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Home My WebLink About1996 I . . RfCf/VED I , JUN I 3 19971 I Southok1 TOwn ad I I I TOWN OF SOUTHOLD PURPOSE FINANCIAL STATEMENTS I GENERAL December 31.1996 I I I I . I I I I I I I I I I . REHN & JFORE . I Certified Public Accountants I 286 Main Street 'East Setauket. New York 11733-2844' 516/751-3886' Fax 516/751-2740 407 Osborne Avenue' Riverhead' New York 11901-3031' 516/727-3350' Fax 516/727-1582 I June 9, 1997 I INDEPENDENT AUDITORS' REPORT Town Board I Town of Southold 53095 Main Road I Southold, New York 11971 Members of the Board: I We have audited the accompanying general purpose financial statements of the Town of South old, as of and for the year ended December 31, 1996. These general purpose financial statements are the I responsibility of the Town of South old's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. I We did not audit the financial statements of Fishers Island Ferry District, which represents 23%, 27%, 31 % and 5%, respectively, of the assets and revenues of the special district fund, assets of General Fixed assets and assets of Long Term Debt. Those financial statements were audited by other I auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for Fishers Island Ferry District, is based on the report of the other auditors. I , We conducted our audit in accordance. with generally accepted accounting standards. Those standards require that we perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test I basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement preparation. We I believe that our audit provides a reasonable basis for our opinion. In our opinion, based on our audit and the report of other auditors, the general purpose financial I statements referred to above present fairly, in all material respects, the financial position of the Town of Southold as of December 31, 1996, and the results of its operations and changes in fund balances for the year then ended in conformity with generally accepted accounting principles. I , Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining, individual fund, and individual account group financial I statements and schedules listed in the accompanying table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the Town of Southold. Such information has been subjected to the auditing procedures applied in the audit of I general purpose financial statements, and, in our opinion, is fairly presented in all material respects in relation to the general purpose fiJ;1ancial statements taken as a whole. I I . - I Town of Southold I June 9, 1997 Page 2 I As discussed in Note I (N) to the financial statements, cerain errors resulting in understatement of previously reported assets and liabilities as of December 31, 1996 were discovered by management I during the current year. Accordingly, the 1995 financial statements have been restated to correct the error. I ieek & 90Jre I Rehn & Fore Certified Public Accountants I I , I I I . I I I I I I I REHN & FORE, CP As I . I . REHN & JFORE Certified Public Accountants I 286 Main Street 'East Setauket . New York 11733-2844 . 516/751-3886 . Fax 516/751-2740 407 Osborne Avenue' Riverhead' New York 11901-3031 . 516/727-3350' Fax 516/727-1582 I June 9, 1997 I INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL STRUCTURE I BASED ON AN AUDIT OF GENERAL PURPOSE OR BASIC FINANCIAL STATEMENT PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS I Town Board Town of Southold I 53095 Main Road Southold, New York 11971 I Members of the Board: We have audited the general purpose financial statements of the Town of Southold, as of and for the I year ended December 31,1996, and have issued our report thereon dated June 9,1997. We conducted our audit in accordance with generally accepted auditing standards, Government I AuditiDl! Standards. issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. I . The management of the Town of South old, is responsible for establishing and maintaining an internal control structure. In fulf11ling this responsibility, estimates and judgements by management are I required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with r...onabl., but not ablolut., as.urano. that a...t. art .afIIl101atd.d aaainlt 10.. ftotn lIoauthoriz.d I use or disposition, and that transactions are executed In accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Because of inherent limitations in any internal control structure, I , errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions, or that the effectiveness of the design and operation of policies and I procedures may deteriorate. , In planning and performing our audit of the general purpose financial statements of the Town of I Southold, New York, for the year ended December 31, 1996, we obtained an understanding of the internal control structure. With respect to the internal control structure, we obtained an I understanding of the design of relevant policies and procedures and whether they have been placed in operation, and we assessed control risk in order to determine our auditing procedures for the purpose of expressing our opinion on. the general purpose financial statements and not to provide an I opinion on the internal control structure. Accordingly, we do not express such an opinion. I . , I . I Town Board, Town of Southold I June 9, 1997 Page 2. I Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the I design or operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation I to the fIDancial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned flmctions. We noted no matters involving the internal control structure and its operation that we consider to be material weaknesses as defined above. I This report is intended for the information of the audit committee, management, the U.S. Department I of Agriculture, the U.S. Department of Health and Human Services, HUD, the U.S. Department of Justice, DOT, and the FAA. This restriction is not intended to limit the distribution of this report which, upon acceptance by the Town of Southold, is a matter of public record. I Respectfully submitted, I ieek & 90Jre I . Rehn & Fore Certified Public Accountants I I I I I I I REHN & FORE, CPAs I . REHN & JFORE I . Certified Public Accountants I 286 Main Street .East Setauket. New York 11733-2844' 516/751-3886' Fax 516/751-2740 407 Osborne Avenue' Riverhead' New York 11901-3031 . 516/727-3350' Fax 516/727-1582 I I June 9, 1997 I INDEPENDENT AUDITORS' REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS I I Town Board I Town of Southold 53095 Main Road Southold, New York 11971 I We have audited the general purpose financial statements of the Town of Southold, as of and for the year ended December 31,1996, and have issued our report thereon dated June 9, 1997. I We conducted our audit in accordance with generally accepted auditing standards; Government AuditiDl! Standards. issued by the Comptroller General of the United States; and Office of I , Management and Budget (OMB) Circular,A-128, Audits of State and Local Governments. Those standards and OMB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. I In planning and performing our audit for the year ended December 31, 1996, we considered the intarnall:ontrolltrUl:tUrI ofilia Town of Southold, in order to determine our auditiDj proQedure. for I the purpo.e ot expre.slns our opinion on the Town at Southold's senora!' purpo.e flnanolal statements, with requirements applicable to major programs and to report on the internal control structure in accordance with OMB Circular A-128. This report addresses our consideration of I internal control structure policies and procedures relevant to compliance with requirements applicable to federal financial assistance programs. We have addressed internal control structure policies and procedures relevant to our audit of the general purpose financial statements in a separate report dated I June 9, 1997. I I I I . I . Town Board, Town of South old June 9, 1997 I Page 2. I I The Management of the Town of South old, is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgements by management are required to assess the expected benefits and related costs of internal control structure policies and I procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized I use of disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation .of financial statements in accordance with generally accepted accounting principles, and that the federal financial assistance programs are managed in I compliance with applicable laws and regulations. Because of inherent limitations in any internal control structure, errors or irregularities, or instances of noncompliance may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the I risk that procedures may become inadequate because of changes in conditions, or that the effectiveness of the design and operation of policies and procedures may deteriorate. I For the purpose of this report, we have classified the significant internal control structure policies and procedures used in administering federal financial assistance programs in the following categories: Cash Receipts, Purchasing, Accounts Payable, Cash Disbursements, Payroll, Property and Equipment, I General Ledger, and External Financial Reporting. For all of the internal control structure categories listed above, we obtained an understanding of the I design of relevant policies and procedqres and determined whether they have been placed in operation, and we assessed control risk. I During the year ended December 31, 1996, the Town of South old expended 100 percent of its total federal financial assistance under the following nonrnajor federal financial assistance programs: U.S. Department of Agriculture, U.S. Department of Health & Human Services, HUD, U.S. Department I ofJultice. DOT, and the FAA. We performed tests of controls, as required by OMB Circular A-128, to evaluate the effectiveness I of the design and operation of internal control structure policies and procedures that we have