The URL can be used to link to this page

Home My WebLink About1987TOWN OF SOUTHOLD AUDIT REPORT DECEMBER 31, 1987 RECEIVED JUL 2, 9 1988 E. F. KALDOR, C.P.A,. P.C. CERTIFIED PUBLIC ACCOUNTANT 182 GRIFFING AVENUE RIVERHEAD, NEW YORK I 1BOI TEI. EPHONE E 16 - 727-7888 July 18, 19B8 Town Board Town of Southoid 53095 Main Road Southold, New York 11971 Members of the Board: We have examined the general purpose financial statements of the Town of Southold for the year ended December 31, 1987. Our examination was made in accordance with generally accepted auditing standards as set forth in OMB Circular A-12B and, accordingly, included such tests of the accounting records, tests of the internal financial control system and other such auditing 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 statements are presented fairly, the Town has complied ~ith Laws and Regulations affecting the expenditure of Federal Funds and that internal procedures have been established to meet the objectives of the program. Financial reports submitted to County and Federal Governments contained accurate and reliable financial information. The report of Federal Grant Awards begins on Page Our examination was made for the purpose of forming an opinion on the general purpose 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 general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. In our opinion, the general purpose financial statements present fairly the financial statements and account groups of the To~n of Southold at December 31, 1987~ and the results of its operation for the year then ended in conformity ~ith generally accepted accounting principles applied on a basis consistent with that of the preceding year. Respectfully submitted, E.F. Kaldor, P.C. Certified Public Accountant EFK:mrvs TOWN OF SOUTHOLD INDEX Combined Balance Sheet - All Fund Types & Account Groups ............................ 1 -2 Combined Statement of Revenues, Expenditures, and Changes in Fund Balance - All Governmental Fund Types ................................ Combined Statement of Revenues~ Expenditures, and Changes in Fund Balance - Budget and Actual - All Governmental Fund Types ............ Combining Statement of Revenues~ Expenditures, and Changes in Fund Balance - Budget and Actual General Funds .............................................. Special Revenue Funds ...................................... Special District and Capital Funds .......................... Combining Balance Sheets - General Funds .............................................. Special Revenue Funds ...................................... Programs for the Aging ...................................... Special District Funds ..................................... Combining Statement of Revenues, Expenditures, and Changes in Fund Balance - General Funds .............................................. Special Revenue Funds ...................................... Programs for the Aging ...................................... Special District Funds ..................................... Schedule of Long Term Debt ...................................... Fishers Island Ferry District - Balance Sheet .............................................. Statement of Revenues, Expenditures, and Changes in Fund Balance ................................................. Departmental Bank Reconciliations - Town Clerk ................................................. Tax Receiver ............................................... Justice of the Peace ......................... .............. Fiduciary Bank Reconciliation - Payroll Account ............................................ Supervisor's Tax Account ................................... Fisher's Island Development Company ........................ 3-4 5-6 7 S 9 10 11 13 14 15 17 18 19 BO 23 23 TOWN OF $OUTHOLD INDEX - page Report on Internal Accounting Control ........................... Report on Compliance with Laws and Regulations .................. Schedule of Federal Grant Activity .............................. Notes to Report ................................................. 28 - 33 Cash Due FrQe Other Funds Due From Other 6overnments State and Federal Receivables Other Receivables Land Duildinos Equipment and Machinery Provision to be Made tn Future 8ndgets Accounts Payable Due to Other Funds Oue to Other Governments Oue to Pension Systec Oeferrnd ReYenues Oeposi~s HeW Campensated Absences Obligations Payable Other Liabiiities TONNOFOOUTNOLO CQMDINED BALANCE OHEET ALL FUND TYPES and ACCOUNT GROUPS DECEMRER 31, 1~67 ........... GOVERNMENTAL FUND TYPES .................. FIDUCIARY FUND ...... ACCOUNT GROUPS .......... MEMORANOON ONLY --- GENERAL SPECIAL CAPITAL SPECIAL TRUST & GENERAL FIXED LONG TERM TOTALS REVENUE PRO~ECTO DISTRICT AGENCY ASSETS OEBT 1~/31/87 1~/31/86 $ e76,6~0. $ 769,533. $ 881,679. $ 67,738. $ lel,52?. 15~,3~9. 10,570. ~71,810. 85,%6. E~?~9. ~3,~8. 157,~00. 18,933. ~5,33~. 7,703. 5,63~. $1,~60,733. 1,610.707. 6,E93,113. $ 0,117,097. $ 3,040,7~7. 169,899. ~6,~11. 557,776. 384,~61. ele,5?7. A4,666. 81,1~e. ~,310. 1,A60,733. 1,~6,995. 1,610,707. 1,570,387. 6,693,113. 5,76~,675. $8,%~,536. ~,%~,536. ~,~60,076. $ 956,6eI. $ 93~,8A9. $1,0A8,66~. $ 73,370. $ l~q,~71. $9,36~,553. $e,%~,536. S15,~65,56~. $1q,551,5~8. 78,70~. 99,700. 50,710. 588. 6,~6e. 55,757. 103,505. q,3?Oe 16,896. 8,005. 166. 96,354. 103,978. 3~0. 1,0%,qO0. iDO,qTO. 6,000. ila,~iO. 1,5~5,000. ~9,708. ~1~,057. 16{,099. A6,~Ii. ~5,0~7. ~,087. qiO,?~O. 387,~85. ~80,660. i,347,q5~. l~O,ATO. 64,667. 1,08~,5%. ~88,066. ~,6~I,400. 6,000. 556. $ 181,3~0. S 356,331. $1,850,600. $ 6,916. $ 1~,971. $~,762,536. S 4,890,6%. $ 5,106,128. !U!~L L!~R!k!!!