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Home My WebLink About1985TOWN OF SOUTHOLD AUDIT REPORT DECEMBER 31, 1985 E. F. KALDOR. C.P.A.. P.C. CERTIFIED PUBLIC ACCOUNTANT 1E2 GRIFFING AVENUE RIVERHEAD, NEW YORK 1 1901 SEP 1 August 1, 1986 Town Board Town of Southold 53095 Main Road Southold, NY 11971 Members of the Board: We have examined the general purpose financial statements of the Town of Southold for the year ended December 31, 1985. Our examination was made in accordance with generally accepted auditing standards as set forth in OMB Circular A-102, and ac- cordingly, included such tests of the accounting records, tests of the internal financial control systems, and other such audit- ing procedures as was considered necessary in the circumstances. With regard to Federal Funds, please note that the Town's financial operations are conducted properly, the financial state- ments are presented fairly, the Town has complied with laws and regulations affecting the expenditure of Federal Funds and that internal procedures have been established to meet the objectives of the programs. Financial reports submitted to County and Federal governments contained accurate and reliable financial information. Report on Federal Grant Activities is shown on pages 22 - 24. Our examination was made for the purpose of forming an opin- ion on the general prupose financial statements taken as a whole. The Supplementary Schedules are presented for purposes of addit- ional mlalysis and are not a required part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the examination of the general pur- pose financial statements, and in our opinion is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. The G.A.A.F.R. differs in certain respects from generally ac- cepted municipal accounting principles (GAAP) as follows: GAAP provides for recognition of all revenues susceptible to accrual, i.e., measurable and available to meet expenditures incarrcd in cur- rent operations. Town Board Town of Southold Page 2 GAAP provides for expenditures to be recog- nized when liabilities are incurred and that encumbrances be recognized as expenditures. Gka. P provides that capital projects be ac- counted for on a full accrual basis of ac- counting, reflecting only the actual fiscal activity of the fund with the nomimal accounts being closed at the end of the fiscal year to fund I)alaoces. in our opinion, with the exception of the aforementioned differences From GAAP, the general pnrpose Financial statements present fairly the financial position of each of the fund types and account groups of the Town of Southold at December 31, 1985 and the results of operations of such fund types for the year then ended in conformity with generally accepted accounting principles applied on a basis consistent with that of the pre- ceding year. Respectfully submitted, E.F. Kaldor, PC Certified Public Accountant EFK:cw I'OWN OF SOUTHOLD INDEX STATEMENTS Combined Balance Sheet - Ail Fund Types & Account Groups .......... ~, Combined Statement of Revenues, Expenditures, and Changes in Fund Balance - Ail Governmental Fund Types ................. 3 - 4 Confl~ined Statement of Revenues, Expenditures a~d Changes in Fund Balance - Budget and Actual Ali Govex~mental Fund Types... Combining in Fund General Special Special Statements of Revenues, Expenditures, and Changes Balance - Budget mid Actual - Funds ......................... 7 Revenue Funds ................ 8 District and Capital Funds ........ 9 Combining General Special Balance Sheets - Funds .... Revenue Funds ..... ............ 10 ............... 11 Combining in Fund General Special Statement of Revenues, Expenditures and Changes Balance - Funds ....................... 12 Revenue F~ds .................... 13 SC}~DULES Schedule of Long Term Debt ................ 14 Fisher's Island Ferry District - Balance Sheet ...................... iS Statement of Revenues, Expenditures & Changes in Fund Balance ...................... 16 Departmental Bank Reconciliations Town Clerk .................... 17 Tax Receiver .................. 17 Justices of the Peace ........... 18 Fiduciary Bank Reconciliations Payroll Accom~t ............... Supervisor's Tax Account ............ . .... E-W Water District .................. Report on Internal Accounting Control· . Report of Federal Grant Activities .......... Schedule of Federal Grant Activity . . . Notes to Report . · . 19 · . 19 · . 