Budget & Finance Accomplishments

Audit Committee created in response to State Comptroller's recommendation
- tighter oversight of independent auditor; better oversight of the Treasurer's Office
- enhanced planning of future operational audits designed to monitor and improve process design and increase accountability
- establish risk assessment procedures to ensure audit function resources are effectively and efficiently utilized
- improve overall internal control environment by strengthening preventive, detective and corrective controls

Designed and implemented new budget forecasting model
- A new budgeting model has been implemented, allowing department heads to update annual forecast information each month and provide legislators and others with a need to know where the County is heading for the year by budget, category, and in total. This tool increases visibility of future County finances, thereby allowing a timely mechanism to make changes in a proactive versus reactive mode.

Budget
- Budget process streamlined and improved
- All resolutions affecting the budget include reference to the specific budget lines affected
- All costs are captured on budget, including fringe benefits, retirement, etc. These costs, in the past, were put in a separate category, so that a false sense of departmental "balanced budgets" was created. However, by placing these costs on budget and within the departments where they originate, we have a much clearer view of revenues - and genuine expenses - within each department.
- The budget we inherited called for spending of $71 million; we spent only $62.7 (11.8% less than we were authorized to) and ran a surplus of $4.8 million

Delinquent taxes
- improved system of finding delinquents and collecting money/foreclosing property

Refinancing of TC3 Dormitories
- Authorized refinancing of dormitories at TC3, saving thousands of dollars

Sold the county farm

Westvale Road
- liquidated and cleaned up parcels acquired in foreclosures

Property exchange with the NY Susquehanna & Western RR Corp.
- This allowed the county more room for the recycling center; it enabled Port Watson Street to remain unblocked when the RR had deliveries and pick-ups in town; and the extra space allows for recycling pick-ups

Sales Tax agreement
- revised process of distribution of funds to local municipalities

Created a 10% of annual operating costs reserve fund
- Maintaining at least 10% of annual operating costs in reserves will allow us to receive an improved bond rating. This will lower the cost of borrowing, should we have to issue bonds.
- Having cash on hand allows the county to avoid bonding for short-term cash flow needs (As an example, within two days of the 2001 election, a bond anticipation note was issued to cover cash flow needs until the end of the year. You weren't told about this by the incumbents running for reelection in 2001, but you had to pay for the bond and the interest that went with it)
- Having a reserve fund allows us to consider long-term projects, such as addressing infrastructure needs, that have been neglected for generations
- Having cash in a reserve fund allows us to realize interest income
- Responsible maintenance of the reserve fund may include diverting some amount of the reserve above the 10% minimum into revenue, to mitigate future tax increases

Local Resources
- A museum fund was created to support local museums such as the Cortland County Historical Society
- The Lime Hollow Nature Center has received county funding

Retiring debt
- We paid off the balance of a $916,000 bond anticipation note for a poorly designed early retirement system within one year of its issuance by the previous legislature.

Retirement
- We established a retirement contribution reserve fund (budget line A382700), anticipating and funding future retirement expenses

Treasurer's Office
- We addressed all deficiencies within the office identified by the State Comptroller
- We improved legislative oversight of the Department by the legislature, improving the performance of the Office (e.g., fixed assets reporting done, inventory is being taken, the books are balanced monthly, the AUD was completed in a timely manner, and the Independent Auditor completed his audit in August 2005 - the earliest in years)
- Moved functions out of the Treasurer's Office to allow the office to focus on the AUD and basic accounting matters