~ - from PaOe I Investment in Fixed Assets Reserve for Encuebrances Other Reserves Appropriated Ensuing Year's Budget Unappropriated TOWN DF OOUTNOLD COMBINED BALANCE SHEET ALL FUND TYPES and ACCOUNT 6ROUPS BECEMBER 31, 1987 ........... GOVERNMENTAL FUND TYPES .................. FIDUCIARY FUND ....... ACCOUNT GROUPS .......... MEMDNANDON ONLY --- BENERAL SPECIAL CAPITAL SPECIAL TRUST & OENERAL FIXED LONE TERM TOTALS REVENUE PROJECTS DISTRICT AOENCY ASSETS DEBT 18/31/E7 1B/31/86 $ 181,320. $ 356,331. $1,~SB,6BO. $ 6,~16. $ 1SA,971. $B,%2,586. $ 4,890,69A $ 5,108,1B8. 9,364,55B. 9,36A,553. 8,56B,277. ~,~38. 6,894. 10,786. 44,~83. ~9,000. Bg,000. O. 710,000. IRS,BSH. BB6,AAB. 5,000. t,72~,700. 1,51~,807. 60,869. AqB,966. (1,0%,400.) 38,454. (55~,I11) (688,537) $ 775,301. $ 578,518. S (B09,958.) S 66,454. $ O. $9,364,553. $ O. $10,57q,868. $ 9,A~3,~70. $ 956,6B1. $ 93q,8~9. $1,O{B,66B. $ 73,3?0. $ IBq,971. $%36~,553. SB,%B,536. $15,A65,56E. $1~,551,598. ============================================================================================================================= NOTES TO FINANCIAL STATENENTS ARE AN INTEGRAL PART OF THIS STATENENT - 2 - Resl Property Tax Real Property Tax Items Oepartlental lncoes Intergovernsentai Charges Use of ~oney and Property Licenses and Permits Fines and Forfeitures Property Sales and Loss Compensation Miscellaneous Local Sources Interfund Revenues interfund Transfers State Aid Federal Aid Proceeds for Obligations Capital Notes Redeened Fros Appropriations TOWN DF SDUTHOLD CONBINED STATENENT QF REVENUE, EXPENDITURES AND CHANGES IN FUND DDLANCE GOVERNHENTAL FUND TYPES 3ANUARY I - DECEMBER 31, 1987 ........... GOVERNHENTAL FUND TYPES ........................ HE~ORRNDU~ ONLY GENERAL SPECIAL CAPITAL SPECIAL REVENUE PROJECTO DISTRICT 18-3]-87 leo31-R6 $8,~51,~42. $~,566,763. $ ~15,E7~. $7,033,479. $5,888,787. E~,560. ~,560. ~0,303. 94,587. 497,85E. 89,e06. 681,7e5. 443,i05. O. 00,9§0. i§l,~4. $ 66,68i. 19~09. 318,084. 380,817. 6i,037. 6,880. 67,919. 37~591. q~,i03. 44,103. 31~§10. 15~,173. 8,8~. 161,067. 39,9~i. 409,~47. 5~0~5. 454,i93. 367~878. 8,998. 8,998. 65,1i6. ~000. 9~633. 8,046. i6~79. O. {~i40,6~7. 3§~7i6. 0~,08~. 1~510,~87. 1,~99,493. ~54,800. 55E~547. 3,093~40~. 6,097,0~0. 834~i§7. 331~660. 11,156,~39. 9,899,08~. ======================================================================================= General 6overnient Support Public Safety Health Transportation Econolic Assistance and Opportunity Cuiture and Recreation Home and Community Service Employee Benefits Debt Service Interfund Transfers ~ ~[~_nc_~ - Oecesber 31, 1987 TOUN OF 5OUTHQLD COHGINED STAT£NENT OF REVENUE~ EXPENDITURES AND CHANGES IN FUND DALANCE GOVERNMENTAL FUND TYPES 3ANUARY I - DECENBER 31, 1987 ........... GOVERNMENTAL FUND TYPES ........................ NEMORANDUN ONLY ....... GENERAL SPECIAL CAPITAL SPECIAL REVENUE PRO3ECTS DISTRICT 12-31-87 IR-31-86 $1~a~8~375o $ 211~7T~. $ &05~815. $ 2,065,962. 129,981. 8~18,6~6. I13,621. 8166~2~8. 2~165~88~. 16~058. 3,711. 19~769. ~5~,67~. 1f529~590. $ 8,8~6. 1,793,~10. 1~91~050. 57,B01. 57,~01. 26~,419. 26~,~19. 2~8,061. ~78,812. 658,71~. 633,~00. 205,810. 1,970,136. q30,31§. 993,819. 1,~83,53~. 1,3~8,G31. ~37,13§. 50,6~. 54,637. 54D,al~. ~70,7&0. 10,539. 5,%0. 16,479. 50,000. $3,521,509. tS,aTR,53~. $1,152,836. $ 268,693. $10,815,572. 371,893. 2Rq,~86. <318,677.) 6~,967. 3~0,667. {35q,820.) ~03,~OB. $ 359,577. $ 108,7el. $ 3,~87. $ 875,193. $ 1,230,316. O. $ (5,545.} $ O. $ O. $ (5,5~5.) $ <303.} 775,301. $ 578,518. $ <209,958.> $ 66,~5~. $ 1,210,315. $ D75~193. TONN OF SOUTHOLD CONBINED STATEHENT OF REVENUE, EXPENDITURES AND CRAN6ES IN FUND BALANCE DUD6ET AND ACTUAL - ALL GOVERNPfNTAL FUND TYPES 3ANUARY I - DECEHRER 3l, IgD? 6ENERAL SPECIAL CAPITAL SPECIAL REVENUE PROJECTS DISTRICT TOTAL DUD6ETS ACTUAL EMCUHBRANCES VARIANCE Real Property Tax Seal Property Tax Items Departmental Income Intergoverneental Charges Use of Honey ~nd Property Licenses and Permits Fines and Forfeitures Pruperty Sales and Loss Coepensation Hiscollansous Local Sources Interfund Revenues 5tote Aid Federal Aid Proceeds from Obligations Capital Notes Redeemed From Appropriations Interfund Transfers Appropriated Fund Balance TOTAL 16~000. I6,000. ~,560. 8~560. lIO,~OO. ~7~,853. 98~700. 683,953. 681~725. 1,000. 1,000. O. (1,000.) 65J00. l§O,O00. 21§~100. SIR,OR~. 68,000. 6~000. 7~OOO. 67~919. 2S~lO0. 25,100. q~,I03. 19~003. 1~0~225. ~OOO. 1q~225. 161,067. 7,§00. 621,030. $ 131,306. 762~836. 15i,lr3. (308,6q3.) 8,000. R~OOO, 8,998. 998. 696,500. 2B2,BOI. 79,21~. 1,058,515. 1,518,~. ~3,905. 8B3,??l. 977,67~. 271,858. 258,000. 6,000. 261~000. O. 2~250~000. 2,250,000. 5§2~5~7. 3,866. 3,866. 16,17~. I2,613. 3,378,271. 6,198,?~6. 3,602,291. 3~3,566. 13,502,BSa,. 11,156,239. <2,3q6,&lS.> 310,000. 135,a,~0. O. 5,000. 3,688,271. 6,33a,166~ 3,602,291. 3~78,566. 13,953,29½. General Sovernuent Suppert Public Safety Health Transportetion Eeenoeic Assistance and Opportunity Culture and Recreation Hoes and Co#unity Service Eeployee Benefits Debt Service Interfund Transfers TO~N OF SOUTHOLD STATEHENT OF REVENUE, EXPENDITURES AND CHANGED IN FUND BALANCE BUDGET AND ACTUAL - ALL 6DVERNHENTAL FUND TYPES 3ANUARY I - DECEHDER 31f 1987 ........... 60VERNNENTAL FUND TYPES ................. GENERAL SPECIAL CAPITAL SPECIAL REVENUE PROJECTS DISTRICT TOTAL OUDSETD ACTUAL E~CUNBRANCED VARIANCE ~1,477,075. $ ~11,800. $1,983,000. $ 3,671,875. $ ~,065,962. $1,605,9i3. ~,~15. 3,?50. ~5~965. ~65,545. 1~663,690. $ 9~866. i,9§%iOi. 1~793,4i0. 6,~9~. 159,397. 6O,SOO. 60,800. ~66,140. e86,i40. ~64~417. 3,5ii. IS,~iO. 540,001. 935,455. l~419,~?i. ~63,700. 3,158,4~7. 45~,675. l,Oe3,9eG. 1,476,6Di. 1,4~3s534. 53,067. $3,688,e71. $6,33~,166. $3,60~,~91. $ 328,566. $13,953,e94. $10~8i5,57e. $ 10,7~6. $3,1~6~796. <310,000.