Professional Documents
Culture Documents
of
Department
of
Buffalo
Audit & Control
Introduction
The purpose of the report is to offer recommendations and guidance for the planning of capital
projects. In addition, this report provides updates on the status of existing capital project
accounts.
Capital improvement projects are among the most important and fundamental functions of
municipal government. While there are an unlimited number of worthwhile potential projects,
financial and time constraints dictate that the City identifies projects that are a priority to its
citizenry, in addition to being feasible financially.
Pursuant to the City Charter, this reports contains the maximum amount of capital debt that the
city may prudently incur during the next five years, as determined by the Capital Budget and
Debt Management Policy. This policy, which requires the City to issue less debt than it retires
each year, has significantly reduced Buffalos debt burden in recent years.
However, according to the three major credit agencies, the Citys debt burden is still too high. In
the most recent rating report issued in April, Moodys commented on Buffalos high debt burden
that is expected to moderate thanks to additional tax base growth and the Citys policy to not
issue more debt than what is being retired. The City must continue to adhere to this policy to
maintain its A1 rating with Moodys and A+ ratings with Fitch and Standard & Poors.
The criteria Standard and Poors uses to evaluate debt burden includes the ratios of direct debt to
annual revenues and annual debt service to annual expenditures. The following chart shows the
Citys calculation based on general fund revenues and expenditures for the 2015 fiscal year.
Debt Service
Total Expenditures
$
46,252,175 $
446,586,452
Bonded Debt
Total Revenues
$
257,485,214 $
470,253,979
Ratio
10.4%
Ratio
54.8%
As you can see, even with reduced borrowing in recent years, the City needs to continue to
reduce its debt burden in order to improve its debt ratios.
In addition to reduced borrowing, vast improvements in the timeliness of spending bond proceeds
in recent years has led to significant reductions in unnecessary interest costs, unspent project
balances, and the number of idle projects. While some older projects still remain active, the
quicker pace of expenditures has put the City in a better position than it was in a few short years
ago.
When planning the 2017 Capital Budget and the 2017-2021 Capital Plan, the Citizens Planning
Council, the Mayor and the Common Council should include and identify funding sources in
addition to bonds such as grants and matching funds so that the Capital Budget reflects the
total investment in the Citys capital projects. For instance, in the 2015 fiscal year, capital project
fund expenditures totaled $54.8 million, of which only $26.4 were paid for with bond proceeds.
The citizens of Buffalo should be informed of how much money is actually being invested in the
City, not just how much of it is borrowed.
Furthermore, the City should consider investing more General Fund monies into capital projects,
especially for projects with a shorter lifespan. This would eliminate interest costs and allow the
City to make capital improvements without adding to its debt burden.
Table of Contents
I
II
Authorized/Unissued
Attachments
A-1 Unaudited Total Project List (2012-2016)
A-2 Unaudited Open Project List
7
11
14
15
The rating agencies use certain criteria to determine the Citys appropriate debt burden. In addition
to the ratios of direct debt to annual revenues, and annual debt service to annual expenditures
(mentioned in the introduction), the ratio of outstanding debt to assessed valuation is also
evaluated.
As you can see from the following chart, ratio of outstanding debt to assessed valuation is trending
downward, a positive development. However, in order to be rated as a strong credit in this area
by Moodys, the ratio must be less than 1.75 percent. Since the Citys ratio is currently 2.73
percent, it is crucial that the City continues to reduce this ratio and others used by rating agencies.
4.00%
4.17%
3.93%
3.58%
3.34%
3.12%
3.00%
2.73%
2.00%
2009
2010
2011
2012
2013
2014
2015
2016
Expending all funds within five years will eliminate the cost of preparing and reporting arbitrage
calculations to the IRS each year, as reporting requirements are eliminated once all proceeds are
disbursed.
V. 2017 Budget Process
When planning capital projects, it is crucial to properly plan the timing of funding sources.
Therefore, for some of the larger projects, it is more fiscally prudent to borrow in line with the
spending pattern, as opposed to borrowing for the entire project before final contracts are in place
and funding is needed.