19 · 20- 21 22- 23 · 24 · 25 - 27 ASSETS Cash D~e From Other Funds Due From Other Governments Land Building Equipment and Machinery provisions to be made in Future B~dgets LIABILITIES ~ ~ BALANCE LIABILITIES Accoumts Payable Due to Other Fumds DUe to Other Goverm~ents I~e to Pension System Deferred Revermes D~posits Held Compensated Absences Obligations Payable TOTAL LIABILITIES TO~N OF S00'ITDLD CO~INED BALANCE S~:ET ALL FUND TYPES ~ ACCOUNT GROUPS DECI~ER 31, 1985 General -GOVEI~NTAL FUND TYPES- -FII~CIARY FUND- -ACCOUNT GROUPS Special Capital Special TYPES General Long Term Revenue Projects District Trust ~ Agency, Fixed Assets Debt $508,877 221,425 $337,803 $3,188,701 $505 35,769 $49,120 $730,302 $373,572 $3,188,701 $505 $49,120 $ 32,596 $ 7,157 20,840 186,600 69,801 $219~9.~6 $ 97,798 $ 2,620 2~743~15~ $27745,770 $18,453 8,323 22,344 $49,120 $ 665,995 1,578,387 3,744,265 $2t403~633 $5,988,647 $27403~633 $ 453,493 287,640 1~662,500 $2~403,633 Page 1 of 2 -I,~XDR~ND~0NLY- Totals 12/31/85 12/31/84 $ 4,085,006 $4,371,499 1,600 257,194 7,115 665,995 575,995 1,578,387 1,578,387 3,744,265 3,336,637 2,403,633 5,176,098 $12,734,480 $15,047,331 $ 42,373 $ 102,561 -0- 1,600 39,293 33,282 461,816 509,282 256,401 -0- 22,344 19,201 287,640 230,055 4,405~650 4~467~400 $ 5~515t517 $ 5t363~381 N ~ OF SOUI'I'KDLD ALL FUND TYPES & ACCO~q~T DECIS,,'~3EP, 31, 1985 ~neml -OOVE~'d~LNTAL FUND TYPES- -FIDUCIARY FUND- -ACCOUNT Special Capital Special TYPES General Long Term Revenue Projects District Trust ~ Agency, Fixed Assets De~t TOTAL LIABILITIES--from preceedzng page $219,196 $ 97,798 $2,745,770 -0~ $49,120 FUND BALANCE Investment in Fixed Assets Reserve for Encumbrances $ 46,206 $ 29,389 Other Reserves 69,879 Appropriated - Ensuing Year's Budget $586,000 $143,363 $ 442,931 $505 Unappropriated 78t900 33t143 TOTAL FUND BALANCE $511,106 $275,774 $ 442~951 $505 $ -0- TOTAL LIABILITES AND ~UND BALANCE $730~302 $573~572 $3t 188,70t $505 $49 ~120 Page 2 of 2 -~R~NDUMONZY- Totals 12/31/85 12/51/84 -0- $2,~05,635 $ S,515,S17 $ 5,365,381 $5,988,647 $5~988,647 $5,988~647 5,988,647 $ 5,491,019 75,595 $ 9,500 69,879 3,587,704 $ 972,799 $ 370,390 112,043 225,337 $ 20- $ 7~218}963 $ 9}683~950 $2,103~633 $12~734e480 $15,047~331 NOTES TO FINANCIAL STA~S ARE AN INTEGRAL PART OF THIS STA'rE}~ CO~INED STAT~NT OF REVENUES, EXPENDITURES B O~GES IN FOND BALA~:E OOVE~NTAL FUND T~PES JANUARY 1 - DEC~ER 31, 1985 -GOVERN~rAL FUND TYPES- REY~N~ES Real Property Taxes Rmal Property Tax Items Departmental Income Intergovernmental Charges Use of Money and Property Licenses and Permits Fines and Forfeitures Property Sales and Loss Compensation Miscellaneous Local Sources Interfund Revenues State Aid Federal Aid Proceeds of Obligations Special Capital Special General Revenue Projects District Page 1 of 2 General Government Support Public Safety Health Transportation Econ~ic Assistance ~ Opportanity Culture and Recreation Home ~ C~ity Service ~mploy~e Benefits Debt S~rvice TOTAL I~PENDITURES ~ccess Revenue Over (Under) Expenditures ~mqORANIl~q ONLY TOTALS 12/31/$5 12/31/84 $3,799,193 $1,494,980 $85,000 $8,349,173 $ 4,643,244 21,458 21,458 16,886 275,977 5,850 281,807 220,895 480 48O 960 178,953 87,879 $ 272,659 494 559,985 397,620 45,647 45,647 48,067 21,335 21,335 21,296 94,747 94,747 127,511 95,927 399,859 340,650 836,436 71,797 29,543 29,543 19,936 739,823 115,561 380,030 1,235,414 823,478 216,961 1,002,140 1,219,101 796,261 3,590~000 $5,273,540 $2,350,613 $1,995,479 $55,494 $9,675,126 $10,777~645 $1,129,683 1,930,705 14,551 231,853 $1,424,571 21,649 187,883 195,351 524,132 221,073 987,311 286,898 llOp500 201,320 $5p145~735 $2~321,745 $ 127,805 $ 28,868 $1,265,855 1,930,705 14,551 2,060,725 209,552 195,351 2,544,711 1,274,209 561~820 $9,857,459 $ (182,333) 156,172 404,301 1,794,506 $2,334~979 $ (339,500) $ 5,000 80,000 $55~000 $ 494 1,018,824 1,692,233 10,000 1,645,913 165,477 159,208 1,370,903 1,079,258 326~465 7~468~281 3,309,364 "r~.'N OF SOUTHOLD CC[~INED STATI~K[ OF REYENU~S, EXPI~qDITL~ES ~ G~NGES IN FUND BALANCE OOVE~AL FL~'D TYPES JANUARy I - DECE'.,'~ER 31, 1985 Page 2 of 2 Excess Revenue Over (Under) Ex~nditures (rrm previous page) Fund Balance January 1, 1985 Adjustment for Prior Year Accruals Adjustment for Notes Pa)~ble Fraud Balance December 31, 1983 Special Capital Special General Revenue Pro~ects District $ 127,805 $ 28,868 $ (339,500) $ 494 358,349 246,867 3,587,331 11 24,952 39 (2,804,900) $ 811,106 $ 275,774 $ 442~931 $ 508 ~OP..