considered relevant to preventing or detecting material noncompliance with specific requirements, general requirements, and requirements governing claims for advances and reimbursements and I amounts claimed or used for matching that are applicable. Our procedures were less in scope than would be necessary to render an opinion on these internal control structure policies and procedures. Accordingly, we do not express such an opinion. I I I REHN & FORE, CPAs , I . , I Town Board, Town of Southold I June 9,1997 Page 3. I Our consideration of the internal control structure policies and procedures used in administering I federal awards would not necessarily disclose all matters in the internal control structure that might constitute material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of one or I more of the internal control structure elements does not reduce to a relative low level the risk that noncompliance with laws and regulations that would be material to a federal award program may I occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matt~rs involving the internal control structure and its operations that we consider to be material weaknesses as defined above. I This report is intended for the information of the audit committee, management, the U.S. Department of Agriculture, the U.S. Department of Health & Human Services, HUD, the U.S. Department of I Justice, DOT, and the FAA. This restriction is not intended to limit the distribution of this report which, upon acceptance by the Town of South old, is a matter of public record. I Respectfully submitted, ieek & 90Jre I Rehn & Fore I Certified Public Accountants , RF:aj I , I I I I I I REHN & FORE, CPAs . . REHN & JFORE I . Certified Public Accountants . 286 Main Street 'East Setauket. New York 11733-2844. 516/751-3886' Fax 516/751-2740 407 Osborne Avenue' Riverhead' New York 11901-3031 . 516/727-3350. Fax 516/727-1582 . June 9, 1997 I INDEPENDENT AUDITORS' REPORT ON COMPLIANCE BASED ON AN AUDIT OF GENERAL PURPOSE OR BASIC FINANCIAL STATEMENTS PERFORMED IN I ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Town Board I Town of Southold 53095 Main Road I Southold, New York 11971 Members of the Board: I We have audited the general purpose financial statements of the Town of South old, New York, as of and for the year ended December 31, 1996, and have issued our report thereon dated June 9, 1997. . We conducted our audit in accordance with generally accepted accounting standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require I that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. . Compliance with laws, regulations, contrjlcts, and grants applicable to the Town of Southold, New York, is the responsibility of the Town of Southold, New York's management. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we . performed tests of the Town of South old, New York's compliance with certain provisions oflaws, regulations, contracts, and grants. However, the objective of our audit of the general purpose financial statements was not to provide an opinion on overall compliance with such provisions. . A..ardll'lll)', WI do l'Iot IIIpr... .u'lIlII opinion, The results of our tests disclosed no instances of noncompliance that are required to be reported I under Government Auditing Standards. This report is intended for the information of the audit committee, management and the U.S. . Department of Agriculture, the U.S. Department of Health and Human Services, HUD, U.S. Department of Justice, DOT, and the FAA.. However, this report is a matter of public record and its distribution is not limited. . ieek & 90Jre I Rehn & Fore Certified Public Accountants . , I . REHN & FORE I . Certified Public Accountants I 286 Main Street .East Setauket. New York 11733-2844. 516/751-3886' Fax 516/751-2740 407 Osborne Avenue' Riverhead' New York 11901-3031 . 516/727-3350' Fax 516/727-1582 I June 9, 1997 INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH THE GENERAL I REQUIREMENTS APPLICABLE TO FEDERAL FINANCIAL ASSISTANCE PROGRAMS I Town Board Town of Southold 53095 Main Road I Southold, New York 11971 Members of the Board: I We have audited the general purpose financial statements of the Town of Southold, as of and for the I year ended December 31, 1996, and have issued our report thereon dated June 9, 1997. We have applied procedures to test the Town of Southold's compliance with the following , requirements applicable to federal financial assistance programs, which are identified in the Schedule I of Federal Financial Assistance, for the year ended December 31, 1995: political activity, Davis- Bacon Act, civil rights, cash management, federal financial reports, allowable costs/cost principles, i I Drug-free Workplace Act, or administrative requirements. Our procedures were limited to the applicable procedures described in the Office of Management and I Budget's Compliance Supplement for fiingle Audits of State and Local Governments. Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on tl).e Town of Southold',s compliance with the requirements listed in the preceding I paragraph. Accordingly, we do not express such an opinion. With respect to the items tested, the results of those procedures disclosed no material instances of I nonoomplllllOl with the r.qulrement. lilted In the ..oond paraaraph ofthl. report, With r..peet to Items not tested, nothing came to our attention that caused us to believe that the Town at Southold had not complied, in all material respects, with those requirements. I This report is intended for the information of the audit committee, management and the U.S. Department of Agriculture, the U.S. Department of Health and Human Services, HUD, the U.S. I Department of Justice, DOT, and the FAA. , Respectfully submitted, I ieek & 9tJU I Rehn & Fore Certified Public Accountants I I . REHN & JFORE I . Certified Public Accountants I 286 Main Street 'East Setauket . New York 11733-2844 ' 516/751-3886 . Fax 516/751-2740 407 Osborne Avenue' Riverhead' New York 11901-3031 . 516/727-3350' Fax 516/727-1582 I I INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS I June 9, 1997 I I Town Board Town of South old I 53095 Main Road Southold, New York 11971 I Members of the Board: We have audited the general purpose financial statements of the Town of South old, New York, as I of and for the year ended December 31, 1996, and have issued our report thereon dated June 9, 1997. In connection with our audit of the general purpose financial statements of the Town of Southold and I with our consideration of the Town of Southold's control structure used to administer federal , financial assistance programs, as required by Office of Management and Budget Circular A-128, Audits of State and Local Governments, we selected certain transactions applicable to certain I nonrnajor federal financial assistance program for the year ended December 31, 1996. As required by OMB Circular A-128, we have performed auditing procedures to test compliance with the requirements iovernillj types of services allowed or unallowed; eligibility; and special tests and I provisions (if any) that are applicable to those transactions. Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Town of Southold's compliance with these requirements. Accordingly, we do not express such an opinion. I With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed; in the preceding paragraph. With respect to items not I tested, nothing came to our attention that caused us to believe 'that the Town of Southold had not complied, in all material respects, with those requirements. I , I I I . I . Town of Southold June 9, 1997 I Page 2. I I This report is intended for the information of the audit committee, management, the Department of Agriculture, the Department of Health and Human Services, HUD, the U.S. Department ofJustice, I DOT and the FAA. However, this report is a matter of public record and its distribution is not limited. , I Respectfully submitted, I ieek & 90Jre Rehn & Fore I Certified Public Accountants I RF:aj I I , I I I I I I I REHN & FORE, CPAs I . REHN & JFORE I . Certified Public Accountants I 286 Main Street 'East Setauket. New York 11733-2844' 516/751-3886' Fax 516/751-2740 407 Osborne Avenue' Riverhead' New York 11901-3031 ' 516/727-3350' Fax 516/727-1582 I I June 9, 1997 I INDEPENDENT AUDITORS' REPORT ON SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE I Town Board . Town of Southold 53095 Main Road I , Southold, New York 11971 Members of the Board: I We have audited the general purpose financial statements of the Town of Southold, as of and for the I year ended December 31, 1996, and have issued our report thereon dated June 9, 1997. These general purpose financial statements are the responsibility of the Town of Southold's management. Our responsibility is to express an opinion on these general purpose financial statements based on our I audit. We conducted our audit in accordance with generally accepted accounting standards, Government I Auditini Standards. issued by the Comptroller General of the United States, and the provisions of Office of Management and Budget Circular A-128, "Audits of State and Local Governments." Those standards and OMB Circular A-128 require that we plan and perform the audit to obtain reasonable I assurance about whether the general purpose financial statements are free of material misstatement. An audit includes ~g, on a test basis, evidence supporting the amounts and disclosures in the aeneral purpose financial statements. An audit also includes assessilllil the al:countilllil principles used I and significant estimates made by management, as well as evaluating the overall general purpose financial statement preparation. We believe that our audit provides a reasonable basis for our opinion. I Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements, taken as a whole. The accompanying schedule offederal finance assistance is presented for purposes of additional analysis and is not a required part of the general purpose financial I statements. The information in that schedule has been subjected to the auditing procedures applied in the audit of general purpose financial statements, and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. I ieek & 90Jre I Rehn & Fore Certified Public Accountants I I I . TOWN OF SOUTHOLD I TABLE OF CONTENTS December 31. 