Historically, the capital budget contains items that have a projected life of five years or less. For
example, the City budgets for demolitions and tree removal and plantings, which more closely
align with an operational and maintenance program than a capital project. The City should begin
utilizing more General Fund revenues to pay for these recurring items, rather than issuing debt and
incurring associated interest and other related costs. Additionally the City should continue to
budget within the General Fund to pay for the planning of smaller scale capital projects in advance
of issuing bonds for the project.
As a reminder, the City has a $2.9 million allocation from New York State Energy Research and
Development Authority (NYSERDA) to issue Qualified Energy Conservation Bonds (QECB), tax
subsidy bonds for capital expenditures that reduce energy consumption in public buildings by 20
percent.
VI. Capital Budget Project Detail
Pursuant to section 20-25 of the City Charter, the Comptrollers office is obligated to comment on
projects which may exceed the proposed debt capacity, exceed the estimated cost, or may not be
ready for implementation within the year proposed.
All projects within the Capital Improvements Budget must be supported by sufficient information,
details, and estimates so that bond resolutions can be properly drafted. Bonds will not be issued
to create a general capital reserve fund from which money can be readily made available at such
time when, or if, a capital need arises.
Therefore, all projects in the capital budget must include the following information:
Specific project detail to define scope and execution, to include acquisition, ownership
status, etc.
Complete budget which includes any Federal or State grants; total cost utilizing
verifiable vendor estimates or standard cost accounting methods; Maximum Estimated
Cost
Project timetable; to include commencement/end dates, and spend-down;
Required environmental reviews under the State Environment and Quality Review Act;
Information on any effect the project will have on the citys operating budget.
Bond proceeds may not be used for general maintenance or repair. New York State Local Finance
Law does not provide a Period of Probable Usefulness for routine repair and maintenance items,
meaning the useful life of these items is too short for these costs to be capitalized by bond funds.
Debt Cap
$20,800,000
$21,600,000
$23,200,000
$25,300,000
$25,400,000
Reduction
- $5,396,550
- $5,631,625
- $2,366,130
(none)
(none)
Budget Authorization
= $15,403,450
= $15,968,375
= $20,833,870
= $25,300,000
= $25,400,000
While the amount of projects authorized (through the approval of bond resolutions) is ultimately
decided by the Citizens Planning Council, Mayor, and Common Council, the amount of debt that
is actually issued (the selling of the bonds) is determined by the Comptroller.
The Comptroller will not exceed the Debt Cap ($20,800,000 in 2017) regardless of whether
projects are new authorizations or previously authorized but unissued projects from prior
years.
