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Home My WebLink About2018 CPF TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND FINANCIAL STATEMENT For the Year Ended December 31, 2018 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND TABLE OF CONTENTS December 31,2018 Page INDEPENDENT AUDITOR'S REPORT........................................................................................... 1 FINANCIAL STATEMENTS BalanceSheet.......................................................................................................................................2 Statements of Revenues and Expenditures ..........................................................................................3 Notesto Financial Statement..............................................................................................................4-5 GR George R• Rehn Certified Public Accountant 286 Main Street • East Setauket • New York 11733 (631) 751-3886 • Fax (631) 751-2740 INDEPENDENT AUDITOR'S REPORT Southold Town Board Town of Southold Southold,New York 11971 I have audited the accompanying financial statements of Town of Southold Peconic Bay Community Preservation Fund which comprise the balance sheet as of December 31, 2018, and the related statements 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 My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that I 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. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Opinion In my 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, 2018, and the revenues and expenditures for the year then ended in accordance with accounting principles generally accepted in the United States of America. �/L• �Cg7.�?i 7 Certified Public Accountant May 3,2019 East Setauket,NY 1 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND BALANCESHEET December 31,2018 ASSETS: Restricted cash $16,972,519 Due from other governments 834,841 Accounts receivable 7,878 Prepaid expense 6,749 Land and development rights 110,863,270 TOTAL ASSETS $128,685,257 LIABILITIES: Accounts payable 40,002 Bonds payable 20,329,181 TOTAL LIABILITIES 20,369,183 FUND BALANCE: Fund balance-restricted 108,316,074 TOTAL LIABILITIES AND FUND BALANCE $128,685,257 2 See accompanying notes to financial statement TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND STATEMENTS OF REVENUES AND EXPENDITURES For the Year Ended December 31,2018 REVENUES: Community Preservation Fund transfer taxes $8,097,019 New York State grant 40,147 Interest income 99,012 TOTAL REVENUES 8,236,178 EXPENDITURES: Land acquisition costs 5,380,126 Stewardship management 37,737 Stewardship supplies 15,044 Administrative management 272,280 Administrative expenses 4,000 Serial bonds, principal 1,473,913 -- Serial bonds, interest 708,003 TOTAL EXPENDITURES 7,891,103 EXCESS OF REVENUES OVER EXPENDITURES $345,075 3 See accompanying notes to financial statement TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31,2018 NOTE A- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES History In 1998, the Peconic Bay Community Preservation Fund was started. It 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. Basis of Accounting The financial statements of the organization have been prepared on the accrual basis of accounting in accordance with generally accepted accounting principles. Use of Estimates in the Preparation of Financial Statements Management of the organization uses estimates and assumptions in preparing financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affected the reported revenues and expenditures.Actual results could vary from the estimates that management uses. NOTE B- BONDS PAYABLE Serial Bonds for $17,023,243 are dated October 4, 2016. Denominations are maturing on February 15' each year through 2030. Interest rate is 4% through 2020. It is 3% in 2021 and then 4% from 2022 to 2025,2% in 2026 to 2028,2.125% in 2029, and 2.25% in 2030. The maturities of the bonds for the next five years are as follows: Principal Interest 2019 $ 1,064,286 $ 434,889 2020 1,088,708 391,830 2021 1,137,599 352,991 2022 1,160,426 312,719 2023 1,194,219 265,626 2024 and thereafter 9,271,176 741,972 $ 14.916.414 $ 2 50 2 4 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31,2018 Serial Bonds for$5,847,244 are dated July 29, 2015. Denominations are maturing on March Ist each year through 2030. Interest rate varies from 2% for 2018, 3% for 2019, 4% for 2020, 4.76% for 2021, 4.88% for 2022, 4.57%for 2023, 5% for 2024 until 2027, and 3%for 2028 until 2030. The maturities of the bonds for the next five years are as follows: Principal Interest 2019 $ 426,560 $ 220,283 2020 419,947 205,485 2021 419,947 187,100 2022 419,947 166,863 2023 467,297 145,946 2024 and thereafter 3,259,069 415,501 $ 5.412.767 $ 1.341.178 5 LEGAL NOTICE NOTICE IS HEREBY GIVEN that the Town of Southold Peconic Bay Community Preservation Fund Financial Statement for the Year Ended December 31, 2018 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: June 7, 2019 ELIZABETH A. NEVILLE SOUTHOLD TOWN CLERK PLEASE PUBLISH ONCE ON June 13,2019 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 TYPESET: Fri Jun 07 14:11:34 EDT 2019 LEGAL NOTICE NOTICE IS HEREBY GIVEN that the Town of Southold Peconic Bay Community Preservation Fund Financial Statement for the Year Ended December 31,2018 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:June 7,2019 ELIZABETH A.NEVILLE SOUTHOLD TOWN CLERK 2362670