The URL can be used to link to this page

Home My WebLink About2021 CPF OFFICE LOCATION: MELISSA A. SPIRO Town Hall Annex 54375 State Route 25 LAND PRESERVATION COORDINATOR (corner of Main Rd & Youngs Ave) melissa.spiro@town.southold.ny.us Southold, New York Telephone (631) 765-5711 MAILING ADDRESS: P.O. Box 1179 www.southoldtownny.gov Southold, NY 11971-0959 DEPARTMENT OF LAND PRESERVATION TOWN OF SOUTHOLD To: Denis Noncarrow, Southold Town Clerk From: Melissa Spiro, Land Preservation Coordinator Date: December 20, 2022 Re: Town of Southold Peconic Bay Community Preservation Fund Financial Statements for the Year Ended December 31, 2021 Denis: Attached you will find the PDF of the Town of Southold, Peconic Bay Community Preservation Fund Financial Statement for the year ended December 31, 2021, as prepared by Rehn & Maresco, Certified Public Accountants. This report was completed in accordance with the Community Preservation Fund legislation. The following is required by the law: A copy of the audit shall be submitted annually to the state comptroller and the town clerk. A copy of the audit shall be made available to the public within thirty days of its completion. A notice of the completion of the audit shall be published in the official newspaper of the town and posted on the official sign board of the town within ten days of its filing with the town clerk. Said audit and notice shall also be posted on the internet site for the town. The cost of the audit may be a charge to the fund. Please prepare a Legal Notice for submission to the official newspaper in accordance with the above. Said notice 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 Thank you. Melissa encs. cc: Town Comptroller w/ 2021 CPF Audit Financial Statements TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND TABLE OF CONTENTS DECEMBER 31, 2021 Pae s INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS Balance Sheet 2 Statement of Revenues and Expenditures 3 Notes to Financial Statements 4-5 Ilplll �, I, �illllllll�� 1 ��u� I»°»" 11 muUl l � � � in � i � c l INDEPENDENT AUDITOR'S REPORT Southold Town Board Town of Southold Southold,New York 11971 We have audited the accompanying financial statements of Town of Southold Peconic Bay Community Preservation Fund which comprise the balance sheet as of December 31, 2021, and the related statement of revenues and expenditures for the year then ended,and the related notes to the financial statements. Management's Responsibility for 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 preparation and fair presentation of financial statements that are free from material misstatement,whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan 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 financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to entity's preparation and fair presentation of the financial statements 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 entity's internal control. Accordingly,we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion,the financial statements referred to above present fairly,in all material respects,the balance sheet of Town of Southold Peconic Bay Community Preservation Fund as of December 31,2021,and the revenues and expenditures for the year then ended in accordance with accounting principles generally accepted in the United States of America. December 16,2022 East Setauket,New York 1 286 IM a li in.StireeU &IEEast.'aetauikeU &INeW Yo irk&1.1.733&.7,:631. 751. 3886&II:631. 751. 274 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND BALANCE SHEET DECEMBER 31, 2021 ASSETS Restricted cash $ 20,407,770 Due from other governments 2,700,785 Accounts receivable 8,624 Prepaid expense 10,621 Land and development rights 131,144,227 TOTAL ASSETS 154,272,027 LIABILITIES Accounts payable 15,161 Due to other funds 31,185 Accrued expenses 58,413 Bonds payable 15,772,133 TOTAL LIABILITIES 15,876,892 FUND BALANCE Fund balance -restricted 138,395,135 TOTAL LIABILITIES AND FUND BALANCE $ 154,272,027 See accompanying notes to financial statements. 2 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND STATEMENT OF REVENUES AND EXPENDITURES DECEMBER 31, 2021 REVENUES Community Preservation Fund transfer taxes $ 14,116,704 Interest income 29,379 Other income 16,054 TOTAL REVENUES 14,162,137 EXPENDITURES Land acquisition costs 6,594,287 Stewardship management 16,077 Stewardship supplies 2,935 Administrative management 323,493 Administrative expenses 4,000 Serial bonds,principal 1,557,546 Serial bonds, interest 540,091 TOTAL EXPENDITURES 9,038,429 EXCESS OF EXPENDITURES OVER REVENUES $ 5,123,708 See accompanying notes to financial statements. 3 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 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, 2021 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, 2021 NOTE 2—BONDS PAYABLE Bond payable - in yearly variable installments, including variable interest rates at 4% in 2020, 3% in 2021, 4% through February 2025, and 2%,thereafter. $ 11,625,821 Bond payable - in yearly variable installments, including variable interest rates at 4% through March 2023, 5% through March 2027, and 3%thereafter. 4,146,312 15,772,133 Less: Current maturities 1,580,373 Long-term debt $ 14,191,760 Aggregate maturities of long-term debt are as follows: Years ending December 31: 2022 1,580,373 2023 1,661,516 2024 1,730,189 2025 1,767,250 2026 1,779,211 Thereafter 7,253,594 $ 15,772,133 NOTE 3 - SUBSEQUENT EVENTS The Fund has evaluated all subsequent events through December 16, 2022, 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