HomeMy WebLinkAboutAgenda - City Council - 02/20/2024CITY COUNCIL MEETING AGENDA
FEBRUARY 20, 2024
Participation Options
In Person: 180 Market Street, Main Floor, Auditorium
Assistive Listening Service Devices available upon request
Electronically: https://meet.goto.com/SouthBurlingtonVT/citycouncilmeeting02-20-2024
You can also dial in using your phone. (646) 749-3122 Access Code: 214-280-381
Regular Session 6:30 p.m.
1.Pledge of Allegiance (6:30 p.m.)
2.Instructions on exiting building in case of emergency and review of technology options–Jessie
Baker, City Manager (6:31–6:32 p.m.)
3.Agenda Review: Additions, deletions or changes in order of agenda items (6:33–6:34 p.m.)
4.Comments and questions from the public not related to the agenda (6:35–6:45 p.m.)
5.Councilors’ Announcements and Reports on Committee assignments and City Manager’s Report
(6:45–6:55 p.m.)
6.Consent Agenda: (6:55–7:00 p.m.)
A.*** Consider and Sign Disbursements
B.*** Approve minutes from January 8, 2024 Meeting
C.*** Receive the December and January Financials
D.*** Receive the Q1 and Q2 Financial Report
E.*** Approve documents related to Loan RF1-354-2.0 for the Bartlett Bay Wastewater
Treatment Plant Upgrade
F.*** Approve a letter in support of the South Burlington Land Trust’s application for
conservation funding through the Vermont Housing and Conservation Board in support
of the Long Property
7.*** Warned for 7:00 PM: Hold a Second Reading / Public Hearing on a proposed Residential
Rental Registry Ordinance – Steven Locke, Deputy City Manager (7:00–8:00 p.m.)
8.*** Possible action to approve the Residential Rental Registry ordinance – Steven Locke, Deputy
City Manager (8:00–8:20 p.m.)
180 MARKET STREET, SOUTH BURLINGTON, VERMONT | (802) 846-4107 | WWW.SOUTHBURLINGTONVT.GOV
9.*** Possible approval of Resolution 2024-08 establishing the fee structure and inspection cycle
for the Residential Rental Registry – Steven Locke, Deputy City Manager (8:20–8:30 p.m.)
10.*** Possible approval of Resolution 2024-09 establishing the Residential Rental Registry Special
Revenue Fund – Martha Machar, Finance Director (8:30-8:35 p.m.)
11.Consider approval of amendments to the collective bargaining agreement with the South
Burlington Career Fire Fighters Association Local 3671 – Jessie Baker, City Manager (8:35–8:50
p.m.)
a.Consider entering executive session for the purposes of discussing labor relations
agreements with employees and specifically the collective bargaining agreement with the
South Burlington Career Fire Fighters Association Local 3671(1 V.S.A. §313(a)(1)(B))
12.*** Receive and accept the FY23 Audit from RHR Smith – Miranda MacDonald, RHR Smith &
Company and Martha Machar, Finance Director (8:50–9:20 p.m.)
13.*** Approve the TIF bond documents for the final TIF debt as previously approved by the voters
– Ilona Blanchard, Community Development Director (9:20–9:30 p.m.)
14.*** Discussion of a Growth Management Plan and provide direction to staff – Jessie Baker, City
Manager, and Paul Conner, Planning & Zoning Director (9:30–9:45 p.m.)
15.*** Receive the FY24 Policy Priorities & Strategies Report #2 – Jessie Baker, City Manager (9:45–
9:55 p.m.)
16.Provide a summary to the public of the City Manager's annual evaluation – Helen Riehle, Council
Chair (9:55–10:05 p.m.)
17.*** Convene as the South Burlington Liquor Control Commission to consider; Delta Hotels by
Marriott Burlington, Outside Consumption Permit; Homewood Suites, First Class Restaurant/Bar
& Second Class License; Eagles, Fraternal Order Of Aerie #793 First Class Club & Third Class
Club License & Outside Consumption Permits; Gracey’s Liquor Store, Second Class Liquor &
Tobacco License & Tobacco Substitute Endorsement; Gracey’s Store, Second Class Liquor &
Tobacco License & Tobacco Substitute Endorsement; Simon’s Store & Deli, Second Class Liquor
& Tobacco License & Tobacco Substitute Endorsement; Sugarsnap, First Class Commercial
Caterer & Third Class Commercial Kitchen; Walgreens #11526, Second Class Liquor & Tobacco
License; Walgreens #17447, Tobacco License - (10:05-10:10 p.m.)
18.Other Business (10:10-10:20 p.m.)
19.Adjourn (10:20 p.m.)
Respectfully submitted:
Jessie Baker
City Manager
***Attachments included
Champlain Water District
Check/Voucher Register - Check Report by Fund
From 2/21/2024 Through 2/21/2024
Check Date Check Number Vendor Name Invoice Description Check Amount Invoice Number
2/21/2024 4711 Aldrich & Elliott, PC Project 23022.002 20,575.50 81912
2/21/2024 4712 Champlain Water District - Retail Retail to SBWD - January 2024 59,890.53 SBWD-406
2/21/2024 4713 Champlain Water District Water Consumption - Jan 2024 144,703.54 SBWD WTR CONSUMP
2/21/2024 Champlain Water District January 2024 CWD to SBWD 636.28 SBWD-399
2/21/2024 4714 E.J. Prescott Paint and Flags 119.21 6283255
2/21/2024 E.J. Prescott Break Trailer Restock 68.06 6285312
2/21/2024 E.J. Prescott Air Guard Meter Changeout 217.88 6285807
2/21/2024 4715 Frank W. Whitcomb Construction 7 Victory Drive - Water Break - Crushed
Stone
647.53 90023-00019400
2/21/2024 4716 MSK Engineers Project 1460-001 21,770.94 16494
2/21/2024 4717 Office Essentials of Vermont File Pockets 39.76 39919
2/21/2024 Office Essentials of Vermont Date Paid Stamp 27.47 39943
2/21/2024 4718 SAC Fasteners Inc.8 Meter Replacement for Air Guard 40.20 60680
2/21/2024 4719 South Burlington Ace, Inc.Fasteners 18.27 858853/3
2/21/2024 South Burlington Ace, Inc.Hydrant Tag S Hooks 15.98 858935/3
2/21/2024 4720 South Burlington Sewer Department January 2024 Sewer Billings 358,403.78 SEWER 013124
2/21/2024 4721 South Burlington Stormwater Department January 2024 Stormwater Fees 305,195.79 STORM 013124
2/21/2024 4722 Ti-Sales, Inc.Meters 5,480.20 INV0166556
2/21/2024 4723 USPS Postage Replenishment 7,500.00 POSTAGE REPLENISH
Total 70 - South Burlington Water
Department
925,350.92
Report Total 925,350.92
70 - South Burlington Water Department
SOUTH BURLINGTON CITY COUNCIL
Date: 2/14/2024 9:58:15 AM Page: 1
PAGE 1
CITY COUNCIL
January 8, 2024
The South Burlington City Council held a regular meeting on Monday, 8 January 2024, at
6:30 p.m., in the Auditorium, 180 Market Street, and by Go to Meeting remote
participation.
MEMBERS PRESENT: H. Riehle, Chair; M. Emery, T. Barritt, A. Chalnick, L. Kupferman
ALSO PRESENT: J. Baker, City Manager; Chief S. Locke, Deputy City Manager; C. McNeill,
City Attorney; M. Machar, Finance Officer; V. Nichols, Superintendent of Schools; K. Bailey,
C. Tillinghast, School Board; T. Jarvis, School District; R. Doyle, M. Mittag, B. Britt, E.
Fitzgerald, G. Silverstein, M. Simoneau, B. Haselton, D. Albrecht
1. Instructions on exiting building in case of emergency and review of technology
option:
Ms. Baker provided instructions on the emergency exit from the building and reviewed
technology options.
2.Additions, deletions or changes in the order of Agenda items:
No changes were made to the agenda.
3.Comments and questions from the public not related to the agenda:
There were no public comments or questions.
4.Announcements and City Manager’s Report:
Council members reported on recent meeting and events they had attended.
Ms. Baker: The first running of the South Burlington Running Club occurred on Saturday.
Twelve people attended, 10 of whom had never known each other. This will be a weekly
event, Saturday mornings, 8 a.m.
Chief Burke testified at the State Legislature regarding the Retail Theft bill.
There will be a Public Safety legislative forum on 15 February at 5:30 p.m. in
the Community Library.
5.Consent Agenda:
a.Approve and Sign Disbursements
CITY COUNCIL JANUARY 8, 2024 | PAGE 2
Ms. Emery moved to approve the Consent Agenda as presented. Mr. Barritt seconded.
Motion passed unanimously.
6. Hold a Public Hearing on City Plan 2024:
Mr. Conner said this is the continuation of the public hearing begun last week. The city has
received a few additional comments.
Mr. Barritt moved to reopen the public hearing. Ms. Emery seconded. Motion passed
unanimously.
The following public comments were made:
Mr. Albrecht: He felt the document was well-researched, particularly with a good description
of each of the city’s neighborhoods. It was also good to see that some of the “tweaks” he had
suggested had been incorporated. He still disagrees with the stating of climate resilience as
an “overriding objective” of the plan. He felt this contradicts the process the public was
presented with. It was never suggested that one goal was more important than any of the
others or should outweigh the others. He was also concerned that the plan puts all the city’s
growth in a few areas (e.g., Shelburne Road corridor, City Center, etc.), with portions of the
city to be contrary to good growth with large lots, etc. It was frustrating for him to see those
sections of the city exempt from the goals of the City Plan. In low residential areas, there is a
“desert of only residential” with fewer people living within walking distance of services or
each other. He felt there should be nodes of small commercial so people don’t have to get in
their cars to “buy a bagel.” This stands out as an inconsistency and a relic of bad planning.
Mr. Mittag: Spoke in support of the “overriding” statement which he said was important in
light of an unprecedented existential threat. He said there is a difference between a policy
and other types of decisions, and this statement related to what the City Council does.
Ms. Louisos: Most of Mr. Mittag’s points speak for the whole Planning Commission. She
noted that in July the Commission put out a full working draft and received public input.
Following that, they did make all 4 goals equal with climate as an “overreaching goal.”
Mr. Doyle: What is missing from the Plan’s goals are design standards relating to bikes and
pedestrians. Parts of Market Street are not comfortable for bikers and walkers. Design
standards are particularly important around construction sites where people/bikers are forced
into the road because there isn’t room for them on the sidewalks. This is mentioned in the
plan but does not appear as a goal. “Medians” should also be added to that section. Mr.
Doyle noted that federal law allows design standards even if their state prohibits them. He
cited “Dutch style” intersections as very safe and noted that they are used in Canada. Mr.
Doyle also spoke against the paragraph regarding making Williston Road 2 lanes. He cited
the 28,000 vehicles per day that use the road.
No further public comment was presented.
7. City Council discussion of City Plan 2024 and possibly warn a Public Hearing
for 29 January 2024 at 7:00 p.m.:
CITY COUNCIL JANUARY 8, 2024 | PAGE 3
Mr. Barritt moved to close the public hearing. Mr. Kupferman seconded. Motion passed
unanimously.
Mr. Barritt suggested modified language for the “overriding” statement as follows: The
guiding principle of this plan is to make policy decision through the lens of climate change,
factoring in other important principles and goals in our diverse community.” Ms. Emery
agreed and said “overriding” was too much.” She added that the city needs to be aggressive,
but not overly aggressive, and should not set up “flash points.”
Mr. Conner suggested that since the word “principle” is used, to change the heading of the
next section to “Principles” instead of “Guiding Principles.” Mr. Barritt suggested “Key
Principles.” Members preferred that choice.
Mr. Barritt then moved to approve his suggested sentence and to change the title of the
following section to “Key Principles.” Ms. Emery seconded. Motion passed unanimously.
Ms. Emery cited a resident’s concern regarding Airport emissions. The resident suggested
adding the words “other than aircraft” after the word emission in that section. Mr. Chalnick
said he didn’t find the original language misleading.
Mr. Kupferman said this is a high-level planning tool and asked if there is room to add Mr.
Doyle’s design standards concerns to the goals. Ms. Riehle said she wasn’t sure how much
“into the weeds” the Plan should get. Ms. Louisos said there are Public Works standards that
the Commission is actively working on. Mr. Doyle said NACTO has some great plans, and
what is being done on the city level doesn’t come close to that. He noted that 22% of people
in Montreal bike to work because the city has designed space that makes it safe to do so. Ms.
Riehle suggested asking the Bike/Ped Committee how deep they have delved into this. Mr.
Barritt said he felt design standards belong with the LDRs, not in the City Plan.
Ms. Emery asked for confirmation that there is infill allowed in all neighborhoods where
there is municipal water and sewer. Mr. Conner confirmed this and said the only place left
out is the Conservation PUD.
Mr. Barritt said he appreciated Mr. Albrecht’s comments, but he noted that the Red Barn has
grocery essentials next to Tilley Drive and fills a need. Mr. Chalnick added there is also one
in South Village.
Mr. Conner noted that on p. 80 of the Plan, a sentence reads “…Commercial with Supporting
Uses.” He noted that the map uses the language “…Commercial-Industrial with Supporting
Uses.” He recommended using the latter language in both places. Mr. Conner also said that
staff will take note of Mr. Britt’s typo indications.
Mr. Barritt then moved to make the agreed upon changes to the draft City Plan 2024 and to
warn a third public hearing for 29 January 2024 at 7:00 p.m. Ms. Emery seconded. Motion
passed unanimously.
CITY COUNCIL JANUARY 8, 2024 | PAGE 4
8. Vermont Land Trust/Bread & Butter Farm conservation project at Auclair Farm:
Review and approve Non-Development Agreement (NDA) and City Right of
First Refusal (ROFR) for area excluded from conservation on Parcel B of the
former Auclair Farm property, in line with prior City Council decision to
release pre-approved funds on condition of City Council approval of NDA and
ROFR:
Mr. Conner said the City is getting to the “finish line” with the Auclair property. Lot B is the
largest of the properties. It is the main focus of the City’s investment. A conservation
easement is being pursued for all but 10 acres which are to be used for non-conservation
purposes. The owners of the full parcel are looking to split their interests. Vermont Land
Trust will own all but the 10 northern acres. The land can be divided without a full
subdivision hearing at the DRB; however, any activity on either piece would have to go to the
DRB for subdivision. Mr. McNeill added that at this time, the property can be used only for
agriculture or forestry purposes.
Ms. Riehle asked whether the 10 acres is the place where there was talk about housing for
farm workers. Mr. Conner said it is. If there is ever a plan to do something else with that
piece, the city would have the right of first refusal.
Mr. Barritt asked whether a survey is required for this. Mr. McNeill said not at this point.
Ms. Haselton of the Vermont Land Trust said the land has already been surveyed. The 13.41
acre exclusion cannot be changed. A new non-profit will be the future owner of these pieces.
Mr. Simoneau said he and others are not fans of this deal. The city has invested over
$900,000. of taxpayer money to get more conserved land. It was supposed to have been for
agriculture. Water and sewer are not far away, so there could have been hundreds of homes.
Now all the taxpayers get are a few walking trails. All the literature says the land is not good
for agricultural purposes. The 200-acre site across the road could have had some housing at
$300,000 per lot. The city then could have purchased the Long property. Just a few houses
on a property would meet two objectives: some housing and some conservation, and the
money could be used over and over again. Mr. Simoneau hoped the Council will think about
that with the Long property.
Mr. Barritt said this is what the voters said when they agreed to the Open Space Plan.
Ms. Emery moved to approve the Non-Development Agreement and City Right of First
Refusal for area excluded from conservation on Parcel B of the former Auclair Farm property
in line with prior City Council decision to release pre-approved funds on condition of City
Council approval of the Non-Development Agreement and City Right of First Refusal. Mr.
Barritt seconded. Motion passed unanimously.
9. Initial Update on the FY25 School Budget and Act 127 and Common Level of
Appraisal (CLA) implications:
Ms. Riehle cited the need for a lot of discussion regarding the gravity of public school funding
as the consequences for South Burlington are dire.
CITY COUNCIL JANUARY 8, 2024 | PAGE 5
Superintendent Nichols said the figures she is presenting could be the ones brought to the
voters. Act 127 and the CLA comprise the new funding formula which has consequences for
the city. She hoped the Council and School District could work together on these issues.
Supt. Nichols said the new formula results in an increase to the homestead tax rate of
18.27%. This is despite a 5% cap on the CLA. Prior to the impact of the CLA, the tax
increase would have been 5%. Supt. Nichols also noted that 60% of South Burlington
homestead owners pay a lower rate by receiving a property tax credit based on household
income and home value.
If the budget does not pass in March, the budget would have to be reduced by $6,000,000,
which would still result in a tax rate of 14.57%. If they decrease the budget to $64,000,000,
there would be an 18.17% tax increase.
Supt. Nichols said Act 127 was meant to increase equity statewide. With the new formula,
districts had to be below a certain percentage increase per equalized pupil (which is now
calculated differently). The School District achieved, with cuts, a modest increase. Even
with reductions, pre-CLA cap, would have been a 28% tax increase.
Supt. Nichols stressed that should nothing change, when we get to FY30, she couldn’t see
how they could keep the schools open.
Supt. Nichols then explained the CLA implications. Following the 2021 reappraisal, the CLA
was at 100%. Last year, it was at 92%. It has dropped 11% this year to about 82%.
Supt. Nichols noted that 80% of the school budget is workforce, including health care. There
would have to be serious cuts in staffing by 2030 which is very concerning. She also noted
that the budget increase is 10.66% of which 8% is staff related. There is also an increase in
revenues of 4.11%.
In a meeting with city staff, 4 questions arose:
#1. How can the City and School Board partner to bring forward budgets the
community can support?
#2. If the education funding formula doesn’t change and CLAs continue to
decrease, how can schools support development?
#3. What impacts will reduced quality of schools have on home values in
South Burlington?
#4. What steps can be taken by the governing bodies to partner with
Legislators?
Supt. Nichols noted that most communities in Chittenden County are facing the same issues.
Ms. Emery said she would support the budget and encourage others to do so as well. She
asked if the budget passes, would the city be “around the corner.” Supt. Nichols said there
won’t be a 5% CLA cap in FY2030, and should nothing else change by then, they would be at
30% tax increase or drastically reducing what schools provide (e.g., building, art, sports,
CITY COUNCIL JANUARY 8, 2024 | PAGE 6
etc.). If the CLA continues to drop, it would make the system more unpredictable and
disadvantaged.
Supt. Nichols said that to get to a 9.9% budget, they would have to reduce $9,000,000 in
spending (e.g., all sports, arts, world languages, non-student facing staff, etc.).
Ms. Baker explained the CLA calculation. She said that what has happened involves the
combined ratio of COVID years. If the city doesn’t develop more, the CLA will continue to
go down.
Mr. Kupferman said this is the result of well-intended legislation. Ms. Bailey said it is a
systems issue with the formula that is not working for South Burlington. People need homes,
and there aren’t many in South Burlington.
Supt. Nichols said the expectation is for continued prosperity in South Burlington with
higher home prices which will result in the CLA continuing to go down. She also expressed
gratitude to the South Burlington legislative delegation, though she did not expect overnight
changes. The hope is for a CLA cap in the future which would have a significant impact on
the city. She noted that there will be continuing testimony in Montpelier tomorrow.
It was noted that a reappraisal to address the CLA issue is not viable as there are communities
in the state on a long waiting list for reappraisals.
Ms. Riehle suggested a joint letter regarding the CLA. Supt. Nichols said this is a crisis, and
the City Council speaking to a level of concern would be meaningful input. She stressed that
this is the week decisions are going to be made. Any form of communication, individual or
as a body, would matter. She was hopeful changes could be made.
Mr. Chalnick asked if it matters in FY30 what we spend this year. Supt. Nichols said it does
not. Mr. Chalnick asked why not go to the $71,000,000, which doesn’t increase the tax rate,
and “harbor” some resources. Supt. Nichols said that could bankrupt the yield because the
money has to come from somewhere. Ms. Riehle asked if it would be feasible to pay off debt.
Supt. Nichols said 91% of the debt on the ZEMs is being paid for by impact fees.
Supt. Nichols noted that the City of Burlington is on the receiving end of Act 127; however
they still have the CLA issue. She believed the purpose of Act 127 was to increase equity
statewide.
Mr. Barritt asked why the assessed value of a home isn’t automatically increased when a sale
takes place. Ms. Baker said that is illegal at this time. There is another bill looking at the
assessment process. It is very divisive at the VLCT table. This should be a good time for the
city to look at the appraisal system. Mr. Chalnick said they should put in for a change to do
what Mr. Barritt suggests.
Ms. Baker said one huge challenge is that there isn’t good information on how legislation
affects communities. The state needs to be accountable on what the CLA and Act 127 are
CITY COUNCIL JANUARY 8, 2024 | PAGE 7
doing to individual communities. If we erode the vibrancy of a community, it will have a
statewide impact.
Supt. Nichols suggested two different letters, one of which would include Ms. Baker’s
comments. Mr. Riehle suggested one joint letter saying the Council agrees there is a crisis
and one letter from the Council from the municipal point of view. Other members agreed.
Ms. Baker stressed that the joint letter needs to go out this week. The Council could then do
its own letter and suggest some ideas.
10.Other Business:
No other business was presented.
As there was no further business to come before the Council Ms. Emery moved to
adjourn. Mr. Barritt seconded. Motion passed unanimously. The meeting was adjourned
at 9:42 p.m.
_________________________________
Clerk
City of South Burlington General Ledger
Expenditure Report - GENERAL FUND
Current Year Period 6 December
% Budget Unencumbered FY-23/24 MTD
Account Budget Expenditures Expended Balance Pd 6 Dec
GENERAL GOVERNMENT EXP.
CITY COUNCIL 63,750.00$ 5,983.17$ 9.39%57,766.83$ 115.00$
ADMINISTRATIVE INSURANCE 896,056.52$ 259,449.77$ 28.95%636,606.75$ 52,482.10$
GF INSURANCE 682,365.73$ 346,341.39$ 50.76%336,024.34$ -$
CITY MANAGER 523,229.45$ 167,686.15$ 32.05%355,543.30$ 25,493.82$
Total LEGAL/ACCOUNTING ACTUARY 366,115.31$ 168,151.61$ 45.93%197,963.70$ 34,996.18$
ADMINISTRATIVE SERVICES 1,242,115.17$ 415,650.47$ 33.46%826,464.70$ 72,517.69$
INFORMATION TECHNOLOGY 584,994.68$ 203,612.35$ 34.81%381,382.33$ 32,035.45$
CITY CLERK 464,169.43$ 219,123.84$ 47.21%245,045.59$ 28,011.26$
PHYSICAL PLANT 875,044.04$ 387,783.40$ 44.32%487,260.64$ 86,120.53$
ASSESSING/TAX/FINANCE 723,874.07$ 405,485.06$ 56.02%318,389.01$ 41,743.40$
PLANNING/DESIGN REVIEW 918,730.97$ 312,693.43$ 34.04%606,037.54$ 49,360.91$
TO CAPITAL/RESERVE FUNDS 933,200.00$ -$ 0.00%933,200.00$ -$
Total GENERAL GOVERNMENT EXP.8,273,645.37$ 2,891,960.64$ 34.95%5,381,684.73$ 422,876.34$
PUBLIC SAFETY
FIRE DEPARTMENT 5,994,396.69$ 2,269,604.14$ 37.86%3,724,792.55$ 350,538.99$
POLICE DEPARTMENT 7,255,230.46$ 3,047,521.85$ 42.00%4,207,708.61$ 450,832.14$
Total PUBLIC SAFETY 13,249,627.15$ 5,317,125.99$ 40.13%7,932,501.16$ 801,371.13$
STREETS & HIGHWAYS
HIGHWAY DEPARTMENT 4,575,586.04$ 1,967,757.74$ 43.01%2,607,828.30$ (501,621.32)$
Total STREETS & HIGHWAYS 4,575,586.04$ 1,967,757.74$ 43.01%2,607,828.30$ (501,621.32)$
CULTURE AND RECREATION
RECREATION ADMINISTRATIO 527,613.70$ 156,335.78$ 29.63%371,277.92$ 27,904.89$
PROGRAMS 146,000.00$ 69,675.18$ 47.72%76,324.82$ 3,460.62$
RED ROCKS PARK -$ 64.59$ 00.00%(64.59)$ 64.59$
FACILITIES 175,056.25$ 26,356.89$ 15.06%148,699.36$ 8,333.45$
SENIOR PROGRAMS 38,500.00$ 11,492.65$ 29.85%27,007.35$ 2,774.70$
PUBLIC LIBRARY 1,045,028.63$ 458,642.92$ 43.89%586,385.71$ 81,251.19$
CAPITAL/PARK MAINTENANCE 726,434.93$ 243,828.33$ 33.57%482,606.60$ 33,105.87$
Total CULTURE AND RECREATION 2,658,633.51$ 966,396.34$ 36.35%1,692,237.17$ 156,895.31$
OTHER ENTITIES
OTHER OPERATING ENTITIES 937,809.97$ 456,999.68$ 48.73%480,810.29$ 82,285.50$
Total OTHER ENTITIES 937,809.97$ 456,999.68$ 48.73%480,810.29$ 82,285.50$
CURRENT PRINCIPAL BONDS 1,211,203.30$ 625,021.00$ 51.60%586,182.30$ -$
CURRENT INTEREST BONDS 233,813.00$ 124,188.59$ 53.11%109,624.41$ -$
Total GENERAL FUND 31,140,318.34$ 12,349,449.98$ 39.66%18,790,868.36$ 961,806.96$
City of South Burlington General Ledger
Expenditure Report - ENTERPRISE FUND/W.P.C.
Current Year Period 6 Dec
% Budget Unencumbered FY-23/24 MTD
Account Budget Expenditures Expended Balance Pd 6 Dec
W/POLLUTION CONTROL EXPS.
Salaries-Permanent 700,693.02$ 348,006.81$ 49.67%352,686.21$ 73,228.39$
Payment to Highway-wages 278,354.89$ -$ 0.00%278,354.89$ -$
Leave Time Turn-In 7,000.00$ -$ 0.00%7,000.00$ -$
Salaries-Overtime 75,000.00$ 45,783.31$ 61.04%29,216.69$ 7,935.52$
Payment to Sick Bank Fund 6,677.02$ -$ 0.00%6,677.02$ -$
Payroll Service 1,692.27$ -$ 0.00%1,692.27$ -$
PAFO Certification 9,000.00$ 5,481.40$ 60.90%3,518.60$ 876.88$
Sick Bank Payouts 10,000.00$ -$ 0.00%10,000.00$ -$
Fringe Benefits 9,300.69$ 300.00$ 3.23%9,000.69$ -$
FICA/Medicare 60,794.02$ 31,276.94$ 51.45%29,517.08$ 6,336.88$
Payment to Highway-FICA/M 33,289.64$ -$ 0.00%33,289.64$ -$
Vision Plan 779.69$ 344.65$ 44.20%435.04$ 58.64$
Disability Insurance 2,139.12$ 1,130.00$ 52.83%1,009.12$ 226.00$
Long Term Disability Insu 4,060.42$ 1,634.90$ 40.26%2,425.52$ 326.98$
Group Health Insurance 131,970.16$ 55,721.02$ 42.22%76,249.14$ 10,058.07$
Group Life Insurance 2,782.32$ 380.00$ 13.66%2,402.32$ 76.00$
Group Dental Insurance 7,409.53$ 3,073.88$ 41.49%4,335.65$ 606.75$
Pension 94,710.61$ 26,123.98$ 27.58%68,586.63$ -$
ICMA Match 30,067.64$ 11,499.59$ 38.25%18,568.05$ 1,907.58$
Pension Note Payment 39,075.00$ -$ 0.00%39,075.00$ -$
Office Supplies 2,100.00$ 1,165.48$ 55.50%934.52$ -$
Plant Supplies 125,000.00$ 14,412.78$ 11.53%110,587.22$ 2,200.94$
Polymer 120,000.00$ 45,548.99$ 37.96%74,451.01$ -$
Sewer Line Maint/Supplies 27,000.00$ 4,829.65$ 17.89%22,170.35$ 296.39$
Pumping Station Supplies 18,000.00$ 15,754.35$ 87.52%2,245.65$ 2,333.67$
Laboratory Supplies 14,500.00$ 6,842.53$ 47.19%7,657.47$ 384.47$
Caustic Soda and Lime 175,000.00$ 67,521.04$ 38.58%107,478.96$ 11,632.50$
Alum 280,000.00$ 164,218.95$ 58.65%115,781.05$ 15,640.34$
Water-Airport-B/B-Pump 1,800.00$ 837.95$ 46.55%962.05$ 257.09$
Generator Preventive Main 10,000.00$ 306.00$ 3.06%9,694.00$ -$
Clothing Supplies 4,250.00$ 2,500.01$ 58.82%1,749.99$ 830.99$
Truck Parts 12,500.00$ 2,661.31$ 21.29%9,838.69$ 198.33$
Gas - Diesel Fuel - Oil 13,000.00$ 10,152.94$ 78.10%2,847.06$ 1,695.50$
Fuel - Airport Parkway 65,000.00$ 21,488.30$ 33.06%43,511.70$ 4,994.31$
Fuel - Bartlett Bay 6,500.00$ 722.06$ 11.11%5,777.94$ 493.64$
Telephone and Alarms 6,500.00$ 6,109.01$ 93.98%390.99$ 812.46$
Memberships/Dues 39,607.80$ 18,177.14$ 45.89%21,430.66$ -$
Discharge Permits 15,000.00$ 3,750.00$ 25.00%11,250.00$ -$
Workers Comp Insurance 18,729.67$ 9,457.62$ 50.50%9,272.05$ -$
Property Insurance 61,598.06$ 33,205.75$ 53.91%28,392.31$ -$
Unemployment Insurance 933.57$ -$ 0.00%933.57$ -$
Safety 5,500.00$ 6,212.58$ 12.96%(712.58)$ 1,336.61$
Billing Payment to CWD 73,000.00$ -$ 0.00%73,000.00$ -$
Soil/Sludge Management 140,000.00$ 72,235.49$ 51.60%67,764.51$ 12,170.89$
Landfill Fees 1,000.00$ -$ 0.00%1,000.00$ -$
Building Improvements 7,500.00$ -$ 0.00%7,500.00$ -$
Pumps Replacements 55,000.00$ 20,400.00$ 37.09%34,600.00$ -$
Pumps Replacements 43,000.00$ 13,768.98$ 32.02%29,231.02$ -$
Marathon Health ctr cost 22,031.39$ -$ 0.00%22,031.39$ -$
HVAC Maintenance 38,000.00$ 11,467.87$ 30.18%26,532.13$ -$
Auditing 3,773.86$ -$ 0.00%3,773.86$ -$
Engineering/Consulting 18,000.00$ 516.00$ 2.87%17,484.00$ -$
Landfill Engineering 17,500.00$ 25,129.14$ 43.60%(7,629.14)$ 11,056.68$
Payment to SW for GIS 12,635.00$ -$ 0.00%12,635.00$ -$
Administrative Services 145,281.42$ -$ 0.00%145,281.42$ -$
Burlington Sewer Lines 2,000.00$ 447.69$ 22.38%1,552.31$ -$
Travel & Training 6,500.00$ 2,965.02$ 45.62%3,534.98$ -$
Utilities-Pumping Station 105,000.00$ 42,062.33$ 40.06%62,937.67$ 9,918.46$
Utilities--L/Fill Station 900.00$ -$ 0.00%900.00$ -$
Electric-Airport Parkway 210,000.00$ 79,145.60$ 37.69%130,854.40$ 18,629.34$
Electric-Bartlett Bay 150,000.00$ 57,370.77$ 38.25%92,629.23$ 20,334.45$
Replacement-Vehicles 290,000.00$ 55,076.13$ 18.99%234,923.87$ -$
Pump Repairs -$ 21,261.00$ 00.00%(21,261.00)$ -$
PMT to SW for Hadley Loan 73,648.00$ -$ 0.00%73,648.00$ -$
Bartlett Bay Upgrades 600,000.00$ 14,370.50$ 2.40%585,629.50$ 11,308.50$
Capital Projects - CIP 350,000.00$ 1,722.59$ 0.49%348,277.41$ -$
Loan for Hadley Sewer 112,000.00$ 111,786.54$ 99.81%213.46$ 111,786.54$
Loan for Airport Parkway 970,000.00$ -$ 0.00%970,000.00$ -$
Total ENTERPRISE FUND/W.P.C.5,974,084.81$ 1,496,356.57$ 25.05%4,477,728.24$ 339,949.79$
City of South Burlington General Ledger
Expenditure Report - STORM WATER UTILITIES
Current Year Period 6 Dec
% Budget Unencumbered FY-23/24 MTD
Account Budget Expenditures Expended Balance Pd 6 Dec
S/WATER UTILITIES EXPS
Salaries-Permanent 458,034.55$ 257,140.04$ 56.14%200,894.51$ 49,844.83$
Payment to Highway-Wages 78,215.00$ -$ 0.00%78,215.00$ -$
Salaries-Overtime 23,000.00$ 7,892.85$ 34.32%15,107.15$ 4,345.84$
Payment to Sick Bank Fund 5,900.62$ -$ 0.00%5,900.62$ -$
Payroll Service 1,480.75$ -$ 0.00%1,480.75$ -$
Fringe Benefits 6,387.00$ 300.00$ 4.70%6,087.00$ -$
FICA/Medicare 36,799.14$ 20,968.08$ 56.98%15,831.06$ 4,251.35$
Vision Plan 631.39$ 191.97$ 30.40%439.42$ 30.91$
Disability Income Insuran 4,574.64$ 2,418.03$ 52.86%2,156.61$ 483.60$
Group Health Insurance 113,897.30$ 46,104.37$ 40.48%67,792.93$ 8,375.01$
Health Insurance FICA 459.00$ -$ 0.00%459.00$ -$
Group Life Insurance 1,906.98$ 332.50$ 17.44%1,574.48$ 66.50$
Group Dental Insurance 5,718.61$ 2,870.30$ 50.19%2,848.31$ 574.06$
Pension 88,872.21$ 10,605.54$ 11.93%78,266.67$ -$
ICMA Match 23,002.64$ 14,284.35$ 62.10%8,718.29$ 2,307.30$
Pension Note Payment 26,910.00$ -$ 0.00%26,910.00$ -$
Office Supplies 1,500.00$ 1,351.32$ 90.09%148.68$ 347.13$
Small Equipment/Tools 3,000.00$ 3,135.84$ 104.53%(135.84)$ -$
Uniforms/Supplies 6,500.00$ 3,699.06$ 56.91%2,800.94$ 453.93$
Gasoline 2,500.00$ 1,552.09$ 62.08%947.91$ 398.39$
Oil 275.00$ 332.16$ 120.79%(57.16)$ -$
Diesel Fuel 7,500.00$ 4,909.12$ 65.45%2,590.88$ 81.59$
Permit Requirement-Educat 7,000.00$ 7,000.00$ 100.00%-$ -$
Telephone 2,000.00$ 1,226.55$ 61.33%773.45$ 65.20$
Membership/Dues 600.00$ -$ 0.00%600.00$ -$
Discharge Permits Renewal 24,000.00$ 14,776.00$ 61.57%9,224.00$ -$
Workers Comp Insurance 16,551.80$ 8,357.90$ 50.50%8,193.90$ -$
Property Insurance 14,245.09$ 7,679.34$ 53.91%6,565.75$ -$
Unemployment Insurance 933.57$ -$ 0.00%933.57$ -$
GIS-Fees/Software 75,000.00$ 11,144.03$ 14.86%63,855.97$ 638.07$
Sediment & Depris Disposa 200.00$ -$ 0.00%200.00$ -$
Water Quality Monitoring 15,000.00$ 9,789.04$ 65.26%5,210.96$ 1,353.88$
Building/Grounds Maint 200.00$ -$ 0.00%200.00$ -$
Reimb Highway Benefit 33,289.64$ -$ 0.00%33,289.64$ -$
Marathon Health ctr cost 25,178.73$ -$ 0.00%25,178.73$ -$
Vehicle Maintenance 15,000.00$ 13,786.66$ 91.91%1,213.34$ 574.36$
Storm System Maint Materi 100,000.00$ 11,293.70$ 11.29%88,706.30$ 4,786.54$
Printing 100.00$ -$ 0.00%100.00$ -$
Legal Services 20,000.00$ -$ 0.00%20,000.00$ -$
To GF-Audit and Actuary 4,287.21$ -$ 0.00%4,287.21$ -$
Engineering-Watershed 35,000.00$ -$ 0.00%35,000.00$ -$
Billing Payment CWD 73,000.00$ 35,000.00$ 47.95%38,000.00$ 35,000.00$
Office Furniture/Equipmen 1,000.00$ -$ 0.00%1,000.00$ -$
Office Equipment Maintena 2,500.00$ 26.89$ 1.08%2,473.11$ -$
Equipment Rental 250.00$ -$ 0.00%250.00$ -$
Administrative Services 66,746.24$ -$ 0.00%66,746.24$ -$
Conference/Training Expen 8,000.00$ 1,287.50$ 16.09%6,712.50$ -$
S/W Bldg Utilities 3,500.00$ 1,039.71$ 29.71%2,460.29$ 262.11$
Stormwater Pumps Electric 300.00$ 121.82$ 40.61%178.18$ 27.77$
Flow Restoration Plan Ana 5,000.00$ -$ 0.00%5,000.00$ -$
Vehicles/Equipment 745,000.00$ 261,997.83$ 35.17%483,002.17$ -$
Stormwater Capital Projec 2,005,000.00$ 357,327.25$ 17.82%1,647,672.75$ 30,236.49$
Total STORM WATER UTILITIES 4,195,947.11$ 1,119,941.84$ 26.69%3,076,005.27$ 144,504.86$
City of South Burlington General Ledger
Revenue Report - GENERAL FUND
Current Year Period 6 December
Estimated Received % Budget Uncollected FY-23/24 MTD
Account Revenue To Date Received Balance Pd 6 Dec
TAX REVENUE
TAX REVENUE 19,604,298.92$ (13,846,567.83)$ 70.63%5,757,731.09$ (196,890.85)$
LOCAL OPTION TAXES 4,850,000.00$ (2,015,676.89)$ 41.56%2,834,323.11$ -$
Total TAX REVENUE 24,454,298.92$ (15,862,244.72)$ 64.86%8,592,054.20$ (196,890.85)$
INTEREST/PENALTY ON TAX 423,500.00$ (188,941.24)$ 44.61%234,558.76$ (2,220.90)$
Other Health Services 267,346.40$ (22,606.22)$ 8.46%244,740.18$ -$
CITY MANAGER 1,842,326.56$ (745,098.79)$ 40.44%1,097,227.77$ (136,285.59)$
CITY CLERK 351,000.00$ (110,883.63)$ 31.59%240,116.37$ (16,229.50)$
PLANNING 561,100.00$ (269,146.37)$ 47.97%291,953.63$ (31,473.07)$
FIRE DEPARTMENT 799,000.00$ (671,621.18)$ 84.06%127,378.82$ (58,413.64)$
AMBULANCE 990,000.00$ (590,436.75)$ 59.64%399,563.25$ (102,752.49)$
POLICE DEPARTMENT 277,150.00$ (42,333.34)$ 15.27%234,816.66$ (1,909.12)$
HIGHWAY DEPARTMENT 1,014,896.45$ (369,623.82)$ 36.42%645,272.63$ (21,451.74)$
Senior Programs 26,650.00$ (18,231.00)$ 68.41%8,419.00$ (2,288.00)$
SPECIAL ACTIVITIES 125,000.00$ (83,936.00)$ 67.15%41,064.00$ (4,241.00)$
PUBLIC LIBRARY 8,050.00$ (9,902.14)$ 23.01%(1,852.14)$ (1,232.30)$
Total Departments 6,686,019.41$ (3,122,760.48)$ 44.61%3,563,258.93$ (378,497.35)$
Total GENERAL FUND 31,140,318.33$ (18,985,005.20)$ 60.97%12,155,313.13$ (575,388.20)$
City of South Burlington General Ledger
Revenue Report - ENTERPRISE FUND/W.P.C.
