the District.As such, the trust assets do not meet the criteria in paragraph 4 of GASB Statement No. 73. The trust assets are recorded in the Fire Protection District fund as investments and as a component of Restricted fund balance. Changes in the Total Pension Liability Balance as of 1/1/19 measurement date $ 1,608,193 Service cost 81,582 Interest 44,169 Differences between expected and actual experience (4,799) Changes in assumptions 393,292 Benefit payments and expenses (5,680) Balance as of 12/31/19 measurement date $ 2,116,757 55 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) Sensitivity of the Total Pension Liability to changes in the discount rate. The following presents the total pension liability of the District as of the December 31, 2019 measurement date, calculated using the discount rate of 2.75 percent, as well as what the District's total pension liability would be if it were calculated using a discount rate that is 1-percentage point lower(1.75%)or 1-percentage point higher(3.75%)than the current rate: 1% Current 1% Decrease Assumption Increase (1.75%) (2.75%) (3.75%) Total Pension Liability $ 2,264,153 $ 2,116,757 $ 1,966,058 Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2019, the District recognized pension expense of$167,853. At December 31, 2019, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows Inflows of Resources of Resources Differences between expected and actual experience $ 17,265 $ 4,319 Changes of assumptions 475,001 115,528 $ 492,266 $ 119,847 Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Year Ended December 31, 2020 $ 42,102 2021 42,102 2022 42,102 2023 42,102 2024 42,102 Thereafter 161,909 Other Post Employment Benefit Obligations ("OPEB") In addition to providing pension benefits, the Town provides certain health care benefits for retired employees through a single employer defined benefit OPEB plan. The various collective bargaining agreements stipulate the employees covered and the percentage of contribution. Contributions by the Town may vary according to length of service. The cost of providing post employment health care benefits is shared between the Town and the retired employee as noted below. Substantially all of the Town's employees may become eligible for those benefits if they reach normal retirement age while working for the Town. No assets are accumulated in a trust that meets the criteria in 56 Town of Mamaroneck, New York Notes to Financial Statements(Continued) December 31,2019 Note 3 -Detailed Notes on All Funds (Continued) paragraph 4 of GASB Statement No. 75, "Accounting and Financial Reporting for Postemployment Benefits Other than Pensions", so the net OPEB liability is equal to the total OPEB liability. Separate financial statements are not issued for the plan. At December 31, 2019, the following employees were covered by the benefit terms: Inactive employees currently receiving benefit payments 130 Active employees 134 264 The Town's total OPEB liability of$82,693,279 was measured as of December 31, 2019, and was determined by an actuarial valuation as of January 1, 2019. The total OPEB liability in the January 1, 2019 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: Inflation 3.00% Salary increases 3.00% Discount rate 3.26% Healthcare cost trend rates 8.0%for 2019, decreasing by .5% per year to an ultimate rate of 5.0% Retirees' share of benefit-related costs Varies from 2%to 100%, depending on applicable retirement year and bargaining unit The discount rate was based on S&P 20-year AA Municipal Bond Index. Mortality rates were based on the sex-distinct RP-2014 Mortality Tables for employees and healthy annuitants, adjusted backward to 2006 with scale MP-2014, and then adjusted for mortality improvements with scale MP-2016 mortality improvement scale on a fully generational basis. The actuarial assumptions used in the January 1, 2019 valuation for turnover and retirement for ERS and PFRS were based on the April 1, 2010 to March 31, 2015 experience study released by the Retirement Systems Actuary and published in their August 2015 report. The Town's change in the total OPEB liability for the year ended December 31, 2019 is as follows: Total OPEB Liability- Beginning of Year $ 82,055,445 Service cost 2,071,412 Interest 2,940,383 Differences between expected and actual experience (6,362,401) Changes in assumption 4,539,830 Benefit payments (2,551,390) Total OPEB Liability- End of Year $ 82,693,279 57 Town of Mamaroneck, New York Notes to Financial Statements(Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) The following presents the total OPEB liability of the Town, as well as what the Town's total OPEB liability would be if it were calculated using a discount rate that is 1 percentage point lower(2.26%) or 1 percentage point higher(4.26%) than the current discount rate: 1% Current 1% Decrease Assumption Increase (2.26%) (3.26%) (4.26%) Total OPEB Liability $ 94,642,901 $ 82,693,279 $ 70,743,657 The following presents the total OPEB liability of the Town, as well as what the Town's total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1 percentage point Iower(7.0% decreasing to 4.0%) or 1 percentage point higher(9.0% decreasing to 6.0%) than the current healthcare cost trend rates: Healthcare 1% Cost Trend 1% Decrease Rates Increase (7.0% decreasing (8.0% decreasing (9.0% decreasing to 4.0%) to 5.0%) to 6.0%) Total OPEB Liability $ 69,026,136 $ 82,693,279 $ 98,873,294 For the year ended December 31, 2019, the Town recognized OPEB expense of$3,767,111 in the government-wide financial statements. At December 31, 2019, the Town reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Deferred Outflows Inflows of Resources of Resources Changes of assumptions or other inputs $ 3,783,192 $ - Differences between expected and actual experience - 9,065,690 $ 3,783,192 $ 9,065,690 Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year Ended December 31, 2020 $ (1,244,684) 2021 (1,244,684) 2022 (1,244,684) 2023 (1,244,684) 2024 (303,762) 58 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) G. Revenues and Expenditures Interfund Transfers Interfund transfers are defined as the flow of assets, such as cash or goods and services,without the equivalent flow of assets in return. The interfund transfers reflected below have been reflected as transfers: Transfers In Town Outside Special Capital Non-Major General Villages Highway Districts Projects Governmental Transfers Out Fund Fund Fund Fund Fund Funds Total General Fund $ - $ - $ - $ - $ 770,075 $ 1,089,812 $ 1,859,887 Town Outside Villages Fund 50,000 - - - 205,599 168,843 424,442 Highway Fund - - - 204,368 778,581 982,949 Special Districts Fund - - - - 624,276 1,293,056 1,917,332 Non-Major Governmental Funds 108,625 118,970 50,000 19,500 75,000 - 372,095 $ 158,625 $ 118,970 $ 50,000 $ 19,500 $ 1,879,318 $ 3,330,292 $ 5,556,705 Transfers are used to 1) move funds from the fund with collection authorization to the funds where additional amounts are needed and 2) to move amounts earmarked in the operating funds to fulfill commitments for Capital Projects and Debt Service funds expenditures. H. Net Position The components of net position are detailed below: Net investment in capital assets-the component of net position that reports the difference between capital assets less both the accumulated depreciation and the outstanding balance of debt,excluding unexpended proceeds, that is directly attributable to the acquisition, construction or improvement of those assets. Restricted for Future Capital Projects - the component of net position that reports the amounts restricted for future capital projects. Restricted for Debt Service-the component of net position that reports the difference between assets and liabilities of the Debt Service Fund with constraints placed on their use by Local Finance Law. Restricted for Section 8 Housing Assistance—the component of net position that represents funds restricted for specific purposes under New York State Law or by external parties and/or statues. Restricted for Tri-Municipal Cable T.V. Fund-the component of net position that reports the amounts restricted for future capital projects within the Tri-Municipal Cable T.V. Fund. Restricted for Trusts-the component of net position that has been established to set aside funds in accordance with the terms of the grants. Unrestricted- all other amounts that do not meet the definition of "restricted" or "net investment in capital assets". 59 Town of Mamaroneck,New York Notes to Financial Statements(Continued) December 31.2019 Note 3-Detailed Notes on All Funds(Continued) I. Fund Balances 061. 34. 7.. 140.1 71. 10..14 2.014 Sod 71.1-y CM. 14104.00, Dae w.. .10-10 0.1. 1..31.. Or.. V. 4u0d10 ...s P.. o. oar r... 1. .- A.A.. . G w r,.. 21-1 0wrr .1 7.1 11. 7w .rw 4410 VP. .0004!. 1..1.♦.+.Y 1.__ ___1•1 471 4 41.! 1 1.14 1 7.1.01 L 1 }..... - _L .$111,15L 1 taAeM1 1 iss2W 1_ ,._.• ,.1 1 4 . . t - i 1 1411+ 1...21.S C.1..A... • - - 4717/00 - 411400 11.714.1 • 1.044.1 rW....11.1.1. 14400 - - 04m 17!000 - - - Imaw a.01.1Na.4.. na • 111731 • - 7.471 • 0449 - 416121 .010.1.... - 121..1 1.143+ - 1201.10I - 15.641 T...C...•TN h. . - 134)11 111044 - - - ,2.12b 1231= T4U..0.0a1.T V.7..-2 .1.s.1r11.7..a.r. • - 412. 472. T... 46211 10027 • - - 20470 7..701 o..ea. 1/61611 1.163421 1.1]1 11.111 07.2..6.2 311-102 00760 131?Y 14.09 ..4.1..t1a'..•s.•12a . V.A.M. 1$,000 ,01411 ...I 411,7* 03I.03 16710610 121,000 1257.101 477.,101 671131 11-.1.102 ...v1Y 01..1.1.1.•.1...11.+ 74.11. 2.44 124 3.57. • . 24. AY..Y1 4.. x66. 14.1 - • Vass, .10, . 2102 . LQ • . . 1-..10.1. . . . 11.10 . . 0.110 t..-..a.a.rn w 11.....w 2703 7160 . 0444$...... 1.230 • - 16610 71.0 • . 47 100 1.-.w2..1.1.... . _ . _ 4541 1414 • Im - 04117 +61. 11.11. 31.110 77111 004.!.3 4340 t0 101)6 • 430.0 . . 114. 1=273 411010 .0000 • 4301 - • nun. 1110.110 .4. .4 . • 4571.10, 1140.30-0 au,. 4116., 03.4 70011.7 7.11. 12.31..0....102 bar• T.Y....GYYTV. - 3.116 334 • - 1.1... 1111.14 6234)6+ 44711 01575. - • 16101 11.011,+11 441.1. 44Q00 11444 10414 112.447 117+14 171..... 40712. - t)1 711 620.,10 - - ..]0..110 35 1..Barra 1 7711.1.1 t 4.511 1 114.10 1 .114011 0 3.144 5 4217.157 1 671...4 $ 31106001 $ 7..64 3 1)0)47 5 14,17 5 444.47 1 04431 S 1.74411 1 3.4111 1 1119017 60 Town of Mamaroneck, New York Notes to Financial Statements (Continued) December 31, 2019 Note 3 -Detailed Notes on All Funds (Continued) Certain elements of fund balance are described above. Those additional elements, which are not reflected in the Statement of Net Position but are reported in the governmental funds balance sheet are described below. Prepaid Expenditures has been established to account for retirement and health insurance payments made in advance. The amount is classified as nonspendable to indicate that funds are not"available" for appropriation or expenditure even though they are a component of current assets. Restricted for Pension Benefits represents funds restricted for specific purposes under New York State law or by external parties and/or statutes. Purchases on order are assigned and represent the Town's intention to honor the contracts in process at year-end. The subsequent year's appropriations will be amended to provide authority to complete the transactions. Subsequent year's expenditures represent that at December 31, 2019,the Town Board has assigned the above amounts to be appropriated for the ensuing year's budget. Unassigned fund balance in the General Fund represents amounts not classified as nonspendable, restricted, committed or assigned. Note 4 -Summary Disclosure of Significant Contingencies A. Litigation The Town, in common with other municipalities, receives numerous notices of claims for money damages arising from false arrest, property damage or personal injury. Of the claims currently pending, none are expected to have a material effect on the financial position of the Town if adversely settled. Westchester Joint Water Works ("WJWW") a joint venture of the Town as reported in note 3 is currently being fined by the New York State Health Department for not meeting a Supreme Court of the State of New York ruling requiring the construction of a filtration plant by December 3, 2008. These fines amounted to $54,616,250 as of December 31, 2019 and continue to accrue at$13,750 a day. The Town' share of these fines is approximately $10,129,258 or 18.5% of the total. Management of the WJWW has indicated that the State is holding in abeyance the imposition of these fines although they continue to be accrued by the WJWW. The Town has not accrued their share in the Special District Fund—Water District as the expectation of management is that the fines will be suspended or replaced with a negotiated settlement as the WJWW has proposed multiple acceptable alternatives to the filtration plant. The Town is also defendant in numerous tax certiorari proceedings, the results of which generally require tax refunds on the part of the Town. The amount of possible refunds cannot be determined at the present time and any refunds resulting from adverse settlements will be funded in the year in which the payments are made. 61 Town of Mamaroneck, New York Notes to Financial Statements (Concluded) December 31, 2019 Note 4-Summary Disclosure of Significant Contingencies (Continued) B. Risk Management The primary government purchases various conventional liability and workers' compensation insurance policies to protect against potential losses. The general liability policy provides coverage of$1 million per occurrence, not to exceed an aggregate of up to $3 million. In addition, there is a public officials liability policy providing coverage of$1 million per claim, not to exceed an aggregate of up to $2 million. Finally there is an excess liability policy of $20 million per occurrence, not to exceed an aggregate of up to $40 million. The Town's workers' compensation policy provides coverage at statutory levels. Settled claims resulting from these risks have not exceeded commercial insurance coverage in any of the past three fiscal years. The Housing Authority purchases various conventional insurance policies to reduce its exposure to loss. The Housing Authority maintains a general liability policy with coverage up to$5 million. Settled claims resulting from these risks have not exceeded commercial coverage in any of the past three fiscal years. C. Contingencies The Town participates in various Federal grant programs. These programs are subject to program compliance audits pursuant to the Single Audit Act. The amount of expenditures which may be disallowed by the granting agencies cannot be determined at this time,although the Town anticipates such amounts, if any,to be immaterial. Note 5 -Tax Abatements The Town has real property tax abatement agreements exempt under Real Property Tax Law and General Municipal Law. However,the total value of the tax abatement agreements for the year ended December 31, 2019 aggregated less than$20,000 and,therefore,detail information has been excluded from these financial statements. Note 6 -Subsequent Event Subsequent to year end, the COVID-19 (coronavirus) pandemic has resulted in substantial economic volatility on a global scale. As a result, the Town's economically sensitive revenues (i.e. sales taxes, mortgage recording taxes, interest earnings, fees, state and federal aid) might be negatively impacted. Collection rates on real property taxes might be slowed as unemployment rates are expected to spike. Meanwhile, the Town's expenditures for public safety and health service functions and pension benefits (due to stock market declines) would all be expected to increase. None of these factors were taken into consideration in the development of the 2020 adopted budget. Given the uncertainty around the extent and timing of the potential future spread or mitigation of the coronavirus and around the imposition or relation of protective measures, management cannot reasonably estimate the actual impact on the Town's financial position at this time. 62 Town of Mamaroneck, New York Required Supplementary Information Schedule of Changes in the Town's Total Pension Liability Last Ten Fiscal Years(1) 2019 2018 2017 Total Pension Liability: Service Cost $ 81,582 $ 61,843 $ 59,638 Interest 44,169 60,525 45,337 Changes in assumptions or other inputs 393,292 (2) (148,536) 172,911 Differences between expected and actual experience (4,799) 22,197 - Benefit payments (5,680) (30,250) (5,171) Net Change in total pension liability 508,564 (34,221) 272,715 Total pension liability—beginning 1,608,193 1,642,414 1,369,699 Total pension liability—ending $ 2,116,757 $ 1,608,193 $ 1,642,414 Covered payroll N/A N/A N/A Total pension liability as a percentage of covered payroll 0% 0% 0% (1) Schedule is intended to show information for 10 years. Additional years will be displayed as they become available. Notes to Required Supplementary information (2) Changes of assumptions or other inputs.The discount rate used to measure the total pension liability was based on the yield to maturity of the S&P Municipal Bond 20 Year High Grade Rate Index and was as follows: December 31,2016: 2.31% December 31,2017: 3.31% December 31,2018: 3.71% December 31,2019: 2.75% Trust Assets. There are no assets accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 73 to pay related benefits. See independent auditors'report. 