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Home My WebLink About2020 CPF TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND TABLE OF CONTENTS DECEMBER31, 2020 Page (s) 1 FINANCIAL STATEMENTS Balance Sheet 2 Statement of Revenues and Expenditures 3 Notes to Financial Statements 4-5 Southold Town Board Town of Southold Southold, New York 11971 Wehave audited the accompanying financial statements of Town of Southold Peconic Bay Community Preservation Fundwhich comprise the balance sheetas of December 31, 2020, and the related statementof revenues and expendituresfor the year then ended, and the related notes to the financial statements. Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparationand fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Ourresponsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on t such opinion. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of significant accountingestimates made by management, as well as evaluating the overall presentation of the financial statements. Webelieve that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for ouraudit opinion. Opinion In ouropinion, the financial statements referred to above present fairly, in all material respects, the balance sheet of Town of Southold Peconic Bay Community Preservation Fundas of December 31, 2020, and the revenuesand expenditures for the year then ended in accordance with accounting principles generally accepted in the United States of America. November 9, 2021 East Setauket, New York 1 ΏАЎЊΏΏАЎЊΏЋАЍЉ TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020 NOTE 1 - NATURE OF ACTIVITIES Nature of Activities In 1998, the Peconic Bay Community Preservation Fund (the Fund) was established by voter referendum. The Fund is financed by a 2% real estate transfer tax through 2050. The overall goal is to preserve open land and farm land by purchasing open space and environmentally sensitive lands. Funds are also allowed to be used for management and stewardship of the acquired properties. The Peconic Bay Community Preservation Fund is accounted for as a major fund in the Town of Southold, New York financial statements. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash consists of funds deposited in demand accounts and time deposit accounts with maturities of less than three months from the date acquired by the Fund. Concentration of Credit Risk Financial instruments that potentially subject the Fund to concentrations of credit risk consist of demand deposits with a financial institution. At December 31, 2020 there are no balances exceeding FIC insurance of $250,000. The Fund believes there is minimal credit risk relative to its cash and investment accounts. 4 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020 NOTE 2 BONDS PAYABLE NOTE 3 - SUBSEQUENT EVENTS The Fund has evaluated all subsequent events through November 9, 2021, the date the financial statements were available to be issued, and determined that, except as discussed below, there were no events which have occurred that would require disclosure or adjustments to the financial statements. 5 r ` 31d7bOd6-c8bO-470b-a226-4fdb5f8Oe5c6 lynda.rudder@town.southold.ny.us AFFIDAVIT OF PUBLICATION The Suffolk Times State of New York, County of,Suffolk The undersigned is the authorized designee of The Suffolk Times,a Weekly Newspaper published in Suffolk County,New York. I certify that the public notice,a printed copy of which is attached hereto, was printed and published in this newspaper on the following dates: December 02,2021 This newspaper has been designated by the County Clerk of'Suffolk County,as a newspaper of record in this county,and as such,is eligible to publish such notices. Signature Eliot T.Putnam Printed Name Subscribed and sworn to before me, This 08 day of December 2021 Notary Signature STATE �� 'S : OF NEW YOR.K '. NTOTARY PUBLIC: N NotaryPublic Stam - '� ALBANY N p : O�. ' OIREfiJ9Ad.{J •••�p i ��i •. � .