Current Year Period 6 December
Estimated Received % Budget Uncollected FY-23/24 MTD
Account Revenue To Date Received Balance Pd 6 Dec
CHARGES FOR SERVICES
W.P.C. User Fees 4,113,150.00$ (2,124,531.98)$ 51.65%1,988,618.02$ (443,326.11)$
Sewer Septage Revenue 23,000.00$ (19,119.50)$ 83.13%3,880.50$ (5,058.00)$
Connection Fees 582,800.00$ (689,422.78)$ 118.29%(106,622.78)$ (44,029.68)$
Enviromental Impact -$ (4,030.00)$ 100.00%(4,030.00)$ -$
Total CHARGES FOR SERVICES 4,718,950.00$ (2,837,104.26)$ 60.12%1,881,845.74$ (492,413.79)$
BOND AND LOAN PROCEEDS
Colchester A/P Pkwy Pm 742,310.00$ -$ 0.00%742,310.00$ -$
Total BOND AND LOAN PROCEEDS 742,310.00$ -$ 0.00%742,310.00$ -$
MISCELLANEOUS
Miscellaneous Rev.-W.P 10,000.00$ (28,174.03)$ 281.74%(18,174.03)$ -$
Reserve Fund Transfer 502,824.79$ -$ 0.00%502,824.79$ -$
Total MISCELLANEOUS 512,824.79$ (28,174.03)$ 5.49%484,650.76$ -$
Total ENTERPRISE FUND/W.P.C.5,974,084.79$ (2,865,278.29)$ 47.96%3,108,806.50$ (492,413.79)$
City of South Burlington General Ledger
Revenue Report - STORM WATER UTILITIES
Current Year Period 6 December
Estimated Received % Budget Uncollected FY-23/24 MTD
Account Revenue To Date Received Balance Pd 6 Dec
S/WATER UTILITIES REVENUE
Intergovernmental Revenue 1,189,000.00$ (830.70)$ 0.07%1,188,169.30$ -$
S/W User Fees - Water Bil 2,779,678.00$ (1,205,058.65)$ 43.35%1,574,619.35$ (183,144.42)$
GIS Reimb From Other Fund 50,543.00$ -$ 0.00%50,543.00$ -$
Pmts from other towns 40,000.00$ (4,320.98)$ 10.80%35,679.02$ -$
Land Owner Payments -$ (59,019.80)$ 100.00%(59,019.80)$ -$
Stormwater Miscellaneous 30,000.00$ (4,639.17)$ 15.46%25,360.83$ -$
Hadley Sewer Proj-Sewer f 73,000.00$ -$ 0.00%73,000.00$ -$
Reserve Transfer In 33,726.10$ -$ 0.00%33,726.10$ -$
Total STORM WATER UTILITIES 4,195,947.10$ (1,273,869.30)$ 30.36%2,922,077.80$ (183,144.42)$
Champlain Water District
Balance Sheet - Unposted Transactions Included In Report
70 - South Burlington Water Department
As of 12/31/2023
Current Year
Assets
Current Assets
Cash & Cash Equivalents
South Burlington Water Checking Account 1015
209,825.20
South Burlington Water Capital Reserve Account 1016
960,267.26
Total Cash & Cash Equivalents 1,170,092.46
Accounts Receivable
AR import Balance 1101
Miscellaneous 250 137,146.39
Utility Billing 260 1,131,375.32
Unbilled Water 270 464,012.57
Total Accounts Receivable 1,732,534.28
Inventories
Inventory 1200
53,572.54
Total Inventories 53,572.54
Total Current Assets 2,956,199.28
Long-term Assets
Property & Equipment
3,775,642.36
Total Property & Equipment 3,775,642.36
Total Long-term Assets 3,775,642.36
Total Assets 6,731,841.64
Liabilities
Short-term Liabilities
Accounts Payable
Accounts Payable 2000
916,988.32
Total Accounts Payable 916,988.32
Other Short-term Liabilities
SB Stormwater Fees 2008
286,104.08
Total Other Short-term Liabilities 286,104.08
Total Short-term Liabilities 1,203,092.40
Long-term Liabilities
Long-term Liabilities
Bond Payable - SB Water Improvements 2701
285,315.27
Total Long-term Liabilities 285,315.27
Total Long-term Liabilities 285,315.27
Total Liabilities 1,488,407.67
Net Assets
Beginning Net Assets
Net Assets
4,235,998.76
Current YTD Net Income
N/A 000 (3,092,362.27)
Date: 1/9/24 01:40:33 PM Page: 1
Champlain Water District
Balance Sheet - Unposted Transactions Included In Report
70 - South Burlington Water Department
As of 12/31/2023
Current Year
Retail Water 030 4,035,908.71
Bulk Water 040 63,888.77
Total Current YTD Net Income 1,007,435.21
Total Net Assets 5,243,433.97
Total Liabilities and Net Assets 6,731,841.64
Date: 1/9/24 01:40:33 PM Page: 2
Champlain Water District
Statement of Revenues and Expenditures - Unposted Transactions Included In Report
70 - South Burlington Water Department
90 - South Burlington Water
From 12/1/2023 Through 12/31/2023
CURRENT MONTH Year To Date Actual Original
Total Budget $ -
Original
Remaining - Budget
Percent Total
Revenue
Water Sales 4000 319,886.68 1,481,572.56 2,859,211.00 (48.18)%
Interest Earned 4010 1,561.09 13,203.58 6,000.00 120.06%
Private Hydrants / Sprinkler Systems 4035 18,453.76 45,102.31 44,500.00 1.35%
Service Work 4036 890.00 8,102.60 14,000.00 (42.12)%
Backflow Device Testing /
Recording Fees
4037 45.00 90.00 1,200.00 (92.50)%
Connection Fees - Operating 4040 2,550.00 42,000.00 108,000.00 (61.11)%
Connection Fees - Capital 4041 1,700.00 28,000.00 30,000.00 (6.67)%
Bond Payments -
Connection/Allocation Fees
4042 82,632.00 334,284.10 30,000.00 1,014.28%
Penalties 4050 2,284.98 12,811.49 20,000.00 (35.94)%
Meter Sales 4053 3,907.33 8,224.58 16,000.00 (48.60)%
Miscellaneous Revenue 4060 0.00 73.86 1,882.00 (96.08)%
Grant Income 4075 0.00 0.00 174,000.00 (100.00)%
South Burlington Sewer
Department
4095 0.00 35,000.00 70,000.00 (50.00)%
South Burlington Stormwater
Department
4098 0.00 35,000.00 70,000.00 (50.00)%
Water Bond Payment Revenue / Xfer from Capital 4200 0.00 140,861.49 281,722.99 (50.00)%
Total Revenue 433,910.84 2,184,326.57 3,726,515.99 (41.38)%
Total Revenue 433,910.84 2,184,326.57 3,726,515.99 (41.38)%
Expenditures
Supplies and Tools 5011 215.15 2,929.18 9,000.00 67.45%
Postage 5012 78.20 6,469.20 16,000.00 59.57%
Phones, Internet, Data, and Pagers 5013 0.00 0.00 500.00 100.00%
Miscellaneous Expense 5017 0.00 294.11 2,000.00 85.29%
General Insurance 5030 0.00 0.00 5,175.00 100.00%
Consulting Services 5051 0.00 0.00 49,003.28 100.00%
Management Fees 5052 11,977.00 71,862.00 143,725.00 50.00%
Contractors 5054 0.00 27,950.71 130,772.00 78.63%
Building Lease 5055 1,747.88 10,487.28 20,975.00 50.00%
Legal 5060 0.00 0.00 1,500.00 100.00%
Audit 5061 0.00 0.00 4,772.71 100.00%
Public Outreach 5065 0.00 0.00 3,500.00 100.00%
Principal on Long Term Debt 5070 0.00 0.00 94,980.00 100.00%
Interest on Long Term Debt 5071 0.00 0.00 1,989.00 100.00%
Water Purchase - CWD 5080 177,777.04 1,007,209.17 1,793,000.00 43.83%
Water Supply Fees 5090 3,254.80 18,440.29 33,175.00 44.42%
Capital Contribution - General 5100 0.00 260,015.50 520,031.00 50.00%
Capital Transfer - Connection Fees 5105 98,182.00 362,284.10 60,000.00 (503.81)%
Non-Bargaining Unit Salaries 5170 18,120.00 108,720.00 217,440.00 50.00%
Bargaining Unit Salaries 5171 26,146.73 137,779.82 350,845.00 60.73%
Date: 1/9/24 01:39:08 PM Page: 1
Champlain Water District
Statement of Revenues and Expenditures - Unposted Transactions Included In Report
70 - South Burlington Water Department
90 - South Burlington Water
From 12/1/2023 Through 12/31/2023
CURRENT MONTH Year To Date Actual Original
Total Budget $ -
Original
Remaining - Budget
Percent Total
Overtime, Shift & Holiday 5172 579.14 4,372.72 13,000.00 66.36%
Computer Network 5210 0.00 7,004.98 7,000.00 (0.07)%
Software Maintenance 5220 0.00 0.00 12,685.00 100.00%
Vehicle & Light Duty Equipment Maintenance 6400 2,345.68 14,074.08 28,148.00 50.00%
Emergency On-Call Coverage 6700 250.00 1,500.00 2,800.00 46.43%
Distribution Materials 6800 918.72 46,966.07 120,500.00 61.02%
Distribution System Improvements 8502 0.00 0.00 84,000.00 100.00%
Total Expenditures 341,592.34 2,088,359.21 3,726,515.99 43.96%
Net Revenue Over Expenditures 92,318.50 95,967.36 0.00 0.00%
Date: 1/9/24 01:39:08 PM Page: 2
Champlain Water District
Balance Sheet - Unposted Transactions Included In Report
70 - South Burlington Water Department
As of 1/31/2024
Current Year
Assets
Current Assets
Cash & Cash Equivalents
South Burlington Water Checking Account 1015
719,113.80
South Burlington Water Capital Reserve Account 1016
816,432.22
Total Cash & Cash Equivalents 1,535,546.02
Accounts Receivable
AR import Balance 1101
Miscellaneous 250 93,719.13
Utility Billing 260 670,581.49
Unbilled Water 270 464,012.57
Total Accounts Receivable 1,228,313.19
Inventories
Inventory 1200
53,572.54
Total Inventories 53,572.54
Total Current Assets 2,817,431.75
Long-term Assets
Property & Equipment
3,775,642.36
Total Property & Equipment 3,775,642.36
Total Long-term Assets 3,775,642.36
Total Assets 6,593,074.11
Liabilities
Short-term Liabilities
Accounts Payable
Accounts Payable 2000
922,376.10
Total Accounts Payable 922,376.10
Other Short-term Liabilities
SB Stormwater Fees 2008
141,688.86
Total Other Short-term Liabilities 141,688.86
Total Short-term Liabilities 1,064,064.96
Long-term Liabilities
Long-term Liabilities
Bond Payable - SB Water Improvements 2701
285,315.27
Total Long-term Liabilities 285,315.27
Total Long-term Liabilities 285,315.27
Total Liabilities 1,349,380.23
Net Assets
Beginning Net Assets
Net Assets
4,235,998.76
Current YTD Net Income
N/A 000 (3,309,684.14)
Date: 2/6/24 11:44:33 AM Page: 1
Champlain Water District
Balance Sheet - Unposted Transactions Included In Report
70 - South Burlington Water Department
As of 1/31/2024
Current Year
Retail Water 030 4,253,454.28
Bulk Water 040 63,924.98
Total Current YTD Net Income 1,007,695.12
Total Net Assets 5,243,693.88
Total Liabilities and Net Assets 6,593,074.11
Date: 2/6/24 11:44:33 AM Page: 2
City of South Burlington General Ledger
Expenditure Report - GENERAL FUND
Current Year Period 7 January
% Budget Unencumbered FY-23/24 MTD
Account Budget Expenditures Expended Balance Pd 7 Jan
GENERAL GOVERNMENT EXP.
CITY COUNCIL 63,750.00$ 14,563.66$ 22.84%49,186.34$ 8,580.49$
HR & BENFITS ADMINISTRATI 896,056.52$ 332,753.15$ 37.14%563,303.37$ 73,303.38$
GF INSURANCE 682,365.73$ 346,341.39$ 50.76%336,024.34$ -$
CITY MANAGER 523,229.45$ 207,457.53$ 39.65%315,771.92$ 39,771.38$
Total LEGAL/ACCOUNTING ACTUARY 366,115.31$ 227,906.14$ 62.25%138,209.17$ 59,754.53$
ADMINISTRATIVE SERVICES 1,242,115.17$ 549,855.24$ 44.27%692,259.93$ 134,204.77$
INFORMATION TECHNOLOGY 584,994.68$ 260,477.20$ 44.53%324,517.48$ 56,864.85$
CITY CLERK 464,169.43$ 266,502.57$ 57.41%197,666.86$ 47,378.73$
PHYSICAL PLANT 875,044.04$ 463,351.44$ 52.95%411,692.60$ 75,568.04$
ASSESSING/TAX/FINANCE 723,874.07$ 471,572.17$ 65.15%252,301.90$ 66,087.11$
PLANNING/DESIGN REVIEW 918,730.97$ 393,973.96$ 42.88%524,757.01$ 81,280.53$
TO CAPITAL/RESERVE FUNDS 933,200.00$ -$ 0.00%933,200.00$ -$
Total GENERAL GOVERNMENT EXP.8,273,645.37$ 3,534,754.45$ 42.72%4,738,890.92$ 642,793.81$
PUBLIC SAFETY
FIRE DEPARTMENT 5,994,396.69$ 2,807,149.59$ 46.83%3,187,247.10$ 537,545.75$
POLICE DEPARTMENT 7,255,230.46$ 3,568,201.71$ 49.18%3,687,028.75$ 520,679.86$
Total PUBLIC SAFETY 13,249,627.15$ 6,375,351.30$ 47.83%6,874,275.85$ 1,058,225.61$
STREETS & HIGHWAYS
HIGHWAY DEPARTMENT 4,575,586.04$ 2,533,708.85$ 55.37%2,041,877.19$ 565,951.11$
Total STREETS & HIGHWAYS 4,575,586.04$ 2,533,708.85$ 55.37%2,041,877.19$ 565,951.11$
CULTURE AND RECREATION
% Budget Unencumbered FY-23/24 MTD
Account Budget Expenditures Expended Balance Pd 7 Jan
RECREATION ADMINISTRATION 527,613.70$ 208,081.74$ 39.44%319,531.96$ 51,745.96$
PROGRAMS 146,000.00$ 85,560.21$ 58.60%60,439.79$ 15,885.03$
RED ROCKS PARK -$ -$ 0.00%-$ (64.59)$
FACILITIES 175,056.25$ 28,129.94$ 16.07%146,926.31$ 1,773.05$
SENIOR PROGRAMS 38,500.00$ 12,017.30$ 31.21%26,482.70$ 524.65$
SPECIAL ACTIVITIES -$ (1,924.95)$ 00.00%1,924.95$ (1,924.95)$
PUBLIC LIBRARY 1,045,028.63$ 557,660.69$ 53.36%487,367.94$ 99,017.77$
CAPITAL/PARK MAINTENANCE 726,434.93$ 294,388.52$ 40.53%432,046.41$ 50,560.19$
Total CULTURE AND RECREATION 2,658,633.51$ 1,183,913.45$ 44.53%1,474,720.06$ 217,517.11$
OTHER OPERATING ENTITIES 937,809.97$ 654,184.35$ 69.76%283,625.62$ 197,184.67$
Total OTHER ENTITIES 937,809.97$ 654,184.35$ 69.76%283,625.62$ 197,184.67$
CURRENT PRINCIPAL BONDS 1,211,203.30$ 625,021.00$ 51.60%586,182.30$ -$
CURRENT INTEREST BONDS 233,813.00$ 124,188.59$ 53.11%109,624.41$ -$
Total GENERAL FUND 31,140,318.34$ 15,031,121.99$ 48.27%16,109,196.35$ 2,681,672.01$
City of South Burlington General Ledger
Expenditure Report - ENTERPRISE FUND/W.P.C.
Current Year Period 7 January
% Budget Unencumbered FY-23/24 MTD
Account Budget Expenditures Expended Balance Pd 7 Jan
W/POLLUTION CONTROL EXPS.
Salaries-Permanent 700,693.02$ 403,229.21$ 57.55%297,463.81$ 55,222.40$
Payment to Highway-wages 278,354.89$ -$ 0.00%278,354.89$ -$
Leave Time Turn-In 7,000.00$ -$ 0.00%7,000.00$ -$
Salaries-Overtime 75,000.00$ 51,345.13$ 68.46%23,654.87$ 5,561.82$
Payment to Sick Bank Fund 6,677.02$ -$ 0.00%6,677.02$ -$
Payroll Service 1,692.27$ -$ 0.00%1,692.27$ -$
PAFO Certification 9,000.00$ 6,289.04$ 69.88%2,710.96$ 807.64$
Sick Bank Payouts 10,000.00$ -$ 0.00%10,000.00$ -$
Fringe Benefits 9,300.69$ 300.00$ 3.23%9,000.69$ -$
FICA/Medicare 60,794.02$ 36,048.65$ 59.30%24,745.37$ 4,771.71$
Payment to Highway-FICA/M 33,289.64$ -$ 0.00%33,289.64$ -$
Vision Plan 779.69$ 403.29$ 51.72%376.40$ 58.64$
Disability Insurance 2,139.12$ 1,582.00$ 73.96%557.12$ 452.00$
Long Term Disability Insu 4,060.42$ 2,288.86$ 56.37%1,771.56$ 653.96$
Group Health Insurance 131,970.16$ 81,441.55$ 61.71%50,528.61$ 25,720.53$
Group Life Insurance 2,782.32$ 532.00$ 19.12%2,250.32$ 152.00$
Group Dental Insurance 7,409.53$ 3,680.63$ 49.67%3,728.90$ 606.75$
Pension 94,710.61$ 49,283.59$ 52.04%45,427.02$ 23,159.61$
ICMA Match 30,067.64$ 13,396.25$ 44.55%16,671.39$ 1,896.66$
Pension Note Payment 39,075.00$ -$ 0.00%39,075.00$ -$
Office Supplies 2,100.00$ 1,177.71$ 56.08%922.29$ 12.23$
Plant Supplies 125,000.00$ 17,839.30$ 14.27%107,160.70$ 3,426.52$
Polymer 120,000.00$ 78,402.12$ 65.34%41,597.88$ 32,853.13$
Sewer Line Maint/Supplies 27,000.00$ 28,293.75$ 104.79%(1,293.75)$ 23,464.10$
Pumping Station Supplies 18,000.00$ 15,880.71$ 88.23%2,119.29$ 126.36$
Laboratory Supplies 14,500.00$ 7,183.21$ 49.54%7,316.79$ 340.68$
Caustic Soda and Lime 175,000.00$ 90,800.44$ 51.89%84,199.56$ 23,279.40$
% Budget Unencumbered FY-23/24 MTD
Account Budget Expenditures Expended Balance Pd 7 Jan
Alum 280,000.00$ 189,700.77$ 67.75%90,299.23$ 25,481.82$
Water-Airport-B/B-Pump 1,800.00$ 1,063.30$ 59.07%736.70$ 225.35$
Generator Preventive Main 10,000.00$ 1,364.69$ 13.65%8,635.31$ 1,058.69$
Clothing Supplies 4,250.00$ 2,500.01$ 58.82%1,749.99$ -$
Truck Parts 12,500.00$ 3,865.73$ 30.93%8,634.27$ 1,204.42$
Gas - Diesel Fuel - Oil 13,000.00$ 12,178.17$ 93.68%821.83$ 2,025.23$
Fuel - Airport Parkway 65,000.00$ 28,482.68$ 43.82%36,517.32$ 6,994.38$
Fuel - Bartlett Bay 6,500.00$ 1,616.96$ 24.88%4,883.04$ 894.90$
Telephone and Alarms 6,500.00$ 6,860.14$ 105.54%(360.14)$ 751.13$
Memberships/Dues 39,607.80$ 18,417.14$ 46.50%21,190.66$ 240.00$
Discharge Permits 15,000.00$ 3,750.00$ 25.00%11,250.00$ -$
Workers Comp Insurance 18,729.67$ 9,457.62$ 50.50%9,272.05$ -$
Property Insurance 61,598.06$ 33,205.75$ 53.91%28,392.31$ -$
Unemployment Insurance 933.57$ -$ 0.00%933.57$ -$
Safety 5,500.00$ 12,199.20$ 221.80%(6,699.20)$ 5,986.62$
Billing Payment to CWD 73,000.00$ 35,000.00$ 47.95%38,000.00$ 35,000.00$
Soil/Sludge Management 140,000.00$ 81,819.16$ 58.44%58,180.84$ 9,583.67$
Landfill Fees 1,000.00$ -$ 0.00%1,000.00$ -$
Building Improvements 7,500.00$ 991.89$ 13.23%6,508.11$ 991.89$
Pumps Replacements 55,000.00$ 20,400.00$ 37.09%34,600.00$ -$
Pumps Replacements 43,000.00$ 13,768.98$ 32.02%29,231.02$ -$
Marathon Health ctr cost 22,031.39$ -$ 0.00%22,031.39$ -$
HVAC Maintenance 38,000.00$ 15,571.39$ 40.98%22,428.61$ 4,103.52$
Auditing 3,773.86$ -$ 0.00%3,773.86$ -$
Engineering/Consulting 18,000.00$ 516.00$ 2.87%17,484.00$ -$
Landfill Engineering 17,500.00$ 25,129.14$ 143.60%(7,629.14)$ -$
Payment to SW for GIS 12,635.00$ -$ 0.00%12,635.00$ -$
Administrative Services 145,281.42$ -$ 0.00%145,281.42$ -$
Burlington Sewer Lines 2,000.00$ 791.20$ 39.56%1,208.80$ 343.51$
Travel & Training 6,500.00$ 3,435.02$ 52.85%3,064.98$ 470.00$
Utilities-Pumping Station 105,000.00$ 53,207.76$ 50.67%51,792.24$ 11,145.43$
% Budget Unencumbered FY-23/24 MTD
Account Budget Expenditures Expended Balance Pd 7 Jan
Utilities--L/Fill Station 900.00$ -$ 0.00%900.00$ -$
Electric-Airport Parkway 210,000.00$ 89,382.81$ 42.56%120,617.19$ 10,237.21$
Electric-Bartlett Bay 150,000.00$ 85,019.35$ 56.68%64,980.65$ 27,648.58$
Replacement-Vehicles 290,000.00$ 55,076.13$ 18.99%234,923.87$ -$
Pump Repairs -$ 21,261.00$ 100.00%(21,261.00)$ -$
PMT to SW for Hadley Loan 73,648.00$ -$ 0.00%73,648.00$ -$
Bartlett Bay Upgrades 600,000.00$ 36,588.00$ 6.10%563,412.00$ 22,217.50$
Capital Projects - CIP 350,000.00$ 10,900.70$ 3.11%339,099.30$ 9,178.11$
Loan for Hadley Sewer 112,000.00$ 111,786.54$ 99.81%213.46$ -$
Loan for Airport Parkway 970,000.00$ -$ 0.00%970,000.00$ -$
Total ENTERPRISE FUND/W.P.C.5,974,084.81$ 1,874,704.67$ 31.38%4,099,380.14$ 378,348.10$
City of South Burlington General Ledger
Expenditure Report - STORM WATER UTILITIES
Current Year Period 7 January
% Budget Unencumbered FY-23/24 MTD
Account Budget Expenditures Expended Balance Pd 7 Jan
S/WATER UTILITIES EXPS
Salaries-Permanent 458,034.55$ 297,004.86$ 64.84%161,029.69$ 39,864.82$
Payment to Highway-Wages 78,215.00$ -$ 0.00%78,215.00$ -$
Salaries-Overtime 23,000.00$ 13,714.63$ 59.63%9,285.37$ 5,821.78$
Payment to Sick Bank Fund 5,900.62$ -$ 0.00%5,900.62$ -$
Payroll Service 1,480.75$ -$ 0.00%1,480.75$ -$
Fringe Benefits 6,387.00$ 424.00$ 6.64%5,963.00$ 124.00$
FICA/Medicare 36,799.14$ 24,593.55$ 66.83%12,205.59$ 3,625.47$
Vision Plan 631.39$ 222.88$ 35.30%408.51$ 30.91$
Disability Income Insuran 4,574.64$ 3,385.23$ 74.00%1,189.41$ 967.20$
Group Health Insurance 113,897.30$ 73,852.81$ 64.84%40,044.49$ 27,748.44$
Health Insurance FICA 459.00$ -$ 0.00%459.00$ -$
Group Life Insurance 1,906.98$ 465.50$ 24.41%1,441.48$ 133.00$
Group Dental Insurance 5,718.61$ 3,444.36$ 60.23%2,274.25$ 574.06$
Pension 88,872.21$ 19,749.03$ 22.22%69,123.18$ 9,143.49$
ICMA Match 23,002.64$ 16,476.95$ 71.63%6,525.69$ 2,192.60$
Pension Note Payment 26,910.00$ -$ 0.00%26,910.00$ -$
Office Supplies 1,500.00$ 2,118.41$ 141.23%(618.41)$ 767.09$
Small Equipment/Tools 3,000.00$ 3,709.23$ 123.64%(709.23)$ 573.39$
Uniforms/Supplies 6,500.00$ 3,707.13$ 57.03%2,792.87$ 8.07$
Gasoline 2,500.00$ 1,933.51$ 77.34%566.49$ 381.42$
Oil 275.00$ 332.16$ 120.79%(57.16)$ -$
Diesel Fuel 7,500.00$ 5,499.44$ 73.33%2,000.56$ 590.32$
Permit Requirement-Educat 7,000.00$ 7,000.00$ 100.00%-$ -$
Telephone 2,000.00$ 1,289.29$ 64.46%710.71$ 62.74$
Membership/Dues 600.00$ 391.00$ 65.17%209.00$ 391.00$
Discharge Permits Renewal 24,000.00$ 14,776.00$ 61.57%9,224.00$ -$
Workers Comp Insurance 16,551.80$ 8,357.90$ 50.50%8,193.90$ -$
% Budget Unencumbered FY-23/24 MTD
Account Budget Expenditures Expended Balance Pd 7 Jan
Property Insurance 14,245.09$ 7,679.34$ 53.91%6,565.75$ -$
Unemployment Insurance 933.57$ -$ 0.00%933.57$ -$
GIS-Fees/Software 75,000.00$ 12,120.83$ 16.16%62,879.17$ 976.80$
Sediment & Depris Disposa 200.00$ -$ 0.00%200.00$ -$
Water Quality Monitoring 15,000.00$ 9,789.04$ 65.26%5,210.96$ -$
Building/Grounds Maint 200.00$ -$ 0.00%200.00$ -$
Reimb Highway Benefit 33,289.64$ -$ 0.00%33,289.64$ -$
Marathon Health ctr cost 25,178.73$ -$ 0.00%25,178.73$ -$
Vehicle Maintenance 15,000.00$ 13,263.15$ 88.42%1,736.85$ (523.51)$
Storm System Maint Materi 100,000.00$ 11,753.03$ 11.75%88,246.97$ 459.33$
Printing 100.00$ -$ 0.00%100.00$ -$
Legal Services 20,000.00$ -$ 0.00%20,000.00$ -$
To GF-Audit and Actuary 4,287.21$ -$ 0.00%4,287.21$ -$
Engineering-Watershed 35,000.00$ -$ 0.00%35,000.00$ -$
Billing Payment CWD 73,000.00$ 35,000.00$ 47.95%38,000.00$ -$
Office Furniture/Equipmen 1,000.00$ -$ 0.00%1,000.00$ -$
Office Equipment Maintena 2,500.00$ 39.12$ 1.56%2,460.88$ 12.23$
Equipment Rental 250.00$ -$ 0.00%250.00$ -$
Administrative Services 66,746.24$ -$ 0.00%66,746.24$ -$
Conference/Training Expen 8,000.00$ 2,667.50$ 33.34%5,332.50$ 1,380.00$
S/W Bldg Utilities 3,500.00$ 1,475.01$ 42.14%2,024.99$ 435.30$
Stormwater Pumps Electric 300.00$ 146.74$ 48.91%153.26$ 24.92$
Flow Restoration Plan Ana 5,000.00$ -$ 0.00%5,000.00$ -$
Vehicles/Equipment 745,000.00$ 261,997.83$ 35.17%483,002.17$ -$
Stormwater Capital Projec 2,005,000.00$ 372,154.65$ 18.56%1,632,845.35$ 14,827.40$
Total STORM WATER UTILITIES 4,195,947.11$ 1,230,534.11$ 29.33%2,965,413.00$ 110,592.27$
City of South Burlington General Ledger
Revenue Report - GENERAL FUND
Current Year Period 7 January
Estimated Received % Budget Uncollected FY-23/24 MTD
Account Revenue To Date Received Balance Pd 7 Jan
TAX REVENUE
TAX REVENUE 19,604,298.92$ (13,992,521.71)$ 71.37%5,611,777.21$ (145,953.88)$
LOCAL OPTION TAXES 4,850,000.00$ (2,015,676.89)$ 41.56%2,834,323.11$ -$
Total TAX REVENUE 24,454,298.92$ (16,008,198.60)$ 65.46%8,446,100.32$ (145,953.88)$
INTEREST/PENALTY ON TAX 423,500.00$ (191,731.77)$ 45.27%231,768.23$ (2,790.53)$
Other Health Services 267,346.40$ (53,349.17)$ 19.96%213,997.23$ (30,742.95)$
CITY MANAGER 1,842,326.56$ (890,496.58)$ 48.34%951,829.98$ (145,397.79)$
CITY CLERK 351,000.00$ (127,279.63)$ 36.26%223,720.37$ (16,396.00)$
PLANNING 561,100.00$ (288,498.91)$ 51.42%272,601.09$ (19,352.54)$
FIRE DEPARTMENT 799,000.00$ (691,013.60)$ 86.48%107,986.40$ (19,392.42)$
AMBULANCE 990,000.00$ (694,796.32)$ 70.18%295,203.68$ (104,359.57)$
POLICE DEPARTMENT 277,150.00$ (49,173.72)$ 17.74%227,976.28$ (6,840.38)$
HIGHWAY DEPARTMENT 1,014,896.45$ (1,309,082.54)$ 28.99%(294,186.09)$ (939,458.72)$
Senior Programs 26,650.00$ (19,467.00)$ 73.05%7,183.00$ (1,236.00)$
SPECIAL ACTIVITIES 125,000.00$ (89,843.15)$ 71.87%35,156.85$ (5,907.15)$
PUBLIC LIBRARY 8,050.00$ (11,699.22)$ 45.33%(3,649.22)$ (1,797.08)$
Total GENERAL FUND 31,140,318.33$ (20,424,630.21)$ 65.59%10,715,688.12$ (1,439,625.01)$
City of South Burlington General Ledger
Revenue Report - ENTERPRISE FUND/W.P.C.
Current Year Period 7 January
Estimated Received % Budget Uncollected FY-23/24 MTD
Account Revenue To Date Received Balance Pd 7 Jan
CHARGES FOR SERVICES
W.P.C. User Fees 4,113,150.00$ (2,124,531.98)$ 51.65%1,988,618.02$ -$
Sewer Septage Revenue 23,000.00$ (19,119.50)$ 83.13%3,880.50$ -$
Connection Fees 582,800.00$ (706,786.62)$ 121.27%(123,986.62)$ (17,363.84)$
Enviromental Impact -$ (4,030.00)$ 100.00%(4,030.00)$ -$
Total CHARGES FOR SERVICES 4,718,950.00$ (2,854,468.10)$ 60.49%1,864,481.90$ (17,363.84)$
BOND AND LOAN PROCEEDS
Colchester A/P Pkwy Pm 742,310.00$ -$ 0.00%742,310.00$ -$
Total BOND AND LOAN PROCEEDS 742,310.00$ -$ 0.00%742,310.00$ -$
MISCELLANEOUS
Miscellaneous Rev.-W.P 10,000.00$ (28,174.03)$ 281.74%(18,174.03)$ -$
Reserve Fund Transfer 502,824.79$ -$ 0.00%502,824.79$ -$
Total MISCELLANEOUS 512,824.79$ (28,174.03)$ 5.49%484,650.76$ -$
Total ENTERPRISE FUND/W.P.C.5,974,084.79$ (2,882,642.13)$ 48.25%3,091,442.66$ (17,363.84)$
City of South Burlington General Ledger
Revenue Report - STORM WATER UTILITIES
Current Year Period 7 January
Estimated Received % Budget Uncollected FY-23/24 MTD
Account Revenue To Date Received Balance Pd 7 Jan
S/WATER UTILITIES REVENUE
Intergovernmental Revenue 1,189,000.00$ (830.70)$ 0.07%1,188,169.30$ -$
S/W User Fees - Water Bil 2,779,678.00$ (1,205,058.65)$ 43.35%1,574,619.35$ -$
GIS Reimb From Other Fund 50,543.00$ -$ 0.00%50,543.00$ -$
Pmts from other towns 40,000.00$ (4,320.98)$ 10.80%35,679.02$ -$
Land Owner Payments -$ (59,019.80)$ 100.00%(59,019.80)$ -$
Stormwater Miscellaneous 30,000.00$ (4,639.17)$ 15.46%25,360.83$ -$
Hadley Sewer Proj-Sewer f 73,000.00$ -$ 0.00%73,000.00$ -$
Reserve Transfer In 33,726.10$ -$ 0.00%33,726.10$ -$
Total STORM WATER UTILITIES 4,195,947.10$ (1,273,869.30)$ 30.36%2,922,077.80$ -$
Champlain Water District
Statement of Revenues and Expenditures - Unposted Transactions Included In Report
70 - South Burlington Water Department
90 - South Burlington Water
From 1/1/2024 Through 1/31/2024
CURRENT MONTH Year To Date Actual Original
Total Budget $ -
Original
Remaining - Budget
Percent Total
Revenue
Water Sales 4000 217,581.78 1,699,154.34 2,859,211.00 (40.57)%
Interest Earned 4010 1,919.84 15,123.42 6,000.00 152.06%
Private Hydrants / Sprinkler Systems 4035 0.00 45,102.31 44,500.00 1.35%
Service Work 4036 18,319.23 26,421.83 14,000.00 88.73%
Backflow Device Testing /
Recording Fees
4037 150.00 240.00 1,200.00 (80.00)%
Connection Fees - Operating 4040 3,000.00 45,000.00 108,000.00 (58.33)%
Connection Fees - Capital 4041 2,000.00 30,000.00 30,000.00 0.00%
Bond Payments -
Connection/Allocation Fees
4042 6,300.00 340,584.10 30,000.00 1,035.28%
Penalties 4050 3,808.06 16,619.55 20,000.00 (16.90)%
Meter Sales 4053 1,188.57 9,413.15 16,000.00 (41.17)%
Miscellaneous Revenue 4060 1,004.55 1,078.41 1,882.00 (42.70)%
Grant Income 4075 0.00 0.00 174,000.00 (100.00)%
South Burlington Sewer
Department
4095 0.00 35,000.00 70,000.00 (50.00)%
South Burlington Stormwater
Department
4098 0.00 35,000.00 70,000.00 (50.00)%
Water Bond Payment Revenue / Xfer from Capital 4200 0.00 140,861.49 281,722.99 (50.00)%
Total Revenue 255,272.03 2,439,598.60 3,726,515.99 (34.53)%
Total Revenue 255,272.03 2,439,598.60 3,726,515.99 (34.53)%
Expenditures
Supplies and Tools 5011 219.07 3,148.25 9,000.00 65.02%
Postage 5012 401.88 6,871.08 16,000.00 57.06%
Phones, Internet, Data, and Pagers 5013 0.00 0.00 500.00 100.00%
Miscellaneous Expense 5017 0.00 294.11 2,000.00 85.29%
General Insurance 5030 0.00 0.00 5,175.00 100.00%
Consulting Services 5051 0.00 0.00 49,003.28 100.00%
Management Fees 5052 11,977.00 83,839.00 143,725.00 41.67%
Contractors 5054 0.00 27,950.71 130,772.00 78.63%
Building Lease 5055 1,747.88 12,235.16 20,975.00 41.67%
Legal 5060 0.00 0.00 1,500.00 100.00%
Audit 5061 0.00 0.00 4,772.71 100.00%
Public Outreach 5065 0.00 0.00 3,500.00 100.00%
Principal on Long Term Debt 5070 0.00 0.00 94,980.00 100.00%
Interest on Long Term Debt 5071 0.00 0.00 1,989.00 100.00%
Water Purchase - CWD 5080 142,101.89 1,149,311.06 1,793,000.00 35.90%
Water Supply Fees 5090 2,601.65 21,041.94 33,175.00 36.57%
Capital Contribution - General 5100 0.00 260,015.50 520,031.00 50.00%
Capital Transfer - Connection Fees 5105 8,300.00 370,584.10 60,000.00 (517.64)%
Non-Bargaining Unit Salaries 5170 18,120.00 126,840.00 217,440.00 41.67%
Bargaining Unit Salaries 5171 25,449.97 163,229.79 350,845.00 53.48%
Date: 2/6/24 11:46:08 AM Page: 1
Champlain Water District
Statement of Revenues and Expenditures - Unposted Transactions Included In Report
70 - South Burlington Water Department
90 - South Burlington Water
From 1/1/2024 Through 1/31/2024
CURRENT MONTH Year To Date Actual Original
Total Budget $ -
Original
Remaining - Budget
Percent Total
Overtime, Shift & Holiday 5172 117.44 4,490.16 13,000.00 65.46%
Computer Network 5210 0.00 7,004.98 7,000.00 (0.07)%
Software Maintenance 5220 0.00 0.00 12,685.00 100.00%
Vehicle & Light Duty Equipment Maintenance 6400 2,345.68 16,419.76 28,148.00 41.67%
Emergency On-Call Coverage 6700 250.00 1,750.00 2,800.00 37.50%
Distribution Materials 6800 18,451.76 65,417.83 120,500.00 45.71%
Distribution System Improvements 8502 0.00 0.00 84,000.00 100.00%
Total Expenditures 232,084.22 2,320,443.43 3,726,515.99 37.73%
Net Revenue Over Expenditures 23,187.81 119,155.17 0.00 0.00%
Date: 2/6/24 11:46:08 AM Page: 2
QUARTERLY FINANCIAL REPORTING
From: Martha Machar, Finance Director
City Leadership Team
To:South Burlington City Council
Jessie Baker, City Manager
Subjects: FY24 Financial Report, Quarter Ended December 31, 2023
Date: January 15, 2024
FY24 financial reports for the period ending December 31, 2023, are attached. Only summary
reports for the general fund budget are included. Detailed reports can be found in the Council
SharePoint folder.
I am pleased to share that overall, the general fund expenses and revenues through the end of the
second quarter are on target. As we have completed half of the fiscal year, this is a good time to
check-in on what we anticipate for the remainder of the year. Expenses are at 39.66% which is
consistent with prior year’s spending. Revenues on the other hand are at 60.97%. The significant
increase in the revenue numbers is largely attributed to some of the budget lines out-performing
conservative projections made in December 2022. Specifically, interest on investments and
electrical inspection revenue lines have more than doubled projected amounts.
It is also important to note that interfund transfers have not been made and hence many of the
revenue lines still show no receipts. The interfund transfers will be performed by the end of the
third quarter.
Find below the financial narratives from department managers for the second quarter ending
12/31/2023.
Administration: CITY MANAGER, LEGAL, ADMINISTRATION, INSURANCE & FINANCE
Overall, expenses are on target as budgeted. For budget lines that are currently underspent,
timing is a factor. Some invoices are only paid during the second half of the year. The healthcare
plan is running well. Our claims are under 41% of the FY24 projection at the end of the second
quarter. Utilization of the resources for employee wellbeing, including the health center is better
than industry standard.
On the revenue side, lines that are currently showing zero revenues collected to-date are for
interdepartmental or interfund transfers. These will be completed during the third quarter.
Interest on investment income has more than doubled the projection at the close of the second
quarter and this is largely due to the Federal rate increases. The City receives 80% of the
Federal rate increase from our current financial institution, TD Bank, on the depository
account.
The Local Option Tax (LOT) revenue continues to come in higher than last fiscal year. The
second quarter allotment was 1.89% higher than the second quarter for last fiscal year. Given the
last two quarters’ receipts, although too soon to be certain, the LOT revenue will outperform our
projections. We are also projecting that the anticipated total eclipse over Vermont will have a
positive impact on the next quarter’s LOT receipts.
HUMAN RESOURCES: (Department Head: Daisy Brayton)
OVERALL SUMMARY (Provide a brief summary of how your department ended the quarter/year
compared to budget projections):
Overall budget expenditures are at 28.95%. Advertising expenditures are at 89%, however,
budget is expected to be overspent, as we are posting job advertisements much more regularly.
KEY HIGHLIGHTS (Showcase any highlights on major projects/accomplishments your department has
done during the quarter/year, particularly those included in the year’s budget presentation to Council)
NeoGov applicant tracking system was designed and implemented.
Employee Handbook was revised and updated.
ADP Optimization Project was proposed, the contract was signed and the project began in 2nd
Qtr. FY24.
INDIVIDUAL BUDGET LINES: REVENUES AND EXPENSES (Consider which surpluses and
overages might “jump off the page” for a reader and provide a brief narrative/explanation for each)
Telephone budget will not be fully spent because HR Director switched from a City Cell Phone
to a monthly stipend.
Advertising budget will be overspent as we establish a more accurate budget.
Dues and Subscriptions currently budgeted at $2,000 and has no current expenditures will be
spent as SHRM memberships will be paid/reimbursed in the next quarter.
CITY CLERK: (Department Head: Holly Rees)
OVERALL SUMMARY (Provide a brief summary of how your department ended the quarter/year
compared to budget projections):
Revenues are hovering around 32%, which is less than anticipated and planned for. While
revenues will be recovered for most line items by the end of the fiscal year, the trend for both
recording fees and photocopies will likely mean a cumulative revenue loss impact of about
$97,000.
Expenses are exactly as predicted; 47.21% at the end of the first quarter.
KEY HIGHLIGHTS (showcase any highlights on major projects/accomplishments your department has
done during the quarter/year, particularly those included in the year’s budget presentation to Council):
• Re-Organized workspaces to allow for the Deputy City Clerk to have an Office to
complete daily tasks free of office traffic distraction.
• Created a permanent workspace at the Front Desk so that everyone who accesses the City
Clerks Office is greeted immediately by a staff member and a smile.
• Change in DMV operations and elimination of registration stickers precipitated a change
in our office procedures so that we are no longer doing DMV renewals as of November 1
• Evaluated the time taken for free Notary Services and based on data made a policy change
that we only provide Notary Services for South Burlington residents and business
affiliates.
• Hired Assistant Clerk, Brian Russell in October to complete our team of four. Thankful to
be fully staffed.
• Completed mandatory elections training for Accessible Voting and Tabulator
Maintenance.
• Passed annual Accessible Voting Audit of new District 8 Polling Location (Senior Center)
• Completed the required reporting to the State for Marriage Licenses and Animal Licenses
• Completed the annual indexing of all Vital Records from 2023
• Began moving items from the old vault and relocating to the new vault with the intention
of creating a “Land Records and City Documents Vault” at 180 Market Street and an
“Elections Vault” at 577 Dorset Street.
INDIVIDUAL BUDGET LINES - REVENUES AND EXPENSES (consider which surpluses and
overages might “jump off the page” for a reader, please provide a brief narrative/explanation for each):
Revenues:
Recording fees:
We anticipate seeing significant revenue loss in this line item to the tune of $92,000. Increased
interest rates, inflation and economic instability are all factors in a slow of sales and refinancing.
Research/Photocopy Fees:
We anticipate seeing a total revenue loss in this line item of about $5,500. This directly
correlates to the percentage loss in the recording fee revenue as both are tied to the rates of
purchase, sale and refinancing.
Pet Licenses:
While we do see some residents coming in to register their pets as they move into the city or
welcome a new family member, these are minimal compared to the anticipated 1800
registrations we will process in January, February, and March ahead of the required April 1 due
date.
Beverage Licensing:
Traditionally the Liquor Licenses were all on an April 1 renewal deadline. The State changed this
last year to a rolling 1 year renewal from date of registration, so that if you registered in
September, you wouldn’t be due again until the following September. With this change comes
the potential for a more consistent and steadier workflow and revenue stream, but it will take
a couple of years move away from seeing the bulk of this activity in April. It is anticipated we
will realize all of the revenues by the end of the fiscal year.
Motor Vehicle Renewals
Due to a change in process with the DMV which began in November, we are no longer
supporting DMV renewals through our office. The elimination of the sticker (a reason residents
would access our service) has meant that we can no longer provide service beyond what
someone can do from their own home computer or kiosk computer at the DMV up the road.
Local Elections Reimbursement
We will be reimbursed by the Champlain Water District for running their election on March 5.
The reimbursement will be $300 per district. We will see a revenue generation of $1,500 which
is comprehensive of all our five voting districts. This will be a shortfall of $500 from the
estimated revenue. Chittenden County Clerks are working on getting this amount increased for
future years to $500 per district.
Expenses:
Animal Control
This line item will be transferred to the SBPD by the end of the FY to contribute to the Animal
Control Officers contract.
Election Expenses
Anticipate that we will use this line item fully for needed election supplies, food for workers and
paying a part time contract to retired City Clerk, Donna Kinville, to assist leading up to and
including election day on March 5.
BCA
It is planned to spend this line item with the February Abatement Meetings and the upcoming
March elections.
Election Workers- Feb and March
It is planned to spend the totality of this budget on the March Elections between Training, Pre-
Processing and Elections Day.
Travel and Training:
With the business of Animal Licensing, March Elections and mandated preparations for August
and November Elections through the Secretary of States Office, we do not anticipate spending
the remaining funds for Travel and Training so will be actualizing a $3,000 savings on this line
item.
IT: (Department Head: Nick Gingrow)
OVERALL SUMMARY (Provide a brief summary of how your department ended the quarter/year
compared to budget projections)
We are slightly under budget in Computer Software and IT Utility services but fairly close to
where we’d be expected to be at this point. Support services and capital projects are much lower
than budgeted because of leadership transition for most of the first half of the year. We’re
working on finalizing quotes and projects for the remainder of the fiscal year and we are hoping
to utilize most of the remaining budget dollars on outstanding projects.
KEY HIGHLIGHTS (Showcase any highlights on major projects/accomplishments your department has
done during the quarter/year, particularly those included in the year’s budget presentation to Council)
The major project of this fiscal year to date is the phone transition from BCN to our new carrier
NHC, this has taken far more effort than was initially expected, but we are moving over the eight
final phone lines now and have a plan for getting the city’s remote locations upgraded this
spring. In addition, we have hired an all new 3-person IT staff who are now fully onboarded.
We are currently working on obtaining quotes to upgrade the current City Hall core switches
that are causing numerous management and security issues, as well as upgrading our city-wide
firewall infrastructure which is quite outdated.
Additionally, we are working on upgrading the Police department’s network, servers, and
datastores, and hoping that we can get these upgraded, at least in part, this fiscal year.
INDIVIDUAL BUDGET LINES: REVENUES AND EXPENSES (Consider which surpluses and
overages might “jump off the page” for a reader and provide a brief narrative/explanation for each)
As mentioned earlier, IT Support Services and IT Capital Projects have been very underutilized,
these often go hand in hand, but with the leadership gap for a large part of this year, there was
some understandable reluctance to go forward with any large-scale projects without an IT
Director in place.
Additionally, the Travel and Training budget line has yet to be touched, since the entire IT
department has only been here for 6 months or less, we’ve been occupied with understanding
where our current infrastructure is, so the time and need for training has yet to present itself.
PLANNING & ZONING: (Department Head: Paul Conner)
OVERALL SUMMARY (Provide a brief summary of how your department ended the quarter/year
compared to budget projections)
At the mid-point of the year, the P&Z budget is where we expected it to be. Revenues are at 48%
of budget, and expenses are at 34%. Several of the annual expenses, including stipends for board
members, consulting, and training, tend to be expended within the second half of the year due
to processing times and schedules.
KEY HIGHLIGHTS Showcase any highlights on major projects/accomplishments your department has
done during the quarter/year, particularly those included in the year’s budget presentation to Council.
Several big projects are advancing as planned.
• City Plan 2024 was adopted on January 29, 2024 following an 18-month outreach and
development process.
• The Transportation Sector Climate Action Implementation Plan was completed, while the
Government Operations Sector Plan is nearing completion.
• City staff and the Planning Commission are working to implement the changes required
by S.100 / Act 47.
• Transportation Demand Management and Transportation Impact Fee updates are nearing
completion
• On the development review side, several large projects completed their construction,
including Beta, OnLogic, and the school ZEMs. Several others were started including a
multi-story, mixed-use building on Shelburne Road by Farrell Street and in City Center
along Market Street.
INDIVIDUAL BUDGET LINES: REVENUES AND EXPENSES (Consider which surpluses and
overages might “jump off the page” for a reader and provide a brief narrative/explanation for each)
Revenue: Development Review Fees are low for the first 6 months of the year. This is in part due
to the timing of projects; several large projects being reviewed early in FY ‘24 were submitted in
FY ‘23.
Expenditures. As noted above, DRB/PC stipends are processed in Q3; training is anticipated in
spring ‘24, and several consulting efforts will be billed in Q3 and Q4
PHYSICAL PLANT: (Department Head: Greg Yandow)
OVERALL SUMMARY (Provide a brief summary of how your department ended the quarter/year
compared to budget projections)
Most are between 20% and 42% of 6-month projections with two exceptions, Building
Maintenance 59% and HVAC Maintenance (54%).
Facilities has overspent the Stewardship/maintenance budget by 120% ($2,585)
Reason:
Aging infrastructure repairs at DPW, Police Station, Fire Stations 1 and 2 HVAC, And, finding out
about the Water Tower Maintenance Agreement that we had no idea that we were responsible for.
Energy inefficient/failing windows seals all buildings except 180 (seals and non-insulated frames)
which we will be dealing with in the 25 – 28 budget cycles.