63 Town of Mamaroneck, New York Required Supplementary Information -Schedule of Changes in the Town's Total OPEB Liability and Related Ratios Last Ten Fiscal Years (1)(2) 2019 2018 Total OPEB Liability: Service cost $ 2,071,412 $ 2,209,552 Interest 2,940,383 3,049,245 Changes of benefit terms - - Differences between expected and actual experience (6,362,401) (5) (5,645,533) Changes of assumptions or other inputs 4,539,830 (4) - Benefit payments (2,551,390) (2,656,557) Net Change in Total OPEB Liability 637,834 (3,043,293) Total OPEB Liability—Beginning of Year 82,055,445 85,098,738 (3) Total OPEB Liability—End of Year $ 82,693,279 $ 82,055,445 Town's covered-employee payroll $ 13,033,191 $ 12,306,706 Total OPEB liability as a percentage of covered-employee payroll 634.48% 666.75% Notes to Schedule: (1) Data not available prior to fiscal year 2018 implementation of Governmental Accounting Standards Board Statement No. 75, "Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions". (2)No assets are accumulated in a trust that meets the criteria in paragraph 4 of this Statement to pay related benefits. (3) Restated for the implementation of the provisions of GASB Statement No.75. (4)Changes in assumptions or other inputs. The discount rate used to measure the total pension liability was based on the yield to maturity of the S&P Municipal Bond 20 Year High Grade Rate Index and was as follows: December 31, 2018: 3.64% December 31, 2019: 3.26% (5)Differences between expected and actual experience is due to actual health care costs being less than expected. See independent auditors'report. 64 Town of Mamaroneck,New York Required Supplementary Information New York State and Local Employees'Retirement System Last Ten Fiscal Years(1) Schedule of the Town's Proportionate Share of the Net Pension Liability(2) 2019 2018 2017 2016(3) 2015 Town's proportion of the net pension liability 0.0228534% _ 0.0217828% 0.0229223% 0.0212436% 0.0225153% Town's proportionate share of the net pension liability $ 1,619,233 $ 703,029 $ 2,153,827 $ 3,409,858 $ 780,623 Town's covered payroll $ 6,88_2,383 $ 6,649,25.4 $ 8,193,480 $ 8,044,712 $ 8,133,937 Town's proportionate share of the TI net pension liability as a percentage of its covered payroll 23.53% 10.57% 34.78% 56.41% 12.40% Plan fiduciary net position as a v percentage of the total pension liability 98.27% 98.24% 94.70% 90.70% 97.90% Schedule of Contributions 2019 2018 2017 2018 2015 Contractually required contribution $ 1,001,835 $ 988,838 $ 951,693 $ 975,073 $ 921,095 Contributions in relation to the contractually required contribution (1,001,835) (966,838) (951.893) (975,073) (921,095) Contribution excess $ - $ - S $ $ - Town's covered payroll $ 7,009,504 $ 6,950,172 $ 8,386,881 $ 6,298,849 $ 6,216,275 Contributions as a percentage of covered payroll 14.29% 13.91% 14.95% 15.49% 14.82% (1)Data not available prior to fiscal year 2015 Implementation of Governmental Accounting Standards Board Statement No 68 Accounting and Financial Reporting for Pensions'. (2)The amounts presented for each fiscal year were determined as of the March 31 measurement date within the current fiscal year. (3)The discount rate used to calculate the total pension liability was decreased from 7.5%to 7.0%effective with the March 31,2016 measurement date. See independent auditors'report 65 Town of Mamaroneck,New York Required Supplementary Information New York State and Local Police and Fire Retirement System Last Ten Fiscal Years(1) Schedule of the Town's Proportionate Share of the Net Pension Liability(2) 2019 2018 2017 2016(3) 2015 Town's proportion of the net pension liability 0.1529847% 0.1526125% 0.1528963% 0.1601178% 0.1817364% Town's proportionate share of the net pension liability $ 2,585,850 S 1,542,541 $ 3,164,863 $ 4,740,748 $ 445.195 Town's covered payroll $ 6,571,130 $ 6,443,114 $ 8,188.882 $ 6,036,891 $ 6,198,180 Town's proportionate share of the net pension liability as a percentage of its covered payroll r 39.04% 23.94% 51.30% 78.53% ...7.18% Plan fiduciary net position as a —� percentage of the total pension liability 95.09% 96.93% 93.50% 90.20% 99.000/. Schedule of Contributions 2019 2018 2017 2016 2015 Contractually required contribution $ 1,459,619 $ 1,428,769 $ 1,403,486 $ 1,382,480 $ 1,105,220 Contributions In relation to the contractually required contribution (1,459,619) (1,428,769) (1,403,486) (1,362,460) (1,105,220) Contribution excess $ ,$ • $ - $ •• $• - Town's covered payroll $ 6,694,209 S 8,477,510 $ 6,425,121 S 6,105,861 $ 6,230,182 Contributions as a percentage of covered payroll 21.80% 22.06% 21.84% 22.31% 17.74% (1)Data not available prior to fiscal year 2015 implementation of Governmental Accounting Standards Board Statement No 68 Accounting and Financial Reporting for Pensions'. (2)The amounts presented for each fiscal year were determined as of the March 31 measurement date within the current fiscal year. (3)The discount rate used to calculate the total pension liability was decreased from 7.5%to 7.0%effective with the March 31,2016 measurement date. See Independent auditors'report. 66 Town of Mamaroneck, New York General Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 3,727,220 $ 4,169,095 Investments 8,310,592 3,838,609 Taxes receivable Town and County taxes 291,408 260,044 Tax liens 1,835,057 1,812,593 2,126,465 2,072,637 Allowance for uncollectible amounts (1,405,413) (1,160,213) 721,052 912,424 Other receivables Accounts 264,902 360,537 Due from other governments 37,412 104,736 State and Federal aid 38,148 16,584 Due from other funds 508,251 170,779 848,713 652,636 Prepaid expenditures 229,478 232,605 Total Assets $ 13,837,055 $ 9,805,369 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCE Liabilities Accounts payable $ 265,941 $ 234,415 Accrued liabilities 57,980 38,147 Deposits 495,852 573,008 Employee payroll deductions 45,832 410 Due to other funds 4,748,073 372,776 Due to other governments 10 10 Overpayments 10,697 400 Unearned revenues - 9,289 Total Liabilities 5,624,385 1,228,455 Deferred inflows of resources Deferred tax revenues 625,678 766,978 Total Liabilities and Deferred Inflows of Resources 6,250,063 1,995,433 Fund balance Nonspendable 229,478 232,605 Restricted 125,000 125,000 Assigned 1,211,344 1,144,199 Unassigned 6,021,170 6,308,132 Total Fund Balance 7,586,992 7,809,936 Total Liabilities, Deferred Inflows of Resources and Fund Balance $ 13,837,055 $ 9,805,369 See independent auditors'report. 67 Town of Mamaroneck, New York General Fund Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Years Ended December 31, 2019 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Real property taxes $ 4,611,982 $ 4,611,982 $ 4,500,208 $ (111,774) Other tax items 511,300 586,932 818,786 231,854 Departmental income 3,562,452 3,562,452 3,785,291 222,839 Intergovernmental charges - 750 - (750) Use of money and property 360,000 360,000 622,670 262,670 Licenses and permits 50,300 50,300 96,016 45,716 Fines and forfeitures 300,000 300,000 286,312 (13,688) Sale of property and compensation for loss - - 8,269 8,269 State aid 1,949,225 2,076,997 1,684,456 (392,541) Federal aid 67,812 67,812 66,988 (824) Miscellaneous 17,700 17,700 186,530 168,830 Total Revenues 11,430,771 11,634,925 12,055,526 420,601 EXPENDITURES Current General government support 4,505,728 4,598,940 4,267,630 331,310 Health 450,000 450,000 415,446 34,554 Transportation 145,320 135,120 8,062 127,058 Economic opportunity and development 557,022 557,022 496,469 60,553 Culture and recreation 2,831,792 2,852,979 2,694,172 158,807 Home and community services 497,845 638,425 459,568 178,857 Employee benefits 2,380,450 2,380,450 2,235,861 144,589 Total Expenditures 11,368,157 11,612,936 10,577,208 1,035,728 Excess of Revenues Over Expenditures 62,614 21,989 1,478,318 1,456,329 OTHER FINANCING SOURCES (USES) Sale of property - - - - Transfers in 130,000 158,625 158,625 - Transfers out (1,336,813) (1,859,888) (1,859,887) 1 Total Other Financing Uses (1,206,813) (1,701,263) (1,701,262) 1 Net Change in Fund Balance (1,144,199) (1,679,274) (222,944) 1,456,330 FUND BALANCE Beginning of Year 1,144,199 1,679,274 7,809,936 6,130,662 End of Year $ - $ - $ 7,586,992 $ 7,586,992 See independent auditors' report. 68 2018 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 3,971,080 $ 3,971,080 $ 3,890,068 $ (81,012) 607,000 607,000 559,548 (47,452) 3,606,000 3,606,000 3,771,843 165,843 305,000 305,000 406,435 101,435 40,250 40,250 63,871 23,621 300,000 300,000 270,033 (29,967) - - 990 990 2,063,725 2,063,725 1,829,363 (234,362) 67,740 67,740 58,243 (9,497) 36,700 36,700 28,277 (8,423) 10,997,495 10,997,495 10,878,671 (118,824) 4,259,764 4,287,963 4,405,442 (117,479) 415,000 415,000 419,206 (4,206) 142,720 142,720 118,387 24,333 551,600 561,600 496,867 64,733 2,721,347 2,743,233 2,635,809 107,424 495,700 508,462 450,093 58,369 2,258,300 2,258,300 2,292,204 (33,904) 10,844,431 10,917,278 10,818,008 99,270 153,064 80,217 60,663 (19,554) - - 17,500 17,500 162,000 190,148 197,538 7,390 (1,279,709) (1,840,935) (1,825,621) 15,314 (1,117,709) (1,650,787) (1,610,583) 40,204 (964,645) (1,570,570) (1,549,920) 20,650 964,645 1,570,570 9,359,856 7,789,286 $ - $ - $ 7,809,936 $ 7,809,936 69 Town of Mamaroneck,New York General Fund Schedule of Revenues and Other Financing Sources Compared to Budget Year Ended December 31,2019 (With Comparative Actuals for 2018) Variance with Final Budget Original Final Positive 2018 Budget Budget Actual (Negative) Actual REAL PROPERTY TAXES $ 4,611,982 $ 4,611,982 $ 4,500,208 $ (111,774) $ 3,890,068 OTHER TAX ITEMS Payments in lieu of taxes 1,300 1,300 1,391 91 1,350 Interest and penalties on real property taxes 500,000 575,632 808,057 232,425 548,061 Utilities gross receipts taxes 10,000 10,000 9,338 (662) 10,137 511,300 586,932 818,786 231,854 559,548 DEPARTMENTAL INCOME Parking fees 360,000 360,000 388,323 28,323 380,543 Recreation fees 944,900 944,900 1,023,608 78,708 1,012,026 Clerk fees 7,000 7,000 8,547 1,547 6,610 Election services 1,000 1,000 3,850 2,850 1,212 Senior center dues 18,000 18,000 29,364 11,364 20,641 Pool charges 575,000 575,000 592,712 17,712 614,841 Ice rink charges 1,155,000 1,155,000 1,233,556 78,556 1,198,346 Section 8 Housing Assistance Fund reimbursement 501,552 501,552 505,331 3,779 537,624 3,562,452 3,562,452 3,785,291 222,839 3,771,843 INTERGOVERNMENTAL CHARGES Recycling - 750 - (750) - USE OF MONEY AND PROPERTY Earnings on investments 50,000 50,000 284,394 234,394 88,486 Rents 310,000 310,000 338,276 28,276 317,949 360,000 360,000 622,670 262,670 406,435 LICENSES AND PERMITS 50,300 50,300 96,016 45,716 63,871 FINES AND FORFEITURES Fines and forfeited bail 300,000 300,000 286,312 (13,688) 270,033 70 SALE OF PROPERTY AND COMPENSATION FOR LOSS Insurance recoveries - 8,269 8,269 990 STATE AID Per capita 140,000 140,000 - Mortgage tax 1,350,000 1,350,000 1,247,050 (140,000) 142,194 Youth programs 3,000 3,000 (102,950) 1,(3,000) 5,557 2237,4496 Conservation Program - 127,772 18,801 (108,971) - NGC-Mental Health Board 450,000 450,000 415,446 Other 6,225 6,225 3,159 (34,554) 4 ,9 10 24 (3,066) 24,910 1,949,225 2,076,997 1,684,456 (392,541) 1,829,363 FEDERAL AID Programs for the aging 67,812 67,812 66,988 (824) 58,243 MISCELLANEOUS Refund of prior year's expenditures - - 16,060 16,060 4,034 Gifts and donations 17,700 17,700 22,798 5,098 21,060 AIM related payments - - 142,194 142,194 - Unclassfied - - 5,478 5,478 3,183 17,700 17,700 186,530 168,830 28,277 TOTAL REVENUES 11,430,771 11,634,925 12,055,526 420,601 10,878,671 OTHER FINANCING SOURCES Sale of property - - - 17,500 Transfers in Town Outside Villages Fund 50,000 50,000 50,000 - 50,000 Capital Projects Fund - - - - 7,390 Debt Service Fund 80,000 80,000 80,000 - 112,000 Special Purpose Fund - 28,625 28,625 - 28,148 TOTAL OTHER FINANCING SOURCES 130,000 158,625 158,625 - 215,038 TOTAL REVENUES AND OTHER FINANCING SOURCES $ 11,560,771 $ 11,793,550 $ 12,214,151 $ 420,601 $ 11,093,709 See independent auditors'report. 71 Town of Mamaroneck,New York General Fund Schedule of Expenditures and Other Financing Uses Compared to Budget Year Ended December 31,2019 (With Comparative Actuals for 2018) Variance with Final Budget Original Final Positive 2018 Budget Budget Actual (Negative) Actual GENERAL GOVERNMENT SUPPORT Town Board $ 30,426 $ 31,005 $ 31,005 $ - $ 30,784 Town Justice 378,115 378,115 340,852 37,263 352,667 Supervisor 98,563 98,563 98,009 554 95,152 Town Administrator 288,409 288,409 280,883 7,526 279,239 Finance 626,259 644,259 620,488 23,771 600,196 Audit 80,100 81,100 81,100 - 78,638 Assessor 603,456 603,456 512,610 90,846 594,921 Town Clerk 268,602 274,246 274,246 - 265,571 Town Attorney 265,550 265,550 236,768 28,782 273,740 Personnel 283,507 283,507 265,272 18,235 260,318 Engineer 153,999 165,868 164,935 933 190,373 Elections 47,500 47,572 47,571 1 46,000 Town Center 375,171 375,171 343,276 31,895 384,963 Central communications 76,299 76,299 84,731 (8,432) 82,791 Central services 130,000 140,108 93,077 47,031 106,422 Central data processing 403,472 462,412 447,843 14,569 348,239 Municipal association dues 4,000 4,000 4,875 (875) 4,875 Taxes on Town property 98,300 98,300 99,284 (984) 95,496 Judgments and claims 65,000 80,000 82,467 (2,467) 108,512 Unallocated insurance 107,000 107,000 118,936 (11,936) 105,873 Metropolitan commuter transportation mobility tax 17,000 17,000 15,852 1,148 16,105 Credit card fees 75,000 75,000 23,550 51,450 84,567 Contingency 30,000 2,000 - 2,000 - 4,505,728 4,598,940 4,267,630 331,310 4,405,442 HEALTH Narcotics Guidance Council 450,000 450,000 415,446 34,554 419,206 72 TRANSPORTATION Superintendent of Highways 129,720 119,520 932 118,588 108,701 Off-street parking 15,600 15,600 7,130 8,470 9,686 145,320 135,120 8,062 127,058 118,387 ECONOMIC OPPORTUNITY AND DEVELOPMENT Programs for the Aging 542,022 542,022 481,469 60,553 481,867 Community Action Program 15,000 15,000 15,000 - 15,000 557,022 557,022 496,469 60,553 496,867 CULTURE AND RECREATION General recreation 428,266 434,780 434,778 2 412,578 Ice rink 709,373 722,533 703,462 19,071 667,481 Youth programs 738,846 738,846 644,626 94,220 668,077 Pool 816,367 817,880 784,852 33,028 769,732 Adult recreation 106,040 106,040 103,262 2,778 98,396 Special recreation facility 32,900 32,900 23,192 9,708 19,545 2,831,792 2,852,979 2,694,172 158,807 2,635,809 HOME AND COMMUNITY SERVICES Community beautification 30,500 36,058 36,058 - 30,420 Cemeteries 16,400 16,400 14,496 1,904 10,750 Human Rights Commission 1,000 1,000 (500) 1,500 - Sustainability - 135,022 25,141 109,881 - Rent Subsidy Program 449,945 449,945 384,373 65,572 408,923 497,845 638,425 459,568 178,857 450,093 EMPLOYEE BENEFITS State retirement 525,000 525,000 538,502 (13,502) 526,109 Social security 385,000 385,000 355,802 29,198 353,857 Workers'compensation benefits 106,500 108,680 107,747 933 125,741 Life insurance 5,700 5,700 5,530 170 5,681 Hospital and medical insurance 1,347,000 1,344,820 1,222,041 122,779 1,269,081 Disability insurance 6,250 6,250 6,067 183 6,238 Unemployment benefits 5,000 5,000 172 4,828 5,497 2,380,450 2,380,450 2,235,861 144,589 2,292,204 TOTAL EXPENDITURES 11,368,157 11,612,936 10,577,208 1,035,728 10,818,008 73 (Continued) Town of Mamaroneck,New York General Fund Schedule of Expenditures and Other Financing Uses Compared to Budget(Continued) Year Ended December 31,2019 (With Comparative Actuals for 2018) Variance with Final Budget Original Final Positive 2018 Budget Budget Actual (Negative) Actual OTHER FINANCING USES Transfers out Debt Service Fund $ 1,076,813 $ 1,089,812 $ 1,089,812 $ - $ 1,009,394 Capital Projects Fund 260,000 770,076 770,075 1 816,227 TOTAL OTHER FINANCING USES 1,336,813 1,859,888 1,859,887 1 1,825,621 TOTAL EXPENDITURES AND OTHER FINANCING USES $ 12,704,970 $ 13,472,824 $ 12,437,095 $ 1,035,729 $ 12,643,629_ See independent auditors'report. 