~IIR~4 ONLY TOTALS 12/31/85 12/31/84 $ (182,335) $ 5,309,364 4,192,558 883,715 24,991 (52~ (2,804,900) Sl,230,31~, $ 4,192,ss____Ls NOTES TO FINANCIAL STATO~Vr ARE A~ INTEGRAL PART OF THIS STATI~\'F REVENUES Real Propett). Taxes Real Proper~y Tax Iter~s I)eparmental Income Intergoverrm~tal Charges Use of Money and Propel~cy Licenses and Permits Fines and Forfeitures Proper~z Sales ~ Loss Compensation )/iscellaneous Local Sources Inter fund Revenues State Aid Federal Aid Proceeds of Obligation TO~N OF SOUT~LD (XI~INEI) STATEI,~N*T OF P. ZWEN~S, E)(~ENDITURES AND CHANGES IN FUND t~LANCE BUDG~ AND ACIIIAL - ALL GOVERNEi~TAL FL~) TYPES JANUARY 1 - DECH~,ER 31, 1985 -GOVERbI~zNTAL FU~ TYPE BLdG.S- Special Capital Special Total General Revenue Projects District Budgets Actual $3,799,193 $1,494,980 $55,000 $ 5,549,173 $5,349,173 16,000 16,000 21,458 211,204 211,204 281,807 1,000 1,000 480 145,100 69,975 215,075 539,985 30,800 30,800 45,647 18,000 18,000 21,335 65,420 65,420 94,747 66,150 643,453 $ 194,332 903,935 856,436 29,543 598,482 105,381 481,634 1,185,497 1,235,414 193,682 1,895,492 2,089,174 1,219,101 3,142,604 3,142,604 $4,951,349 $2,507,471 $5,714,062 $55,000 $13,227,882 $9,675,126 Appropriated Fund Balance 276~600 232,650 509,250 TOTAL $5,227~949 $2 740~121 $5,714,062 $55,000 $13,737,13. 2 EXPENDITURES Page 1 of 2 Encumbrances $ 5,458 70,603 (520) 324,910 14,847 3,355 29,327 (67,499) 29,543 49,917 (870,073) (3~142,604) $3,552t756 General Government Support $1,160,197 $1,840,000 $3,000,197 $1,265,855 $17,476 $1,716,866 Public Safety 1,957,025 1,937,025 1,930,705 6,320 Health 14,560 14,560 14,551 9 Transportation 248,795 $1,570,709 681,524 2,501,028 2,060,725 41~995 398,308 Econ0micAssistance ~ Opportl~ity 39,611 203,403 243,014 209,532 13,299 20,183 Culture & Recreation 198,732 198,752 195,351 3,381 Home ~ Conm~mity Sev;ices 531,013 448,446 3,192,538 $ 5,000 4,176,997 2,544,711 2,825 1,629,461 Employee Benefits 987,514 313,957 1,301,471 1,274,209 27,262 Debt Service 110,502 203~606 50,000 364,108 361~820 2~288 TOTAL EXP~SNDITURES $5,227,949 $2,740,121 $5,714,062 $55,000 $13,73%132 59,857,459 $75,595 $3,804,078 TOWN OF SOUTI-DLD C~II~SD STA'['I~ OF R~, I~I~qDITUPa55 AND (}IANG~S IN ~ BALANCE BUDGET A~ ACTUAL - ALL GOVER~AL FUND TYPES JANUARY 1 ~ D~ER 31, 1985 -GO%~3B~NTAL FUND T~E BUD(~rS- Special Capital Special Total General Revenue Projects District Budgets Total Revenues $4,951,349 $2,807,471 $5,714,062 $55,000 $13,227,882 Appropriated Fuad Balance 276~600 232,680 509,250 Total $5,227,949 $2,740,121 $5~714,062 $55,000 $13 737 132 Total Expenditures Excess Revenue Over (Under) ~cpenditures Fund Balance January 1, 1985 Adjustment for Prior Year Accruals Adjustment for Notes Payable F~md Balance December 31, 1985 Actual $9,678~126 Page 2 of 2 ~ec~nbrances Variance $3,552~756 $5,227,949 $2,740,121 $5,714,062 $55,000 $13,737,13~ $9,857,459 $75,59~5 $3~804~078 (509,250) (182,333) (276,600) (232,650) 358,349 246,867 24,952 39 3,587,331 11 4,192,558 4,192,558 24,991 24,991 (2~804,90~ (2,804 900) (2~804~900) $ 106,70.__._______~1 $ 14,256 $ 782,431 $ 11 $ , 903,399 $1,230,316 NOTES TO FINANCIAL STATE~N~TS ARE AN IN~fEGRAL PART OF THIS STATI~SN~f TOWN OF SOLrFItOLD STAT~I~qEt~F OF RF, VENUES, EXPI';NI)ITURI!S AND Ctk~NGliS [N FUNU BALANCE BUDGET AND A{YI'[JM., - ALL GENERAI, I'IIND JANUARY 1 - DEC'IiMBER 31, 1985 Budget Actual Encumbrance Real Property 'Faxes $3,799,193 $3,799,193 Real Property Tax Items 16,000 21,458 Departmental Income 211,204 275,977 Intergovernmental Charges 1,000 480 Use of Money & Property 145,100 178,953 Licenses & Permits 30,800 45,647 Fines & Forfeitures 18,000 21,335 Property Sales & Loss Com- pensation 65,420 94,747 Miscellaneous Local Sources 66,150 95,927 State Aid 598,482 739,823 TOTAL REVENUES $4,951,349 $5,273,540 Variance $ 5,458 64,773 (S20) 33,853 14,847 3,335 29,327 29,777 141,341 $322,191 Appropriated Fund Balance TOTAL 270,600 $5,227,949 EXPENDITURES General Government Support Public Safety Health Transportation Economic Assistance & Op- portunity 39,611 Culture & Recreation 198,732 1tome & Community Services 531,013 Employee Benefits 987,S14 Debt Service 110,502 TOTAL EXPENDITURES Excess Revenues Over (Under) Expenditures Fund Balance ,January 1, 1985 Accrual Adjustment Fund Balance 12/31/85 $1,160,197 $1,129,683 $17,476 1,937,025 1,930,705 14,560 14,551 248,795 231,853 15,431 21,649 13,299 195,351 524,132 987,311 110,500 $ 13,038 6,320 9 1,511 4,663 3,381 6,881 2O3 2 $5,227,949 $5,145,735 $46,206 $36,008 (276,600) 127,805 358,349 358,349 24,952 24,952 $ 106,701 $ 511,106 NOTES lO FINANCIM~ STATEMENT ARE AN INTEGPO, I, PART OF THIS STKFFhMENT TOWN OF SOUTHOLD COMBINING STATEMEIgF OF REVENUES, EXPENDITURES AND CHANGES IN FOND BALANCE BUDGET AND ACTUAL - ALL SPECIAL REV~ FONDS JANUARY 1 - DECEMBER 31, 1985 REVENUES BtII)GI!T ACI'UAL L:NCUMBRANCE Real Property ]'axes $1,494,980 Departmental Income -0- Use of Money & Property 69,975 Miscellm~eous Local Sources 643,453 Interfund Revenues -0- State Aid 1(15,381 Federal Aid 193,682 TOTAL REVENUES Appropriated Fund Balance $2,507,471 TOTAL $ 2,740,121 $1,494,980 5,830 87,879 399,859 29,543 115,561 216,961 $2,350,013 VAR I ANCE -0- $ 5,830 17,904 (243,594) 29,543 10,180 23,279 ($150,858) EXPENDITURES $1,570,709 Transportation Economic Assistance Opportunity 203,403 Home & Community Services 448,446 · Employee Benefits 313,957 Debt Service 203,606 TOTAL EXPENDIIURES $2,740,121 $1,424,571 187,883 221,073 286,898 201,320 $2,321,745 $26,564 2,825 $29,389 $119,574 15,520 224,548 27,059 2,286 $388,987 Excess Revenues Over (Under) Expenditures (232,650) $ 28,868 Fund Balance 1/1/85 Accrual Adjustment FUND BALANCE 12/31/85 246,867 246,867 59 39 14,256 $ 275,774 NOTES TO FINANCIAL STATEMENT ARE AN I~FEGI~kL PART OF THIS STATEMENT TOWN OF SOUTHOLD STATEX~NT OF REVENUES, EXPEN~)ITURES & CHANGES IN FUND B. KLkNCE BUDGET & ACTUAL - CAPITAL .kND SPECIAL DISTRICT FUN~3S J.