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Home My WebLink About1982TOWN OF SOUTHOLD AUi3 IT REPORT ~/z/82- ~2/~z/sz E. F. KALDOR. C.P.A., P.C. July 7, 1983 Town 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 for the year ended December 31, 1982. Our examination was made in accordance with generally accepted auditing standards and accordingly, included such tests of the accounting records and other such auditing procedures as was considered necessary in the circumstances. Our examination was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The Supplementary schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the examination of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. The G.A.A.F.R. differs in certain respects from generally accepted municipal accounting principles (GAAP) as follows: GAAP provides for recognition of all revenue susceptible to accrual, i.e., measurable and available to meet expenditures incurred in current operations. 2. GAAP provides for expenditures to be recognized when liabilities are incurred and that encumbrances be recognized as expenditures. GAAP provides that capital projects be accounted for on a full accrual basis of accounting, reflecting only the actual fiscal activity of the fund with the nominal accounts being closed at the end of the fiscal year to fund balance. In our opinion, with the exception of the aforementioned differences from GAAP, the combined financial statements present fairly the financial position of the Town of Southold at December 51, 1982, and the results of its operations for the year then ended in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceeding year. Respectfully submitted, ELAINE F. KALDOR t tc Certified Public Accountant INDEX Statements Combined Balance Sheet - Ail Fund Types ~ Account Groups Combined Statement of Revenues, Expenditures ~ Changes in Fund Balance - All Governmental Fund Types Combined Statement of Revenues, Expenditures ~ Changes in Fund Balance - Budget & Actual All Governmental Fund Types Combining Statements of Revenues, Expenditures ~ Changes in Fund Balance - Budget ~ Actual General Fund Special Revenue Fund Capital ~ Special Revenue Funds Combining Balance Sheets General Funds Special Revenue Funds Combining Statement of Revenues, Expenses ~ Changes in Fund Balance General Funds Special Revenue Funds 2 5 4 5 6 7 8 9 10 INDEX Schedules Schedule of Long Term Debt Fisher's Island Ferry District - Balance Sheet Statement of Revenues, Expenditures Changes in Fund Balance Departmental Bank Reconciliations Town Clerk Tax Receiver Justices of the Peace Fiduciary Bank Reconciliations Payroll Account Supervisor's Tax Account Notes to Report 11 12 13 14 14 1S 16 16 17 ~ 18 ..... Governmental Fund Types $298,64! $290,89~6 $ 44,99? $3,47~2 361,400 3,578 -0- $ 1%257 $ 372~8S9 37,145 68,617 $ 272 $44,061 285,995 1,458,441 2,535,703 364~600 $44,061 $4,250,139 $364.600 30,007 5,237 8,817 364,600 $44,061 $ -0- $364,600_ $4,280,159 $4,280,139 Total $ 610,352 11,462 56,755 $4, 280,139 105,762 460,517 (314,859) $4.531.359 ......... Governmental Fund Types Total Revenue Total Expenditures (Expense Over Revenues) Fund Balances December 31, 1982 $2,415,844 $1,024,125 $ 24,424 55,906 3,947 26,949 336,963 188,134 47,105 367,715 75,000 23,514 26,258 25,983 30,600 $ 660,112 $ 31 1,344,969 45,000 88,749 6,717 175,566 1,069,882 97,451 154,116 3,829 239,029 241,814 177,229 671,473 200,882 6,825 56,583 $3,262,883 $1,756,226 (108,511) 25,084 412,940 255,555 (5,788) -0- Special Assessment Total $ 298,641 $ 280,639 $(327,8603 $3,472 $3,443,441 13,175 82,055 2,472 291,520 29,728 24,424 59,853 26,949 572,202 442,715 $ 060,143 1,478,718 0,717 1,342,879 142,281 157,945 658,072 872,355 3,472 ]0,297 5b,583 $$63,409 $3,472 $5,385,990 (194,856) -0- (277,983] (133,304) -0- 535,191 (8,788) .... GOVERNMENTAL FUND TYPE BgDGETS = - - .... MEMORANDUM Total To~al $721,750 $3,472 $5,548,238 595~136 $72],750 $3,472 $6,053,394 $5,108,007 3,472 Total Expenditures $3,383,748 $1,944,424 $721,750 $3,472 $6,053,394 $5,385,990 ONLY $ 4,675 (28,044) ],472 20,870 (24,022) 821 (10,811) (84,811) (2,184) (425,004) $(440,251) 678,855 $ 660,143 $ 8,928 $ 9,784 1,495,859 1,478,718 17,141 7,400 6,717 683 1,697,507 1,342,879 354,628 150,729 142,281 8,448 169,635 157,945 4,510 7~180 865,759 688,072 31,808 175,879 904,596 872,355 32,241 10,297 10,297 -0- 72,787 86,883 16,174 $ 53,303 $(133,304) -0- $ 24,247 $ 251,420 ~rt ot thls sta~nt TOWN OF SOUTHOLD STATEMENT OF REVENUES, EXPENDITURES ~ CHANGES IN FUND BALANCES BUDGET AND ACTUAL - GENERAL FUND TYPES JANUARY 1 - DECEMBER 31, 1982 Revenues ~ Other Sources Real Property Taxes Real Property Tax Items Departmental Income Intergovernmental Charges Use of Money ~ Property Licenses ~ Permits Fines ~ Forfeiture Sales of Property and Compensation for Loss Miscellaneons Local Source State Aid Total Revenues Appropriated Fund Balan6e Total Variance Favorable Budget Actual Encumbrance (Unfav.) $2,415,844 $2,415,844 8,500 13,175 4,675 64,000 66,283 2,283 1,000 2,472 1,472' 180,650 196,256 15,606 53,750 29,728 (24,022) 12,500 13,321 821 10,100 24,424 14,324 55,906 55,906 334,500 336,963 2,463 $3,080,844 302,904 $3,383,748 $5,154,372 $ 73,528. Expenditures General Government Support Public Safety Health Transportation Economic Assistance ~ Opportunity Culture ~ Recreation Home ~ Community Services Employee Benefits Debt Service Interfund Transfers Total Expenditures Excess of Revenues Over Expenses (Expense Over Revenues) Fund Balances January 1, 1982 Adjustment for Prior Year Receivables Fund Balances December 31, 1982 $ 670 570 1,355 859 7 400 176 474 26 300 164 500 283 851 687 335 11,459 $3,383,748 (302,904) 660,112 $ 828 $ 9,630 1,344,969 10,890 6,717 683 175,566 908 10,901 15,399 154,116 4,510 5,874 239,029 31,808 13,014 671,473 15,862 $5,262,885 (108,511) 412,940 $ 412,940 (5,788) (5,788) 104,248 $ 298,641 11,459 $37,146 $ 83,719 ~37,146) $157,247 - 4 - Notes toFinancial Statement are an integral part of this statement. TOWN OF SOUTHOLD STATEMENT OF REVENVES, EXPENDITURES ~ CHANGES IN FUND BALANCES BUDGET AND ACTUAL - SPECIAL REVENUE FUND TYPES JANUARY 1 - DECEMBER 31, 1982 Real Property Taxes Use of Money ~ Property Interfund Revenues State Aid Federal Aid County Grants Participant Income Miscellaneous Local Sources Interfund Transfers Total Revenues Appropriated Fund Balances Total Budget Actual Encumbrance $1,024,125 $1,024,125 90,000 94,888 10,000 26,949 76,974 188,134 378,526 567,715 108,125 25,514 28,459 26,255 -0- 5,947 25,983 25,985 $1,742,172 $1,781,510 202,252 $1,944,424 Variance Favorable (Unfavorable) 4,888 16,949 111,160 (10,811) (84,811) (2,184) 8,947 39~138 Expenditures General Government Support $ 8,285 Public Safety 45,000 Health -0- Transportation 1,170,055 Economic Assistance ~ Opportunity 124,429 Culture ~ Recreation 5,155 Home ~ Community Services 506,158 Employee Benefits 217,261 Debt Service 6,825 Interfund Transfer 61,298 Total Expenditures Excess of Revenues Over Expenses (Expenses Over Revenues) Fund Balances January 1, 1982 Fund Balances