1996 I STATEMENTS I Combined Balance Sheet - All Fund Types and Account Groups. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1-2 I Combined Statement of Revenues, Expenditures and Changes in Fund Balance - Governmental Fund Types. . . . . . . . . . . . . . . .. 3-4 I Combined Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - All Governmental Fund Types. . . . . .. 5-6 I Combined Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual: I All General Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 All Special Revenue Funds . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Capital and Special District Funds. . . . . . . . . . . . . . ... . . . . . . . . . . . . 9 I Combining Balance Sheets: I Special Revenue Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Special District Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-12 Fiduciary Funds ......................................... 13 I , , Combined Statement of Revenues, Expenditures and I Changes in Fund Balance: Special Revenue Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 I SplI:ial Di.trict Fund., , . . , . . , . , . . , . . . , . , . , . . , , . . . , . , . '.' . , . 15.16 SCHEDULES I Schedule of Federal Financial Assistance. . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 I Schedule of Obligations Payable. . . . . . . . . . . . . . . . . ,. . . . . . . . . . . . . . . . . 18 Notes to the Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 19-34 I I I I I , - s ~ ~ ~ ~ M M 8 ~ - M ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ g 0 N ~ !\ \Q t'I"I ~...... 0 GO J:: 00 8. g N ~ ~ ~ ;: = N 0 l'\ ..N~~ ~ ~O~N ~-~t'\ ..'100" ~ , ~ .... ~ 00 t'I"I _ ~ ...... _ ~ ~ t'I"I ...... 8: ~~t~ss~~~ I! I o N N \Q ~ ~ _ N t'I"I ...... t'I"I 0 - o ~ "1 "'\. r-.. N _ \Q ""':. t--.. 00" ~ ~. ~ ~ "1 \Q ~ N ~ . ~ ~ 00 ;: ..,. .,. \Q - 0 ;; ..,.:; ~ N go N ~ ~ - ;it .... - ;;; :;; Ii, ~ ..,. ~ ..,. N ~ ~ ~ t'I"I ...... ~ ..,. ...... \Q " a i i ~ ~ ~ ~ ~ g I .... t'I"IO\M ~..... \DOOO ~ ~ ~it~g~..;""" rri~~~~"~ "\ . . . . "\ . . . . :i M 1'f'I~~OO:!;~S~~ ~ E r-- .... t'I"I_ -8.....--~ " ;;. ~~~"..,._N ..,...:,~,,~o." N 8.."\......8..0l~ C'1,t'I"I N" a .... ..,. .... .... t'I"I N 00 Ci - .. - '" .. - '" ;;; I ~~~ ~ ~ ill 0 ~ ~ " " o 8 " o. o. 0 N N r-:,,;d N N N o N ~ N ~. ... N" t'I"I t"\ ... .. ~ t! r- ~ I ;~I '" ~ ~ g g ~ ~ I ~ ~ r- ~ I \Do...: r-: .,; ~ - - " ~ r- .. r-. .i..Q~ M t! N ;- r- ! ~ N M ~ .. N I 'S ~ .. ti .. ~ N 8 r- oo N - r-. " ~ o. " Ii; 1:1 ~ .. '" '" .. N '" t ... - ~ ~ t! ~ N ~ ~ ; ~ ~ "\ ... "\ , .. <C ;;; ;;; I .. rc 9 e ~ '" - .. " " .. ~. .. .. - .. ~. !U ~ - ... ~ ~ ~ ~ ~ ~ ... .. ~ "\ r:.0\, M. o tJ ~ ~ ('.j ..: vI vS rf ... ... r: - S ~ ~ N " ~ ... ~ = ~- ". ~. - 0 01i .. I s ~ - ;;; - ;:( N Ii 11 ~ ~ 1 ! - l E ~ '" ~ " .. r- ~ ~ :5 ~ ~ ~ ~ 8 ~ !: $. ... N ~ .. o. ~ t: ~ ,.; :; of ~ M'" I< .. I ~ - ~ 01i - N .... " ~ .. ~ '" ~ " ;;; ;;; 8 E ~ .. ! I~I 0 ~=.~~ ~ " ~ ~ ~ !I<i I ... ~ 0 ::t - t'I"I" :!- ~ "\ = ~ ~ ~ ' I:! ,,' ~ ~ r:. ~. :;: ts s. ;;; N ;:( N ~ I I ~ ... ~ " - ~ ~ 8 ;; r- ~ ~ r- ~ ~ Non..... r- "i - ~ ~ N ~s~~2;} ~ 0, " ~. ~ ... '" to-"...... N ij. _ .... r- N " N o:r,,", ~ "\- ... N ~ ;;( 81 r;i ~ ... ..: ~ I .. ;j i tJ I &! P !.j ~ Ii. I ~ 1 J.!! .8 ~.5 \ Q .8 i . ~ !i~~)itil 1ii la11 Iljl~l! I ]1]1) ~~] IIJ~ ~~)II]]JI~I~ ;~ ddi ~!}~]~!Jg !~ dd~~ d@g I I - - - - - - - - - - - - - - - - - - - - TOWN OF SOUTHOLD COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS - Pqe 2 on December 31.1'" --GOVERNMENTAL FUND TYPES--- FIDUCIARY -ACCOUNT GROUPS- MEMORANDUM ONLY SPECIAL CAPrrAL SPECIAL TRUST " GENERAL WNG TERM TOTALS aNERAL REVENUE PROJECTS DISTRICTS AGENCY FIXED ASSET DEBT 12/31"" 12/3J1!1!i TOTAL UABILITlES - _ Pqe 1 SS',481,'26 $3,02',289 $928,464 $2,49',064 $1,3'9,822 $0 $9,922,086 $73,212,2'1 $72,'78,602 FUND BALANCE _inFixed Assds . $23,786,'09 $23,786,.509 $22,702,344 Reserve for Booded Debt $',361 ',361 4,369 ~ Eosuing Y.... Budget $746,848 $491,274 $1,361,233 389,710 '2.995.125 4,219,986 ~ 99',243 1,01','9' 1,143,174 3.1S4,012 2,943,9'9 Fund DefiI:iI (870,000) (810,000) (1$0,194) TOTAL FUND BALANCE $1,742,091 $1,'12,869 $491,233 $1,538,305 $0 $23,786,509 $0 $29,071,007 $29,120,464 TOTAL UABJLJ11ES AND FUND BALANCE SS7,223,617 $4,538,1'8 $1,419,691 $4,033,369 $1,3'9,822 $23,786,509 $9,922,086 $102,283,2'8 $101,699,066 JIIJTES TO THE BNANCIAL STATEMENTS ARE AN INTEGRAL PART OF TIllS STATEMENT Page 2 - - - - - - - - - - - - - - - - - - - TOWN OF SOUTHOLD COMBINEDRATEMENT OF REVENUES, EXPENDITURES AND CHANG\<:S IN FUND BALAN~ , , GOVERNMENTAL FUND TYPES - Pqel on Jon",," I - Decem"r 31.1_ MEMORANDUM ONLY SPI!CIAL CAPrrAL SPECIAL TOTALS GENERAL REVENUE PROJFLTS DISTRICTS ~ 12/31/95 REVENUES ae.I Property T.... $8,738,960 $2,548,008 $2,059,896 $13,346,864 $13,47S,527 Real Property Tax Itano 67,801 9,167 1,324 78,292 72,305 Non-properly Tax Items 233,099 60,234 42,246 335,579 331,439 DepartmentalInoome 270,300 322,500 2,649,829 3,242,629 3,138,899 Intergoveroma1I CIwges 170,426 44,732 215,158 231,421 Use of Money '" Property 555,854 135,138 $100,950 128,763 920,705. 876,398 licenses '" Permits 149,485 5,300 154,785 1 54,879 Fines A Forfeitures 54,625 54,625 69,738 Property SalesILoos Compensation 2,694 9,589 5,500 107,796 125,579 315,582 MisccUaneous Local Soun:es 62,779 143,413 15,608 221,800 237,845 Jnterfbnd Revenues . 15,179 15,179 State Aid 561,096 386,291 14,825 6,568 968,780 855,248 Federal Aid 139,015 297,438 3,814 440,267 268,109 Obligations Authorized 300,000 300,000 1,750,000 Intcrlimd Transfer> 947,469 207,988 1,155,457 717,936 N_ Redeemed 110m Appropriliions 227,484 227,484 165,809 TOTAL REVENUES $11,006,134 $4,879,726 $856,747 $5,060,576 $21,803,183 $22,661,135 EXPENDITURES GenenlOovemment Support $2,157,265 $134,179 $1,522,023 $74,292 $3,887,759 $2,722,553 Public sorety 4,470,076 191,810 177,156 4,839,042 4,382,072 Public Hea1th 40,100 3,866 45,884 89,850 87,452 Transportation 312,198 2,335,009 118,486 1,044,032 3,809,725 3,475,957 Economic Assistance '" Opportunity 532,459 19,404 551,863 536,480 Cultur< '" Recreation 366,454 393,013 759,467 785,035 Home A Community ScMces 174,248 622,950 454,762 2.808,229 4.060,189 3,978,172 Employees Benefits 1,212,726 1,036,877 282,166 2,531,769 2,755,139 Debt Service 912,651 82,619 123,243 133,171 1,2S1,684 1,134,378 Intedbnd Transf... 674,103 367,493 113,861 1,155,457 717,936 TOTAL EXPENDrrURES $10,852,280 $4,774,803 $2,237,918 $5,071,804 $22,936,805 $20,575,174 CooIinued Page 3 - - - - - - - - - - - - - - - - - - - - TOWN OF SOUTHOLD COMB~TEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE GOVERNMENTAL FUND TYPES - Pa.e 2 on Janaarv 1 - December 31.1996 MEMORANDUM ONLY SPECIAL CAPrrAL SPECIAL TOTALS GENERAL REVENUE PROJECfS DISTRICTS 12/31'" 12/31195 TOTAL REVENUES from p... 3 Sl1,OO6,134 $4,879,726 S8S6,747 SS,060,S76 $11,803,183 $12,66I,13S TOTAL EXPENDITURES from Pqe 3 SIO,8S2,280 $4,774,803 S2,237,918 SS,071,804 S22,936,80S $10,S7S,I74 EXCESS REVENUEOVER(UNDER)EXP~ . IS3,8S4 104,923 (1,381,171) (11,228) (1,133,622) 2,08S,961 FUND BALANCE -JANUARY 1,1996 SI,S88,237 SI,407,946 SI,872,_ SI,~49,S33 $6,418,120 $4,332,lS9 FUND BALANCE - DECEMBER 31, 1_ SI,742,091 SI,SI2,869 $491,233 SI,S38,30S SS,284,498 $6,418,120 _ TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT 1'>8"4 - - - - - - - - - - - - - - - - - - - TOWN OF SOUTHOLD ~ STATEMENT OFREVENUE8, EXPENDrrURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES - p...lon JIUluan' J - Deumlter 31.1996 SPECIAL CAPITAL SPECIAL TOTAL GENERAL REVENUE PROJEcrS DISTRICTS BUDGETS ACTUAL VARIANCE REVENUES ReaJ Property T.... $8,738,960 $2,548,008 $2,059,629 $13,346,'97 $13,346,864 $267 ReaJ Property Tax !tans '2,000 8,730 390 61,120 78,292 17,172 Noo-properIy Tax I..... 22',000 60,000 41,414 326,414 33','79 9,16' DeporImemal- 309,4' I 294,000 2,418,230 3,021,681 3,242,629 220,948 ~Cwps 16',309 28,800 194,109 21',1'8 21,049 Use of Money /I: Property '07,332 122,000 $74,711 62,386 766,429 920,70' 1'4,276 Li......" PemUts 143,200 4,400 147,600 1'4,78' 7,18' Fines /I: Forfeitures 76,000 76,000 '4,62' (21,373) PropertySaI_~ioo -1,150 1'0,000 1'1,1'0 12','79 (2',371) Miscell....... LooaISouroeo 37,647 131,000 12,'00 142,'00 323,647 221,800 (101,847) InterfUnd Revenues 0 13,179 1',179 Stale Aid 474,192 343,601 1',006 832,799 968,780 13',981 Federal Aid 114,678 '39,388 393,000 1,047,066 440,267 (606,799) OblipUOII8 Authorized 1,244.948 1,244,948 300,000 (944,948) Notes Redeemed ftom Appropriations 227,484 227,484 Interfund Transfers 946,000 283,342 1,229,342 1,135,437 (73,88') TOTAL REVENUES $10,844,919 $4,997,127 $2,023,'07 $4,903,349 $22,768,902 $21,803,183 ($96',719) Continued Page , - - - - - - - - ~WN.UTH. - - - - - - - - ~D STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND AqUAL - ALL GOVERNMENTAL FUND TYPES - Pa.t 2 01'2 JUI.....I - Dt<tm..... 31.1996 SPECIAL CAPrr AL SPECIAL TOTAL GENERAL REVENUE PROJECTS DISTRICTS BUDGETS ACTUAL VARIANCE TOTAL RE~From PapS SIO.844,919 $4,997,127 $2,023,507 $4,903,349 S22, 768,902 $21,803,183 EXPENDrruu. Oa>tral - .....aentStlJ'l*1 S2,280,961 S196,025 $3,303,397 S76,370 $5,856,753 $3,887,759 SI,968,994 Public SdIr 4,526,673 204,318 178,500 4,909,491 4.839,042 70,449 Public _ 41,300 4,055 45,884 91,239 89,850 1,389 T,........ - 328,445 2,502,553 624,436 1,068,477 4,523,911 3,809,725 714,186 Eamomicaoidancc '" Opportunity 553,762 19,404 573,166 551,863 21,303 Culture .aaeation 398,920 398,410 797,330 759,467 37,863 HOIDt "'Oooomunity_ 207,618 911,147 575,625 2,891,631 4,586,021 4,060,189 525,832 Empl~ 1,395,401 1,296,845 288,596 2,980,842 2,531,769 449,073 Debt _ . 