~NUARY 1 - DECE~BER 31, 1985 - CAPIT. a& FUN~)S - BUDGET ACTU. kL VAR lANCE -SPECIAL DISTRICT FUND~ BUDGET ACTUAL VARI.kNCE REVENUES Real Property Taxes Use of Money and Property Miscellaneous Local Sources State Aid Federal Aid -0- $ -0- $ $55,000 $55,000 $ -0- 272,659 272,659 -0- 494 494 194,332 340,650 146,318 -0- -0- -0- 481,634 380,050 (101,604) -0- -0- -0- 1,895,492 1,002,140 (893,352) -0~ -0- -0- TOT_~L RE~NUES S2,571,458 $1,995,4-9 $(575,979) $55,000 $55,494 $494 Proceeds of Obligations 3,142,604 S5,714,062 EXPENDITURES General Government Support Transportation Home & Convaunity Service Debt Service TOTAL EXPENDITURES Excess Revenues Over (Under) Expenditures Fund Balance January 1, 1985 Adjustment for Notes Payable Sl,840,000 $ 136,172 $1,703,828 $ -0- $ -0- $-0- 681,524 404,501 277,223 -0- -0- -0- 3,192,538 1,794,506 1,398,032 5,000 S,000 -0~ -0- -0- -0- 50,000 50,000 -0- $5,714,062 $2,334,979 $3,379,083 $S8',000 $SS,000 $-0- $ -0- $ (359,500) $ -0- $ 494 3,587~,331 3,587,331 11 11 (2,804,900) (2,804,900) -0- -0- $ n $ 5os FLrK~ BALANCE DECEMBER 31, 1985 $ 782,431 $ 442,931 NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATHqENT TOWN OF SOIfFHOLD COMBINING BALANCE SHEETS ALL GENERAL FUNDS DECFJ~BER 31, 1985 bIE~4ORANDUMONLY 2DWN PART TOTALS WIDE TOWN 12/31/85 [2/31/84 ASSETS Cash $283,S12 $225,365 $S08,877 $440,~10 Due From Other Funds -0- -0- -0- 1,6(10 Due From Other Gov- ernments 214,463 6,962 221,425 960 TOTAL ASSETS $497,975 $232,327 $730,302 $443,070 LIABILITIES & bUND BALANCES Accounts Payable $ 22,080 $ 10,516 $ 32,596 $ 60,137 Deferred Revenue 78,200 108,400 186,600 -0- Compensated Absences -0- -0- -0- 24,584 TOTAL LIABILITIES $100,280 $118,916 $219,196 $ 84,721 FUND BAi~CES Reserved for Encum- brances $ 46,206 $ -0- $ 46,206 $ 9,500 Unreserved - Appro- priated for En- suing Year's Budget 310,000 76,000 386,000 225,000 Unappropriated 41,489 37,411 78,900 123,849 TOTAL FUND BALANCE $397,695 $113,411 $511,106 $358,349 TOTAL LIABILITIES & FUND BALANCES $497,975 $232,327 $730,302 $443,070 NOTES TO FINANCIAL STATk]vIENT tIRE AN INTEGRAL PART OF THIS STATEMENT -10- T(I~N OP S(YJTHOLD CC~BINING I~J. ANCE S~ET ALL SPECIAL REVEAIIE FII~S DECt~ER 31, 1985 -Ht(I~AY FIJI~S- SPECIAL FEDER~ FAA ~ AID ADULT TO~N WIBE PA]~' ~ ~ ~I~ ~ITI~ ~ ~ ~Y ~ ~S~S Cash 594,440 5214,180 $ 2,160 57,825 ~10,721 ~-0- 52,961 $S,516 ~e F~ ~er ~ve~nts 4,538 16,203 10,979 2,2~0 1,819 ~ ~ $ga,a4~ S218,71~ $18,36~ i7,82~ S21,700 $-0~ $5,191 $7,335 LIABILITIES ~ ~ BALANCE LLABILITIES Accounts Payable $ -0- $ -0- Due to Other Funds -0- -0- Due to Other Governments -0- -0- Deferred Revenues 25 ~ 200 44,600 TOTAL LIABILITIES 525,200 $ 44,600 Reserved for Enct~brances $26,564 $ -0- Reserved for GHIPS -0- 69,879 Appropriated - Ensuing Year's Budget 30,000 90,000 Unappropriated 12 ~ 676 14 ~ 239 TOTAL ~ BALANCE $69,240 $174~118 TOTAL LIABILITIES ~ ~JND BALANCE $94~440 $218,718 s -o- 5 -o- -0- -0- $ -0- $ -0- $ -0- 52,825 18,363 5,000 -0- -0- $18~363 $7,825 $18,363 $v,823 $ 7,157 $-0- -0- -0- 9,681 -0- -0- -0- I,~DP.,%.%E]I. I4 ONLy TOL~LS 12/31/85 12/31/84 $337,803 $299,893 35,76~ 6~185 $373,37~2 $306t043 $ -0- $ -0- $ 7,157 $ 42,42~ -0- -0- -0- 1,60P 5,004 6,155 20,840 15,15- -0- 1 69,801 -0' $16,838 $'0- $5,004 36,156 $ 97,798 $ 59,181 $ -0- $-0- $ -0- $ -0- $ 29,389 $ -0' -0- -0- -0- -0- 69,879 -0- -0- -0- -0[ -0- 143,363 145,379 4~862 -0- 187 1~179 33,143 101,485 $4~862 $-0- $ 187 $1~179 $275,774 $246~8~- $21,700 $-0- $5,191 $7,335 S773,572 $306,04~ b~!TmS TO FINkNCIAL STATI~'r ARE AN IN'rEGIL~L PART OF THIS TOWN OF SO(Ffl-IOLD COMBINING STAT~NT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - GENERAL FUNDS JANUARY 1 - DECEMBER 31, 1985 REVENUES Town Wide Part Town Real Property Taxes $1,568,653 Real Property Tax Items 21,458 Departmental Income 101,589 Intergovernmental Charges 480 Use of Money & Property 81,382 Licenses & Permits 45,647 Fines & Forfeitures 21,335 Property Sales & Loss Compensation 94,747 Miscellaneous Local Sources 37,712 State Aid 615,026 TOTAL REVENUES $2,586,029 EXPENDITURES General Government Support $1,053,703 Public Safety 89,833 Health 10,245 Transportation 231,853 Economic Assistance & Op- portunity 21,649 Culture & Recreation 195,351 Home & Co~ununity Services 385,366 Employee Benefits 349,281 Debt Service 110,500 TOTAL EXPENDITURES Excess Revenues Over (Under) Expenditures Fund Balance 1/1/85 Accrual AdjUStment Memorandum Only Totals 12/31/85 12/31/84 $2,230,540 $3,799,193 $3,205,507 21,458 16,586 174,588 275,977 189,228 480 96O 97,571 178,953 187,836 45,647 48,067 21,335 21,296 94,747 126,739 58,215 95,927 46,838 126,797 739,823 618,991 $2,687,511 $5,273,540 $4,462,048 $ 75,980 $1,129,683 $ 920,322 1,840,872 1,930,705 1,685,233 4,306 14,551 10,000 231,853 237,715 21,649 21,900 195,351 159,2~8 138,766 524,132 399,962 658,030 987,311 832,587 110,500 76,636 $2,447,781 $2,697,954 $5,145,735 $4,343,56!) 138,248 ( 10,443) 127,805 118,47!1 234,495 123,854 358,349 239,855 24,952 -0- 24,952 15 FUND BALANCE DECEMBER 31, 1985 $ 397,695 $ 113,411 $ 511,106 $ 358,349 -12- NOTES TO FINANCIAl, STATF, MENT ARE AN INTEGRAl, PART OF THIS STATI~NT RE%~ES TO~ OF SOUIHOLD Cfb~INING STATM~Sxrr OF REVENUES, EXPENDITURES AND CHANGES IN ~UND BALANCE ALL SPECIAL REVENUE FUN2)S JANUARY 1 - DECEMBER 31, 1985 - HI (~WAY FUNDS- SPECIAL FEDERAL TOWN WIDE PART TOWN GK~NT ~UND REVENUE SFARING NUTRITION Real Property Taxes $525,180 $ 969,800 Departmental Income $ 5,850 Use of M~aey ~ Property 28,159 52,642 Property Sales ~ Loss Compensation Hisc. Local Sources 4,685 201,296 Interfund Revenues 13,751 15,812 State Aid 115,561 Federal Aid 42,446 TOTAL KEVENUES $567~070 $1,200,944 $207,126 i~PE\~I TURES Iranspertation $425,519 $ 982,651 Econc~ic Assistance & Opportmity Home ~ Community Sen, ices 51~ployee Benefits 82,590 195,134 Debt Service 31,168 Poblic Safety $ 7,077 155,904 $140~981 FAA ~ AID AI]ULT STUDY PROGRAM DAY CARE $ 1 133,674 25,557 $15,074 $159,212 $15,074 $16,401 12131/85 12/31/84- $145,415 $195,766 $ 10,243 7,976 170,152 T_OTALEXPEAglTURES $539,277 $1,177,785 $195,766 $180,395 $153,391 $16,401 (Under) 5xpenditures $ 27,793 $ 23,159 $ 11,360 $(39,414) $ 5,821 $(1,327) Fund Balance 1/1/85 $15,~32 $44,474 $15,732 $44,474 $1,494,980 $1,371,725 5,830 31,667 87,879 105,900 -0- 772 399,859 24,872 29,543 19,936 115,561 179,247 216~961 517,541 ~%,~50,615 $2,251,660 41,448 150,959 6,962 47,239 (958) 1,327 Accrual Adjustment (1) 41 (1) Fund Balance 12/31/85 $ 69,240 $ 174,118 $ 18,363 $ 7,825 $ 4,862 $ -0- NOTES TO FIN. aNCI,~L STA~'I' ARE AN INTEGR.~d. PART OF THIS STATEXlS:¥T $42,468 $15,064 571 627 $15,635 $43,095 $ 97 $ 1,379 90 (2on) $1,424,571 $1,404,814 187,885 145,571 221,075 403,224 286,898 246,671 201,320 183,81? -0- 7,OOO $2,321,745 $2,389,097 $ 28,868 $ (157,43') 246,867 384,859 39 (535: 187 $ 1,179 $ 275,774 $ 246,867 Landfill Equipment Highly Equipment Land Purch~e - Parking Field Front ~d Loader ~ ~r~se - ~dfill ~ill ~ild~g [ ~ui~nt ~etrea~t Pl~t Co~tmcti~ Boat Launch Ramp Agricultural Land Rights Capital Note Serial Bond Mobil Sweeper Tub Grinder Payloader TOTAL TOWN OF SOUThDLD SO-~I~ULE OF ~ ~ DEBT DECE/~ER 31, 1985 Original Final Interest Outstanding Issue Date btaturity Rate 1/1/85 5/80 $/85 5.50 $ 12,000 5/81 5/86 5.39 31,200 3/82 3/87 5.45 57,000 6/82 5/87 5.24 34,200 12/82 12/87 5.15 63,000 11/83 11/88 5.29 480,000 6/83 6/88 4.75 200,000 8/84 8/89 4,94 1,000,000 10/84 10/89 5.34 750,000 2/84 1/89 5.55 90,000 4/84 4/84 6/85 8/88 10/85 Issued in 1985 10/86 5.33 4/2005 4.10 6/91 4.89 8/91 4.94 10/91 5.42 87,500 1,662,500 -0- $ 79,000 -0- 68,000 -0- 102,000 $4,467,400 $249~000 Paid in 1985 $ 12,000 15,600 19,000 11,400 21,000 120,000 SO,O00 18,000 43,750 $310r7SO Outstanding 12/31/85 -0- $ 15,600 38,000 22,800 42,000 360,000 150,000 1,000,000 750,000 72,000 43,750 1,662,500 79,000 68,000 102~000 $41405'~650 NOTES TO FINANCIAL STATI~NTS ARE AN INTEGK~L PART OF THIS STATt~rr ASSETS Cash Accounts Receivable Amount to be Provided for Long Tem Debt TOTAL ASSETS FISHERS ISLAND FERRY DISTRICT COMBINED BALANCE SHEET DECI~ffiER 31, 1985 GF~\~ RAL CAPITAL TRUST & FUND FUND AGENCY LONG TERM DEBT ACCOUNT GROUP I~.~ORANrDUM ONLY TOTALS 12/31/85 12/Zl/84 $215,527 $-0- $2,720 $ -0- $ 218,247 $1,113,721 82,246 -0- -0- -0- 82,246 -0- -0- -0- -0- 920,000 920,000 950,000 S297,773 $-0- $2,720 $920,000 $1,220,493 $2,063,721 LILBILITIES & FUND B.'&ANCE LI.~£ILITIES Deposits Held Serial Bonds Payable Deferred Revenue TOTAL LI,kBILITIES TOTAL FUN~ BALANCE -0- $-0- $., 20 $-0- -0- -0- -0- 920,000 6,300 -0- -0- -0- ~ 6,300 $-0- "- v ~.,,20 $920,000 $291,473 $-0- $ -0- $ -0- S297,773 $-0- $2,720 5920,000 $ 2,720 $ 2,518 920,000 950,000 6,500 -0- $ 929,020 $ 952,518 $ 291,475 $1,111,205 TOTAL LIABILITIES ~\~ FUND BALk\CE $1,220,493 $2,063,721 NOTES TO FINANCIAL STAT~XIENT ARE .kY INTEG~KL P.