> <135,440.> O. <5,000.> <45D,440.> 3~0~667. E~D~ ~[~ ' 3aouary 1, 1987 AO3,4OB. $ 359,577. $ 108,721. $ 3,487. $ 875,193. $ 875,193. O. $ O. $ O. $ O. S O. $ 93,408. { 8~4,137. { lOS,7~i. $ (i,5]3.> { ~4,753. $ 1,~i0,315. NOTES TO FINANCIAL STATEHENTS ARE AN INTEGRAL PART OF THE STATERENT - 6 TUWN OF SOUTHOLD STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - ALL GENERAL FUND JANUARY 1 - DECEMBER 31, 1987 Real Property Taxes $8,248,446 $2,251,442 Real Property Tax Items 16,000 24,560 Departmental Income 110,400 ?4,587 Intergovernmental Charges 1,000 0 Use of Money and Proper~y 65,100 80,?50 Licenses & Permits 68,000 61,039 Fines & Forfeitures 25,100 44,103 Property Sales & Loss Compen- sation Miscellaneous Local Sources State Aid Interfund Transfers Appropriated Fund Balance 2,996 8,560 15,813) 1,000) 15,850 6,961) 19,003 140,2~5 152,173 11,748 7~500 39,9el 32,421 696,500 1,140,627 444,127 4,000 4,000 $3~378,271 $3,8~3,402 $ 515,131 310,000 $3,688,271 General Government Support $1,477,075 $1,448,375 Public Safety 133,~20 127,781 Health ~2,215 16,058 Transportation 265,545 ~54,674 Economic Assist. & Opportunity 60,800 57,201 Culture & Recreation 286,140 264,417 Home & Community Service 540,001 472,81e Employee Benefits 452,6?5 430,315 Debt Service 43?,000 437,135 Interfund Transfers 11,600 10,539 $ 721 3,511 28,700 2,318 6,157 10,871 18,210 67,189 22,360 1,865 1,061 $3,688,271 $S,521,507 $ 4,432 $ 162,330 EXCESS REVENUES OVER (UNDER) EXPENDITURES ($ SlO,O00) $ 371,893 FUND BALANCE JAN. 1, l?B7 $ 403,408 $ 403,408 FUND BALANCE DEC. 31, 1987 $ 93,408 $ 775,301 NOTES TO FINANCIAL STATEMENT ARE AN INTEGRAL PART OF THIS STATEMENT - 7 TONN OF SOUTHOLD CONDININ6 STATERENT OF REVENUE, EXPENDITURES AND CHAN6ES IN FUND BALANCE RUDOET and ACTUAL - ALL SPECIAL REVENUE FUNOS 3ANUARY ! - DECEHBER 3i, RUD6ET ACTUAL ENCUNBRANCES VARIANCE Real Property Tax $4,5§5,137. $4,566,?&3, Departmental Income 4?4,853. 4g?,BSe. Use of Honey and Property 150,000. 151,224. Licenses and Pereits 6,000. 6,880. Property Sales& Loss Compensation 4,000. 8,894. Nisceilaneous Local Sources 6RA,030. 409,247. Interfund Revenues 8~000. 8,998. State Rid 08S,801. 352,716. Federal Rid 93,905. 94,446. TOTAL REVENUES $ il,626. 880. ~8. 69,9i5. 541. $6,19R,?E6. $6,0~7,020. $ <101,706.> _..!a~d~ .... $6,334,166. Oeneral 6overneent Support S O11,800. $ Public Safety 2,418,%3. D,41B,6AO. Transportation 1,663,690. 1,5E9,B~O. Health 3,750. 3,?11. Hoee and Oommunity Service 935,455. 658,714. Eeployee Benefits 1,023,926. 993,D1~. Debt Service 50,6A2. 50,6A2. Interfund Transfers S 6,294. $ RD. 317. 147,506. 39. 30,707. O. O. $6,334,166. $5,87e,534. $ 6,2?4. $ 455,338. ~ ~: ~ANUARY l, IVB? 359,5??° 35~,577. [~ }~L98~ - DECEHBER 31, 1987 $ 2E4,137. S 5?8,5i8. Real Property Tax Bepartuental Incoee Use of Money and Property ~iscellaneous Local Sources State Aid Federal Aid Interfund Transfers Obligations Authorized Capital Notes Redeemed frou Appropriations Appropriated Fund Balance Beneral Government Support Transportation Hole and Coeeunity Service Public Safety Oebt Service E~P~ ~BL~[ - BECENBER 31, 19B? TONN OF~UTNOLD STATENENT DF REVENUES, EXPENSITURES~ and CHANGES IN FUND BALANCE SUBSET and ACTUAL - CAPITAL and SPECIAL DISTRICT FUNDS 3ANUARY 1 - DECEHBER 31, lgU? ............... CAPITAL FUNDS ........................ SPECIAL DISTRICT FUNOS ........... BUS6ET ACTUAL VARIANCE BUDGET ACTUAL VARIANCE $ 66,6U1. { 66,681. 131~306. <131,306.> 79,~1~. B~,SU4. <5q,330.) B83,??l. 180,~1~. (703,35~.> 9,633. 5,0~5. 3,866. ~,8~6. <1,0~0.> $1,094,~9i. $ ~8i~610. 9 <Bl~,6Sl.> $ 317,566. ~SB,O00. (~58,000.> 6,000. ~,~50,000. 55~,5~?. <1,6~?,453.> $3,60~,~91. S 83~,157. S<B,?6B,IS~.> $ 3~3,566. 3~8,566. $ 33i,660. S 14,09~. =============================== $1,983,000. $ ~05,8i5. $1,577,1B5. $ 9,866. $ 8,O46. S 1,0~0. 1,~1~,~91. 633,400. 785,B91. ~63,700. ~05,elO. 5B,490. ~00,000. liSf6ei. BO,37g. 55,000. 5~,637. 363. $3,60~,~91. S1,15~,B36. $~,~,~55. S 3SG,566. $ ~68,673. S 5~,B73. $ (31B~679.> $ <5,000.> $ $ 108,7~1. $ <~0~,958.) $ (1,513.> $ 66,~5~. ============================ ============================= TOWN OF SOUTHOLD GENERAL FUND BALANCE SHEET DECEMBER 31, 1987 Cash Accounts Receivable State and Federal Receivables Due from Other Funds Due from Other Governments 12-31-B7 12-31-86 $27&,6EO $523,838 18,933 0 E9,929 3,014 159,329 2%977 471,810 321,743 $956,621 $873,572 Accounts Payable Due to Other Funds Deferred Revenues Reserved for Encumbrances Unreserved -Appropriated for Ensuing Year's Budget Unappropriated $ 78,704 $ 24,939 $181,320 $470,164 $ 4,432 0 710,000 310,000 60~869 93,408 $775,301 $403~408 $956,621 NOTES TO FINANCIAL STATEMENT ARE AN INTEGRAL PART OF THIS STATEMENT - 10 Cash Accounts Receivable Due from Other Funds Due from Other Oovernaents State and Federal Receivables Accounts Payable Due to Other Funds Due to Other Ooverneents Oeferred Revenues Reserved for Encuebrances Appropriated - Ensuing Year's Dudget Unappropriated TOWN OF SOUTHOLD COMRININS BALANCE SHEET ALL SPECIAL REVENUE FUNDS OECEMRER 31, ]96? OENERAL ....... RIDNNAY FUNDS ....... SPEC]AL FEDERAL PRDSRANS FUND 6RANT REVENUE FAA FOR PART TOWN TONN N]OE PART TOWN FUNDS SHAR]NR STUDY THE AOINO ...... NEMORANDOH ONLY ....... 12-31-R? 12-31-86 109,447. $ 454,599. $ 3,~4B. $ 4,693. $ 10,20~. $ 769,533. $1,263,440. ?49. 1,126. A,026. 4?5. 45,332. O. 40. 1,53B. 1,945. ?,249. 10,590. 21,234. 19,958. $ 1,256. 64,952. 85,966. 62,518. 1,223. 23,A48. 41,652. 110,236. $ 456,961. S 58,999. $ 4,693. $ 2,~?g. $ 82,877. $ 93~,B49. $1,388,844. ======================================================================================================================================= A9,258. $ 11,740. $ 7,484. $ 1,072. $ 2,479. $ 27,667. S 99,700. $ 13,516. 