155,110 1,066,440 82,627 123,243 134,484 1,406,794 1,251,684 --en 812,673 387,732 113,883 1,314,288 1,155,457 158,831 TOTALDPENDrrURES SII,612,193 $5,585,302 $4,646,105 $5,191;,235 S27,039,835 S22,936,805 $4,103,030 EXCESS REvu.E OVER (UNDER) EXPENDII1JRES (767,274) (588,175) (2,622,598) (292,886) (4,270,933) (1,133,622) FUND Ba.tNCE - JANUARY 1,1996 SI,588,237 SI,407,946 $1,872.404 S1,549,533 $6,418,120 $6,418,120 FUND Ba.tNCE - DECEMBER 31,1_ $820,963 S819,771 ($750,194) SI,256,647 $2,147,187 $5,284,498 NOTES TO TIlE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT Pas< 6 - - - - - - - - - - - - - - - - - - - . - i ~ ~ "Iif=~[";n'[~ ~ ~ ~Pfm~iHHi ~ :ill ; ~ .,-if !r;r; ~ '" '" ~ ~ UIUif,nj' ~~~r~~"J II f!j e ~ C! .. ~ ~il'!" r...... B ~ ~ ~I ~~6 , 0 ::; '< g - ~ if. f II . ~ i '" ~ . e q f ~ 'a ~ ~ :ill (') I !U ~ ~ g Ii ;::j :' g =~ ., ... w .. :' I ~}: ~ w z I ~ . '" ~ .. ~ w 5 ~ ~ e E ' e", 0 i ~ ~ ::; .., , e! ... ~ II' ~ E :;j I ~ . ~ ~ == .. .. ~ tJ:I 0 ~ - __ .t! :; .. i ~ ~ s ~ ',; .. Uo 'i oc.~WNWVioW v.w ... :::~w -..I:;:~;:$tj~~ .. ;; .... \Oe\QVlWAW~ t .. ~ W 0.. Vio ..... 00 W JIll .... 0.. ......_0'11,,0.1....."" I.ANOO :I: 1;: .. :c ~. a~';g~t1.o"'~ '" "'~"'~~;.,1.o1.o.."g"gi ~ ... ... ~ ... w ~ _ 00 C N VI 8 ~ _ :c ~ ~ ~ ~ 8 ~ ~ ~ .., ~ i:i! ~ '" w g ~ ., :ill .. .. ~ g ~ ~ - - ... ~ = 0 j ~ Uo - ... o..\cW_WVoW .- W ~ 0'1 VI:;:. ~ ~ ~ ~ 0'1 ~ :ill ., I: .. ~ ..... - - .... ~ w -8 ..... VI '" ., .. ... ...~~:I'-.. ,!'.).f'J.. ..O:J \O_WW...\QVioOOW....OO ~ ~ 1;: ;. ;., c ~ ~ ~ ~ ~ ~ 8 s ~ .. 8~~$~t~..w~~~ I .. ~ VI \0 A VI VI .. ~ g _ - ... . w .... CI\ 00 .... \0 00 a-. VI ... n ~ .. ~ ""'.". "'" flit ~ ~~~~~~~~~JI; ---t:!t2""''''' tIIt- ~ WVI:3 N_6"'''''tj ~ .. ..00.1,,0.1.. {:,t.):-..o...:-F-.. [;1 '" ;., Wi:_VlWNVI-_~OO .. ~~~~~8~8~~ V; w W;t....oow-vo o~ ...., N ~VlN-.J:::; .... ------------------- a ~ ~ z ~ ~.! 11~lflll[~ ~11~lfJrlliz~~~ ! ~ ~ I ~rrliIEI[~ ~[~~~r~~f ~JJ ~ ~ ~ ~ i ~9' ..j ~a ~ iiljr~~i ~ ~ ~ ~ ~; [. { &1 r{ ~ DO ~5i e ~ ~ 5 . ~~ r ~ ~ g > ~ C'I.I w -:. ! 2:2 >I~ ;:: ~ , ~~ ~! . I~=a C! ~ .. ~ i ~ E ;~~5i .. ~ ~IeE~ g , ~ = .. .. ~ ~ ~o :--_~ -J'.>> (,It ~ ~...'=' = &!; ... \.111M N'oDUI N_ ICUlW _ _to.) i.A f; ~ ~ ~ E ~~~JE~~~~ ~~~~ ~ ~~~p~~ = Ja~Q ... :j... ... oi:!..,:...",,,,_8 ;:;511;~ 51 :10 515151 i:!8 ~ ~ .... 0'1 ~ NW...:Ivro-..,JW\JIO!>UI ",,",,000_ CS CSCSCSCScoo e~ ~ '" &1 ~ > ~ 51 ~ ~ ~ !C _.., ..!C ::! ~ i!i~ i.A .. - ~w OO'lW __ ~1CNW.... _w i.A _ ~~ o 9 ....IQ\OO~ww \DW ...:1.'1000_. WWO'I'" '-' .. C'I.I ~ ~ ~ ~~~~~~~:--~ 1C-...J-.JO'IUlW1CUlUlW01C~ > w ~ ~ ~ ~ ~~~~~51~"- ~~.~~.~w~~b~8 ~ E ~ \C 8; ;:; WW1C~O;Z;5:0~ ""1C~~~wtgg:;:8.,..~oo ~ ~ ~ [:J t:foIt tJt:3~ """" ;;;; _w VlDOC'I -0\ :::.,.~~~~... ~n pp ~~~M~:-- ~~~~UlW1C woo... "'W _VI_VI 100'I':-.i.A '"-'Vow :g~ld~tl:!ii6~ ~$88;i!wl:!~~8~~~ [:J ~ .-. .- - - - - - - - - ~ .lll!lllbH. - - - - - - - - CO_ STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - CAPITAL AND SPECIAL DISTRICT FUNDS J...~ t ~ December 31.1996 CAPrr AI. SPECIAL DISTRICTS BUDGET ACTUAL VARIANCE BUDGET ACTUAL VARIANCE REVENUES Red Property TIIXOB $2,059,629 $2,059,896 $267 Real Property Taxltans 390 1,324 934 Non-propcrty Taxltans 41,414 42,246 832 Departmental Income 2,418,230 2,649,829 231,599 Intersovemmcntal CharB"" 28,800 44,732 15,932 Use of Money .& Property $74,711 $100,950 $26,239 62,386 128,763 66,377 Property SoIe&'Loos C<>mpensation 5,500 5.500 150,000 107,796 (42,204) Miscellaneous Local Soun:cs 12,SOO (12,500) 142,500 1S,608 (126,892) State Aid 15,006 14,825 (181) 6,568 6,568 FcdaalAid 393,000 (393,000) 3,814 3,814 Interfimd Tnnsfen 283,342 207,988 (75,354) TOTAL REVENUES $778,559 $329,263 ($449,296) $4,903,349 $5,060,576 $157,227 Obliptions Authorized 1,244,948 300,000 (944,948) N_ Rodcemed &om Appropriations , 227,484 227,484 TOTAL $2,023,507 $856,747 ($1,166,760) $4,903,349 55.060,576 $157,227 EXPENDrrUKES General Govcmment Support $3,303,397 $1,522,023 $1,781,374 $76,370 $74,292 $2,078 Public Sudy 178,500 177,156 1,344 Public Hea1Ih 45.114 45,884 0 TranspoI1ation 624,436 118,486 505,950 1,061,477 1,044,032 24,445 Economic Aos;u;.,. .& 0pp001uniIy 19,404 19,404 0 Culture.&Recreabon 398,410 393,013 5,397 Home .& Community Services 575,625 454,762 120,863 2,891,63 I 2,808,229 83,402 Employees Benefits 288,596 282,166 6,430 Debt Service 123,243 123,243 0 134,484 133,171 1,313 Interfimd Tnnsfen 113,883 113,861 22 TOTAL EXPENDrruKES $4,646,105 $2,237,918 $2,408,187 $5,196,235 $5,071,804 $124,431 EXCESS REVENUE OVER (UNDER) EX.-uRJ!S (2,622,598) (1,381,171) (292,886) (11,228) FUND BALANCE - JANUARY I,I~ $1,872,404 $1,872,404 $1,549,533 $1,549,533 FUND BALANCE - DECEMBER 31._ ($750,194) $491,233 $1,256,647 $1,538,305 _TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF TInS STATEMENT Page 9 - - - - - - - - - - - - - - - - - - - TOWN OF SOUTHOLD - COMBINED BALANCE SHEET SPECIAL REVENUE FUNDS _her 31.19% GENERAL -HIGHWAY FUNDS-- SPECIAL RISK MEMORANDUM ONLY FUND GRANT RETENTION TOTALS PARTTOWN TOWNWIDE PARTTOWN FUND ~ 11/31/96 1%131195 ASSETS Cash $328,900 $177.541 $692,251 $513,638 $1,712,330 $1,648,360 Due From Other FUDdo 15 1,966 959,447 1,494,867 $5,000 2,611,280 2,601,228 Due from Other ~ 99,883 99,883. 10,926 Stole and FoderaI_ 14,924 14,924 40,266 Aa:oums Receivable 25,523 576 664 26,763 28,144 Prq>aid Expcndituros 19,796 11,307 41,875 72,978 TOTAL ASSETS $54!,,109 $1,148,871 52,229,657 $104,883 $513,638 $4,538,158 $4,328,924 LlAB1UT1ES AND FUND..-:E LlABlLrrlES Aa:oumsPayable $9,682 $17,713 546,809 5104,883 $64,519 5243,606 $309,545 Due to Other Funds 1,578 1,578 53,220 Defemd Revenues 162,030 1,022,989 1,590,395 4,691 2,780,105 2,558,213 . 1'OTAL LlABlLrr_ $171,712 $1,042,280 $1,637,204 5104,883 $69,210 $3,025,289 52,920,978 FUND BALANCE Reserve for Banded Doll Unrcscrvccl-~ 5169,559 $41,100 $286,615 $497,274 5588,175 Unreservcd-Unaws'. - - 199,838 65,491 305,838 $444,428 1,015,595 819,771 TOTAL FUND B~ $369,397 5106,591 5592,453 SO $444,428 51,512,869 51,407.946 TOTAL L1ABILrr.. AND FUND IIALAMZ $541,109 $1,148,871 $2,229,657 $104,883 $513,638 $4,538,158 $4,328,924 NOTES TO TIlE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT Pase 10 - - - - - - - - - - - - - - - - - - - , - TOWN OF SOUTHOLD COMBINED BALANCE SHEET SPECIAL DISTRICT FUNDS - Poge I on _her 31.1_ SOUTHOLD SIIOIIECREST LANDS END EAST-WEST FIRE WEST SOUTHOW FISHERS SOLID WASTE FISHERS ISLAND SHORES IMP. IMrIIOVEMENT IMPROVEMENT PROTECTION GREENPORT WASTEWATER ISLANDSEWER MANAGEMENT REFUSE AND DISTRICT DISTRICT DISTRICT DISTRICT WATERDIST. DISTRICT DISTRICT DISTRICT GARBAGE DIST. ASSETS Cub SI,968 $3,846 S8S9 S9S,I69 $46S,7SI $30,66S S28,218 $432,981 ASf~&mtra Receivable 1,414 Due From Otbor Funds 7,694 12,122 236,492 6,186 673,046 348,190 S1aIo II1d Fodoral Receivobla kcounIs Receivable 21,208 8,2S6 IS2,164 1S9 I'ropaid Exp<Ddituros 2,SS6 24,097 TOTAL ASSETS SI,968 SII,540 S12,981 S331,661 SO $49S,701 $4O,33S $877,S2S $781,330 LIABILITIES AND FUND BALANCE . LIABILITIES .Aoooomb Payable S73,079 S21,944 SS,S99 S263,6SS S2,074 Derome! Revenues (SI,9SI) $8,203 S12,92S 2S2,ISS 6,S9S 717,621 371,2S0 Due To Otbor Funds 1,9S1 Due to Otbor 00vemm0nIs TOTAL LIABILITIES SO $8,203 SI2,92S $32S,234 SO S28,S39 SS,S99 S981,276 $373,324 FUND BALANCE Reserve FM Bonded Debt SI,968 $3,337 SS6 AppropriaJed S2,2oo S16O,400 Uooppropriatod 4,227 306,762 S34,736 (SI03,7S1) $408,006 TOTAL FUND BALANCE SI,968 $3,337 SS6 $6,427 SO 5467,162 S34,736 (SI03,7SI) $408,006 TOTAL LIABILITIES AND FUND BALANCE SI,968 SII,S4O S12,981 S331,661 SO $49S,701 $4O,33S S877,S2S $781,330 Continued Paso 11 - - - - - - - - - - - - - - - - - - - . - TOWN OF SOUTHOLD ------ --~..__._,..- COMBINED BALANCE SHEET SPECIAL DISTRICT FUNDS - Pqe 2 oU December 31.1996 nSBERS CUTCHOGUE- SOUTROLD ORIENT- MATTlTUCK ORIENT MEMORANDUM ONLY ISLAND Jl!JIKY NEW SUFFOLK PARK EAST MARION PARK MOSQUITO TOTALS DISTRICT PARK DISTRICT DISTRICT PARK DISTRICT DISTRICT DISTRICT ~ 12131/95 ASSETS Cash $672,16S 523,958 $41,987 $30,002 $23,_ $10,718 $1,862,391 $1,657,402 -. Receivoble 1,414 Due From Other Funds 235,2411 64,Oll 1I6,766 15,007 174,269 37,515 1,926,538 2,099,293 SWe UIII Federal Recei..b1es 6,B 6,568 ~ Recei..ble 967 182,754 146,296 Prepaid Expenditura 24,61' 2,433 53,704 60 TOTAL ASSETS 5939,291 587,969 $158,753 $45,009 $201,073 $48,233 $4,033,369 $3,903,051 LlABlLrrlES AND FUND BALANCE . LlABIUTIES ~ Poyable $85.CJ!1!1 $10,679 $4,035 $5,590 $471,754 5292,643 Deferred Revenues 220,_ $68,250 124,500 16.000 185,811 $40,000 2,021,359 2,059,838 Due To Other Funds 1,951 708 Due to OtherOovemments 329 TOTAL LlABlLrrlES $305.CJ!1!1 $68,250 $135,179 $20,035 $191,401 $40,000 $2,495,064 52,353,518 FUND BALANCE R...... For Bonded Debt 55,361 $4,369 Apprapriated S223,IIO 53,300 389,770 241,939 Unapproprilded 41o,m $19,719 523,574 524,974 6,372 $8,233 1,143,174 1,303,225 TOTAL FUND BALANCE $634,192 519,719 $23,574 524,974 $9,672 $8,233 $1,538,305 $1,549,533 TOTAL LIABILITIES AND FUND BALANCE 5939,291 587,969 $158,753 $45,009 5201,073 $48,233 $4,033,369 $3,903,051 NlJTES TO TIlE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF 11I1S STATEMENT Page 12 - - - - - - - - - - - - - - - - - - - , , TOWN OF SOUTHOLD COMBINING BALANCE SHEET FIDUCIARY FUNDS l>e<ember31.1996 -AGENCY '" TRUST- MEMORANDUM ONLY FISHERS ISLAND TOTALS TOWN FERRY DISTRICT 12/31/96 ~ ASSETS Cash $321,287 S15,46O $336,747 $234,123 Other~ 14,400 14,400 16,0'3 Defmed- . .sation Assets 901,721 106,9'4 1,008,615 631,187 TOTAL..:I'S . S1,223,008 S136,814 S1,3'9,822 $881,363 LIABILITIES-.uND BALANCE LIAB~ Duelo_ S1'8 $28,90' S29,063 $64,461 Defmea- .. -'ltion 901,721 106,9'4 1,008,615 631,187 ~ 321,129 9SS 322,084 18',715 TOT~LrrIES 51,223,008 S136,814 SI,3'9,822 $881,363 TOT~BALANCE $0 $0 $0 $0 TOTAL .'.!TIES AND~CE S1,223,008 S136,814 S1,3'9,822 $881,363 .