2008 Cortland County IDA Budget

Operating Revenues:
Multi Modal Rail Projects 466,000
IAP Rail Projects 250,000
Total Operating Revenues: $716,000
Non-Operating Revenues:
Interest on Deposits 2,500
Land Lease 3,500
Total Non-Operating Revenues: $6,000
TOTAL REVENUES: $722,000
Operating Expenditures:
Accounting 6,000
Legal 5,000
D&O Insurance 1,950
Multi Modal Rail Projects 466,000
IAP Rail Projects 250,000
Total Operating Expenses: $728,950
Non-Operating Expenses:
N/A 0
TOTAL EXPENDITURES: $728,950


2007 Cortland County IDA Budget

Operating Revenues:
HUD EDI Project Grant 82,000
LWRP Tio River Grant 7,500
Total Operating Revenues: $89,500
Non-Operating Revenues:
Interest on Deposits 2,500
Interest on Loans 1,500
Land Lease 3,500
Total Non-Operating Revenues: $7,500
TOTAL REVENUES: $97,000
Operating Expenditures:
Accounting 5,420
Legal 2,000
D&O Insurance 1,950
HUD EDI Project Grant 82,000
LWRP Tio River Grant 5,000
Total Operating Expenses: $96,370
Non-Operating Expenses:
Interest 630
TOTAL EXPENDITURES: $97,000


Annual OSC Financial Report

The Annual OSC Financial Report is available as a PDF Download.

Download Annual OSC Financial Report 2006 (13.1 mb)


Annual Audited Financial Report

The Annual Audited Financial Report is available as a PDF Download.

Download Annual Audited Financial Report 2006 (10 mb)


Cortland County IDA 2006 - 2007 Financial Statements

The Annual Audited Financial Report is available as a PDF Download.

Download Cortland County IDA 2006 - 2007 Financial Statements (768 kb)

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2006 Cortland County IDA Projects

Project Name Type Initial Project Investment Closing Date Termination Date Jobs Required 2003 Job Count Per legal affidavit 2004 Job Count Per legal affidavit 2005 Job Count Per legal affidavit 2006 Job Count Per legal affidavit
FARME Institute Straight-lease $555,000.00 2-14-2000 2-28-2010 7 17 FTE (of which 7 were FARME) 17 FTE (of which 7 were FARME) 17 FTE (of which 7 were FARME) 5 FTE with one more FTE for 7 months of the year
BorgWarner Straight-lease $32,300,000.00 12-18-2000 1-31-2011 150 FTE 223 FTE 232 FTE 235 FTE 234 FTE
Cortland Associates Straight-lease $5,578,000.00 4-10-2001 1-31-2011 22 FTE 22 FTE 34 FTE 40 FTE 42 FTE
Photon Vision Office Straight-lease $1,522,200.00 4-19-2001 4-30-2011 18 FTE 7 FTE 9 FTE IDA took default action per PILOT agreement 11 FTE 11 FTE
South Slope Development Straight-lease $860,000.00 2-1-2002 2-28-2010 6 FTE 6 PTE 110 Seasonal 17.9 FTE Seasonal not reported IDA amended PILOT to better assess job count: 20.6 FTE 7.6 FTE 5.8 PTE 96 Seasonal 6.6 FTE 7.3 PTE 95.4 Seasonal
Barden Straight-lease $4,450,000.00 4-2-2004 2-28-2014 105 FTE First report due 11-05 IDA to assess in 11-05 120 FTE 121 FTE
Essex Steel Straight-lease $2,000,000.00 10-1-2004 9-30-2010 26 FTE 7 Seasonal First report due 11-05 IDA to assess in 11-05 29.83 FTE 31.92 FTE
Cayuga Press Straight-lease $350,000.00 7-1-2006 5-31-2016 65 FTE 4 PTE First report 11-07 IDA to assess in 11-07 IDA to assess in 11-07 IDA to assess in 11-07


Summary Financial Information

Section 2800 of Public Authorities Law requires public authorities to submit its assets and liabilities at the end of its fiscal year.

NAME OF AUTHORITY: Cortland County Industrial Agency - 2006
SUMMARY STATEMENT OF NET ASSETS
Assets
Current Assets  
Cash and cash equivalents 207,832
Investments  
Receivables, net 33,184
Other assets 10,000
Total Current Assets 251,016
Noncurrent Assets
Restricted cash and investments  
Long-term receivables, net 30,240
Other assets  
Capital Assets
Land and other nondepreciable property 209,818
Infrastructure  
Buildings and equipment 17,260
Accumulated depreciation 17,260
Net capital assets 209,818
Total Noncurrent Assets 240,058
Total Assets 491,074
Liabilities
Current Liabilities  
Accounts payable 5,400
Pension contribution payable  
Other post-employment benefits  
Accrued liabilities  
Deferred revenues  
Bonds and notes payable 50,640
Other long-term obligations due within one year  
Total Current Liabilities 56,040
Noncurrent Liabilities
Pension contribution payable  
Other post-employment benefits  
Bonds and notes payable 30,240
Other long-term obligations  
Total Noncurrent Liabilities 30,240
Total Liabilities 86,280
Net Asset (Deficit)
Net Assets
Invested in capital assets, net of related debt 209,818
Restricted  
Unrestricted 194,976
Total Net Assets 404,794
   
SUMMARY STATEMENT OF REVENUES, EXPENSES, AND CHANGE IN NET ASSETS
Operating Revenues
Charges for services 10,125
Rental & financing income 3,500
Other operating revenues 71,128
Total Operating Revenue 84,753
Operating Expenses
Salaries and wages  
Other employee benefits  
Professional services contracts 93,966
Supplies and materials 40
Depreciation & amortization  
Other operating expenses 1,950
Total Operating Expenses 95,956
Operating Income (Loss) (11,203)
Nonoperating Revenues
Investment earnings  
State subsidies/grants  
Federal subsidies/grants  
Municipal subsidies/grants  
Public authority subsidies  
Other nonoperating revenues 4,555
Total Nonoperating Revenue 4,555
Nonoperating Expenses
Interest and other financing charges 1,320
Subsidies to other public authorities  
Grants and donations  
Other nonoperating expenses  
Total Nonoperating Expenses 1,320
Income (Loss) Before Contributions (7,968)
Capital Contributions
Change in net assets (7,968)
Net assets, (deficit) beginning of year 412,762
Other net assets changes  
Net assets, (deficit) at end of year 404,794


Schedule of Debt

In accordance with Public Authorities Law, please enter the authority's outstanding debt at the end of the fiscal year in the appropriate category.

Type of Debt Outstanding Debt at the End of Fiscal Year
State Obligation  
State Guaranteed  
State Supported  
State Contingent Obligation  
State Moral Obligation  
Other  
Authority Obligation  
General Obligation $80,880
Revenue  
Other  
Conduit Obligation $18,780,000
Totals $18,860,880