74 Town of Mamaroneck, New York Town Outside Villages Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 14,752 $ 4,284,651 Receivables Accounts 53,749 80,285 Due from other governments 652,761 496,877 Due from other funds 4,741,447 1,207 5,447,957 578,369 Prepaid expenditures 433,624 428,302 Total Assets $ 5,896,333 $ 5,291,322 LIABILITIES AND FUND BALANCE Liabilities Accounts payable $ 88,639 $ 68,186 Accrued liabilities 129,483 130,875 Due to other funds 15,636 61,934 Total Liabilities 233,758 260,995 Fund balance Nonspendable 433,624 428,302 Assigned 5,228,951 4,602,025 Total Fund Balance 5,662,575 5,030,327 Total Liabilities and Fund Balance $ 5,896,333 $ 5,291,322 See independent auditors' report. 75 Town of Mamaroneck, New York Town Outside Villages Fund Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Years Ended December 31, 2019 Variance with Final Budget Original Final Positive Budget Budget Actual _ (Negative) REVENUES Real property taxes $ 9,859,314 $ 9,859,314 $ 9,843,286 $ (16,028) Non-property taxes 1,800,000 1,907,195 2,191,447 284,252 Departmental income 196,800 546,800 562,893 16,093 Licenses and permits 638,000 638,000 1,034,730 396,730 Fines and forfeitures 5,000 5,000 9,705 4,705 State aid - - 5,000 5,000 Miscellaneous 5,200 6,860 144,270 137,410 Total Revenues 12,504,314 12,963,169 13,791,331 828,162 EXPENDITURES Current General government support 705,434 756,978 723,782 33,196 Public safety 5,919,047 6,325,318 6,260,507 64,811 Health 59,100 59,100 59,100 - Transportation 33,550 33,550 15,220 18,330 Culture and recreation 1,407,800 1,409,050 1,382,931 26,119 Home and community services 224,917 229,960 218,986 10,974 Employee benefits 4,290,800 4,290,800 4,193,085 97,715 Total Expenditures 12,640,648 13,104,756 12,853,611 251,145 Excess (Deficiency) of Rev- enues Over Expenditures (136,334) (141,587) 937,720 1,079,307 OTHER FINANCING SOURCES (USES) Insurance recoveries - - - - Transfers in 117,070 118,970 118,970 - Transfers out (407,387) (484,770) (424,442) 60,328 Total Other Financing Uses (290,317) (365,800) (305,472) 60,328 Net Change in Fund Balance (426,651) (507,387) 632,248 1,139,635 FUND BALANCE Beginning of Year 426,651 507,387 5,030,327 4,522,940 End of Year $ - $ - $ 5,662,575 $ 5,662,575 See independent auditors'report. 76 2018 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 9,831,560 $ 9,831,560 $ 9,822,525 $ (9,035) 1,730,000 1,730,000 1,917,581 187,581 187,800 187,800 218,091 30,291 554,000 554,000 908,383 354,383 5,000 5,000 9,760 4,760 3,000 3,000 15,117 12,117 12,311,360 12,311,360 12,891,457 580,097 550,266 550,266 568,193 (17,927) 6,038,045 6,038,045 5,877,024 161,021 59,100 59,100 59,100 - 33,550 33,550 24,648 8,902 1,374,910 1,374,910 1,368,079 6,831 221,513 221,513 214,299 7,214 4,157,250 4,157,250 3,962,148 195,102 12,434,634 12,434,634 12,073,491 361,143 (123,274) (123,274) 817,966 941,240 - 44,000 28,598 (15,402) 133,500 133,500 135,365 1,865 (368,167) (568,115) (563,401) 4,714 (234,667) (390,615) (399,438) (8,823) (357,941) (513,889) 418,528 932,417 357,941 513,889 4,611,799 4,097,910 $ - $ - ,$ 5,030,327 $ 5,030,327 77 Town of Mamaroneck,New York Town Outside Villages Fund Schedule of Revenues and Other Financing Sources Compared to Budget Year Ended December 31,2019 (With Comparative Actuals for 2018) Variance with Final Budget Original Final Positive 2018 Budget Budget Actual (Negative) Actual REAL PROPERTY TAXES $ 9,859,314 $ 9,859,314 $ 9,843,286 $ (16,028) $ 9,822,525 NON-PROPERTY TAXES Non-property tax distribution from County 1,800,000 1,907,195 2,191,447 284,252 1,917,581 DEPARTMENTAL INCOME Police fees 300 350,300 341,493 (8,807) 338 Zoning fees 15,000 15,000 9,350 (5,650) 37,013 Planning Board fees 5,000 5,000 9,305 4,305 12,526 Emergency tenants protection 2,500 2,500 1,540 (960) 2,260 Parking fees 140,000 140,000 166,240 26,240 127,113 Recreation fees 34,000 34,000 34,965 965 38,841 196,800 546,800 562,893 16,093 218,091 LICENSES AND PERMITS Building permits 480,000 480,000 745,634 265,634 673,683 Alarm licenses 38,000 38,000 38,419 419 39,240 Other licenses 120,000 120,000 250,677 130,677 195,460 638,000 638,000 1,034,730 396,730 908,383 FINES AND FORFEITURES False alarms 5,000 5,000 9,705 4,705 9,760 STATE AID New York State conservation grant - - 5,000 5,000 - 78 MISCELLANEOUS Unclassified 5,200 6,860 144,270 137,410 15,117 TOTAL REVENUES 12,504,314 12,963,169 13,791,331 828,162 12,891,457 OTHER FINANCING SOURCES Insurance recoveries - - - - 28,598 Transfers in Capital Projects Fund - - - - 1207 Special Purpose Fund - 1,900 1,900 - - Debt Service Fund 14,500 14,500 14,500 - 14,500 Tri-Municipal Cable T.V.Fund 102,570 102,570 102,570 - 119,658 TOTAL OTHER FINANCING SOURCES 117,070 118,970 118,970 - 163,963 TOTAL REVENUES AND OTHER FINANCING SOURCES $ 12,621,384 $ 13,082,139 $ 13,910,301 $ 828,162 $ 13,055,420 See independent auditors'report. 79 Town of Mamaroneck,New York Town Outside Villages Fund Schedule of Expenditures and Other Financing Uses Compared to Budget Year Ended December 31,2019 (With Comparative Actuals for 2018) Variance with Final Budget Original Final Positive 2018 Budget Budget Actual (Negative) Actual GENERAL GOVERNMENT SUPPORT Central communications $ 41,603 $ 41,603 $ 38,915 $ 2,688 $ 40,504 Central services 101,900 101,900 86,120 15,780 80,470 Central data processing 288,431 288,431 275,179 13,252 153,362 Unallocated insurance 130,000 130,000 139,037 (9,037) 129,387 Judgments and claims 95,000 148,000 148,800 (800) 136,519 Metropolitan commuter transportation mobility tax 20,000 20,000 21,182 (1,182) 19,275 Employee evaluations 5,000 5,000 2,875 2,125 3,134 Credit card fees 3,500 3,500 11,674 (8,174) 5,542 Contingency 20,000 18,544 - 18,544 - .705,434 756,978 723,782 33,196 568,193 PUBLIC SAFETY Police 5,345,266 5,750,887 5,726,218 24,669 5,331,356 Other public safety 11,000 11,650 8,828 2,822 3,725 Traffic control 112,327 112,327 82,295 30,032 93,883 Control of animals 18,500 18,500 18,264 238 16,389 Safety inspection 431,954 431,954 424,902 7,052 431,871 5,919,047 6,325,318 6,260,507 64,811 5,877,024 HEALTH Narcotics Guidance Council 59,100 59,100 59,100 - 59,100 TRANSPORTATION Off-street parking lots 33.550 33,550 15,220 18,330 24,648 CULTURE AND RECREATION Playgrounds and recreation 63,300 64,550 57,039 7.511 57,213 Youth programs 21,000 21,000 21,000 - 20,000 Library 1,320,500 1,320,500 1,302,279 18,221 1,288,260 Celebrations 3,000 3,000 2,613 387 2,606 1,407,800 1,409,050 1,382,931 26,119 1,368,079 80 HOME AND COMMUNITY SERVICES Board of Appeals 50,990 50,990 48,978 2,012 50,461 Planning Board 72,290 74,709 74,709 - 71,943 Environmental control 97,887 100,511 93,167 7,344 89,406 Emergency tenant protection 2,500 2,500 2,070 430 2,410 Coastal zone 1,250 1,250 62 1,188 79 224,917 229,960 218,986 10,974 214,299 EMPLOYEE BENEFITS State retirement 85,000 85,000 77,031 7,969 72,172 Police retirement 1,125,000 1,125,000 1,109,832 15,168 1,095,285 Social security 450,000 450,000 415,321 34,679 380,867 Workers'compensation benefits 392,000 399,700 370,201 29,499 255,911 Life insurance 3,500 3,500 3,016 484 3,096 Hospital and medical Insurance 2,219,300 2,211,600 2,204,410 7,190 2,137,608 Disability insurance 1,000 1,000 780 220 685 Unemployment benefits 15,000 15,000 12,494 2,506 16,524 4,290,800 4,290,800 4,193,085 97,715 3,962,148 TOTAL EXPENDITURES 12,640,648 13,104,756 12,853,611 251,145 12,073,491 OTHER FINANCING USES Transfers out General Fund 50,000 50,000 50,000 - 50,000 Debt Service Fund 167,387 168,843 168,843 - 186,953 Capital Projects Fund 190,000 265,927 205,599 60,328 346,448 TOTAL OTHER FINANCING USES 407,387 484,770 424,442 60,328 563,401 TOTAL EXPENDITURES AND OTHER FINANCING USES $ 13,048,035 $ 13,589,526 $ 13,278,053 $ 311,473 $ 12,636,892 See independent auditors'report. 81 Town of Mamaroneck, New York Highway Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 27,317 $ 796,737 Investments 700,878 - Receivables Accounts 25,130 287 Due from other governments 47,424 45,702 State and Federal aid 118,869 118,826 Due from other funds 42,017 65,107 233,440 229,922 Prepaid expenditures 139,057 138,441 Total Assets $ 1,100,692 $ 1,165,100 LIABILITIES AND FUND BALANCE Liabilities Accounts payable $ 170,345 $ 139,317 Accrued liabilities 107,106 11,450 Due to other funds 33,868 179,358 Total Liabilities 311,319 330,125 Fund balance Nonspendable 139,057 138,441 Assigned 650,316 696,534 Total Fund Balance 789,373 834,975 Total Liabilities and Fund Balance $ 1,100,692 $ 1,165,100 See independent auditors' report. 82 Town of Mamaroneck, New York Highway Fund Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Years Ended December 31, 2019 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Real property taxes $ 4,974,606 $ 4,974,606 $ 4,966,518 $ (8,088) Departmental income 20,000 20,000 30,301 10,301 Intergovernmental charges 400,250 400,250 367,043 (33,207) Use of money and property 150 150 1,017 867 Sale of property and compensation for loss 11,500 38,000 60,659 22,659 State aid 85,000 85,000 118,870 33,870 Miscellaneous - 7,514 3,196 (4,318) Total Revenues 5,491,506 5,525,520 5,547,604 22,084 EXPENDITURES Current Transportation 3,166,903 3,237,392 3,202,014 35,378 Employee benefits 1,565,900 1,565,900 1,536,972 28,928 Total Expenditures 4,732,803 4,803,292 4,738,986 64,306 Excess of Revenues Over Expenditures 758,703 722,228 808,618 86,390 OTHER FINANCING SOURCES (USES) Insurance recoveries 10,000 64,733 78,729 13,996 Transfers in 50,000 50,000 50,000 - Transfers out (850,823) (982,949) (982,949) - Total Other Financing Uses (790,823) (868,216) (854,220) 13,996 Net Change in Fund Balance (32,120) (145,988) (45,602) 100,386 FUND BALANCE Beginning of Year 32,120 145,988 834,975 688,987 End of Year $ - $ - $ 789,373 $ 789,373 See independent auditors' report. 83 2018 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 5,007,569 $ 5,007,569 $ 5,002,973 $ (4,596) 20,000 20,000 33,816 13,816 444,000 444,000 346,909 (97,091) 100 100 225 125 11,500 11,500 26,162 14,662 85,000 85,000 118,826 33,826 8,734 8,734 5,568,169 5,568,169 5,537,645 (30,524) 3,094,064 3,096,424 3,065,907 30,517 1,600,350 1,600,350 1,592,670 7,680 4,694,414 4,696,774 4,658,577 38,197 873,755 871,395 879,068 7,673 10,000 10,000 10,882 882 88,170 90,530 133,640 43,110 (1,076,590) (1,255,948) (1,237,763) 18,185 (978,420) (1,155,418) (1,093,241) 62,177 (104,665) (284,023) (214,173) 69,850 104,665 284,023 1,049,148 765,125 ,$ - $ - $ 834,975 ,$ 834,975 84 Town of Mamaroneck, New York Special Districts Fund Combining Balance Sheet-Sub Funds December 31, 2019 (With Comparative Totals for 2018) Street Refuse and Water Sewer Lighting Garbage District District District District ASSETS Cash and equivalents $ 296,298 $ 88,359 $ 16,247 $ 181,107 Investments 1,455,512 - - - Receivables Accounts - - 89,329 - Due from other governments - 87,291 - - Due from other funds - - - - - 87,291 89,329 - Prepaid expenditures 3,005 8,014 5,511 18,869 Total Assets $ 1,754,815 $ 183,664 $ 111,087 $ 199,976 LIABILITIES AND FUND BALANCES Liabilities Accounts payable $ 6,549 $ 1,339 $ 25,670 $ - Accrued liabilities - 2,384 133 1,151 Due to other funds - - - 10,915 Total Liabilities 6,549 3,723 25,803 12,066 Fund balances Nonspendable 3,005 8,014 5,511 18,869 Restricted - - - - Assigned 1,745,261 171,927 79,773 169,041 Total Fund Balances 1,748,266 179,941 85,284 187,910 Total Liabilities and Fund Balances $ 1,754,815 $ 183,664 $ 111,087 $ 199,976 See independent auditors' report. 85 Fire Totals Ambulance Protection District District 2019 2018 $ 567,167 $ 364,524 $ 1,513,702 $ 1,751,066 - 1,319,451 2,774,963 4,054,480 - - 89,329 16,183 - - 87,291 49,740 - - - 39,642 - - 176,620 105,565 93,379 118,628 247,406 194,183 $ 660,546 $ 1,802,603 $ 4,712,691 ,$ 6,105,294 $ 28,627 $ 24,144 $ 86,329 $ 65,559 30,784 13,796 48,248 51,393 3,747 4,359 19,021 1,535,815 63,158 42,299 153,598 1,652,767 93,379 118,628 247,406 194,183 1,319,451 1,319,451 1,202,047 504,009 322,225 2,992,236 3,056,297 597,388 1,760,304 4,559,093 4,452,527 $ 660,546 $ 1,802,603 $ 4,712,691 $ 6,105,294 86 Town of Mamaroneck, New York Special Districts Fund Combining Schedule of Revenues, Expenditures and Changes in Fund Balances-Sub Funds Year Ended December 31, 2019 (With Comparative Totals for 2018) Street Water Sewer Lighting District District District REVENUES Real property taxes $ - $ - $ 301,086 Departmental income 937,081 400,284 - Intergovernmental charges - - - Use of money and property 33,812 - - Sale of property and compensation for loss - - 4,316 Miscellaneous - - - Total Revenues 970,893 400,284 305,402 EXPENDITURES Current Public safety - - - Health - - - Transportation - - 54,882 Home and community services 81,824 99,001 - Employee benefits - 47,693 29,567 Debt service Principal - - - Interest - - - Total Expenditures 81,824 146,694 84,449 Excess of Revenues Over Expenditures 889,069 253,590 220,953 OTHER FINANCING SOURCES (USES) Transfers in - - - Transfers out (819,545) (307,973) (125,011) Total Other Financing Uses (819,545) (307,973) (125,011) Net Change in Fund Balances 69,524 (54,383) 95,942 FUND BALANCES (DEFICITS) Beginning of Year 1,678,742 234,324 (10,658) End of Year $ 1,748,266 $ 179,941 $ 85,284 See independent auditors' report. 87 Refuse and Fire Totals Garbage Ambulance Protection District District District 2019 2018 $ 2,196,553 $ 686,722 $ 3,872,714 $ 7,057,075 $ 6,828,665 918,879 - 2,256,244 1,931,831 - 142,458 - 142,458 122,280 - - 66,048 99,860 76,412 11,796 2,307 6,268 24,687 440,330 6,263 - 6,263 5,376 2,208,349 1,756,629 3,945,030 9,586,587 9,404,894 - - 2,450,658 2,450,658 2,039,443 - 1,199,735 - 1,199,735 1,172,014 - - 54,882 165,968 2,038,372 - - 2,219,197 2,203,592 263,422 1,287,552 1,628,234 1,676,476 - 29,300 - 29,300 29,300 - 183 - 183 185 2,038,372 1,492,640 3,738,210 7,582,189 7,286,978 169,977 263,989 206,820 2,004,398 2,117,916 19,500 19,500 59,737 (130,589) (79,413) (454,801) (1,917,332) (2,913,854) (130,589) (79,413) (435,301) (1,897,832) (2,854,117) 39,388 184,576 (228,481) 106,566 (736,201) 148,522 412,812 1,988,785 4,452,527 5,188,728 $ 187,910 $ 597,388 $ 1,760,304 $ 4,559,093 $ 4,452,527 88 Town of Mamaroneck, New York Section 8 Housing Assistance Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 905,268 $ 640,018 LIABILITIES AND FUND BALANCE Liabilities Due to other funds $ 505,331 $ 163,389 Fund balance Restricted 399,937 476,629 Total Liabilities and Fund Balance $ 905,268 $ 640,018 See independent auditors' report. 89 Town of Mamaroneck, New York Section 8 Housing Assistance Fund Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Years Ended December 31, 2019 2018 REVENUES Use of money and property $ 1,259 $ 1,308 Federal aid 6,623,879 6,364,325 Miscellaneous 12,868 22,474 Total Revenues 6,638,006 6,388,107 EXPENDITURES Current Economic opportunity and development 6,714,698 6,383,658 Excess (Deficiency) of Revenues Over Expenditures (76,692) 4,449 FUND BALANCE Beginning of Year 476,629 472,180 End of Year $ 399,937 $ 476,629 See independent auditors' report. 90 Town of Mamaroneck, New York Capital Projects Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 10,535,846 $ 6,465,725 Receivables Accounts 385,318 171,681 State and Federal aid - 3,873 Due from other funds 33,868 2,127,885 419,186 2,303,439 Total Assets $ 10,955,032 $ 8,769,164 LIABILITIES AND FUND BALANCE Liabilities Accounts payable $ 2,583,000 $ 1,129,095 Accrued liabilities 131,179 - Due to other funds 18,501 896,233 Unearned revenues 9,752 9,795 Total Liabilities 2,742,432 2,035,123 Fund balance Restricted 8,212,600 6,734,041 Total Liabilities and Fund Balance $ 10,955,032 $ 8,769,164 See independent auditors' report. 91 Town of Mamaroneck, New York Capital Projects Fund Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Years Ended December 31, 2019 2018 REVENUES State aid $ 45,043 $ 8,524 Federal aid - 38,246 Miscellaneous 376,282 439,660 Total Revenues 421,325 486,430 EXPENDITURES Capital outlay 7,219,084 5,253,640 Deficiency of Revenues Over Expenditures (6,797,759) (4,767,210) OTHER FINANCING SOURCES (USES) Bonds issued 6,300,000 7,215,500 Issuance premium 97,000 - Transfers in 1,879,318 3,383,936 Transfers out - (898,945) Total Other Financing Sources 8,276,318 9,700,491 Net Change in Fund Balance 1,478,559 4,933,281 FUND BALANCE Beginning of Year 6,734,041 1,800,760 End of Year $ 8,212,600 $ 6,734,041 See independent auditors' report. 