-ES TO TIlE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT Page 13 . - - - - - - - - - - - - - - - - - - - TOWN OF SOUTHOLD . , L1I .. STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE SPECIAL REVENUE FUNDS Jannarv 1 - DeCentber 31.1996 GENERAL -HIGHWAY FUNDS-- SPECIAL RISK MEMORANDUM ONLY FUND GRANT RETENTION TOTALS PART TOWN TOWNWIDE PART TOWN ~ mm 12131196 ~ REVENUES Real Property Taxes S212,165 S867,1OO SI,468,743 $2,548,008 S2,682,033 Real PropertyT..ltcms 778 3,055 5,334 9,167 10,392 Non.property '1'.. Items 60,234 60,234 59,171 Departmental1n<:ome 322,500 322,500 303,587 JntergovemmeofJlJ Charges 19,544 Use oTMoney & Properly 19,673 24,064 70,794 $20,607 135,138 165,260 Licenses & Permits 5,300 5,300 5,400 Property SalesILoss Ccmpensation 9,589 9,589 35,624 Miscellaneous l.ocaJ Sources 30,296 12,982 30,866 69;JHJ 143,413 160,651 Interfund Revenues 15,179 15,179 State Aid 1~1,356 55,422 199,513 386,291 284,283 Federal Aid S297,438 297,438 111,246 lDtmfundTnonsfors 40,000 907,469 947,469 692,936 TOTAL REVENUES S791,891 $962,623 S1,79O,429 S337,438 $997,345 $4,879,726 $4,530,127 EXPENDrrURES General Government Support S50,317 583,862 S134,179 S159,884 Public Safety 191,810 191,810 189,995 Public Health 3,866 3,866 3,500 Transportation S848,704 S1,486,305 2,335,009 2,283,224 Home & Community Sorviccs 285,512 S337,438 622,950 422,684 Employees Benefits 57,349 77,119 164,130 738,279 1.036,877 1,292,714 Debt Service 6,173 67,069 9,377 82,619 81,491 IntcrlUod Tnonsfors 87,605 83,597 196,291 367,493 266,170 TOTAL EXPENDrrURES S682,632 SI,076,489 S1,856,103 S337,438 $822,141 $4,774,803 $4,699,662 EXCESS REVENUE OVER (UNDER) EXPL .~ SI09,259 (S1I3,866) ($65,674) $0 S175,204 S104,923 (SI69,535) FUND BALANCE - JANUARY 1,1_ S260,138 S220,457 $658,127 $0 $269,224 1,407,946 S1,577,481 FUND BALANCE. DECEMBER 31, _ S369,397 S106,591 S592,453 $0 $444,428 S1,512,869 SI,407,946 ..u TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF lHIS STATEMENT Pagc14 - - - - - - - - - - - - - - - - - - - TOWN OF SOlITHOLD , , CO_ STATEMENT OF REVENUES, EXPENDrrURESAND CHANGES IN FUND BALANCE SPECW. DISTRICT FUNDS -Pqe I of2 JANUARY 1- DECEMBER 31. 19% WEST CREEK IIJ(JTHOLD SHORECREST LANDS END EAST-WEST FIRE SOlITHOLD FISHERS SOLID FISHERS ISLAND IMPROVEMENT ~S IMP. IMPROVEMENT IMPROVEMENT PROTECTION WASTEWATER ISLAND SEWER WASTE REFUSE AND DISTRICT _TRICT DISTRICT DISTRICT DISTRICT DISTRICT DISTRICT DISTRICT GARBAGE DIST. REVENUES a.aI Property Taxes ($43) $3,900 $10,800 $21,548 $245,079 $170,760 $649,290 $352,500 Real Property Tax Items 2 7 13 144 253 571 Non-property Tax Items 42,246 Depa:1menW Income 109,56' $20,685 1,428,438 9,196 IntcrsovenllMllbol Cbars<s 28,800 Ute of Money ond Property 253 '50 3,329 7,30' 26,307 .1,'81 14,814 21,0'6 Property SalesILoos ~ 107,796 Miscellaneous Local Sources 8,417 State Aid Federal Aid TOTAL REVENUES ($43) $4,1" . $11,357 524,890 $2'2,'28 $335,685 $22,266 $2,251,'72 $382,752 EXPENDITURES 0eneraI Government Support $666 $2,2'6 Public Safety $177,1'6 Public Health Transportation Culture and Recreation Home ond Ccmmuoity Service 277,618 $24,'03 2,218,319 $266,894 Employee Benefits 73,079 ',596 69,514 Debt Service $4,158 $10,418 $24,834 3,650 Interl\uul Transfen ',678 108,183 TOTAL EXPENDrrURES $0 $4,1'8 $10,418 $24,834 $2'0,23' $293,208 $24,'03 $2,398,272 5266,894 EXCESS REVENUE OVER (UNDER) EXPENDITURES ($43) . ($3) $939 $$6 $2,293 $42,477 ($2,237) ($146,700) $115,8'8 FUND BALANCE -JANUARY 1,19% $43 $1,971 52,398 SO $4,134 $424,68' 536,973 $42,949 $292,148 FUND BALANCE - DECEMBER 31,19% $0 $1,968 $3,337 $$6 $6,427 $467,162 $34,736 ($103,751) $408,006 NOTES TO TIIE~ STATEMENTS ARE AN INTEORAL PART OFTIlIS STATEMENT Page 15 - - - - - - - - - - - - - - - - - - - TOWN OF SOUTHOLD . , CO_ STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE SPECIAL DISTRICT FUNDS - Pqe 2.n JANUARY I - DECEMBER 31.1'" .- CUTCHOGUE- SOUTHOLD ORlENT- MATIITUCK ORIENT MEMORANDUM ONLY ISIAIIItIDlRY NEW SUFFOLK PARK EAST MAlUON PARK MOSQUITO TOTALS DISIB:f PARK DISTRICT DISTRICT PARK DISTRICT DISTRICT DISTRICT 12/31/96 12131/95 REVENUES Real Property T.... SZ2D.OOO 550,000 5113,067 516.000 5176,995 $30,000 52,059,896 $2,114,300 Rea1 Property T.. hems 130 204 1,324 747 Non-property T.. Items 42,246 61,300 I>epartmeotallncome 1,111,!145 2,649,829 2,605,025 Jntcrsovemmcn1a Cbarses 15,932 44,732 44,737 UIO of Money and Property 34,071 1,240 11,711 1.104 4,559 88~ 128,76~ 127,498 Property SalesILoos Ccmpcnoation 107,796 194,283 Miscellaneous Local Sources 75 72 7,006 ~8 15,608 23,208 Stale Aid 6,568 6,568 56,485 FcdcralAid 3,814 3,814 18,656 TOTAL REVENUES Sl,362,46O 5~1,315 $124,850 517,104 $188,764 $30,921 55,060,576 55,246,239 EXPENDITURES Ocneral Govemmeut Support S'JI,370 574,292 $9~,219 Public Safety 177,156 168,408 Public Hea1tb 545,884 45,884 44,073 Tnnsportation 1JM4,032 1,044,032 874,945 Culture and Recreation 556,729 5122,701 $24,627 $188,956 393,013 408,337 Home and Community Service 20,895 2,808,229 2,803,771 Employee Benefits m,977 282,166 266,319 Debt Service !IO,111 133,171 144,419 Interfund Transfers 113,861 59,920 TOTAL EXPENDrrURES SI.1fO,385 556,729 5122,701 $24,627 5188,956 545,884 55,071,804 54,863,411 EXCESS REVENUE OVER (UNDER) EXPENDrrURES $2,075 (55,414) $2,149 ($7,523) (5192) (514,963) (511,228) $382,828 FUND BALANCE - JANUARY 1, 1996 S1B2,117 $25,133 $21,425 532,497 $9,864 523,196 51,549,533 $1,166,705 FUND BALANCE - DECEMBER 31, 1996 _,192 519,719 $23,574 $24,974 59,672 $8,233 51,538,305 51,549,533 NOTfS'IOTIIE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF TIllS STATEMENT Page 16 - - - - - - - - - - - - - - - - - - - , - TOWN OF SOUTHOLD SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE Docent", 31,1'" FEDERAL FUND FUND FEDERAL GRANTORIPASB CFDA PROGRAM BALANCE REVENUE BALANCE THROUGH GRANTORIPROI&\M TITLE NUMBER AMOUNT 1/1/96 RECOGNIZED EXPENDITURES ~ V.S I>eoartmG of Ami<uJture Passed throuob SufiOIk CountY: Casb-In-Ueu of Food A_ 10.SSO $38,349 50 $38,349 $38,349 $0 u.S Deoartmeot of Health & If Services Passed throuob Suffolk CountY: Nutrition 93.04S $72,678 $0 572,678 $72,678 $0 U.s Deoartmenr: ofHousin2 _~ Devclooment Passed throuoh Suffolk ~ ComnnmiJy Developm..._Grant 14.218 5849,449 (I) $0 5237,438 5237,438 $0 . HOME Investmeut Partndiplmgram 14.239 5160,000 50 $60,000 $60,000 $0 U.S Deoartmeot of Justice Office ofCommunitv Oriented r - - Services COPS FAST 16.710 57S,OOO $0 527,988 $27,988 $0 V.S Deoartmenr: orTransoort.otiao Federal Aviatim Administraticlll Overlay Runways 12-30 a 'J.Z No. 3-36.0029'()8-93 20.106 51,223,416 $0 $3,814 $3,814 $0 $440,267 $440,267 (I) Combination of sub grant _os follows: Controct Date Program Year CwIUI. . Amount XIX -1993 S/I4m 233,928 . XX -1994 S/I8/94 231,000 . XXI -199S sl3m 203,300 . XXII -1996 S/6196 181,221 5849,449 'The above program years ..._osofDccember 31, 1996. Program year XIX (1993) closed during 1996. NDrES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT Poge 17 - - - - - - - - - - - - - - - - - - - . TOWN OF SOUTHOLD SCHEDULE OF OBLIGATIONS PAYABLE December. 31. 1996 OrlaJnal Blllance bsued PIIId Balance I....e FInal Interest Outstandlnc In In Oufstandln& l!!!J!!!!E Date M!!!!tltt Bid! ~ 1996 ~ 12/31/96 PurdUlSeofFenySeriol_ ADg-77 Feb-97 ~.9O 70,000 3~,OOO 3',000 Agriculturol Land IUgbts - - - . Qct.84 Apr.()~ 9.10 92~,ooo 8~,OOO g40,OOO Purobase ofFeny Seriol_ Qct.84 Apr.()~ 9.10 27~,ooo 2~,OOO 2~O,OOO Various Purposes Serial s.I Feb-91 Feb-ll 6.315 1,675.000 12~,OOO 1,~~O,OOO Various Purpooe8 Seriol_ Apr-93 Feb-12 ~.OO 2,350,000 200,000 2,1.50,000 Pension Liability Seriol_ Qct-93 Qct.()~ 6.00 . ~80,ooo ~O,OOO ~30,OOO Agricultural Land IUgbts - - ...... Nov-9S Nov-IS ~.OO .. 1,750,000 0 1,750,000 NYSEn~IF. - '7 p. Sep-~~ Sep-97 0.00 236,210 236,210 0 NYS Environmental F' - 1:\., Feb-96 J>eo.I4 2.9~ 0 300,000 I~,ooo 28~,ooo Payloader & Truck T..-UII. May-96 May.97 3.90 2~~,000 51,000 204,000 Various Purpooe8 BAN. Nov-96 Nov.97 3.90 620,000 2~4,OOO 366,000 TrormneJ ScreenlLcaf~N. Sep-96 Sep-97 4.00 0 300,000 300,000 Total Obligations Payable 8,736,210 600,000 1,076,210 8,260,000 . Variable Ra-' .. Variable Rate Bonds From Th Rate From To Ride 001-93 Qct'()1 6.00 Nov.9S Nov-97 ~.OO Qct.()1 Qct'()3 6.10 Nov-97 Nov..o8 ~.10 Qct.()3 Qct.()~ 6.12~ Nov-08 Nov-09 ~.20 Nov'()9 Nov-IO ~.30 Nav-tO Nov-ll ~.37~ Nov-ll Nov-12 ~.40 Nov-12 Nov.IS ~.~O _ TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT Page 18 I . I . Town of Southold Notes To The Financial Statements I For the Fiscal Year Ended December 31,1996 L Summary of Sil!nificant Accountinl! Policig I The financial statements of the Town of Southold have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The I Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The more significant of the government's accounting policies are described below. I A. Financial Reporting Entity The Town of Southold, which was established in 1640, is governed by its Charter, the Local I Municipal Law and other general laws of the State of New York and various local laws. The Town Board is the legislative body responsi~le for overall operations, the Supervisor serves as Chief Executive Officer and as Chief Fiscal Officer. I Basic services provided included Public Safety, Health, Transportation, Economic Assistance and Opportunity, Culture and Recreation, and Home and Community Services. I All governmental activities and functions performed for the Town are its direct responsibility. No other governmental organizations have been included or excluded from the reporting I entity. The financial reporting entity consists of (a) the primary government which is the Town of I Southold, (b) organizations for which the primary government is financially accountable and (c) other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity's financial I statements to be misleading or incomplete as set forth in GASB Statement 14. The decision to include a potential component unit in the Town's reporting entity is based on I several criteria set forth in GASB 14 including legal standing, fiscal dependency, and financial accountability. Based on the application of these criteria, the following is a brief review of I certain entltie. considered in determining the Town of Southold reporting entity, 1, Included in the Reporting Entity a. The Fishers Island Ferry District was established in 1947 by the Town of Southold I under special legislation of the New York State