~RT OF THIS STATEmeNT FISHERS iSLAND FERRY DISTRICT COMBINED SI'ATtiMENT OF Id2VENUES, EXPENDITUt~S AND CltANGES IN FUND BALANCE JANUARY I - DECIiMBER 31, 1985 REVENUES Real Property Taxes Departmental lnc~llo Use of Money & Property Property Sales & Loss Compensation Interfund Transfers Gifts 6 Donations Proceeds of Obligations 'I'O'I~L P, EVENUE GENEICd. CAPITAL t~UND FUND $ 145,115 752,125 40,240 179 $ 943,659 $ -0- MEMORANDUM ONLY TOTALS 12/31/8S 12/31/84 145,115 $ 129,947 752,125 674,724 46,240- 97,861 179 27 24,447 326,454 510,000 $ 943,659 $1,763,460 EXPENDITURES Personal Services Contractual Expense Capital Outlay Employee Benefits Debt Service Interfund Transfers TGI'AL EXPENDITURES $ 287,890 532,020 794,943 46,844 101,692 $1,763,389 287,890 $ 249,514 532,020 337,263 794,943 913,068 46,844 35,021 101,692 51,768 24,447 $1,763,389 $1,611,081 Excess Revenues Over (Under) Expenditures Fund Balance ,January 1, 1985 $ (819,730) $ (819,730) $ 152,379 $1,111,203 $ 958,824 FUND BAI~dqCE DECEMBER 31, 1985 $ 291,473 $ 291,473 $1,111,203 NOTES 'ID FINANCIAL STATEMENT ARE AN [N'I'EGILM. PART OF ~114IS STATEMENT -16- TOWN OF DEPAR'I34ENTAL BANK RECONCILIATIONS DECEMBER 31, 1985 TOWN CLERK - JUDITH T. TERRY Bank Balance 12/31/85 Add: Deposit in Transit Less: Outstanding Ledger Balance Add: 12/31/85 Interest $ 55,597.10 577.07 1,982.15 34,118.80 73.22 $ 34,192.02 $ 34,192.02 TAX RECEIVER - GEOP, GE MELLAS Checking Account Bank Balance December 31, 1985 Add: Deposit in Transit Less: Outstanding Checks $1,000,000.00. 1,000,000.00 Savings Account Bank Balance December 31, 1985 Add: Deposit in Transit $1,996,680.80 2,066.7(I $1,998,747.50 |,edger Balance $1,997,737.37 Add: 12/31/85 Interest 1,010.14 Less: Bank Adjustment on Deposit .01 $1,998,747.50 NOTES TO FINANCIP& STATFiqENT Pd~E AN 1NTEGtbSL PART OF THIS STATEb~T -17- TOWN OF SOUTIIOLD JUSTICES OF TI~. PFICE - BANK I~CONCILIATIONS DECEMBER 31, 1985 JUSTICE TEDESCHI Bm~k Balm~ce 12/31/85 Add: Deposit in Transit Less: Outstanding Checks ,Justice's Ledger Bail Money Due to Comptroller $2,750.00 1,154.00 JUSTICE PRICE Bank Balance 12/31/85 Checking Account Bail Account Add: Deposit in Transit Less: Outstanding Checks Oustice's Ledger Bail Money Due to Comptroller $2,826.26 3,758.(10 JUSTICE EDWARDS $3,954.00 50.00 $3,904.00 $3,904.00 $ 647.00 S,937.26 $6,584.26 $6,584.26 $6,584.26 Bank Balance 12/31/85 $ -0- Add: Deposit in Transit S1.00 Less: Outstanding Checks -0- Justice's Ledger Due to Comptroller $ 51.00 $ 51.00 $ 51.00 NOTES TO FINANCIAL STATEMENT AR]:! AN I~rFEGRAL PART OF THIS ST^TI~qENT TOWN OF SOUHIOLD FIDUCIARY BANK RECONCILINFIONS I)lJCI!MBI!R 31, 1985 PAYROLL ACCOUNT Bm~k Balmlce 12/51/85 Add: Deposit in Transit Less: Outstanding Checks Bank Error LEDGER BALANCE $106,456.77 106,457.77 1.00 SUPERVISOR'S 'I'AXACCOUNT Bank Balance 12/31/85 Add: Deposit in Transit Less: Outstanding Checks LEDGER BALANCE $813,417.09 -0- 815,417.09 E-W WATIiR DISTRICT Bank Dalance 12/31/85 $ .39 Add: Deposit hi Transit -0- Less: Outstanding Checks -0- LEDGER BALANCE - INTEl(liST EARNED DUE TO DiSTRICI' $ .39 NOTES TO EINANCIAL STATKMENT Alfll AN [NTE(i1UXL I)ART OF Tills s'rxrmEbrr E. F. KALDOR, C.P.A., P.C. CERTIFIED PUBLIC ACCOUNTANt 162 GRIFFING AVENUE RtVERHEAD, NEW YORK 11901 TELEPHONE Sl 6 - 727-78BE August 1, 1986 REPORT ON INTERNAL ACCOUNTING CONTROL COMPLIANCE FOR FEDERAL GRANT ACTIVITIES 1/1/ - 12131185 Town Board Town of Southold 53095 Main Road Southold, NY 11971 Members of the Board: We have examined the general purpose financial statements of the Town of Southold for the year ended December 31, 1985 and have issued our report thereon dated August 1, 1986. As a part of our examination, we have made a study and evaluation of the Town's system of internal accounting control to the ex- tent we considered necessary to evaluate the system as required by generally accepted auditing standards. The purpose of our study and evaluation was to determine the nature, timing and ex- tent of the auditing procedures necessary for expressing an o- pinion on the Town's financial statements. The Town Board of the Town of Soutbold is ~esponsible for establishing and maintaining a system of internal accounting control. In fulfilling this responsibility, estimates and judgements by the Board are required to assess the expected benefits aBd related costs of control procedures. The objec- tives of a system are to provide the Board with reasonable, but not absolute, assurance that assets are safeguarded a- gainst loss from unauthorized use or disposition, and that transactions are executed in accordance with the Board's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Because of inherent limitations ia any system of internal accounting controls, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in condit- ions or that the degree of compliance with