92 Town of Mamaroneck, New York Capital Projects Fund Project-Length Schedule Inception of Project through December 31, 2019 Project Project Expenditures Unexpended PROJECT Number Budget and Transfers Balance Justice Court Equipment 28-4 $ 48,500 $ 38,747 $ 9,753 Sanitary Sewer Pump Station 2014-23 35,500 522 34,978 Fire District Apparatus 2015-11 1,989,277 1,989,277 - Fire Building Improvements 2015-29 363,000 235,415 127,585 Weaver Street Sidewalk Extensions 2015-45 395,000 55,543 339,457 Town Center Building Improvement 2016-14 371,250 208,831 162,419 Ambulance Equipment 2016-33 5,000 4,007 993 Conservation Trails 2016-39 52,750 28,415 24,335 Parking Lot Town Center 2016-48 847,228 811,522 35,706 Highway Vehicles and Equipment 2017-06 580,000 572,117 7,883 Town Center Building Improvement 2017-14 227,500 2,397 225,103 Computer Software 2017-19 201,290 190,719 10,571 Ice Rink Improvements 2017-24 105,064 61,371 43,693 Fire Building Improvements 2017-29 1,514,700 1,504,396 10,304 Recreation Facility Improvement 2017-31 7,500 - 7,500 Ambulance Equipment 2017-33 19,250 13,530 5,720 Highway Garage Building Improvements 2017-38 163,500 93,171 70,329 Sheldrake Improvements 2017-40 5,000 - 5,000 Gardens Lake Improvement 2017-53 148,925 100,741 48,184 Pryor Manor Bridge Improvement 2017-54 275,000 209,744 65,256 Fire Turnout Gear Equipment 2017-56 250,000 206,833 43,167 Senior Center Improvements 2017-58 16,000 - 16,000 Town Center Building Improvement 2018-14 853,350 69,819 783,531 Recreation Facility Improvement 2018-31 81,500 42,400 39,100 Parking Lot Improvement 2018-48 125,000 1,377 123,623 Sanitary Sewer Improvement 2018-60 2,795,000 1,070,452 1,724,548 Traffic Control Devices 2018-61 1,116,000 7,901 1,108,099 Purchase Street Pressure Regulator 1342-12 102,359 99,301 3,058 North Berry Pressure Regulator 1344-12 91,000 87,381 3,619 Mamaroneck Ave Pressure Regulator 1345-12 122,850 117,796 5,054 Kenilworth Tank 1346-12 798,500 723,381 75,119 Water Infrastructure 18 Paving 1348-12 129,000 96,634 32,366 Rye Lake UV Facility 1352-12 1,586,000 22,767 1,563,233 Paving 1356-12 354,021 216,301 137,720 South Ridge Transit 1360-12 350,000 159,323 190,677 Water Improvements 2015-12 - (18,698) 18,698 Barry Avenue/Macy Road Water Main 2016-12 16,297 9,561 6,736 Police Vehicles 2019-02 79,947 348 79,599 Roads, Sidewalks and Curbs 2019-04 1,287,186 1,226,344 60,842 Highway Vehicles and Equipment 2019-06 424,000 105,754 318,246 Town Center Building Improvement 2019-14 21,985 12,025 9,960 Computer Software 2019-19 223,200 129,614 93,586 Computer Hardware and Equipment 2019-20 276,810 253,434 23,376 Ice Rink Improvements 2019-24 1,313,000 37,610 1,275,390 Fire HQ Lower Level Renovations 2019-29 2,289,000 735,483 1,553,517 93 Fund Balance at Total December 31, Revenues 2019 $ 38,789 $ 42 35,500 34,978 1,989,277 - 363,000 127,585 80,000 24,457 371,250 162,419 5,000 993 52,750 24,335 847,228 35,706 580,000 7,883 227,500 225,103 201,290 10,571 105,064 43,693 1,514,700 10,304 7,500 7,500 19,250 5,720 107,500 14,329 5,000 5,000 148,925 48,184 275,000 65,256 250,000 43,167 16,000 16,000 853,350 783,531 81,500 39,100 125,000 123,623 2,795,000 1,724,548 250,001 242,100 100,100 799 91,000 3,619 122,850 5,054 798,500 75,119 129,000 32,366 500,000 477,233 350,000 133,699 350,000 190,677 - 18,698 16,294 6,733 79,947 79,599 1,287,186 60,842 424,000 318,246 21,985 9,960 223,200 93,586 276,810 23,376 275,000 237,390 2,289,000 1,553,517 94 Town of Mamaroneck, New York Capital Projects Fund Project-Length Schedule Inception of Project through December 31, 2019 Project Project Expenditures Unexpended PROJECT Number Budget and Transfers Balance Ambulance Equipment 2019-33 $ 5,000 $ 3,610 $ 1,390 Sheldrake Improvements 2019-40 50,000 3,950 46,050 Senior Center Improvements 2019-58 190,000 31,004 158,996 LVAC Building Improvements 2019-59 8,150 7,433 717 Waverly Avenue Bridge Improvement 2019-62 1,999,200 18,183 1,981,017 Hillside Avenue Bridge Improvement 2019-63 207,000 2,688 204,312 Sidewalk Extension East Hickory Grove Drive 2019-64 226,300 3,588 222,712 Stone Masonry Repairs 2019-65 90,000 - 90,000 Comprehensive Plan 2019-66 248,000 2,256 245,744 Pagers and Communication Equipment 2019-67 46,350 - 46,350 MEMS Building Improvements 2019-68 5,000 - 5,000 Electrical Vehicle Charging Station 2019-69 133,185 107,325 25,860 Totals $ 25,265,424 $ 11,713,643 $ 13,551,781 „ See independent auditors' report. 95 Fund Balance at Total December 31, Revenues 2019 $ 5,000 $ 1,390 50,000 46,050 190,000 158,996 8,150 717 124,200 106,017 207,000 204,312 226,300 222,712 90,000 90,000 180,000 177,744 46,350 46,350 5,000 5,000 113,997 6,672 $ 19,926,243 $ 8,212,600 96 Town of Mamaroneck, New York Non-Major Governmental Funds Combining Balance Sheet December 31, 2019 (With Comparative Totals for 2018) Tri- Municipal Special Debt Cable T.V. Purpose Service ASSETS Cash and equivalents $ 1,212,060 $ 188,278 $ 2,162,479 Receivables Accounts 220,497 - - Due from other funds - - 14,847 220,497 - 14,847 Total Assets $ 1,432,557 $ 188,278 $ 2,177,326 Fund balances Restricted 1,354,248 188,278 2,177,326 Assigned 78,309 - - Total Fund Balances 1,432,557 188,278 2,177,326 Total Liabilities and Fund Balances $ 1,432,557 $ 188,278 $ 2,177,326 See independent auditors' report. 97 Total Non-Major Governmental Funds 2019 2018 $ 3,562,817 $ 2,625,847 220,497 225,340 14,847 804,885 235,344 1,030,225 $ 3,798,161 $ 3,656,072 3,719,852 3,403,452 78,309 252,620 3,798,161 3,656,072 $ 3,798,161 $ 3,656,072 98 Town of Mamaroneck, New York Non-Major Governmental Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances Year Ended December 31, 2019 (With Comparative Totals for 2018) Tri- Municipal Special Cable T.V. Purpose REVENUES Departmental income $ 1,013,083 $ - Use of money and property 8,052 - Miscellaneous - 33,486 Total Revenues 1,021,135 33,486 EXPENDITURES Current General government support 1,027,833 - Home and community services - 391 Debt service Principal - - Interest - - Total Expenditures 1,027,833 391 Excess (Deficiency)of Revenues Over Expenditures (6,698) 33,095 OTHER FINANCING SOURCES (USES) Issuance premium - - Transfers in - - Transfers out (102,570) (105,525) Total Other Financing Sources (Uses) (102,570) (105,525) Net Change in Fund Balances (109,268) (72,430) FUND BALANCES Beginning of Year 1,541,825 260,708 End of Year $ 1,432,557 $ 188,278 See independent auditors' report. 99 Total Non-Major Governmental Funds Debt Service 2019 2018 $ - $ 1,013,083 $ 1,021,764 90,315 98,367 8,628 - 33,486 42,807 90,315 1,144,936 1,073,199 - 1,027,833 1,079,793 - 391 741 2,420,500 2,420,500 2,460,000 909,792 909,792 646,702 3,330,292 4,358,516 4,187,236 (3,239,977) (3,213,580) (3,114,037) 397,472 397,472 404,266 3,330,292 3,330,292 3,911,344 (164,000) (372,095) (381,976) 3,563,764 3,355,669 3,933,634 323,787 142,089 819,597 1,853,539 3,656,072 2,836,475 $ 2,177,326 $ 3,798,161 $ 3,656,072 100 Town of Mamaroneck, New York Tri-Municipal Cable T.V. Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 1,212,060 $ 1,316,715 Accounts receivable 220,497 225,110 Total Assets $ 1,432,557 $ 1,541,825 FUND BALANCE Restricted $ 1,354,248 $ 1,289,205 Assigned 78,309 252,620 Total Fund Balance $ 1,432,557 $ 1,541,825 See independent auditors' report. 101 Town of Mamaroneck, New York Tri-Municipal Cable T.V. Fund Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Years Ended December 31, 2019 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Departmental income $ 761,244 $ 761,244 $ 1,013,083 $ 251,839 Use of money and property 5,000 5,000 8,052 3,052 Total Revenues 766,244 766,244 1,021,135 254,891 EXPENDITURES Current General government support 963,674 963,674 1,027,833 (64,159) Deficiency of Revenues Over Expenditures (197,430) (197,430) (6,698) 190,732 OTHER FINANCING USES Transfers out (102,570) (102,570) (102,570) - Net Change in Fund Balance (300,000) (300,000) (109,268) 190,732 FUND BALANCE Beginning of Year 300,000 300,000 1,541,825 1,241,825 End of Year $ - $ - $ 1,432,557 $ 1,432,557 See independent auditors' report. 102 2018 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 751,165 $ 751,165 $ 1,021,764 $ 270,599 1,000 1,000 5,074 4,074 752,165 752,165 1,026,838 274,673 982,507 982,507 1,079,793 (97,286) (230,342) (230,342) (52,955) 177,387 (119,658) (119,658) (119,658) - (350,000) (350,000) (172,613) 177,387 350,000 350,000 1,714,438 1,364,438 $ - $ - $ 1,541,825 $ 1,541,825 103 Town of Mamaroneck, New York Special Purpose Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 188,278 $ 260,478 Accounts receivable - 230 Total Assets $ 188,278 $ 260,708 FUND BALANCE Restricted $ 188,278 $ 260,708 See independent auditors' report. 104 Town of Mamaroneck, New York Special Purpose Fund Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Years Ended December 31, 2019 2018 REVENUES Miscellaneous $ 33,486 $ 39,226 EXPENDITURES Current Home and community services 391 741 Excess of Revenues Over Expenditures 33,095 38,485 OTHER FINANCING USES Transfers out (105,525) (28,148) Net Change in Fund Balance (72,430) 10,337 FUND BALANCE Beginning of Year 260,708 250,371 End of Year $ 188,278 $ 260,708 See independent auditors' report. 105 Town of Mamaroneck, New York Debt Service Fund Comparative Balance Sheet December 31, 2019 2018 ASSETS Cash and equivalents $ 2,162,479 $ 1,048,654 Due from other funds 14,847 804,885 Total Assets $ 2,177,326 $ 1,853,539 FUND BALANCE Restricted $ 2,177,326 $ 1,853,539 See independent auditors' report. 106 Town of Mamaroneck, New York Debt Service Fund Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Years Ended December 31, 2019 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Use of money and property $ - $ - $ 90,315 $ 90,315 Miscellaneous - - - - Total Revenues - - 90,315 90,315 EXPENDITURES Debt service Serial bonds Principal 2,449,225 2,420,504 2,420,500 4 Interest 876,191 909,792 909,792 - Total Expenditures 3,325,416 3,330,296 3,330,292 4 Deficiency of Revenues Over Expenditures (3,325,416) (3,330,296) (3,239,977) 90,319 OTHER FINANCING SOURCES (USES) Issuance premium - - 397,472 397,472 Transfers in 3,325,416 3,348,994 3,330,292 (18,702) Transfers out (164,000) (164,000) (164,000) - Total Other Financing Sources 3,161,416 3,184,994 3,563,764 378,770 Net Change in Fund Balance (164,000) (145,302) 323,787 469,089 FUND BALANCE Beginning of Year 164,000 145,302 1,853,539 1,708,237 End of Year $ - $ - $ 2,177,326 $ 2,177,326 See independent auditors' report. 107 2018 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ - $ - $ 3,554 $ 3,554 - - 3,581 3,581 - - 7,135 7,135 2,355,000 2,355,000 2,460,000 (105,000) 806,903 806,903 646,702 160,201 3,161,903 3,161,903 3,106,702 55,201 (3,161,903) (3,161,903) (3,099,567) 62,336 404,266 404,266 3,161,903 3,161,903 3,911,344 749,441 (234,170) (234,170) (234,170) - 2,927,733 2,927,733 4,081,440 1,153,707 (234,170) (234,170) 981,873 1,216,043 234,170 234,170 871,666 637,496 $ - $ - $ 1,853,539 $ 1,853,539 108 COPKF OrCONNOR DAVIES ACCOUNTANTS AND ADVISORS Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards Independent Auditors' Report The Honorable Supervisor and Town Board of the Town of Mamaroneck, New York We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the discretely presented component unit, each major fund and the aggregate remaining fund information of the Town of Mamaroneck, New York ("Town") as of and for the year ended December 31, 2019, and the related notes to the financial statements, which collectively comprise the Town's basic financial statements, and have issued our report thereon dated , 2020. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Town's internal control over financial reporting ("internal control") to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Town's internal control. Accordingly, we do not express an opinion on the effectiveness of the Town's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. PKF O'CONNOR DAVIES. LLP 500 Mamaroneck Avenue.Harrison, NY 10528 I Tel 914.381 8900 I Fax.914.381 8910 I www.pkfod.corn PKF O'Connor Davies.LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms 109 Compliance and Other Matters As part of obtaining reasonable assurance about whether the Town's financial statements are free from material misstatement. we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Town's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Town's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. PKF O'Connor Davies, LLP Harrison, New York . 2020 110 J PKF O'CONNOR DAVIES ACCOUNTANTS AND ADVISORS Report on Compliance for Each Major Federal Program and Report on Internal Control Over Compliance Required by The Uniform Guidance Independent Auditors' Report The Honorable Supervisor and the Town Board of the Town of Mamaroneck, New York Report on Compliance for Each Major Federal Program We have audited the Town of Mamaroneck, New York's ("Town") compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of the Town's major federal programs for the year ended December 31, 2019. The Town's major federal programs are identified in the summary of auditors' results section of the accompanying schedule of findings and questioned costs. Management's Responsibility Management is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards. Auditors' Responsibility Our responsibility is to express an opinion on compliance for each of the Town's major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards ("Uniform Guidance"). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the Town's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the Town's compliance. Opinion on Each Major Federal Program In our opinion, the Town complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended December 31, 2019. PKF O'CONNOR DAVIES. LLP 500 Mamaroneck Avenue.Harrison.NY 10528 I Tel 914.381 8900 I Fax:914.381.8910 I www.pkfod.com PKF O'Connor Davies,LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms 111 Report on Internal Control Over Compliance Management of the Town is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Town's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Town's internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. PKF O'Connor Davies, LLP Harrison, New York , 2020 112 Town of Mamaroneck, New York Schedule of Expenditures of Federal Awards Year Ended December 31,2019 Pass-Through Federal Entity Provided Total Federal Grantor/Pass-Through Grantor! CFDA Identifying to Sub- Federal Program or Cluster Title Number(1) Number Recipients Expenditures U.S. Department of Housing and Urban Development Direct Program Section 8 Housing Choice Vouchers 14.871 $ - $ 6,714,698 U.S. Department of Health and Human Services Indirect Programs-Passed through County of Westchester Special Programs for the Aging-Title III, Part B AGET6860415 Grants for Supportive Services and Senior Centers 93.044 710335 - 8,172 Special Programs for the Aging-Title III, Part C AGET9420415 Nutrition Services 93.045 710335 - 58,816 Total U.S. Department of Health and Human Services - 66,988 Total Expenditures of Federal Awards $ - $ 6,781,686 (1) Catalog of Federal Domestic Assistance Number See Independent Auditors' Report and Notes to Schedule of Expenditures of Federal Awards. 113 Town of Mamaroneck, New York Notes to Schedule of Expenditures of Federal Awards December 31, 2019 Note 1 - Basis of Presentation The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of the Town of Mamaroneck, New York("Town") under programs of the federal government for the year ended December 31, 2019. Federal awards received directly from the Federal agencies as well as Federal awards passed through other government agencies are included in the Schedule. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net position or cash flows of the Town. Note 2 -Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. Note 3 - Indirect Cost Rate The Town has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Note 4 -Subrecipient For the year ended December 31, 2019, the Town provided no funds to subrecipients. Note 5 - Nonmonetary Assistance For the year ended December 31, 2019, the Town received no nonmonetary assistance. 