Legislature. The Ferry District owns, maintains and operates a public ferry for the transportation for hire of persons and I vehicles, goods, wares and merchandise, from Fishers Island across the waters of the Long , Island Sound and other adjacent waters to points within and without the state. In addition, the District operates and maintains an airport situated on Fishers Island. The I , District is administered by an elected board of commissioners consisting of five members who report to the Town Board of the Town of South old. The Town of South old is I Page 19 I I . . I responsible for all fiscal matters of the District, including raising of taxes for District purposes, and issues all District indebtedness which is supported by the full faith and credit I of the Town of South old. The Ferry District is a component unit, part of the primary government, and is reported in the special district fund types. I b. Various other districts established by the Town of South old are operated under provisions of Article 12 of Town Law. Each district is administered by a separate board of commissioners elected by the qualified voters of each district. The Town of South old I raises taxes for each district and issues all district indebtedness which is supported by the full faith and credit of the Town. These districts are component units, part of the primary I government, and are reported in the special district fund types. These districts include the following: I Orient Mosquito District, established in 1916 Fishers Island Garbage and Refu~ District, established in 1952 , Cutchogue.New Suffolk Park District, established in 1953 I Orient-East Marion Park District, established in 1969 Southold Park District, established in 1907 Mattituck Park District, established in 1941 I Complete financial statements of these component units can be obtained rrom their respective administrative offices: I Orient Mosquito District Fishers Island Garbage Harrison Demarest, Treasurer & Refuse District I Main Road Mildred Dixon, Treasurer Orient, NY 11957 Fishers Island, NY 06390 I Cutchogue-New Suffolk , Orient-East Marion Park District Park District Thomas Shalvey, Treasurer Alfred Norklun, Treasurer I P.O. Box 311 Route 25 Cutchogue, NY 11935 Orient, NY 11957 I Southold Park DI.trlot Mattltuok Park DI.trict Cheryl Crane, Treasurer John Cushman, Treasurer P.O. Box 959 P.O. Box 1413 I Southold, NY 11971 Mattituck, NY 11952 I I I Page 20 I I . I . B, Basis of Presentation - Fund Accounting The accounts of the Town are organized on the basis offimds or account groups, each of I which is considered a separate accounting entity. The operations of each fimd are accounted for within a separate set of self-balancing accounts that comprise its assets, liabilities, fimd balance/retained earnings, revenues and expenditures/expenses which are segregated for the I purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions or limitations. The various fimds are summarized by type in the financial statements. (Certain fimds of the local government are utilized to account for I resources derived ftotn, and/or expenditures applicable to an area less than the entire local government). The following fimd types and account groups are used: I 1, Fund Categories a. Governmental Funds - Governmental fimds are those through which most I governmental fimctions are financed. The acquisition, use and balance of expendable financial resources and the related lia}>ilities are accounted for through governmental fimds. The measurement focus of the governmental funds is upon determination of I financial position and changes in financial position. The following are the Town's governmental fund types. I General Fund - the principal operating fund which includes all operations not required to be recorded in other fimds. I SDecial Revenue Funds - used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specific purposes. The following Special Revenue Funds are utilized: I Highway Funds - To maintain and operate highways. I General Fund Part ToWll- To provide general services outside the Village of Greenport. I Special Grant Fund - Segregate and account for projects funded by Community Development revenue. I Risk Retention Fund - To provide health benefit. to certain Town etnploy.... I Clijlital Proiects Fund - used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by special assessment funds and trust funds). I , b. Fiduciary Funds - used to account for assets held by the local government in a trustee or custodial capacity: I I Page 21 I I . I . Trust and Aljlency Funds - used to account for money received and held in the capacity of trustee, custodian or agent. These include expendable trusts, I non-expendable trusts, and agency funds. 2, Account Groups I Account Groups are used to establish accounting control and accountability for general fixed assets and general long-term debt. The two account groups are not "fimds". They are concerned with measurement of financial position and not results of operations. I The General Fixed Assets Account Group - used to account for land, buildings, I improvements other than buildings, and equipment utilized for general government purposes, except those accounted for in proprietary funds. I The General Long-Term Debt Account GrouP - used to account for all long-term debt except that accounted for in proprietary and special assessment funds. I C, Basis of Ac:countiog/Measuremeot Focus Basis of accounting refers to when revenues and expenditures and the related assets and liabilities are recognized in the accounts and reported in the financial statements. Basis of I accounting relates to the timing of the measurements made, regardless of the measurement focus. Measurement focus is the determination of what is measured, i.e. expenditures or expenses. I Modified Accrual Basis - All governmental Funds and Expendable Trust Funds are accounted for using the modified accrual basis of accounting. I Under this basis of accounting, revenues are recorded when measurable and available. Available means collectible within the current period or soon enough thereafter to be I used to pay liabilities of the CUITent period. Material revenues that are accrued include real property taxes, state and federal aid, I sales tax and certain user charges. If expenditures are the prime factor for determining eligibility, revenues from federal and state grants are accrued when the expenditure is made. I Bxpencliture. are reoorded when Incurred exi:ept that: I a. Expenditures for inventory-type items are recognized at the time of the disbursements. I , b. Principal and Interest on indebtedness are not recognized as an expenditure until due. I I Page 22 . I I . . I c. Compensated absences, such as vacations and sick leave which vests or accumulates, are charged as an expenditure when paid ( See Note 1(1)). I Account GrOUps - General fixed assets are recorded at actual or estimated cost or, in the case of gifts and contributions, at the fair market value at the time received. No I provision for depreciation is made. General long-term debt liabilities are recorded at the par value of the principal amount. No liability is recorded for interest payable at maturity. I D, Property Taxes Real property taxes for the ensuing year are levied annually and become a lien on December 1. I Taxes are collected during the period December I to May 31, with the first half due January 10 and the second half due May 31. Tax payments made during the period December 1 to I December 31 are recognized as revenue in the subsequent year. Taxes for county purposes (apportioned to the area of the county inside the Town of I Southold) are levied together with taxes for town and special district purposes as a single bill. The towns and special districts receive the full amount of their levies annually out of the first amounts collected on the combined bills. The county assumes enforcement responsibility for I all taxes levied in the towns (and for unpaid county taxes in the Town). Unpaid village taxes and school district taxes are turned over to the county for enforcement. I Any such taxes remaining unpaid at year end are relevied as county taxes in the subsequent year. I E. Budgetary Data 1. Budget Policies - The budget policies are as follows: I a. No later than October 1, the Supervisor submits a tentative budget to the Town , Board for the fiscal year commencing the following fiscal year. The tentative budget includes the proposed means of financing for all funds. I b. After public hearings are conducted to obtain taxpayer comments, no later than Novllnber 20, thl Town Board adopt. the budget, I c. All modifications of the budget must be approved by the Town Board. I 2, Encumbrances Encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of monies are recorded for budgetary control purposes to reserve that I portion of the applicable appropriations is employed iD all funds. Encumbrances are reported as reservations of fund balances since they do not constitute expenditures or I liabilities. Expenditures for such commitments are recorded in the period in which the liability is incurred. ! I Page 23 I I . I . 