6,830. 35,411. 55,757. IB,596. 9,317. 7,579. ]6,8%. 39,797. 114,161. 54,0A2. 45,775. 183,978. 176,935. $ 35,?82. $ 53,559. $ 17,219. $ O. $ 5,479. $ 70,657. $ 356,331. $1,029,269. $ 6,294. $ 6,294. $ A4,423. 21,900. $ 85,000. $ 11,758. $ 4,600. 123,258. 137,291. $ 71,691. A6,260. 318,702. 93. $ 12,250. 448,966. 177,883. $ 71,691. $ 74,454. $ 403,702. $ ll.?SB. $ 4,693. $ O. $ 15,250. $ 578,518. $ 359,577. $ 248,626. $ 110,836. $ 456,961. $ R8,999. $ %693. $ 2,479. S O2,S??. $ 934,019. $1,388,844. NOTES TO FINANCIAL STATENENT3 ARE AN INTESRAL PART OF THiS STATEHENT - Cash Accounts Receivable Oue froa O~her Funds Ous' fra~ Other Oovernments Accounts Payable Due to Other Funds Oun to Other Oovernmen~s Unappropriated TOWN OF 00UTHDLO COMBININO BALANCE SHEET PROGRANS FOR THE AOING OECEHBER SI, 1987 ADULT DAY BRIEF PRO6RANS NUTRITION CARE RESPITE HOME AIDE SNAP EiSEP TOTAL B,SBB. $ 693. $ 1,19~. $ 1,%8. $ I,BIA. $ 1,940. $ 10,204. 83. 449, 4?0, S,IIO. B,933. 70. 72. 1,053. ~6,$7~. 3,~05. 8,617. 5,907. 58,406. $ 7,031. $ 3,886. $ 7,95B. $ 9,660. $ 1,9~2. $ BB,877, .......................................................................................................... .......................................................................................................... $ 21,507 $ 25. $ 205. $ 5,930. $ 27,6~7. 26,858. 2,~41. $ S,IBO 2,932. 35,411. 6B4. 701. 578. 3,730. $ I,BOOo 7,579. $ ~B,365. $ 3,150. $ 3,881. $ 3,715. $ 9,660. $ 1,B86. $ 70,65?. $ 4,0~I. $ B,B81. $ 5. $ 4,237. $ O. $ 56. $ 12,220. $ ~,041. $ ~,OBI. $ 5. $ 4,237. $ O. $ 56. $ 12,220. NOTE TO FINANCIAL STATEMENTS ARE AN INTEBRAL PART OF THIS STATEHENT 12 Cash Accounts Receivable Accounts Payable Unappropriated Deferred Revenue Appropriated Unappropristed Other Reserves TOMN OF SDUTNOLD COHRININ6 BALANCE SHEET SPECIAL DISTRICT FUNDS DECEMSER 31, I987 HASTE FISHER'S ~ENBY DRIVE M£MORAN~N ~LY NATER ISLED SENER RDAD IMPROV£NENT DISTRICT OISTRICT DISTRICT la-3I-8? I2-31-R6 $ 6~,?15. $ 3,Oe3. S 6?,?38. $ S,~87, 5,63B. 5,63E. $ 70,3~?. t 3,0e3. S O. $ 73,370. $ 3,~87. $ 16. $ 5?e. $ 588. $ 6,000. 6,000. 328. 3DB. $ 3~. $ 57~. $ 6,000. $ 6,916. $ O. 5,000. $ 5,000. $ 3,~87. 30,003. $ e,~51. 32,~5~. 35,000. $ (6,000.) 29,000. 70,003. ~ 2,~51. $ (6,000.) $ 66,~5q. S 3,~87. ~ 70,3~7. $ 3~0~3. $ O. $ 73,370. ~ 3,~fl7. NGTES TQ FINANCIAL STATENENTS ARE AN INTEGRA PART OF THIS STATEMENT 13 - TOWN OF SOUTHOLD STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE GENERAL FUND JANUARY 1 - DECEMBER 31, 1987 Real Property Taxes Real Property Tax Items Departmental Income Intergovernmental Charges Use of Money & Property Licenses & Permits Fines & Forfeitures Property Sales & Loss Compensation Miscellaneous Local Sources State Aid Federal Aid Interfund Transfers General Government Support Public Safety Health Transportation Economic Assistance & Opportunity Culture & Recreation Home & Community Service Employee Benefits Debt Service Interfund Transfers Townwide $2,251,442 $1,775,1,17 24,560 20,303 94,58? 101,634 0 1,440 80,950 73,021 61,039 37,062 44,103 31,510 152,173 124,888 39,9el 9,341 1,140,627 886,379 0 18,774 4,000 0 $3,893,402 $3,079,469 $1,448,375 $1,257,263 129,981 105,645 16,058 5,961 254,674 247,456 57,201 41,114 264,419 242~061 472,812 476,266 430,315 380,021 437,135 317,666 10,539 0 $3,521,509 $3,073,453 EXCESS REVENUES OVER <UNDER) EXPENDITURES FUND BALANCE 1/1/87 ACCRUAL ADJUSTMENT FUND BALANCE 12/31/87 371,893 $ 6~016 403,408 $ 39?,695 0 $ ( 303) 775,301 $ 403,408 NOTES TO THIS FINANCIAL STATEMENT ARE AN INTEGRAL PART OF THIS STATEMENT 14 ~ Real Property Taxes Departmental Income Use of Honey & Property Licenses & Permits Property Sales & Compensation Hiscellaneous Local Sources Interfund Revenues State Aid Pedera! Rid Beneral Ooveernnent Support Public Safety Transportation Health Home & Community Services Employee Benefits Oebt Services Interfund Transfers EU~ ~Lg~[ - DECE~ER 31, 1987 TOWN OF SOUTHOLD COMBININB STATEHENT OF REVENUES, EXPENDITURES AND CNANBES IN FUND BALANCE ALL SPECIAL REVENUE FUNDS )ANUARY 1 - DECEHOER 31, 1987 6ENERAL ....... HIBHWAY FUNDS ....... SPECIAL FEDERAL PROGRAMS FUND BRANT REVENUE FAA FOR PART TOWN TOWN WIDE PART TOHN FUNDS SHARINB STUDY THE ASINO ...... MEMORANDUM ONLY ....... 1E-31-87 12-31-B6 $2,756,927. $ 626,110. S1,1B3,726. $4~566,763. $4,03%545. 447,658. $ 50,194. 497,858. 308,121. 75,424. 20,838. 53,528. $ 1,048. 3B6. 151,22A. 149,506. 6~BSO. 6,880. 529. B,B94. 8,B94. 58. Ill,BBB. 242. 13,0B1. $ 16B~2B2. 115,756. 407,2A?. 355,B26. 8,998. 8,998. 15,116. 202,167. 150,549. 352,716. 25~,634. 2,142. 9S,SO~. 9A,AA6. 307,170. $3,609,836. $ 656,188. $1,AOO,BOA. $ 168,282. $ 3,190. $ $ 258,640. $6,097,020. $5,435,505. $ 211,772. S 211,772. $ 1Aq,64S. 2,AIB,6~6. 2,418,646. 2,060,239. $ 5lB,B65. $1,011,025. 1,§2%B90. 1,547,391. 3~711 3,711. ~50,373. $ 16B,96~. $ 239,37?. 658,714. 586,146. 693,042. 86,08B. 199,388. 14,701. 993,219. 968,810. 30,642. $ 20,000. 50,6A2. 153,07A. l,~qO. A,O00. 5,9~0. O. $3,577,544. $ 635,595. $1,218,353. S 16B,96A. $ 20,000. $ $ 258,0?8. $5,B72,53~. $5,465,113. 32,292 20,593. 188,531. (6B~.) (16,810.) ~5,196. 5S,B61. 215,171. IB,2?I. 21,503. 5,575. 359,577. 389,185. (5,?9?.> O. O. (5,SSI.> O. 6,OBS. (5,5q5.> O. $ 71,6~I. $ 74,~54. $ 403,702. $ 11,758. $ 4,693. $ 12,220. $ 578,518. $ 359,577. NOTES TO FINANCIAL STATEMENT ARE AN INTEBRALPARTDF THIS STATEHENT 15 TONN OF 90UTHOLD CONDIN[N6 BTATENENT OF REVENUED, EIPEND[TURES AND CHANDE9 IN FUND BALANCE PROGRANS FOR THE AGIN6 ~ANUAR¥ I - DECENBER 31, 1997 Departmental Income Use of Money and Property Hiscellaneous Local 9ources Federal Aid ADULT DAY BRIEF PRODRAH9 NUTRITION CARE RESPITE HUHE AIDE SNAP EISEP TOTAL 37,982. $ %600. $ 7~. $ 11~. $ 2,377. $ ~7. $ 50,19A. 895. 