114 Town of Mamaroneck, New York Summary Schedule of Prior Audit Findings Year Ended December 31, 2019 None ` :. • • . • • 115 Town of Mamaroneck, New York Schedule of Findings and Questioned Costs Year Ended December 31, 2019 Section I -Summary of Auditors' Results Financial Statements Type of report the auditor issued on whether the financial statements audited were prepared in accordance with GAAP Unmodified Internal control over financial reporting: • Material weakness(es) identified? Yes X No • Significant deficiency(ies) identified? Yes X None reported Noncompliance material to financial statements noted? Yes X No Federal Awards Internal Control over major federal programs: • Material weakness(es) identified? Yes X No • Significant deficiency(ies) identified ? Yes X None reported Type of auditor's report issued on compliance for major federal programs Unmodified Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? Yes X No Identification of major federal programs CFDA Number(s) Name of Federal Program or Cluster 14.871 Section 8 Housing Choice Vouchers Dollar threshold used to distinguish between Type A and Type B programs: $750,000 Auditee qualified as low-risk auditee? X Yes No 116 Town of Mamaroneck, New York Schedule of Findings and Questioned Costs(Concluded) Year Ended December 31, 2019 Section ll- Financial Statement Findings None Section III-Federal Award Findings and Questioned Costs None 117 Town of Mamaroneck o Town Center 740 West Boston Post Road, Mamaroneck, NY 10543-3353 F01.040E01661 OFFICE OF THE TOWN ADMINISTRATOR TO: FROM: DATE: June 17, 2020 SUBJECT: ATTACHMENTS: Description o Financial Update 2020 020 �99i TOWN OF MAMARONECK x OFFICE OF TOWN COMPTROLLER 't PUNOLO+5n+ TO: SUPERVISOR AND TOWN BOARD MEMBERS FROM: STEVE ALTIERI — TOWN ADMINISTRATOR TRACY YOGMAN- TOWN COMPTROLLER RE: FISCAL YEAR 2020 BUDGET PROJECTION DATE: JUNE 17, 2020 On April 1 we provided you with a financial update as we follow the impacts of the coronavirus pandemic on Town finances. The following is an update to that original submission and covers financial performance through May 2020. The 2020 results for the first five months of the year are provided by fund and compared to 2019. A budget projection through year end has been provided for review. Based on the Governor's Executive Order, New York is slowly beginning to reopen. At the time of this report, the Mid-Hudson region is entering Phase 2 which permits outdoor dining, retail sales and the opening of business offices. All of these activities come with strict requirements for masks and social distancing. For the Town the impact has been felt in a number of ways. We have cancelled our traditional day camp programs and the Town was forced to close the ice rink thus losing all of our late winter and spring revenue. The Hommocks Pool is planned for opening for July and August with limited capacity in compliance with guidelines. At the same time, the most significant revenues the Town relies upon very well may not meet budget that includes sales tax, state aid and mortgage tax revenue. As a result, the Town has instituted various cost saving measures as we anticipate the long term effects on the economy. Tax Collection As of May 31st, the Town has collected 96.8% or $66m of the $68.2m of the County and Town tax levy. The budget projection is that I% of the tax levy will not be collected in 2020. We will continue collection efforts through tax notice mailings and email notifications. Approximately $500k or 1.8% is anticipated to be collected by July 15`h for those taxpayers affected by the pandemic who have met the eligibility requirements set by the County for an extension. The Town has made the required payment to the County of 60% of the County tax levy of$24.6m in May 2020 from the $39.2 m collected. The Town also made the Schools whole for the 2019/2020 Tax Levy. There is an outstanding balance of$960k or .75% of the $128.1m tax levy that we are continuing to collect. 2019-2020 TOWN & COUNTY TAX COLLECTION 2019 Levy TOWN LEVY $26,552,791 2019 TOWN COLLECTION Collected $26,203,466 98.6% 2020 Levy TOWN LEVY $27,045,640 2020 TOWN COLLECTION Collected $26,182,339 96.8% 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 ■c cunt‘ •Town Revenues Refunds for the 2020 spring recreational programs and summer camp of $381 k have been processed and are reflected in the budget reports. Revenues have been projected based on 2019 revenues, current trends and 2020 year to date revenues. In total, revenues are collectively 7.6% lower in 2020 than 2019 for the first five months of the fiscal year. It is anticipated that revenues will fall short of budget by $2.7m as a result of canceled programs, closure of the ice rink, sales tax, mortgage tax, investment earnings and various other revenue shortfalls. Expenses A Town wide summary of revenues and expenses is provided below along with a brief overview of revenues and expenditures for each fund. Expenses are anticipated to be approximately $4.0 m lower than budget as a result of closures, capital project deferrals, vacancies and anticipated savings. 2 SUMMARY ALL FUNDS Y1 D/ 2020 Year-to-Date Year-to-Date Projected @ Budgt Budget 5/31/19 5/31/20 12/31/2020 Budget Variance Y/Y % % Revenues General Fund $ 12,093,519 $ 7,504,737 $ 5,892,029 $ 10,001,426 $ (2,092,093) -28% 49% Part Town 13,365,645 $ 11,058,967 10,578,410 12,783,209 (582,436) -5% 79% Highway 5,543,475 5,043,123 5,032,865 5,437,221 (106,254) -2% 91% Fire 4,162,199 3,770,843 4,019,472 4,102,786 (59,413) -2% 97% Streetlighting 304,273 291,642 293,924 300,009 (4,264) -1% 97% Ambulance 1,559,624 1,083,783 913,240 1,434,416 (125,208) -12% 59% Garbage 2,200,103 2,138,269 2,125,266 2,169,268 (30,835) -1% 97% Sewer 571,324 69,988 81,768 525,000 (46,324) -66% 14% Water 532,643 309,131 283,635 1,017,349 484,706 157% 53% Total Revenues t$ 40,332,805 $ 31,270,483 $ 29,220,609 $ 37,770,684 $ (2,562,121) -8% 72% Expenses General Fund $ 13,337,863 $ 4,981,120 $ 3,977,131 $ 11,072,484 $ 2,265,379 45% 30% Part Town 13,786,159 5,184,679 5,659,259 13,016,253 769,906 15% 41% Highway 5,543,475 2,516,219 1,928,118 5,053,276 490,199 19% 35% Fire 4,165,371 1,622,314 1,489,694 4,102,663 62,708 4% 36% Streetlighting 356,173 89,197 127,408 327,222 28,951 32% 36% Ambulance 1,562,516 702,840 624,891 1,436,212 126,304 18% 40% Garbage 2,200,103 1,074,713 862,461 2,187,465 12,638 1% 39% Sewer 571,324 87,986 55,729 471,620 99,704 113% 10% Water 1,126,643 304,987 196,279 1,129,418 (2,775) -1% 17% Total Expenses $ 42,649,627 $ 16,564,055 $ 14,920,970 $ 38,796,613 $ 3,853,014 23% 35% Use of Fund Balance $ (2,316,822) $ 14,706,428 $ 14,299,639 $ (1,025,929) $ 1,290,893 SUMMARY ALL FUNDS Unrestricted Fund Projected Fund Balance @ Projected Net Balance @ %of FUND 1/1/2020 Projected Revenue Projected Expenses Results 12/31/20 Appr Compliant General Fund $ 6,021,170 $ 10,001,426 $ 11,072,484 $ (1,071,058) $ 4,950,112 37%Yes Part Town 4,925,941 12,783,209 13,016,253 (233,044) 4,692,897 34%Yes Highway 650,317 5,437,221 5,053,276 383,945 1,034,262 19%Yes Fire 318,522 4,102,786 4,102,663 123 318,645 8% No Streetlighting 79,773 300,009 327,222 (27,213) 52,560 15% Yes Ambulance 504,011 1,434,416 1,436,212 (1,796) 502,215 32%Yes Garbage 169,040 2,169,268 2,187,465 (18,197) 150,843 7%Yes Sewer 171,927 525,000 471,620 53,380 225,307 39%Yes Water 1,295,260 1,017,349 1,129,418 (112,069) 1,183,191 105% Yes Total Revenues $ 14,135,961 $ 37,770,684 $ 38,796,613 $ (1,025,929) $ 13,110,032 35% 3 UNRESTRICTED FUND BALANCE $6,500,000 $6,000,000 5,500,000 55,000,000 $4,500,000 $4,000,000 $3,500,000 $3,000,000 , $2,500,000 $2,000,000 51,500,000 S1,000,000 / MI $500,000 j .w� — Milt MI lir So IIIV Genesi PartTo'.,n Hihv;ay Fire StUghung Amb Garbage S_:er Water Fund 1 Antral Fund Balance 2019 56,021.170 4,915,941 650,317 318,522 79,773 5-04011 169,040 171,911 1,295,260 i Estimated Fund Bakn_e 2320 54,950,112 4.692,897 1,16S,527 264,243 52,560 502215 150:843 225,317 1,183.191 4 Town Wide Fund: Based on the following assumptions, it is anticipated that expenses will exceed revenues by $1.1 million requiring the use of fund balance. This is slightly less than 2020 adopted budget estimated use of fund balance in the amount of$1.2m. Instituting savings this year will help to ensure adequate funding is available for potential budget gaps over the next few years as an economic recession is projected. Fund balance will remain strong and will help to maintain the Town's Aaa bond rating that will secure a low borrowing rate for the Town. Revenues: • Projected total revenue shortfall to budget is $2.1m or 17% • Tax revenues projected follows the collection rates outlined above and estimates a 1% uncollectible rate. • Lower late tax collection penalty revenue reflects the reduced penalty schedule set forth by the County. • Departmental income reflects the closure of the ice skating rink, camps, recreational programs for the spring and summer. The pool will be open in July and August at a proposed fee of $5/per person per session that if fully booked, will generate $143k in revenue for July and August. • Parking Lot A permits were extended through June 30 at no-cost. As a result, revenue will be 50% short of budget or $157k. Parking Lot A meters are estimated to have a shortfall of 33% or $23k. • Mortgage Tax is estimated to meet budget. The first half of the annual payment is based on sales from October 2019- March 2020 and has been received in June. The Town's share received June $113k or 19% higher than the period October 2018 — March 2019. The second half is based on home sales April-September 2020 and is paid in December. Mortgage tax revenue for April 2020 is 6%below March's and 29% below April 2019. On a positive note, May tax has jumped by 33% and is about 3% higher than May 2019. Although this is a good sign, the 2020 projection includes a conservative 25% decline from 2019 monthly tax for June- December but will still meet the budget. • State Aid- Based on the State's financial condition, the projection includes a possible 50% reduction or $71k. We are maintaining that projection in light of the Governor's ability to amend the NY State budget at his discretion. • FEMA- Projected 75% funding of pandemic related expenses of$72k. • Interest rates on investments have declined from 2.25% to .5%. • Fines/Forfeitures- Projected 28% shortfall to the budget. 5 Expenses: • Projected total expense savings to budget is $2.3m or 17%. • Projected full-time vacancies remain open at least through the third quarter; summer camp has been canceled and the ice rink remains closed at this time; the pool will be open for July/August and overtime will be limited. • Benefits- Projected $20k for Towns estimated share of unemployment; state will fund 50%. • Departmental expenses reflects the closure of the ice skating rink, camps, and recreational programs through the summer. A Program to Eliminate the Gap (PEG) that estimates a 20% in savings for supplies and equipment. • Deferral of capital projects per the capital project report, saving the Town $235k. General Fund Town Wide. TOWNWIDE FUND 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 2019 Actual 2020 Projected Budget 13,472,832 13,337.863 Revenues 12,214,149 10,001,400 Expenses 12,437,095 11,072,484 ■Budget ■Revenues ■Expenses 6 MORTGAGE TAX 2,000,000 1,500,000 1,000000 500,000 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 I Budget 900,000 900,000 850,000 910,000 975,000 1,075,000 1,300,000 1,500,000 1,350,000 1,142,900 ■Actual/Projected 1,078,153 1,002,982 1,413,418 1,223,801 1,621,519 1,736,581 1,382,743 1,237,496 1,247,050 1,142,000 Budget Actual/Projected Linear(Actua'/Projected( 7 TOWNWIDE FUND 2020 Year-to-Date PROJECTED @ Projected Savings Projected Savings Budget Year-to-Date 5/31/19 5/31/20 12/31/20 (Shortfall) (Shortfall)% Variance REVENUE: Real Property Taxes $ 4,816,198 $ 4,431,344 $ 4,666,635 $ 4,763,005 $ (53,193) -1%Projected 1%uncollected Estimate based on reduced rate Penalties-Property Taxes 500,000 548,951 355,074 405,000 (95,000) -19%schedule Parking-Ext to 7/1(5180k); Summer camp canceled (5730k);Pool open In July/Aug limited capacity(5360k);Ice rink open In Sept;75%of 2019 Departmental Income 3,167,000 1,846,166 472,645 1,544,564 (1,622,436) -51%revenue-Sept-Dec($300k) Projected 20%shortfall.2019 Street Opening Pemtlts/Ucenses 60,300 54,089 11,664 48,665 (11,635) -19%unusually high-Con Ed Actual thru May;estimate conservative 25%decline June- Mortgage Tax 1,142,900 - - 1,142,000 (900) 0%Dec State Aid:Anticipated tut@ State Ald/Federal Aid 1,307,626 123,746 76,622 1,223,702 (83,924) -6%50%/572k Interest rates declined from Use of Money/Property 583,700 238,465 222,041 450,389 (133,311) -23%225%to.5% Projected 28%decline based on Flnes/Forfettures 280,000 93,186 69,807 201,874 (78,126) -28%actuals Interfund Transfers 173,000 130,000 173,000 - 0%Tx from part town/sewer Misc contributions;utility receipts;Sr center Other 62,795 38,780 17,541 49,227 (13,568) -22%contributions Total Revenue $ 12,093,519 $ 7,504,737 $ 5,892,029 5 10,031,426 $ (2,092,093) -17% EXPENDITURES , Savings:Full time vacancies (5446k);Camp(5380k) canceled;Ice rink($70k)open in Sept;Reduced Overtime by 20% Personnel Services 5 5,345,919 $ 1,780,209 $ 1,760,308 4,387,117 $ 958,802 18%(560k) Unemployment$20k overbudget;Savings in health ins-vacandes(5130k);RCA Employee Benefits 2421,416 879,308 842,054 2,225,854 195,562 8%(597k) Pool open June/hdy;(cost 5365k);Savings for ice rink (5100k);Cemp/youth(5244k); Equipment(570k);PE6(558k); Youth Programs(5168k) Contractual/Equipment 4,285,790 1.286,827 1,060,714 3,409,454 876,336 20%Various(5236k) -Debt Service 962,759386,901 314,055 962,759 - 0% Transfers Out 321.979- 647,875 - 81,300 234,679 73%Capital projects Total Expenditures $ 13,337,863_$ 4,981,120 S 3,977,131 $ 11,0172484 $ 2,265,379 17% Use of Fund Batasce $ (� � 44 ) 5 2,523,61715 1,914,898{$ (1,071,058)1$ 173,286 - 14% 8 Town Outside Villages: Based on the following assumptions, it is anticipated that expenses will exceed revenues by $233k requiring the use of fund balance, exceeding the 2020 adopted budget estimated use of fund balance of$420k. However, instituting savings this year will help to ensure adequate funding is available for potential budget gaps over the next few years as an economic recession is projected. Fund balance will remain in compliance with the Town's policy. Revenues: • Projected total revenue shortfall to budget is estimated to be $582k or 4%. • Tax revenue projections for this fund are estimated at 99% for the year with a 1% uncollected balance. • Sales Tax revenue for April 2020 is about 43% less than March 2020 and about 2% less than April 2019. The County had projected a 40% sales tax increase for 2020. Based on first quarter sales, that increase was on track. However, as a result of the pandemic, it is estimated that the Town share will be 10% or $227k less than budgeted. This is a 5% decline from 2019 actuals ($100k). • Departmental Revenue will fall short of budget as a result of Police special duty fees of$66k lower than budget but will be offset by overtime saving); Parking Lot B permits have been extended through June 30. As a result, of the parking permit changes, revenue will be 47% short of budget or $51k. • Licenses/building permits is estimated to be $34k or 5% short of budget as a result of the interruption in construction activity due to the pandemic. Expenses: • Projected savings are anticipated from full-time vacancies that will remain open through at least the third quarter; police overtime and part time wages for crossing guards. • Contractual expense savings of $255k will be realized as a result of the cancellation of summer concerts, summer coop camp funding and 20% PEG for equipment/supplies. 9 Town Outside of Villages TOWN OUTSIDE OF VILLAGES FUND 14,000,000 13,800,000 i ti 13,600,000 13,400,000 13,200,000 13,000,000 12,800,000 — -.-__-- 12,600,000 12,400,000 12,200,000 2019 ACTUAL 2020 PROJECTED Budget 13,589,526 13,786,159 Revenues 13,910,299 12,783,209 Expenses 13,278,051 13,016,253 ■Budget It Revenues ■Expenses SALES TAX 2,500,000 2,300,000 2,100,000 1,900,000 —� 1,700,000 1,500,000 1,30.7,000 �""! 