3, Budget Basis of Accounting Budgets are adopted annually on a basis consistent with generally accepted accounting I principles. Appropriations authorized for the current year are increased by the amount of encumbrances carried forward from the prior year. Budgetary controls for the special revenue funds are established in accordance with the applicable grant agreement which I covers a period other than the Towns fiscal year. Budgets have been adjusted to reflect , the Town's fiscal year. I F, Changes in Accounting Policies There have been no changes in Accounting policies. I G, Departures from Generally Accepted Accounting Principles (GAAP) There are no departures from generally accepted accounting principles (GAAP). I H, Property, Plant and Equipment - Ge~eral Fixed assets purchased for general governmental purposes are recorded as expenditures in the I governmental funds and are capitalized at costs (or estimated historical costs for assets purchased prior to 1976) in the General Fixed Assets Account Group. Contributed fixed assets are recorded at fair market value at the date received. I Fixed assets consisting of certain infrastructure type improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage and lighting I systems, have not been capitalized. Such assets normally are immovable and of value only to the Town. Therefore, the purposes of stewardship for capital expenditures can be satisfied without recording these assets. I No depreciation has been provided on general fixed assets, nor has interest on general fixed assets construction in progress been capitalized. I , L Insurance The Town assumes the liability for most risk including, but not limited to, property damage I and personal injury liability. Judgments and claims are recorded when it is probable that an asset has been impaired or a liability has been incurred and the amount of loss can be reasonably estimated. I J, Vacation and Sick Leave and Compensatory Absence. Town employees are granted vacation and sick leave and earn compensatory absences in I varying amounts. In the event of termination or upon retirement, an employee is entitled to payment for accumulated vacation and sick leave and unused compensatory absences at I various rates subject to certain maximum limitations. Estimated vacation and sick leave and compensatory absences accumulated by governmental I fund type employees have been recorded in the general long-term obligations account group. I Page 24 I I . . I Payment of vacation and sick leave recorded in the general long-term obligations account group is dependent upon many factors, therefore, timing of future payments is not readily I determinable. However, management believes that sufficient resources will be made available for the payments of vacation and sick leave and compensatory absences when such payment becomes due. I K. Post Retirement Benefits In addition to providing pension benefits, the Town provides health insurance coverage and I survivor benefits for retired employees and their survivors. Substantially, all Town employees may become eligible for these benefits if they reach normal retirement age while I working for the Town. Health care benefits and survivors benefits are provided through either an insurance company or the Risk Retention Fund whose premiums are based on the benefits , paid during the year. The Town recognizes the cost of providing benefits by recording its I share of insurance premiums or the actual benefits paid from the Risk Retention Fund as an expenditure in the year paid. During the year, $1,095,122 was paid on behalf of68 retirees and 187 active employees and is recorded is an expenditure in the Risk Retention Fund and I the General Fund. The cost of providing benefits for 68 retirees is not separable from the cost of providing benefits for the 187 active employees. I L Landfill Closure and Postclosure Care Costs The Town ceased accepting waste at its Cutchogue landti11 as of October 8, 1993. The Town entered into a stipulation of settlement with the New York State Department of I Environmental Conservation in October, 1994 in which all charges of operational violations at the Cutchogue landfill were dropped. Under the stipulation, the Town agreed to close and place a final cover over the landfill and to pay a civil penalty of$650,000 over the next seven I years (See Note III (B)(3)). In addition to placement of the final cover on the landti11, state and federal regulations presentiy require the Town to perform certain maintenance and monitoring functions at the site for up to thirty years. Actual costs associated with the I placement of the final cover and the ~ost-closure monitoring are uncertain at this time pending final determination from the New York State Department of Environmental Conservation. The Town is presently awaiting regulatory relief on this matter. I M, Total Columns on the General Purpose Financial Statements Total oolW1Uls on thlllnlral pUrpOIl flnanglal .tatemlntl are oaptioned "Memorandum I Only" to Indicate that they are presented only to hellltate flnanolal analysis; Data In the.. columns do not present financial position, results of operations or changes in financial position in conformity with generally accepted accounting principles, nor is such data comparable to a I consolidation. Interfimd elimination's have not been made in the aggregation of the data. I N. Prior-Period Adjustments Certain errors, resulting in the understatement of previouSly reported assets and liabilities, were discovered during the prior year. I I Page 2S I I . I . The following is a schedule detailing the nature and amount of each error: I Understatement of Cash $ 10,136,877 Understatement of Assessments Receivable 44,508,256 Understatement of Due From Other Funds 4,607,930 ,I Understatement of Due To Other Funds (4,607,930) , Understatement of Due To Other Governments (41,292,722) Understatement of Deferred Revenues 03.352.411) I $ 0 n. Stewardshio. Comoliance, Accountabilitv I A, Material Violations of Finance Related Activities There are no material violations of finance-related provisions. I B, Deficit Fund Balances The Solid Waste Management Disrict had a deficit fund balance at December 31, 1996. I Principal factors which caused the deficit were: Sales from recyc1eable materials were estimated in excess of the amount realized by I $42,204. Expenditures for the removal of construction and demolition debris exceeded the amount I anticipated by $103,751. An appropriation is included in the 1997 budget to fund this deficit. I C, Overdrawn Appropriations Contractual expenditures for the year ended December 31, 1996 materially exceeded I appropriations in the Solid Waste Management District fund by $103,751. I m. Detail Notes on aU Funds and Account Grouos A. Assets II 1, Cub and Inveltmentl Town investment policies are governed by state statutes. In addition, the Town has its own written investment policy. Town monies are deposited in FDIC insured commercial 'I banks or trust companies located within the state. The Supervisor is authorized to use demand accounts and certificates of deposits. Permissible investments include obligations I of the U.S. Treasury and U.S. Agencies, repurchase agreements, and obligations of New York State or its localities. ' I I Page 26 I I I . . 'I Collateral is required for demand deposits and certificates of deposit at 105 percent of all deposits not covered by federal deposit insurance. Obligations that may be pledged as I collateral are obligations of the United States and its agencies and obligations of the State and its municipalities and school districts. I The written investment policy requires that repurchase agreements be purchased from banks located within the State and that underlying securities must be obligations of the I federal government. Underlying securities must have a market value of at least 105 percent of the cost of the repurchase agreement. I Deposits. All deposits, including certificates of deposits, are carried at cost plus accrued interest. Deposits at year-end were entirely covered by federal depository insurance or by collateral held by the Town's custodial banks in the Town's name. I 2, Changes in Fixed Assets Fixed assets increased from $22,702,344 to $23,786,509. I B. Liabilities I 1, Pension Plans General Information The Town participates in the New York Employees' Retirement System and the New I York State Policemen's and Firemen's Retirement System. These are cost-sharing , multiple-employer retirement systems. The Systems provide retirement benefits as well as death and disability benefits. Obligations of employers and employees to contribute and I benefits to employees are governed by the New York State Retirement and Social Security Law (NYSRSSL). As set forth in the NYSRSSL, the Comptroller of the State of New York (Comptroller) serves as sole trustee and administrative head of the Systems. I The Comptroller sha11 adopt and may amend rules and regulations for the administration and transactions of the business of the Systems and for the custody and control of their funds. The Systems issue a publicly available financial report that includes financial I statements and required supplementary information. That report may be obtained by writing the New York State and Local Retirement System, Gov. Alfred E. Smith State I OfftOI Bl.IlIdlna, Alban)'. NY 12244, Funding Policy I The Systems are noncontributory except for employees who joined the New York State and Local Employees' Retirement System after July 27, 1976 who contribute 3% of their salary. Under the authority of the NYSRSSL, the Comptroller shall certifY annually the I rates expressed as proportions of payroll of members, which shall be used in computing the contributions required to be made by employers to the pension accumulation fimd. I I Page 27 I I . . I The Town of Southold is required to contribute at an actuarially determined rate. The required contributions for the current year and two preceding years were as follows: I ERS PFRS 1996 $ 155,243 $ 300,392 I 1995 $ 78,732 $ 277,526 1994 $ 10,088 $ 563,230 I The Town's contributions made to the Systems were equal to 100010 of the contributions required for each year. I Since 1989, the Systems' billings have been based on Chapter 62 of the Laws of 1989 of the State of New York. This legislation requires participating employers to make payments on a current basis, while amortizing existing unpaid amounts relating to the I Systems' fiscal years ending March 31, 1988 and 1989 (which otherwise were to have been paid on June 30, 1989 and 1990, r~spectively) over a 17-year period, with an 8.75% interest factor added. Local governments were given the option to prepay this liability. I The Town elected to make the full payment on December 15, 1993, by issuing serial bonds to replace this debt (See Note ID(B)(3)). I Pursuantto Chapter 178 of the Laws of 1991 and