the procedures may deteriorate. Report on Internal Accounting Control Compliance for Federal Grant Activities Page 2 In our opinion, thc system of internal accounting controls of the Town of Southold that existed during the year ended De- cember 31, 198S taken as a whole, was sufficient to meet objec- tives stated above insofar as those objectives pertain to the prevention or detection of errors or irregularities in mounts that would be material in relation to the financial statements of the Town of Soutbold. This report is i. ntended solely for the use of the Town Board and tile cognizant agency and should not be nsed for any other pn~ose. Very truly yours, E. F. Kaldor, PC Certified Public Accountant EFK:cw E. F. KALDOR, C..P.A., P.C. CERTIFIED PUBLIC ACCOUNTANT August 1, 1986 REPORT ON FEDERAL GRANT ACTIVITIES 1/1/85 - 12/31/85 To~n Board Town of Southold 53095 Main Road Southold, NY 11971 Members of the Board: We have examined the combined financial statements of the Town of Southold as of December 31, 1985 and for the year then ended and have issued our opinion thereon dated August 1, 1986. In addition, we have examined the accompanying Schedule of Fed- eral Grant Activity. Our examination was made in accordance with generally ac- cepted-auditing standards, the provisions of Standards for Audit of Governmental Organizations, Programs, Activities, and Func- tions, promulgated by the Comptroller General, which pertain to financial and compliance audits; the Office of Management and Budget's (OMB), Major Compliance Features of Programs Adminis- tered by State and Local Governments (the approved compliance supplement); the provisions of OHB's Attachment P, Audit Requir- ments to its Circular A-102, Uniform Administrative Requirements for Grants-in-Aid to State and Local Governments; and the Guide- lines for Financial and Compliance Audits of Federally Assisted Programs; and accordingly, included such tests of the accounting records and other auditing procedures as we considered necessary in the circumstances. Attachment P requires that the examination include a deter- mination of whether the Federal financial reports (including fi- nancial status reports, cash reports, and claims for advances and reimbursements) prepared by the Town of Southold contain ac- curate and reliable financial data. We have been informed that OMB interprets the phrase "accurate and reliable financial data" to mean that the Federal financial reports present the underlying financial data of the grants within limits that are reasonable and practicable to attain under the circumstances. _09_ Report on Grant Activities Page Two In our opinion, for the tested operations and records, the Town of Southold complied with the material terms and conditions of its Federal grants, contracts and agreements, and the Schedule of Federal Grant Activity presents the underlying financial data of the grants within the limits described in the preceding para- graph. Further, based upon our examination and procedures refer- red to above, nothing came to our attention to indicate that the Town of Southold had not complied with the compliance matters re- ferred to above, or that the Federal financial.reports do not pre- sent the underlying financial data of the grants within the limits described in the preceding paragraph. This report is intended solely for the use of the Town of Southold, the cognizant agency and other Federal audit agencies and should not be used for any other purpose. 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 re- cord. Very truly yours, E. F. Kaldor, PC Certified Public Accountant EFK:cw T0~N OF soUr~LD ~ OF FEI~RAL ~ ACTWITY J~I~RY 1 - ~ 31, 1988 Highway Ftnd Special Federal Part Taen Grant Fond Revenue Sharing Real Property Taxes $ 969,800 Departmental Income Use o£ Noney ~ Property 52,642 btiscellanenus Local Sources 4,683 Interfund Revenue 18,812 State Aid 115,561 Federal Aid 42,446 $ 5,850 201,296 TOTAL ~S $1,200,944 $207,126 Transportation Economic Assistance- Home ~ C(mlmmity Sen,ices Employee Benefits Debt Service Excess Revenues Over (Under) Expenditures 982,681 Nutrition Fund Balance January 1, 1985 BAN ~ Accrual Adjus~ent ' $ 7,077 $ 1 153,674 135,904 25~537 $140~981 $159,212 Fund Balance 12/31/85 $145,415 $195,766 $ 10,243 195,134 7,976 170~152 $1~177~785 $195,766 $180~395 $153~391 $ 23,159 $ 11,360 $(39,414) $ 5,821 150,959 6,962 47,239 (958) 41 (1) $ 174,118 $ 18,363 $ 7,825 $ 4~862 FAA Study $15~074 $15~074 $16,401 $161401 $(1,327) 1,527 Treatment Plant $ 122,543 50,000 84,010 1~002~140 $1~258~693 $1,616,812 $1,616~812 $ (358,119) 1,784,451 (1,980,000) ($ 523~668) NOTES TO FI.~0%NCI.~L STATE~',7 ARE .