1,100,000 900,000 700,000 500,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Budget 1,275,000 1,300,000 1,380,000 1,485,000 1,650,000 1,600,000 1,700,000 1,730,000 1,800,000 2,318,000 — —Actual 1,558,059 1,580,133 1,684,780 1,743,960 1,727,220 1,748,807 1,827,393 1,917,581 2,191,447 2,091,000 =Budget — —Actual 1(1 PART TOWN FUND 2020 Projected Savings Projected Savings Budget Year-to-Date 5f31/19 Year-to-Date 5/31/20 Projected @ 12/31/20 (Shortfall) (Shortfall)% Variance REVENUE: Real Property Taxes $ 9,887,568 $ 9,734,782 $ 9,550,338 $ 9,748,089 $ (139,479) -1%Projected 1%uncollectable Sales Tax 2,318,000 473,203 649,961 2,091,000 (227,000) -10%Estimated 43%decline from Ql trends. State/Federal 3,000 • 12,720 15,720 12,720 424%Retroactive relmb for bulletproof vests Special Duty($661)offset with OT expense savings;Parking permit($511);Palk Departmental Income 354,547 391,441 25,963 188,525 (166,022) 47%programs($301) Ftnes/Forfeltures 6,000 2,445 2,120 9,620 3,620 60%Estimate based on actuals and prior year Other Revenue 6,550 40 2,860 9,217 2,667 41%Miscellaneous Ucenses/Pemdts 721,600 442,556 334,448 686,848 (34,752) -5%Projected 30%decline Q2-Q4 Interfund Transfer 68,380 14,500 - 34,190 (34,190) -50%Tx from Cable Total Revenue $ 13,365,645 $ 11,058,967 $ 10,578,410 12,783,209 (582,436) -4% EXPENDITURES PD OT Projected savings($951);Vacancies Personnel Services $ 6,146,584 $ 2,533,652 $ 2,521,660 $ 5,916,831 $ 229,753 4%($117k);Crossing Guards($431) Employee Benefits 4,378,015 1,796,321 1,857,643 4,222,393 155,622 4%PD indemnity($751);Health Ins($1001) Summer concerts($16k);Summer coop Contractual/E4uipment 2,639,198 533,121 1,207,148 2,383,327 255,871 10%camp($201);Library($451);20%PEG($551) Debt Service 148,757 81,585 72,808 148,757 - 0% Transfer Out 473,605 240,000 344,945 128,660 27%Capital Projects Total Expenditures $ 13,786,159 $ 5,184,679 $ 5,659,259 13,016,253 769,906 6% Use of Fund Balance $ (420,514) $ 5,874,288 $ 4,919,151 $ (233,044) $ 187,470 11 Highway Fund: Based on the following assumptions, it is anticipated that expense savings will exceed loss in revenues by $384k. Instituting savings this year will help to ensure adequate funding is available for potential budget gaps over the next few years as an economic recession is projected. Fund balance will remain in compliance with the Town's policy. Revenues: • Tax revenues are projected at 99% with 1% uncollected. • Fuel usage and repair work revenue is projected to be slightly below budget but will be offset by related savings in fuel and maintenance expenses. Expenses: • Projected one vacancy and overtime savings through at least the third quarter. • Savings in fuel, catch basin cleaning and 20% of equipment/supplies. HIGHWAY FUND Projected 2020 Projected Savings Savings Budget Year-to-Date 5/31/19 Year-to-Date 5/31/20 Projected @ 12/31/20 (Shortfall) (Shortfall)% Variance REVENUE; Real Property Taxes 5 5,078,575 $ 4,811,137 $ 4,905,363 $ 5,006,935 $ (71,640) .1%Projected 1%Uncollectible Departmental Income 141,000 35,344 59,620 139,834 (1,166) -1%School fuel usage•dosed Other Revenue 26,650 78,341 5,705 22,797 (3,853) -14%Interest and sale property Interfund charges-fuel/maint; Interfund Revenues 297,250 118,301 62,177 267,655 (29,595) -10%offset with expense savinga Total Revenue $ 5,543,475 $ 5,043,123 $ 5,032,865 $ 5,437,221 $ (106,254) -2% EXPENDITURES Projected CIT Savings(526k); Personnel Services $ 1,924633 $ 822,810 $ 774,852 $ 1,848,786 $ 77,847 4%Vatanq($27k) Employee Benefits 1,470,910 747,671 643,927 1,420,434 50,476 3%Workers Comp savings($44k); Fuel($40k);catch basin deardng- ContractuaVEpuipment 1,273569 509,292 215,651 1,010,392 263,176 21%in house($58k);PEG($123k) Debt Service 699,364 345,946 293,688 699,364 - 0% Transfers Out 173,000 90,500 74,300 98,700 57%Capital Projects TotalExpendltures $ 5,543,475 $ 2,516,219 $ 1,928,118 $ 5,053,276 $ 490,199 9% Use of Fund Balance $ • $ 2,526,904 $ 3,104,747 $ 383,945 $ 383,945 12 Fire District Fund: Based on the following assumptions, it is anticipated that revenues will meet expenses. Fund balance will be less than the recommended level per the Town's policy. This gap will be addressed in the 2021 proposed budget. Revenues: • Tax revenues are projected at 99% with 1% uncollected. Expenses: • Savings of$25k in workers comp costs. • Savings in retirement payments, contingency and other contractual expenses. • Capital transfers include a capital budget amendment that was approved by the Board of Commissioners at the June 3 meeting. FIRE DISTRICT FUND Projected 202 Year-to-Date Year-to-Date Pro)ected @ Savings Budget 5/31/19 5/31/20 12/31/20 Projected Savings(Shortfall) (Shortfall% Variance REVENUE Real Property Tares $ 060,699 $ 3,751,242 $ 4,019,171 $ 4,102,385 $ (58,314) -1%Uncollectible Insurance Recoveries 281 281 281 Interest Earnings 1,500 101 20 120 (1,380) •92% Interfund Revenue 19,500 Total Revenue $ 4,162,199 $ 3,770,843 $ 4,019,472 $ 4,102,786 $ (59413) •1% EXPENDITURES Personnel Services $ 1,587,452 $ 604,801 $ 641,440 1,584,448 $ 3,004 0%Projected 0T savings Workers Comp rate Employee Benefits 1,359,650 %,663 594,952 1,337,078 22,572 2%savings(PR) 207A savings($378); Cantttual/Equipment 659,635 275,289 178,302 477,903 181,733 28%contingency($62k) Debt Service 490,633 110,061 75,000 490,633 0% Transfers Out 68,00) 23,500 - 212,601 (144,601) -213%Capital budget Total Expenditures $ 4,165,371 $ 1,622,314`$ 1,489,694 $ 4402,663 $ 62,708 2% Use of Fund Balance $ (3,172) $ 2,148,529 $ 2,529,778.$ 123 $ 3,295 13 Street lighting Fund: Based on the following assumptions, it is anticipated that expenses will exceed revenues by $27k. Fund balance will be in compliance with the Town's Fund Balance policy. Revenues: • Tax revenues are projected at 99% with 1% uncollected. Expenses: • Electricity costs are tracking at about 54% savings compared to 2019. STREETUGHTING FUND Projected Projected 2020 Year-to-Date Year-to-Date Projected @ Savings Savings Budget 5/31/19 5/31/20 12/31/20 (Shortfall) (Shortfall)% Variance REVENUE: Real Property Taxes $ 304,273 $ 291,642 $ 293,924 $ 300,009 $ (4,264) -1% Uncollectible Total Revenue $ 304,273 $ 291,642 $ 293,924 $ 300,009 $ (4,264) -1% EXPENDITURES Personnel Services $ 40,255 $ 16,635 $ 17,948 $ 40,250 $ 5 0% Estimated Employee Benefits 26,805 11,409 11,659 29,752 (2,947) -11% retirement Contractual/Equipment 174,550 40,702 87,995 142,657 31,893 18% Electricity savings Debt Service 114,563 20,451 9,806 114,563 - 0% Total Expenditures $ 356,173 $ 89,197 $ 127,408 $ 327,222 $ 28,951 36% Use of Fund Balance $ (51,900) $ 202,445 $ 166,516 $ (27,213) $ 24,687 14 Ambulance District Fund: Based on the following assumptions, it is anticipated expenses will exceed revenues by $2k. Fund balance will be in compliance with the Town's Fund Balance policy. Revenues: • Tax revenues are projected at 99% with 1% uncollected. • Federal Aid from Health and Human Services was received in the amount of $25k and expect additional funding as well. • Ambulance Fees are $147k or 18% below budget. Emergency calls and revenues are trending down since the beginning of the year. Monthly revenue has decreased by 30%. Expenses: • Projected savings in part time staff through year end • 20% PEG for equipment/supplies. 15 AMBULANCE DISTRICT FUND Projected Projected Year-to-Date Year-to-Date Projected @ Savings Savings 2020 Budget 5/31/19 5/31/20 12/31/20 (Shortfall) (Shortfall)% Variance REVENUE: Real Property Taxes $ 599,624 $ 660,877 $ 581,057 $ 593,049 $ (6,575) -1%Uncollectible Ambulance Charges 840,000 363,548 307,172 692,172 (147,828) -18%Trending lower calls Services to Other Govts 120,000 59,358 - 124,184 4,184 3%Rye Neck Federal Aid-HHS - - 25,011 25,011 25,011 0%Fed funds Total Revenue $ 1,559,624 $ 1,083,783 $ 913,240 $ 1,434,416 $ (125,208) 59% EXPENDITURES Lower calls,less parademics needed Personnel Services $ 816,539 $ 301,222 $ 308,170 $ 767,566 $ 48,973 6%($49k) Workers Comp savings; Employee Benefits 294,225 131,449 126,955 267,020 27,205 9%Health Ins Contractual/Equipment 434,942 167,539 179,129 380,511 54,431 13%PEG($16k); Transfer to Capital - 61,500 - - - 0% Debt Service 16,810 41,130 10,637 21,115 (4,305) -26% Total Expenditures $ 1,562,516 $ 702,840 $ 624,891 $ 1,436,212 $ 126,304 8% Use of Fund Balance $ (2,892) $ 380,943 $ 288,349 $ (1,796) $ 1,096 Garbage District Fund: Based on the following assumptions, it is anticipated that expenses will exceed expenses by $1 8k. Fund balance levels will be slightly less than recommended in the Town's Fund Balance policy. Revenues: • Tax revenues are projected at 99% with 1% uncollected. Expenses: • Projected savings to budget in the Town's share of funding to the JGDC and estimate vehicle repairs. 16 GARBAGE DISTRICT FUND Projected Projected Year-to-Date Year-to-Date Projected @ Savings Savings 2020 Budget 5/31/20 5/31/20 12/31/20 (Shortfall) (Shortfall)% Variance REVENUE: Real Property Taxes $ 2,200,103 $ 2,127,655 $ 2,125,266 $ 2,169,268 $ (30,835) -1% Uncollectible Insurance Recoveries 10,614 - Total Revenue $ 2,200,103 $ 2,138,269 $ 2,125,266 $ 2,169,268 $ (30,835) 97% EXPENDITURES TOM share garbage comm savings($135); estimated vehicle Contractual/Equipment 2,105,925 1,005,433 797,895 2,093,287 $ 12,638 1%repairs($30k) Debt Service 94,178 69,280_ 64,566 94,178 - 0% Total Expenditures $ 2,200,103 $ 1,074,713 $ 862,461 $ 2,187,465 $ 12,638 39% Use of Fund Balance $ - $ 1,063,556 $ 1,262,805 $ (18,197) $ (18,197)1 Sewer District Fund: Based on the following assumptions, it is anticipated that revenues will exceed expenses by $53k. Fund balance will be in compliance with the Town's Fund Balance policy. Revenues: • Revenues will be short of budget as usage has declined based on the first quarter actuals provided. Expenses: • Projected savings to budget for consulting and emergency repairs. 17 SEWER DISTRICT FUND Projected Projected 2020 Year-to-Date Year-to-Date Projected @ Savings Savings Budget 5/31/19 5/31/20 12/31/20 (Shortfall) (Shortfall)% Variance REVENUE: Sewer Rents $ 571,324 $ 69,988 $ 81,768 $ 525,000 $ (46,324) -8% Total Revenue $ 571,324 $ 69,988 $ 81,768 $ 525,000 $ (46,324) -8% EXPENDITURES Allocated employee- Personnel Services $ 94,539 $ 36,187 $ 20,357 $ 47,427 $ 47,112 50%savings Employee Benefits 45,445 18,088 15,878 33,154 12,291 27%Various savings Savings estimated- consultant and Contractual/Equipment 57,780 8,562 7,087 20,479 37,301 65%emergency repairs Transfers Out _ 98,000 - - 95,000 3,000 3%Capital Projects Debt Service 275,560 25,149 12,407 275,560 - 0% Total Expenditures $ 571,324 $ 87,986 $ 55,729 $ 471,620 $ 99,704 17% Use of Fund Balance $ - 1 $ (17,998) $ 26,039 $ 53,380{ $ 53,380` Water District Fund: Based on the following assumptions, it is anticipated that revenues will exceed expenses by $481k. Fund balance levels will be in compliance with the Town's Fund Balance policy. Revenues: • Revenues will exceed the budget by about 53%. Expenses: • Funding for capital projects will be transferred in Q2. 18 WATER DISTRICT FUND Projected Projected Year-to-Date Year-to-Date Projected @ Savings Savings 2020 Budget 5/31/20 5/31/20 12/31/20 (Shortfall) (Shortfall)% Variance REVENUE: Water Revenues $ 507,343 $ 297,232 $ 266,433 $ 1,006,649 $ 499,306 98% Investment Earnings 25,300 11,899 17,202 10,700 (14,600) -58% Total Revenue $ 532,643 $ 309,131 $ 283,635 $ 1,017,349.$ 484,706 53% EXPENDITURES Contractual/Equipment 89,650 28,849 32,812 92,425 (2,775) -3% Hydrant rental Transfers Out 662,800 85,540 662,800 - 0% Capital budget amendment Debt Service 374,193 190,598 163,467 374,193 - 0% needed Total Expenditures $ 1,126,643 $ 304,987 $ 196,279 $ 1,129,418 $ (2,775) 0% Use of Fund Balance $ (594,000) $ 4,144 $ 87,356 $ (112,069) $ 481,931 This concludes updated 2020 Budget Projection report. 19 44, Town of Mamaroneck ti Town Center g 740 West Boston Post Road, Mamaroneck, NY 10543-3353 FOW.DED16b1 • OFFICE OF THE TOWN ADMINISTRATOR TO: FROM: DATE: June 17, 2020 SUBJECT: ATTACHMENTS: Description ❑ LMC-TV Budget/Board of Control Altieri, Stephen From: Yogman, Tracy Sent: Monday, June 1, 2020 11:23 AM To: Katz, Abby;Altieri, Stephen Subject: RE: BOC budget Attachments: 2020 LMCTVBOC ADOPTED BUDGET & FINANCIALS.xls Hi Abby- I actually have a projection for 2020-2022 with the following assumptions that we will have to talk about as I don't know if they are conservative enough.The file is attached. I moved all of the financial reports/projections to one page for ease of reading on-line and there is a tab for franchise fees and equipment: • Franchise Fees-Q1 2020 was 3%lower than Q4 2019 and 5% lower than Q1 2019. I projected an annual 5% reduction for the remainder of 2020 and then an additional 5%each year for 2021-2022. We should discuss further as I don't know if this is conservative enough. • Legal Counsel- Projected $30k for 2020 and $70k for 2021. May need to be updated for contract negotiations. • Distributions: Projected $200k budgeted distribution in 2020 but that leaves only$5k in unrestricted fund balance at end of 2020. If the legal counsel costs are higher than$30k and/or the franchise fees decrease more than the projected 5%, we will have a deficit fund balance situation. I would recommend that distributions not be made in 2020 until the end of the fiscal year. Projections for 2021/2022- include a$100k reduction for both LMCTV and the municipal distributions which will restore fund balance to $49k in 2021. If revenues decrease 5%each year as projected and no additional operating costs are incurred, distributions can be increased by$25k in 2022.This should be discussed further as well. Let me know if you this should be distributed at this point. Matt is asking for it as well. Thanks Tracy L-M TRI MUNI CABLE TV BOARD OF CONTROL 2019 2020 2021 2022 NOTES PROJECTED CURRENT YTD Ca' BUDGET )E BUDGET ACTUAL , BUDGET 5/3112020 PROJECTION VARIANCE PROJECTED PROJECTED 2020:5%estimated lower than 2019: 01 actual 2020 3%lower than 04 2019 and 5%lower than 01 2019; 2021/2022:Estimated 5%lower than 761,244 883,083 885,000 214.205 843.749 (41,251) 801,562 761,484 prior year _ - 130,000 130.000 65.000 130.000 - 130.000 130.000 PEG-Contractual 5,000 8,0531 6,000, 1.026 5.864 (136) 6,045 6.045 .5%interest on 61.2 MMkt _ 300.000 192.859 766,244 1,021,136 1,213,859 280,231 979,613 (41,387) 937,607 897,529 2020:Ordered/paid for as of 5/31 + 5150k projected:2021/2022:Spend - 5-1.957 i 290.815 89.221 239.221 51.594 130,000 130.009 current year PEG , 500 - 16,000 14,695 15,300, 15,136 164 15.590 16,058 3%increase projected annualy 12.000 23.857 - - • 8,500 8.500 8,500 3,541 8,500 (0) 8.500 8.500 6.000 5,150 6,000 2,500 6,000 - 6.000 6.000 _ Projected-begin negotiations In 2020; 10.000 - 30.000 30.000 70.000 - $30k in 2020/$70k in 2021 713.244 713,244 663,244 276,350 663.244 - 563.244 563.244 766,244 765,446 723,044 282,391 722,880 184 663,334 593,802 Dist ` 52.050 52,050 34,700 34,700 17,350 17,350 17.35% _ 145,380 145,380 96.920 96,920 -' 48.460 48.460 48.46% 102,570 102,5701 68.380 68,380 - 34,190 34,190 34.19% 300,000 300,000 200,000 - 200,000 100,000 100,000 1,066,244 1,130,403 1,213,859 371,612 1,162,101 51,758 893,334 823,802 $ (300,000) $ (109,267) $ - $ (91,381) $ (182,488) $ 10,371 $ 44,273 $ 73,727 $ - $ 65,043 $ (160,815) $ (24,221) $ (109,221) S (51,594) S - $ $ (300,000) $ (174,310) S (32,044) $ (67,160) $ (73,267) S 61,964 $ 44,273 $ 73,727 1,289,2051.330.027r 1.245.027 1.245,027 (47,381) 78.309 48265 11,149 5.042 49.314 123.041 .--$ 1,241,824 $ 1,432,557 $ 1,239,698 $ 1,341,176 S 1,250,069 S 1,294,341 5 1,368,068 3 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 TOTALS 02 $ 137,433 $ 142,231 $ 138,219 $ 125,792 $ 129,018 $ 127,611 $ 128,113 $ 129,476 $ 125,762 $ 123,715 $ 117,980 $ 1,695,250 X24 $ 136,777 $ 162,845 $ 132,769 $ 129,439 $ 129,815 $ 127,746 $ 123,685 $ 126,631 $ 126,787 $ 123,684 $ 117,500 $ 1,616,995 40 $ 137,233 $ 138,973 $ 134,094 $ 133,606 $ 131,063. $ 125,700 $ 125,692 $ 125,601 $ 126,967. $ 120,955 $ 114,907 $ 1,576,165 482 $ 136,239 $ 139,568 $ 138,359 $ 132,850 $ 137,606 $ 127,946 $ 129,047 $ 131,594 $ 127,628 $ 121,750 $ 115,663 $ 1,599,259 18 $547,682 $583,617' $543,441, $521,687 $527,502 $509,003 $506,537 $ 513,302 $507,144 $490,104' $466,050 $6,369,689 -3.1% 6.6% -6.9% -4.0% 1.1% -3.5% -0.5% 1.3% -1.2% -3.4% -4.9% 20 $ 40,969 $ 51,035 $ 59,365 $ 66,785 $ 76,798 $ 87,530 $ 94,256 $ 99,730 $ 96,681 $ 96,689 $ 96,225 $ 898,767 48 $ 44,825 $ 53,945 $ 63,570 $ 69,079 $ 80,341 $ 92,010 $ 94,327 $ 99,377 $ 95,372 $ 99,751 $ 94,763 $ 836,169 133 $ 46,721 $ 55,959 $ 65,265.