- Cortland County IDA Budget 2008
- Cortland County IDA Budget 2007
- Annual OSC Financial Report
- Annual Audited Financial Report
- Cortland County IDA 2006 - 2007 Financial Statements
- 2006 Cortland County IDA Projects
- Summary Financial Information
- Schedule of Debt
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) |
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 |