•'• Off\ ��` fsSION EX?"' : �o��• SOUTHOLD TOWN CLERK 1 31d7bOd6-c8bO-470b-a226-4fdb5f8OeS'c6 lynda.rudder@town.southold.ny.us AFFIDAVIT OF PUBLICATION The Suffolk Times LEGAL NOTICE NOTICE IS HEREBY GIVEN that the Town of Southold Peconic Bay Community Preservation Fund Financial Statement for the Year Ended December 31, 2020 is on file in the Southold Town Clerk's Office, Southold Town Hall,53095 Main Road,Southold,New York,and is available for public inspection and copying during regular business days and hours Monday through Friday, 8:00 A.M.to 4:00 P.M.and is also available for viewing on the Town's website: www.southoldtownny.gov Dated: November 29,2021 ELIZABETH A. NEVILLE SOUTHOLD TOWN CLERK SOUTHOLD TOWN CLERK 2 OFFICE LOCATION: ` MELISSA A. SPIRO �QF S0 Town Hall Annex LAND PRESERVATION COORDINATOR �� Ol0 54375 State Route 25 melissa.spiro@town.southold.ny.us (corner of Main Road& Youngs Avenue) Southold, New York Telephone(631)765-5711 N 4l ^�� MAILING ADDRESS: www.southoldtownny.gov C0Um,� P.O. Box 1179 t; Southold, NY 11971-0959 DEPARTMENT OF LAND PRESERVATION TOWN OF SOUTHOLD December 3, 2021 Thomas P.DiNapoli New York State Comptroller 110 State Street Albany,NY 12236 Re: NY Town Law—Chapter 62,Article 4,Town Board § 64-e Peconic Bay Region Community Preservation Funds Dear Mr.DiNapoli: In accordance with paragraph 12 of§ 64-e Peconic Bay Region Community Preservation Funds,NY Town Law Chapter 62,Article 4, I submit to you herein a copy of the independent audit of the Town of Southold Peconic Bay Community Preservation Fund Financial Statement for the year ended December 31,2020 as prepared by Rehn&Maresco, Certified Public Accountants, dated November 9, 2021. A legal notice of the completion of this audit has been posted in the Town's official newspaper and on the Town Clerk's bulletin board.The audit is available for public review at the Town Clerk's office and on the Town's website (www.southoldtownny.gov). Sincerely, 41W- 4 4-4-6- Melissa Spiro Land Preservation Coordinator /md encs.: 2020 CPF Financial Statement Legal Notice cc: Elizabeth A.Neville,Southold Town Clerk w/legal notice Kristie Hansen-Hightower,Town Comptroller w/legal notice 40 DECEIv1B:ER 2 ;=20'21 I SUFFOL'KTIM'ES;:C'0M' LEGAL NOTICES % - mit • • .• • • Inform• •. • r �ti•n: NYPublicNQpapers.co ,. _• _ _- - ,t`?':'!,.-.r.,r,' sG,rrt?ie�Sr;.'.z :.. .3642:9 : -:;'..Y:e,:=,u;•:.:v _ Nom( 4r ?rt 500333-Sim so H. - - •fr." -�-�. n rF L,Ass t Mang m�t• P ;i F. fi` 9 Vill" a �;== a-e,of ee" ort• :ti' '., ;3<,, • , .�• ,:, •-,.-' _ • �- -Notice�of',F4rmatipn.of;;Lttle�F1�.0>.Vit. 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SPIRO �®f s®Ur Town Hall Annex ®1 LAND PRESERVATION COORDINATOR 54375 State Route 25 melissa.spiro@town.southold.ny.us ® (corner of Main Road& Youngs Avenue) Southold, New York Telephone(631)765-5711 ass ® �® www.southoldtownny.gov MAILING ADDRESS:�® � "-�"' l�t°®U9� P.O. Box 1179 Southold, NY 11971-0959 DEPARTMENT OF LAND PRESERVATION TOWN OF SOUTHOLD RECEIVED To: Elizabeth A. Neville NO" 2 g 20 Southold Town Clerk From: Melanie Doroski Southold Town Clerk Associate Administrator Date: November 22, 2021 Re: 2020 Community Preservation Fund (CPF) Audit Betty: Attached you will find seven (7) copies of the Town of Southold, Peconic Bay Community Preservation Fund Financial Statement for the year ended December 31, 2020, as prepared by Rehn & Maresco, Certified Public Accountants. As in previous years, please prepare a Legal Notice for submission to The Suffolk Times announcing that this document is available for public viewing. Said notice must also be posted on the Town's bulletin board. Kindly provide me with a copy of the Legal Notice and Affidavits of Posting. Once I have these in hand, I will send the audit and proof of postings to the State Comptroller as required by State law. Be advised that I have provided Lloyd Reisenberg with an electronic version of this audit report for posting on the Town's website. Thank you. Melanie encs. cc: Town Comptroller w/2020 CPF Audit LEGAL NOTICE NOTICE IS HEREBY GIVEN that the Town of Southold Peconic Bay Community Preservation Fund Financial Statement for the Year Ended December 31, 2020 is on file in the Southold Town Clerk's Office, Southold Town Hall, 53095 Main Road, Southold,New York, and is available for public inspection and copying during regular business days and hours Monday through Friday, 8:00 A.M. to 4:00 P.M. and is also available for viewing on the Town's website: www.southoldtownny.gov Dated: November 29, 2021 ELIZABETH A. NEVILLE SOUTHOLD TOWN CLERK PLEASE PUBLISH ONCE ON DECEMBER 2, 2021 AND FORWARD ONE(1)AFFIDAVIT OF PUBLICATION TO ELIZABETH NEVILLE, SOUTHOLD TOWN CLERK, TOWN HALL, PO BOX 1179, SOUTHOLD,NY 11971. Copies to the following: The Suffolk Times Town Board Members Town Attorney Land Preservation Department Town Comptroller Town Clerk's Bulletin Board Website/Laserfiche