Moody's downgrade of the village's credit rating from AAA3 to A1 was based on the reduction in the village's fund balance. It was stated as 17.9 percent down from 43.2 percent. Since the economic downturn the village has incurred operating deficits for two straight years, which required use of the fund balance.
Village Attorney Mike Byrne said that he contacted fiscal advisors, who advised that there is nothing in the Moody report that is not factually correct. And also the amount of rating downgrade will have no effect on the use of bond anticipation. It adds up to a .2 or .3 percent impact on interest for any long term bonds the village might seek out.
Mayor announced village wide board hearing
The mayor said he was getting the various village boards together at 9 a.m. Dec. 4 to discuss continuing the parking moratorium before the public hearing on Dec. 13.
Automatic meter reading not billing yet
The village is still in the process of upgrading electric and water meters, so that the information does not have to be manually gathered.
They did have their best month ever as far as installation with 60 meters installed.
One snafu that has arisen is that there are still 450 working meters that operate on a four digit system, as opposed to the new six digit automatic meters.
Skaneateles Municipal Operations Director Bob Lotkowictz said that it would cost $40,000 to replace the four digit meters. He added that there are only 200 more meters to replace.
Trustee Marc Angelillo asked if the village was using this information yet to bill?
Lotkowictz said, No, "We are still walking."
Trustee Tim Lynn said that the village isn't scheduled to officially make the billing switch until Oct. 22, 2011. He also noted that they budgeted for the ultimate number of meters.