KEY HIGHLIGHTS Showcase any highlights on major projects/accomplishments your department has
done during the quarter/year, particularly those included in the year’s budget presentation to Council.
Continuing to work on improvements within city buildings.
Wheeler houses a new energy efficient electric hot water heater, mixing valve, and commercial
dehumidifier (CIP).
DPW upcoming window treatments and 3 (We have a grant for 75K that we will use at DPW to
replace (3) gas 5 ton units with electric with natural gas as backup).
Police Station: Police dispatch and upcoming ATS panel.
Fire Station 2 (replacement of obsolete generator and replaced with new 26Kw generator, ATS
switch and now complete station coverage by generator (CIP).
INDIVIDUAL BUDGET LINES: REVENUES AND EXPENSES (Consider which surpluses and
overages might “jump off the page” for a reader and provide a brief narrative/explanation for each)
Revenue: Charge Point - We are averaging through session fees approximately $285.00.
December is an outlier with the least (?) at $53. Others $256 to 349 per month).
Facilities Stewardship/Maintenance (100-10-3400-76.02) budget is overspent by $2,585. This is
due to aging infrastructure within buildings. This was our contingency fund. HVAC was the
cause for most of this. Life expectancy has been reached on all heat pumps within the city that
haven’t been replaced in the last couple of years. (We have a grant for 75K that we will use at
DPW to replace (3) gas 5-ton units with electric with natural gas as backup).
RECREATION & PARKS: (Department Head: Adam Matth)
OVERALL SUMMARY Provide a brief summary of how your department ended the quarter/year
compared to budget projections
The Q2 numbers show us under budget or pacing as expected throughout the various line items
Admin, Programs, Facilities and Senior Programs. The various items showing well over the
projections at the current moment are due to elements which are seasonal in nature (SB Night
Out, facilities in use during summer/fall) or due to staffing situation throughout the first half of
the fiscal year. Line items showing us well under pace at the current moment are projected out
during the second half of the year (youth programs, school use, printing/marketing, and capital
items).
Revenues: Tracking at 67%
Expenses: Tracking at 30%
KEY HIGHLIGHTS Showcase any highlights on major projects/accomplishments your department has
done during the quarter/year, particularly those included in the year’s budget presentation to Council
Hosted Glow Walk & Pumpkin Carving with ~400 people in attendance. Successful Spark the
Park events despite the weather, hosted two different community nights at Veterans Park. Senior
Holiday meal was a success and sold out. Youth basketball kicked off during December and had
123 of the 126 available spots filled.
INDIVIDUAL BUDGET LINES: REVENUES AND EXPENSES Consider which surpluses and
overages might “jump off the page” for a reader and provide a brief narrative/explanation for each
SB Night Out: Revenues are lower than initially projected due to the weather which impacted
multiple cancellations and ultimately vendor refunds last summer.
Youth Programs: Revenues do not include our winter and spring sports (soccer, track,
swimming, drivers education, lacrosse, baseball) which will be reflected on the third quarter
financials.
Expenses:
Overtime: Due to the nature of the department being short staffed (down one full time
employees) for the quarter. This also is offset by the general recreation administrative salary
budget line item being well under projection at the current moment.
Park Salaries: Another seasonal element where park staff is managed during Q1 of a fiscal year
and then return in Q4 for the second half of those line items.
Capital Items: Projects below are currently in the bid process.
Beam Replacement at Vet
Dugout Replacement at Vet
Bleacher Replacement at Vet
Senior Meal Cost: December meals have not been submitted into the expense report showing a
lower value than current actual figures.
Special Events: This expense line item is projected out to the $30k over the remaining half of
the fiscal year to include events below.
• Valentine Dance, Paint and Sips, Skate Night, Egg Hunt, Family Trivia, Camp Out,
Touch a Truck, Community Movie and initial funding of Rec On the Go.
Youth Programs: With expenses from the winter/spring/summer program sessions and driver’s
education this line item should project out to roughly $55k at the end of the year.
Senior Events: Will project out to ~$7.5k with spring brunch expenses added.
Facility Improvements: Currently at 2.29%, internally developing a list of projects and areas
within parks to utilize this fund into the spring to help alleviate the deferred maintenance and
larger cost items down the road.
LIBRARY: (Department Head: Jennifer Murray)
OVERALL SUMMARY Provide a brief summary of how your department ended the quarter/year
compared to budget projections.
Library expenditures overall are close to 50%, which is on target. Revenue is higher due to
continued increases in room reservations.
KEY HIGHLIGHTS Showcase any highlights on major projects/accomplishments your department has
done during the quarter/year, particularly those included in the year’s budget presentation to Council
• Library Tech Help opportunities have increased, with volunteers offering help by
appointment weekly and alternate Tuesdays as drop-in.
• English Conversation Circle meets twice a month, led by staff and volunteers with the
help of the Master's in Teaching English to Speakers of Other Languages students at St.
Michael's College. The in-person conversations are augmented by our online Mango
Languages app which offer assistance in learning and practicing English along with many
other languages. Volunteers are now also offering a Mandarin Conversation Group.
• The Library hosted its first Red Cross Blood Drive.
• In this quarter the popularity of storytimes led staff to go back to offering two Toddler
Storytimes each week. Then with sudden staff changes, they pivoted towards offering
open play time for toddlers and infants instead as we look for a new programmer.
• Collaboration with the SB Energy Committee led to a book discussion of Braiding
Sweetgrass by Robin Kimmerer.
• Staff serving teens and adults have planned many events around the themes of Chinese
culture and LGBTQ+ teens in keeping with the current Vermont Reads title, Last Night at
the Telegraph Club by Malinda Lo and related graphic novel, Messy Roots by Laura Gao.
• Planning for the winter concert series and an exciting Artist-in-Residence series are in
progress, as are early plans for Summer Reading 2024, Adventures Begin at Your Library,
featuring a focus on Vermont.
INDIVIDUAL BUDGET LINES: REVENUES AND EXPENSES Consider which surpluses and
overages might “jump off the page” for a reader and provide a brief narrative/explanation for each
Specific items that will be spent out in the next quarter include computer hardware and staff
training. Computer Fees and Dues and Subscriptions are invoiced throughout the year. Library
Supplies are under spent, awaiting a large order of library cards and supplies for processing
audio books and DVDs which had been handled by the vendor until recently. Postage payment is
handled through fund transfer at the end of the year.
FIRE & AMBULANCE SERVICES: (Department Head: Steven Locke)
OVERALL SUMMARY Provide a brief summary of how your department ended the quarter/year
compared to budget projections
The Fire Department finished the second quarter of FY24 in a strong position. Revenues for both
prevention and ambulance transports are exceeding budget expectations. Projections anticipate
totals revenues at the conclusion of the fiscal year will exceed budget by $250,000.
Expenses for the Fire Department are trending on target. While several line items are exceeding
budget estimates, the total expenses are less than 50% at this halfway point.
KEY HIGHLIGHTS Showcase any highlights on major projects/accomplishments your department has
done during the quarter/year, particularly those included in the year’s budget presentation to Council
As was mentioned in the first quarter report, the Fire Department has implemented computer
aided dispatch and filled all vacancies. As was discussed at last year’s budget presentation, not
having all positions filled was a prime reason for the massive amount of overtime. The
Department has seen a significant reduction in overtime which increases employee morale and
quality of life.
INDIVIDUAL BUDGET LINES: REVENUES AND EXPENSES Consider which surpluses and
overages might “jump off the page” for a reader and provide a brief narrative/explanation for each
Overtime Training – this line item is 242% expended. Primary reason is required training for all
staff on new rope rescue techniques and boat operations. These needed to be conducted off duty,
so employees compensated accordingly. Additionally we supported four members who
completed the Fire Officer program (required for promotional eligibility and held recruit training
in live fire at the State’s Fire Academy.
Firefighter Clothing – several new employees required to be outfitted with structural fire
protection clothing (pants, coat, boots, helmet, gloves and hood). Complete package costs more
than 5k per employee. This account will be overspent for some time in order to catch up.
Airpack maintenance – we have had a couple units break and the costs to repair have been over
2k each. Vendor failed to provide a couple FY23 invoices before 8/30/23 so expense carried into
FY24.
Computer Contracts – This is 132% expended, but is the one time fee for records management
system which is invoiced at the beginning of fiscal year.
Telephone/Internet – During switch to new phone vendor the existing provider increased rates
by 300 percent. This has been addressed and going forward prices are within expectations.
Uniforms – Large order for uniforms placed at the beginning of the fiscal year. Should balance
out as the year progresses.
Oil. truck tires and fire inspector car/equipment are all over significantly by a percentage, but not
much by dollars amounts. Normal one-time purchases to cover operational needs.
Recruiting & Testing – Over budget due to entry level physicals for several new staff.
POLICE: (Department Head: Shawn Burke)
OVERALL SUMMARY (provide a brief summary of how your department ended the quarter/year
compared to budget projections):
The Q2 data reflects anticipated expenses and revenue given the current operations.
KEY HIGHLIGHTS (showcase any highlights on major projects/accomplishments your department has
done during the quarter/year, particularly those included in the year’s budget presentation to Council):
The department transitioned pistol platforms in Q2. This opportunity provides all officers with
the same pistol, this enhances interoperability and inclusivity. For the first time in a decade all
officers, despite their size or gender, will carry the same pistol.
INDIVIDUAL BUDGET LINES - REVENUES AND EXPENSES (consider which surpluses and
overages might “jump off the page” for a reader, please provide a brief narrative/explanation for each):
Revenues:
The used car market has been strong; the sale of cruiser line confirms this market trend. SHARP /
Off Duty Police – Officers have worked more voluntary overtime which is paid via grant or by
outside contract, e.g. security at the mosque. Parking Tickets – greater than expected compliance
with tickets issued for violations. Bullet proof vest grant – the FY 24 grant was awarded to the
Department.
Expenditures:
Traffic Unit Supplies / Traffic Safety Grant – The department has acquired the budgeted items;
renewed the data capture contract for the speed detection trailer and investment in new radar
technology for speed enforcement.
Tires – The department purchased the snow tires needed for the fleet.
Dues and Subscriptions – The department has paid for half of the subscriptions we rely on each
year.
Body Worn Cameras – The department paid the annual contract fee for the Axon suite of
services; body worn cameras, cruiser cameras, cloud-based storage, electronic control weapons.
Animal Control Contracts – Officers seized six dogs during the course of an animal neglect
investigation in September. The dogs were held at our contract vendor while the Court
adjudicated the forfeiture proceedings. In total, kennel costs for the six dogs amounted to
$10,000. The Court did impose restitution, the likelihood of that being collected is low. The
department anticipates this line being over spent given our animal control officer contract
obligations.
Vehicles and Equipment – The department purchased and deployed two hybrid patrol cars. The
department also lost a cruiser in a collision which has been replaced, the insurance payment for
the total cruiser is not reflected in the line.
PUBLIC WORKS – HIGHWAY: (Department Head: Tom DiPietro; Fund Manager: Adam Cate)
OVERALL SUMMARY (provide a brief summary of how your department ended the quarter/year
compared to budget projections):
Overall, Highway division expenditures stand at 43.0% spent at the midway point of the fiscal
year. Individual line items are generally spent at +/- 50%. The Highway revenue budget stands at
36.4% collected. Highway revenues are typically collected in quarters 3 and 4 of the fiscal year,
during the beginning of “construction season”.
KEY HIGHLIGHTS (showcase any highlights on major projects/accomplishments your department has
done during the quarter/year, particularly those included in the year’s budget presentation to Council):
The Dorset Street Signals Project represents the largest amount of dollars to be spent in the
Highway budget. The project should reach substantial completion in FY24 Q3. Due to necessary
items missing from the final plans, project timeline extensions, and the fact that existing
sleeves/conduit that were assumed available for project use were insufficient, it is anticipated that
this project will exceed the proposed budget by ~$450,000 to $500,000. The DPW Garage
Expansion project is just getting underway, with expenditures for engineering and site work to be
accumulated in FY24 quarters 3 and 4, with completion in FY25. An RFP for Ash Tree Planting /
Emerald Ash Borer treatment was released in FY24 Q3, with work to follow in the third and
fourth quarter of FY24.
INDIVIDUAL BUDGET LINES: REVENUES AND EXPENSES consider which surpluses and overages
might “jump off the page” for a reader, please provide a brief narrative/explanation for each):
The Vehicle Replacement line item shows as generally unspent, but we recently took delivery of
two new F350 trucks. We have three more vehicles ordered with anticipated delivery prior to the
end of FY24. We anticipate that this line item will be fully spent this year.
Tree Care is significantly underspent currently. There has only been one contracted tree removal
so far in FY24. We anticipate that this line item will be spent before the end of the fiscal year.
Road striping work will be bid in FY24 Q3 and spent before the end of the fiscal year.
School Bus Parts appear largely unspent, which is due to a change in how bills are processed. All
school bus invoices are now going directly to the school.
PUBLIC WORKS – WATER QUALITY: (Department Head: Tom DiPietro; Fund Manager: Bob
Fischer)
OVERALL SUMMARY (provide a brief summary of how your department ended the quarter/year
compared to budget projections):
Overall, Water Quality division expenditure stand at 25.0% spent. At this time, there are a few
significant budget line items that have not been spent including the loan for Airport Parkway,
payment to the highway division for wastewater collection system maintenance, and work related
to the Bartlett Bay wastewater facility refurbishment project. We expect these line items to be fully
expended this fiscal year. When these costs are added to the total expenditures, the wastewater
budget is ~55%, which is what would be expected for this point in the fiscal year. The Water
Quality revenue budget stands at 47.96%. We anticipate finishing the year with slightly more
revenue than projected due to receipt of connection fees beyond what was anticipated.
KEY HIGHLIGHTS (showcase any highlights on major projects/accomplishments your department has
done during the quarter/year, particularly those included in the year’s budget presentation to Council):
The Bartlett Bay wastewater facility refurbishment projects continue to progress. Final
engineering work is underway and geotechnical data has been collected.
The Airport Parkway wastewater treatment solids handling project is just beginning. Additional
expenditures are anticipated in the third and fourth quarter of FY24.
The Queen City Park pump station project has not yet begun final engineering. We anticipate
award of a contract in the third quarter of FY24.
The Industrial User Survey has entered phase 2, which comprises of a more in depth survey of
approximately 180 businesses that have been highlighted as having possible impacts above
residential or different that residential users.
The wastewater division received a grant to improve security at various critical facilities. The
grant paperwork is under Architectural Review by VT Homeland Security. We anticipate
completing work on this project before the end of the fiscal year.
INDIVIDUAL BUDGET LINES: REVENUES AND EXPENSES consider which surpluses and overages
might “jump off the page” for a reader, please provide a brief narrative/explanation for each):
Landfill Engineering is approximately $7,000 over budget due to the specialized pump failing
and a new pump being purchased for approximately $11,000.
Pumpstation supplies are at 87% due to the purchase of two pumps necessary to replace those
that have failed.
PUBLIC WORKS – DRINKING WATER: (Department Head: Tom DiPietro; Fund Manager: Jay
Nadeau)
OVERALL SUMMARY (provide a brief summary of how your department ended the quarter/year
compared to budget projections):
The second quarter Drinking Water budget indicates a net revenue over expenditures of
approximately $95,000. Water Sales, Investment Interest, and Connection and Allocation Fees
are ahead of projections for the fiscal year’s mid-point.
Many projected expenses occur in the latter part of the fiscal year. This includes things like Debt
Service payments and System Improvements. Through the second quarter, expenses are below
expected half-year projections.
KEY HIGHLIGHTS (showcase any highlights on major projects/accomplishments your department has
done during the quarter/year, particularly those included in the year’s budget presentation to Council):
The EPA required Lead Service Line Inventory program is well underway, With MSK Engineers
and water division staff performing the required incoming service line observations. The meter
upgrade program also continues and upgrade to the radio read system is over 95%.
INDIVIDUAL BUDGET LINES: REVENUES AND EXPENSES consider which surpluses and overages
might “jump off the page” for a reader, please provide a brief narrative/explanation for each):
Interest Revenue is considerably higher than anticipated thanks to banking rate increases.
Although not a significant concern at this time, Equipment Rental fees could increase depending
on the number of water breaks we experience over the course of the winter and spring.
PUBLIC WORKS – STORMWATER: (Department Head: Tom DiPietro; Fund Manager: Marisa
Rorabaugh)
OVERALL SUMMARY (provide a brief summary of how your department ended the quarter/year
compared to budget projections):
At of the end of FY24 Q2, Stormwater Utility expenditures stand at 26.69% spent. This is largely
due to the Stormwater Capital Projects budget line standing at 17.82% spent. The overall
revenue received stands at 30.36% received. This is largely due to the Intergovernmental Revenue
line standing at 0.07% received. Once we begin construction of capital projects in the third
quarter of FY24 we expect to make these expenditures and request reimbursement of grants
associated with this work. It is anticipated that both of these line items will finish at, or slightly
below projected values. Our Stormwater Utility Fee revenue is on track, standing at 43.35%
received at the end of Q2.
KEY HIGHLIGHTS (showcase any highlights on major projects/accomplishments your department has
done during the quarter/year, particularly those included in the year’s budget presentation to Council):
Construction of the Kennedy Drive Pond 2 retrofit was completed in the second quarter of FY24.
This project was constructed using $253,616 in grant funding from the Vermont Agency of
Transportation. Grant reimbursement will be requested in Q3.
The Stormwater division was awarded $748,251 in additional grant funding though the MS4
Community Formula Grant Program. Final grant agreement paperwork was signed in Q2. The
timeline for expenditure and receipt of reimbursement of these funds is not yet determined.
More information will be available before the end of the fiscal year.
The City received a grant from the Lake Champlain Basin Program for $200,000 for the upgrade
of the Irish Farm Neighborhood stormwater system. The final grant agreement paperwork will be
signed in Q3.
INDIVIDUAL BUDGET LINES: REVENUES AND EXPENSES consider which surpluses and overages
might “jump off the page” for a reader, please provide a brief narrative/explanation for each):
Capital projects have only incurred $357,327 in expenses, out of a total FY24 budget of $2M, or
17%. Construction will pick up in the spring and summer (Q3 and Q4).
The Storm System Maintenance Material line item was at 11.29% expended at the close of Q2.
We are anticipating a large expenditure in Q3 and Q4 due to a failing culvert that has been
recently identified and needs immediate repair. It is likely that this line item will be exceeded this
fiscal year.
Administrative Services and Billing Payment to CWD account for $67k and $73k of total
expenditures from the Stormwater budget. These transfer payments will be made later in FY24.
Intergovernmental Revenue is sitting at 0.7% of the budget received at the end of Q2. This is due
to the timing of grant reimbursements.
PUBLIC WORKS – PENNY FOR PATHS: (Department Head: Tom DiPietro; Fund Manager:
Erica Quallen)
OVERALL SUMMARY (provide a brief summary of how your department ended the quarter/year
compared to budget projections):
The Penny for Paths fund has progressed as expected in FY24 Q2. One project was completed,
four projects are underway, and one is under RFP development to begin in Q3. The Dorset Street
Path project has experienced an extended right-of-way phase. Ongoing negotiations with
property owners will lead to the project timeline getting pushed out. Right of way payments to
property owners will occur later than planned but are still anticipated to be paid primarily in
FY24.
KEY HIGHLIGHTS (showcase any highlights on major projects/accomplishments your department has
done during the quarter/year, particularly those included in the year’s budget presentation to Council):
The Williston Road Crosswalks project was completed, and final construction costs were
$70,000 under budget. The Active Transportation Plan was kicked off in Q2 with the help of our
consultant (VHB) and the Chittenden County Regional Planning Commission and will continue
through Q2 of FY25. Penny for Paths will be supporting the Planning & Zoning Consulting line
with roughly $5,000 to pay for the 20% match.
INDIVIDUAL BUDGET LINES: REVENUES AND EXPENSES consider which surpluses and overages
might “jump off the page” for a reader, please provide a brief narrative/explanation for each):
The largest items paid in FY24 Q2 were to Don Weston Excavating and these were for the
Williston Road Crosswalks. Approximately $100,000 will be reimbursed from VTrans by the end
of FY24.
PUBLIC WORKS – OPEN SPACE FUND: (Department Head: Tom DiPietro; Fund Manager:
Erica Quallen)
OVERALL SUMMARY (provide a brief summary of how your department ended the quarter/year
compared to budget projections):
The Open Space Fund has had very limited spending in FY24 Q2. The two projects underway
(Hubbard RNA Path and Red Rocks Trail and Stormwater Improvements) are in the final stages of
design and permitting before construction in FY24 Q4 and FY25 Q1 – Q2.
KEY HIGHLIGHTS (showcase any highlights on major projects/accomplishments your department has
done during the quarter/year, particularly those included in the year’s budget presentation to Council):
Following changes to the Hubbard RNA project scope, the consolidated consulting team has
continued the design and is preparing final contract plans to be put out to bid in FY24 Q3. The
Red Rocks project received its state wetlands permit in FY24 Q2 and is being finalized with Act
250 before it can be put out to bid.
INDIVIDUAL BUDGET LINES: REVENUES AND EXPENSES consider which surpluses and overages
might “jump off the page” for a reader, please provide a brief narrative/explanation for each):
There were no unexpected or large expenses that occurred in FY24 Q2 from the Open Space
Fund. The primary expenses were to the design consultant for the Hubbard RNA path and
parking lot design.
LOAN AGREEMENT
Vermont State Revolving Fund Loan RF1-354-2.0
Loan Amount: $986,800.00
1. City of South Burlington, the Municipality, hereby certifies to the Vermont Municipal Bond Bank (“Bond Bank”) that:
(a) It will secure all state and federal permits, licenses and approvals necessary to
construct and operate the improvements to be financed by the Loan (the “Project”), if any, as described in Exhibit A; (b) It has established, or covenants with the Bond Bank to establish, by ordinance, rule
or regulation, a rate charge or assessment schedule which will generate annually sufficient
revenue to pay: (i) Principal, administrative fees and interest of the Municipal Note, as the same becomes due; and
(ii) reasonably anticipated cost of operating and maintaining the improvements to be financed by the Loan, if any, and the system of which is a part; (c) It has duly established a fund under Title 24 of the Vermont Statutes Annotated, or
by other means permitted by law which, for so long as the Municipal Note shall remain outstanding, shall be maintained and replenished from time to time, and used solely to repair, replace, improve and enlarge the improvement to be financed by the Loan, if any. 2. The Municipality shall make funds sufficient to pay the principal, administrative fees and
interest as the same matures (based upon the Maturity Schedule appended hereto as Exhibit C) available to the Bond Bank at least five business days prior to each principal payment date. 3. The Bond Bank and Municipality agree that Loan proceeds will be paid to the Municipality as Project costs are incurred and paid by the Municipality over the course of the Project, but in no
event shall payments be made more often than monthly, and only on Municipality’s certification, through its authorized representative, that such costs have been paid. 4. The Municipality is obligated to make the principal, administrative fee and interest portion of the Municipal Note payments scheduled by the Bond Bank on an annual basis. The
Municipality may prepay the Loan at its option without penalty. 5. The Municipality shall be obligated to inform in writing to the Bond Bank, or such agent designated by the Bond Bank, at least thirty days prior to each principal payment date of any
changes to the name of the official or address to whom invoices for the payment of principal,
administrative fees and interest should be sent. 6. The period of performance for this agreement begins upon execution and ends five years after execution.
7. Notwithstanding paragraph 14 hereof, prior to payment of the amount of the Loan, or any portion thereof, the Bond Bank shall have the right to cancel all or any part of its obligations hereunder and after payment of any portion thereof to require a refund of amounts paid if:
(a) Any representation made by the Municipality to the Bond Bank in connection with
its application for a loan or additional loans shall be incorrect or incomplete in any material respect; or (b) The Municipality has violated commitments made by it in its application and
supporting documents or has violated any of the terms of this Loan Agreement.
8. The Municipality shall at all times comply with all applicable federal and state requirements pertaining to the Project, including but not limited to requirements of Federal Clean Water Act, Title 24 of the Vermont Statutes Annotated, and the list of Federal Laws and
Authorities included as Exhibit B. The enumeration of the Federal Laws and Authorities in Exhibit
B shall not be construed as a waiver by the Municipality of any exemption or exception, jurisdictional or otherwise. 9. If any provisions of this Loan Agreement shall for any reason be held to be invalid or
unenforceable, the invalidity or unenforceability of such provision shall not affect any of the remaining provisions of this Loan Agreement and this Loan Agreement shall be construed and enforced as if such invalid or unenforceable provision had not been contained herein. 10. This Loan Agreement may be executed in one or more counterparts, any of which shall be
regarded for all purposes as an original and all of which constitute but one and the same instrument. Each party agrees that it will execute any and all documents or other instruments, and take such other actions as are necessary, to give effect to the terms of this Loan Agreement. 11. No waiver by either party of any term or condition of the Loan Agreement shall be deemed
or construed as a waiver of any other terms or conditions, nor shall a waiver of any breach be deemed to constitute a waiver of any subsequent breach, whether of the same or of a different section, subsection, paragraph, clause, phrase, or other provision of this Loan Agreement. Any delay in exercising rights or requirements of the Loan Agreement does not constitute a waiver of such rights or requirements.
12. The Municipality agrees to indemnify and hold the Bond Bank, the state, its officials, agents, and employees harmless from and against any and all claims, suits, actions, costs, and damages resulting from the negligent performance or non-performance by the Municipality or any of its officials, agents, or employees of the Municipality's obligations under this Agreement, as it
may be amended or supplemented from time to time. It is further understood that such indemnity
shall not be limited by an insurance coverage. 13. The Municipality agrees that the Loan will be adjusted upon final audit to an amount equal to or less than the project costs determined eligible by the Department of Environmental
Conservation and recommended to the Bond Bank for loan participation.
14. The Municipality agrees that if actual final eligible costs are less than the amount paid under the Loan Agreement, repayment of the excess funds will be made within sixty days of the request made by the Department of Environmental Conservation.
15. Increases, amendments, or modifications to the project during construction will be processed for record keeping purposes only, except for the addition of major approved Project Elements, Exhibit A. The Loan Agreement will also be amended upon completion of the project based upon final audited eligible costs, and any increases in the Loan will be made contingent
upon availability of funds. All Project records will be retained by the Municipality and made
available for state inspection upon request for three years after Project completion or until any audit questions have been resolved, whichever is later. 16. The Municipality will obtain flood insurance for any insurable portion of the Project.
17. The Municipality agrees to use the loan proceeds solely for the project for which the loan is made and any approved amendments thereto. The Municipality further agrees to make prompt payment to the contractors and to apply any interest received to the Project. Once payment has been made to contractors, the applicant shall submit a payment request to the Department of
Environmental Conservation (DEC). Funds will be disbursed from Federal Award ID Number CS500001## (## equals last two digits of award year). Upon disbursement, DEC will notify the Municipality of the standard terms and conditions applicable based on the exact amount of federal funds disbursed and relevant capitalization grant being drawn down. Please see https://dec.vermont.gov/water-investment/water-financing/srf/reimbursement-help for the
standard terms and conditions. If the foregoing link is not accessible, contact DEC for assistance. 18. The terms of this Loan Agreement shall be controlling over those of any prior Agreement with respect to this Loan Agreement. However, this Loan Agreement shall not otherwise supersede the terms of any other agreements between the Municipality and the State.
19. The Municipality agrees to furnish to the Bond Bank such financial statements as the Bond Bank may reasonably request, which statements and supporting records shall be prepared and maintained in accordance with Generally Accepted Accounting Principles (GAAP).
20. This agreement will be funded by approximately 80 percent federal funds. These funds are being awarded in accord with the Federal Clean Water State Revolving Fund, CFDA number 66.458, under the authority of the Environmental Protection Agency. This is not a research and development award. For any accounting year in which the Municipality expends Loan proceeds and other Federal funds of $750,000.00 or more from all Federal sources, the Municipality shall
have an audit performed in accord with the Federal Single Audit Act and furnish a copy to the
Vermont Department of Environmental Conservation within 9 months of the end of Municipality’s accounting period. 21. By acceptance of this Agreement, the Municipality agrees to complete a Subrecipient
Annual Report as provided by the Department of Finance. Prior to submitting the Subrecipient
Annual Report, the Municipality must review previous fiscal year disbursements from the Facilities Engineering Division to determine the actual amount of federal funds disbursed from the loan proceeds. The Subrecipient Annual Report must then be submitted to the State of Vermont Department of Finance within 45 days after its fiscal year end, informing the State whether or not
a single audit is required for the prior fiscal year. If a single audit is required, the Municipality will
submit a copy of the audit report to the Vermont Department of Environmental Conservation within 9 months of its fiscal year end. If a single audit is not required, only the Subrecipient Annual Report to the State Department of Finance is required.
22. The Municipality understands that the provisions of the Davis-Bacon Act, which is codified
at Subchapter IV of Chapter 31 of Title 40 of the United States Code and U.S. Department of Labor Memorandum No. 208 (“Memorandum 208”), may apply to the Project, and the Municipality certifies and agrees that with respect to the Project, it has complied and will continue to comply with the requirements of the Davis-Bacon Act and Memorandum 208, as applicable.
23. The effective date of the Loan Agreement is the execution date of the General Obligation Note. IN WITNESS WHEREOF, the parties hereto have executed this Agreement.
Attest: VERMONT MUNICIPAL BOND BANK By: _______________________________
Secretary Executive Director Attest: City of South Burlington
By: _______________________________ Clerk Chair of the Governing Body And by:
___________________________________ Treasurer Date____________________________
List of Loan Exhibits EXHIBIT A: Project description and conditions EXHIBIT B: List of Federal Laws and Authorities EXHIBIT C: General Obligation Note
EXHIBIT D: Resolution and Certificate
EXHIBIT A PROJECT DESCRIPTION AND CONDITIONS FOR THIS AGREEMENT
Description: This loan is for the final design of a major refurbishment project for the Bartlett Bay Wastewater Treatment Facility and associated infrastructure.
Conditions: 1) Repayment of this loan shall commence no later than five (5) years after the execution of the loan, unless the terms of the loan indicate the loan principal will be completely forgiven.
2) If the project funded with this loan proceeds to construction within five (5) years of loan execution and the construction project is funded with a SRF loan, the planning loan will be consolidated with the construction loan.
3) The engineer will meet with the Water Investment Division (WID) to present work summaries at 30% work completion, 60% work completion, and 90% work completion, or as otherwise directed by the WID engineer. Disbursements will not be made without each required meeting and disbursements above 90% of the loan amount will not be made until the final documents have been received, reviewed, and approved by WID.
4) After completion of planning, if project construction is to be fully funded by grants and/or loans administered by other federal, state, or local funding agencies (referred to as “alternative funding”), the Applicant will, within sixty (60) days of receiving alternative funds, repay the entire portion of the
CWSRF planning loan. Under certain circumstances partial or full planning loan forgiveness may be
allowable, such as when planning costs are not being paid for from alternative funds. 5) The Applicant shall, as a condition of the loan, provide the Department with a digitally formatted copy of any plan or surveys developed with funds awarded under the loan, if the Applicant or any
subcontractor develops plans or surveys in digital format. By acceptance of the loan, the Applicant
agrees to pass through this requirement to any subcontracts awarded and funded by the loan. This condition is included pursuant to Section 56 of Act 233 of 1994. Such digital formats are subject to the Federal Freedom of Information Act and the State Access to Public Records and Document Statute and, unless otherwise restricted, the Department will release copies of such information to the general public
upon request. It shall be acceptable to submit read only copies or copies marked archival copies only.
The Applicant, by acceptance of this loan agrees not to copyright any plans or surveys developed pursuant to this action. Acceptable electronic formats include pdf and pdf/A.
EXHIBIT B LIST OF FEDERAL LAWS AND AUTHORITIES WHERE APPLICABLE
ENVIRONMENTAL:
• “American Iron and Steel” requirements of P.L. 113-76 the Consolidated Appropriations Act of 2014
• Archeological and Historic Preservation 16 USC §469a-1
• Bald and Golden Eagle Protection Act, 16 USC §668-668c
• Clean Air Act, 42 USC §7401
• Coastal Barrier Resources Act, 16 USC §3501
• Coastal Zone Management 16 USC §1451
• Davis-Bacon Act (40 CFR '31.36(i)(5))
• Davis Bacon and Related Acts Wage Rate Requirements (29 CFR 5.5)
• Endangered Species Act, 16 USC §1531
• Floodplain Management, Executive Order 11988, as amended by Executive Order 12148
• Protection of Wetlands, Executive Order 11990 (1977) as amended by Executive Order 12608 (1997)
• Environmental Justice, Executive Order 12898
• Protection and Enhancement of the Cultural Environment, Executive Order 11990 (1977), as amended
by Executive Order
• Farmland Protection Policy Act, 7 USC §4201
• Fish and Wildlife Coordination Act, 16 USC §661
• Magnuson-Stevens Fishery Conservation and Management Act, 16 USC §1801 et seq.
• Marine Mammal Protection Act, 16 USC §7703 et seq.
• Migratory Bird Act 16 USC Chapter 7, Subchapter II: Migratory Bird Treaty
• National Historic Preservation Act 54 USC § 300101 et seq.
• Rivers and Harbors Act, 33 USC §403
• Safe Drinking Water Act, 42 USC §300f
• Wild and Scenic Rivers Act 16 USC §1271 ECONOMIC:
• Demonstration Cities and Metropolitan Development Act of 1966, PL 89-754 as amended
• Section 306 of the Clean Air Act and Section 508 of the Clean Water Act, including Executive Order 11738, Administration of the Clean Air Act and the Federal Water Pollution Control Act with Respect to Federal Contracts, Grants, or Loans
SOCIAL LEGISLATION:
• Age Discrimination Act, PL 94-135
• Civil Rights Act of 1964, PL 88-352
• Disadvantaged Business Enterprise, 49 USC § 47113 - Minority and disadvantaged business participation
• Equal Employment Opportunity, Executive Order 11264
• Women’s and Minority Business Enterprise, Executive Orders 11625 and 12138
• Section 13 of PL 92-500; Prohibition against sex discrimination under the Federal Water Pollution Control Act
• Rehabilitation Act of 1973, PL 93-112 (including Executive Orders 11914 and 11250)
MISCELLANEOUS AUTHORITY:
• Executive Order 12549 - Debarment and Suspension
• Trafficking and Violence Protection Act of 2000 (P.L. 106-386)
• Uniform Relocation and Real Property Acquisition Policies Act of 1970, PL 91-646
• Signage requirements per 2015 EPA guidance
• 2 CFR 200.216 and section 889 of Public Law 115-232, Prohibition of certain telecommunication and video surveillance services or equipment
• Build America, Buy America (BABA) provisions of the Federal Infrastructure Investment and Jobs
Act (IIJA)
EXHIBIT C $986,800.00 UNITED STATES OF AMERICA
STATE OF VERMONT City of South Burlington GENERAL OBLIGATION NOTE The City of South Burlington (hereinafter called the “Municipality”), a body corporate and a political
subdivision of the State of Vermont, promises to pay to the Vermont Municipal Bond Bank, or registered assigns, the not-to-exceed sum of $986,800.00 with a preliminary interest at the rate of 0.00% per annum and with a preliminary administrative fee of 0.00%, subject to change based on final disbursed value, beginning on 1/1/2029 as follows:
Loan Terms
Loan Amount:$986,800.00
Loan Term Years15
Interest rate:0.0000%Administrative Fe0.0000%
RepaymentDate PaymentNumber PrincipalDue PrincipalPayment PrincipalForgiven InterestPayment AdministrativeFees TotalPayment
1/1/2029 1 986,800.00 59,120.00 100,000.00 0.00 0.00 59,120.00
1/1/2030 2 827,680.00 59,120.00 0.00 0.00 0.00 59,120.001/1/2031 3 768,560.00 59,120.00 0.00 0.00 0.00 59,120.00
1/1/2032 4 709,440.00 59,120.00 0.00 0.00 0.00 59,120.00
1/1/2033 5 650,320.00 59,120.00 0.00 0.00 0.00 59,120.001/1/2034 6 591,200.00 59,120.00 0.00 0.00 0.00 59,120.00
1/1/2035 7 532,080.00 59,120.00 0.00 0.00 0.00 59,120.00
1/1/2036 8 472,960.00 59,120.00 0.00 0.00 0.00 59,120.00
1/1/2037 9 413,840.00 59,120.00 0.00 0.00 0.00 59,120.00
1/1/2038 10 354,720.00 59,120.00 0.00 0.00 0.00 59,120.00
1/1/2039 11 295,600.00 59,120.00 0.00 0.00 0.00 59,120.00
1/1/2040 12 236,480.00 59,120.00 0.00 0.00 0.00 59,120.00
1/1/2041 13 177,360.00 59,120.00 0.00 0.00 0.00 59,120.001/1/2042 14 118,240.00 59,120.00 0.00 0.00 0.00 59,120.00
1/1/2043 15 59,120.00 59,120.00 0.00 0.00 0.00 59,120.00
886,800.00 100,000.00 0.00 0.00
For planning purposes only. Figures subject to change based on actual disbursements.
EXHIBIT C This Note is payable in lawful money of the United States at M&T Bank in the City of Burlington, State of
Vermont. Repayment terms shall comply with 24 V.S.A. Chapter 120, §4755 which prohibits deferral of payment. Final payment of this Bond shall be made upon surrender of this Bond for cancellation. This Note is issued by the Municipality for the purpose of financing design of infrastructure improvements under and by virtue of Title 24, Vermont Statutes Annotated, and a vote of the governing body of the
Municipality duly passed on 11/7/2023. This Note is transferable only upon presentation to the Treasurer of the Municipality with a written assignment duly acknowledged or proved. No transfer hereof shall be effectual unless made on the books of the Municipality kept by the Treasurer as transfer agent and noted hereon by the Treasurer with a record of payments
as provided hereon. It is hereby certified and recited that all acts, conditions and things required to be done precedent to and in the issuing of this Note have been done, have happened, and have been performed in regular and due form, as required by such law and vote, and for the assessment, collection and payment hereon of a tax to pay the same
when due the full faith and credit of the Municipality are hereby irrevocably pledged. IN TESTIMONY WHEREOF, the Municipality has caused this Note to be signed by its Treasurer, and a majority of its Selectboard and its seal to be affixed hereto.
City of South Burlington By: _____________________________
________________________________
________________________________ ________________________________
________________________________ Majority of its Governing Body Date____________________________
________________________________ Treasurer
EXHIBIT C $986,800.00
City of South Burlington
GENERAL OBLIGATION NOTE
CERTIFICATE OF REGISTRATION
It is hereby certified that this Note is a fully registered Note, payable only to the holder of record as appears of
record in the office of the Treasurer of the issuing Municipality. This Note may be transferred by presentation of the same with an assignment in writing signed by the registered holder. Presentation shall be made to the Treasurer of the Municipality at his office and he shall record such transfer in his records and on the Note. The name and address of the original registered owner of this Note is Vermont Bond Bank, 100 Bank St, Suite 401,
Burlington, VT 05402.
.
___________________________ Treasurer
EXHIBIT D RESOLUTION AND CERTIFICATE
(General Obligation) (Vermont Clean Water State Revolving Fund) WHEREAS, at meetings of the municipal legislative body of the City of South Burlington (herein called the “Municipality”) at each of which all or a majority of the members were present and voting, which meetings
were duly noticed, called and held as appears of record, it was found and determined that the public interest and necessity required certain public wastewater improvements described in Exhibit A, and it was further found and determined that the cost of making such public improvements would be too great to be paid out of ordinary annual income and revenue, and that a proposal for providing such improvements and the issuance of bonds of the Municipality to pay for its share of the cost of the same shall be submitted to the legal voters at meetings
thereof, and it will be ordered, all of which action will be hereby ratified and confirmed; and WHEREAS, the Municipality has applied for financial assistance in planning for the authorized improvements which application has been approved by the Department of Environmental Conservation and the Vermont Municipal Bond Bank, as evidenced by the Funding Application Approval, the terms and conditions of which
are found in Exhibit A; and WHEREAS, pursuant to powers vested in them by law the said governing board is about to enter into a Loan Agreement on behalf of the Municipality with the Vermont Municipal Bond Bank respecting a Loan from said Bank in the amount of $986,800.00 to be discounted by the amount of up to $100,000, repayable with interest
at the rate of 0.00% per annum, together with an administrative fee of 0.00%. AND WHEREAS, the Note to be given by the Municipality to the Vermont Municipal Bond Bank at the time of receiving the proceeds of said Loan shall be substantially in the form found in Exhibit C;
THEREFORE, be it resolved that the Governing Body proceed forthwith to cause said Note to be executed and delivered to the Vermont Municipal Bond Bank upon the price and terms stated, and be registered as the law provides; and
BE IT FURTHER RESOLVED, that the Note when issued and delivered pursuant to law and this Resolution
shall be the valid and binding obligation of the said Municipality, payable according to law and the terms and tenor thereof from unlimited ad valorem taxes on the grand list of taxable property of said Municipality as established, assessed, apportioned and provided by law; and
BE IT FURTHER RESOLVED, that in addition to all other taxes, there shall annually be assessed and collected
in the manner provided by law each year until the Note, or any bond or bonds issued to refund or replace the same, is fully paid, a tax, charge or assessment sufficient to pay the note and bond or bonds as the same shall become due; and
BE IT FURTHER RESOLVED, that execution of the above-referenced Loan Agreement between the
Municipality and the Vermont Municipal Bond Bank is hereby authorized, the presiding officer of the legislative body and Treasurer of the borrower being directed to execute said Loan Agreement on behalf of the Municipality and the legislative branch thereof; and
EXHIBIT D
BE IT FURTHER RESOLVED, that the Municipality expressly incorporates into this Resolution each and every term, provision, covenant and representation set forth at length in Exhibit A to be delivered in connection with the issuance and sale of the Note, execution and delivery of each of which is hereby authorized, ratified and confirmed in all respects, and the covenants, representations and undertakings set forth at length in said
Loan Agreement are incorporated herein by reference; and BE IT FURTHER RESOLVED, that all acts and things heretofore done by the lawfully constituted officers of the Municipality, and any and all acts or proceedings of the Municipality and of its Governing Body, in, about or concerning the improvements hereinabove described and of the issuance of evidence of debt in connection
therewith, are hereby ratified and confirmed. BE IT FURTHER RESOLVED, that in connection with the pending sale of the Note in the face amount of $986,800.00 to the Vermont Municipal Bond Bank, execution and delivery of the Note, this Resolution Certificate, Loan Agreement and incidental documents, all attached hereto, are authorized; and
BE IT FURTHER RESOLVED, that M&T Bank in the City of Burlington, Vermont, is hereby designated the Municipality's paying agent with respect to the Note and the Loan Agreement. And we, the undersigned officers, as indicated, hereby certify that we as such officers have signed the Note
payable as aforesaid, and reciting that it is issued under and pursuant to the vote herein above mentioned, and we also certify that the Note is duly registered in the office of the Treasurer of the Municipality as prescribed by law.
And we, the said officers of the Municipality, hereby certify that we are the duly chosen, qualified and acting
officers of the Municipality as undersigned; that the Note is issued pursuant to said authority; that no other proceedings relating thereto have been taken; and that no such authority or proceeding has been repealed or amended.
We further certify that no litigation is pending or threatened affecting the validity of the Note nor the levy and
collection of taxes, charges or assessments to pay it, nor the works of improvement financed by the proceeds of the Note, and that neither the corporate existence of the Municipality nor the title of any of us to our respective offices is being questioned.
EXHIBIT D
ATTEST: City of South Burlington
By: ____________________________Clerk
_______________________________
_______________________________
_______________________________
_______________________________
Majority of its Governing Body
And By:
_______________________________ Its Treasurer
February 20, 2024
180 MARKET STREET, SOUTH BURLINGTON, VERMONT | (802) 846-4107 | WWW.SOUTHBURLINGTONVT.GOV
Marcy Christian, Grants Manager
VT Housing and Conservation Board
58 East State Street
Montpelier, VT 05602
Dear Ms. Christian,
It is our pleasure to submit this letter of support for the South Burlington Land Trust’s application to the
Vermont Housing and Conservation Board for funds to conserve over 32 acres of natural resource land
in South Burlington. The vision for this property and the conversation of its natural resource land aligns
perfectly with our City’s Comprehensive Plan, our Land Development Regulations, and our Climate
Action Plan.
Environmental experts have recommended conserving this property in order to protect and preserve its
natural resources as well as to keep in place its ability to help mitigate the impacts of climate change.
Past studies of rural areas in South Burlington have identified this land and the lands surrounding it as
rich in natural resources and have advocated for their protection. More recently, during a period of
Interim Zoning, three additional studies confirmed these past assessments and recommendations.
Specifically, the City’s Interim Zoning Open Space Committee report concluded that the Long land
contained all of the environmental categories assessed: riparian connectivity, Class 2 wetlands and
source protection, large habitat block, grasslands, large forest block, view shed, prime agricultural soils
and farmland.
The City-commissioned consultant, Arrowwood Environmental, reported that this area was the highest
ranked parcel out of the 26 forest blocks that they evaluated. And an economic evaluation company,
Earth Economics, reported that the value of the Long land’s eco-services would save the city $11
million over a 20-year period in services they would have otherwise to supply.