The school district will continue to fund their capital improvements with refunding savings from
the refinancing of the Joint Schools Construction bonds. There are no expectations to issue
general obligation debt for the school district in the near future.
Attachment A-1
CITY OF BUFFALO
CAPITAL PROJECT OBLIGATIONS AS OF JUNE 30, 2016
BOND SALES 2012-2016
UNAUDITED TOTAL PROJECT LIST
BUDGET
AT 6/30/16
3019 FUND: 2016-17 BOND SALE PROJECTS
30192106 FIRE APP PURCHASE GEN CONTR 15
30193106 COURT ST 14 GEN CONTRACTING
33133316 HIGHLAND PARK ROAD ACQ 15
33133326 INFRASTRUCTURE IMRP VAR 16
33133336 STREET LIGHTING VAR 16
33221006 POLICE HQ/A DISTRICT RENO 15
33233346 ALLENDALE THEATRE UPGRD 15
33233356 BROADWAY MRKT KITCHEN 16
33233366 CITY COURT REHAB 15
33233376 CITY HALL IMPR 16
33233386 COCA COLA FIELD 16
33233396 FIRE DEPT BLDG VAR 16
33233406 FIRE STATION REHAB - VAR 15
33233416 LIBRARY BLDGS IMRP VAR 15
33233426 LOVEJOY POOL 16
33233436 MAIN ANIMAL ZOO ROOF 16
33233446 MONUMENT RSTR 14
33233456 MONUMENT RSTR 15
33233466 MUSEUM OF SCIENCE REHAB 15
33233476 N BUFFALO ICE RINK 16
33233486 NAVAL PARK HANGER PLAN 16
33233496 PARK BLDG IMPR VAR 16
33233506 REPTILE HOUSE ZOO ROOF 15
34033516 PARKS IMPR VAR 16
34033526 TREE RMVL AND PLANT VAR 16
39313056 S ODGN/MNERAL SPRINGS BRDGE 14
36500006 EMERG DEMO 15 GEN CONTRACTING
COST OF ISSUANCE
TOTAL: 3019 FUND
3018 FUND: 2015-16 BOND SALE PROJECTS
38201506 POLICE PRECINCT RENOVATIONS
38210306 FIRE APPARATUS 13
38302816 STREETS VEHICLE PURCH 15
38304006 TREE REMOVAL & PLANTINGS CW 13
38312826 KENMORE AVE MAIN-STARIN 13
38312836 NB RAILS TO TRAILS 14
38312846 BRIDGE REHAB 15
38312856 ERIE BASIN MARINA REHAB 15
38312866 GENESSEE GATEWAY 15
38312876 HAMBURG ST DOCKS 15
38312886 INFRASTRUCTURE IMP CW 15
38312896 KENMORE AVE MAIN-STARIN 15
38312906 NIAGARA ST GTWY PH 2 15
38312916 NIAGARA ST GTWY PH 4 15
38312926 SO PARK LOOP BRIDGE 15
38320316 FIRE STATION REHAB 13 GEN CONT
38322936 BROADWAY MRKT FLOOR RECON 15
38322946 CAZENOVIA PARK CASINO 15
38322956 CITY COURT REHAB 15
38322966 DOWNTOWN BALL PARK IMP 14
38322976 DOWNTOWN BALL PARK IMP 15
38322986 FIRE STATION RENOVATINOS 14
38322996 LIBRARY IMP VAR 14
38323006 POLICE PRECINCT RENO 14
38323206 MLK CASINO RENO GEN CONTRCTING
38324306 CITY COURT REHAB 14
EXPENDITURES
AT 6/30/16
ENCUMBRANCES
AT 6/30/16
BALANCE
AT 6/30/16
PERCENT
EXPENDED
2,100,435
149,090
1,212,403
6,233,025
496,968
1,013,814
171,279
265,878
596,361
1,689,691
347,877
397,574
397,574
149,090
526,786
265,878
227,611
220,654
580,485
1,526,473
239,290
537,073
265,878
1,029,220
596,361
53,176
1,987,871
142,026
23,419,843
51,043
22,349
391,266
343
332
157,273
136,008
758,614
1,955,754
14,400
1,476,434
252,389
332
80,331
98,700
351
12,640
108,438
369,125
128,550
4,497,444
93,638
112,341
1,212,403
4,756,592
496,968
370,160
170,936
265,213
596,361
1,689,691
267,546
397,574
298,874
149,090
526,786
265,878
227,611
220,654
580,135
1,513,833
239,290
537,073
265,878
920,782
227,236
53,176
1,702,048
6,018
18,163,785
2%
15%
0%
0%
0%
39%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