27. 31. 9A. 9. 386. 59,518. 17,519. 5,879. 29,373. 10,~7~. 115,756. 90,30~. 92,30~. 190,099. $ 97,139. $ 5,953. $ 92,519. $ 19,875. $ 56. $ 259,6~0. Home and Communi[y Service Employee Benefits In)erfund Transfers $ 17~,836. $ 95,9q6. $ 5,9~8. $ 80,050. $ 19,597. S $ 839,377. 11,957. 1,293. 1,173. 2?8. 1~,701. 4,000. 4~000. $ 190,793. $ 87,839. $ 5,9~8. $ 21,823. $ 12,875. $ O. $ 858,078. <69~.> <i00.> 5. 1,295. O. 56. 569. E~Q ~LU~C[ - 3ANUARY i, t997 %779. 2,176. O. <1,380.) O. O. 5,575. <A~.> 1,805. O. %388. O. O. 6,083. ~)~ ~BL~ - DECERBER 31, 1987 $ 4,041. $ 3,881. $ 5. $ ~,937. $ O. $ 56. $ 19,990. - 16- TONN ~F SUUTNDLD CQMBINING SIATENENT OF REVENUE$~ EXPENDITURES and CNANDES 1N FUND DALANCE SPECIAL DIt~TRICT FUNDS ~ANUARY I - D£CEMDER 3&~ 19BT HASTE FISHER'S WENDY DRIVE NEMQRAROUN ONLY WATER ISLAND SENER ROAD IMPROVEMENT DISTRICT DiSTRiCT DISTRICT Ie-3t-8? ie-31-H& Real Property Taxes Use of Money and Property Miscellaneous Local Sources Interfund Transfers Hoae and Coamunity Service Transportation Debt Service Interfund Transfers JANUARY 1, 1987 DECEMBER 31~ 1987 3,~87. O. O. 3,487. 505. NOTES TO FINANCIAL STATFJIENT$ ARE AN INTE6RAL PART OF THIS STATEMENT 17 - TOWN OF SOUTHOLD SCHEDULE OF LONG TERM DEBT DECEMBER 31, 1987 Land Purchase - Parking Field Front End Loader Land Purchase - Landfill Landfill Building & Equipment Pretreatment Plan Construction Boat Launch Ramp Agricultural Land Rights - Serial Bond Mobil Sweeper Tub Grinder Payloader Purchase AT & T Repairs SYC Building Landfill Compactor Scale House Wendy Drive Road Improvement Police Console Dog Pound Improvement Computer System Original Final Interest Outstanding Issued In Paid Outstanding 3/82 3/87 5.00 $ 19,000 6/88 5/8? 4.50 11,400 12/82 12/87 4.17 21,000 11/83 12/88 4.90 240,000 6/83 6/88 4.65 100,000 10/84 10/87 4.18 250,000 2/84 1/89 4.29 5%000 4/84 4/2005 9.10 1,595,000 6/85 6/90 4.30 63,200 8/85 8/90 4.24 54,400 10/85 10/90 5.19 81,600 1/87 1/91 4.25 30,000 10/86 10/91 4.90 40,000 4187 4192 4.25 6187 6/92 4.24 10/87 10/92 5.25 11/87 11/92 4.95 11/87 11/~2 4.95 11/87 11/92 4.95 175,000 140,000 6,000 75,000 70,000 225,000 $ 19,000 11,400 21,000 1SO,O00 50,000 250,000 18,000 70,000 15,800 13,600 20,400 6,000 8,000 $ 120,000 50,000 36,000 47,400 40,800 61,200 24,000 32,000 175,000 140,000 6,000 75,000 70,000 225,000 $2,559,600 $ 6gl,O00 $ 623,000 $2,827,400 NOTES TO FINANCIAL STATEMENT ARE AN INTEGRAL PART OF THIS STATEMENT - 18 Cash Due From Other Funds Due From Other Governments Amount to be Provided for Long Term Debt Accounts Payable Deferred Revenues Due to Other Funds Serial Bonds Payable FISHERS ISLAND FERRY DISTRICT COMBINED BALANCE SHEET DECEMBER 31, 1987 General Fund Trust Capital & Long Term Debt Account $587,092 16,063 14,738 $ 81,086 1,445 $557,893 0 $ 88,531 880,000 $880,000 4,573 1,445 $ 6,018 $ 36,096 $515,779 $ 6,468 16,063 880,000 $ 82,531 $820,000 $557,893 0 $ 82,531 $820,000 Memorandum Only Totals 548,178 $ 491,003 17,508 38,003 14,738 820,000 870,000 $1,400,424 $1,399,006 $ 6,468 $ 13,102 4,573 87,789 17,508 38,003 880,000 870,000 $ 848,549 $ 948,894 $ 36,096 $ 7,363 $ 515,779 $ 448,749 $1,400,484 $1,3~9,006 NOTES TO FINANCIAL STATEMENT ARE AN INTEGRAL PART OF THIS STATEMENT - lg FISHERS ISLAND FERRY DISTRICT COMBINED STATEMENT DF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE JANUARY 1 - DECEMBER 31, 1987 REVENUES Real Property Tax Items Departmental Income Use of Money and Property Miscellaneous Local Sources State Aid Federal Aid MEMORANDUM ONLY GENERAL CAPITAL TOTALS $ 140,779 $ 140,779 $ 142,285 879,733 879,733 807,965 39,14& 39,146 B3,233 4,327 4,327 832 14,738 14,738 9,982 $1,078,723 0 $1,078,723 $ 984,297 Personal Services Contractual Expense Capital Dutlay Employee Benefits Debt Service 348,264 $ 348~e64 $ 330~076 281,425 281,425 245~472 168,071 168,071 62,608 63,?53 63,753 68,697 115,447 115,447 118,805 $ 976,960 0 $ 976,960 $ 825,658 101,763 0 $ 101,763 $ 158,639 $ 450,11e 0 $ 450,112 $ 291,473 $ 551,875 0 $ 551,875 $ 450,112 NOTES TO THIS FINANCIAL STATEMENT ARE AN INTEGRAL PART OF THIS STATEMENT - TOWN OF SOUTHOLD DEPARTMENTAL SANK RECONCILIATIONS DECEMSER 31, 1987 Sank Salance 12/31/87 Add: Deposit in Transit Less: Outstanding Checks Ledger Salance 12/31/87 - Due to Supervisor $&4,365.49 2,210.75 6~,34~.~0 $ S29.64 Checking Account Sank Salance 12/31/87 Add: Deposits in Transit Less: Outstanding Checks 0 0 0 Money Market Account Sank Balance 12/31/87 Add: Deposits in Transit Money Market Account Sank Balance 12/31/87 Add: Deposits in Transit Ledger Salance Add: Interest on Money Market $295,207.S7 580,090.00 $1,921,315.6~ 1,244,221.43 $4,039,389.81 1,444.55 $875,297.27 $3,165,537.09 $4,040,834.3~ $4,040,834.36 NOTES TO FINANCIAL STATEMENT ARE AN INTE~RAL PART OF THIS STATEMENT. - 21 TOWN OF SOUTHOLD JUSTICES OF THE PEACE - BANK RECONCILIATIONS DECEMBER 31, 1787 Bank Balance 1B/31/87 Checking Account Bail Account Add: Deposit in Transit Less: Outstanding Checks $3,171.00 5.00 0 $8,146.26 Justice's Ledger Bail Money Due to Comptroller $4,970.26 3,176.00 JUSTICE EDWARDS Bank Balance 12/31/87 Add: Deposits in Transit Less: Outstanding Checks Justice's Ledger Due to Comptroller $ 516.00 0 0 $ 516.00 $ 516.00 Bank Balance 12/31/87 Add: Deposits in Transit Less: Outstanding Checks Justice's Ledger Bail Money Due to Comptroller $3,066.00 3,8?8.00 $4,804.00 2,820.00 680.00 $6,?44.00 $6,944.00 NOTES TO FINANCIAL STATEMENT ARE AN INTEGRAL PART OF THIS STATEMENT - 22- TOWN OF SOUTHOLD FIDUCIARY BANK RECONCILIATIONS DECEMBER 31~ i~B? Bank Balance 12/31/87 Add: Deposit in Transit Less: Outstanding Checks $130,732.3& 2,331.46 131~541.20 k~ ~k~ - DUE TO AGENCY & TRUST Bank Balance 12/31/87 $ 73~440.52 Add: Deposit in Transit 0 Less: Outstanding Check 73~423.43 Bank EKKor to be Reversed l?.Og Bank Balance 12/31/87 $ 2,842.88 Add: Deposit in Transit 0 Less: Outstanding Checks 0 $ 2,842.88 NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT. - 23 E. F, KALDOR, C.P.A,, P.Co CeRTIFIeD PUBLIC ACCOUNTANT le~ GRIFFING AVENUE RIVERHEAD, NEW YORK 11901 TELl[PHONE E 1E - 727-7888 3~l'y 18~ 1988 Town Board Town of Southold 53095 Main Road Southold, New York 11971 Members of the Board: We have examined the general purpose financial statements for the ToRn of Southold for the year ended December 31, 1987 and have issued our report thereon dated July 18, 1988. As part of our exami'nation, ~e made a study and evaluation of the internal controls, used in administering federal financial assistance programs to the extent we considered necessary to evaluate the systems as required by generally accepted auditing standards~ the standard for financial and compliance audits contained in the ~D~£~ ~£ ~ ~ issued by the United States General Accounting Office, the Single Audit Act of 178% and the provisions of OMB Circular A 1~8, ~g[~ ~ ~ ~D~ ~i §g~£D~D!~ For the purpose of this report, we have classified the significant internal accounting and administrative controls used in administering federal financial assistance programs in the following categories: .Cycles of the Entities' Activity Financial Statement Captions Accounting Applications General Requirements Specific Requirements The Town Board of the To~n of Southold is responsible for establishing and maintaining internal control systems used in administering federal financial assistance programs. In fulfilling that responsibility, estimates and judgements by management are required to assess the expected benefits and related costs of control procedures. The objectives of internal'control systems used in administering federal financial assistance programs are to provide management with reasonable, but not absolute~ reassurance that, ~ith respect to federal financial assistance programs, resource use is consistent with laws, regulations, and policies; resources are safeguarded against waste, loss~ and misuse; and reliable data are obtained~ maintained, and fairly disclosed in reports. Because of inherent limitations in any system of internal accounting and administrative controls used in administering federal financial assistance programs~ errors or irregularities may nevertheless occur and not be detected. Also, projection of ~ny evaluation of these' systems to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degrees of compliance ~ith the 24 - procedures may deteriorate. Our study included all of the applicable control categories listed above. During the year ended December 31, 1987 the Town of Southold had no major federal financial assistance programs and expended 78.?~ of its total federal financial assistance programs under the following non-major federal assistance programs: Community Development Wastewater Treatment With respect to internal control systems used in administering all non- major federal financial assistance programs, our study and evaluation included considering the types of errors and irregularities that could occur, determining the internal control procedures that should prevent of detect such errors and irregularities, determining whether the necessary procedures are prescribed and are being followed satisfactorily, and evaluating any weakness. With respect to the internal control systems used solely in administering the other non-major federal financial assistance program of the Town of Southold, our study and evaluation was limited to the preliminary review of the system to obtain an understanding of the control environment and the flow of transactions through the accounting systems used solely in administering these non-major federal financial assistance programs of the Town of Southold did not extend beyond this preliminary review phase. Our study and evaluation was more limited than would,be necessary to express an opinion on the internal control systems used in administerin9 the federal financial assistance programs of the Town of Southold. Accordingly, we do not express an opinion on the internal control systems used in administering the federal financial assistance programs of the Town of Southold. Also, our examination, made in accordance with the standards mentioned above, would not necessarily disclose material weaknesses in the internal control systems, for which our study and evaluation was limited to a preliminary review of the systems, as discussed in the fifth paragraph of this report. Howevers our study and evaluation and our examination disclosed no condition that we believe to be material weakness in relation to a federal assistance program of the Town of Southold. This report is intended solely for the use of the management of the To~n of Southold and its granting agencies and should not be used for any other purposes. This restriction is not intended to limit the distribution of this report, which, upon acceptance by the Town of $outhold, is a matter of public record. Very truly yours, E.F. Kaldor, P.C. Certified Public Accountant E. F. KALDOR, C.P.A., P.C. CERTIFIE~) PUeLIC ACCOUNTANT 162 GRIFFING AVENUE RIVERHEAD. NEW YORK I 1901 REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS RELATED TO NON-MAJOR FEDERAL FINANCIAL PROGRAMS WHERE THERE IS NO MAJOR PROGRAM FUNDING July 18, 1988 Town Board Town of Southold 53095 Main Road Southold, New York 11971 Members of the Board: We have examined the general purpose financial, statements of the Town of Southold and have issued our report thereon dated July 18, 1988. Our examination was made in accordance with generally accepted auditing