We trust the integrity of the South Burlington Land Trust to see this project through to completion, and,
if appropriate, to retain a role in ensuring the land is maintained in accordance with easement conditions.
Sincerely,
•
•
•
•
•
o
o
•
•
Recommendation/Motion
Pursuant to the City’s Charter (24 App. VSA §106) to open the public hearing, the Ordinance
must either be read in full or, by vote of a majority of the Council, the Ordinance may be read by
title.
Accordingly, the Administration recommends the following:
1) That the Council vote to open the public hearing by reading the title of the Ordinance
(“South Burlington Residential Registry Ordinance”)
2) That the Council hold a public hearing where all persons interested be given the
opportunity to be heard.
3) Following closure of the public hearing, make the following motion:
“Move that the South Burlington City Council approve and pass the South
Burlington Residential Registry Ordinance.”
4) Following the passage of the Ordinance, it is recommended that the Council:
“Move to approve the Resolution Establishing Registration Fees and Inspection
Cycles for the Residential Rental Registry in the City of South Burlington.”
180 MARKET STREET, SOUTH BURLINGTON, VERMONT | (802) 846-4107 | WWW.SOUTHBURLINGTONVT.GOV
Public Hearing Notice
City of South Burlington
February 20, 2024 at 7:00 p.m.
Adoption of Residential Rental Registry Ordinance
PLEASE TAKE NOTICE that on Tuesday, February 20, 2024 at 7:00 PM, the City Council will hold a
public hearing and second reading on possible adoption of the City of South Burlington Residential
Rental Registry Ordinance. The hearing will be held in person and remotely via GoToMeeting.
Participation options:
In Person: City Hall Auditorium, 180 Market Street
Interactive Online: https://meet.goto.com/SouthBurlingtonVT/citycouncilmeeting02-20-2024
Telephone: (646) 749-3122; Access Code: 214-280-381
Following the public hearing and second reading, the City Council may take action on final passage of
the Residential Rental Registry Ordinance. The Residential Rental Registry Ordinance contains two major
components: 1) A rental registry, including an inspection program, for the majority of rental units in the
City; and 2) regulations relating specifically to short term rentals. This Ordinance will require all rental
units in the City of South Burlington to annually register with the City, pay a registration fee and be
subject to inspection to ensure compliance with City Fire Safety and Building Codes and other City
Ordinances. It will also only permit Short term rentals in owner-occupied units, accessory dwelling
units, and primary-residence tenant-occupied units. Short term rentals in existence prior to the effective
date of the Ordinance that don’t meet these requirements will be permitted to operate for four years
following passage. Violations of the Ordinance will be subject to fines and other authorized relief,
including suspension or revocation of rental registration.
The proposed Residential Rental Registry Ordinance is available for public inspection at the Office of the
City Clerk, City Hall, 180 Market Street, and on the city website at www.southburlingtonvt.gov.
Helen Riehle, City Council Chair
January 16, 2024
1
SOUTH BURLINGTON RESIDENTIAL RENTAL REGISTRY ORDINANCE ADOPTED ____________, 2024
Residential Rental Registry Ordinance
Adopted: ___________________, 2024
2
SOUTH BURLINGTON RESIDENTIAL RENTAL REGISTRY ORDINANCE ADOPTED ____________, 2024
Table of Contents
1. Purpose and Authority Page 3
2. Definitions Page 3
3. Registration Required Page 5
4. Registration Fees Page 8
5. Requirements of Short-Term Rental Units Page 9
6. Violations Page 10
7. Enforcement Page 11
8. Civil Penalty; Waiver Fees Page 11
9. Other Relief Page 12
10. Severability Page 13
11. Effective Page 13
3
SOUTH BURLINGTON RESIDENTIAL RENTAL REGISTRY ORDINANCE ADOPTED ____________, 2024
The Council of the City of South Burlington hereby Ordains:
1. Purpose and Authority.
This Ordinance is enacted to promote the public health, safety and welfare of the City under
the authority granted to it by 24 V.S.A. §2291 and Sections 103-104 of the South Burlington
City Charter. Due to an ongoing increase in the number of rental dwelling units in the City
of South Burlington, continued and projected population growth in the City, the aging of
some of the City’s housing stock, and the existing and potential future conversion of
permanent housing into short-term accommodations, the Council hereby finds that the
regulation of rental dwelling units is necessary to maintain and protect the public health,
safety and welfare of the City and its residents. This Ordinance is intended to provide a
process:
• through which dwelling units used for rental housing must be registered with the
City of South Burlington for use as long-term or short-term rentals;
• to disclose the ownership of such rental properties;
• to regulate the renting of dwelling units within the City;
• to make owners and persons responsible for the maintenance of property more
accessible and accountable with respect to the premises;
• to ensure that housing units remain available for rent to those who reside or seek to
reside within the City;
• to ensure that the City is not unduly impacted by the operation of short-term
rentals; and
• to ensure that owners and tenants of rental dwelling units comply with all building,
health and fire safety codes and ordinances adopted by the City of South Burlington.
This Ordinance shall constitute a civil ordinance within the meaning of 24 V.S.A. Chapter
59.
2. Definitions.
The following words, terms and phrases, when used in this Ordinance, shall have the
meaning ascribed to them in this section, except where the context clearly indicates a
different meaning:
Existing Short Term Rental shall mean a Short Term Rental Unit that is neither Owner
Occupied nor Tenant Occupied and was established and utilized as a Short Term Rental,
continuously maintained under the same ownership, prior to the effective date of this
Ordinance and such use has not been discontinued for six or more consecutive months.
4
SOUTH BURLINGTON RESIDENTIAL RENTAL REGISTRY ORDINANCE ADOPTED ____________, 2024
Long Term Rental shall mean the letting of a Rental Unit in whole or in part to the same
tenant for thirty (30) or more consecutive days.
Multi-Unit shall mean a single, detached building in common ownership interest
containing more than one (1) residential or commercial unit.
Owner-Occupied shall mean a Rental Unit owned and occupied by the registrant as his or
her primary residence. An accessory dwelling unit as defined in the City’s Land
Development Regulations, is considered a separate dwelling unit from an owner-occupied
primary residence for purposes of short-term rental registration and regulation.
Owner shall mean each individual person or entity including, without limitation, all
partners, officers, or trustees of any real estate trust; all members or managers of a limited
liability company; and all officers and directors of a corporation; that is the record owner of
a building or property.
Primary Residence shall mean the dwelling in which a person resides as their legal
residence for more than one half of a year and registers as his or her address for tax and
government identification purposes.
Registrant shall mean the owner of a Rental Unit, or a tenant, with permission from the
owner, seeking to register a Rental Unit.
Rental Unit is any residential structure, furnished house, condominium, or other dwelling
room or self-contained dwelling unit, or portion thereof, that is rented or available for rent
to any individual or individuals for any length of time. Any portion of a dwelling unit or
accessory dwelling unit that is rented or available to be rented to an individual or
individuals who are not the owner or owners shall be considered a Rental Unit. The
following are not to be considered Rental Units for the purpose of this Ordinance:
• As defined by the City’s Land Development Regulations: motels, hotels/inns, bed and
breakfasts, group homes, dormitories, continuum of care facilities, skilled nursing
facilities, extended stay hotels, schools, and hospitals;
• As defined by 24 V.S.A. §4412(11): accessory on-farm businesses;
• As defined by 24 V.S.A. §4303(40): Emergency shelters;
• A homeshare or roommate situation in an owner-occupied Primary Residence
rented to the same tenant or tenants each for thirty (30) or more consecutive days
and consisting of no more than one or two rooms in the Primary Residence in which
the tenant or tenants have access to the same shared living and kitchen space as the
primary resident owner and other occupants of the unit; or
• Other facilities that, in the sole discretion of the City Building Inspector, share
similar characteristics with those listed in the three bullets above.
5
SOUTH BURLINGTON RESIDENTIAL RENTAL REGISTRY ORDINANCE ADOPTED ____________, 2024
Short Term Rental is a Rental Unit rented to the transient, traveling, or vacationing public
for a period of fewer than 30 consecutive days and for more than 14 days per calendar year.
Tenant-Occupied shall mean a Rental Unit in which the registrant is not the record owner
of the Rental Unit, but lawfully occupies the Rental Unit as his or her primary residence.
3. Registration Required.
(a) Registration of Rental Units.
1) All Rental Units must be registered in accordance with this Ordinance by
April 1st of each year; Rental Units entering the rental housing market
must be registered and pay the appropriate fee prior to their listing as an
available Rental Unit or prior to their first occupancy, whichever is earlier.
Registration must be renewed annually, on or before April 1st, including
updating all changes in previously submitted registration information.
2) If a Rental Unit is rented as both a Short Term and Long Term rental, it
must be separately registered for each type of rental.
3) Each owner, manager, and person/entity otherwise responsible for the
Rental Unit, such as a property manager, shall be obligated under this
Ordinance. Any new owner, manager, or responsible person/entity must
apply to register within thirty (30) days of purchase of the Rental Unit or
transfer of management or responsibility. New owners or tenants
applying to register an existing Short Term Rental Unit are considered
new applicants and shall be subject to all limitations and regulations in
effect at the time of the application.
4) A Rental Unit shall not be considered registered unless and until the
registrant has submitted a complete application together with all
information and fees required by this Ordinance, to the satisfaction of the
City’s Building Inspector, or designee.
5) As a condition of registration, all owners and/or registrants must allow
onsite inspections by the City of their property including, without
limitation, all Rental Units. Inspections will be performed in accordance
with the Inspection Cycle adopted by Resolution of the City Council. All
units of a multi-unit building owned by the same property owner are
subject to inspection, including an owner-occupied unit that is not a
Rental Unit, if one or more units in the building are Rental Units.
Likewise, all areas of an owner-occupied dwelling are subject to
inspection if any portion of the owner-occupied dwelling is a Rental Unit.
The purpose of this inspection is to ensure compliance with all building
6
SOUTH BURLINGTON RESIDENTIAL RENTAL REGISTRY ORDINANCE ADOPTED ____________, 2024
and fire safety codes, ordinances, and regulations adopted by the City of
South Burlington and safety of the Rental Unit.
(b) Information/Documentation Required. Rental Unit registration must be
completed on forms supplied by the City’s Building Inspector or their designee
and must provide, at a minimum, the following information:
1) The address of the property;
2) The number of dwelling units at that address;
3) The number of Rental Units at that address;
4) The number of sleeping rooms in each Rental Unit;
5) The number of parking spaces that are dedicated for the Rental Units at
the property;
6) The name, address, phone number, and email address of the property
owner, and if the owner is a corporation, the registered corporate agent
and the president of the corporation and their name and address, and if
the owner is a partnership, the registered partnership agent, and the
names and addresses of the general partners;
7) The name, address, phone number, and email address of:
a. Any local (within Chittenden County) managing agent. All owners
or Registrants who do not live within Chittenden County are
required to designate a managing agent located in Chittenden
County who is empowered to represent the owner or registrant in
matters concerning compliance with this chapter;
b. An emergency contact for this property. All properties must have
an emergency contact within Chittenden County;
(c) Additional Information required for Short Term Rentals. To Register a Short
Term Rental, the requirements of this subsection must also be met. A Short Term
Rental shall not be considered registered unless and until all the registration
requirements of this Ordinance have been met to the satisfaction of the City’s
Building Inspector, or designee, and a Short Term Rental registration number has
been issued.
1) A Short Term Rental Registrant must provide at a minimum the following
information and any other information requested to the City’s Building
Inspector or their designee:
a. A Short Term Rental application.
7
SOUTH BURLINGTON RESIDENTIAL RENTAL REGISTRY ORDINANCE ADOPTED ____________, 2024
b. The number of whole unit or partial unit Short Term Rentals
within the building, or in the case of multiple buildings on a parcel
of land, on the entire lot.
c. Whether the Rental Unit is Owner-Occupied, Tenant-Occupied, an
accessory dwelling unit, or an Existing Short Term Rental, and:
i. For Short Term Rental Units that are Owner Occupied or an
accessory dwelling unit, the owner must provide a primary
residence affidavit, on forms provided by the City. The
owner must also produce for review one of the following
demonstrating residency at the owner-occupied unit or at
the primary residence to the accessory dwelling unit:
1. Valid driver’s license or other state-issued
identification;
2. Valid motor vehicle registration;
3. Proof of homestead exemption pursuant to 32 V.S.A.
§5410; or
4. Other documentation proving primary residence to the
satisfaction of the City’s Building Inspector.
ii. For Short Term Rental Units that are Tenant-Occupied, the
tenant must provide their name, address, phone number,
email address, a primary residence affidavit, and a
statement of permission by his/her landlord, both affidavits
on forms supplied by the City. The tenant must also
produce for review one of the following demonstrating
residency at the Tenant-Occupied unit:
1. Valid driver’s license or other state-issued
identification;
2. Valid motor vehicle registration; or
3. Other documentation proving primary residence to the
satisfaction of the City’s Building Inspector.
iii. For Existing Short Term Renal Units, in addition to all other
requirements for Short Term Rentals, the Registrant must
also provide:
1. Documentation establishing to the satisfaction of the
City’s Building Inspector that the Rental Unit was
established and utilized as a Short Term Rental prior to
the effective date of this Ordinance;
2. Registrant and owner’s name, addresses, phone
number, and email address;
8
SOUTH BURLINGTON RESIDENTIAL RENTAL REGISTRY ORDINANCE ADOPTED ____________, 2024
3. An Existing Short Term Rental affidavit on a form
supplied by the City identifying the owner of the Rental
Unit and swearing that the Existing Short Term Rental
Unit was established and utilized as a Short Term
Rental Unit as of the effective date of this Ordinance and
without discontinuance of use as a Short Term Rental
Unit for a period greater than six months; and
4. Property Deed or other similar documentation
establishing the identity of the current owner of the
Rental Unit; and
5. Documentation establishing to the satisfaction of the
City’s Building Inspector that the Rental Unit did not
cease to be utilized as a Short Term Rental Unit for a
period of time greater than six consecutive months.
d. Proof of liability insurance required. At the time of registration,
the Registrant must provide a certificate of insurance that
expressly acknowledges that the property may be used for Short
Term Rental business activity and evidencing (a) property
insurance and (b) general liability insurance appropriate to cover
the rental use in the aggregate of not less than $1 million or proof
that the Registrant conducts rental transactions through a hosting
platform that provides equal or greater coverage. Any such
hosting platform-provided insurance carrier shall defend and
indemnify the Registrant, as additional named insured, and any
user in the building for any bodily injury and property damage
arising from the rental. Once registered, the Registrant shall
maintain the required insurances, or such greater amount as
otherwise required by law, throughout the term of the registration.
e. Proof of Vermont tax account for rooms & meals and/or sale tax
purposes or proof that the Registrant conducts rental transactions
through a hosting platform that pays all applicable rooms & meals
and/or sale taxes on behalf of the Registrant.
2) Upon request by the City, at any time, all registrants and/or agents of
Short Term Rental Units must provide the City with their registration
information, rental history, and upcoming reservation information.
Failure of Short Term Rental Unit owners, tenants, and/or their
representatives to adequately respond to inquiries by the City within 10
business days from the date of the request shall be considered a violation
under this Ordinance.
(d) No registration under this Ordinance shall be transferrable or assignable.
9
SOUTH BURLINGTON RESIDENTIAL RENTAL REGISTRY ORDINANCE ADOPTED ____________, 2024
4. Registration Fees.
(a) Annual Registration Fee. Upon initial registration and by April 1st of each year,
registrants shall pay the City a registration fee for each Rental Unit, in the
amounts adopted by Resolution of the City Council. A Rental Unit shall not be
considered registered unless and until this fee is paid in full.
(b) Failure to renew a registration of a Rental Unit by April 1 shall result in the
forfeiture of the right to renew the registration of that Rental Unit, and any
subsequent application for the same Rental Unit shall be treated as a new
application for registration.
5. Requirements of Short Term Rental Units.
(a) Occupancy Limit. Overnight Short Term Rental guest occupancy in each Rental
Unit will be limited to two (2) guests per bedroom or sleeping area plus no more
than two (additional) guests.
(b) Short Term rentals shall adhere to all City of South Burlington regulations and
ordinances related to parking.
(c) No individual or entity may register a Short Term Rental unless it is owner-
occupied, tenant-occupied with permission of the owner, or an accessory
dwelling unit.
(d) An Existing Short Term Rental Unit that is not owner-occupied, tenant-occupied
with permission of the owner, or an accessory dwelling unit is exempt from the
requirements of Section 5(c), above, and may be registered as a Short Term
Rental provided:
i. Ownership of the Existing Short Term Rental Unit does not change. Once
ownership of the Existing Short Term Rental is sold or transferred from
the owner of the unit at the time the effective date of this Ordinance to a
different entity or individual(s), the Rental Unit shall no longer be
allowed to register as a Short Term Rental unless all other Short Term
Rental Unit requirements of this Ordinance are met; and
ii. The Existing Short Term Rental Unit is established and utilized as a Short
Term Rental prior to and upon the effective date of this Ordinance; and
iii. An Existing Short Term Rental shall not cease to be utilized as a Short
Term Rental for a period of time greater than six consecutive months. If
use of an Existing Short Term Rental Unit as a Short Term Rental is
discontinued for six months or more, the Rental Unit shall no longer be
allowed to register as a Short Term Rental unless all other Short Term
Rental Unit requirements of this Ordinance are met.
10
SOUTH BURLINGTON RESIDENTIAL RENTAL REGISTRY ORDINANCE ADOPTED ____________, 2024
iv. Sunset. Existing Short Term Rentals that meet the requirements of this
Ordinance may continue to operate and be registered as a Short Term
Rental until March 31, 2028. On April 1, 2028, the exception allowing for
the operation and registration of Existing Short Term Rentals shall
expire and from that point forward, all Existing Short Term Rentals must
satisfy all of the requirements of Short Term Rental Units set forth in this
Ordinance, including but not limited to Section 5(c), above.
(e) Registrants shall comply with all applicable State laws and regulations regarding
Short Term Rentals.
(f) Short Term Rentals must be serviced and cleaned before each new guest arrives
and guests must be provided with soap, clean linen, and sanitized utensils.
(g) Registrants shall provide guests written documentation with the following
information:
1) The name, phone number, and email of the Registrant and, if not the
Registrant individually, an emergency contact within Chittenden County
who is available at all times during a guest’s rental.
2) Contact information for the City Fire Marshal.
3) Written instructions on the location and use of fire extinguishers
4) Written instructions on emergency shut-off of heating systems and fuel
burning appliances
5) A diagram identifying emergency egress routes
6) A copy of South Burlington’s Public Nuisance Ordinance.
(h) No pets are permitted in any Short Term Rental unless guests provide proof of
valid rabies vaccine and hosts provide information on the City’s leash and pick-
up/disposal of pet waste requirements and the presence of ticks in Vermont.
(i) Display of Short Term Rental Registration Number Required. Once registration is
approved by the City, each Short Term Rental shall be given a registration
number, which must be displayed in plain sight in the Rental Unit and in any and
all advertisements for the Rental Unit.
(j) Short-Term Rental guests shall not sublease, sublicense or assign all or any
portion of the Short-Term Rental to another person during the rental period.
(k) Parties, conferences, family reunions, weddings, fundraisers or similar
gatherings that are reasonably foreseeable to involve an assemblage of vehicles
or a greater number of persons than the maximum allowable number of short-
term guests for the Rental Unit are prohibited to be conducted by Short-Term
Rental guests during a Short-Term Rental.
6. Violations.
Violations of this article include, but are not limited to:
11
SOUTH BURLINGTON RESIDENTIAL RENTAL REGISTRY ORDINANCE ADOPTED ____________, 2024
(a) Any person, business entity, or other organization failing to timely register or
renew the registration of a Rental Unit, including providing all required
information and paying the required registration fee;
(b) Any person, business entity, or other organization failing to timely file any
required update to the registration;
(c) Any person, business entity, or other organization failing to acquire and/or
display the required Short Term Rental registration number;
(d) Any person, business entity, or other organization providing false information
with respect to registration.
(e) Any person, business entity, or other organization renting any Rental Unit that is
not registered under this article, advertising for rent such Rental Unit without
registration, or permitting the occupancy of such premises without registration;
(f) Failure of Short Term Rental Unit owners, tenants, and/or their representatives
to adequately respond to inquiries by the City pursuant to Section 3(c)(3)
within 10 business days from the date of the inquiry.
(g) Failure to maintain a Rental Unit in compliance with all building, health and fire
safety codes and ordinances adopted by the City of South Burlington.
(h) Failure to allow an inspection of a Rental Unit by the City.
(i) Failure to conspicuously display within each Short Term Rental Unit the current
and valid name, address and phone number of the Short Term Rental operator
(whether the owner, tenant, on-site manager, or property manager) and the City
Fire Marshal.
(j) Any sublease or sublicense of a Short Term Rental by a guest to another person
during the rental period.
(k) Any signs or other outside indications, other than on-site parking, that a
property is used or occupied as a Short Term Rental.
(l) Noise or unreasonably loud activities at a Short Term Rental, whether inside or
outside, that violate the City’s Public Nuisance Ordinance.
(m) Failure to abide by any other specific requirement of this Ordinance.
7. Enforcement.
Any person who violates a provision of this civil ordinance shall be subject to:
(a) Suspension or revocation of the Short Term Rental Unit registration for the
violating Rental Unit. A Short Term Rental Unit that has had its registration
either suspended or revoked may also be prohibited from renewing or
registering the Rental Unit for a period of up to 12 months following the current
registration expiration date.
AND
12
SOUTH BURLINGTON RESIDENTIAL RENTAL REGISTRY ORDINANCE ADOPTED ____________, 2024
(b) A civil penalty of up to $800 per day for each day that such violation continues.
Each day the violation continues shall constitute a separate offense. The
Building Inspector, City Fire Marshal, South Burlington Police Officers, South
Burlington Zoning Administrator, and the South Burlington City Manager shall all
be designated and authorized to act as Issuing Municipal Officials to issue and
pursue before the Judicial Bureau, or other court having jurisdiction, a municipal
complaint.
8. Civil Penalty; Waiver Fees.
(a) Civil Penalty. An Issuing Municipal Official is authorized to recover civil penalties
in the following amounts for each violation:
(1) Operating a Rental Unit Without Authorization or Registration Number: $800
(2) All Other Violations:
First Offense: $400
Second Offense: $600
Third Offense: $800
Fourth and Subsequent Offenses: $800 plus automatic revocation for
twelve (12) months before a new
Long Term or Short Term Rental
Registration Application may be
submitted.
(b) Waiver Fee. An Issuing Municipal Official is authorized to recover waiver fees, in
lieu of a civil penalty, in the following amount, for any person who declines to
contest a municipal complaint and pays the waiver fee:
(1) Operating a Rental Unit without authorization or registration number: $500
(2) All Other Violations:
First Offense: $100
Second Offense: $250
Third Offense: $500
Fourth and Subsequent Offenses: $700 plus automatic revocation for
twelve (12) months before a new
Long Term or Short Term Rental
Registration Application may be
submitted.
(c) Offenses shall be counted on a twelve (12) month basis beginning April 1 and
ending March 31 of each year. An Issuing Municipal Officer shall have
authority to issue a written warning, without recovering a waiver fee, for any
13
SOUTH BURLINGTON RESIDENTIAL RENTAL REGISTRY ORDINANCE ADOPTED ____________, 2024
First Offense violation other than Operating a Rental Unit Without
Authorization of Registration Number. In such instance, the written warning
shall be counted as a First Offense for calculating annual offenses.
9. Other Relief.
In addition to the enforcement procedures available under Chapter 59 of Title 24,
the City is authorized to commence a civil action in the Civil Division of the Vermont
Superior Court to obtain injunctive and other appropriate relief, to request
revocation or suspension of any Long Term or Short Term Rental authorization or
registration number on behalf of the City, or to pursue any other remedy authorized
by law.
10. Severability.
If any provision of this ordinance is deemed by a court of competent jurisdiction to
be unconstitutional, invalid or unenforceable, that provision shall be severed from
the ordinance and the remaining provisions that can be given effect without the
severed provision shall continue in effect.
11. Effective Date.
In accordance with South Burlington City Charter Section 108, this Ordinance shall
take effect upon passage. However, in order to allow time for residents and property
owners to become familiar with the requirements of this Ordinance, the prohibitions
on certain types of short-term rentals, and the penalties for violations of this
Ordinance, compliance with the requirements of this Ordinance shall not be
mandatory until April 1, 2024. Notwithstanding the foregoing, the date of passage
shall be the effective date for determining whether an Existing Short Term Rental
Unit has been established.
[THIS SPACE INTENTIONALLY LEFT BLANK]
14
SOUTH BURLINGTON RESIDENTIAL RENTAL REGISTRY ORDINANCE ADOPTED ____________, 2024
Adopted at South Burlington, Vermont this ___ day of __________, _____.
SOUTH BURLINGTON CITY COUNCIL
______________________ ______________________
Helen Riehle, Chair Meaghan Emery, Vice Chair
______________________ _______________________
Tim Barritt, Clerk Andrew Chalnick
_______________________
Larry Kupferman
Received and recorded this ___ day of __________, 2024.
_______________________
Holly Rees, City Clerk
2024 – 08
180 MARKET STREET, SOUTH BURLINGTON, VERMONT | (802) 846-4107 | WWW.SOUTHBURLINGTONVT.GOV
A.All rental units shall be inspected by the South Burlington Fire Marshal’s Office (SBFD FMO).
B.All newly constructed rental units/buildings having received a Certificate of Occupancy from the
SBFD FMO on or after January 1, 2021, shall receive a 5-year Certificate of Compliance from
the date of the initial Certificate of Occupancy.
C.If no violations are found during the inspection, the building shall receive a 5-year Certificate of
Compliance.
180 MARKET STREET, SOUTH BURLINGTON, VERMONT | (802) 846-4112 | WWW.SOUTHBURLINGTONVT.GOV
D.For any inspected rental building that is found to have 5 or less violations in any one unit, that
are corrected within 30 days, the building shall receive a 4- year Certificate of Compliance.
E.For any inspected rental building found to have 6 – 10 violations in any one unit that are
corrected within 30 days, the building shall receive a 3-year Certificate of Compliance.
F.For any inspected rental building with greater than 10 violations in any one unit that are
corrected within 30 days, the building shall receive a 2-year Certificate of Compliance.
G.For any inspected rental building with greater than 10 violations in any one unit that are
corrected between 31-90 days, the building shall receive a 1-year Certificate of Compliance.
H.Notwithstanding any of the above, all Short-term rental units shall be inspected annually unless
during the inspection no violations are found, and then a two-year Certificate of Compliance will
be awarded.
I.All inspected rental buildings that cure violations more than 30 but less than 90 days from the
initial inspection shall receive a 1-year Certificate of Compliance.
J.Nothing in this inspection cycle plan would prevent the Fire Prevention Division from ordering
immediate action to address significant code violations that impact life safety.
2024 – 09
180 MARKET STREET, SOUTH BURLINGTON, VERMONT | (802) 846-4107 | WWW.SOUTHBURLINGTONVT.GOV
From: Martha Machar, Finance Director
To: South Burlington City Council
Jessie Baker, City Manager
Subjects: FY23 Audit Report
Date: February 15, 2024
The report for Fiscal Year 2023 Audit performed by RHR Smith & Company is attached. It is a lot
of information but Miranda MacDonald from RHR Smith will make a presentation on the audit to
provide an overview and answer any questions you may have on the report.
At the September 18, 2023 Council meeting, we presented unaudited end of the year financial
reports and estimated a surplus of over $2M. The audited financials also bring us to the same
surplus of over $2M.
During multiple council meetings, the staff recommended using FY23 surplus to make make one-
time funding allocations to specific projects and also make a transfer to the health reserve fund.
The Council supported and approved the recommendations. This resulted in a net of $1.3M FY23
surplus to be added to the fund balance. With this year’s surplus, we continue to built up our fund
balance to achieve the recommended target of 16.66% or two months of our operating
expenditures in Fund Balance. After considerating the one-time funding allocations mention below,
the reserve fund balance at the end of FY23 is at 16.61% of the FY23 operating expenditures.
Listed below are the council meeting dates and the items the Council funded with FY23 surplus.
August 21st Council approved Allocations
TEC/Infinite Youth Center $ 13,000.00
Neogov First year implementation $ 14,028.60
ADP Optimization process $ 10,000.00
Paving Projects $ 200,000.00
Dorset Street School zone engineering study $ 30,000.00
Marcotte School Zone Implementation $ 30,000.00
Dorset Street signal project additional funding $ 130,000.00
Additional funding for dispatch center upgrades $ 250,000.00
Funding for FY24 Illuminate VT (April 2024 event) $ 100,000.00
Indoor Recreation Center FY20 design expenses $ 164,135.63
Bike/Ped Bridge grant consultants $ 50,000.00
Additional funding for the approved social services agencies $ 16,000.00
Kitchen & bathroom renovation at Fire Department Station 2 $ 100,000.00
$ 1,107,164.23
September 18th Council approved Allocations
Transfer to Health Reserve Fund - $21,000
October 2nd Council approved Allocations
Rick Marcotte Central School traffic Monitor – $10,212
The FY23 surplus was a result of multiple factors resultings from COVID-19 pandemic
uncertainties during the FY23 budget process. Revenues, especially local option tax, permit and
inspections fees, interest earned income, and ambulance billing services revenues were very
conservatively estimated based on assumptions in late 2021.
Also attached is the Management Letter to Council from RHR Smith. As you will see, the auditors
have no comments on the City’s processes. This is the first year the city has received a no comment
management letter. This is a testament to the processes we have in addition to how well the staff
diligently execute them as they implement the approved budgets.
The City continues to be well poised to continue the high level of service delivery from community
and government services the members of our community enjoy.
Documents attached:
•FY23 Audited Financial Reports (Link only)
•SAS 114 and Management Letter (Council box only)
Federal Compliance Audit
City of South Burlington, Vermont
June 30, 2023
CITY OF SOUTH BURLINGTON, VERMONT
CONTENTS JUNE 30, 2023
PAGE
INDEPENDENT AUDITOR’S REPORT 1 - 4
MANAGEMENT’S DISCUSSION AND ANALYSIS 5 - 13
BASIC FINANCIAL STATEMENTS GOVERNMENT WIDE FINANCIAL STATEMENTS
STATEMENT A - STATEMENT OF NET POSITION 14 - 15
STATEMENT B - STATEMENT OF ACTIVITIES 16 - 17 FUND FINANCIAL STATEMENTS
STATEMENT C - BALANCE SHEET - GOVERNMENTAL FUNDS 18 STATEMENT D - RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET POSITION 19
STATEMENT E - STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS 20 STATEMENT F - RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES OF
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES 21 STATEMENT G - STATEMENT OF NET POSITION - PROPRIETARY FUNDS 22
STATEMENT H - STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - PROPRIETARY FUNDS 23 STATEMENT I - STATEMENT OF CASH FLOWS - PROPRIETARY FUNDS 24 - 25
STATEMENT J - STATEMENT OF NET POSITION - FIDUCIARY FUNDS 26 STATEMENT K - STATEMENT OF CHANGES IN NET POSITION - FIDUCIARY FUNDS 27
NOTES TO FINANCIAL STATEMENTS 28 - 71
REQUIRED SUPPLEMENTARY INFORMATION REQUIRED SUPPLEMENTARY INFORMATION DESCRIPTION 72 SCHEDULE 1 - BUDGETARY COMPARISON SCHEDULE - BUDGETARY BASIS -
BUDGET AND ACTUAL - GENERAL FUND 73
SCHEDULE 2 - SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY 74
SCHEDULE 3 - SCHEDULE OF CONTRIBUTIONS - PENSIONS 75 SCHEDULE 4 - SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS - EMPLOYEES’ PENSION PLAN 76
SCHEDULE 5 - SCHEDULE OF CONTRIBUTIONS - EMPLOYEES’ PENSION
PLAN 77 SCHEDULE 6 - SCHEDULE OF INVESTMENT RETURNS 78
SCHEDULE 7 - SCHEDULE OF FUNDING PROGRESS - EMPLOYEES’
PENSION PLAN 79 NOTES TO REQUIRED SUPPLEMENTARY INFORMATION 80
OTHER SUPPLEMENTARY INFORMATION
OTHER SUPPLEMENTARY INFORMATION DESCRIPTION 81 SCHEDULE A - BUDGETARY COMPARISON SCHEDULE - BUDGETARY BASIS -
BUDGET AND ACTUAL - GENERAL FUND REVENUES 82
SCHEDULE B - SCHEDULE OF DEPARTMENTAL OPERATIONS - GENERAL FUND 83 - 84 SCHEDULE C - COMBINING BALANCE SHEET - NONMAJOR GOVERNMENTAL
FUNDS 85 SCHEDULE D - COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - NONMAJOR GOVERNMENTAL
FUNDS 86
SPECIAL REVENUE FUNDS DESCRIPTION 87 SCHEDULE E - COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS 88 - 93
SCHEDULE F - COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - NONMAJOR
SPECIAL REVENUE FUNDS 94 - 99 CAPITAL PROJECTS FUNDS DESCRIPTION 100 SCHEDULE G - COMBINING BALANCE SHEET - NONMAJOR CAPITAL
PROJECTS FUNDS 101
SCHEDULE H - COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - NONMAJOR CAPITAL PROJECTS FUNDS 102
PERMANENT FUNDS DESCRIPTION 103 SCHEDULE I - COMBINING BALANCE SHEET - NONMAJOR PERMANENT FUNDS 104
SCHEDULE J - COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - NONMAJOR PERMANENT FUNDS 105
GENERAL CAPITAL ASSETS DESCRIPTION 106
SCHEDULE K - SCHEDULE OF GENERAL CAPITAL ASSETS BY FUNCTION 107 SCHEDULE L - SCHEDULE OF CHANGES IN GENERAL CAPITAL ASSETS
BY FUNCTION 108
FEDERAL COMPLIANCE FEDERAL COMPLIANCE DESCRIPTION 109
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 110 - 111 NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 112 INDEPENDENT AUDITOR’S 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 113 - 114
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR
PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY UNIFORM GUIDANCE 115 - 117 SCHEDULE OF FINDINGS AND QUESTIONED COSTS 118
1
INDEPENDENT AUDITOR’S REPORT City Council City of South Burlington
South Burlington, Vermont
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, business-type activities, each major fund and the aggregate remaining fund information of the City of South Burlington, Vermont as of and for the year ended June 30, 2023 and the related notes to the financial statements, which collectively comprise the City of South Burlington,
Vermont’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, business-type activities, each major fund and the aggregate remaining fund
information of the City of South Burlington, Vermont as of June 30, 2023 and the
respective changes in financial position and, where applicable, cash flows thereof for the year then ended, in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the
United States. Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City of South Burlington, Vermont and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial
statements in accordance with accounting principle generally accepted in the United
States of America and for 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.
3 Old Orchard Road, Buxton, Maine 04093
Tel: (800) 300-7708 (207) 929-4606 Fax: (207) 929-4609
www.rhrsmith.com
2
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt
about the City of South Burlington, Vermont’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that
an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. Misstatements are considered material if there is a substantial likelihood
that, individually or in the aggregate, they would influence the judgment made by a
reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing
Standards, we:
• exercise professional judgment and maintain professional skepticism throughout the audit.
• identify and assess the risks of material misstatements of the financial statements, whether due to fraud or error and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements.
• obtain an understanding of internal controls relevant to the audit 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 City of
South Burlington, Vermont’s internal control. Accordingly, no such opinion is expressed.
• evaluate the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
• conclude whether, in our judgment, there are conditions or events,
considered in the aggregate, that raise doubt about the City of South
Burlington, Vermont’s ability to continue as a going concern for a reasonable period of time.
3
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings
and certain internal control-related matters that we identified during the audit.
Required Supplementary Information Accounting principles generally accepted in the United States of America require
that the management’s discussion and analysis, budgetary comparison information and
pension information on pages 5 through 13 and 73 through 80 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 Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of South Burlington, Vermont’s basic financial statements. The Budgetary Comparison Schedule - Budgetary Basis - Budget
and Actual - General Fund Revenues, Schedule of Departmental Operations - General
Fund, combining and individual nonmajor fund financial statements and capital asset schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. The schedule of expenditures of federal awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and
Audit Requirements for Federal Awards and is also not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements 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
Budgetary Comparison Schedule - Budgetary Basis - Budget and Actual - General Fund
Revenues, Schedule of Departmental Operations - General Fund, combining and individual nonmajor fund financials, general capital asset schedules and the schedule of expenditures of federal awards are fairly stated in all material respects in relation to the basic financial statements as a whole.
4
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated January 24, 2024, on our consideration of the City of South Burlington, Vermont’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grants agreements and other matters. The purpose of that report is solely 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 City of South Burlington, Vermont’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 considering the City of South
Burlington’s internal control over financial reporting and compliance.
Buxton, Maine Vermont Registration No. 092.0000697 January 24, 2024
5
REQUIRED SUPPLEMENTARY INFORMATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2023
(UNAUDITED) The following management’s discussion and analysis of the City of South
Burlington, Vermont's financial performance provides an overview of the City's financial
activities for the fiscal year ended June 30, 2023. Please read it in conjunction with the City's financial statements.
Financial Statement Overview
The City of South Burlington, Vermont’s basic financial statements include the following components: 1) government-wide financial statements, 2) fund financial statements and 3) notes to the financial statements. This report also includes required supplementary information which consists of the general fund budgetary comparison
schedule and pension information and other supplementary information which includes
combining and other schedules.
Basic Financial Statements
The basic financial statements include financial information in two differing views:
the government-wide financial statements and the fund financial statements. These basic financial statements also include the notes to financial statements that explain in more detail certain information in the financial statements and also provide the user with the accounting policies used in the preparation of the financial statements.
Government-Wide Financial Statements The government-wide financial statements provide a broad view of the City’s operations in a manner that is similar to private businesses. These statements provide
both short-term as well as long-term information in regards to the City’s financial position.
These financial statements are prepared using the accrual basis of accounting. This measurement focus takes into account all revenues and expenses associated with the fiscal year regardless of when cash is received or paid. The government-wide financial statements include the following two statements:
The Statement of Net Position - this statement presents all of the government’s assets, deferred outflows of resources, liabilities and deferred inflows of resources with the difference being reported as net position.
The Statement of Activities - this statement presents information that shows how the
government’s net position changed during the period. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the related cash flows.
6
Both of the above-mentioned financial statements have separate columns for the two different types of City activities. The types of activities presented for the City of South
Burlington are:
● Governmental activities - The activities in this section are mostly supported by taxes and intergovernmental revenues (federal and state grants). Most of the City's basic services are reported in governmental activities, which
include general government, public safety, public works, social services,
recreation and culture, education and program expenditures.
● Business-type activities - These activities are normally intended to recover all or a significant portion of their costs through user fees and/or charges to external users for goods and/or services. These activities for the City of
South Burlington include the recreation programs, water department, water pollution and storm water utilities.
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. The City of South Burlington, like other local governments, uses fund accounting to ensure and demonstrate compliance with financial related legal requirements. All of the funds of the City of South Burlington can be divided into three categories: governmental funds, proprietary funds and
fiduciary funds.
Governmental funds: Most of the basic services provided by the City are financed through governmental funds. Governmental funds are used to account for essentially the
same functions reported in governmental activities in the government-wide financial
statements. However, unlike the government-wide financial statements, the governmental
fund financial statements focus on near-term inflows and outflows of spendable resources. They also focus on the balance of spendable resources available at the end of the fiscal
year. Such information will be useful in evaluating the government’s near-term financing requirements. This approach is known as the current financial resources measurement
focus and the modified accrual basis of accounting. Under this approach, revenues are recorded when cash is received or when susceptible to accrual. Expenditures are recorded when liabilities are incurred and due. These statements provide a detailed short-
term view of the City’s finances to assist in determining whether there will be adequate financial resources available to meet the current needs of the City.
Because the focus of governmental funds is narrower than that of 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 funds balance sheet and the governmental funds statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. These reconciliations are presented on the page immediately following each governmental fund financial statement.
7
The City of South Burlington presents four columns in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and
changes in fund balances. The City’s major governmental funds are the General Fund, City Center - TIF District Fund and the Capital Improvement Reserve Fund. All other
funds are shown as nonmajor and are combined in the “Other Governmental Funds” column on these statements.
The general fund is the only fund for which the City legally adopted a budget. The
Budgetary Comparison Schedule - Budgetary Basis - Budget and Actual - General Fund provides a comparison of the original and final budget and the actual expenditures for the current year.
Proprietary Funds: The City of South Burlington maintains four proprietary funds: specific recreation programs, water department, water pollution and storm water utilities. These funds are used to show activities that operate more like those of commercial enterprises. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. Like the government-wide financial
statements, proprietary fund financial statements use the accrual basis of accounting. No
reconciliation is needed between the government-wide financial statements for business-type activities and the proprietary fund financial statements.
Fiduciary Funds: These funds are used to account for resources held for the
benefit of parties outside the City of South Burlington. These funds are not reflected in
the government-wide financial statements because the resources of these funds are not available to support the City’s own programs. The accounting used for fiduciary funds are much like that of proprietary funds. They use the accrual basis of accounting. These funds for the City are for the employee pension trust fund.
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 the Fund Financial Statements. The
Notes to Financial Statements can be found following the Statement of Changes in Net
Position - Fiduciary Funds.
Required Supplementary Information The basic financial statements are followed by a section of required
supplementary information, which includes a Budgetary Comparison Schedule - Budgetary Basis - Budget and Actual - General Fund, Schedule of Proportionate Share of the Net Pension Liability, Schedule of Contributions - Pensions, Schedule of Changes in Net Pension Liability and Related Ratios - Employees’ Pension Plan, Schedule of
Contributions - Employees’ Pension Plan, Schedule of Investment Returns, Schedule of
Funding Progress - Employees’ Pension Plan and Notes to Required Supplementary Information.
8
Other Supplementary Information
Other supplementary information follows the required supplementary information. These combining and other schedules provide information in regards to nonmajor funds, capital asset activity and other detailed budgetary information for the general fund.
Government-Wide Financial Analysis
Our analysis below focuses on the net position and changes in net position of the City's governmental activities. The City's total net position for governmental funds is $45,240,379 compared to $40,175,837 in the prior year, an increase of $5,064,442. For the business-type activities, total net position is $31,747,907 compared to $30,092,046 in
the prior year, an increase of $1,655,861. Unrestricted net position - the part of net position that can be used to finance day-to-day operations without constraints established by debt covenants, enabling legislation or other legal requirements - is $4,297,404 at the end of this year for governmental
activities and $6,863,261 for the business-type activities.
9
Governmental
Governmental Business-type Activities Business-type
Activities Activities (Restated)Activities
Assets:
Current Assets 25,494,371$ 8,535,944$ 21,393,225$ 8,122,953$
Noncurrent Assets - Capital Assets 65,199,446 35,136,311 63,798,080 34,592,197
Total Assets 90,693,817 43,672,255 85,191,305 42,715,150
Deferred Outflows of Resources:
Deferred Outflows Related to Pensions 7,501,303 - 8,831,324 -
Total Deferred Inflows of Resources 7,501,303 - 8,831,324 -
Liabilities:
Current Liabilities 5,061,217 2,316,518 4,258,420 2,046,472
Noncurrent Liabilities 43,739,005 9,607,830 44,149,603 10,576,632
Total Liabilities 48,800,222 11,924,348 48,408,023 12,623,104
Deferred Inflows of Resources:
Deferred Inflows Related to Pensions 3,689,120 - 5,413,969 -
Deferred Revenue 24,844 - 24,800 -
Total Deferred Inflows of Resources 3,713,964 - 5,438,769 -
Net Position:
Net Investment in Capital Assets 31,665,739 24,559,679 29,044,113 23,369,350
Restricted for:Special Revenue Funds 8,913,479 - 7,263,485 -
Permanent Funds 27,111 - 65,582 -
Water Department Capital Reserve - 324,967 - 544,217
Unrestricted 4,297,404 6,863,261 3,802,657 6,178,479
Total Net Position 45,240,279$ 31,747,907$ 40,175,837$ 30,092,046$
2022
Table 1
City of South Burlington, Vermont
Net Position
June 30,
2023
10
Governmental Business-type Governmental Business-type
Activities Activities Activities Activities
Revenues
Program Revenues:
Charges for services 7,447,224$ 11,443,364$ 5,900,383$ 10,729,325$
Operating grants and contributions 5,884,267 926,260 4,818,401 2,363,279
General Revenues:
Taxes 68,396,610 - 65,790,781 -
Investment income - 18,720 - 3,364
Miscellaneous 349,683 254,912 312,849 306,862
Total Revenues 82,077,784 12,643,256 76,822,414 13,402,830
Expenses
General government 11,946,535 - 9,291,008 -
Public safety 10,424,936 - 9,876,960 -
Public works 2,286,961 - 3,095,249 -
Social services 807,528 - 777,349 -
Recreation and culture 2,021,817 - 1,732,446 -
Education 44,497,252 - 42,923,659 -
Program expenditures 3,161,758 - 1,517,294 -
Interest expense 988,436 - 1,013,632 -
Unallocated depreciation (Note 5)221,929 - 133,618 -
Enterprise funds - 10,971,112 - 14,244,008
Total Expenses 77,029,625 10,971,112 70,361,215 14,244,008
Other items:
Transfers 16,283 (16,283) (354,270) 354,270
Total other items 16,283 (16,283) (354,270) 354,270
Change in Net Position 5,064,442 1,655,861 6,106,929 (486,908)
Net Position - July 1, Restated 40,175,837 30,092,046 34,068,908 30,578,954
Net Position - June 30 45,240,279$ 31,747,907$ 40,175,837$ 30,092,046$
2023 2022
Table 2
City of South Burlington, Vermont
Change in Net Position
For the Years Ended June 30,
Revenues and Expenses
Revenues for the City's governmental activities increased by 6.84%, while total expenses increased by 9.48%. Revenues increased in all areas. General government,
education and program expenditures experienced the largest increase while public works had the largest decrease. The City used $1,628,695 from fund balance this year to fund capital projects.