~u~ INTEGRAL PART OF THIS ~TATES~r TOWN OF SOUTHOLD NOTES TO FINANCIAL STATEMENT DECEMBER 31, 1985 Note 1: Stummary of Significant Account Policies A. Fund Accounting The accounts of the town are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a sep- arate set of self-balancing accounts that. comprise its assets, li- abilities, fund equity, revenues, and expenditures, or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are control- led. The various funds are grouped, in the financial statements in this report, into three basic fund types: Governmental Funds (1) The General Fund - to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds - to account for the proceeds of specific revenue sources (other than special assessments, expendable trusts, or for major capital projects) that are legally restricted to expenditure for specified purposes. (3) Capital Projects Fund - to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds, Special Assessment Funds, and Trust Funds). (4) Special Assessment Fund - to account for the financiang of public improvements of services deemed to benefit the prop- erties against which special assessments are levied. Proprietary Funds - None Fiduciary Funds (s) Trust and Agency Fund - to account for assets held by a government unit in a trustee capacity or as an agent for individuals, private organizations, other governmental units, and/or other funds. These include, (a) Expendable Trust Funds, (b) Nonexpendable Trust Funds, (c) Pension Trust Funds, and (d) Agency Funds. B. General Fixed Assets and Long Term Debt Acquisitions of equipment and capital facilities are treated as expenditures in the various funds of the town, and are also re- flected in the general fixed asset group of accounts. General Fixed Assets consisting of land, buildings, improvements and e- quipment are valued at historical costs or estimated historical costs if actual cost is not available. No depreciation has been provided on General Fixed Assets. Long-term liabilities expected to be financed from governmental fimds are accounted for in the general Long*Term Debt Accounts Group, rather than Governmental Funds. The two account groups arc not "funds". They are concerned only with the measurement of financial position. They are not involved with measurement of results of operations. C. Bases of Accounting Thc bases of accounting promulgated by the Uniform System of Ac- counts relative to the recording of transactions in the respective funds of the town are as follows: (l) GOVI!RNMENTAI, FUND revenues and expenditures are recognized on the modified accrual basis. Revenues are recognized in the accounting period in which they become available and measurable. Expenditures are recognized in the accounting period in which the fund liability is incurred, if measurable. (2) FIDUCIARY FUND - Trust and Agency Fund assets and liabil- ities are accounted for on the modified accrual basis. (3) TRANSFERS are recognized in the accounting period in which tile interfund receivable and payable arise. Note 2: Changes in Accounting Principles There have been no changes in accounting principles. Note 3: Pension The town p:covides retirement benefits for substantially all of its regular full-time employees through contributions to the New York State Employees' Retirement System. This system provides various plans and options to tile participants, some of which require emplo~- ee contributions. Note 4: lndcbtcdaess Details of Indebtedness are shown on the attached schedule on page 1~. Note 5: Combined Statements All current and prior year totals on Combined statements are for mem- orandum purposes only. No eliminations have been made for interfund revenues or expenses, or for liablilities reported in Long-Term Debt Account Group. Note 6: Comparative Data Prior year comparative figures are contained in this report for mem- orandum purposes only. As stated in Note S, no eliminations have been made for interfund revenues of expenses or for liabilities reported in Long-Term Debt Account Group. Note 7: Eoc,~mbrances Encumbrances outstauding in the amount of $75,595.00 have been re- served in fund balance account. Such cl/cumbrances have not been rec- ognized as current 7ear expenditures. Note It is again suggested that all current year vouchers be submitted to the accounting departn~nt no later than l)ecen~er 15 in order to be charged to the budget, which lapses as of December 31. The accounting department needs the last 15 days o£ the year to process any unpaid claims and finalize its accounts for closing purposes. Note 9 Securities pledged by bm~ks as collateral for Town investments all should be held by a third party custodial agents. It is anticipated that prior to I)ecembcr 31, 1!)86 the banks involved will conform to State regulations requiring the custodial agent. ~27-