standards, the standards for financial comptiance audits contained in the ~D~l issued by the United States General Accounting Office~ the Single Audit Act of 198~, and the provisions of OMB Circular A l~G~ ~g~ ~ ~ ~g~ ~! ~g~£g~gg~, and accordingly~ included such tests of the accounting records and such other auditing procedures as we consider necessary in the circumstance. The Town Board of the Town of Southold is responsible for the Town's compliance with laws and regulations. In connection with the examination referred to above, we selected and tested transactions and records from non- major federal financial assistance programs to determine the Town's compliance with laws and regulations, non-compliance with which we believe could have a material effect on the allowability of program expenditures. The results of our tests indicate that for the transactions and records tested, the Town of Southold complied with the la~s and regulations referred to above, as shown on the accompanying Schedule of Findings and Questioned Costs. Our testing was more limited than would be necessary to express an opinion on whether the Town of Southold administered those programs in compliance in all material respects with laws and regulations non-compliance with which we believe could have a material effect on the allowability of program expenditures; however, with respect to the transactions that were not tested by us, nothing came to our attention to indicate that the Town of Southold had violated any laws or regulations. Very truly yours~ E.F. Kaldor, P.C. Certified Public Accountant 26 TONN OF SOUTHDLD SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE - FINOINBS AND OUESTIONEO COSTS JANUA£Y I - OECEHSER 31, Health and Human Housing and Urban Treasury Department Services Development Indirect Indirect OiFect Suffolk County Suffolk County None Office for the Aging Office of Co#unity Developeent $ 90,30A. $168,080. Hone None None None None None Environmental Prudent)on Agency Direct Hone $IO0~AI~. 66.~18 Hone None 27 - TOWN OF SOUTHOLD NOTES TO FINANCIAL STATEMENTS DECEMBER 31: 1987 The Town of Southold, which was established in 1640, is governed by its Charter, Local Municipal Law and other general laws of the State of New York and various local laws. The Town Board is the legislative body responsible for overall operations; the Supervisor serves as Chief Executive Officer and as Chief Fiscal Officer. All governmental activities and functions preformed for the Town are its dSrect responsibility. No other governmental organizations have been included in the reporting entity. The accounts of the Town are organized on the basis of funds or account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for within a separate set of self-balancing accounts that comprise its asset% liabilities, fund balances / retained earnings, revenues, and expenses which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations~ restrictions, or limitations. The various funds are summarized by type in the financial statements. (Certain funds of the local government are utilized to account for resources derived from, and/or expenditures applicable to an area less than the entire local government.) The following fund types and account groups are used: a. GOVERNMENTAL FUNDS - Governmental funds are those through which most governmental functions are financed. The acquisition, use and balance of expendable financial resources and the related liabilities are accounted for through governmental funds. The measurement focus of the governmental funds is upon determination of financial position and changes in financial position. The following are the Town's governmental fund types: ~D~E~! ~D~ - the principal operating fund which includes all operations not required to be recorded in other funds. ~i~! ~Y~ [~D~ - used 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 expenditures for specified purposes. - 28 ~i~! ~£9i~ ~YO~ - used to account for financial resources to be used for the acquisition or construction of ma~or capital facilities (other than those financed by special assessment funds of trust funds). ~i~! ~D! ~D~ - used to account for and segregate transactions payable from taxes levied on a benefits basis. b. ~!~!~ ~ - used to account for assets held by the local government in a trustee or custodial capacity: IIW~ ~ ~D£~ ~WP~ - used 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 expendable trust funds, non-expendable trust funds, pension trust funds, and agency funds. ~! ~ are used to establish accounting control and accountability for general fixed assets and general long-term debt. The t~o account groups are not "funds". They are concerned ~ith measurement of financial position and not results of operations. !~R ~£!! ~!~ ~ ~9~ ~£9y~ - used to account for land, buildings, improvements other than buildings, and equipment utilized for general governmental purposes, except those accounted for in propriety funds. account for all long-term debt except that accounted for in proprietary and special assessment funds. The basis of accounting promulgated by the Uniform System of Accounts relative to the recording of transaction in the respective funds of the To~n are as follows: ~g~!~ ~Y~P revenues and expenditures are recognized on the modified accrual basis· Revenues are recognized in the accounting period in ~hich they become available and measurable. Expenditures are recognized in the accounting period in ~hich the fund liability is incurred, if measurable. ~!~Y~!~ ~Y~ - Trust and Agency Fund assets and liabilities are accounted for on the modified accrual basis. 