The revenues for the proprietary fund decreased by 5.67% while expenses
decreased by 22.98%. The proprietary fund has four enterprise funds that all have a
positive net position with the exception of specific recreation programs.
11
The proprietary funds had an operating income for the current year of $1,726,036.
Financial Analysis of the City’s Fund Statements
Governmental funds: The financial reporting focus of the City’s governmental funds is to provide information on near-term inflows, outflows and balances of spendable resources. Such information may be useful in assessing the City’s financial requirements.
In particular, unassigned fund balance may serve as a useful measure of a government’s
financial position at the end of the year and the net resources available for spending.
2022 Increase/
2023 (Restated)(Decrease)
Major Funds:
General Fund:
Nonspendable 319,752$ 301,129$ 18,623$
Assigned 1,128,164 1,950,720 (822,556)
Unassigned 4,191,260 2,568,840 1,622,420
City Center - TIF District Fund:
Restricted - 59,259 (59,259)
Unassigned (Deficit)(587,603) - (587,603)
Capital Improvement Reserve Fund:
Committed 4,423,885 3,203,285 1,220,600
Subtotal Major Funds 9,475,458 8,083,233 1,392,225$
Nonmajor Funds:
Special Revenue Funds:
Nonspendable 40 230 (190)
Restricted 8,913,479 7,204,226 1,709,253
Committed 1,647,562 1,548,235 99,327
Assigned 228,230 266,415 (38,185)
Unassigned (Deficit)(164,136) (164,136) -
Capital Projects Funds:
Restricted 336,546 20,609 315,937
Committed 2,138,077 1,690,121 447,956
Permanent Funds:
Restricted 27,111 44,973 (17,862)
Committed 24,619 22,654 1,965
Assigned 6,485 6,453 32
Unassigned (Deficit)(63,193) - (63,193)
Subtotal Nonmajor Funds 13,094,820 10,639,780 2,455,040
Total Governmental Funds 22,570,278$ 18,723,013$ 3,847,265$
Table 3
City of South Burlington, Vermont
Fund Balances - Governmental Funds
June 30,
The changes to total fund balances for the general fund, capital improvement
reserve fund and nonmajor funds occurred due to the regular activity of operations. The City Center - TIF fund’s significant decrease was due to capital outlay expenditures.
12
Proprietary funds: The City’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail.
Budgetary Highlights
There was no difference between the original and final budget for the general fund.
The general fund actual revenues exceeded budgeted amounts by $2,356,161.
This was a result of all categories exceeding budgeted amounts. The excess revenues in the general tax revenue line is primarily due to the receipt of TIF and Pennies for Paths tax revenue.
The general fund actual expenditures were below budgeted amounts by $327,811. Most expenditures were within or below budgeted amounts with the exception of general government, public works, social services and debt-service- principal.
Capital Asset and Debt Administration
Capital Assets
As of June 30, 2023, the net book value of capital assets recorded by the City increased by $1,292,771 from the prior fiscal year. This increase was a result of net
additions of $6,183,474, less net disposals of $37,896 and current year depreciation
expense of $4,852,807. Refer to Note 5 of Notes to Financial Statements for more detailed information.
2023 2022
Land 8,980,659$ 8,527,208$
Art work 94,500 94,500
Construction in progress 3,315,296 21,590,234
Buildings, building improvements
and land improvements 46,375,629 27,019,404
Machinery, furniture, equipment
and vehicles 8,970,998 8,987,948
Right of use lease assets 263,000
Infrastructure and storm water utilities 31,988,420 32,476,437
Total 99,988,502$ 98,695,731$
Table 4
City of South Burlington, Vermont
Capital Assets (Net of Depreciation)
June 30,
13
Debt
At June 30, 2023, the City had $43,763,084 in bonds, notes from direct borrowings and a lease liability outstanding versus $46,282,268 last year. Refer to Note 7 of Notes to Financial Statements for more detailed information.
Currently Known Facts, Decisions or Conditions
Economic Factors and Next Year's Budgets and Rates
The City’s unassigned fund balance has fallen below a level sufficient to sustain government operations for a period of three months. However, the City continues to
maintain significant reserves for future operations, capital and program needs.
Contacting the City's Financial Management This financial report is designed to provide our citizens, taxpayers, customers and
investors and creditors with a general overview of the City's finances and to show the
City's accountability for the money it receives. If you have questions about this report or need additional financial information, contact Martha Machar, Finance Director at 180 Market Street, South Burlington, Vermont 05403-0808. Martha can also be reached by phone at 802-846-4107 or by email at mmachar@southburlingtonvt.gov.
STATEMENT A CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF NET POSITION
JUNE 30, 2023
14
Governmental Business-type
Activities Activities Total
ASSETS
Current assets:
Cash and cash equivalents 26,513,644$ 1,186,704$ 27,700,348$
Taxes receivable (net of allowance for uncollectibles)263,803 - 263,803
Due from water - billed - 1,137,035 1,137,035
Due from water - unbilled - 1,489,871 1,489,871
Other receivables 2,338,517 626,293 2,964,810
Inventory 21,796 53,573 75,369
Prepaid items 297,996 7,683 305,679
Internal balances (4,034,785) 4,034,785 -
Lease receivable - current portion 93,400 - 93,400
Total current assets 25,494,371 8,535,944 33,936,915
Noncurrent assets:
Lease receivable - noncurrent portion 347,255 - 347,255
Capital assets:
Land and other assets not being depreciated 10,053,913 2,336,542 12,390,455
Right of use lease asset, net of accumualted depreciation 263,000 - 263,000
Depreciable assets, net of accumulated depreciation 54,535,278 32,799,769 87,335,047
Total noncurrent assets 65,199,446 35,136,311 100,335,757
TOTAL ASSETS 90,693,817 43,672,255 134,272,672
DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on pensions 7,501,303 - 7,501,303
TOTAL DEFERRED OUTFLOWS OF RESOURCES 7,501,303 - 7,501,303
TOTAL ASSETS AND DEFERRED OUTFLOWS
OF RESOURCES 98,195,120$ 43,672,255$ 141,867,375$
STATEMENT A (CONTINUED) CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF NET POSITION
JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements. 15
Governmental Business-type
Activities Activities Total
LIABILITIES
Current liabilities:
Accounts payable 2,052,786$ 1,347,716$ 3,400,502$
Accrued expenses 421,342 - 421,342
Due to taxpayers 162,960 - 162,960
Due to agencies 5,490 - 5,490
Current portion of long-term obligations 2,418,639 968,802 3,387,441
Total current liabilities 5,061,217 2,316,518 7,377,735
Noncurrent liabilities:
Noncurrent portion of long-term obligations:
Bonds payable 25,717,378 9,607,830 35,325,208
Notes from direct borrowings payable 5,039,840 - 5,039,840
Lease liability 219,000 219,000
Accrued benefit time 627,324 - 627,324
Post retirement incentive 553,639 - 553,639
Net pension liability 11,581,824 - 11,581,824
Total noncurrent liabilities 43,739,005 9,607,830 53,346,835
TOTAL LIABILITIES 48,800,222 11,924,348 60,724,570
DEFERRED INFLOWS OF RESOURCES
Deferred revenue 24,844 - 24,844
Deferred revenue related to leases 440,655 - 440,655
Deferred amount on pensions 3,689,120 - 3,689,120
TOTAL DEFERRED INFLOWS OF RESOURCES 4,154,619 - 4,154,619
NET POSITION
Net Investment in capital assets 31,665,739 24,559,679 56,225,418
Restricted for: Special Revenue Funds 8,913,479 - 8,913,479
Permanent Funds 27,111 - 27,111
Water Department Capital Reserve - 324,967 324,967
Unrestricted 4,297,404 6,863,261 11,160,665
TOTAL NET POSITION 45,240,279 31,747,907 76,988,186
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND NET POSITION 98,195,120$ 43,672,255$ 141,867,375$
STATEMENT B CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2023
16
Operating Capital Business-
Charges for Grants and Grants and Governmental type
Functions/Programs Expenses Services Contributions Contributions Activities Activities Total
Governmental activities:
General government 11,946,535$ 2,301,438$ 5,598,547$ -$ (4,046,550)$ -$ (4,046,550)$
Public safety 10,424,936 2,639,175 - - (7,785,761) - (7,785,761)
Public works 2,286,961 764,364 285,720 - (1,236,877) - (1,236,877)
Social services 807,528 - - - (807,528) 0 - (807,528)
Recreation and culture 2,021,817 150,073 - - (1,871,744) - (1,871,744)
Education 44,497,252 - - - (44,497,252) - (44,497,252)
Program expenditures 3,161,758 1,592,174 - - (1,569,584) - (1,569,584)
Interest on long-term debt 988,436 - - - (988,436) - (988,436)
Unallocated depreciation* (Note 5)221,929 - - - (221,929) - (221,929)
Total governmental activities 77,029,625 7,447,224 5,884,267 - (63,698,134) - (63,698,134)
Business-type activities:
Recreation programs 34,055 27,671 - - - (6,384) (6,384)
Water department 2,876,884 3,241,357 - - - 364,473 364,473
Water pollution 5,889,341 5,681,179 - - - (208,162) (208,162)
Storm water utilities 2,170,832 2,493,157 926,260 - - 1,248,585 1,248,585
Total business-type activities 10,971,112 11,443,364 926,260 - - 1,398,512 1,398,512
Total government 88,000,737$ 18,890,588$ 6,810,527$ -$ (63,698,134) 1,398,512 (62,299,622)
*This amount excludes depreciation that is included in the direct expenses of the various programs.
Program Revenues
Net (Expense) Revenue and Changes
in Net Position
STATEMENT B (CONTINUED) CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
17
Business-
Governmental type
Activities Activities Total
Changes in net position:
Net (expense) revenue (63,698,134) 1,398,512 (62,299,622)
General revenues:
Property taxes, levied for general purposes
Education 44,497,252 - 44,497,252
Municipal 23,899,358 - 23,899,358
Investment income - 18,720 18,720
Miscellaneous 349,683 254,912 604,595
Total general revenues 68,746,293 273,632 69,019,925
Other items:
Transfers 16,283 (16,283) -
Change in net position 5,064,442 1,655,861 6,720,303
NET POSITION - JULY 1, RESTATED 40,175,837 30,092,046 70,267,883
NET POSITION - JUNE 30 45,240,279$ 31,747,907$ 76,988,186$
STATEMENT C CITY OF SOUTH BURLINGTON, VERMONT
BALANCE SHEET - GOVERNMENTAL FUNDS
JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
18
City Capital Other Total
General Center - TIF Improvement Governmental Governmental
Fund District Fund Reserve Fund Funds Funds
ASSETS
Cash and cash equivalents 26,266,959$ 246,585$ -$ 100$ 26,513,644$
Taxes receivable (net of allowance
for uncollectibles)263,803 - - - 263,803
Other recievables 1,762,275 74,698 - 501,544 2,338,517
Inventory 21,796 - - - 21,796
Prepaid items 297,956 - - 40 297,996
Due from other funds 1,201,938 - 4,423,885 13,268,643 18,894,466
TOTAL ASSETS 29,814,727$ 321,283$ 4,423,885$ 13,770,327$ 48,330,222$
LIABILITIES
Accounts payable 1,618,285$ -$ -$ 434,501$ 2,052,786$
Accrued expenses 421,342 - - - 421,342
Due to taxpayers 162,960 - - - 162,960
Due to agencies - - - 5,490 5,490
Due to other funds 21,784,849 908,886 - 235,516 22,929,251
TOTAL LIABILITIES 23,987,436 908,886 - 675,507 25,571,829
DEFERRED INFLOWS OF RESOURCES
Deferred tax revenues 163,271 - - - 163,271
Deferred revenue 24,844 - - - 24,844
TOTAL DEFERRED INFLOWS OF
RESOURCES 188,115 - - - 188,115
FUND BALANCES (DEFICITS)
Nonspendable 319,752 - - 40 319,792
Restricted - - - 9,277,136 9,277,136
Committed - - 4,423,885 3,810,258 8,234,143
Assigned 1,128,164 - - 234,715 1,362,879
Unassigned 4,191,260 (587,603) - (227,329) 3,376,328
TOTAL FUND BALANCES (DEFICITS)5,639,176 (587,603) 4,423,885 13,094,820 22,570,278
TOTAL LIABILITIES, DEFERRED
INFLOWS OF RESOURCES AND
FUND BALANCES (DEFICITS)29,814,727$ 321,283$ 4,423,885$ 13,770,327$ 48,330,222$
STATEMENT D CITY OF SOUTH BURLINGTON, VERMONT
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
19
Total
Governmental
Funds
Total Fund Balances 22,570,278$
Amounts reported for governmental activities in the Statement of Net Positionare different because:
Capital assets used in governmental activities are not financial resources and
therefore are not reported in the funds, net of accumulated depreciation 64,852,191
Other long-term assets are not available to pay for current-period expenditures
and therefore are deferred in the funds shown above:
Taxes and liens receivable 163,271
Deferred outflows of resources are not financial resources and therefore are
not reported in the funds 7,501,303
Lease receivable 440,655
Long-term obligations are not due and payable in the current period and therefore
are not reported in the funds:
Bonds payable (26,991,164)
Notes from direct borrowings payable (5,932,488)
Lease liabilities (262,800)
Accrued benefit time (738,028)
Post retirement incentive (651,340)
Net pension liability (11,581,824)
Deferred inflows of resources are not financial resources and therefore are
not reported in the funds (4,129,775)
Net position of governmental activities 45,240,279$
STATEMENT E CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
20
City Capital Other Total
General Center - TIF Improvement Governmental Governmental
Fund District Fund Reserve Fund Funds Funds
REVENUES
General tax revenue - municipal and education 68,125,106$ 462,812$ -$ -$ 68,587,918$
Intergovernmental revenue 1,161,887 690,704 - 4,031,676 5,884,267
Charges for services 5,796,323 - 58,727 1,592,174 7,447,224
Other revenue 39,025 7,828 - 302,830 349,683
TOTAL REVENUES 75,122,341 1,161,344 58,727 5,926,680 82,269,092
EXPENDITURES
Current:
General government 10,151,926 - - - 10,151,926
Public safety 9,501,048 - - - 9,501,048
Public works 3,455,999 - - - 3,455,999
Social services 803,918 - - - 803,918
Recreation and culture 1,932,114 - - - 1,932,114
Education 44,497,252 - - - 44,497,252
Program expenditures - 95,905 - 3,065,853 3,161,758
Debt service
Principal 1,211,245 505,469 - - 1,716,714
Interest 269,218 719,218 - - 988,436
Capital outlay - 1,574,848 200,000 454,097 2,228,945
TOTAL EXPENDITURES 71,822,720 2,895,440 200,000 3,519,950 78,438,110
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 3,299,621 (1,734,096) (141,273) 2,406,730 3,830,982
OTHER FINANCING SOURCES (USES)
Transfers in 192,551 1,087,234 2,428,595 265,160 3,973,540
Transfers (out)(2,673,685) - (1,066,722) (216,850) (3,957,257)
TOTAL OTHER FINANCING SOURCES (USES)(2,481,134) 1,087,234 1,361,873 48,310 16,283
NET CHANGE IN FUND BALANCES (DEFICITS)818,487 (646,862) 1,220,600 2,455,040 3,847,265
FUND BALANCES (DEFICITS) - JULY 1 4,820,689 59,259 3,203,285 10,639,780 18,723,013
FUND BALANCES (DEFICITS) - JUNE 30 5,639,176$ (587,603)$ 4,423,885$ 13,094,820$ 22,570,278$
STATEMENT F CITY OF SOUTH BURLINGTON, VERMONT
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
21
Net change in fund balances - total governmental funds (Statement E)3,847,265$
Amounts reported for governmental activities in the Statement of Activities
(Statement B) are different because:
Governmental funds report capital outlays as expenditures while governmental activities
report depreciation expense allocated to those expenditures over the life of the assets:
Capital asset acquisitions 3,919,756
Capital asset disposals (36,810)
Depreciation expense (2,828,835)
1,054,111
Revenues in the Statement of Activities that do not provide current financial
resources are not reported:
Taxes and liens receivable (191,308)
Lease receivable 440,655
249,347
Deferred outflows of resources is a consumption of net position by the government
that are applicable to a future reporting period and therefore are
not reported in the funds.(1,330,021)
Debt proceeds provide current financial resources to governmental funds, but
long-term obligations in the Statement of Net Position (306,600)
Repayment of long-term debt principal is an expenditure in the governmental
funds, but the repayment reduces long-term obligations in the Statement of
Net Position.1,874,115
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 benefit time (111,661)
Post retirement incentive (7,839)
Net pension liability (1,488,469)
(1,607,969)
Deferred inflows of resources are an acquisition of net position by the government
that are applicable to a future reporting period and therefore are not reported
in the funds:
Pension 1,724,849
Lease receivable (440,655)
1,284,194
Change in net position of governmental activities (Statement B)5,064,442$
STATEMENT G CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF NET POSITION - PROPRIETARY FUNDS
JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
22
Specific Rec.Water Water Storm Water
Programs Department Pollution Utilities Total
ASSETS
Current assets:
Cash and cash equivalents -$ 1,186,704$ -$ -$ 1,186,704$
Accounts receivable (net of allowance for
uncollectibles)- 70,678 - 555,615 626,293
Due from water - billed - 878,723 20,092 238,220 1,137,035
Due from water - unbilled - 464,013 590,658 435,200 1,489,871
Inventory - 53,573 - - 53,573
Prepaid items - 7,683 - - 7,683
Due from other funds - - 2,226,505 1,865,816 4,092,321
Total current assets - 2,661,374 2,837,255 3,094,851 8,593,480
Noncurrent assets:
Land, buildings, mains and other water assets - 7,520,723 44,153,539 11,431,976 63,106,238
Vehicles and equipment - - 1,311,657 1,220,632 2,532,289
Total capital assets - 7,520,723 45,465,196 12,652,608 65,638,527
Less: accumulated depreciation - (3,931,980) (22,971,664) (3,598,572) (30,502,216)
Total noncurrent assets - 3,588,743 22,493,532 9,054,036 35,136,311
TOTAL ASSETS -$ 6,250,117$ 25,330,787$ 12,148,887$ 43,729,791$
LIABILITIES AND NET POSITION
Current liabilities:
Accounts payable -$ 1,347,716$ -$ -$ 1,347,716$
Due to other funds 57,536 - - - 57,536
Current portion of long-term obligations - 95,016 873,786 - 968,802
Total current liabilities 57,536 1,442,732 873,786 - 2,374,054
Noncurrent liabilities:
Noncurrent portion of long-term obligations:
Bonds payable - 95,017 9,512,813 - 9,607,830
Total noncurrent liabilities - 95,017 9,512,813 - 9,607,830
TOTAL LIABILITIES 57,536 1,537,749 10,386,599 - 11,981,884
NET POSITION (DEFICITS)
Net investment in capital assets - 3,398,710 12,106,933 9,054,036 24,559,679
Restricted - 324,967 - - 324,967
Unrestricted (57,536) 988,691 2,837,255 3,094,851 6,863,261
TOTAL NET POSITION (DEFICITS)(57,536) 4,712,368 14,944,188 12,148,887 31,747,907
TOTAL LIABILITIES AND NET POSITION (DEFICITS)-$ 6,250,117$ 25,330,787$ 12,148,887$ 43,729,791$
Enterprise Funds
STATEMENT H CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION -
PROPRIETARY FUNDS FOR THE YEAR ENDED JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
23
Specific Rec.Water Water Storm Water
Programs Department Pollution Utilities Total
OPERATING REVENUES
Intergovernmental revenue -$ -$ -$ 926,260$ 926,260$
Water sales - 2,618,225 - - 2,618,225
Charges for services 27,671 623,132 5,681,179 2,493,157 8,825,139
Other - - 168,263 86,649 254,912
TOTAL OPERATING REVENUES 27,671 3,241,357 5,849,442 3,506,066 12,624,536
OPERATING EXPENSES
Salaries and benefits - 522,219 1,449,641 1,058,481 3,030,341
Professional and contracted services - 229,670 336,263 99,636 665,569
Supplies, materials and fuel - 42,607 1,155,540 27,776 1,225,923
Water purchases - 1,838,869 - - 1,838,869
Repairs and maintenance - 27,576 1,891 188,580 218,047
Utilities - 5,785 1,049,281 4,577 1,059,643
Depreciation - 183,751 1,429,715 410,506 2,023,972
Administrative services - 15,723 149,344 102,104 267,171
Insurances - 6,290 91,203 34,859 132,352
Miscellaneous 34,055 3,133 36,651 244,313 318,152
TOTAL OPERATING EXPENSES 34,055 2,875,623 5,699,529 2,170,832 10,780,039
OPERATING INCOME (LOSS)(6,384) 365,734 149,913 1,335,234 1,844,497
NONOPERATING INCOME (EXPENSE)
Transfers (out)- - (10,891) (5,392) (16,283)
Interest income - 18,720 - - 18,720
Interest (expense)- (1,261) (189,812) - (191,073)
TOTAL NONOPERATING INCOME (EXPENSE)- 17,459 (200,703) (5,392) (188,636)
CHANGE IN NET POSITION (DEFICIT)(6,384) 383,193 (50,790) 1,329,842 1,655,861
NET POSITION (DEFICIT) - JULY 1, RESTATED (51,152) 4,329,175 14,994,978 10,819,045 30,092,046
NET POSITION (DEFICIT) - JUNE 30 (57,536)$ 4,712,368$ 14,944,188$ 12,148,887$ 31,747,907$
Enterprise Funds
STATEMENT I CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF CASH FLOWS - PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2023
24
Specific Rec.Water Water Storm Water
Programs Department Pollution Utilities Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 27,671$ 3,102,572$ 5,511,356$ 2,282,492$ 10,924,091$
Intergovernmental receipts - - - 926,260 926,260
Other receipts - - 168,263 86,649 254,912
Payments to employees - (522,219) (1,449,641) (1,058,481) (3,030,341)
Payments to suppliers (27,671) (1,923,938) (2,808,125) (701,845) (5,461,579)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES - 656,415 1,421,853 1,535,075 3,613,343
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Interfund transfers - - (10,891) (5,392) (16,283)
NET CASH PROVIDED (USED) BY NONCAPITAL FINANCING
ACTIVITIES - - (10,891) (5,392) (16,283)
CASH FLOWS FROM CAPITAL AND RELATED FINANCING
ACTIVITIES
Interest income - 18,720 - - 18,720
(Purchase) sale of fixed assets - (326,725) (364,498) (1,529,683) (2,220,906)
Interest payments on bond/note payable - (1,261) (189,812) - (191,073)
Principal payments on bond/note payable - (95,016) (856,653) - (951,669)
NET CASH PROVIDED (USED) BY CAPITAL AND RELATED
FINANCING ACTIVITIES - (404,282) (1,410,963) (1,529,683) (3,344,928)
.
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS - 252,133 - - 252,133
CASH AND CASH EQUIVALENTS - JULY 1 - 934,571 - - 934,571
CASH AND CASH EQUIVALENTS - JUNE 30 -$ 1,186,704$ -$ -$ 1,186,704$
Enterprise Funds
STATEMENT I (CONTINUED) CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF CASH FLOWS - PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
25
Specific Rec.Water Water Storm Water
Programs Department Pollution Utilities Total
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES:
Operating income (loss) (6,384)$ 365,734$ 149,913$ 1,335,234$ 1,844,497$
Adjustments to reconcile operating income to net
cash provided (used) by operating activities:
Depreciation expense - 183,751 1,429,715 410,506 2,023,972
Changes in operating assets and liabilities:
(Increase) decrease in due from water - billed - (17,540) (20,092) 20,092 (17,540)
(Increase) decrease in due from water - unbilled - (51,165) (19,375) (22,352) (92,892)
(Increase) decrease in accounts receivable - (70,080) - 110,745 40,665
(Increase) decrease in inventory - (1,135) - - (1,135)
(Increase) decrease in prepaid items - (6,063) 12,048 6,490 12,475
(Increase) decrease in due from other funds - - (130,356) (325,640) (455,996)
(Decrease) increase in accounts payable - 252,913 - - 252,913
(Decrease) increase in due to other funds 6,384 - - - 6,384
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES -$ 656,415$ 1,421,853$ 1,535,075$ 3,613,343$
Enterprise Funds
STATEMENT J CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF NET POSITION - FIDUCIARY FUNDS
JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
26
Employee
Pension
Trust
ASSETS
Cash:
Cash equivalents 2$
Investments, at fair value:
Equity mutual funds 25,823,051
Hedge fund 3,980,711
Fixed income mututal funds 13,161,352
Accrued interest receivable 40,426
TOTAL ASSETS 43,005,542$
NET POSITION
Restricted - held in trust for pension benefits 43,005,542$
TOTAL NET POSITION 43,005,542$
STATEMENT K CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF CHANGES IN NET POSITION - FIDUCIARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
27
Employee
Pension
Trust
ADDITIONS
Contributions:
Employer 1,275,950$
Employee 305,084
Total contributions 1,581,034
Investment earnings:
Net increase (decrease) in fair value of investments 4,070,378
Total investment earnings, net 4,070,378
Total additions 5,651,412
DEDUCTIONS
Benefit payments 2,638,820
Administrative expenses 207,294
Total deductions 2,846,114
CHANGE IN NET POSITION 2,805,298
NET POSITION - JULY 1 40,200,244
NET POSITION - JUNE 30 43,005,542$
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
28
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reporting Entity
The City of South Burlington was incorporated under the laws of the State of Vermont. The City operates under City Council-Manager form of government and provides the following services: general government, public safety, public works, social services, recreation and culture, education and program expenditures.
The City’s financial statements are prepared in accordance with generally accepted accounting principles (GAAP). The Governmental Accounting Standards Board (GASB) is responsible for establishing GAAP for state and local governments through its pronouncements (Statements and Interpretations).
The City’s combined financial statements include all accounts and all operations of the City. We have determined that the City has no component units as described in GASB Statement No. 14 and amended by GASB Statements No. 39 and No. 61.
Implementation of New Accounting Standards
During the year ended June 30, 2023, the following statements of financial accounting standards issued by the Governmental Accounting Standards Board became effective:
Statement No. 94 “Public-Private and Public-Public Partnerships and Availability
Payment Arrangements”. The primary objective of this Statement is to improve financial reporting by addressing issues related to public-private and public-public partnership arrangements (PPPs). As used in this Statement, a PPP is an arrangement in which a government (the transferor) contracts with an operator (a governmental or
nongovernmental entity) to provide public services by conveying control of the right to operate or use a nonfinancial asset, such as infrastructure or other capital asset (the underlying PPP asset), for a period of time in an exchange or exchange-like transaction. Some PPPs meet the definition of a service concession arrangement (SCA), which the
Board defines in this Statement as a PPP in which (1) the operator collects and is
compensated by fees from third parties; (2) the transferor determines or has the ability to modify or approve which services the operator is required to provide, to whom the operator is required to provide the services and the prices or rates that can be charged for the services and (3) the transferor is entitled to significant residual interest in the service utility of the underlying PPP asset at the end of the arrangement. Management has determined
the impact of this Statement is not material to the financial statements.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
29
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Statement No. 96 “Subscription-Based Information Technology Arrangements”. This
Statement provides guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITAs) for government end users (governments). This Statement (1) defines a SBITA; (2) establishes that a SBITA results in a right-to-use subscription asset - an intangible asset - and a corresponding subscription liability; (3) provides the capitalization criteria for outlays other than subscription payments,
including implementation costs of a SBITA and (4) requires note disclosures regarding a
SBITA. To the extent relevant, the standards for SBITAs are based on the standards established in Statement No. 87, Leases, as amended. Management has determined the impact of this Statement is not material to the financial statements.
Statement No. 99 “Omnibus 2022”. The objectives of this Statement are to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing (1) practice issues that have been identified during implementation and application of certain GASB Statements and (2) accounting and financial reporting for financial guarantees. The practice issues addressed
by this Statement are to provide clarification of provisions in Statement No. 87, Leases, as
amended, related to the determination of the lease term, classification of a lease as a short-term lease, recognition and measurement of a lease liability and a lease asset and identification of lease incentives, clarification of provisions in Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, related to
(a) the determination of the public-private and public-public partnership (PPP) term and (b)
recognition and measurement of installment payments and the transfer of the underlying PPP asset, clarification of provisions in Statement No. 96, Subscription-Based Information Technology Arrangements, related to the subscription-based information technology arrangement (SBITA) term, classification of a SBITA as a short-term SBITA and recognition and measurement of a subscription liability, extension of the period during
which the London Interbank Offered Rate (LIBOR) is considered an appropriate benchmark interest rate for the qualitative evaluation of the effectiveness of an interest rate swap that hedges the interest rate risk of taxable debt, accounting for the distribution of benefits as part of the Supplemental Nutrition Assistance Program (SNAP), disclosures
related to nonmonetary transactions, pledges of future revenues when resources are not
received by the pledging government, clarification of provisions in Statement No. 34, Basic Financial Statements - and Management’s Discussion and Analysis - for State and Local Governments, as amended, related to the focus of the government-wide financial statements, terminology updates related to certain provisions of Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources and
Net Position and terminology used in Statement 53 to refer to resource flows statements. Management has determined the impact of this Statement is not material to the financial statements.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
30
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Government-Wide and Fund Financial Statements
The City’s basic financial statements include both government-wide (reporting the City as a whole) and fund financial statements (reporting the City’s major funds). Both the government-wide and fund financial statements categorize primary
activities as either governmental or business-type. The City’s recreation programs, water
department, water pollution and storm water utilities are categorized as business-type activities. All other activities of the City are categorized as governmental. In the government-wide Statement of Net Position, both the governmental and
business-type activities columns are (a) presented on a consolidated basis by column and (b) are reported on a full accrual, economic resources basis, which recognizes all long-term assets and receivables as well as long-term debt and obligations. The City's net position are reported in three parts - net investment in capital assets, restricted net position and unrestricted net position. The City first utilizes restricted resources to finance
qualifying activities.
The government-wide Statement of Activities reports both the gross and net cost of each of the City's functions and business-type activities (general government, public safety, etc.) excluding fiduciary activities. The functions are also supported by general
government revenues (property taxes, certain intergovernmental revenues, miscellaneous
revenues, etc.). The Statement of Activities reduces gross expenses (including depreciation) by related program revenues, operating and capital grants. Program revenues must be directly associated with the function or a business-type activity. Operating grants include operating-specific and discretionary (either operating or capital) grants while the capital grants column reflects capital-specific grants. For the most part,
the interfund activity has been eliminated from these government-wide financial statements. The net costs (by function) are normally covered by general revenue (taxes, certain
intergovernmental revenues and charges for services, etc.).
The City does not allocate indirect costs. All costs are charged directly to the corresponding department. The government-wide focus is more on the sustainability of the City as an entity and
the change in the City’s net position resulting from the current year’s activities.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
31
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Measurement Focus - Basic Financial Statements and Fund Financial Statements
The financial transactions of the City are reported in the individual funds in the fund financial statements. Each fund is accounted for by providing a separate set of self-balancing accounts that comprise its assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund balances, revenues and expenditures/expenses. The
various funds are reported by generic classification within the financial statements. The
following fund types are used by the City: 1. Governmental Funds:
The focus of the governmental funds' measurement (in the fund statements) is upon determination of financial position (sources, uses and balances of financial resources) rather than upon net income. The following is a description of the governmental funds of the City:
Major funds:
a. The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund.
b. The City Center - TIF District Fund is used to account for the financial resources to be used for the special tax increment financing account for the City Center projects. Revenue sources are primarily from taxes and transfers from other funds.
c. The Capital Improvement Reserve Fund is used to account for the financial resources to be used for capital improvement projects. The primary revenue source for this fund is transfers from other funds.
Nonmajor funds:
d. Special Revenue Funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes.
e. Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities or equipment. f. Permanent Funds are used to account for assets held by the City in trust for
specific purposes.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
32
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2. Proprietary Funds:
The focus of proprietary fund measurement is upon determination of operating income, changes in net position, financial position and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. Operating revenues include charges for services, intergovernmental reimbursements and
other miscellaneous fees which are a direct result of the proprietary activity. Nonoperating
revenues are any revenues which are generated outside of the general proprietary activity, i.e. interest income. The following is a description of the proprietary funds of the City: a. Enterprise Funds are required to be used to account for operations for which
a fee is charged to external users for goods or services and the activity (a) is financed with debt that is solely secured by a pledge of net revenues, (b) has third-party requirements that the cost of providing. services, including capital costs, be recovered with fees and charges or (c) established fees and charges based on a pricing policy designed to recover similar costs.
3. Fiduciary Funds: Fiduciary funds are used to report assets held in a trustee or agency capacity for others and therefore are not available to support City programs. The reporting focus is on
net position and changes in net position and are reported using accounting principles
similar to proprietary funds. Component units that are fiduciary in nature have been excluded from these financial statements. The City’s fiduciary funds are presented in the fiduciary fund financial statements by type (pension trust). Since by definition these assets are being held for the benefit of a
third-party (other local governments, private parties, etc.) and cannot be used to address activities or obligations of the government, these funds are not incorporated into the government-wide financial statements.
The emphasis in fund financial statements is on the major funds in either the
governmental or business-type activities categories. Non-major funds by category are summarized into a single column, GASB Statement No. 34 sets forth minimum criteria (percentage of the assets, deferred outflows of resources, liabilities, deferred inflows of resources, revenues or expenses of either the fund category or the governmental andenterprise combined) for the determination of major funds. The nonmajor funds are
combined in a column in the fund financial statements.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
33
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied.
1. Accrual Governmental activities in the government-wide financial statements and fiduciary fund financial statements are presented on the accrual basis of accounting. Revenues are
recognized when earned and expenses are recognized when incurred. 2. Modified Accrual The governmental fund financial statements are presented on the modified accrual
basis of accounting. Under the modified accrual basis of accounting, revenues are
recorded when susceptible to accrual; i.e., both measurable and available. "Available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are generally recognized under the modified accrual basis of accounting when the related liability is incurred. The exception to this
general rule is that principal and interest on general obligation long-term debt, if any, is
recognized when due.
Budget The City’s policy is to adopt an annual budget for operations. The budget is
presented on the modified accrual basis of accounting which is consistent with generally accepted accounting principles. The following procedures are followed in establishing budgetary data reflected in
the financial statements:
1. Early in the second half of the year the City prepares a budget for the fiscal year beginning July 1. The operating budget includes proposed expenditures and the means of financing them.
2. A meeting of the City Council was called for the purpose of adopting the proposed budget after public notice of the meeting was given. 3. The budget was adopted subsequent to passage by the voters.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
34
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Deposits and Investments
The City’s cash and cash equivalents are considered to be cash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition.
It is the City’s policy to value investments at fair value. None of the City’s
investments are reported at amortized cost. For purposes of the statement of cash flows, all highly liquid investments with a maturity of three months or less when purchased are considered to be a cash equivalent. The City Treasurer is authorized by State Statutes to invest all excess funds in the following:
- Obligations of the U.S. Government, its agencies and instrumentalities
- Certificates of deposit and other evidence of deposits at banks, savings and loan associations and credit unions
- Repurchase agreements
- Money market mutual funds
Receivables Receivables include amounts due from governmental agencies and local
businesses. All receivables with the exception of lease receivables are current and
therefore due within one year. Lease receivables are presented with both current and noncurrent portions. Receivables are reported net of an allowance for uncollectible accounts and revenues net of uncollectibles. Allowances are reported when accounts are proven to be uncollectible. The allowance for uncollectible accounts is estimated to be $0 as of June 30, 2023. Accounts receivable netted with allowances for uncollectible
accounts were $5,591,716 for the year ended June 30, 2023.
Inventories and Prepaid Items
Inventories consist of expendable supplies held for consumption and are valued at
cost. Under the consumption method, the costs of inventory items are recognized as expenditures when used. In the general fund, inventory consists of diesel fuel and gasoline. The enterprise fund inventory consists of water department supplies on hand at the end of the year. The cost value is determined using the first-in, first-out (FIFO) method.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in the government-wide financial statements. The cost of prepaid items is recorded as expenditures/expenses when consumed rather than when purchased.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
35
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Interfund Receivables and Payables
Transactions between funds that are representative of lending/borrowing
arrangements outstanding at the end of the fiscal year are referred to as “due to/from other
funds”. While these balances are reported in fund financial statements, certain eliminations are made in the preparation of the government-wide financial statements. Any
residual balances outstanding between governmental activities and business-type
activities are reported in the governmental-wide financial statements as “internal
balances”.
Transactions Between Funds
Legally authorized transfers are treated as interfund transfers and are included in the results of operations of both Governmental and Proprietary Funds.
Capital Assets
Capital assets purchased or acquired with an original cost of $5,000 or more are reported at historical cost or estimated historical cost. Additions, improvements and other capital outlays that significantly extend the useful life of an asset are capitalized. Infrastructure such as streets, traffic signals and signs are capitalized. Other costs
incurred for repairs and maintenance are expensed as incurred. Depreciation on all assets
is provided on the straight-line basis over the estimated useful lives. Art work has been capitalized as non-depreciable assets as they are considered inexhaustible. The assets are valued at historical cost when available and estimated historical cost where actual invoices or budgetary data was unavailable. Donated capital assets are
reported at their estimated fair market value on the date received. All retirements have been recorded by eliminating the net carrying values. A right of use lease asset is required to be reported at the present value of
payments expected to be made during the lease term including and any/all other required
financial lease obligations in accordance with the terms of the lease and excluding interest. A lease asset will be amortized on a straight-line basis over the lease term or the useful life of the underlying asset (whichever is shorter). Infrastructure assets include roads, bridges, underground pipe (other than related to
independently owned utilities), traffic signals, etc. These infrastructure assets are likely to be the largest asset class of the City.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
36
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Estimated useful lives are as follows:
Buildings 20 - 50 years Infrastructure 50 - 100 years Furniture and fixtures 3 - 50 years Machinery and equipment 3 - 50 years
Vehicles 3 - 25 years
Long-term Obligations The accounting treatment of long-term obligations depends on whether the assets
are used in governmental fund operations or proprietary fund operations and whether they are reported in the government-wide or fund financial statements. All long-term obligations to be repaid from governmental and business-type resources are reported as liabilities in government-wide statements. The long-term
obligations consist of bonds and notes from direct borrowings payable, lease liabilities,
accrued benefit time, post retirement incentive and net pension liability. Long-term debt for governmental funds is not reported as liabilities in the fund financial statements. The debt proceeds are reported as other financing sources and
payment of principal and interest reported as expenditures. The accounting for proprietary
fund is the same in the fund statements as it is in the government-wide statements.
Pensions For purposes of measuring the net pension liability, deferred outflows of resources
and deferred inflows of resources related to pensions and pension expense, information
about the fiduciary net position of the Vermont Municipal Employees’ Retirement System
(VMERS) Plans and additions to/deductions from the VMERS Plans’ fiduciary net position have been determined on the same basis as they are reported by the VMERS Plans. For
this purpose, benefit payments (including refunds of employee contributions) are
recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
Net Position
Net position represents the difference between all other elements in a statement of financial position. Net investment in capital assets consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of any borrowing used for those assets and adding back unspent proceeds. Net position is reported as restricted
when there are limitations imposed on its use either through enabling legislations adopted
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
37
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) by the City or through external restrictions imposed by creditors, grantors or laws or
regulations of other governments. Unrestricted net position is the net amount of the assets, deferred outflows of resources, liabilities and deferred inflows of resources that are not included in the determination of net investment in capital assets or restricted net position.
Fund Balance
In the fund financial statements, fund balance for governmental funds is reported in classifications that comprise a hierarchy based primarily on the extent to which the City is bound to honor constraints on the specific purpose for which amounts in the funds can be
spent. Fund balance is reported in five components - nonspendable, restricted, committed, assigned and unassigned. Nonspendable - This includes amounts that cannot be spent either because they are not in spendable form or because they are legally or contractually required to be
maintained intact.
Restricted - This includes amounts that can be spent only for specific purposes because of constitutional provisions or enabling legislation or because of constraints that are externally imposed by creditors, grantors, contributors or the laws or regulations of
other governments.
Committed - This includes amounts that can be used only for specific purposes determined by a formal action of the inhabitants of the City. The inhabitants of the City through City meetings are the highest level of decision-making authority of the City. Commitments may be established, modified or rescinded only through a City meeting vote.
Assigned - This includes amounts that do not meet the criteria to be classified as restricted or committed but that are intended to be used for specific purposes. The authority for assigning fund balance is given annually by the vote of the taxpayer and is
expressed by the City Council.
Unassigned - This includes all other spendable amounts. The general fund is the only fund that reports a positive unassigned fund balance amount. Other governmental funds besides the general fund can only report a negative unassigned fund balance amount.
When an expenditure is incurred for purposes for which both restricted and unrestricted fund balances are available, the City considers restricted funds to have been spent first. When an expenditure is incurred for which committed, assigned or unassigned
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
38
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) fund balances are available, the City considers amounts to have been spent first out of
committed funds, then assigned funds and finally unassigned funds, as needed, unless the City meeting vote has provided otherwise in its commitment or assignment actions.
Deferred Outflows and Inflows of Resources
In addition to assets, the statement of financial position and/or balance sheet will at
times report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The City currently has one type of item,
deferred amount on pensions. This item is reported in the statement of net position. In addition to liabilities, the statement of financial position and or balance sheet will at times report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net
position that applies to a future period(s) and so will not be recognized as an inflow of
resources (revenue) until that time. Deferred tax revenues, which arises only under a modified accrual basis of accounting, qualifies for reporting in this category. Accordingly, this item is reported in the governmental funds balance sheet. The City also has deferred revenue which arises under both the modified accrual basis and the accrual basis. The
City has deferred amounts on leases and pensions, which arise only under an accrual
basis of accounting that qualifies for reporting in this category. Accordingly, these items are reported in the statement of net position. All items in this category are deferred and recognized as an inflow of resources in the period that the amounts become available.
Revenue Recognition - Property Taxes - Modified Accrual Basis
The City's property tax for the current year was levied July 1, 2022 on the assessed value listed as of April 1, 2022, for all real and personal property located in the City. Taxes were due on August 16, 2022, November 15, 2022 and March 15, 2023. Interest on
unpaid taxes commenced on August 15, 2022, November 16, 2022 and March 16, 2023.
Taxes unpaid after the due date are considered delinquent. An 8% penalty is assessed and interest is charged at 1% per annum. The penalty is charged once while interest accrues on the 15th of each month. Property tax revenues are recognized when they become available. Available
includes those property tax receivables expected to be collected within sixty days after year end. The remaining receivables have been recorded as deferred revenues.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
39
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Program Revenues
Program revenues include all directly related income items applicable to a particular program (charges to customers or applicants for goods, services or privileges provided, operating or capital grants and contributions, including special assessments).
Operating/Nonoperating Proprietary Fund Revenues
Operating revenues consist mainly of direct revenue sources and/or charges for
services applicable to that fund’s ongoing operations. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.
Encumbrance Accounting Encumbrances are not liabilities and, therefore, are not recorded as expenditures until receipt of material or service. For budgetary purposes, appropriations lapse at fiscal
year-end. The City does not utilize encumbrance accounting for its general fund.
Use of Estimates
During the preparation of the City’s financial statements, management is required to
make estimates and assumptions that affect the reported amounts of assets, liabilities and
disclosure of contingent items as of the date of the financial statements and the reported amounts of revenues and expenses/expenditures during the reporting period. Actual results may differ from these estimates. NOTE 2 - DEPOSITS AND INVESTMENTS
The City’s policies, which follow state statutes, authorize the City to invest in obligations of the U.S. Treasury, agencies and instrumentalities, other states and Canada, provided such securities are rated within the three highest grades by an approved rating
service of the State of Vermont, corporate stocks and bonds within statutory limits,
financial institutions, mutual funds and repurchase agreements. These investment policies apply to all City funds.
Deposits:
Custodial credit risk for deposits is the risk that, in the event of a failure of a depository financial institution, the City will not be able to recover its deposits. The City does not have a policy covering custodial credit risk for deposits. However, the City maintains deposits in qualifying financial institutions that are a member of the FDIC or
NCUSIF.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
40
NOTE 2 - DEPOSITS AND INVESTMENTS (CONTINUED) At June 30, 2023, the City’s cash balance of $27,700,350 was comprised of bank
deposits and cash equivalents totaling $27,139,349. Bank deposits and cash equivalents are adjusted primarily by outstanding checks and deposits in transit to reconcile to the
City’s cash and cash equivalents balance. Of these bank deposits, $500,000 was insured by federal depository insurance and consequently was not exposed to custodial credit risk, $26,639,349 was in excess of federal depository insurance but collateralized with a
standby letter of credit.