December 51, 1982 31 45,000 1,069,882 131,580 3,829 241,814 200,882 6,825 56,583 8,100 154 (6,951) 1,506 64,544 16,579 4,715 $1,944,424 $1,756,226 $(8,100) $180,098 (202,252) 25,084 $ 255,555 $ 255,555 $ 53,303 $ 280,659 $2,19,236 - 5 - Notes to Finaneiall Statement ~e ah'integral part Of this statement. TOWN OF~[JTHOLD STATEMENT OF REVEI~S, EXPENDUTURES CHANGES IN FUND BALANCES BUDGET ~ ACTUAL - CAPITAL ~ SPECIAL ASSESSMENT FUNDS JANUARY 1 - DECEMBER 31, 1982 ..... CAPITAL FUND ...... Budget Actua 1 Varlance - - SPECIAL ASSESSMENT FUND - - Actual Variance t Revenues Real Property Taxes Departmental Income Use of Money State Aid Federal Aid Interfund Transfers Total Revenues Expenditures Public Safety ' Transportation Home fi Community Services Debt Service Total Expenditures Excess (Expense O~er Income) F~d Balances January 1, 1982 Fund Balances December 31, 1982 $ 46,099 $ 15,772 $ {3Q,327) -0- 376 376 147,047 47,105 (99,942) 75,000 75~000 455,604 50,600 (423,004) $721,750 $168,855 $(552,897) $ 95,000 $ 88,749 $ 6,251 351,000 97,431 253,569 275,750 177,229 98,521 $721,750 $363,409 -0- (194,556) $(153,304) $(135,304) $(155,304) $(327,860) 358,341 (194,556) $5,472 $3,472 $-0- $3,472 $3,472 $-0- 3,472 _3~472 $3,472 $3,472 $-o- $-o- $-o- $-o- -0- Notes to Financial Statement n~e nn integral pa~t of this statement. TOWN OF SOUTHOLD COMBINING BALANCE SHEETS ALL GENERAL FUNDS DECEMBERS1, 1982 Assets Cash Due From Other Funds Due From Other Governments Total Assets Liabilities ~ Fund Balances Total Liabilities Fund Balances Reserved for Encumbrances Unreserved - Appropriated for Ensuing Year's Budget - Hnappropriated Total Fund Balances Total Liabilities ~ Fund Balances Town Part Wide Town Total $155,442 $129,749 $285,191 11,459 11,459 1,991 1,991 $168,892 $129,749 $298,641 $ -0- $ -0- $ -0- $ 15,275 $ 25,870 $ 57,145 155,000 100,000 255,000 617 5,879 6,496 $168~892 $129~749 $298,641 $168,892 $129,749 $298,641 - 7 ~ Notes to Financial Statement are an integral pazt of this statement. Cash Receivables: Due fr~m Other Governments Due ~rom Other Funds Total Liabilities - Unappropriated Total Fund Balanc~ ~22~,513 $83,818 $3,339 $7,645 -0- -0- -0- $6,661 Delinquency Diversion Home Aid ~zogram P~rogram Total $ 427 $267,617 3,154 23,276 ~0- $3,581 $290,896 68,617 184,323 (153_ 27,699 $ -0- $280,6S9 $-0- ~3,581 $290,896 TOWN OF SOUTHOLD STATEMENT COMBINING REVENUES EXPENDITURES ~ CHANGE IN FUND BALANCES ALL GENERAL FUNDS JANUARY 1 - DECEMBER 31, 1982 Revenues Real Property Taxes Real Property Tax Items Departmental Income Intergovernmental Charges Use of Money and Property Licenses ~ Permits Fines ~ Forfeiture Sales of Property ~ Compensation for Loss Miscellaneous Local Sources State Aid Town Part Wide Town Total $ 945,981 $1,471,865 $2,415,844 15,175 15,175 14,767 51,516 66,285 2,472 2,472 77,789 118,467 196,256 29,728 29,728 15,521 15,521 24,424 24,424 16,225 39,681 55,906 264,897 72,066 556,963 Total Revenues Expenditures General Government Support Public Safety Health Transportation Economic Assistance ~ Opportunity Culture 5 Recreation Home ~ Community Services Employee Benefits $1,400,779 $1,755,593 $3,154,572 $ 629,608 30,504 660,112 74,665 1,270,306 1,544,969 5,219 5,498 6,717 175,566 175,566 10,901 10,901 154,116 154,116 159,557 79,672 259,029 208,850 462,625 671,475 Total Expenditures Excess Income Over Expenses (Expense Over Income) Fund Balances January 1, 1982 Adjustment of Prior Year Receivables Fund Balances December 51, 1982 $1,416,280 $1,846,605 $3,262,885 (15,501) [95,010) (108,511) $ 