Chapter 12 of the laws of 1995, the State Legislature authorized local governments to make available a retirement incentive program with estimated total costs of$105,799, of which $10,542 was charged to I expenditures/expense in the governmental fimds in the current fiscal year. The cost of the programs will be billed and paid over five years beginning December IS, 1992 for Chapter 178 and December IS, 1996 for Chapter 12 and will include interest at 8.75%. I 2. Short-Term Debt Liabilities for bond anticipation notes (BAN's) are generally accounted for in the I capital projects fimds. Principal payments on BAN's must be made annually. State law requires that BAN's issued for capital purposes be converted to long-term I obligations within five years after the original issue date. However, BAN's issued for assessable improvement projects may be renewed for periods equivalent to the maximum life of the permanent financina, provided that stipulated annual redul:tions of I , ,I'IMI,II .... rrII4l, ' To Be R.edeemed 1 gg7 Interest Budget I Description Amount Rate ApprQpriations Bonds Shredder & Trommel Screen $ 300,000 4.00010 $ 60,000 $ 240,000 Payloader & Truck Tractor 204,000 3.90% 51,000 153,000 I Various Purposes 366.000 3.90% 160.900 205.100 Total $ 870 000 $ 271 900 $ 598 100 I I Page 28 I I . . I 3, Long-Term Debt a. At December 31, 1996 the total outstanding indebtedness of the Town, excluding I the above obligations aggregated $7,390,000. Of this amount, $6,804,000 was subject to the constitutional debt limit and represented approximately 2.84% of its debt limit. I b. Serial Bonds and Capital Notes - The Town borrows money in order to acquire land or equipment or construct buildings and improvements. This enables the cost of these capital assets to be borne by the present and future taxpayers receiving the I benefit of the capital assets. These long term liabilities, which are full faith and credit debt of the local government, are recorded in the General Long-Term Debt Account I Group. The provision to be made in future budgets for capital indebtec4tess represents the amount exclusive of interest, authorized to be collected in future years from taxpayers and others for liquidation of the long-term liabilities. I c. Other Long-Term Debt - In addition to the above long-term debt, the local government had the following non-current liabilities: I Due to New York State Department of Environmental Conservation (NYSDEC)- Represents the non-current portion of the liability due under the settlement in which all I charges of operational violations at the Cutchogue landfill were dropped. Compensated Absences - Represents the value of earned and unused portion of the I liability for compensated absences. d. Summary Long-Term Debt - The following is a summary oflong-term liabilities I outstanding at December 31, 1996 by fund type and account group: General Long Term Liability Debt Account Group I , Serial Bonds $ 7,390,000 I Due to NYSDEC 325,000 Compen.ated Absence. 2.207.016 I Total Long-Term Debt $ 9 922 086 General-Long Term I I I I Page 29 I , I . . I e. The following is a summary of changes in the long term liabilities for the period ended December 31, 1996: I Bonds and Due to Compensated ~ NYSDEC Absences Payable at beginning of $ 7,625,000 $ 450,000 $ 2,240,886 I Fiscal Year Additions 300,000 I Deletions (535.000) (125.000) 03.800) , I Payable at End of Fiscal $ 7 390 000 $ 325 000 $ 2 207 086 Year I Additions and deletions to compensated absences are shown net since it is impracticable to determine these amounts separately. I f. Long Term Debt Maturity Schedule - The following is a statement of serial bonds with corresponding maturity schedules: I Payable from: Special Revenue Fund Description: Fishers Island Ferry District I Dated: August 1, 1977 Issue Amount: $ 589,000 Interest Rate: 5.9% I Final Maturity Date: February I, 1997 Balance as of December 31,1996 $ 35,000 I Payable from: General Fund, s,pecial Revenue Fund Description: Various Purposes Dated: October 1, 1984 I Issue Amount: $2,172,500 Interest Rate: 9,1% Final Maturity Date: April 1, 2005 I Balance as of December 31,1996 $1,090,000 Payable from: General Fund, Special Revenue Fund I Description: Various Purposes Dated: February 15, 1991 Issue Amount: $2,708,500 I Interest Rate: 6.375% Final Maturity Date: February 15, 2011 I Balance as of December 31,1996: $1,550,000 I Page 30 I I . - I Payable from: General Fund, Special Revenue Fund Description: Various Purposes I Dated: Aprll15, 1993 Issue Amount: S2,695,000 Interest Rate: 5.00"10 I Final Maturity Date: February 15,2012 Balance as of December 31, 1996: S2,150,000 I Payable from: General Fund, Special Revenue Fund, Special District Fund Description: Pension System Dated: October 1, 1993 I Issue Amount: S 678,000 , Interest Rate: October 1, 1993 to October 1, 2001 - 6.000% October 1, 2001 to October 1, 2003 - 6.100% I October 1, 2003 to October 1, 2005 - 6.125% Final Maturity Date: October 1, 2005 I Balance as of December 31, 1996: S 530,000 Payable from: General Fund Description: Agricultural Land Development Rights I Dated: November 1, 1995 Issue Amount: SI,750,000 Interest Rate: November 1, 1995 to November 1, 1997 - 5.00% I November 1,1997 to November 1, 2008 - 5.10"10 November 1, 2008 to November 1, 2009 - 5.20% November 1, 2009 to November 1,2010 - 5.30% I November 1, 2010 to November 1, 2011 - 5.375% November 1, 2011 to November 1, 2012 - 5.40"10 November 1, 2012 to November I, 2015 - 5.50% I Final Maturity Date: November 1, 2015 Balance as of December 31, 1996: SI,750,000 I Payable from: General Fund Description: NYS Environmental Facilities Corporation -- State Water Pollution Control Revolvini Fund Revenue Bonds I Dated: February 15, 1996 Issue Amount: S300,OOO Interest Rate: 2.95% I Final Maturity Date: December 15, 2014 Balance as of December 31, 1996: S285,000 I I Page 31 I I , I , . I g. The following table summarizes the Town's future debt service requirements for Serial Bonds as of December 31, 1996: . I y ear Endina Princioal Interest I 1997 585,000 429,411 1998 500,000 395,647 I 1999 505,000 364,061 2000 505,000 332,189 I 2001 535,000 299,386 2002-2006 2,345,000 1,018,426 I 2007-2011 1,765,000 . 433,865 I 2012.2015 650,000 70,340 h. The following table summarizes the Town's future payment requirements for the I stipulation of settlement with the NYS Dept. of Environmental Conservation as of December 31,1996: I y ear Endina Amount 1997 65,000 I 1998 65,000 1999 65,000 I , 2000 65,000 I 2001 65.000 Total S 325 000 I 1. In addition to the debt shown above, the following long.tenn debt hu been authorized but remains unissued at December 31, 1996: I Payable trom: General Fund Descritpion: Agricultural Land Development Rights I Authorized Amount: $ 2,000,000 I I Page 32 I I . . - I C, Interfund Receivables and Payables Interflmd receivables and payables at December 31, 1996 were as follows: I Interfund Interfund Fund Receivables Pavables General Fund Whole Town $ 16,358 $ 4,547,523 ,I General Fund Part Town 151,966 Highway Fund Whole Town 959,447 1,578 Highway Fund Part Town 1,494,867 I Special Grant Fund 5,000 Southold Shores Road Imp. District 1,951 Sharecrest Road Imp. District 7,694 I Lands End Roap Imp. District 12,122 East-West Fire Protection District 236,492 Southold Wastewater District 6,186 I Solid Waste Management District 673,046 Fishers Island Refuse & Garbage Dist. 348,190 I Fishers Island Ferry District 235,240 Cutchogue-New Suffolk Park District 64,011 Southold Park District 116,766 I Orient-East Marion Park District 15,007 Mattituck Park District 174,269 Orient Park District 37,515 I Capital Projects 41,868 15,929 Trust & Agency 29.063 Total Interfund $ 4 596 044 $ 4 596 044 I , D. Fund Equity 1, Reserves I The capital projects fund equity \nclude 14 capital reserve fimds established for varying purposes. I E. Deferred Compensation Plan Employees of the Town may elect to participate in a Deferred Compensation Plan created in accordance with Internal Revenue Code Section 457. The plan, available to all employees, I permits them to defer a portion of their salary until future years, usually after retirement. As ofDecernber 31,1996, the market value of the assets of the plan totaled $1,008,675. I Under the terms of the plan agreement, these monies are subject to the claims of the Town's general creditors. Accordingly, this amount is reflected as an Agency Fund asset I along with a corresponding liability to the employees participating in the plan. Participating employees are general creditors of the Town with no preferential claim to deferred funds. I Page 33 I I I .. , - I F, Lease Commitments and Leased Assets The Town leases property and equipment under operating leases. Total rental expenditures I on such leases for the fiscal year ended December 31, 1996 were approximately $38,050. Future obligations over the primary terms of the Town's leases as of December 31, 1996 are as follows: I 1997 $ 40,072 1998 22,407 1999 13,105 I 2000 11,495 2001 6,805 2002 6,805 I 2003 & thereafter 9.205 Total 5; 109894 I VI. ContiD2encies The Town has received grants which are subject to audit by agencies of the State and Federal I Governments. Such audits may result in disallowances and a request for a return of funds to the federal and state governments. Based on past audits, the local government administration believes disallowances, if any, will be immaterial. I VB. Other A. In the State Annual Update Document, four Road Improvement Districts are included in I the Highway Fund Whole Town; in the audit report, these funds are included as Special Revenue Funds. , I B. The Town is the sponsor of a grant from the Federal Aviation Administration for airport improvements at Elizabeth Airfield. The Town has contracted with Calacerinos & Spina Engineers, P.C. to administer the grant. A copy of an audit report which includes a I compliance audit is reviewed by the Town. These fimds are shown in the audit report on the Schedule of Federal Assistance. I I I I I I Page 34 I