Bank
Account Type Balance
Checking accounts 5,708,656$
Money market accounts 21,430,691
Cash equivalents 2
27,139,349$
Investments: Custodial credit risk for investments is that, in the event of failure of the counterparty, the City will not be able to recover the value of its investments or collateral
securities that are in possession of an outside party. Currently, the City does not have a
policy for custodial credit risk for investments; however, the City seeks to minimize
custodial credit risk by doing business with authorized institutions, depositories and broker/dealers. Interest rate risk - is the risk that changes in interest rates will adversely affect the
fair value of an investment. The City does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from fluctuations in interest rates. At June 30, 2023, the City had investments of $42,965,114. Of these investments,
$42,465,114 were uncollateralized and uninsured.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
41
NOTE 2 - DEPOSITS AND INVESTMENTS (CONTINUED) At June 30, 2023, the Town had the following investments and maturities:
Fair
Investment Type Value N/A < 1 Year 1 - 5 Years
Equity securities:
Mutual funds:
Equity - domestic 25,823,051$ 25,823,051$ -$ -$
Fixed income - domestic 13,161,352 13,161,352 - -
Pooled investment fund 3,980,711 3,980,711 - -
42,965,114$ 42,965,114$ -$ -$
Fair Value Hierarchy
The Town categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The Town has the following recurring fair value measurements as June 30, 2023:
Quoted Prices in Significant
Active Markets Other Significant
for Identical Observable Unobservable
June 30, 2023 Assets Inputs Inputs
Total (Level I)(Level II)(Level III)
Investments by fair value level
Equity securities:
Mutual funds - domestic and foreign 38,984,403$ 38,984,403$ -$ -$
Total equity securities 38,984,403 38,984,403 - -
Pooled investment funds 3,980,711 - 3,980,711 -
Total investments by fair value level 42,965,114$ 38,984,403$ 3,980,711$ -$
Cash equivalents measured at the net asset value (NAV)
Total cash equivalents measured at the NAV 2
Total investments and cash equivalents measured
at fair value 42,965,116$
Fair Value Measurements Using
Equity securities classified in Level I of the fair value hierarchy are valued using prices quoted in active markets for those securities. Debt securities and pooled
investment funds classified in Level II of the fair value hierarchy are valued from publicly reliable sources or using a matrix pricing technique. Matrix pricing is used to value securities based on the securities’ relationship to benchmark quoted prices. The City does not have any Level III investments.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
42
NOTE 2 - DEPOSITS AND INVESTMENTS (CONTINUED) Credit risk - Statutes for the State of Vermont authorize the City to invest in
obligations of the U.S. Treasury, agencies and instrumentalities, other states and Canada, provided such securities are rated within the three highest grades by an approved rating service of the State of Vermont, corporate stocks and bonds within statutory limits, financial institutions, mutual funds and repurchase agreements. The City does not have an investment policy on credit risk.
NOTE 3 - INTERFUND RECEIVABLES AND PAYABLES Interfund balances at June 30, 2023 consisted of the following individual fund receivables and payables:
Receivables Payables
(Due from)(Due to)
General fund 1,201,938$ 21,784,849$
City center - TIF district fund - 908,886
Capital improvement reserve fund 4,423,885 -
Nonmajor special revenue funds 10,730,315 172,323
Nonmajor capital project funds 2,138,077 -
Nonmajor permanent funds 400,251 63,193
Enterprise funds 4,092,321 57,536
22,986,787$ 22,986,787$
The result of amounts owed between funds are considered to be in the course of normal operations by the City. Reconciliation of the amounts owed between funds may or may not be expected to be repaid within one year in their entirety due to the recurring nature of these transactions during operations.
NOTE 4 - INTERFUND TRANSFERS Interfund transfers at June 30, 2023 consisted of the following:
Transfers Transfers
In Out
General fund 192,551$ 2,673,685$ City center - TIF district fund 1,087,234 - Capital improvement reserve fund 2,428,595 1,066,722 Nonmajor special revenue funds 210,269 216,850 Nonmajor capital project funds 54,002 - Nonmajor permanent funds 889 - Enterprise funds - 16,283 3,973,540$ 3,973,540$ Interfund transfers are the results of legally authorized activity and are considered to
be in the course of normal operations.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
43
NOTE 5 - CAPITAL ASSETS The following is a summary of changes in capital assets for the year ended June 30,
2023:
Balance,
7/1/22 Transfers/Balance,
(Restated)Additions Disposals 6/30/23
Governmental activities
Non-depreciated assets:
Land 8,009,208$ 453,451$ -$ 8,462,659$
Art work 94,500 - - 94,500
Construction in progress 21,284,780 1,223,422 (21,011,448) 1,496,754
29,388,488 1,676,873 (21,011,448) 10,053,913
Depreciated assets:
Land improvements 1,340,533 52,644 - 1,393,177
Buildings 17,505,785 86,372 - 17,592,157
Building improvements 1,083,399 20,857,065 - 21,940,464
Machinery and equipment 6,595,113 281,654 (42,191) 6,834,576
Furniture and fixtures 1,116,467 - - 1,116,467
Vehicles 7,150,956 405,445 (157,389) 7,399,012
Infrastructure 61,676,092 1,264,351 - 62,940,443
Right of use lease asset - 306,800 - 306,800
96,468,345 23,254,331 (199,580) 119,523,096
Less: accumulated depreciation (62,058,753) (2,828,835) 162,770 (64,724,818)
34,409,592 20,425,496 (36,810) 54,798,278
Net capital assets 63,798,080$ 22,102,369$ (21,048,258)$ 64,852,191$
Business-type activities
Non-depreciated assets:
Land 518,000$ -$ -$ 518,000$
Construction in progress 305,454 1,513,088 - 1,818,542
823,454 1,513,088 - 2,336,542
Depreciated assets:
Buildings 5,952,242 - - 5,952,242
Building improvements 11,130 - - 11,130
Land improvements 33,167,973 - - 33,167,973
Vehicles 1,344,944 372,320 (4,000) 1,713,264
Machinery and equipment 8,063,105 378,310 (137,732) 8,303,683
Infrastructure 4,482,248 - - 4,482,248
Storm water utilities 9,671,445 - - 9,671,445
62,693,087 750,630 (141,732) 63,301,985
Less: accumulated depreciation (28,618,890) (2,023,972) 140,646 (30,502,216)
34,074,197 (1,273,342) (1,086) 32,799,769
Net capital assets 34,897,651$ 239,746$ (1,086)$ 35,136,311$
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
44
NOTE 5 - CAPITAL ASSETS (CONTINUED)
Current year depreciation
Fire 473,260$
Public works 1,194,246
General government 395,459
Health 3,610
Police 450,628
Recreation 89,365
Library 338
City-wide 271,629
Subtotal governmental 2,878,535
Water department 183,751
Water pollution control 1,429,715
Storm water utilities 410,506
Subtotal business-type 2,023,972
Total depreciation expense 4,902,507$
NOTE 6 - LEASE RECEIVABLE
A summary of the lease receivable for the year ended June 30, 2023 is as follows:
Balance,Balance,Current
7/1/22 Additions Deletions 6/30/23 Portion
Governmental Activities:
Lease receivable -$ 490,755$ (50,100)$ 440,655$ 93,400$
The following is a summary of the lease receivable as of June 30, 2023:
$490,755,Lease recievable for building space.Monthly receipts
are $7,790 through 2027.440,655$
The following is a summary of the lease receivable requirements for the fiscal years
ending June 30:
2024 93,400$
2025 93,400
2026 93,400
2027 93,400
2028 67,055
440,655$
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
45
NOTE 6 - LEASE RECEIVABLE (CONTINUED) The deferred revenue related to leases associated with this receivable is amortized
accordingly for the term of the lease and the activity is recognized on the Statement of Activities. NOTE 7 - LONG TERM DEBT
The following is a summary of changes in the long-term debt for the year ended
June 30, 2023:
Balance,Balance,Current
7/1/22 Additions Deletions 6/30/23 Portion
Governmental Activities:
Bonds payable 27,931,616$ -$ (940,452)$ 26,991,164$ 1,273,786$
Notes from direct borrowings
payable 6,822,351 - (889,863) 5,932,488 892,648
Lease liabilities - 797,355 (93,900) 703,455 144,000
Total Governmental Activities 34,753,967$ 797,355$ (1,924,215)$ 33,627,107$ 2,310,434$
Business-type Activities:
Bonds payable 11,528,301$ -$ (951,669)$ 10,576,632$ 968,802$
Total Business-type Activities 11,528,301$ -$ (951,669)$ 10,576,632$ 968,802$
The following is a summary of outstanding bonds payable:
Bonds payable: Governmental
Activities
Business-type
Activities
Bonds
$3,400,000,2004 General Obligation Bond due in annual
principal installments and semiannual interest installments
through December 2024.Interest is charged at a fixed rate of
4.455% per annum. Annual principal installments are $170,000.149,967$ 190,033$
$5,400,000,2016 General Obligation Bond due in annual
principal installments and semiannual interest installments
through November 2030.Interest is charged at a fixed rate of
4.34% per annum. Annual principal installments are $360,000.2,880,000 -
$2,000,000,2010 General Obligation Bond due in annual
principal installments and semiannual interest installments
through June 2033.Interest is charged at a fixed rate ranging
from 3.25% to 4.75% per annum. $1,000,000 was paid by ARRA
funding in FY2021.- 586,032
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
46
NOTE 7 - LONG TERM DEBT (CONTINUED)
Bonds payable: Governmental
Activities
Business-type
Activities
$19,800,000,2010 General Obligation Bond due in annual
principal installments and semiannual interest installments
through June 2033.Interest is charged at a fixed rate of 1.00%
per annum.Annual principal installments vary.$4,395,000
principal forgivness in FY2021.- 8,124,660
$5,000,000,2017 General Obligation Bond due in annual
principal installments and semiannual interest installments
through November 2037.Interest is charged at a fixed rate of
3.39%per annum.Annual principal installments are $333,333
beginning in November 2023.5,000,000 -
$14,000,000,2019 General Obligation Bond due in annual
principal installments and semiannual interest installments
through November 2049.Interest is charged at a fixed rate
ranging from 1.84%to 4.10%per annum.Annual principal
installments are $466,667.12,599,999 -
$1,864,911,2020 General Obligation Bond due in annual
principal installments through January 2041.Administrative fee
of 2.000%per annum.Annual principal installments range from
$75,229 to $109,595.Principal forgiveness of $37,041 in
FY2021.- 1,675,907
$5,000,000,2020 General Obligation Bond due in annual
principal installments and semiannual interest installments
through November 2036.Interest is charged at a fixed rate
ranging from 0.650%to 2.206%per annum.Annual principal
installments are $416,667.5,000,000 -
$429,962 Vermont Municipal Bond Bank 2022 Series 1 General
Obligation TIF Bond with principal due in annual installments of
$35,279 to $43,132 through November of 2037.Semi-annual
interest charged at a fixed rate of 2.030% per annum.429,962 -
$970,038 Vermont Municipal Bond Bank 2022 Series 1 General
Obligation Bond with principal due in annual installments of
$38,802 with a final payment of $38,790 due in November of
2046.Semi-annual interest charged at a fixed rate of 2.030%
per annum.931,236 -
26,991,164$ 10,576,632$
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
47
NOTE 7 - LONG TERM DEBT (CONTINUED) The following is a summary of outstanding notes from direct borrowings payable and lease
liability:
Notes from direct borrowings payable: Governmental
Activities
Business-type
Activities
$5,862,236,Refinanced note payable to TD Bank,NA for
Pension Financing with a fixed interest rate of 1.750%per
annum.Note matures on April 6,2031 with annual principal
payments of $586,224, semi-annual interest payments.4,689,788$ -$
$1,900,000,Note payable to Merchants Bank with a fixed interest
rate of 1.93%per annum.Note matures on October 17,2026
with annual principal installments of $190,000,semi-annual
interest payments. 760,000 -
$1,125,000,Note payable to T.D.Bank,N.A.with a fixed interest
rate of 2.15%per annum.Note matures on July 1,2026 with
varying annual principal and interest installments. 482,700 -
5,932,488$ -$
Lease liability:
$306,600,Lease payable for parking spaces.Semi-annual
payments are $21,900 through 2029.262,800$ -$
The right of use lease assets associated with these lease liabilities (including
amortization/depreciation applicable to the same) are presented as a separate category of Capital Assets and are grouped accordingly on the Statement of Net Position.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
48
NOTE 7 - LONG TERM DEBT (CONTINUED) The following is a summary of outstanding bond and note from direct borrowings
payable principal and interest requirements for the following fiscal years ending June 30:
Governmental activities:
Total
Principal Interest/Admin.Principal Interest/Admin.Principal Interest/Admin.Debt Service
2024 1,273,786$ 836,667$ 892,648$ 176,116$ 144,000$ -$ 3,323,217$
2025 1,273,786 794,112 895,476 152,497 144,000 - 3,259,871
2026 1,615,469 747,012 898,422 129,272 144,000 - 3,534,175
2027 1,615,469 722,421 901,050 105,986 144,000 - 3,488,926
2028 1,650,748 679,362 586,224 82,870 83,655 - 3,082,859
2029-2033 7,544,782 2,663,824 1,758,668 123,961 43,800 - 12,135,035
2034-2038 6,067,924 1,607,982 - - - - 7,675,906
2039-2043 2,527,345 906,828 - - - - 3,434,173
2044-2048 2,488,531 386,672 - - - - 2,875,203
2049-2053 933,324 86,121 - - - - 1,019,445
26,991,164$ 9,431,001$ 5,932,488$ 770,702$ 703,455$ -$ 43,828,810$
Business-type activities:
Total
Principal Interest/Admin.Debt Service
2024 968,802$ 209,721$ 1,178,523$
2025 986,278 182,548 1,168,826
2026 909,087 172,431 1,081,518
2027 927,268 154,249 1,081,517
2028 945,814 135,704 1,081,518
2029-2033 5,020,494 387,095 5,407,589
2034-2038 496,511 62,422 558,933
2039-2043 322,378 12,980 335,358
10,576,632$ 1,317,150$ 11,893,782$
Bonds Payable
Notes from Direct Borrowings
Payable
Bonds Payable
Lease Liabilities
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
49
NOTE 8 - OTHER LONG-TERM OBLIGATIONS The following is a summary of other long-term obligations for the year ended June
30, 2023:
Balance,
7/1/22 Balance,Current
(Restated)Additions Deletions 6/30/23 Portion
Governmental Activities:
Accrued benefit time 626,367$ 164,895$ (53,234)$ 738,028$ 110,704$
Post retirement incentive 643,501 86,840 (79,001) 651,340 97,701
Net pension liability 10,093,355 4,780,753 (3,292,284) 11,581,824 -
Total Governmental Activities 11,363,223$ 5,032,488$ (3,424,519)$ 12,971,192$ 208,405$
Please see Notes 9, 16 and 17 for detailed information on each of the other long-
term obligations.
NOTE 9 - ACCRUED BENEFIT TIME
The City’s policies regarding vacation and sick time do permit employees to accumulate earned but unused vacation and sick leave. The liability for these
compensated absences is recorded as long-term obligations in the government-wide financial statements. In the fund financial statements, governmental funds report only the compensated absence liability payable from expendable available financial resources, while the proprietary funds report the liability as it is incurred. As of June 30, 2023, the
City’s liability for accrued benefit time is $738,028.
NOTE 10 - NET INVESTMENT IN CAPITAL ASSETS The following is the calculation of the net investment in capital assets for the City at June 30, 2023:
Governmental Business-type
Activities Activities
Invested in capital assets 130,067,564$ 65,596,800$
Accumulated depreciation (64,774,918) (30,502,216)
Outstanding capital related debt (33,627,107) (10,576,632)
31,665,539$ 24,517,952$
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
50
NOTE 11 - NONSPENDABLE FUND BALANCES At June 30, 2023, the City had the following nonspendable fund balances:
General fund:
Inventory 21,796$
Prepaid items 297,956
Nonmajor special revenue funds (Schedule D)40
319,792$
NOTE 12 - RESTRICTED NET POSITION AND FUND BALANCES At June 30, 2023, the City had the following restricted net position and fund balances:
Nonmajor special revenue funds (Schedule D)8,913,479$
Nonmajor capital projects funds (Schedule F)336,546
Nonmajor permanent funds (Schedule H)27,111
9,277,136$
NOTE 13 - COMMITTED FUND BALANCES
At June 30, 2023, the City had the following committed fund balances:
Capital improvement reserve fund 4,423,885$
Nonmajor special revenue funds (Schedule D)1,647,562
Nonmajor capital projects funds (Schedule F)2,138,077
Nonmajor permanent funds (Schedule H)24,619
8,234,143$
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
51
NOTE 14 - ASSIGNED FUND BALANCES At June 30, 2023, the City had the following assigned fund balances:
General fund:
Neogov implementation 14,028$
Paving 200,000
ADP optimization 10,000
Trinity Education Center 13,000
School zone study and implementation 60,000
Dorset Street signal 130,000
Dispatch center upgrades 250,000
FY24 Illuminate VT 100,000
Indoor recreation design 164,136
Bike/ped bridge grant consultants 50,000
Social service agencies 16,000
Fire dept. kitchen and bathroom upgrade 100,000
Group health insurance reserve 21,000
Nonmajor special revenue funds (Schedule D)228,230
Nonmajor permanent funds (Schedule H)6,485
1,362,879$
NOTE 15 - RISK MANAGEMENT
The City is exposed to various risks of loss related to limited torts; theft or damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters for which the City carries commercial insurance. The City’s property and casualty insurance is provided through Travelers Insurance, brokered by Hickock and Boardman.
There have been no significant reductions in coverage from the prior year and amounts of
settlements have not exceeded insurance coverage in the past three years. Management
believes such coverage is sufficient to preclude any significant uninsured losses to the City. To provide health insurance coverage, the City is part of a captive arrangement
through Pareto Health. The City is self-insured and has reinsurance through the captive arrangement to minimize risk. The City utilizes CBA Blue to access the Blue Cross/Blue
Shield network and CBA Blue processes claims as the City’s third part administrator. Other health related benefits available include dental insurance, flexible spending accounts, life insurance, disability insurance and long-term care insurance.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
52
NOTE 15 - RISK MANAGEMENT (CONTINUED) The City of South Burlington, Vermont is a member of Vermont League of Cities
and Towns (VLCT). To provide unemployment coverage, VLCT has established a separate trust of funds (VLCTUT) from member contributions to pay administrative costs, unemployment claims and provide excess reinsurance protection. Contributions are based on payroll expense and the previous two-year unemployment compensation experience. In the event that total contributions assessed to and made by all members result in an
actual or projected financial deficit and VLCTUT is unable to meet its required obligations,
the program will be terminated with each members assessed their proportionate share of the deficit. NOTE 16 - RETIREMENT INCENTIVES
The City will permit any employee with 15 years or more of service to exchange 160 hours of sick leave plus 16 additional sick leave hours per year of service beyond 15 years towards early retirement in the year of retirement.
Life insurance is offered to all retirees for the rest of their lives. The present cost is
different for each person. There are 32 people presently receiving life insurance benefits with an annual cost to the City of $445 in 2023. The liability will change from year to year based on the cost of the insurance and the number of people receiving the insurance benefit. This program is no longer offered to new entrants. Employees are now offered a
lump sum payout upon retirement based on contract agreements.
The City offers a plan, available to all full-time employees, that uses accumulated unused sick time to pay for the loss of health insurance upon their retirement. The amount
of unused sick time hours multiplied by the employee’s hourly rate at the time of retirement is the amount credited to a sick leave bank to pay the cost of insurance and is absorbed
into the operating budget annually in the amount of $125,000 to cover all payouts and health care payments. The employee may choose a payout option, which is 50% of the
employee’s accumulated unused sick time. The amount is actually unfunded and treated
as a “pay as you go” plan. As of June 30, 2023, the actual liability for retired employees is
$643,501 and the contingent liability for active employees has been estimated at
$3,624,8472.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
53
NOTE 17 - DEFINED BENEFIT PENSION PLANS CITY OF SOUTH BURLINGTON RETIREMENT INCOME PLAN
Plan Description The City of South Burlington Retirement Income Plan is a single-employer defined benefit pension plan established and maintained by the City for its employees. The plan is
administered by and may be amended by the City Council. The plan was established
effective December 1, 1972 and contains two components, one component for public safety employees (fire and police) and the other component for all other City employees. The plan calls for benefits to be paid to eligible employees at retirement based primarily upon years of service with the City and compensation rates near retirement.
At June 30, 2023, the plan membership consisted of the following:
Non-Public
Membership Public Safety Safety Group
Retired members currently receiving benefits 52 45
Terminated vested or inactive but still employed 29 25
Actively employed members 40 19
Total membership 121 89
As this plan is provided for and administered by the City of South Burlington,
separate financial statements are not available for this plan. The City’s most recent
actuarial valuation of the plan can be obtained at the office of the City Treasurer, 180 Market Street, South Burlington, Vermont 05403 or on the City’s website at www.southburlingtonvt.gov.
Benefits Provided
The plan provides retirement, disability and death benefits to plan members and their beneficiaries based on eligibility. Plan eligibility requirements for public safety employees is immediate upon employment, while non-public safety employees are
required to reach thirty-six months of service prior to plan entry. Effective July 1, 2019, no
new employees may enroll in the plan. Employees who are members of the Water Pollution Control Employees Association (WPC) who are hired on or after January 1, 2011 and employees who are not members of either the WPC or the South Burlington City Hall
& Public Works Employees’ Association (SBCH&PW) unless that employee was a participant in the plan on June 30, 2010 are ineligible for the plan.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
54
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED) Benefits available to each group are based on average final compensation (AFC)
and years of creditable service and are summarized below:
Plan Provisions Public Safety Employees Non-public Safety
Employees
Normal retirement age:
*or other termination of service
Retirement * on or
After Age Attainment of age
65
Prior to July 1, 2001 60
July 1, 2001 55
July 1, 2005 54
July 1, 2007 53
July 1, 2009 52
July 1, 2010 51
July 1, 2011 50
Benefit formula 2.5% of average annual compensation per year of service with police or fire departments up to 25
years
1.75% of average compensation times years of
service completed with city departments other than non-public
safety departments
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
55
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED)
Plan Provisions Public Safety
Employees
Non-public Safety
Employees
Post-retirement COLA and
social security offset for
members retiring on or after
normal retirement date: Members who retire on or
after their Normal
Retirement Date will receive an annual increase in their monthly benefit of 3% until social security
benefits commence. Upon commencement of social security, the plan benefit is reduced by a fraction of
the member’s social
security benefit based on
the member’s Years of Service at retirement.
Years of Service at Later
of June 30, 2002 or Retirement PIA Offset Percentage
25 or less 50%
26 45%
27 40%
28 35%
29 30%
30 or more 25%
SBCH&PW members -
effective July 1, 2009, total compensation; WPC members - effective July 1, 2007, total compensation,
including scheduled and unscheduled overtime, on-call pager pay; for all other non-public safety employees - base pay
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
56
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED)
Average annual
compensation: *effective July 1,
2009, plan
compensation includes overtime up to 25% of base pay
Plan compensation* is averaged over high three consecutive years of service. Compensation is
annualized for the years in
which the member completes less than 2,000 hours of service, but at least 1,000 hours of service
Plan compensation is averaged over high three consecutive years of service that produce highest average. Compensation is
annualized for the years in which
the member completes less than 2,000 hours of service, but at least 1,000 hours of service
Normal annuity form Life annuity Life annuity
Accrued benefit
definition
Unit credit accrual, based on years of service completed at determination date
Unit credit accrual, based on years of service completed at determination date
Early retirement Age 50, accrued benefit reduced 10% per year for benefit commencement prior
to normal retirement date
Age 55, accrued benefit reduced by 1/15 per year for benefit commencement prior to 65
Disability Actuarial equivalent of accrued benefit Actuarial equivalent of accrued benefit
Pre-retirement death
benefit
Actuarial equivalent of accrued benefit Actuarial equivalent of accrued benefit
Vesting 7-Year graded - 20% after 3 years, 20% per year
thereafter, 100% after 7
years
7-Year graded - 20% after 3 years, 20% per year thereafter,
100% after 7 years
Contributions
The authority to establish and amend the contribution requirement of the City and its active employees lies with the City Council. The City Council establishes rates based on an actuarially determined rate recommended by an independent actuary. The actuarially determined rate is the estimated amount necessary to finance the costs of
benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City’s contribution requirement for the year ended June 30, 2023 of $1,175,950 was made in accordance with actuarially determined requirements through an actuarial valuation performed as of July 1, 2023. This
contribution represents 21.32% of covered payroll.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
57
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED) All active public safety plan members are required to contribute 7.50% (police)
and 7.50% (fire) of their annual compensation on a pre-tax basis to the plan. A record of such Mandatory Member Contributions shall be maintained along with interest credited thereto. A plan member is fully vested in the amount standing to his credit in his Mandatory Member Contribution Account as of any date. Each plan member will be 100% vested in his accrued compensation benefit after completion of seven or more
years of credited service. For the year ended June 30, 2023, the average active
employee contribution rate was 7.25% of annual pay.
Investments
Investment policy. The pension plan’s policy in regard to the allocation of invested assets is established and may be amended by the City Council, by a majority vote of their members. It is the policy of the City Council to pursue an investment strategy that reduces risk through the prudent diversification of the portfolio across a
broad selection of distinct asset classes. The pension plan’s investment policy
discourages the use of cash equivalents, except for liquidity purposes and aims to
refrain from dramatically shifting asset class allocations over short time spans. The
following was the Board’s adopted asset allocation policy as of June 30, 2020:
Target
Asset Class Allocation
US Equity - Large Cap 25.00%
US Equity - Small/Mid Cap 5.00%
Non-US Equity - Developed 20.00%
Non-US Equity - Emerging 5.00%
US Corporate Bonds - Core 17.00%
US Corporate Bonds - Long Duration 5.00%
US Corporate Bonds - High Yield 11.00%
Non- US Debt - Developed 0.00%
Non- US Debt - Emerging 4.00%
US Treasuries (Cash Equivalents)0.00%
TIPS (Inflation Protected)0.00%
Real Estate 8.00%
Total 100.00%
Rate of return - For the year ended June 30, 2023, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 10.19%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
58
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED)
Net Pension Liability
The City’s net pension liability was measured as of July 1, 2022 and the total pension liability used to calculate the net pension liability was determined by an actuarial
valuation as of that date. The components of the net pension liability of the City at June
30, 2023 were as follows:
Total pension liability 50,459,567$
Plan fiduciary net position 43,005,542
Net pension liability 7,454,025$
Plan fiduciary net position as a percentage of
the total pension liability 85.23%
Net pension liability as a percentage of
covered valuation payroll 145.11%
Significant Actuarial Assumptions and Methods
The total pension liability in the June 30, 2023 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement:
Actuarial valuation date July 1, 2022
Valuation interest (pre- and post-
retirement)
7.25%
Compensation annual rate of increase Public Safety - 5.00%; Non-public Safety - 4.00%
Valuation compensation:
Compensation paid during the plan year preceding the valuation date
Public Safety:
Base compensation plus overtime not to exceed 25% of base pay
Non-public Safety:
Total compensation
Employee contribution rate (public safety only) Police - 7.50% Fire - 7.50%
Assumed retirement age Public Safety - Age 53, Non- Public Safety -Normal retirement age, Terminated Public Safety Participants - Age 50
Mortality (pre- and post-retirement) NPS - Pri-2012 Total Dataset projected generationally with scale MP2021
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
59
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED)
Employee turnover Scale Crocker-Sarason T-3
IRC Section 401(a)(17) maximum
compensation limit
$290,000
IRC Section 415(b) maximum
benefit limit
$230,000
Actuarial cost method Entry Age Normal
The long-term expected rate of return on pension plan assets was determined using a building block method in which best-estimate ranges of expected future real rates of
return (net of pension plan investment expense and inflation) are developed for each asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rate 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 pension plan’s target asset allocation as of July 1, 2022
are summarized on the table below:
Long-term
Expected
Real Rate of
Asset Class Return
US Equity - Large Cap 5.72%
US Equity - Small/Mid Cap 6.77%
Non-US Equity - Developed 6.55%
Non-US Equity - Emerging 8.54%
US Corporate Bonds - Core 1.14%
US Corporate Bonds - Long Duration 1.73%
US Corporate Bonds - High Yield 3.22%
Non- US Debt - Developed 0.29%
Non- US Debt - Emerging 3.75%
US Treasuries (Cash Equivalents)-0.33%
TIPS (Inflation Protected)0.32%
Real Estate 5.41%
Total 4.72%
Inflation 2.24%
Total Return 6.96%
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
60
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED)
Discount Rate
The discount rate used to measure the total pension liability was 7.25%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will continue to be made at the current rate and that contributions will be made at rates at least equal to the actuarially determined contribution rates. Based on
those assumptions, the pension plan’s fiduciary net position was projected to be available
to make all projected future benefit payments of current plan members. Therefore, the expected 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.
Sensitivity of the City’s Proportionate Share of the Net Pension Liability to
Changes in the Discount Rate
The following presents the City’s proportionate share of the net pension liability calculated using the discount rate of 7.25%, as well as what the City’s proportionate share
of the net pension liability would be if it were calculated using a discount rate that is 1
percentage point lower (6.25%) or 1 percentage point higher (8.25%) than the current rate:
1%Discount 1%
Decrease Rate Increase
Discount rate 6.25%7.25%8.25%
City's proportionate share of
the net pension liability 45,231,960$ 50,459,567$ 56,731,768$
Pension Plan Fiduciary Net Position
Detailed information about the pension plan’s fiduciary net position is available in
the fiduciary fund section of this financial report.
Pension Expense and Deferred Outflows of Resources and Deferred Inflows
of Resources Related to Pensions For the year ended June 30, 2023, the City recognized pension expense of
$559,577. At June 30, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
61
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED)
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and actual
experience 181,543$ 39,406$
Changes of assumptions - -
Net difference between projected and actual
earnings on pension plan investments 5,185,129 3,644,323
Changes in proportion and differences between
contributions and proportionate share of
contributions - 5,391
Contributions subsequent to the
measurement date - -
Total 5,366,672$ 3,689,120$
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:
Plan year ended June 30:
2024 408,505$
2025 89,431
2026 1,444,284
2027 (182,399)
2028 20,567
Thereafter (102,835)
VERMONT MUNICIPAL EMPLOYEES’ RETIREMENT SYSTEM
Plan Description
The Vermont Municipal Employees’ Retirement System (VMERS) is a cost sharing,
multi-employer defined benefit pension plan that is administered by the State Treasurer
and its Board of Trustees. The plan was established effective July 1, 1975 and is governed
by Title 24, V.S.A. Chapter 125. It is designed for persons employed on a regular basis by
a school district or by a supervisory union for no fewer than 1,040 hours in a year and for
no fewer than 30 hours a week for the school year, as defined in 16 V.S.A. § 1071 or for
no fewer than 1,040 hours in a year and for no fewer than 24 hours a week year-round;
provided, however, that if a person who was employed on a regular basis by a school
district as either a special education or transportation employee and who was transferred
to and is working in a supervisory union in the same capacity pursuant to 16 V.S.A. §
261a(a)(6) or (8)(E) and if that person is also employed on a regular basis by a school
district within the supervisory union, then the person is an "employee" if these
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
62
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED)
criteria are met by the combined hours worked for the supervisory union and school
district. The term shall also mean persons employed on a regular basis by a municipality
other than a school district for no fewer than 1,040 hours in a year and for no fewer than
24 hours per week, including persons employed in a library at least one-half of whose
operating expenses are met by municipal funding. For the year ended June 30, 2021 (the
most recent data available), the retirement system consisted of 16,158 participating
members.
The general administration and responsibility for formulating administrative policy and procedures of the Retirement System for its members and their beneficiaries is vested in the Board of Trustees consisting of five members. They are the State Treasurer, two
employee representatives elected by the membership of the system and two employer representatives - one elected by the governing bodies of participating employers of the system and one selected by the Governor from a list of four nominees. The list of four nominees is jointly submitted by the Vermont League of Cities and Schools and the
Vermont School Boards Association.
All assets are held in a single trust and are available to pay retirement benefits to all members. Benefits available to each group are based on average final compensation (AFC) and years of creditable service. VMERS does not issue stand-alone financial
reports, but instead are included as part of the State of Vermont’s Annual Comprehensive
Financial Report. The Annual Report may be viewed on the State’s Department of Finance and Management website at: Annual Comprehensive Financial Report | Department of Finance and Management (vermont.gov).
Benefits Provided
The pension plan is divided into four membership groups:
• Group A - general employees whose legislative bodies have not elected to
become a member of Group B or Group C
• Groups B and C - general employees whose legislative bodies have elected to become members of Group B or Group C
• Group D - sworn police officers, firefighters and emergency medical personnel The City participates in Groups B, C and D. Benefits available to each group are based on average final compensation (AFC) and years of creditable service and are summarized below:
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
63
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED)
VMERS Group A Group B Group C Group D
Normal
service retirement eligibility
Age 65 with 5
years of service or age 55 with 35 years of
service
Age 62 with 5
years of service or age 55 with 30 years of
service
Age 55 with 5
years of service
Age 55 with 5
years of service
Average Final Compensation
(AFC)
Highest 5 consecutive
years
Highest 3 consecutive
years
Highest 3 consecutive
years
Highest 2 consecutive
years
Benefit formula -
Normal Service Retirement (no reduction)
1.4% x creditable
service x AFC
1.7% x creditable
service x AFC + previous service; 1.4% x Group A
service x AFC
2.5% x creditable
service x AFC + previous service; 1.4% x Group A
service x AFC;
1.7% x Group B x AFC
2.5% x creditable
service x AFC + previous service; 1.4% x Group A
service x AFC;
1.7% x Group B x AFC; 2.5% x Group C service x AFC
Maximum Benefit
Payable
60% of AFC 60% of AFC 50% of AFC 50% of AFC
Post-
Retirement
COLA
50% of CPI,
up to 2% per
year
50% of CPI,
up to 3% per
year
50% of CPI,
up to 3% per
year
50% of CPI,
up to 3% per
year
Early
Retirement Eligibility
Age 55 with 5
years of service
Age 55 with 5
years of service
N/A Age 50 with
20 years of service
Early
Retirement Reduction
6% per year
from age 65 **
6% per year
from age 62 **
N/A No reduction
** A special early retirement factor of 3% per year only for municipal police officers who have attained age 60
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
64
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED) Members of all groups may qualify for vested deferred allowance, disability
allowances and death benefit allowance subject to meeting various eligibility requirements. Benefits are based on AFC and service.
Contributions
Title 24 VSA Chapter 125 of Vermont Statutes grants the authority to the
Retirement Board to annually review the amount of municipalities’ contributions as recommended by the actuary of the retirement system in order to achieve and preserve the financial integrity of the fund and to certify the rates of contributions payable by employers. The Board of Trustees also certifies the rates of contribution payable by
employees. Contribution rates for each group as of July 1, 2022 are as follows:
VMERS Group A Group B Group C Group D
Employee Contributions 3.500% of gross salary 5.875% of gross salary 11.000% of gross salary 12.350% of gross salary
Employer Contributions 5.000% of gross salary 6.500% of gross salary 8.250% of gross salary 10.850% of gross salary
Employee contributions are withheld pre-income tax by the City and are remitted to the State of Vermont. Such withholdings for the year ended June 30, 2023 totaled $477,179. The City contributed $448,024 for the year ended June 30, 2023. The City’s
total payroll for the year ended June 30, 2023 for all employees covered under this plan was $6,218,380.
Pension Liabilities
At June 30, 2023, the City reported a liability of $4,127,799 for its proportionate
share of the net pension liabilities for each plan. The net pension liabilities were measured as of June 30, 2022 and the total pension liabilities used to calculate the net pension liabilities was determined by an actuarial valuation as of June 30, 2021. The City’s proportion of the net pension liabilities were based on a projection of the City’s long-term
share of contributions to each pension plan relative to the projected contributions of all participating towns, actuarially determined. At June 30, 2022, the City’s proportion was 1.36064% for VMERS, which was an
increase of 0.20639% from its proportion measured as of June 30, 2021 for VMERS.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
65
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows
of Resources Related to Pensions For the year ended June 30, 2023, the City recognized pension expense of $5,935,210 for the VMERS plan. At June 30, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following
sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and actual
experience 310,000$ -$
Changes of assumptions 211,032 -
Net difference between projected and actual
earnings on pension plan investments 670,150 -
Changes in proportion and differences between
contributions and proportionate share of
contributions 495,425 -
Contributions subsequent to the
measurement date 448,024 -
Total 2,134,631$ -$
VMERS
$448,024 reported as deferred outflows of resources related to pensions resulting
from City contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:
VMERS
Plan year ended June 30:
2023 555,348$
2024 435,390
2025 199,776
2026 496,092
2027 -
Thereafter -
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
66
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED)
Significant Actuarial Assumptions and Methods
The total pension liability for the June 30, 2022 measurement date was determined by rolling forward the total pension liability as of June 30, 2021 to June 30, 2022. The total pension liability was calculated using the following actuarial assumptions:
Investment Rate of Return: 7.00%, net of pension plan investment expense,
including inflation.
Inflation: 2.30%
Salary Increases: Varying, service-based rates from 0-10 years of service, then a single rate of 4.50% (includes assumed inflation rate of 2.30%) for all subsequent years.
Deaths After Retirement: Mortality rates for pre-retirement, healthy retirees and disabled retirees in the VMERS plan for Groups A, B, C and D were based on historical
and current demographic data, adjusted to reflect health characteristics of the underlying
groups and estimated future experience and professional judgment. The mortality tables were then adjusted to future years using the generational projection to reflect future mortality improvement between the measurement date and those years.
Pre-Retirement:
• Groups A/B/C - 40% PubG-2010 General Employee Amount-Weighted below-median and 60% of PubG-2010 General Employee Amount-Weighted, with generational projection using Scale MP-2019.
• Group D - PubG-2010 General Employee Amount-Weighted above-median, with generational projection using scale MP-2019.
Healthy Post-Retirement - Retirees:
• Groups A/B/C - 104% of 40% PubG-2010 General Healthy Retiree Amount- Weighted below-median and 60% of PubG-2010 General Healthy Retiree Amount-Weighted, with generational projection using scale MP-2019.
• Group D - PubG-2010 General Healthy Retiree Amount-Weighted, with
generational projection using scale MP-2019.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
67
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED)
Healthy Post-Retirement - Beneficiaries:
• Groups A/B/C - 70% Pub-2010 Contingent Survivor Amount-Weighted below-median and 30% of Pub-2010 Contingent Survivor Amount-Weighted, with generational projection using scale MP-2019.
• Group D - Pub-2010 Contingent Survivor Amount-Weighted, with generational
projection using scale MP-2019.
Disabled Post-Retirement:
• All Groups - PubNS-2010 Non-Safety Disabled Retiree Amount-Weighted Mortality Table with generational projection using Scale MP-2019.
Inactive Members: Valuation liability equals 100% of accumulated contributions. Inactive who are vested immediately become Deferred Members and the liabilities for all
Deferred Members are based on the accrued benefit.
Future Administrative Expenses: An expense adjustment based on actual expenses for the previous year is reflected in the development of recommended employer contribution levels.
Unknown Data for Participants: The same as those exhibited by participants with similar known characteristics. If not specified, participants are assumed to be male.
Percent Married: 85% of male members and 50% of female members are assumed to be married.
Spouse’s Age: Husbands are assumed to be three years older than their wives.
Cost-of-Living Adjustments: Assumed to occur on January 1 following one year of
retirement at the rate of 1.10% per annum for Group A members and 1.20% per annum for
Groups B, C and D members (beginning at Normal Retirement eligibility age for members who elect reduced early retirement, at age 62 for members of Group A, B and D who receive a disability retirement benefit and at age 55 for members of Group C who receive a disability retirement benefit). The January 1, 2022 COLA is 2.00% for Group A members and 2.30% for Group B, C and D members. The January 1, 2023 COLA is 2.00% for
Group A members and 3.00% for Group B, C and D members.
Actuarial Cost Method: The Projected Benefit Cost Method is used. Normal contribution rates for each Group are equal to rates from the prior year, adjusted for
increases or decreases in rates due to assumption changes or plan provision changes.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
68
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED) A smoothing asset valuation method was used for funding purposes in the VMERS
plan, under which the value of assets for actuarial purposes equals market value less a five-year phase-in of the differences between actual and assumed investment return. Then value of assets for actuarial purposes may not differ from the market value of assets by more than 20%.
The long-term expected rate of return on plan investments was determined using a
building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of investment expense and inflation) developed for each major asset class. These best estimate ranges were 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 rates of return for each major asset class included in the target asset allocation as of June 30, 2022 are summarized in the following table:
Long-term
Expected
Target Real Rate of
Asset Class Allocation Return
Passive Global Equities 24.00%4.30%
Active Global Equities 5.00%4.30%
US Equity - Large Cap 4.00%3.25%
US Equity - Small/Mid Cap 3.00%3.75%
Non-US Developed Market Equities 7.00%5.00%
Emerging Market Debt 4.00%3.50%
Core Fixed Income 19.00%0.00%
Private and Alternative Credit 10.00%4.75%
US TIPS 3.00%-0.50%
Core Real Estate 3.00%3.50%
Non-Core Real Estate 4.00%6.00%
Private Equity 10.00%6.50%
Infrastructure/Farmland 4.00%4.25%
Discount Rate
The discount rate used to measure the total pension liability was 7.00% for the
VMERS plan. The projection of cash flows used to determine the discount rate assumed that contributions will continue to be made in accordance with the current funding policy which exceeds the actuarially determined contribution rate. Based on these assumptions, the fiduciary net position was projected to be available to make all projected future benefit
payments to current System members. The assumed discount rate has been determined in accordance with the method prescribed by GASB 68.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
69
NOTE 17 - DEFINED BENEFIT PENSION PLANS (CONTINUED)
Sensitivity of the City’s Proportionate Share of the Net Pension Liability to
Changes in the Discount Rate
The following presents the City’s proportionate share of the net pension liability
calculated using the discount rate of 7.00% for the VMERS plan, as well as what the City’s
proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1 percentage point lower (6.00%) or 1 percentage point higher (8.00%) than the current rate:
Decrease Rate Increase
VMERS:
Discount rate 6.00%7.00%8.00%
City's proportionate share of
the net pension liability 6,185,326$ 4,127,799$ 2,435,398$
Pension Plan Fiduciary Net Position
The schedule of employer allocations and schedule of pension amounts by
employer are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. The schedules present amounts that are elements of the financial statements of VMERS or their participating employers. VMERS does not issue stand-alone financial reports, but instead are included as part of the State
of Vermont’s Annual Comprehensive Financial Report. The Annual Report can be viewed
on the State’s Department of Finance and Management website at: Annual Comprehensive Financial Report | Department of Finance and Management (vermont.gov).
NOTE 18 - DEFERRED COMPENSATION PLAN MISSION SQUARE RETIREMENT A. Plan Description
The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all City employees, permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination, retirement, death or
unforeseen emergency.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
70
NOTE 18 - DEFERRED COMPENSATION PLAN (CONTINUED) All amounts of compensation deferred under the plan, all property and rights
purchased with those amounts and all income attributable to those amounts, property or rights are (until paid or made available to the employee or other beneficiary) to be held in a trust for the exclusive benefit of the participants and their beneficiaries.
It is the opinion of the City’s management that the City has no liability for losses
under the plan but does have the duty of due care that would be required of an ordinary
prudent investor. Funding Policy
The contribution requirements of plan members and the City are established and may be amended by the City Council. The City matches voluntary contributions up to 5.5% of non-public safety personnel. Vesting occurs immediately.
The City’s contributions to the plan including employee contributions for 2023, 2022,
2021 and 2020 were $691,363, $810,859, $770,266 and $662,710, respectively.
NOTE 19 - DEFICIT FUND BALANCE At June 30, 2023 the City had the following deficit fund balance:
City Center - TIF funds 587,603$
Nonmajor special revenue funds (Schedule D):
Indoor recreation center (285)164,136
Nonmajor permanent funds (Schedule H)
Community music festival 63,193
814,932$
The City is currently reviewing the condition of these overdrafts and a plan to fund
them. NOTE 20 - COMMITMENTS AND CONTINGENCIES The City of South Burlington, Vermont contracts for management, water purchases
and other services from the Champlain Water District (CWD). The water department has
contracted with CWD to manage and maintain the water facility. This contract is renewed annually. The terms of the management contract provide for hourly wages for the CWD employees.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023
71
NOTE 20 - COMMITMENTS AND CONTINGENCIES (CONTINUED) With regard to pending legal claims or any unasserted claims, it is not feasible at
this time to predict or determine their outcome. Management believes, however, that settlement amounts, if any, will not have a material adverse effect on the City’s financial position. The City participates in various intergovernmental grant programs which may be
subject to future program compliance audits by the grantors or their representatives.