190,181 $ 222,759 $ 412,940 (5,788) -0- (5,788) $ 168,892 $ 129,749 $ 298,641 - 9 - Notes to Financial Statement are an integral ~rt of this statment $1,024,125 $1,024,125 91,741 2,720 427 94~888 Bond Anticipation Notes Road Improvement Landfill Equipment Highway Equipment Land Acquisition Front End Loader Landfill Purchase TOTAL TO~N OF SOUTHOLD DETAIL OF INDEBTEDNESS DECEMBER 31, 1982 Issued Maturity 4/80 4/84 5/80 4/85 5/81 5/86 5/82 3/87 6/82 6/87 12/82 12/87 Interest Rate Paid During Year Outstanding 12/~1/82 7.65 $ 1,600. $ 3,200. 8.05 15,000. 42,000. 8.75 18,600. 62,400. 8.25 -0- 95,000. 8.75 -0- 57,000. 6.20 -0- lOS,O00. $32,200. $564,600. Notes to Financial Statement are an integral pazt of this statement - 11 - FISHER'S ISLAND FERRY DISTRICT COMBINED BALANCE SHEET DECEMBER $1, 1982 Total General Capital Trust ~ (Memorandum Fund Fund Agency Only) Assets Cash Due From Other Funds Total Assets $559,406.00 $559,406.00 $ 1,213.00 46,483.00 $47,696.00 $7,405.00 $7,405.00 $568,022.00 46,485.00 $614,505.00 Liabilities ~ Fund Balance Deposits Held Total Liabilities $ -0- $ -o- $7,405.00 $7,405.00 7,403.00 7,405.00 Fund Balance Reserved Unreserved Total Fund Balance $ 12,462.00 $47,696.00 $ -0- 546,944.00 -0- -0- $559,406.00 $47,696.00 -0- $ 60,158.00 546,944.00 $607,102.00 Total Liabilities Fund Balances $559,406.00 $47,696.00 $7,403.00 $614,505.00 Notes to Financial Statement are an integral part of this statement. - 12 - FISHER'S:ISLAND FERRY DISTRICT COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE JANUARY 1 - DECEMBER 31, 1982 Revenues Real Property Taxes Departmental Income Use of Money ~ Property Interfund Revenues State Aid Total Revenues Total General Capital (Memorandum Fund Fund Only) $155,000.00 $ 155,000.00 629,194.00 629,194.00 56,270.00 $ 1,245.00 57,513.00 95,900.00 93,900.00 96,100.00 127,517.00 223,617.00 $936,564.00 $222,660.00 $1,159,224.00 Expenditures Personal Services Contractual £xpense Capital Outlay Employee Benefits Debt Service Principal Interest Total Expenditures Excess Revenues Over {Under) Expenditures Fund Balance January 1, 1982 Adjustment of Prior Year Accrual 55,712.00 $ 55,712.00 647,478.00 647,478.00 :$229,255~00 229,235.00 18,775.00 18,773.00 25,000.00 25,000.00 29,690.00 29,690.00 $776,653.00 .$229,235.00 $1,005,888.00 $159,911.00 $ (6,575.00) $ 153,356.00 $409,495.00 $ (2,212.00) $ 407,283.00 $(10,000.00) $ S6,483.00 $ 46,483.00 Fund Balance December 31, 1982 $559,406.00 $ 47,696.00 $, 6~07~.~.0~2.07 Notes to Financial Statement are an integral part of this statement - 13- TO~N OF SOUTHOLD DEPARTMENTAL BANK RECONCILIATIONS DECEMBER 31, 1982 Town Clerk - Judith T. Terry Bank Balance 12/51/82 Add: Deposit in Transit Less: Outstanding Checks Ledger Balance 12/31/82 9,368.42 9,368.42 Tax Receiver - George Mellas Bank Balance 12/31/82 Add: Deposit in Transit Less: Outstanding Checks Ledger Balance 12/31/82 Add: 12/31/82 Interest Interest ~ Penalties due to Supervisor $1,777,794.24 1,241.98 4,436.37 $1,568,972.04 214,500.55 $1,783,472.59 $1,783,472.59 Notes to Financial Statement are an integral part of this Statement - 14 - TOt~N OF SOUTHOLD JUSTICES OF THE PEACE - BANK RECONCILIATIONS DECEMBER 31, 1982 Justice Tedeschi Bank Balance 12/31/82 Add: Deposit in Transit Less: Outstanding Checks Justice's Ledger - Bail Money - Due to Comptroller $3,275.00 2,161.00 $5,456.00 $5,436.00 $5,436.00 Justice Price Bank Balance 12/$1/82 Add: Deposit in Transit Less: Outstanding Checks Justice's Ledger - Jury Fee $ S0.00 Partial Fine Paid S0.00 943.00 -0~ 843.00 100.00 100.00 Justice Edwards Bank Balance 12/31/82 Add: Deposit in Transit Less: Outstanding Checks Justice's Ledger - Due to Comptroller $ 52.00 52.00 52.00 Notes to Financial Statement are an integral part of this statement - 15- TOM OF SOUTHOLD FIDUCIARY BANK RECONCILIATIONS DECEMBER 31, 1982 Payroll Account Bank Balance 12/$1/82 Add: Deposit in Transit Less: Outstanding Checks Bank Error Ledger Balance $ 68,377.12 68,367.12 10.00 Supervisor's Tax Account Bank Balance 12/31/82 Add: Deposit in Transit Less: Outstanding Checks Ledger Balance $682,900.00 682,900.00 Notes to Financial Statement are an integral part of this Statement TOWN OF SO~THOLD NOTES TO FINANCIAL STATEMENT DECEMBER 31, 1982 Note 1: Summary 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 separate set of self- balancing accounts that comprise its assets, liabilities, 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 controlled. 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. (2) 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 Funds - to account for financial resources to be used for the acquisition or canstruction of major capital facilities (other than those financed by proprietary funds, Special Assessment Funds, and Trust Funds) (4) Special Assessment Funds - to account for the financing of public improvements or services deemed to benefit the properties against which special assessments are levied. Proprietary Funds - None Fiduciary Funds (S) Trust and Agency Fund - to account for assets held by a governmental 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 reflected in the general fixed asset group of accounts. General Fixed Assets consisting of land, buildings, improvements and equipment are valued at historical costs or estimated historical cost if actual cost is not available. No depreciation has been provided on General Fixed Assets. - 17- Long-term liabilities expected to be financed from governmental funds are accounted for in the General Long-Term Debt Accounts Group, rather than Governmental Funds. The two account groups are 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 The bases of accounting promulgated by the Uniform System of Accounts relative to the recording of transactions in the respective funds of the to~n are as follows: (1) GOVERNMENTAE 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 measureable. (2) FIDUCIARY FUND - Trust and Agency Fund assets and liabilities are accounted for on the modified accrual basis. TRANSFERS are recognized in the accounting period in which the interfund receivable and payable arise. Note 2: Changes in Accounting Principles There have been no changes in accounting principles. Note 3: Pension The town provides 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 the participants, some of which require employee contributions. Note 4: Indebtedness Details of Indebtedness are shown on the attached schedule, Note 5: Combined Statements All totals on Combined statements, are.for memorandum purposes only. No eliminations have been made for interfund revenues or expenses, or for liabilities reported in Long Term Debt Account Group. Note 6: Comparative Date Prior year comparative figures are not contained in this report due to the conversion to GAAER Restatement Project. In future years, such comparative data will be presented. Note 7: Encumbrances Encumbrances outstanding in the amount of $45,245 have been reserved in fund balance account. Such encumbrances hay not been recognized as current year expenditures. - 18 -