$ 71,282 $ 81,924 $ 91,333 $ 95,695 $ 98,968 $ 95,085 $ 97,791 $ 92,901 $ 850,204 114 $ 50,037 $ 58,225 $ 65,407 $ 74,883 $ 90,112 $ 93,872 $ 101,149 $ 98,726 $ 97,482 $ 98,747 $ 93,810 $ 886,694 l5 $182,552 $219,163 $253,606 $282,028 $329,174 $364,744 $385,428 $ 396,801 $384,620 $392,978 $377,700 $3,375,609 48.5% 20.1% 15.7% 11.2% 16.7% 10.8% 5.7% 3.0% -3.1% 2.2% -3.9% 53 $730,234 $802,780 $797,047 $803,715 $856,676 $873,747 $891,965 $ 910,103 $891,764 $883,082 $843,749 $9,745,298 6.1% 9.9% -0.7% 0.8% 6.6% 2.0% 2.1% 2.0% -2.0% -1.0% -4.5% 1 LYSIS i provided by PEG Grant) I EXPENDITURES Lint ved YEAR AMOUNT 5,000 1997 171,711 5,000 1998 59,718 ;7,152 1999 - ;6,135 2000 82,220 ;5,730 2001 82,542 ;6,089 2002 40,418 5,308 2003 45,931 ;7,672 2004 141,226 ;9,019 2005 - 10,000 Verizon 2006 56,126 10,000 Cablevision 2007 43,013 ;5,000 Verizon 2008 - ;5,000 Cablevision 2009 97,673 ;5,000 Verizon 2010 19,800 ;5,000 Cablevision 2011 95,349 15,000 Verizon 2012 54,670 ;5,000 Cablevision 2013 40,832 ;5,000 Verizon 2014 1,565 2016 $ 2,358,105 5,000 Cablevision 2015 92,946 (1,167,102) 5,000 Verizon 2016 41,362 1,191,002.61 i5,000 Cablevision 2017 38,499 ;5,000 Verizon 2018 123,299 5,000 Cablevision 2019 Architects 2,500 2017 $ 2,488,105 5,000 Verizon Equipment 62,457 (1,205,601) ;5,000 Cablevision 1,282,503.80 i5,000 Verizon ;5,000 Cablevision 2018 $ 2,618,105 ;5,000 Verizon (1,328,900) ;5,000 Cablevision 1,289,204.80 ;5,000 Verizon 15,000 Cablevision TOTAL EXPENDITURES: $ 1,393,857 I 2019 $ 2,748,105 ;5,000 Verizon (1,393,857) ;5.000 Cablevision 1,354,247.80 Verizon Cablevision 18,105 119 1 $ 1,354,248 5 Town of Mamaroneck Town Center 740 West Boston Post Road, Mamaroneck, NY 10543-3353 FUUIUED 1661 OFFICE OF THE TOWN ADMINISTRATOR TO: FROM: DATE: June 17, 2020 SUBJECT: ATTACHMENTS: Description ❑ Proposed Sewer Televising Agreement Village of Mamaroneck O 9 O o Town of Mamaroneck ' Town Center 740 West Boston Post Road,Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL 914-381-7810 FAX 914-381-7809 saltieri@townofmamaroneckny.org Memorandum www.townofmamaroneckny.org To: Supervisor and Town Board Re: Proposed IMA- Village of Mamaroneck Sewer Truck/Sewer Inspection The Town and Village and have been working on a shared service agreement in connection with the purchase of a sewer television truck and the inspection of municipal sewers. Under the proposal, the Town and Village would agree: •:• To share on a 50/50 basis the cost of purchasing a vehicle equipped to conduct sewer inspections. •:• The Town would assume responsibility for the operation and maintenance of the vehicle. ❖ Additionally, the Town would provide to the Village sewer inspection services and bill the Village on an hourly basis for those services. Both the Town and Village are required to conduct regular sewer inspections as part of our Capacity Management and Operations and Maintenance Programs (CMOM). Both communities have received approval from Westchester County and the New York DEC for our CMOM programs. Therefore, we are both required to follow virtually the exact same protocols for sewer inspection thus making this an excellent program for shared services. Attached is a copy of the proposed agreement. Note that the last page of the attachment is a breakdown of the hourly rate to be charged to the Village. We have estimated that the Town will provide between 300 and 500 hours of service per year to the Village depending upon their needs. For the first year of the program, the Town will charge the Village $122.00 per hour for services. The hourly rate would be adjusted as costs change. At this point, no action is required of the Town Board. The agreement is provided for your review and comment. ff‘44? Stephen V. Altieri Town Administrator il, Printed on Recycled Paper INTERMUNICIPAL AGREEMENT This is an Agreement between the Town of Mamaroneck,a municipal corporation existing under the laws of the State of New York with offices at 740 West Boston Post Road,Mamaroneck, New York 10543 (Town)and the Village of Mamaroneck, a municipal corporation existing under the laws of the State of New York with offices at 123 Mamaroneck Avenue, Mamaroneck New York 10543 (Village). Recitals Whereas,the Town and the Village must inspect their respective public sanitary sewer lines (Sewers)to detect ruptures and improper inflow and infiltration, and Whereas, current technology allows for such inspections to be made by video,and Whereas, the Town and the Village have concluded that each can reduce costs if they co- operate with each other in the acquisition of the technology and in the deployment of personnel to conduct such inspections, and Whereas, General Municipal Law §119-o authorizes a municipality to enter into or assign a municipal function to another municipality by executing an inter-municipal agreement with that municipality. Now, therefore, in consideration of the terms and conditions herein contained, the Town and the Village agree as follows: First: (a) The Town will purchase from Joe Johnson Equipment LLC of 62 LaGrange Avenue, Rochester, NY for $168,700.00 the equipment identified in the Terms & Agreement to Purchase dated May 1, 2020 (Equipment). The Terms &Agreement to Purchase is annexed as Schedule 1. (b)The Village shall reimburse the Town in the amount of$84,350.00 for this purchase. Second: (a)The Town shall store the Equipment at a Town facility and have it added to the items that the Town insures against loss for damage, destruction or theft. (b) The Town shall be responsible for performing inspections of Sewers located within the Village and such routine maintenance on the Equipment as the Town staff is capable of performing. The Town shall prepare a schedule showing the hourly rate(s)of the salary of the personnel who will perform such inspections and maintenance. The hourly rates will equal the base salary for the year in which such inspections and maintenance are performed of the actual Town employee(s)who perform such inspections and maintenance divided by the number of hours that such employee(s) are required to work for the Town that year. The Town will keep records of the time spent by the Town personnel performing such inspections and maintenance and the product of the multiplication of the hourly rate(s)by the number of hours worked will be the Labor Costs. (c) The Town shall keep records of the costs it will incur for operating the Equipment. Those costs shall consist of the annual costs for fuel, for auto insurance and for the products used when routine maintenance is performed such as gloves, hand tools and cleaning rags. These costs are the Operating Costs. (d) The Town shall keep records of the costs it will incur for maintaining the Equipment. Those costs shall consist of the annual costs for camera system maintenance service, for the camera operations training refresher class and for vehicle maintenance. These costs are the Maintenance Costs. (e) Annually,the Town shall deliver to the Village a statement showing the Labor Costs, Operating Costs and Maintenance Costs incurred since the last statement was submitted. Five(5%) percent of the sum of these Costs shall be added to the statement to account for the Town's overhead. Within thirty (30) days of receipt, the Village shall pay the Town the amount appearing on the statement. Third: The Town will perform the inspections of the Sewers, both within the unincorporated area of the Town and within the Village. Annually the Town will devote approximately one-third (1/3), but no more than two-fifths (2/5), of the time when the Equipment is being used to the inspection of Sewers in the Village. The Village may designate which of its Sewers are to be inspected and the sequence for the inspections. The Town will deliver to the Village the results of its inspections of Sewers in the Village no later than days after each inspection is completed. Fourth: This Agreement shall terminate when the Equipment has exceeded its useful life. Fifth: The failure of either party to insist upon strict performance of any of the terms, conditions and covenants herein, shall not be deemed a waiver of any rights or remedies that such party may have, and shall not be deemed a waiver of any subsequent breach or default in terms, conditions and covenants herein contained. Sixth: (a)This Agreement constitutes the entire understanding between the parties regarding the subject matter contained herein. The parties acknowledge that there have been no representations,warranties,covenants or understandings other than those expressly set forth herein and that all prior agreements between the parties regarding the subject matter of this Agreement — whether oral or in writing — are merged into this Agreement and do not survive it as this document expresses the parties' entire understanding. (b) This Agreement may only be changed by a writing executed by a duly authorized representative of each party. 2 Seventh: The signatories to this Agreement represent that he or she has the right to enter into this Agreement on behalf of the party for which he or she is signing this Agreement. Eighth: This Agreement may be executed in one or more counterparts, each of which shall be considered an original. Facsimile signatures or signatures that are transmitted electronically shall be considered original signatures. Ninth: Whenever required or appropriate, words in the singular number shall be construed as if they were in the plural number and words of one gender shall be construed as if they were in either of the other two genders. Tenth: Neither party shall have the right to assign, transfer, convey, pledge or encumber his rights under this Agreement. Eleventh: This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law. In Witness Whereof, the Town and the Village have agreed to the terms and conditions set forth therein. Town of Mamaroneck By: Stephen V. Altieri,Town Administrator Date Village of Mamaroneck By: Jerome Barberio,Village Manager Date Certificate of Authorization I, Christina A. Battalia, certify that(a) I am the Town Clerk of the Town of Mamaroneck, a municipality existing under the laws of the State of New York,(b)Stephen V.Altieri,the person who signed this Agreement on behalf of the Town of Mamaroneck("Town"), is the Town Administrator of the Town,(c)Mr.Altieri was authorized by the Town Board of the Town to execute this Agreement on behalf of the Town and (d) such authority was in full force and effect when Mr. Altieri executed this Agreement on behalf of the Town. 3 Christina A. Battalia, Town Clerk Certificate of Authorization I, , certify that (a) I am the Village Clerk of the Village of Mamaroneck, a municipality existing under the laws of the State of New York, (b) Jerome Barberio,the person who signed this Agreement on behalf of the Village of Mamaroneck("Village"), is the Village Manager of the Village, (c) Mr. Barberio was authorized by the Board of Trustees of the Village to execute this Agreement on behalf of the Village and (d) such authority was in full force and effect when Mr. Barberio executed this Agreement on behalf of the Village. , Village Clerk Revised May 22,2020 4 a" � Town of Mamaroneck DATE: 6/11/2020 o Engineering Department Town Center PREPARED BY:R.W., T.Y. zx 740 W. Boston Post Road, Mamaroneck,NY 10543-3353 CHECKED BY: R.W. .1 JUUOCU IG.f Sewer Inspection Camera Crew Annual Operations Costs Annual Maintenance Item Cost Personell Hourly($/hr) Sewer Foreman/Camera Operator $62.88 Laborer/Assistant Operator $50.48 Operating Costs Time Unit Hourly($/hr) Gasoline Regular Unleaded(Assume$2.60/gal) _xGallon Tank 35 /week—�-- $91.00 $2.60 Auto Insurance-$/Year(52 weeks x 35 hours per week) ___ $1,350.00 $0.74 Disposible Equipment-Gloves, Hand Tools, Cleaning Rags-Annual $1,000.00 $0.55 Maintenance Costs Camera System Maintenance Service-$1800 @ 6 month interval $3,600.00 $1.98 Camera Operations Training Refresher Class-$1,500 Annual $1,500.00 $0.82 Vehicle Maintenance-Ford Transit Van Parts&Staff Labor-Annual $3,000.00 $1.65 Charge Subtotal $ 121.70 Budget Hourly Charge $ 122.00 Hourly rate equated as annual cost divided over normal working hours per year(52 weeks 1. x 35 hours/week=1,820 hours) Sewer camera vehicle purchase estimate$165,000. Debt Service @ 15 years 2. approximately 2.0% Assumptions: Llaque Pugliese - Sewer Foreman Laborer - Salary-50% 40,819 62,141 F1CA/Medicare 3,123 4,754 Town of Mamaroneck c Town Center 740 West Boston Post Road, Mamaroneck, NY 10543-3353 FOUNOEO 14,61 OFFICE OF THE TOWN ADMINISTRATOR TO: FROM: DATE: June 17, 2020 SUBJECT: ATTACHMENTS: Description No Attachments Available e4 Town of Mamaroneck Town Center 740 West Boston Post Road, Mamaroneck, NY 10543-3353 •FOUNDED 1661 OFFICE OF THE TOWN ADMINISTRATOR TO: FROM: DATE: June 17, 2020 SUBJECT: ATTACHMENTS: Description No Attachments Available Town of Mamaroneck or 3 Town Center Tel 740 West Boston Post Road, Mamaroneck, NY 10543-3353 •FOUNDED 1651 OFFICE OF THE TOWN ADMINISTRATOR TO: FROM: DATE: June 17, 2020 SUBJECT: ATTACHMENTS: Description No Attachments Available Town of Mamaroneck o t Town Center e 740 West Boston Post Road, Mamaroneck, NY 10543-3353 •FOUNDED feel OFFICE OF THE TOWN ADMINISTRATOR TO: FROM: DATE: June 17, 2020 SUBJECT: ATTACHMENTS: Description ❑ Fire Claims Town of Mamaroneck From: 'Tracy Yogman -Town Comptroller Re: !Fire Claims Date: June 17, 2020 The following Town of Mamaroneck Fire Department daims have been certified by Chief Joseph Russo and submitted to the Comptroller's Office for payment: VENDOR DESCRIPTION Muni MA Emergency Supply Co. GMI Meter Repair/Scott Voice Amplifier/Air Compressor Service $ 1,811.75 Amazon.com Paper Towels&Plates/Print Ribbon for ID Printer/Dishwasher Detergent 255.47_ Fire Academy FSA Fee for Class-Fire Life Safety Educator 1-Dorzbacher 191.00 Optimum Cable Services for 5/23-6/22/2020 201.58 Ready Refresh (Water Cooler rental 4/19-5/18/2020 122.96 UniFrst Corp. Cleanin supplies 5/15, 5/22/20 168.62 Verizon Fire HQ Service 5/10/20-6/9/2020 258.00 Verizon ITMFD 300M Fios Redundant arcuit 2020(5/26-6/25/20) 266.98 Visual Computers Solutions Inc 'VCS Fire Dept. Scheduling Software-1 Yr Renewal 1,257.00 WJWW __ 1205 Weaver St charges 4/23/20-5/26/20 245.65 Total $ 4,779.01 6zo� Town of Mamaroneck a i Town Center 740 West Boston Post Road, Mamaroneck, NY 10543-3353 FOUNDED 1661 OFFICE OF THE TOWN ADMINISTRATOR TO: FROM: DATE: June 17, 2020 SUBJECT: ATTACHMENTS: Description Nb Attachments Available Town of Mamaroneck E Town Center 740 West Boston Post Road, Mamaroneck, NY 10543-3353 •EOLIKIED 1464 • OFFICE OF THE TOWN ADMINISTRATOR TO: Stephen V.Altieri FROM: Anna Danoy DATE: June 17, 2020 SUBJECT: The Westchester County Department of Senior Programs and Services has awarded The Town of Mamaroneck a NYS grant for the program year April 1, 2020 - March 31, 2021 . The award is $6,225 for the Wellness In Nutrition meals program and an estimated $1,843 for the Nutrition Services Incentive Program. I am requesting that the Town Board authorize Stephen V. Altieri to execute this contract. ATTACHMENTS: Description ❑ Authorization - Westchester County Contract Wellness in Nutrition (WIN) Town of Mamaroneck , Town Center 740 West Boston Post Road, Mamaroneck, NY 10543-3353 TEL: 914/381-7810 OFFICE OF THE TOWN ADMINISTRATOR FAX: 914/381-7809 townadministrator@townofmamaroneck.org Memorandum To: Supervisor & Town Board From: Stephen V. Altieri Subject: Authorization —IMA Westchester County Nutrition Program Agreement Date: June 12, 2020 The current agreement between the County and the Town with respect to our nutrition program for seniors will soon expire. Attached is a letter from Westchester County with respect to the renewal of the Municipal Agreement. Specifically, this agreement covers the cost for the Meals on Wheels Program for the Saturday delivery of meals. The way the program is structured, the County provides a base amount of funding ($6,225.00). If there is then additional funding available,that is provided through what is called the Nutrition Services Incentive Program. For the 2020/2021 program year, we will be fortunate to receive $8,068. The agreement itself is quite lengthy and therefore I have not attached it to this memorandum. However, the agreement follows essentially the exact same format and content as in the expired agreement. ACTION REQUESTED: THAT THE TOWN BOARD APPROVE THE 2020/2021 WELLNESS IN NUTRITION PROGRAM AND THE NUTRITION SERVICES INCENTIVE PROGRAM AND THAT THE TOWN ADMINISTRATOR BE AUTHORIZED TO SIGN BOTH AGREEMENTS. Very truly yours, Stephen V. Altieri Town Administrator Westchester gov corn George Latimer County Executive Department of Senior Programs and Services Mae Carpenter Commissioner May 20, 2020 Ms. Anna Danoy Director, Community Services & Housing Town of Mamaroneck 740 West Boston Post Road Mamaroneck, NY 10543 RE: Wellness in Nutrition Program (WIN) & Nutrition Services Incentive Program (NSIP) Contract, PY 2020-2021 Dear Ms. Danoy: Enclosed is a blank copy of the WIN and NSIP contract for Nutrition Services to be provided by the Town of Mamaroneck. The contract is comprised of an Agreement and Schedules "A", "B", "C", "0", "E" and "F" and will cover the program period commencing on April 1, 2020 and continuing through March 31, 2021. Funding for the 2020—2021 program year will be in an aggregate amount not-to-exceed $8,068, comprised of the following: • $6,225 in funding for the WIN program, and • $1,843 in estimated funding for the NSIP program. Please be aware that the NSIP funding listed on the allocation are high estimates to cover your program for the projected annual NSIP allocation. You MUST use the original electronic contract documents that we have provided. NO ALTERATIONS may be made to the contract without the prior consent of the Dept. With the exception of the applicable Excel Pages, DO NOT fill out the contract electronically as we want to maintain the integrity of the document. Non-compliance with these requests will result in the contract returned to your agency. We also recommend that you keep a blank copy of the contract in the event that you need to reprint a page. Print a copy of the contract and fill it out making sure that where signatures are required on all documents that they are original. Contracts with COPIED signatures are unacceptable. We also suggest that you keep a completed copy of the contract for your records. Return the ENTIRE completed originally signed agreement and all supporting schedules to me at the address in the footer below. 