Accordingly, the City’s compliance with applicable grant requirement may be established at some future date. The amount, if any, of any liabilities arising from the disallowance of expenditures or ineligibility of grant revenues cannot be determined at this time.
NOTE 21 - TAX INCREMENT FINANCING DISTRICT - COMPLIANCE In accordance with Vermont Statutes, Title 24, Chapter 053, Subchapter 005,
Section 1901, the TIF information included in the City’s annual audited financial statements have been subjected to the above-mentioned section.
NOTE 22 - COLLATERALIZATION At June 30, 2023, the City has an outstanding irrevocable stand-by letter of credit issued by FHL Bank of Pittsburg serving as collateral for its deposits held at TD Bank, NA..
There were no draws for the year ended June 30, 2023.
NOTE 23 - RESTATEMENTS In 2023, the City determined that certain transactions in prior years had been recorded incorrectly, therefore, a restatement to the 2022 government-wide and business-
type activities, accrued benefit time and capital assets were required. The beginning net position and capital asset balance were restated by $282,643 to correct the capital asset balance for governmental activities. The accrued benefit time beginning balance was increased by $354,724. The resulting restatements decreased governmental activities net
position by $72,081 from $40,247,918 to $40,175,837.
The nonmajor capital projects funds and permanent funds were restated by a decrease of $20,609 to move the Penny for Paths fund to the nonmajor capital projects funds. There was no effect on the governmental activities net position.
The business-type activities were restated by an increase of $305,454 for capital assets. The net restatement increased net position from $29,768,592 to $30,092,046.
Required Supplementary Information
72
Required supplementary information includes financial information and disclosures that are required by the Governmental Accounting Standards Board but are not considered
a part of the basic financial statements. Such information includes:
● Budgetary Comparison Schedule - Budgetary Basis - Budget and Actual -General Fund
● Schedule of Proportionate Share of the Net Pension Liability
● Schedule of Contributions - Pensions
● Schedule of Changes in Net Pension Liability and Related Ratios -
Employees’ Pension Plan
● Schedule of Contributions - Employees’ Pension Plan
● Schedule of Investment Returns
● Schedule of Funding Progress - Employees’ Pension Plan
● Notes to Required Supplementary Information
SCHEDULE 1 CITY OF SOUTH BURLINGTON, VERMONT
BUDGETARY COMPARISON SCHEDULE - BUDGETARY BASIS
BUDGET AND ACTUAL - GENERAL FUND FOR THE YEAR ENDED JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
73
Variance
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 4,820,689$ 4,820,689$ 4,820,689$ -$
Resources (Inflows):
General tax revenue - municipal and education 67,112,455 67,112,455 68,125,106 1,012,651
Intergovernmental revenue 247,346 247,346 1,161,887 914,541
Charges for services 5,572,430 5,572,430 5,796,323 223,893
Other revenue 26,500 26,500 39,025 12,525
Transfers from other funds - - 192,551 192,551
Amounts Available for Appropriation 77,779,420 77,779,420 80,135,581 2,356,161
Charges to Appropriations (Outflows):
General government 10,078,671 10,078,671 10,151,926 (73,255)
Public safety 9,981,449 9,981,449 9,501,048 480,401
Public works 3,346,939 3,346,939 3,455,999 (109,060)
Social services 791,250 791,250 803,918 (12,668)
Recreation and culture 1,964,676 1,964,676 1,932,114 32,562
Debt service:
Principal 1,211,204 1,211,204 1,211,245 (41)
Interest 279,090 279,090 269,218 9,872
Education 44,497,252 44,497,252 44,497,252 -
Transfers to other funds 808,200 2,673,685 2,673,685 -
Total Charges to Appropriations 72,958,731 74,824,216 74,496,405 327,811
Budgetary Fund Balance, June 30 4,820,689$ 2,955,204$ 5,639,176$ 2,683,972$
Budgeted Amounts
SCHEDULE 2 CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
LAST 10 FISCAL YEARS*
See accompanying independent auditor’s report and notes to financial statements.
74
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
VMERS:
Proportion of the net pension liability 1.36%1.15%1.09%0.93%0.73%0.58%0.52%0.41%0.31%0.29%
Proportionate share of the net pension
liability 4,127,799$ 1,698,871$ 2,754,179$ 1,619,994$ 1,019,989$ 707,670$ 669,756$ 314,202$ 31,441$ 112,493$
Covered payroll 4,980,671$ 4,011,214$ 3,642,168$ 2,869,100$ 2,223,744$ 1,734,340$ 1,438,095$ 1,059,889$ 962,454$ 907,232$
Proportionate share of the net pension
liability as a percentage of its covered payroll 82.88%42.35%75.62%56.46%45.87%40.80%46.57%29.64%3.27%12.40%
Plan fiduciary net position as a percentage of the
total pension liability 73.60%86.29%74.52%80.35%82.60%83.64%80.95%87.42%98.32%92.71%
* The amounts presented for each fiscal year were determined as of June 30 and are for those years for which information is available.
SCHEDULE 3 CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF CONTRIBUTIONS - PENSIONS
LAST 10 FISCAL YEARS*
See accompanying independent auditor’s report and notes to financial statements.
75
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
VMERS:
Contractually required contribution 448,024$ 336,103$ 256,629$ 220,562$ 161,387$ 122,306$ 95,389$ 79,095$ 147,760$ 126,668$
Contributions in relation to the contractually
required contribution (448,024) (336,103) (256,629) (220,562) (161,387) (122,306) (95,389) (79,095) (147,760) (126,668)
Contribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Covered payroll 6,218,380$ 4,980,671$ 4,011,214$ 3,642,168$ 2,869,100$ 2,223,744$ 1,734,340$ 1,438,095$ 1,059,889$ 962,454$
Contributions as a percentage of covered payroll 7.20%6.75%6.40%6.06%5.63%5.50%5.50%5.50%13.94%13.16%
* The amounts presented for each fiscal year are for those years for which information is available.
SCHEDULE 4 CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS EMPLOYEES’ PENSION PLAN
LAST 10 FISCAL YEARS*
See accompanying independent auditor’s report and notes to financial statements.
76
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Total pension liability
Service cost 817,648$ 775,869$ 992,644$ 992,682$ 1,049,187$ 966,711$ 932,286$ 804,013$ 764,636$ 649,470$
Interest 3,496,423 3,341,616 3,237,160 3,090,936 2,949,206 2,756,390 2,548,930 2,337,631 2,177,059 1,970,702 Changes in benefit terms - - - - - - - - - -
Difference between actual and expectedexperience 189,588 161,558 (194,956) 57,126 (294,839) 896,053 52,789 445,709 558,135 3,091,068
Changes of assumptions - - (16,031) (145,632) 165,987 (360,328) 1,047,528 600,947 (70,880) (1,677,930) Benefit payments (2,638,820) (2,248,480) (2,077,646) (1,929,009) (1,816,072) (1,615,723) (1,413,887) (1,328,091) (1,247,876) (1,315,889)
Net change in total pension liability 1,864,839 2,030,563 1,941,171 2,066,103 2,053,469 2,643,103 3,167,646 2,860,209 2,181,074 2,717,421
Total pension liability - beginning 48,594,728 46,564,165 44,622,994 42,556,891 40,503,422 37,860,319 34,692,673 31,832,464 29,651,390 26,933,969
Total pension liability - ending (a)50,459,567$ 48,594,728$ 46,564,165$ 44,622,994$ 42,556,891$ 40,503,422$ 37,860,319$ 34,692,673$ 31,832,464$ 29,651,390$
Plan fiduciary net position
Contributions - employer 1,275,950$ 1,054,731$ 1,302,918$ 1,384,798$ 1,394,798$ 1,246,468$ 1,037,443$ 765,860$ 1,192,750$ -$
Contributions - employee 305,084 368,209 373,582 379,719 349,543 337,958 313,535 305,476 297,142 310,118
Net investment income 3,863,084 (4,876,347) 9,685,649 1,020,614 1,695,376 2,415,936 3,457,472 (306,473) 451,391 4,043,122 Benefit payments (2,638,820) (2,248,480) (2,077,646) (1,929,009) (1,816,072) (1,615,723) (1,413,888) (1,328,091) (1,247,876) (1,315,889)
Other - - - - - - - - - -
Net change in plan fiduciary net position 2,805,298 (5,701,887) 9,284,503 856,122 1,623,645 2,384,639 3,394,562 (563,228) 693,407 3,037,351
Plan fiduciary net position - beginning 40,200,244 45,902,131 36,617,628 35,761,506 34,137,861 31,753,222 28,358,660 28,921,888 28,228,481 25,191,130
Plan fiduciary net position - ending (b)43,005,542$ 40,200,244$ 45,902,131$ 36,617,628$ 35,761,506$ 34,137,861$ 31,753,222$ 28,358,660$ 28,921,888$ 28,228,481$
Net pension liability - ending (a) - (b)7,454,025$ 8,394,484$ 662,034$ 8,005,366$ 6,795,385$ 6,365,561$ 6,107,097$ 6,334,013$ 2,910,576$ 1,422,909$
Plan fiduciary net position as a percentage of
the total pension liability 85.23%82.73%98.58%82.06%84.03%84.28%83.87%81.74%90.86%95.20%
Covered payroll 5,136,880$ 5,529,140$ 5,983,545$ 6,730,654$ 6,749,677$ 7,041,414$ 7,257,365$ 7,064,300$ 6,743,881$ 6,333,287$
Net pension liability as a percentage of its
covered payroll 145.11%151.82%11.06%118.94%100.68%90.40%84.15%89.66%43.16%22.47%
* The amounts presented for each fiscal year were determined as of July 1 and are for those years for which information is available.
SCHEDULE 5 CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF CONTRIBUTIONS - EMPLOYEES’ PENSION PLAN
LAST 10 FISCAL YEARS*
See accompanying independent auditor’s report and notes to financial statements.
77
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Actuarially determined contribution 1,175,950$ 1,029,383$ 1,313,346$ 1,302,918$ 1,384,798$ 1,246,468$ 1,037,443$ 765,860$ 569,198$ 569,550$
Contributions in relation to the actuarially
determined contribution (1,275,950) (1,054,731) (1,302,918) (1,384,798) (1,394,798) (1,246,468) (1,037,443) (765,860) (569,198) (623,552)
Contribution deficiency (excess)(100,000)$ (25,348)$ 10,428$ (81,880)$ (10,000)$ -$ -$ -$ -$ (54,002)$
Covered payroll 5,983,545$ 5,983,545$ 5,983,545$ 6,730,654$ 6,749,677$ 7,041,414$ 7,257,365$ 7,064,300$ 6,743,881$ 6,743,881$
Contributions as a percentage of covered payroll 21.32%17.63%21.78%20.57%20.66%17.70%14.30%10.84%8.44%9.25%
Notes to schedule:
Valuation date:July 1, 2022Actuarial cost method:Entry age normal.
Recognition period for liabilities Average future service period of active employees of 14.0795 years.
Recognition period for assets 5 years.
Asset-valuation method:Market value of assets as of the measurement date.
Actuarial assumptions
Investment rate of return:7.25%
Discount rate:7.25%Compensation annual rate of increase:Public Safety 5.00% annually, Non-Public Safety 4.00% annually
Cost of living adjustment (public safety employees only)
Employee contribution rate (public safety only):Police 7.50%, Fire 7.50%
Assumed retirement age:
Pre- and post-retirement mortality:NPS - Pri-2012 Total Dataset projected generationally with scale MP2021
Employee turnover:Scale Crocker-Sarason T-3
IRC Section 401(a)(17) maximum compensation limit:$290,000IRC Section 415(b) maximum benefit limit:$230,000
* The amounts presented for each fiscal year were determined as of July 1 and are for those years for which information is available.
Members who retire on or after their Normal Retirement Date will receive anannualincreaseintheirmonthlybenefitof3%until social securitybenefits commence.Upon
commencement of social security,the plan benefit is reduced by a fraction of the
member’s social security benefit based on the member’s Years of Service at
retirement.
Public Safety -Age 53,Non-Public Safety -Normal retirement age,Terminated
Public Safety Participants - Age 50
SCHEDULE 6 CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF INVESTMENT RETURNS
LAST 10 FISCAL YEARS*
See accompanying independent auditor’s report and notes to financial statements.
78
2023 2022 2021 2020 2017 2016 2015
Annual money-weighted rate of return, net of
investment expense 10.19%6.17%6.86%7.25%7.25%7.50%7.50%
* The amounts presented for each fiscal year were determined as of July 1 and are for those years for which information is available.
SCHEDULE 7 CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF FUNDING PROGRESS - EMPLOYEES’ PENSION PLAN
LAST 10 FISCAL YEARS*
See accompanying independent auditor’s report and notes to financial statements.
79
PV of
Accumulated
Fair Value Plan Benefits -Unfunded UAAL as a
Actuarial of Plan Frozen Initial Plan Funded Covered Percentage of
Valuation Assets Liability Benefits Ratio Payroll Covered Payroll
Date (a)(b)(b - a)(a/b)(c)((b-a)/c)
7/1/11 22,140,718$ 20,777,281$ (1,363,437)$ 106.56%6,004,876$ -22.71%
7/1/12 22,354,550 22,362,659 8,109 99.96%5,623,012 0.14%
7/1/13 25,206,769 23,824,374 (1,382,395) 105.80%5,611,009 -24.64%
7/1/14 28,852,033 24,080,967 (4,771,066) 119.81%6,333,287 -75.33%
7/1/15 28,921,889 26,436,535 (2,485,354) 109.40%6,743,881 -36.85%
7/1/16 28,358,660 28,741,050 382,390 98.67%7,064,300 5.41%
7/1/17 31,753,223 32,098,384 345,161 98.92%7,257,365 4.76%
7/1/18 34,137,861 34,203,530 65,669 99.81%7,041,414 0.93%
7/1/19 35,761,506 36,297,464 535,958 98.52%6,749,677 7.94%
7/1/20 36,617,628 38,180,434 1,562,806 95.91%6,730,654 23.22%
7/1/21 45,902,131 41,444,055 (4,458,076) 110.76%6,730,654 -66.24%
7/1/22 40,200,244 42,727,562 2,527,318 94.09%5,529,140 45.71%
7/1/23 43,005,542 44,014,522 1,008,980 97.71%5,136,880 19.64%
* The amounts presented for each fiscal year were determined as of July 1 and are for those years for
which information is available.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
FOR THE YEAR ENDED JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
80
Changes of Assumptions
VMERS Pension Plan:
The July 1, 2023 COLA assumption was increased from 2.00% to 3.00% for Groups B, C and D members. Employees’ Pension Plan:
There have been no changes in actuarial assumptions since the last measurement date.
Other Supplementary Information
81
Other supplementary information includes financial statements and schedules not required by the Governmental Accounting Standards Board, nor a part of the basic
financial statements, but are presented for purposes of additional analysis.
● Budgetary Comparison Schedule - Budgetary Basis - Budget and Actual - General Fund Revenues
● Schedule of Departmental Operations - General Fund
● Combining Balance Sheet - Nonmajor Governmental Funds
● Combining Schedule of Revenues, Expenditures and Changes in
Fund Balances - Nonmajor Governmental Funds ● Combining Balance Sheet - Nonmajor Special Revenue Funds
● Combining Schedule of Revenues, Expenditures and Changes in
Fund Balances - Nonmajor Special Revenue Funds
● Combining Balance Sheet - Nonmajor Capital Projects Funds
● Combining Schedule of Revenues, Expenditures and Changes in
Fund Balances - Nonmajor Capital Projects Funds
● Combining Balance Sheet - Nonmajor Permanent Funds
● Combining Schedule of Revenues, Expenditures and Changes in
Fund Balances - Nonmajor Permanent Funds
● Schedule of General Capital Assets by Function ● Schedule of Changes in General Capital Assets by Function
SCHEDULE A CITY OF SOUTH BURLINGTON, VERMONT
BUDGETARY COMPARISON SCHEDULE - BUDGETARY BASIS
BUDGET AND ACTUAL - GENERAL FUND REVENUES FOR THE YEAR ENDED JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
82
Variance
Original Final Positive
Budget Budget Actual (Negative)
REVENUES
General tax revenues:
Property taxes 18,202,814$ 18,202,814$ 18,316,230$ 113,416$
Property taxes (education)44,497,252 44,497,252 44,497,252 -
Local options tax 4,033,389 4,033,389 4,940,340 906,951
Interest and penalties 379,000 379,000 371,283 (7,717)
Intergovernmental revenues:
Highway aid - - 450,902 450,902
Grants 247,346 247,346 710,985 463,639
Charges for services:
Administrative services 1,463,078 1,463,078 1,399,828 (63,250)
Fire department 489,000 489,000 1,185,734 696,734
Other city clerk fees 383,100 383,100 265,905 (117,195)
Building and sign permits - - 83,307 83,307
Electrical inspections 65,000 65,000 216,585 151,585
Other planning fees 383,100 383,100 493,671 110,571
Vermont district court - - 3,650 3,650
Police department 517,997 517,997 255,068 (262,929)
Highway department 1,394,855 1,394,855 764,364 (630,491)
Recreation 145,000 145,000 134,512 (10,488)
Ambulance 721,000 721,000 978,138 257,138
Library 10,300 10,300 15,561 5,261
Other income
Miscellaneous 26,500 26,500 39,025 12,525
Transfers from other funds - - 192,551 192,551
Total amounts available for appropriation 72,958,732$ 72,958,732$ 75,314,891$ 2,356,159$
SCHEDULE B CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF DEPARTMENTAL OPERATIONS - GENERAL FUND
FOR THE YEAR ENDED JUNE 30, 2023
83
Variance
Original Budget Final Positive
Budget Adjustments Budget Actual (Negative)
General government
City council 149,799$ -$ 149,799$ 95,751$ 54,048$
Employee benefits 6,032,914 - 6,032,914 6,306,718 (273,804)
City manager 472,492 - 472,492 369,299 103,193
City clerk 285,901 - 285,901 313,176 (27,275)
Legal/accounting/actuary 348,961 - 348,961 316,338 32,623
Administrative services 990,076 - 990,076 967,785 22,291
Information technology 397,768 - 397,768 403,269 (5,501)
Assessing/tax 403,043 - 403,043 406,826 (3,783)
Physical plant 434,004 - 434,004 498,894 (64,890)
Planning/design review 563,713 - 563,713 473,870 89,843
10,078,671 - 10,078,671 10,151,926 (73,255)
Public safety
Fire department 3,698,663 - 3,698,663 4,109,134 (410,471)
Ambulance 522,650 - 522,650 212,960 309,690
Police department 5,760,136 - 5,760,136 5,178,954 581,182
9,981,449 - 9,981,449 9,501,048 480,401
Public works
Highway department 3,346,939 - 3,346,939 3,455,999 (109,060)
3,346,939 - 3,346,939 3,455,999 (109,060)
Social services
County court 147,677 - 147,677 160,345 (12,668)
Winooski Valley Park 67,916 - 67,916 67,916 -
C.C.T.A 538,462 - 538,462 538,462 -
Regional planning 37,195 - 37,195 37,195 -
791,250 - 791,250 803,918 (12,668)
SCHEDULE B (CONTINUED) CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF DEPARTMENTAL OPERATIONS - GENERAL FUND
FOR THE YEAR ENDED JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
84
Variance
Original Budget Final Positive
Budget Adjustments Budget Actual (Negative)
Recreation and culture
Recreation administration 359,518 - 359,518 343,662 15,856
Programs 50,000 - 50,000 37,847 12,153
Red Rocks Park 14,925 - 14,925 11,301 3,624
Facilities 139,150 - 139,150 25,288 113,862
Contracted programs 134,811 - 134,811 127,043 7,768
Community library 866,630 - 866,630 838,373 28,257
Park maintenance 399,642 - 399,642 448,609 (48,967)
Capital items - - - 99,991 (99,991)
1,964,676 - 1,964,676 1,932,114 32,562
Debt service
Principal Kennedy drive recon.22,494 - 22,494 22,508 (14)
Principal Lime Kiln bridge 22,494 - 22,494 22,508 (14)
Prinicpal F/D building improvements 29,992 - 29,992 30,005 (13)
Principal police headquarters 360,000 - 360,000 360,000 -
Principal communication equipment 190,000 - 190,000 190,000 -
Principal pension liabilitiy 586,224 - 586,224 586,224 -
Interest Kennedy drive recon.2,924 - 2,924 299 2,625
Interest Lime Kiln bridge 2,824 - 2,824 299 2,525
Interest F/D building improvements 3,787 - 3,787 398 3,389
Interest police headquarters 145,602 - 145,602 145,602 -
Interest communication equipment 18,335 - 18,335 18,285 50
Interest sewer fund note 12,005 - 12,005 12,005 -
Interest and prepayment penalty pension liability 93,613 - 93,613 92,330 1,283
1,490,294 - 1,490,294 1,480,463 9,831
Education 44,497,252 - 44,497,252 44,497,252 -
Transfers 808,200 - 808,200 2,673,685 (1,865,485)
TOTAL DEPARTMENTAL OPERATIONS 72,958,731$ -$ 72,958,731$ 74,496,405$ (1,537,674)$
SCHEDULE C CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
85
Special Capital Total Nonmajor
Revenue Projects Permanent Governmental
Funds Funds Funds Funds
ASSETS
Cash and cash equivalents 100$ -$ -$ 100$
Accounts receivable (net of
allowance for uncollectibles)501,544 - - 501,544
Prepaid items 40 - - 40
Due from other funds 10,730,315 2,474,631 63,697 13,268,643
TOTAL ASSETS 11,231,999$ 2,474,631$ 63,697$ 13,770,327$
LIABILITIES
Accounts payable 434,501$ -$ -$ 434,501$
Due to agencies - 8 5,482 5,490
Due to other funds 172,323 - 63,193 235,516
TOTAL LIABILITIES 606,824 8 68,675 675,507
FUND BALANCES
Nonspendable 40 - - 40
Restricted 8,913,479 336,546 27,111 9,277,136
Committed 1,647,562 2,138,077 24,619 3,810,258
Assigned 228,230 - 6,485 234,715
Unassigned (deficit)(164,136) - (63,193) (227,329)
TOTAL FUND BALANCES 10,625,175 2,474,623 (4,978) 13,094,820
TOTAL LIABILITIES AND FUND
BALANCES $ 11,231,999 $ 2,474,631 $ 63,697 $ 13,770,327
SCHEDULE D CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND
BALANCES - NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
86
Special Capital Total Nonmajor
Revenue Projects Permanent Governmental
Funds Funds Funds Funds
REVENUES
Intergovernmental revenue 3,474,821$ 497,855$ 59,000$ 4,031,676$
Charges for services 1,063,901 522,281 5,992 1,592,174
Other income 209,052 66,997 26,781 302,830
TOTAL REVENUES 4,747,774 1,087,133 91,773 5,926,680
EXPENDITURES
Program expenses 2,750,768 143,365 171,720 3,065,853
Capital outlay 220,220 233,877 - 454,097
TOTAL EXPENDITURES 2,970,988 377,242 171,720 3,519,950
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 1,776,786 709,891 (79,947) 2,406,730
OTHER FINANCING SOURCES (USES)
Transfers in 210,269 54,002 889 265,160
Transfers (out)(216,850) - - (216,850)
TOTAL OTHER FINANCING SOURCES (USES)(6,581) 54,002 889 48,310
NET CHANGE IN FUND BALANCES 1,770,205 763,893 (79,058) 2,455,040
FUND BALANCES - JULY 1, RESTATED 8,854,970 1,710,730 74,080 10,639,780
FUND BALANCES - JUNE 30 10,625,175$ 2,474,623$ (4,978)$ 13,094,820$
Special Revenue Funds
87
Special revenue funds are established to account for the proceeds of specific revenue sources (other than expendable trusts or for major capital projects) that are legally
restricted to expenditures for specific purposes.
SCHEDULE E CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2023
88
213 207 210 211 212
Cider Mill Police MPG 10
Impact Forfeiture Natural EMTP Fueling
Fees Fund Resources Training Station
ASSETS
Cash and cash equivalents -$ -$ -$ -$ -$
Accounts receivable (net of
allowance for uncollectibles)- - - - -
Prepaid items - - - - -
Due from other funds 12,000 59,019 39,708 38,640 98,400
TOTAL ASSETS 12,000$ 59,019$ 39,708$ 38,640$ 98,400$
LIABILITIES
Accounts payable -$ -$ -$ -$ -$
Due to other funds - - - - -
TOTAL LIABILITIES - - - - -
FUND BALANCES (DEFICITS)
Nonspendable - - - - -
Restricted 12,000 59,019 - 38,640 98,400
Committed - - - - -
Assigned - - 39,708 - -
Unassigned - - - - -
TOTAL FUND BALANCES (DEFICITS)12,000 59,019 39,708 38,640 98,400
TOTAL LIABILITIES AND FUND
BALANCES (DEFICITS)12,000$ 59,019$ 39,708$ 38,640$ 98,400$
SCHEDULE E (CONTINUED) CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2023
89
214 216 219 220 221 222
Clerk Community Recreation Highway Police
Housing Computer-Justice Impact Impact Impact
Trust ization Grant - 2 Fees Fees Fees
ASSETS
Cash and cash equivalents -$ -$ 100$ -$ -$ -$
Accounts receivable (net of
allowance for uncollectibles)434,501 - 7,092 - - -
Prepaid items - - 40 - - -
Due from other funds 100,809 128,578 76,258 1,973,771 1,415,909 3,974
TOTAL ASSETS 535,310$ 128,578$ 83,490$ 1,973,771$ 1,415,909$ 3,974$
LIABILITIES
Accounts payable 434,501$ -$ -$ -$ -$ -$
Due to other funds - - - - - -
TOTAL LIABILITIES 434,501 - - - - -
FUND BALANCES (DEFICITS)
Nonspendable - - 40 - - -
Restricted 100,809 - - 1,973,771 - -
Committed - 128,578 - - 1,415,909 3,974
Assigned - - 83,450 - - -
Unassigned - - - - - -
TOTAL FUND BALANCES (DEFICITS)100,809 128,578 83,490 1,973,771 1,415,909 3,974
TOTAL LIABILITIES AND FUND
BALANCES (DEFICITS)535,310$ 128,578$ 83,490$ 1,973,771$ 1,415,909$ 3,974$
SCHEDULE E (CONTINUED) CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2023
90
226 227 228 230 233 234
Dorset Fed Road
Community Records Reparative Street H2O EECBG #1 Opening
Garden Preservation Board Milot Energy Impact Fees
ASSETS
Cash and cash equivalents -$ -$ -$ -$ -$ -$
Accounts receivable (net of
allowance for uncollectibles)- - - 28,372 - -
Prepaid items - - - - - -
Due from other funds 11,707 3 1,633 - 7,288 16,000
TOTAL ASSETS 11,707$ 3$ 1,633$ 28,372$ 7,288$ 16,000$
LIABILITIES
Accounts payable -$ -$ -$ -$ -$ -$
Due to other funds - - - 8,187 - -
TOTAL LIABILITIES - - - 8,187 - -
FUND BALANCES (DEFICITS)
Nonspendable - - - - - -
Restricted - - - 20,185 - -
Committed 11,707 - 1,633 - - 16,000
Assigned - 3 - - 7,288 -
Unassigned - - - - - -
TOTAL FUND BALANCES (DEFICITS)11,707 3 1,633 20,185 7,288 16,000
TOTAL LIABILITIES AND FUND
BALANCES (DEFICITS)11,707$ 3$ 1,633$ 28,372$ 7,288$ 16,000$
SCHEDULE E (CONTINUED) CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2023
91
235 243 244 247 248 251 253
FEMA South MPG 2018 Fields Use Health
Medic Village Public Art Conference City Center Impact Insurance
Grant Rec. Impact City Center Room Rental Design Fees Reserve
ASSETS
Cash and cash equivalents -$ -$ -$ -$ -$ -$ -$
Accounts receivable (net of
allowance for uncollectibles)- - - - - - -
Prepaid items - - - - - - -
Due from other funds - 453,753 9,500 - 2,300 70,942 355,000
TOTAL ASSETS -$ 453,753$ 9,500$ -$ 2,300$ 70,942$ 355,000$
LIABILITIES
Accounts payable -$ -$ -$ -$ -$ -$ -$
Due to other funds - - - - - - -
TOTAL LIABILITIES - - - - - - -
FUND BALANCES (DEFICITS)
Nonspendable - - - - - - -
Restricted - 453,753 - - - - 355,000
Committed - - - - - - -
Assigned - - 9,500 - 2,300 70,942 -
Unassigned - - - - - - -
TOTAL FUND BALANCES (DEFICITS)- 453,753 9,500 - 2,300 70,942 355,000
TOTAL LIABILITIES AND FUND
BALANCES (DEFICITS)-$ 453,753$ 9,500$ -$ 2,300$ 70,942$ 355,000$
SCHEDULE E (CONTINUED) CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2023
92
256 258 265 269 276 282 285
Human MPG/Traffic Vermont American Indoor
Trafficking Aviation Tree Overlay Law Rescue Rec
Grant Fund Maintenance Grant Enforcement Plan Center
ASSETS
Cash and cash equivalents -$ -$ -$ -$ -$ -$ -$
Accounts receivable (net of
allowance for uncollectibles)31,579 - - - - - -
Prepaid items - - - - - - -
Due from other funds 12,422 680,197 5,300 4,207 29,692 4,683,857 -
TOTAL ASSETS 44,001$ 680,197$ 5,300$ 4,207$ 29,692$ 4,683,857$ -$
LIABILITIES
Accounts payable -$ -$ -$ -$ -$ -$ -$
Due to other funds - - - - - - 164,136
TOTAL LIABILITIES - - - - - - 164,136
FUND BALANCES (DEFICITS)
Nonspendable - - - - - - -
Restricted 44,001 680,197 5,300 4,207 29,692 4,683,857 -
Committed - - - - - - -
Assigned - - - - - - -
Unassigned - - - - - - (164,136)
TOTAL FUND BALANCES (DEFICITS)44,001 680,197 5,300 4,207 29,692 4,683,857 (164,136)
TOTAL LIABILITIES AND FUND
BALANCES (DEFICITS)44,001$ 680,197$ 5,300$ 4,207$ 29,692$ 4,683,857$ -$
SCHEDULE E (CONTINUED) CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
93
288 298 611 620
A/P Police
A/Guard Sick Senior Bequeath
Enviromental Bank Citizens Fund Total
ASSETS
Cash and cash equivalents -$ -$ -$ -$ 100$
Accounts receivable (net of
allowance for uncollectibles)- - - - 501,544
Prepaid items - - - - 40
Due from other funds - 354,648 15,039 69,761 10,730,315
TOTAL ASSETS -$ 354,648$ 15,039$ 69,761$ 11,231,999$
LIABILITIES
Accounts payable -$ -$ -$ -$ 434,501$
Due to other funds - - - - 172,323
TOTAL LIABILITIES - - - - 606,824
FUND BALANCES (DEFICITS)
Nonspendable - - - - 40
Restricted - 354,648 - - 8,913,479
Committed - - - 69,761 1,647,562
Assigned - - 15,039 - 228,230
Unassigned - - - - (164,136)
TOTAL FUND BALANCES (DEFICITS)- 354,648 15,039 69,761 10,625,175
TOTAL LIABILITIES AND FUND
BALANCES (DEFICITS)-$ 354,648$ 15,039$ 69,761$ 11,231,999$
SCHEDULE F CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS FOR THE YEAR ENDED JUNE 30, 2023
94
213 207 210 211 212
Cider Mill Police MPG 10
Impact Forfeiture Natural EMTP Fueling
Fees Fund Resources Training Station
REVENUES
Intergovernmental revenue -$ 8,833$ -$ -$ -$
Charges for services 6,000 - - - -
Other income - - - - -
TOTAL REVENUES 6,000 8,833 - - -
EXPENDITURES
Program expenses - 23,021 - 13,422 -
Capital outlay - - - - -
TOTAL EXPENDITURES - 23,021 - 13,422 -
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 6,000 (14,188) - (13,422) -
OTHER FINANCING SOURCES (USES)
Transfers in - - - 10,000 8,200
Transfers (out)- - - - -
TOTAL OTHER FINANCING SOURCES (USES)- - - 10,000 8,200
NET CHANGE IN FUND BALANCES (DEFICITS)6,000 (14,188) - (3,422) 8,200
FUND BALANCES (DEFICITS) - JULY 1 6,000 73,207 39,708 42,062 90,200
FUND BALANCES (DEFICITS) - JUNE 30 12,000$ 59,019$ 39,708$ 38,640$ 98,400$
SCHEDULE F (CONTINUED) CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS FOR THE YEAR ENDED JUNE 30, 2023
95
214 216 219 220 221 222
Clerk Community Recreation Highway Police
Housing Computer-Justice Impact Impact Impact
Trust ization Grant - 2 Fees Fees Fees
REVENUES
Intergovernmental revenue 1,000,000$ 59,733$ 139,679$ -$ -$ -$
Charges for services - - 890 555,164 185,768 185,312
Other income 376 - 22,288 - - -
TOTAL REVENUES 1,000,376 59,733 162,857 555,164 185,768 185,312
EXPENDITURES
Program expenses 1,050,000 112,621 157,618 - - -
Capital outlay - - - 184,973 - -
TOTAL EXPENDITURES 1,050,000 112,621 157,618 184,973 - -
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (49,624) (52,888) 5,239 370,191 185,768 185,312
OTHER FINANCING SOURCES (USES)
Transfers in 50,000 - - - - -
Transfers (out)- (15,000) - - (20,512) (181,338)
TOTAL OTHER FINANCING SOURCES (USES)50,000 (15,000) - - (20,512) (181,338)
NET CHANGE IN FUND BALANCES (DEFICITS)376 (67,888) 5,239 370,191 165,256 3,974
FUND BALANCES (DEFICITS) - JULY 1 100,433 196,466 78,251 1,603,580 1,250,653 -
FUND BALANCES (DEFICITS) - JUNE 30 100,809$ 128,578$ 83,490$ 1,973,771$ 1,415,909$ 3,974$
SCHEDULE F (CONTINUED) CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS FOR THE YEAR ENDED JUNE 30, 2023
96
226 227 228 230 233 234
Dorset Fed Road
Community Records Reparative Street H2O EECBG #1 Opening
Garden Preservation Board Milot Energy Impact Fees
REVENUES
Intergovernmental revenue -$ -$ -$ -$ -$ -$
Charges for services - - - - - -
Other income 2,265 3 - - - -
TOTAL REVENUES 2,265 3 - - - -
EXPENDITURES
Program expenses 13 41,429 - - 178 -
Capital outlay - - - - - -
TOTAL EXPENDITURES 13 41,429 - - 178 -
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 2,252 (41,426) - - (178) -
OTHER FINANCING SOURCES (USES)
Transfers in - - - - - -
Transfers (out)- - - - - -
TOTAL OTHER FINANCING SOURCES (USES)- - - - - -
NET CHANGE IN FUND BALANCES (DEFICITS)2,252 (41,426) - - (178) -
FUND BALANCES (DEFICITS) - JULY 1 9,455 41,429 1,633 20,185 7,466 16,000
FUND BALANCES (DEFICITS) - JUNE 30 11,707$ 3$ 1,633$ 20,185$ 7,288$ 16,000$
SCHEDULE F (CONTINUED) CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS FOR THE YEAR ENDED JUNE 30, 2023
97
235 243 244 247 248 251 253
FEMA South MPG 2018 Fields Use Health
Medic Village Public Art Conference City Center Impact Insurance
Grant Rec. Impact City Center Room Rental Design Fees Reserve
REVENUES
Intergovernmental revenue -$ -$ -$ -$ 2,300 -$ -$
Charges for services - 61,608 - - - 69,159 -
Other income - - - - - - -
TOTAL REVENUES - 61,608 - - 2,300 69,159 -
EXPENDITURES
Program expenses 58,502 - 500 4,250 - 38,552 -
Capital outlay - - - - - 35,247 -
TOTAL EXPENDITURES 58,502 - 500 4,250 - 73,799 -
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (58,502) 61,608 (500) (4,250) 2,300 (4,640) -
OTHER FINANCING SOURCES (USES)
Transfers in - - 5,000 - - - -
Transfers (out)- - - - - - -
TOTAL OTHER FINANCING SOURCES (USES)- - 5,000 - - - -
NET CHANGE IN FUND BALANCES (DEFICITS)(58,502) 61,608 4,500 (4,250) 2,300 (4,640) -
FUND BALANCES (DEFICITS) - JULY 1 58,502 392,145 5,000 4,250 - 75,582 355,000
FUND BALANCES (DEFICITS) - JUNE 30 -$ 453,753$ 9,500$ -$ 2,300$ 70,942$ 355,000$
SCHEDULE F (CONTINUED) CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS FOR THE YEAR ENDED JUNE 30, 2023
98
256 258 265 269 276 282 285
Human MPO/Traffic Vermont American Indoor
Trafficking Aviation Tree Overlay Law Rescue Rec
Grant Fund Maintenance Grant Enforcement Plan Center
REVENUES
Intergovernmental revenue 89,587$ 249,941$ -$ -$ 29,692$ 1,895,056$ -$
Charges for services - - - - - - -
Other income - - - - - 154,969 -
TOTAL REVENUES 89,587 249,941 - - 29,692 2,050,025 -
EXPENDITURES
Program expenses 100,617 - - - - 1,024,801 -
Capital outlay - - - - - - -
TOTAL EXPENDITURES 100,617 - - - - 1,024,801 -
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (11,030) 249,941 - - 29,692 1,025,224 -
OTHER FINANCING SOURCES (USES)
Transfers in - - - - - - -
Transfers (out)- - - - - - -
TOTAL OTHER FINANCING SOURCES (USES)- - - - - - -
NET CHANGE IN FUND BALANCES (DEFICITS)(11,030) 249,941 - - 29,692 1,025,224 -
FUND BALANCES (DEFICITS) - JULY 1 55,031 430,256 5,300 4,207 - 3,658,633 (164,136)
FUND BALANCES (DEFICITS) - JUNE 30 44,001$ 680,197$ 5,300$ 4,207$ 29,692$ 4,683,857$ (164,136)$
SCHEDULE F (CONTINUED) CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS FOR THE YEAR ENDED JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
99
288 298 611 620
A/P Police
A/Guard Sick Senior Bequeath
Enviromental Bank Citizens Fund Total
REVENUES
Intergovernmental revenue -$ -$ -$ -$ 3,474,821$
Charges for services - - - - 1,063,901
Other income - 27,651 1,500 - 209,052
TOTAL REVENUES - 27,651 1,500 - 4,747,774
EXPENDITURES
Program expenses - 119,557 1,420 4,267 2,750,768
Capital outlay - - - - 220,220
TOTAL EXPENDITURES - 119,557 1,420 4,267 2,970,988
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES - (91,906) 80 (4,267) 1,776,786
OTHER FINANCING SOURCES (USES)
Transfers in - 137,069 - - 210,269
Transfers (out)- - - - (216,850)
TOTAL OTHER FINANCING SOURCES (USES)- 137,069 - - (6,581)
NET CHANGE IN FUND BALANCES (DEFICITS)- 45,163 80 (4,267) 1,770,205
FUND BALANCES (DEFICITS) - JULY 1 - 309,485 14,959 74,028 8,854,970
FUND BALANCES (DEFICITS) - JUNE 30 -$ 354,648$ 15,039$ 69,761$ 10,625,175$
Capital Projects Funds
100
Capital projects funds are established to account for financial resources to be used for the acquisition or construction of major capital facilities, other than those financed by
proprietary or trust fund.
SCHEDULE G CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR CAPITAL PROJECTS FUNDS
JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
101
301 242 604 307 309
Energy Penny Ambulance Open Space
Reappraisal Project Rev.for Equipment Special
Fund Fund Paths Replacement Assessment Total
ASSETS
Due from other funds 219,923$ 209,016$ 336,554$ 5,000$ 1,704,138$ 2,474,631$
TOTAL ASSETS 219,923$ 209,016$ 336,554$ 5,000$ 1,704,138$ 2,474,631$
LIABILITIES
Due to agencies -$ -$ 8$ -$ -$ 8$
Due to other funds - - - - - -
TOTAL LIABILITIES - - 8 - - 8
FUND BALANCES (DEFICITS)
Nonspendable - - - - - -
Restricted - - 336,546 - - 336,546
Committed 219,923 209,016 - 5,000 1,704,138 2,138,077
Assigned - - - - - -
Unassigned - - - - - -
TOTAL FUND BALANCES (DEFICITS)219,923 209,016 336,546 5,000 1,704,138 2,474,623
TOTAL LIABILITIES AND FUND
BALANCES (DEFICITS)219,923$ 209,016$ 336,554$ 5,000$ 1,704,138$ 2,474,631$
SCHEDULE H CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR CAPITAL PROJECTS FUNDS FOR THE YEAR ENDED JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
102
301 242 604 307 309
Energy Penny Ambulance Open Space
Reappraisal Project Rev.for Equipment Special
Fund Fund Paths Replacement Assessment Total
REVENUES
Intergovenmental revenue -$ -$ 497,855$ -$ -$ 497,855$
Charges for services - 116,701 - - 405,580 522,281
Other income 66,997 - - - - 66,997
TOTAL REVENUES 66,997 116,701 497,855 - 405,580 1,087,133
EXPENDITURES
Program expenses 2,750 15,205 - - 125,410 143,365
Capital outlay - 8,277 181,918 - 43,682 233,877
TOTAL EXPENDITURES 2,750 23,482 181,918 - 169,092 377,242
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 64,247 93,219 315,937 - 236,488 709,891
OTHER FINANCING SOURCES (USES)
Transfers in - 54,002 - - - 54,002
Transfers (out)- - - - - -
TOTAL OTHER FINANCING SOURCES
(USES)- 54,002 - - - 54,002
NET CHANGE IN FUND BALANCES 64,247 147,221 315,937 - 236,488 763,893
FUND BALANCES - JULY 1, RESTATED 155,676 61,795 20,609 5,000 1,467,650 1,710,730
FUND BALANCES - JUNE 30 219,923$ 209,016$ 336,546$ 5,000$ 1,704,138$ 2,474,623$
Permanent Funds
103
Permanent funds are used to account for assets held by the City of South Burlington, Vermont in trust or as an agent for individuals, private organizations, other
governmental units and/or other funds. These funds have been established for the provision and/or maintenance of the cemeteries and various community organizations.
SCHEDULE I CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR PERMANENT FUNDS
JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
104
Community Recreation Fire Community
Cemetery Library Veterans Path Department Dog Park Music
Trust Trust Memorial Donations Donations Donations Festival Total
ASSETS
Due from other funds 15,743$ 5,368$ 6,485$ 11,482$ 773$ 23,846$ -$ 63,697$
TOTAL ASSETS 15,743$ 5,368$ 6,485$ 11,482$ 773$ 23,846$ -$ 63,697$
LIABILITIES
Due to agencies -$ -$ -$ 5,482$ -$ -$ -$ 5,482$
Due to other funds - - - - - - 63,193 63,193
TOTAL LIABILITIES - - - 5,482 - - 63,193 68,675
FUND BALANCES (DEFICITS)
Nonspendable - - - - - - - -
Restricted 15,743 5,368 - 6,000 - - - 27,111
Committed - - - - 773 23,846 - 24,619
Assigned - - 6,485 - - - - 6,485
Unassigned - - - - - - (63,193) (63,193)
TOTAL FUND BALANCES (DEFICITS)15,743 5,368 6,485 6,000 773 23,846 (63,193) (4,978)
TOTAL LIABILITIES AND FUND
BALANCE (DEFICITS)15,743$ 5,368$ 6,485$ 11,482$ 773$ 23,846$ -$ 63,697$
SCHEDULE J CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR PERMANENT FUNDS FOR THE YEAR ENDED JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
105
Community Recreation Fire Community
Cemetery Library Veterans Path Department Dog Park Music
Trust Trust Memorial Donations Donations Donations Festival Total
REVENUES
Intergovernmental -$ -$ -$ -$ -$ -$ 59,000$ 59,000$
Charges for services - - - - - 5,992 - 5,992
Other income 1,700 16,781 100 - 3,391 82 4,727 26,781
TOTAL REVENUES 1,700 16,781 100 - 3,391 6,074 63,727 91,773
EXPENDITURES
Other 1,245 35,987 68 - 7,500 - 126,920 171,720
TOTAL EXPENDITURES 1,245 35,987 68 - 7,500 - 126,920 171,720
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 455 (19,206) 32 - (4,109) 6,074 (63,193) (79,947)
OTHER FINANCING SOURCES (USES)
Transfers in 889 - - - - - - 889
Transfers (out)- - - - - - - -
TOTAL OTHER FINANCING SOURCES (USES)889 - - - - - - 889
NET CHANGE IN FUND BALANCES (DEFICITS)1,344 (19,206) 32 - (4,109) 6,074 (63,193) (79,058)
FUND BALANCES (DEFICITS) - JULY 1, RESTATED 14,399 24,574 6,453 6,000 4,882 17,772 - 74,080
FUND BALANCES (DEFICITS) - JUNE 30 15,743$ 5,368$ 6,485$ 6,000$ 773$ 23,846$ (63,193)$ (4,978)$
General Capital Assets
106
General capital assets are those assets related to activities reported in the governmental funds. These assets are reported in the governmental activities’ column of
the government-wide statement of net position.