8%
96%
3%
398,530
498,162
498,162
639,640
72,234
426,427
498,162
533,034
799,551
51,809
5,796,617
447,748
1,066,067
373,124
128,994
398,530
129,522
525,829
1,295,222
498,162
498,162
398,530
348,714
398,530
498,162
398,530
398,530
498,162
421,067
635,276
72,234
426,427
512,672
370
5,265,158
447,748
993
373,124
206,248
7,467
43,410
78,282
412,846
52,983
107,382
328,293
347,647
317,932
58,503
68,302
286,879
525,958
1,065,074
192,282
2,850
352,551
189,006
85,317
445,180
336,524
5,590
70,237
150,515
63,868
77,095
4,365
439,659
464,732
51,439
5,500
128,994
119,205
129,869
1,027,934
62,006
235,742
16,730
100%
100%
85%
99%
100%
100%
0%
0%
64%
1%
91%
100%
0%
100%
0%
52%
6%
8%
6%
83%
11%
0%
31%
82%
70%
80%
BUDGET
AT 6/30/16
209,228
468,738
346,472
204,685
319,820
351,802
1,627,994
2,490,812
87,191
23,722,896
EXPENDITURES
AT 6/30/16
106,012
402,807
258,323
166,270
89,701
48,794
1,477,652
2,355,412
86,691
15,945,912
ENCUMBRANCES
AT 6/30/16
10,008
16,396
13,248
33,585
230,119
296,766
150,342
104,100
4,753,201
BALANCE
AT 6/30/16
93,208
49,535
74,900
4,829
6,242
31,300
500
3,023,784
533,383
1,064,144
648,487
894,303
198,734
496,835
505,033
1,280,119
5,423,557
199,395
397,468
531,613
479,694
528,398
299,093
3,243,167
64,578
16,788,000
406,918
1,064,144
648,487
894,303
24,565
354
500,626
1,280,119
5,165,618
199,395
384,148
72,955
92,278
472,547
299,093
3,191,279
64,578
14,761,407
97,600
120,927
13,320
400
374,740
55,851
51,888
714,726
28,865
174,169
496,480
4,406
137,012
458,258
12,676
1,311,867
76%
100%
100%
100%
12%
0%
99%
100%
95%
100%
97%
14%
19%
89%
100%
98%
100%
88%
895,854
248,848
798,803
6,420,288
497,697
398,157
746,545
886,854
168,215
549,014
399,211
210,968
248,848
1,810,074
223,964
236,801
2,989,166
89,860
17,819,168
890,685
248,848
798,803
6,420,288
481,510
380,000
717,790
882,332
101,860
549,014
256,180
210,968
248,848
1,747,820
223,964
112,058
2,930,913
89,860
17,291,740
16,187
4,522
16,990
140,428
62,248
24,179
264,553
5,169
18,157
28,755
49,365
2,604
6
100,564
58,253
262,874
99%
100%
100%
100%
97%
95%
96%
99%
61%
100%
64%
100%
100%
97%
100%
47%
98%
100%
97%
128,972
1,004,451
351,558
100,445
501,145
5,022,257
186,587
102,543
306,307
75,334
401,781
76,137
50,223
75,334
50,223
128,972
1,004,451
351,558
91,352
335,432
5,003,534
186,587
102,543
306,307
25,503
401,781
76,137
27,892
45,711
9,093
17,940
317
4,512
165,713
784
49,514
50,223
47,442
-
100%
100%
100%
91%
67%
100%
100%
100%
100%
34%
100%
100%
0%
37%
91%
38324406
38328206
38329206
38403016
38403026
38403036
38404706
38653046
PERCENT
EXPENDED
51%
86%
75%
81%
28%
14%
91%
95%
99%
67%
35317706
35317806
35317906
35318006
35323106
35323206
35323506
35324706
35325606
35326006
35326106
35328106
35328206
35328306
35328406
35328506
35328606
35403606
35403906
35405106
35408706
35655206
BUDGET
AT 6/30/16
150,668
100,445
1,506,677
436,975
2,754,059
301,335
452,003
753,339
268,691
45,630
75,233
15,067
407,873
100,445
224,868
200,890
537,382
271,202
644,858
1,343,454
401,781
2,604,019
375,518
22,405,706
EXPENDITURES
AT 6/30/16
100,445
1,305,535
436,975
2,631,822
277,245
443,722