9 South First Avenue,10'h Floor Mount Vernon,New York 10550-3414 Telephone: (914)813-6400 Fax: (914)813-6399 Website: www.westchestergov.com Please refer to the'Standard Insurance Provisions°on pages 1 to 3 of Schedule°A°for detailed information regarding ALL required insurances. Contracts will be on hold pending receipt of any missing insurance form. Remember to list the County of Westchester as an Additional Insured on the Certificate of Liability Insurance NOT the Department of Senior Programs and Services. ALL required insurances should be submitted with the contract, or the contract will be on hold pending receipt of these documents. All Nutrition Program Contractors are required to mail in the completed PeerPlace MONTHLY NUTRITION REPORT signed by the staff member responsible for the report. The reports should be received by the County no later than the tenth (10th)day of the following month. The County reserves the right to withhold payment to Contractor for its failure to submit the monthly report by the deadline, until the monthly report is received by the County. Please direct program-related questions to your program liaison Patricia Szeliga at 914-813-6432.You may also contact me at 914-813-6058 or via e-mail at ssj3@westchestergov.com for questions pertaining to the processing of the contract. Sincerely, 1ti Sharon Johnson Program Administrator Attachments fT44. own of Mamaroneck E / Town Center 740 West Boston Post Road, Mamaroneck, NY 10543-3353 •f01N DED 1661 • OFFICE OF THE TOWN ADMINISTRATOR TO: FROM: DATE: June 17, 2020 SUBJECT: ATTACHMENTS: Description ❑ Authorization — Westchester County Contract Hotline System — Police Department O z 9 o Town of Mamaroneck m Town Center 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL 914-381-7810 FAX 914-381-7809 saltieri@townofmamaroneckny.org Memorandum www.townofmamaroneckny.org To: Supervisor and Town Board Re: Authorization- Westchester County Hotline Services- Town Police Date: June 12, 2020 Westchester County provides to all local police departments a service known as the "hotline". This service allows the County or a local police department to put out an emergency message that can be heard by all police departments simultaneously. The equipment for this service will be converted to a voice over internet protocol. As a result, new equipment will be installed in the Town Police Department. The attached agreement covers all of the terms and conditions for the installation and operation of the new equipment. Aside from notifications for crimes such as stolen vehicles, the hotline is used to put other police departments on notice for lost children or adults that may be missing. ACTION REQUESTED; THAT THE TOWN BOARD APPROVE THE ATTACHED AGREEMENT WITH WESTCHESTER COUNTY FOR HOTLINE SERVICES AND THAT THE TOWN ADMINISTRATOR BE AUTHORIZED TO EXECUTE THE AGREEMENT. Stephen V. Altieri Town Administrator qs tot Printed cm Recycled Paper IT-1625 THIS LICENSE AGREEMENT made the day of , 2020 by and between: THE COUNTY OF WESTCHESTER, a municipal corporation of the State of New York, having an office and place of business in the Michaelian Office Building, 148 Martine Avenue, White Plains,New York 10601 (hereinafter the"County") and THE TOWN OF MAMARONECK, a municipal corporation of the State of New York, having an office and place of business at 740 W. Boston Post Road, Mamaroneck,New York 10543 (hereinafter the "Licensee") WITNESSETH : WHEREAS, the County is operating a new version of its longtime hotline system, which will perform the same function as the old system: facilitating the speedy communication of information, coordination of operations, and the like between the County and various other municipal entities when circumstances necessitate such action (the "Hotline"); and WHEREAS,the County's new Hotline system is based upon voice over Internet protocol ("VOIP") technology; and WHEREAS, it is in the interests of the County to ensure that each appropriate municipal entity that desires to be included in the new Hotline system be able to do so; and WHEREAS, in order to do so, the County has determined that it must make available to each such municipal entity certain VOIP-related equipment that will facilitate its participation in the new Hotline system; and WHEREAS,the Licensee desires to be included in the new Hotline system and to have access to the equipment necessary for it to do so, in order to enable participation by its POLICE DEPARTMENT. NOW, THEREFORE, in consideration of the terms and conditions contained herein,the parties agree as follows: 1. DESCRIPTION The County hereby grants to the Licensee, and the Licensee hereby accepts from the County, a License for the Licensee to use certain equipment of the County (the"Equipment"), as specified below. The County is providing the Licensee with the License for the Equipment for the purpose of facilitating the Licensee's participation in the Hotline. Accordingly, the Equipment shall be used by the Licensee solely for its participation in the Hotline, unless otherwise permitted or directed, in writing, by the County's Chief Information Officer or her duly authorized designee (the"Chief Information Officer"). 2. THE EQUIPMENT The Equipment licensed hereunder shall be that which is specified in Schedule"A", which is attached hereto and made a part hereof. Schedule "A" shall be subject to revision from time to time by the parties to this License Agreement. Each such revision shall take effect, a.) in the case of the deletion of equipment from said list, upon the County's receipt and acceptance of such equipment from the Licensee, and b.) in the case of the addition of equipment to said list, upon the Licensee's receipt and acceptance of such equipment from the County. The parties acknowledge and agree that there are items that are not specifically listed in Schedule"A" of this License Agreement that shall nevertheless also be considered Equipment that is licensed to the Licensee under this License Agreement, such as various cords, power adaptors, and the like that may be necessary for the proper installation and/or operation of the listed Equipment. All Equipment returned to the County shall be returned in the same, operable condition that it was in upon the Licensee's receipt of it, ordinary wear and tear excepted. The County makes no warranties, express or implied, as to the Equipment and assumes no responsibility for the condition of the Equipment. The Licensee will accept the Equipment "As Is" and "With All Faults", in the condition existing as of the date of the Licensee's receipt of the Equipment from the County. 3. TERM AND TERMINATION The License shall commence upon execution of this License Agreement and shall continue until either party terminates the License pursuant to the terms of this License Agreement. Either party may, at any time, and for any reason or no reason, immediately upon written notice to the other party, terminate this License Agreement. Upon such termination,the Licensee shall immediately return the Equipment to the County. 4. CONSIDERATION FROM THE LICENSEE In consideration of the License, the Licensee shall provide space for the Equipment, which shall be adequate and suitable for the Equipment, (the"Equipment Space") and provide, at its sole cost and expense, everything that is or may be necessary to make the Equipment operative and keep it available for use for the Licensee's participation in the Hotline, including, without limitation, electricity and Internet access. 5. CONDITION AND SAFETY OF THE EQUIPMENT SPACE The Licensee represents and warrants that the Equipment Space is in a safe condition and in a state of good repair, such that it is suitable and safe for the Equipment and any and all persons who may use or otherwise interact with the Equipment. 6. INDEMNIFICATION (a) The Licensee agrees that the Licensee shall indemnify and hold harmless the County, and its officers, employees, agents, and elected officials from and against any and all liability, damage, claims, demands, costs,judgments, fees, attorneys' fees or loss arising directly or indirectly out of this License Agreement, including without limitation the performance or failure to perform hereunder by the Licensee or third parties under the direction or control of the Licensee. (b) The Licensee further agrees to provide defense for and defend, at its sole expense, any and all claims, demands, or cause of action directly or indirectly arising out of this License Agreement and to bear all other costs and expenses related thereto. (c) In the event the Licensee does not provide the above defense and indemnification to the County, and such refusal or denial to provide the above defense and indemnification is found to be in breach of this Section 6, then the Licensee shall reimburse the County's reasonable attorney's fees incurred in connection with the defense of any action, and in connection with enforcing this Section 6 of this License Agreement. 7. COMPLIANCE WITH LAWS, RULES, AND REGULATIONS The Licensee shall comply, at its own expense,with all applicable federal, state and local laws, rules, regulations, orders,executive orders, ordinances, and all other sources of lawful authority(including, but not limited to, those applicable to the Licensee as an employer of labor) with regard to this License Agreement,the Equipment, and the Equipment Space. 8. NO LEASE It is expressly understood and agreed that the Equipment is not being leased to the Licensee and no property right whatsoever is being given or transferred to the Licensee. 9. ENTIRE AGREEMENT AND MODIFICATION This License Agreement and its attachments constitutes the entire agreement between the parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments, and writings. This License Agreement shall not be released, discharged, changed, or modified except by an instrument in writing signed by a duly authorized representative of each of the parties. 10. NON-WAIVER Failure of the County to insist, in any one or more instances,upon strict performance of any term or condition herein contained shall not be deemed a waiver or relinquishment of such term or condition for the future,but the same shall remain in full force and effect. No waiver by the County of any provision hereof shall be implied. 11. COUNTERPARTS: GOVERNING LAW; VENUE; SEVERABILITY This License Agreement may be executed simultaneously in multiple counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. This License Agreement shall be construed, interpreted, and enforced in accordance with the laws of the State of New York. In addition,the parties hereby agree that any cause of action arising out of this License Agreement shall be brought in the County of Westchester. If any term or provision of this License Agreement is held by a court of competent jurisdiction to be invalid or void or unenforceable,the remainder of the terms and provisions of this License Agreement shall in no way be affected, impaired, or invalidated,and to the extent permitted by applicable law,any such term,or provision shall be restricted in applicability or reformed to the minimum extent required for such to be enforceable. This provision shall be interpreted and enforced to give effect to the original written intent of the parties prior to the determination of such invalidity or unenforceability. 12.NO ASSIGNMENT The Licensee shall not make any delegation or assignment of, or otherwise transfer or dispose of, all or any part of this License Agreement, including any duties or rights hereunder, without the prior express written consent of the County, subject to any necessary legal approvals. Any purported delegation, assignment, or other such action by the Contractor regarding this Agreement without the prior express written consent of the County is void. 13. DAMAGE. LOSS,THEFT, OR DESTRUCTION OF THE EQUIPMENT. In the event of any damage to, or loss,theft, or destruction of,the Equipment,the Licensee shall, immediately upon the discovery thereof,notify the County both by phone,to such number as the County may designate in advance,and in writing,to the addresses specified below,and take action with respect to the Equipment in accordance with instructions of the County. Without limiting the applicability of any other provision of this Agreement,the Licensee shall, in the event of such damage, loss,theft, or destruction,be responsible for the full replacement value of the affected Equipment. 14. HEADINGS The headings herein are inserted for the convenience of the parties only and shall not be deemed a part of this License Agreement. 15. APPROVALS This License Agreement shall not be enforceable until it is signed by both parties and approved by the Office of the Westchester County Attorney. 16. NOTICES All notices, requests, demands, or other communications required or permitted to be given hereunder shall be in writing and shall be deemed given when delivered by hand or mailed postage prepaid, certified mail,return receipt requested,to the addresses as set forth below or to such other addresses as the respective parties hereto may designate in writing pursuant to this paragraph. Notices shall be sent to the following: To the County: Chief Information Officer Department of Information Technology 148 Martine Avenue, 3rd Floor White Plains,New York 10601 With a copy to: County Attorney 148 Martine Avenue, 6th Floor White Plains,New York 10601 To the Licensee: The Town of Mamaroneck 740 W. Boston Post Road Mamaroneck,New York 10543 [NO FURTHER TEXT ON THIS PAGE] IN WITNESS WHEREOF,the County of Westchester and the Licensee have duly executed this License Agreement. THE COUNTY OF WESTCHESTER By: Marguerite Beirne Chief Information Officer Department of Information Technology THE TOWN OF MAMARONECK By: Name: Title: ❑ By checking this box, I,as the above signatory for the Licensee,hereby state affirmatively that the Licensee for which I have signed this License Agreement,will provide the County with an electronically scanned image of this signature page,by electronic mail or facsimile machine,which the Licensee understands and agrees that the County will print and use for execution,and which the parties will thereafter use for all legal purposes for this License Agreement. Accordingly,the Licensee,as part of the terms of this License Agreement,hereby waives any and all claims regarding the sufficiency of the signature on this page that it will provide by said electronic means. Authorized by the Board of Acquisition and Contract of the County of Westchester on the 23rd day of April, 2020. Approved as to form and manner of execution Senior Assistant County Attorney County of Westchester sk/bldoit/Hotline Replacement/Hotline License Agreement Template.doc con118551 SCHEDULE"A" THE EQUIPMENT The Equipment shall, at the commencement of the term of this License Agreement, include the following: 1.) One(1) Voice Over Internet Protocol (VOIP)telephone 2.) One (1) router Town of Mamaroneck Town Center 740 West Boston Post Road, Mamaroneck, NY 10543-3353 "FM*0E01661 OFFICE OF THE TOWN ADMINISTRATOR TO: FROM: DATE: June 17, 2020 SUBJECT: ATTACHMENTS: Description No Attachments Available 64 44z4 44 Town of Mamaroneck 0 t Town Center 740 West Boston Post Road, Mamaroneck, NY 10543-3353 FOUMOEO 1661 OFFICE OF THE TOWN ADMINISTRATOR TO: FROM: DATE: June 17, 2020 SUBJECT: ATTACHMENTS: Description