SCHEDULE K CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF GENERAL CAPITAL ASSETS BY FUNCTION
JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
107
Furniture,
Land and Buildings,Fixtures,
Non-depreciable Building Improvements Equipment
Assets and Land Improvements and Vehicles Infrastructure Total
General Government 329,511$ 2,571,076$ 71,230$ 9,371,056$ 12,342,873$
Ambulance - - 59,628 - 59,628
Fire 1,118,500 6,469,086 6,755,525 - 14,343,111
Police - 8,828,410 2,258,206 - 11,086,616
Public Works 956,789 791,049 4,760,420 51,374,026 57,882,284
Library 675,494 14,187,478 6,756 - 14,869,728
Recreation 2,722,900 302,396 194,927 2,087,056 5,307,279
Health - 681,648 - 108,305 789,953
City Wide 4,250,719 7,892,010 1,243,364 - 13,386,093
Storm Water Utilities 1,605,537 154,994 1,220,632 9,671,445 12,652,608
Water Pollution Control 653,213 38,976,351 1,311,657 4,482,248 45,423,469
Water Department 36,065 - 7,484,657 - 7,520,722
Total General Capital Assets 12,348,728 80,854,498 25,367,002 77,094,136 195,664,364
Less: Accumulated Depreciation - (33,775,414) (16,396,004) (45,105,716) (95,277,134)
Net General Capital Assets 12,348,728$ 47,079,084$ 8,970,998$ 31,988,420$ 100,387,230$
SCHEDULE L CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF CHANGES IN GENERAL CAPITAL ASSETS BY FUNCTION
FOR THE YEAR ENDED JUNE 30, 2023
See accompanying independent auditor’s report and notes to financial statements.
108
General
Capital General
Assets Capital
7/1/22 Transfers/Assets
(Restated)Additions Disposals 6/30/23
General Government 11,545,518$ 797,355$ -$ 12,342,873$
Ambulance 59,628 - - 59,628
Fire 13,973,079 370,032 - 14,343,111
Police 10,974,915 219,207 (107,506) 11,086,616
Public Works 56,370,944 1,603,414 (92,074) 57,882,284
Library 14,869,728 - - 14,869,728
Recreation 5,185,316 121,963 - 5,307,279
Health 789,953 - - 789,953
City Wide 12,087,752 1,298,341 - 13,386,093
Storm Water Utilities 11,122,933 1,529,675 - 12,652,608
Water Pollution Control 45,062,960 364,509 (4,000) 45,423,469
Water Department 7,330,648 327,806 (137,732) 7,520,722
Total General Capital Assets 189,373,374 6,632,302 (341,312) 195,664,364
Less: Accumulated Depreciation (90,677,643) (4,902,907) 303,416 (95,277,134)
Net General Capital Assets 98,695,731$ 1,729,395$ (37,896)$ 100,387,230$
Federal Compliance
109
Federal compliance includes financial information and reports that are required in accordance with Government Auditing Standards and/or the Uniform Guidance in
accordance with 2 CFR § 515. Such financial information and reports include:
• Schedule of Expenditures of Federal Awards
• Notes to Schedule of Expenditures of Federal Awards
• Independent Auditor’s 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 Auditor’s Report on Compliance or Each Major Program and on
Internal Control Over Compliance Required by the Uniform Guidance
• Schedule of Findings and Questioned Costs
CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED JUNE 30, 2023
110
Federal Grantor Federal Pass Through Expenditures
Pass Through Grantor AL Grantor Federal to
Program/Cluster Title Number Number Expenditures Subrecipients
U.S. Department of Agriculture
Passed Through State of Vermont Forests, Parks and Recreation:
Cooperative Forestry Assistance 10.664 06130-UCF-GUF-22-05 11,250$ -$
Total U.S. Department of Agriculture 11,250 -
U.S. Department of Housing and Urban Development
Passed Through State of Vermont:
Community Development Block Grants/State's program and
Non-Entitlement Grants in Hawaii 14.228
07110-IG-2021-
SBurlingtonC-22 1,000,000 -
Total U.S. Department of Housing and Urban Development 1,000,000 -
U.S. Department of Justice
Passed Through State of Vermont:
Crime Victim Assistance 16.575 02160VOCA19-40155-6 21,569 -
Crime Victim Assistance 16.575 02160VOCA22-40155-6 25,553 -
47,122 -
Passed Through State of Vermont Department of Public Safety:
Edward Byrne Memorial Justice Assistance Grant Program 16.738 02140-12121C-100 18,187 -
Edward Byrne Memorial Justice Assistance Grant Program 16.738 02140-11918C-100 59,747 -
77,934 -
Equitable Sharing Program 16.922 N/A 48,456 -
Total U.S. Department of Justice 173,512 -
U.S. Department of Transportation
Passed Through State of Vermont Agency of
Transportation:
Highway Planning and Construction 20.205 CA0714 641,551 -
Highway Planning and Construction 20.205 CA0607 17,275 -
Highway Planning and Construction 20.205 CA0517 90,880 -
Highway Planning and Construction 20.205 CA0589 223,339 -
Highway Planning and Construction 20.205 CA0576 262,847 -
1,235,892 -
Total U.S. Department of Transportation 1,235,892 -
CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2023
111
Federal Grantor Federal Pass Through Expenditures
Pass Through Grantor AL Grantor Federal to
Program/Cluster Title Number Number Expenditures Subrecipients
U.S. Treasury Department
Passed Through State of Vermont Department of Public Safety:
Coronavirus State and Local Fiscal Recovery Funds 21.027 03420-08574 1,024,801 -
Total U.S. Treasury Department 1,024,801 -
U.S. Enviromental Protection Agency:
Passed Through State of Vermont Department of Public Works:
Clean Water State Revolving Fund Cluster:
Capitalization Grants for Clean Water State Revolving Funds 66.458 N/A 253,475 -
Subtotal Clean Water State Revolving Fund Cluster 253,475 -
Total U.S. Enviromental Protection Agency 253,475 -
TOTAL FEDERAL ASSISTANCE 3,698,930$ -$
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO SCHEDULE OF EXPEDITURES OF FEDERAL AWARDS
JUNE 30, 2023
112
1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule)
includes the federal award activity of the City of South Burlington, Vermont under programs of the federal government for the year ended June 30, 2023. 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 City of South Burlington, Vermont
it is not intended to and does not present the financial position, changes in net position or cash flows of the City of South Burlington, Vermont. 2. Summary of Significant Accounting Policies
a. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for
State, Local and Indian Tribal Governments, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
b. City of South Burlington, Vermont has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
113
INDEPENDENT AUDITOR’S 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
City Council City of South Burlington South Burlington, Vermont
We have audited, in accordance with generally accepted auditing standards 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, business-type activities, each major fund and the aggregate remaining fund information of the City of South Burlington, Vermont as of and for the year ended June 30, 2023 and the related notes to the financial statements, which collectively comprise the City of South Burlington,
Vermont’s basic financial statements and have issued our report thereon dated January
24, 2024.
Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered
the City of South Burlington, Vermont’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 City of South Burlington,
Vermont’s internal control. Accordingly, we do not express an opinion on the
effectiveness of the City of South Burlington, Vermont’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.
3 Old Orchard Road, Buxton, Maine 04093
Tel: (800) 300-7708 (207) 929-4606 Fax: (207) 929-4609
www.rhrsmith.com
114
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.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City of South
Burlington, Vermont’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 instance of noncompliance or other matters
that are required to be reported under Government Auditing Standards. We noted certain other matters that we reported to management of the City of South Burlington, Vermont in a separate letter dated January 24, 2024.
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 entity’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 entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Buxton, Maine
Vermont Registration No. 092.0000697
January 24, 2024
115
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE
REQUIRED BY UNIFORM GUIDANCE
City Council
City of South Burlington
South Burlington, Vermont Report on Compliance for Each Major Federal Program
Opinion on Each Major Federal Program
We have audited the City of South Burlington, Vermont’s compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance
Supplement that could have a direct and material effect on each of the City of South
Burlington, Vermont’s major federal programs for the year ended June 30, 2023. the City
of South Burlington, Vermont’s major federal programs are identified in the summary of
auditor’s results section of the accompanying schedule of findings and questioned costs. In our opinion, the City of South Burlington, Vermont 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 June 30, 2023.
Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards
generally accepted in the United States of America (GAAS); the standards applicable to
financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States (Government Auditing Standards); 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). Our responsibilities under those standards and the Uniform Guidance are
further described in the Auditor’s Responsibility section of our report. We are required to be independent of the City of South Burlington, Vermont and to meet our other ethical responsibilities, in accordance with relevant ethical requirements
relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal
3 Old Orchard Road, Buxton, Maine 04093
Tel: (800) 300-7708 (207) 929-4606 Fax: (207) 929-4609
www.rhrsmith.com
116
program. Our audit does not provide a legal determination of the City of South Burlington, Vermont’s compliance with the compliance requirements referred to above.
Management’s Responsibility Management is responsible for compliance with the requirements referred to above and for the design, implementation and maintenance of effective internal control over
compliance with the requirements of laws, statutes, regulations, rules and provisions of
contracts or grant agreements applicable to the City of South Burlington, Vermont’s federal programs.
Auditor’s Responsibility
Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error and express an opinion on the City of South Burlington, Vermont’s compliance based on our audit. Reasonable assurance is a high level of assurance but is
not absolute assurance and therefore is not a guarantee that an audit conducted in
accordance with GAAS, Government Auditing Standards and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of
internal control. Noncompliance with the compliance requirements referred to above is
considered material if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the City of South Burlington, Vermont’s compliance with the requirements of each major federal program as a whole.
In performing an audit in accordance with GAAS, Government Auditing Standards and the Uniform Guidance, we:
• Exercise professional judgment and maintain professional skepticism throughout
the audit.
• Identify and assess the risks of material noncompliance, whether due to fraud or
error and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the City of South Burlington, Vermont’s compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances.
• Obtain an understanding of the City of South Burlington, Vermont’s internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances 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 the City of South Burlington,
117
Vermont’s internal control over compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit.
Report on 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 a 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 Auditor’s Responsibility section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during
our audit we did not identify any deficiencies in internal control over compliance that we
consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified.
Our audit was not designed for the purpose of expressing an opinion on the
effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. 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.
Buxton, Maine
Vermont Registration No. 092.0000697
January 24, 2024
CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF FINDINGS AND QUESTIONED COSTS - INTERNAL CONTROL
FOR THE YEAR ENDED JUNE 30, 2023
118
Section I - Summary of Auditor’s Results
Financial Statements
Type of auditor’s report issued : Unmodified Internal control over financial reporting:
• Material weakness(es) identified? yes X no
• Significant deficiency(ies) identified? yes X no
• Noncompliance material to financial statements noted? yes X no
• Federal Awards
Internal control over major programs:
• Material weakness(es) identified? yes X no
• Significant deficiency(ies) identified? yes X no
Type of auditor’s report issued on compliance for major programs: Unmodified Any audit findings disclosed that are required to be reported In accordance with section OMB Compliance Supplement? yes X no
Identification of major programs:
AL Numbers Name of Federal Program or Cluster 14.228 Community Development Block Grants/State’s Program and Non-entitlement grants in Hawaii
20.205 Highway Planning and Construction Cluster 21.027 Coronavirus State and Local Fiscal Recovery Funds Dollar threshold used to distinguish between type A and B: $750,000
Auditee qualified as low-risk auditee? X yes no
Section II - Financial Statement Findings
None
Section III - Federal Awards Findings and Questioned Costs
None
Attachments
•
•
•
•
Recommendation
Loan Application Form: Submission
#214
Contact
Borrower
City of South Burlington
Contact
Martha Machar
Title
Finance Director
address
180 Market Street
South Burlington, Vermont. 05403
Phone #
802-383-1789
Fax #
802-846-4101
Email
mmachar@southburlingtonvt.gov
Taxpayer ID/EIN #
03-6002712
Local Bond Counsel
Robert E. Fletcher, Esq.
Local Bond Counsel Firm
Stitzel, Page & Fletcher, P.C.
Local Bond Counsel Email
rfletcher@firmspf.com
Local Bond Counsel Preliminary Opinion
23-12-18 REF Prelim Bond Opn to M. Gaughan at VBB for South Burlington.pdf
Sources & Uses
Total Project(s) Cost
$39,914,298
Type of Application
Governmental Activities
Have all required permits and/or regulatory approvals been received?
No
If no, when will the permits be received?
Spring 2024
Project 1
TIF District - Garden Street including Williston Road Intersections, City Center
Park II, Williston Rd Streetscape & East West Alternative Transportation Crossing
(Walk Bike Bridge)
Project 2
{Empty}
Project 3
{Empty}
Uses of Funds
VBB Loan Request
$18,606,530
Sources of Funds (Include Dollar Amounts)
Will Refinance a Ban?
No
Expenditure of Loan Proceeds
Yes
Federal Funds
$10,568,834
State Funds
{Empty}
Local Funds
$2,268,380
Other (Describe)
$8,224,019 unsecured, may be State or Federal
Total Sources of Funds (should equal total project cost from above)
$39,914,298
BANs
{Empty}
Ban Details
Financial
Desired Principal/Interest Payments
Loan Amount: 18606530
Total Loan Term: 14
Interest-only Payments: 0
Audit Uploads- 1 year minimum; 3 years preferred
FY20 Final Revised Audit.pdf
2021 Revised Final Financial Statement 9-30-2022.pdf
S. Burlington City FS22 Final.pdf
Other Financial Statement Upload
Final Report South Burlington TIF District 05.24.2023.pdf
Has anything occurred since the date of your last financial statement that
will negatively impact revenues and expenditures?
No.
Impact
Electric Generation
{Empty}
Renewable Energy
{Empty}
Transmission
{Empty}
Electric Generation
Energy Efficiency
{Empty}
New Building Construction
{Empty}
Existing Building Construction
{Empty}
New Building Construction - School
Facilities
{Empty}
Existing Building Construction - School
{Empty}
Roof
{Empty}
Roads
Indicator #1: 1060
Streetscape
Indicator #1: 4660
Bridges/Culverts
Indicator #1: 330
Parking
Indicator #1: 4
Transportation
Green Infrastructure
{Empty}
Water Impact
{Empty}
Wastewater
Water
{Empty}
Stormwater
{Empty}
Parks
{Empty}
Recreation Center
{Empty}
Sports Facilities
{Empty}
Trails
Indicator #1: 9263
Recreation
Equipment Type
{Empty}
Equipment
Material Resources
{Empty}
Building Site
{Empty}
Land Acquisition
Direct Population Served
South Burlington - Burlington - Williston Urban Corridor/City Center
Population
https://www.vermonttreasurer.gov/sites/treasurer/files/VMERS/PDF/2023/VMERS_2023_GASB_68_Report.pdf
Does the borrower have any additional retirement or other post
employment liabilities? Describe any net liability. How do you plan to
reduce that liability?
South Burlington is 97.71% funded based on Present Value in the South Burlington
Retirement Plan and that plan has been closed to new employees since July 1, 2019.
This Plan is also 87.62% funded based on Entry Age Normal and Smoothed assets -
GASB requirement.
Please upload State of Vermont Auditor's control checklist submitted to
governing body (link to https://auditor.vermont.gov/local)
State Audit Checklist FY21.pdf
Economic
List your five largest Municipal taxpayers or ratepayers
Payer Name: Larkin Realty
Type of Entity: Housing/Hospitality/Commercial
Amount: 546022.58
% of Total: 2.81
Payer Name: Green Mountain Power
Type of Entity: Utility
Amount: 248698.97
% of Total: 1.28
Payer Name: Burlington U-Mall
Type of Entity: Shopping Center
Amount: 182890.93
% of Total: 0.94
Payer Name: Vermont Electric Power Co
Type of Entity: Power Company
Amount: 171174.14
% of Total: 0.88
Payer Name: AAM Burlington Hotel LLC
Type of Entity: Hospitality
Amount: 152188.54
% of Total: 0.78
List your five largest employers
Name of Employer: Vermont Air Guard
Type of Business: Defense
Number of Employees: 1011
Name of Employer: GE Healthcare
Type of Business: Healthcare
Number of Employees: 700
Name of Employer: School District
Type of Business: Public School
Number of Employees: 532
Name of Employer: Beta Technologies
Type of Business: Aviation
Number of Employees: 450
Name of Employer: UVM
Type of Business: Higher Ed
Number of Employees: 400
Please provide any notes on past or projected financial performance that
would be useful
South Burlington has a Grand List with a projected growth rate of 2% for FY 2025.
The City has ample properties that are primed for redevelopment within the TIF
District and other areas that are zoned for mixed-use and commercial/industrial
redevelopment and development in South Burlington. The City has a diversified tax
base and while tax revenues from the hospitality and retail industry have grown
considerably allowing reserves to build back up, the City has continued to treat this
conservatively, recognizing it is a more volatile income source. The City has ample
properties that are primed for redevelopment within the TIF District and other areas
that are zoned for mixed-use and commercial/industrial redevelopment and
development in South Burlington. The TIF District has had six buildings in
construction currently and additional capacity for growth (growth capacity is
projected at 61 additional units each year over 10 years). The TIF District 2023 April
1 Grand List was 15% higher then it had been the prior year. In 2023, the City TIF
District underwent the 10-Year audit by the State Auditor's Office, which made no
findings and noted it was the cleanest TIF Audit to date.
Financial - Governmental Activities
Percent Delinquent Taxes at Year End
Last Year: 1.1
This Year: 2.8
Municipal Tax Rate at Year End
2 Years Ago: 0.5542
1 Year Ago: 0.4350
This Year: 0.4660
Next Year: 0.4916
Property Taxes ($)
19,388,299
Program Revenue
$11,171,114.74 - Intergovernmental & local options
Intergovernmental Revenue
{Empty}
Other Revenue
{Empty}
Total Revenue
$31,140,318.33
Budgeted Expenses
$31,140,318.33
Is there anything else you would like the Bond Bank to know?
All numbers are reported for Fiscal Years (July 1- June 30). The City expects the
delinquent tax rate to decrease for FY 2023.
Sign
Signor's Full Name
Jessie Baker
Signor's Title
City Manager
Signature
data:image/png;base64,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
MEMORANDUM
To : City Council
From: Jessie Baker, City Manager
Paul Conner, Director of Planning & Zoning
Date: February 15, 2024
Re: Growth Management Plan – Initial Discussion
At your Council meeting on February 5, 2024 you asked us to add to the February 20, 2024
Council agenda an item on a future Growth Management Plan (GMP.)
Relevant goals in the City Plan 2024 and related discussions: City Plan 2024 was adopted on
January 29, 2024. The Plan builds on its predecessors and several planning projects and studies that
have been undertaken by the community over the past decade and more.
Assessments of the anticipated change and resulting needs in our community are addressed
throughout the Plan and are reflected in many of the goals and actions therein. These include
strategies related to expected population and housing growth, affordable housing goals,
transportation and utility needs, and park and natural areas needs. Goals and actions directly
connected to this discussion include:
•Goal 1: Anticipate and prepare for an average annual population growth rate of approximately 1-
1.5%, and a housing growth rate of 1.5-2%.
•Goal 2: Increase number of affordable housing units by 1,000 units by 2035, including 750 units
affordable to households earning up to 80% of AMI.
•Goal 34: Protect at least 51% of the city’s land area, prioritizing conservation of contiguous lands
•Goal 55: Provide 7.5 acres of developed recreation land for every 1,000 residents
•Goal 56: Provide 20 acres of natural recreation land for every 1,000 residents
•Action 1: Monitor the rate of population growth, changing demographics, and land use development
for consideration in allocation of City resources and improving public outreach
•Action 3: Study the population carrying capacity of our city to maintain a high quality of life
•Action 57: Regularly update the Official Map and Capital Improvement Program, consistent with
this Plan
Additionally, last month staff prepared a Planning for a Vibrant South Burlington presentation
highlighting the City’s recent and ongoing projects to meet the community’s needs.
Finally, the Legislature is engaging in several efforts identifying statewide needs, including on the
subject of housing (Housing Needs Assessment via Act 47 to establish targets at the regional and
local level throughout the State), forest blocks, state and local regulation, and investments.
180 MARKET STREET, SOUTH BURLINGTON, VERMONT | (802) 846-4107 | WWW.SOUTHBURLINGTONVT.GOV
What is a Growth Management Plan and what does this mean for this Council? There are many
ways GMP’s can orient to a community or business conversation. As we think about conducting
one for South Burlington, here are some key questions we may want to consider:
• What is the goal of a South Burlington Growth Management Plan?
• How does a GMP fit within the policy direction of the City Plan?
• What are the constraints Councilors are specifically concerned with? o Strategic use of the Capital Improvement Plan to make most efficient use of dollars
and infrastructure? o Municipal and educational capacity of the current staffing levels? o Municipal and education capacity of our current infrastructure? Or planned
infrastructure? o Our land’s carrying capacity? And if so, what are our density/housing goals in
existing and planned built areas? o The growth needed to support our businesses and institutions? o Our ability to implement the values and vision for our community?
• Are we looking to establish tools to manage growth to the rate at which adequate public
facilities and services can be provided?
• Are we looking to establish tools to incentivize a certain type of growth in order to meet
workforce and other community good needs (for example, investment in the TIF District or
to meet workforce needs at partner institutions)?
Governance Structure: To develop a well informed GMP, we need to engage many sectors in our
community. The Council may want to consider standing up a Special Task Force to guide this
effort in conjunction with the Council, Planning Commission, City Committees, School Board and
Administration, City staff and other partners in the City. We do want to note that the Planning
Commission has a significant work plan for the next six months to two years. Adding some
governance capacity through a Task Force may help - and be more expansive.
Resources: A successful GMP will need to be data-driven and research based. We recommend
allocating future funding to this effort to support the work of informed consultants, public
engagement processes, and potentially the need to purchase data sets.
Growth Management Plans: Here are some resources that might be helpful to review. There is a
wide range of how growth management is addressed, including notably a significant statewide
structure in Washington State and an urban growth boundary and reserve system in Oregon with
related goals. As referenced above, Vermont’s Legislature has taken steps in this direction in recent
years.
• City of Orlando
• City of Topeka
• City of Winston-Salem
• Town of Williston
• Oregon State
• Washington State o Urban Growth Area Guidebook (2012) o Clark County, Washington Growth Management Plan
Role of Council Role of City Manager and Leadership Team Report #1 Report #2
"This is the vision for
our community"
"This is how we are accomplishing this vision."October 13, 2023 February 20, 2024
Must do In place of a municipal recreation facility, convene
community partners to discuss bringing a non‐profit
community center provider to the City
Staff have participated in several conversations with
community groups to discuss needs and scoping of a
community center
While community conversations continue, there are no
definitive plans at this point.
Must do City Assuming Ownership of Public Infrastructure
*Complete DPW standards for assuming city ownership of
privately developed infrastructure
*Develop inventory of current agreements
*Tie maintenance needs to resource planning
Our DPW standards remain in an unfinished state. Other
priorities have prevented us from finalizing this task.
*DPW standards have been worked on in January/February
2024. We anticipate completion in FY24.
*Current inventory of agreements will be completed once a
new Deputy City Attorney is on board.
Must do Plan for the transformational and effective use of ARPA
funding
*Council discussed on 9/18/23.
*A slate of projects will be brought back to Council in
November.
The Council made a number of ARPA decisions as part of the
FY25 Budget process. The amount remaining to be allocated
by 12/31/24 is $1.376M. An overview will be presented to
the new Council as part of their orientation.
Must do Hubbard Natural Area: Complete design phase and bid
construction for summer 2024
*Design work continues. On schedule.
*The City Manager will prioritize exploring a conservation
easement in Q2.
Preliminary Plans are complete and planning for DRB
application is underway. On track for Summer 2024
construction
Must do South Village Field: Determine future use and work with
developer on construction
*Staff met with developer.
*Conversations underway with HOA leadership.
Conversations with HOA leadership will take place this
spring. This has been on hold pending other priorities and
conversations about the area.
Must do Support and partner with the School District on long‐term
capital planning for school capacity
Continues to be a topic at monthly City/School Meetings.*The implications of Act 127 will continue to be a discussion
between the Council and School Board.
*City staff completed a presentation in January that outlines
planned, actual and future development rates in conjunction
with enrollment growth.
Must do Following the City Plan 2024 adoption, outline the multiyear
strategy and funding for complementary plans to include:
Parks Master Plan, Housing Needs Assessment, Economic
Development Strategic Plan, and Cultural Plan
To start after the CityPlan 2024 is adopted.*Council has assigned $125,000 in ARPA Funds to the
development of a Parks Master Plan.
*A multi‐year strategy will be developed in next quarter
following 1/29/2024 City Plan adoption.
*Discussion have been held about a phased approach
between the Parks Master Plan and the Open Space Plan.
Must do Update Recreation Impact Fee ordinance (with full impact
fee ordinance review)
Staff has held initial scoping meeting for impact fee update
project
On hold pending other priorities
May do Increase Community Gardens throughout the community A new Recreation and Parks Director will start on October
30th.
On hold pending other priorities
May do Modernize rules and regulations on dogs and common
spaces for dogs
*Including considering LDR updates for multi‐family homes
A new Recreation and Parks Director will start on October
30th.
*The Planning Commission received an initial update
concerning possible expansion of Site Amenity requirements
in the Land Development Regulations; to be further reviewed
in winter 2024 including functional uses.
Affordable and Community Strong: Creating a robust sense of place and opportunity for our residents and visitors.
Category
City of South Burlington
FY24 Policy Priorities & Strategies
ADOPTED by the City Council on July 17, 2023
Report #2: February 20, 2024
1
Role of Council Role of City Manager and Leadership Team Report #1 Report #2
"This is the vision for
our community"
"This is how we are accomplishing this vision."October 13, 2023 February 20, 2024
Category
City of South Burlington
FY24 Policy Priorities & Strategies
ADOPTED by the City Council on July 17, 2023
Report #2: February 20, 2024
May do Work with GMT to improve connectivity throughout the City
to include in‐city connections
Staff and GMT met in September to outline key subject areas
with intention to continue dialogue, hold quarterly meetings,
and convene regional stakeholders.
*In December meth with GMT, CATMA and UVM to start
initial conversations.
*Ongoing conversations with Howard Center to increase
frequency of routes to their clinic on San Remo Drive
Pending
Resources
Initiate Parks Master Plan process *Council discussed as part of potential ARPA distribution.
*Council to consider Municipal Planning Grant application at
10/16/2023 meeting.
*Staff is developing initial scope of work and relationship to
other prior and current projects.
Parks Master Plan outline and identification of needs in
underway between DPW and Rec & Parks before preparing
RFP and procuring a consultant paid through ARPA funding.
Must do Strengthen Dispatch service provision
*2 on at all times
*Implement Computer Aided Dispatch
*Contract with other communities
*Monitor state legislation
The computer‐aided dispatch system was implemented and
went live on September 26 for SBFD.
Currently in progress of a renovation in the dispatch center
that will replace end of life radio consoles and increase the
number of dispatch positions from three to four. This
additional capacity would allow us to consider municipal
contracts to dispatch other communities.
May do Streamline Land Development Regulations Actively being developed in concert with S.100 / Act 47 LDR
amendments. Planning Commission is reviewing policy‐
decisions as staff prepares specific language
May do Actively work with City Center area building owners to seek
out smaller scale, local businesses to occupy first‐floor
commercial space
Initial conversations held with developers about marketing
the spaces.
Working on a Request for Quotes for a consultant to assist
the City in developing a parking ordinance and governance
structure for parking management in City Center. In the
interim, staff are exploring time restrictions on parking on
Market Street until a management system can be
implemented.
May do Build a regional stormwater collaboration We submitted a proposal to retain a fellow to investigate this
with 5 other communities.
Awarded grant funding to hire a research fellow (hosted by
Essex) to look into regionalization idea. The position has
been posted and interviews are scheduled for late February.
May do Update Sign Ordinance: City Center appropriate standards
and political signs
Staff met with Economic Development Committee
10/10/2023 to review and get feedback on draft
amendments
Staff is preparing to bring the draft revised sign ordinance,
following feedback from the Economic Development
Committee, to Council early in the spring
May do Update Peddlers Ordinance to support creative businesses
and food trucks
Staff has initiated amendments, applying best practices from
communities with similar objectives.
On hold pending other priorities
May do Assess Commercial/Industrial Districts for opportunities for
housing, support services, and for reserving space for
industrial‐only
*Draft CityPlan 2024 includes vision to allow for these
opportunities.
*Discussion initiated with EDC in FY '23; to continue later this
year.
The Tech Hub puts additional emphasis on this as an
opportunity. Council approved a letter of commitment
which includes this being taken up this year.
Pending
Resources
Activate Market Street and City Center with events *Energy festival held on 9/30/23.
*Partial funding identified for Illuminate Vermont.
*An April Illuminate Vermont is in planning.
*A storywalk is in development.
Opportunity Oriented: Being a supportive and engaged member of the larger regional and statewide community.
Walkable: Bicycle and pedestrian friendly with safe transportation infrastructure.
2
Role of Council Role of City Manager and Leadership Team Report #1 Report #2
"This is the vision for
our community"
"This is how we are accomplishing this vision."October 13, 2023 February 20, 2024
Category
City of South Burlington
FY24 Policy Priorities & Strategies
ADOPTED by the City Council on July 17, 2023
Report #2: February 20, 2024
Must do Complete Transportation Demand Management Regulations
to be nimble for City Center
Staff continues to work with RSG and CCRPC Planning Commission reviewed concepts / drafts in
December 2023 and January 2024; Energy Committee in
January 2024, and Bike/Ped Committee in January and
February 2024. On schedule for completion in spring 2024.
Must do Complete Transportation Impact Fee update (with full impact
fee ordinance review)
Staff has held initial scoping meeting for impact fee update
project
Staff has reviewed and revised candidate project list to align
with adopted Capital Improvement Program. Scheduled to be
presented to Council for consideration in Spring 2024.
Must do Substantially complete the Bike/Ped Master Plan Consultant selected. Working to refine scope and sign
contract.
Existing conditions assessment and early public engagement
processes have begun. Scheduled to be complete in
October/November 2024.
Pending
Resources
Conduct a sidewalk condition inventory and prioritize
maintenance in future budgets (current budget is $2k/year)
*Weigh needs against shared use path and paving needs
DPW has an ad hoc list of sidewalk issues. Planning to discuss
this in more detail during FY25 budget conversations.
Pending FY25 budget approval we will have the financial
resources to begin moving this work forward.
Must do Bartlett Bay Wastewater Treatment Facility: Complete
engineering and design
Contract for final engineering has been executed. Project has
an 18 month design schedule.
Final engineering is underway.
Must do Water Tank in High Service Area: Engineering, bond vote,
apply for funding
Contract for final engineering has been executed.Bond vote schedule for TMD 2024. DPW has been conducting
outreach to community in January and February.
Must do Finalize Auclair conservation plan with Vermont Land Trust Staff is coordinating with VLT On January 29th, closing was completed on the permanent
conservation of two parcels off Hinesburg Road formerly
owned by the Auclair family, consisting of 104 acres of Parcel
B (west side of Hinesburg Road, north of Cheesefactory Rd)
and 65 acres of Parcel C (west side of Hinesburg Rd, south of
Cheesefactory Rd).
Must do Address implications of S.100
*Update LDRs
*Establish a Water Service Area (including areas where we
intend to infill and upzone)
*Establish a Wastewater Service Area
*Update Wastewater/Stormwater ordinance & update
drinking water ordinance
*Staff presented outline of work to be done to Planning
Commission in September.
*Staff is reviewing LDRs for first draft later this fall and has
selected consultant for mapping work and analyses.
Planning Commission and staff are actively reviewing and
preparing draft amendments. Staff from P&Z and DPW met
in January and February 2024 to prepare proposed updates
to water & sewer ordinances for Council consideration in
Spring 2024. The water ordinance is being revised and is
planned for council's consideration in March 2024.
Must do Improve management/maintenance of City‐owned Natural
Areas and Public Parks
Working to fill the vacant positions in the Parks Maintenance
Division.
We are currently interviewing to hire a Parks Foreman. We
anticipate filling other vacant positions subsequent to filling
this position.
Pending
Resources
Enhance City's municipal tree nursery No action No action
Green & Clean: Emphasizing sustainability for long‐term viability of a clean and green South Burlington
3
Role of Council Role of City Manager and Leadership Team Report #1 Report #2
"This is the vision for
our community"
"This is how we are accomplishing this vision."October 13, 2023 February 20, 2024
Category
City of South Burlington
FY24 Policy Priorities & Strategies
ADOPTED by the City Council on July 17, 2023
Report #2: February 20, 2024
Must do Adopt City Plan 2024 Planning Commission held public hearing and voted to
approve submittal of CityPlan 2024 to Council at their
10/3/23 meeting.
Council to receive on 10/16/23.
City Plan 2024 was adopted by Council on January 29, 2024!
Must do Modernize the City's Personnel Policies and Practices *Executive team is currently reviewing the legal draft.
*Leadership Team will review for feedback and then
Executive Team will finalize.
*City Council will considering over the winter with
implementation and training of staff to follow.
Updated personnel policies were adopted by Council on
February 5, 2024. Employee training began on February 14
and will continue through the end of February.
Must do Assess and modernize the City's financial system, policies,
and procedures
No action yet.Will kick‐off between the budget/audit and year end window
of time.
Must do Assess and modernize the City's hiring, onboarding, and
evaluation processes
*NeoGov applicant tracking and onboarding modules were
purchased in July.
*HR is currently engaged in the design of the applicant
tracking system.
*Applicant tracking on schedule to be implemented in late
November.
*Onboarding module design will follow.
*New performance evaluation processes are included in
policy handbook update.
The applicant tracking module of NeoGov was developed,
tested and implemented. The system went live on January 5,
2024. The Onboarding module is the second part of the
process and is currently under development. Anticipated
implementation of the Onboarding module is late May or
early June 2024.
Must do Modernize City communications: Redesign website,
implement communications policies, and focus on resident
and neighborhood‐based engagement and outreach
*Communications policy and standards guides to be
presented 10/18.
*The website redesign has been discussed with our current
vendor, Revize. Since this will require a paid upgrade, we will
consider other vendors' capabilities and costs before moving
forward with Revize.
*In the meantime, Revize has provided training on how to
improve our site within the framework of the current design.
*The communications policy was adopted on November 20,
2024, and incorporated feedback from the leadership team
presentation. Policy and standards guide, templates, logos,
and other resourced were made available to the team via a
new Communications SharePoint site.
*Current website vendor Revize offered a no‐charge visual
refresh of the site, including more modern modules
(calendar, text editor, etc.). Will evaluate benefits of this
option vs. full redesign. Departments have also made efforts
to improve organizational structure.
*Engagement and outreach will be developed as part of
Equity in Outreach project in first half of 2024
Must do Modernize cross‐department permitting (and building
history) systems and processes
*P&Z / Deputy City Manager have met on coordination.
*Staff have participated in several software demos in
preparation for issuance of an RFP/RFQ.
*Cross‐departmental work group has met weekly in 2024 to
participate in software demonstrations and craft an
RFP/RFQ. The work group is expecting to release an RFP/RFQ
at the end of February for services
Must do Adopt a Rental Ordinance and stand up a Rental Registry Council continued discussion of draft scheduled for
November 2023
City Council public hearing and possible action on 2/20/2024
Core Municipal Services and Administration
4
Role of Council Role of City Manager and Leadership Team Report #1 Report #2
"This is the vision for
our community"
"This is how we are accomplishing this vision."October 13, 2023 February 20, 2024
Category
City of South Burlington
FY24 Policy Priorities & Strategies
ADOPTED by the City Council on July 17, 2023
Report #2: February 20, 2024
Must do Focus on equity and inclusion: Complete the 'Equity in
Planning' Project, define shared goals, and work toward
engaging more voices at policy tables
*Staff project team kick‐off held in early October 2023.
*Staff is preparing RFP for release this fall.
City staff has selected a firm from among 4 respondents to
the RFP issued in December 2023. A contract is being
finalized with kick‐off expected later in February.
Must do Complete a utility rate study to ensure our wastewater and
drinking water rates can appropriately fund the required
maintenance of our existing system and can pay for future
capital needs.
*Rate study presented to council in first quarter of FY24.
*Planning additional discussions with Council in FY24.
Work is considered complete unless / until Council would like
to have a follow up discussion.
Must do Complete Charter Committee process and support Council in
considering recommendations
*Charter Committee presented recommendations to the
Council on 9/18/23.
*Council opted to pause the Committee's work and have
internal conversations on community engagement in the
future.
Charter change to expand the School Board is on the Town
Meeting Day ballot.
Must do Complete review, digitization, and modernization of City's
municipal ordinances
*City Attorney has returned comments to Municode.
*Anticipate bringing the full format change to the Council in
early winter.
New City Code of Ordinances adopted by City Council on
2/5/24
Must do Develop a process, related procedures, and a database for
affordability covenants
Not yet started.Pending the onboarding of a new Deputy City Attorney
Must do Conduct analysis of development trends, tax generation, and
potential service capacity
Prioritizing hiring the GIS Data Analyst position.Development Trend review and presentation prepared for
Steering Committee January 2024
Must do Plan for the future of 575 and 577 Dorset Street including
transfer of ownership to the School District and CHT
*A City/School project team has met twice.
*Engaged Dore + Whittier to explore separating the HVAC
systems.
*In the process of engaging Krebs & Lansing to conduct a
survey and manage the subdivision process.
*Need to identify funds to continue work.
It is estimated to cost approximately $1.7M to separate the
properties. The School has indicated they are not interested
in moving this forward at this time. We will continue
conversations about how to be supportive and efficient
neighbors.
May do Consider revamping the Committee structure after the
adoption of the City Plan 2024
After the adoption of the CityPlan 2024.The CityPlan 2024 was adopted on 1/29. Staff will put
together a recommendation, discuss it with the new Council
and potentially bring it to Committees in the Spring of 2024.
May do Following Charter and Comp Plan work, engage with
community about how to best provide services at a more
neighborhood level
After the adoption of the CityPlan 2024.Not yet started
City Center and Tax Increment Financing District
5
Role of Council Role of City Manager and Leadership Team Report #1 Report #2
"This is the vision for
our community"
"This is how we are accomplishing this vision."October 13, 2023 February 20, 2024
Category
City of South Burlington
FY24 Policy Priorities & Strategies
ADOPTED by the City Council on July 17, 2023
Report #2: February 20, 2024
Must do Dorset Street Signals:
*Complete construction in October 2023
*Plan for Adaptive signal technology.
*Include upgrade of hardware at other signals around the
City in CIP.
*Construction is underway, but slightly behind schedule due
to material delivery schedule.
*Adaptive technology will be in place with the current
project.
*On‐going software fees will be included in the FY25 budget.
*Hardware upgrade for additional traffic signals will be
proposed as part of the FY25 budget.
Construction is underway and scheduled for completion in
March 2024.
Adaptive technology will be in place in March 2024.
Must do Focus on Redevelopment: Be nimble in support of future
City Center areas for priority redevelopment in the next ten
years
*U Mall
*San Remo Drive
*Hinesburg Road/Williston Road
*Small property owners
*Land Development Regulations Updates: Continue
revisions to City Center Form Based Code and associated
Official Map updates to support successful development of
the downtown
*Staff and Council held a walking tour of City Center to
outline opportunities
*Updates to LDRs including rare circumstance of "L"‐shaped
roads within City Center FBC, approved by the Planning
Commission on 10/10/23 for submittal to Council on
10/16/23.
*Council considering a Bylaw Modernization Grant
application for San Remo Drive on 10/16/23
*Staff is finalizing a contract with a consultant to perform a
review of the City's Form Based Code and make
recommendations for architectural and design
improvements discussed by Council and Planning
Commission in Fall 2023
Must do Garden Street
* Complete right of way acquisition and finalize construction
documents
* Bid out project
* Demolish 1270 Willison Rd
* Coordinate with State
Offer letters in development.One offer letter has been accepted. Construction documents
for the portion between Trader Joes and Healthy Living in
progress.
Must do Williston Road Streetscape:
* Complete right of way acquisition and finalize construction
documents
* Coordinate with State
* Prepare to bid project for FY25 construction
ROW documentation in progress ROW Appraisals in process.
Must do East West Crossing ‐ Pedestrian Bicycle Bridge over I‐89
Project
* Complete right of way acquisition and finalize construction
documents
* Identify other funding sources
*Offer letters out to property owners.
*Additional gap funding being sought for project (two
applications submitted for Federal discretionary funding).
ROW wrapping up. Additional funds being applied for with
third application.
Must do City Center Park Boardwalk Connection:
*Finalize design and engineering
*Bid, award construction contract, and start construction
In final design. Still in final design, planning on bidding as soon as
documents are complete.
Must do Explore creating a "village green" in City Center Obtaining consultant to conduct work.Contracted with consultant, they are creating documents for
outreach after Town Meeting Day
6
Role of Council Role of City Manager and Leadership Team Report #1 Report #2
"This is the vision for
our community"
"This is how we are accomplishing this vision."October 13, 2023 February 20, 2024
Category
City of South Burlington
FY24 Policy Priorities & Strategies
ADOPTED by the City Council on July 17, 2023
Report #2: February 20, 2024
Must do Renew New Town Center and Renew and Expand
Neighborhood Development Area Designation
*City applied for and was approved for expansion of
Neighborhood Development Area in September
*Draft Application for NDA and New Town Center submitted
to State on 10/1/23
The Downtown Development Board unanimously voted to
renew the City's Neighborhood Development Area and New
Town Center designations in January 2024.
May do Begin exploration of converting the City's "Base" Designated
New Town Center to a Designated Downtown
Staff participated statewide workshop and provided
feedback to legislative committees examining designation
program and Act 250 under Act 47
Not yet started
Must do TIP1. Complete Transportation Implementation Plan (TIP)
*Identify financial and human resources to implement the
TIP ‐ What can we do and how do we pay for it?
*Information presented to council at 10/2/23 council
meeting.
*Public Hearing scheduled for 10/12/23.
*Funding of plan will be presented with the FY25 budget.
TIP was completed and recommendations integrated in the
FY25 Budget.
Pending
resources
TIP2. Inventory current multi‐family electric vehicle
charging network needs/capabilities to inform a policy
for existing multifamily properties (new and existing) to
install electric vehicle charging equipment.
Pending staff.
Must do GOIP1. Complete Government Operations Implementation
Plan (GOIP)
*Strategically plan to achieve 2030 goals
*Identify financial and human resources to implement the
GOIP ‐ What can we do and how do we pay for it?
*No consultants completely responded to the RFP
*Staff redirected to complete this work and is preparing the
draft plan for presentation to Council in November.
*Draft Plan was presented to Council in November 2023 and
incorporated into 2025 budget
*Final Plan is being drafted and is expected to be completed
late winter 2024.
Pending
Resources
GOIP2. Once completed prioritize:
*Implement financial policy and CIP planning to
integrate EV only vehicles into the Fleet once they are
operationally feasible and meet budget goals
*Develop a municipal green purchasing policy
*Consider an ordinance to limit or ban small engines
(leaf blowers and trimmers)
Pending staff.
Pending
Resources
Explore resources to develop a Buildings/Thermal ImplementaNot yet started.Not yet started
Must do Update LDRs to implement targets of Climate Action Plan,
including bike/ped parking, EV charging, infill in built areas,
others
Staff is developing updated Bike/Ped Parking standards and
updating the transportation standards in LDRs (see above)
See above under LDR amendments
May do Advocate to maintain land application of biosolids Not yet started.Not yet started
May do Consider an ordinance on regulating private property owner
mowing wetland buffers
Not yet started.Not yet started
May do Develop an Integrated Pest Management Policy for City
properties
Not yet started.Not yet started
Climate Action Plan
7
180 Market St South Burlington, VT 05403 802-846-4105
February 20, 2024
The following 2024 first, second, and third class liquor licenses, tobacco licenses and outside consumption
permits were approved by the South Burlington Liquor Control Board after review by the City tax, fire and
police departments:
NAME DESCRIPTION
Delta Hotels by Marriott Burlington Outside Consumption Permit
Homewood Suites First Class Restaurant/Bar & Second Class License
Eagles, Fraternal Order Of Aerie #793 First Class Club & Third Class Club License & Outside
Consumption Permits
Gracey’s Liquor Store Second Class Liquor & Tobacco License & Tobacco
Substitute Endorsement
Gracey’s Store Second Class Liquor & Tobacco License & Tobacco
Substitute Endorsement
Simon’s Store & Deli Second Class Liquor & Tobacco License & Tobacco
Substitute Endorsement
Sugarsnap First Class Commercial Caterer & Third Class Commercial
Kitchen
Walgreens #11526 Second Class Liquor & Tobacco License
Walgreens #17447 Tobacco License
SOUTH BURLINGTON LIQUOR CONTROL BOARD
Helen Riehle Meagan Emery
Tim Barritt Larry Kupferman
Andrew Chalnick