746,744
268,691
45,630
75,233
15,067
407,873
61,777
214,141
200,890
537,382
271,202
644,858
1,343,454
401,781
2,604,019
375,518
21,497,762
959,017
670,190
169,980
53,119
454,696
138,109
53,119
89,771
148,931
5,109,885
446,793
397,149
251,825
297,862
42,495
212,475
106,237
239,034
339,960
1,394,988
637,425
465,237
132,797
196,539
228,411
186,978
239,034
239,034
79,678
74,366
318,712
53,119
201,001
221,411
185,916
99,863
18,060
106,237
148,931
744,655
1,593,562
531,187
1,295,700
959,017
670,190
169,980
53,119
423,339
138,109
53,119
89,771
148,931
5,109,885
446,793
397,149
251,825
297,862
42,495
212,475
106,237
239,034
339,960
1,394,988
637,425
465,237
132,797
196,539
228,411
186,978
223,790
239,034
79,678
74,366
318,712
53,119
201,001
218,411
185,916
99,863
18,060
106,237
148,931
740,838
1,593,562
531,187
1,295,700
9
ENCUMBRANCES
AT 6/30/16
147,552
119,868
24,090
8,282
6,595
10,727
348,974
25
15,245
-
BALANCE
AT 6/30/16
150,668
53,591
2,370
38,668
558,971
31,332
3,000
3,817
-
PERCENT
EXPENDED
0%
100%
87%
100%
96%
92%
98%
99%
100%
100%
100%
100%
100%
62%
95%
100%
100%
100%
100%
100%
100%
100%
100%
96%
100%
100%
100%
100%
93%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
94%
100%
100%
100%
100%
100%
100%
99%
100%
100%
100%
100%
100%
99%
100%
100%
100%
BUDGET
AT 6/30/16
2,666,881
664,151
22,904,522
EXPENDITURES
AT 6/30/16
2,666,881
664,151
22,851,103
ENCUMBRANCES
AT 6/30/16
15,270
BALANCE
AT 6/30/16
38,149
127,060,135
93,106,537
10,594,168
23,359,430
10
PERCENT
EXPENDED
100%
100%
100%
73%
Attachment A-2
CITY OF BUFFALO
CAPITAL PROJECT OBLIGATIONS AS OF JUNE 30, 2016
UNAUDITED OPEN PROJECT LIST
BUDGET
AT 6/30/16
EXPENDITURES
AT 6/30/16
ENCUMBRANCES
AT 6/30/16
BALANCE
AT 6/30/16
PERCENT
EXPENDED
376,862
1,879,869
442,322
2,699,052
370,658
1,753,371
440,361
2,564,389
6,204
126,498
1,709
134,411
957,433
648,517
324,258
1,922,786
3,852,995
906,232
647,017
179,296
1,910,684
3,643,229
1,500
144,962
12,102
158,565
51,201
(0)
51,201
94.7%
99.8%
55.3%
99.4%
94.6%
1,628,668
217,111
1,845,779
1,527,668
203,536
1,731,204
101,000
13,575
114,575
93.8%
93.7%
93.8%
613,746
1,066,679
266,670
1,947,095
605,300
474,292
64,214
1,143,806
587,799
6,000
593,799
8,445
4,589
196,456
209,490
98.6%
44.5%
24.1%
58.7%
1,356,152
1,172,034
1,385,762
458,800
10,136,396
1,356,551
1,975,450
100,000
20,311,371
187,047
7,101,956
3,308,416
3,176,293
1,128,517
2,796,550
4,118,176
475,000
3,516,501
110,403
7,510,421
6,445,122
3,680,508
1,000,000
972,882
1,104,830
9,938,908
2,411,732
291,922
1,714,988
27,195,681
380,000
481,877
1,109,951
1,164,822
1,217,426
427,576
7,858,105
1,158,541
1,823,911
3,183,670
107,830
4,037,434
3,300,882
3,176,281
1,051,807
2,670,242
3,566,865
396,583
2,356,360
76,389
7,484,209
1,408,000
3,609,803
999,985
967,819
73,846
9,560,771
2,406,144
110,076
1,656,090
18,708,574
210,460
402,293
11,740
1,536,747
149,280
48,814
2,461,973
93,711
352,913
70,704
1,028,985
2,981
1,048
4,517,584
27,540
-
246,201
7,212
168,336
19,484
741,544
198,010
2,259
100,000
17,078,887
79,217
602,550
7,534
12
76,710
32,597
551,311
78,417
807,229
34,014
26,212
5,037,122
15
5,063
1,999
375,157
4,540
181,846
58,898
3,969,523
142,000
79,584
81.8%
99.4%
87.9%
93.2%
77.5%
85.4%
92.3%
0.0%
15.7%
57.6%
56.8%
99.8%
100.0%
93.2%
95.5%
86.6%
83.5%
67.0%
69.2%
99.7%
21.8%
98.1%
100.0%
99.5%
6.7%
96.2%
99.8%
37.7%
96.6%
68.8%
55.4%
83.5%
CAPITAL GRANTS
31530806 BROWNFIELDS
32447006 INTMDL TRANS CTR PR
31548906 SQUAW ISLND REMED GRANT
31655806 GIS DEVELOPMENT
31751406 FERRY ST LIFT BRIDGE REHAB
34259006 INNR HARBR TRAN FAC-I
31450006 NB RAIL TO TRAILS
31490006 SEN-CAZ INFRAS PROJ
31550006 BAILEY BRIDGE-CAZ CK
31570006 REDM 90 HOPKINS
36567606 KENMR-STARIN TO MAIN
36770806 REST NY COMM 06-07
31680006 DEMO PROJ ECON DEV
31690006 BMC STSCAPE PH 1
31692106 BMC STSCAPE PH1
31692206 BMC STSCAPE PH2
31106006 NIAGARA ST GATEWAY PH 2 DESIGN
31710006 NIAGARA ST GTWY PRJ
31720016 BRIDGE WASH GENL CONTR 2011
38072706 RESTORE NY PH2
38777206 RESTORE NY PH 3
38788806 RESTORE NY3 COMM
38881106 BURA STIM CW ST&SDWK IMP
38881506 CDBG YR 35 & 36
31091606 LASALLE PK IMPV PH 3
31910006 CARS MAIN ST 600
31930006 FRUIT BELT REDEV
31950006 CITY CT TENANT
31970006 FILLMORE REHAB
32000006 CHIPS CAPITAL
32020006 BFLO OUT HARB TR PH2
32030006 BRDG JOINT REPL
11
252
252
98.4%
93.3%
99.6%
95.0%
BUDGET
AT 6/30/16
390,100
843,196
100,000
20,577,663
1,000,000
1,250,000
209,985
1,504,380
232,495
684,564
1,774,412
10,906,437
238,377
1,413,124
661,163
633,626
450,000
250,000
225,000
75,000
417,572
405,210
69,508
313,030
300,000
1,965,000
500,000
2,160,000
800,000
4,168,485
2,889,498
184,708,068
EXPENDITURES
AT 6/30/16
584,883
18,891,748
100,053
61,265
45,000
1,504,380
109,094
458,314
1,089,656
10,375,950
877
574,709
913
81,077
53,975
23,938
125,000
255,269
3,927,987
2,832,407
127,379,238
ENCUMBRANCES
AT 6/30/16
35,725
749,314
899,947
1,188,735
95,093
604,819
379,935
225,912
704,782
499,373
380,261
201,062
75,000
149,941
313,030
157,500
500,000
2,160,000
19,624,448
BALANCE
AT 6/30/16
390,100
258,312
64,275
936,601
164,985
28,308
226,251
79,938
150,553
11,588
133,633
660,250
53,176
15,765
250,000
292,572
69,508
300,000
1,807,500
800,000
240,497
57,091
37,704,382
279,727
908,145
623,685
52,000
50,000
400,000
100,000
121,000
200,000
75,000
32,000
74,000
47,500
39,000
200,834
55,000
61,000
46,000
48,500
194,260
150,000
3,757,651
77,903
766,645
623,047
392,550
63,651
172,995
20,000
18,723
31,954
22,053
2,550
32,098
61,900
114,730
2,400,798
13,845
141,500
36,349
121,000
7,987
11,016
12,347
55,000
55,000
35,550
11,402
114,700
29,680
645,376
187,980
638
52,000
50,000
7,450
27,005
55,000
5,290
74,000
4,530
4,600
200,834
6,000
7,900
5,000
17,660
5,591
711,477
27.8%
84.4%
99.9%
0.0%
0.0%
98.1%
63.7%
0.0%
86.5%
26.7%
58.5%
0.0%
67.3%
56.5%
0.0%
0.0%
0.0%
5.5%
66.2%
31.9%
76.5%
63.9%
3,529,432
144,450
3,673,882
1,419,839
102,818
1,522,657
2,109,592
41,632
2,151,225
40.2%
71.2%
41.4%
2,782,038
1,236,462
16,797,240
27,925,150
122,400
2,752,001
1,050,608
15,957,822
23,818,531
121,901
30,037
185,854
343,658
1,572,566
-
98.9%
85.0%
95.0%
85.3%
99.6%
32050006
32060006
32080006
32100006
32190306
32290406
32130006
32140006
32150006
32160006
32170006
32190006
32210006
32230006
32240006
32250006
32260006
32271006
32272406
32272506
32272606
32280006
32290006
32300006
32310006
32320006
32330006
32340006
32350006
39162806
39162906
12
495,760
2,534,053
500
PERCENT
EXPENDED
0.0%
69.4%
0.0%
91.8%
10.0%
4.9%
21.4%
100.0%
46.9%
66.9%
61.4%
95.1%
0.4%
40.7%
0.1%
12.8%
12.0%
0.0%
10.6%
0.0%
29.9%
63.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
94.2%
98.0%
69.0%
BUDGET
AT 6/30/16
11,068,163
319,043
60,250,495
500,000
500,000
Grand Total
263,235,017
13
EXPENDITURES
AT 6/30/16
528,037
44,228,898
184,614,221
ENCUMBRANCES
AT 6/30/16
5,516,663
36,080
8,583,056
29,854,229
BALANCE
AT 6/30/16
5,023,463
282,963
7,438,541
PERCENT
EXPENDED
4.8%
73.4%
500,000
500,000
0.0%
0.0%
48,766,567
70.1%
Attachment B
CITY OF BUFFALO
AUTHORIZED BUT UNISSUED AS OF JUNE 30, 2016
DATE CCP
YEAR APPROVED PURPOSED FOR WHICH AUTHORIZED
2013
04/11/13 Bridge Rehabilitation
2013
04/11/13 Kenmore Ave. Infrastructure
2014
02/18/14 Court Street Improvements
2014
02/18/14 Broadway Garage Improvements
2014
02/18/14 Buildings Planning & Design (Planning Bond)
2015
02/17/15 BNMC Phase III (Local Match 20%)
2015
02/17/15 Elk Street & Ohio Street Bridges (Local Match 20%)
2015
02/17/15 Shoreline Trail Rehab
2015
02/17/15 City Court Rehabilitation
2015
02/17/15 Police Dept. Buildings Reconstruction CW
2016
02/16/16 Fire Apparatus - Purchase
2016
02/16/16 Bailey Avenue Bridges Reconstruction
2016
02/16/16 Ohio Street Lift Bridge Reconstruction
2016
02/16/16 Seneca Street Improvements
2016
02/16/16 South Ogden Bridge Reconstruction
2016
02/16/16 South Park Loop Bridge Reconstruction
2016
02/16/16 Allendale Theatre Improvements
2016
02/16/16 Buffalo History Museum
2016
02/16/16 City Hall Improvements
2016
02/16/16 East Delavan Library Improvements
2016
02/16/16 Fire Department Buildings
2016
02/16/16 Museum of Science Front Entrance Restoration
2016
02/16/16 Broderick Park Seawall Study
2016
02/16/16 LaSalle Seawall Construction
AMOUNT
AUTHORIZED
300,000
120,000
652,500
400,000
535,000
1,091,400
170,130
428,000
1,324,407
203,036
2,478,233
2,180,000
369,000
2,378,000
127,500
530,000
314,431
110,000
654,958
470,000
859,046
535,000
252,500
1,448,000
$
17,931,141
1,100,000
1,436,625
213,000
$
14
2,749,625
Attachment C
CITY OF BUFFALO
STATEMENT OF DEBT CONTRACTING POWER AS OF JULY 1, 2016
AMOUNT
Average Full Valuation of Taxable Real Property and Special
Franchises as Determined by the Last Completed Assessment
Roll and the Four Preceding Rolls
7,238,369,183
651,453,226
197,474,368
453,978,858
17,931,141
436,047,717
Gross Indebtedness:
Borrowings:
Serial Bonds
Bond Anticipation Notes
Total Gross Debt
PERCENT
100.00%
249,119,048
249,119,048
Exclusions:
Exempt Debt:
Water Supply Bonds
Parking Facilities Bonds
Reserve to Pay Non-Exempt Debt
Appropriation in Budget to Pay Non-Exempt Debt
Maturing during Fiscal Year
Total Exclusions
319,619
10,576,532
5,067,566
Net Indebtedness
Debt-Contracting Margin
Authorized But Unissued Non-Exempt Debt
Effective Borrowing Capacity
15
35,680,963
51,644,680
30.3%
69.7%
2.8%
66.9%