3. ~ - are recognized in the accounting period in which the interfund receivable and payable arise. County real property taxes are levied annually and become a lien on December 1. Taxes are collected during the period December i to May 31. Taxes for purposes apportioned to the area of the county 29 - outside the Town are levied together with taxes for Town and special district purposes as a single bill. The Town 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 all taxes levies in the Town (and for unpaid county taxes in the Town). Unpaid village taxes and school district taxes are turned over to the county for enforcement. Any such taxes remaining unpaid at year end are relevied as county taxes in the subsequent year. 1. ~g~! ~g~!~!~ - The budget policies are as follows: a. No later than October 1, the budget officer submits a tentative budget to the Town Board for the fiscal year comment)rig the following fiscal year. The tentative budget includes proposed expenditures and the proposed expenditures and the proposed means of financing for all funds. b. After public hearings are conducted to obtain taxpayer comments, the governing board adopts a budget. ~~ - Encumbrances outstanding at December 31, 1~87 totaled $10,?e6.00. These amounts have been reserved as a part of Fund Equity. Such encumbrances have not been recognized as current year expenditures. 3. @UP~I @~!~ @~ ~gU~I!)§ - Budgets are adopted on a basis consistent with generally accepted accounting principles. Appropriations authorized for the current year are increased by amount of encumbrances carried forward form the prior year. Budgetary controls for the special revenue funds are established in accordance with the applicable grant agreement which covers a period other than the Town's fiscal year. Budgets have been adjusted to reflect the Town's fiscal year. There have been no changes in accounting policies. There are no departures form generally accepted accounting principles (GAAP). Fixed assets purchased for general governmental purposes are recorded as expenditures in the governmental funds and are capitalized at costs (or estimated historical costs) in the General Fixed Assets Account Group. Contributed fixed assets are recorded at fair m~rket value at the date received. Fixed assets consisting of certain infrastructure type 3O improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage and lighting 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 the assets. No depreciation has been provided on general fixed assets, nor has interest on general fixed asset construction in progress been capitalized. The Town assumes the liability for most risk including, but not limited to, property damage and personal injury liability. Judgements 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. Town employees are granted vacation and sick leave and earn compensatory absences in 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 various rates subject to certain maximum limitations. Payment of vacation and sick leave account group is dependent upon many factors, therefore, timing of future payments is not readily determinable. Provision has been made in the Long-Term Debt Account group for Compensated Absences in the amount of $ 1,0B%5~6.00. Management will make available sufficient resources for the payment of compensated absences when such payment becomes due. Total columns on the general purpose financial statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Statistics in these 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 consolidation. Interfund eliminations have not been made in the aggregation of the data." A. There are no material violations of finance-related provisions. Capital Fund's Fund Balance totaled $ <E09,958.00> at December 31, I~87. Bond Anticipation Notes have been issued to provide financing for various Capital Projects. Appropriations will be made in future budgets for annual redemption of notes. 31 - Wendy Drive Road Improvement District's Fund Balance was $ <6,000.00> at December 31, 1987. Bond Anticipation Note was issued in 1987. Future Budgets'will provide for redemption of note. C. There were no overdrawn appropriations. 1. CASH AND INVESTMENTS The Town investment policies are governed by state statutes. Town monies are deposited in FDIC insured commercial banks or trust companies located within the state. The Supervisor is authorized to use demand accounts and ~ertificates of deposits. Permissible investments include obligations of the U.S. Treasury and U.S. Agencies, repurchase agreements, and obligations of New York or its localities. Deposits at year-end were entirely covered by federal depository insurance or by collateral held by the Town's banking institutions in the Town's name. Fixed assets increased $ 796,~76.0 from $ 8,568,~77. to $ The Town participates in the New York Employees' Retirement System and the New York State Policemen and Firemen's Retirement System. These are cost sharing multiple employer retirement systems. Obligations of employers and employees to contribute and benefits to employees are governed by the New York State Retirement and Social Security Law (NYSRSSL). The systems offer a wide range of plans and benefits which are related to years of service and final average salary, vesting of retirement benefits, death and disability benefits and optional methods of benefit payments. All benefits generally vest after ten years of credited service. The NYSRSSL provides that all participants in each system are ~ointly and severally liable for any actuarial unfunded amounts. Such amounts are collected through annual billings to all participating employers. Generally, all employees, except certain part-time employees, participate in the systems. The systems are noncontributory except for employees who ~oined the Employee's Retirement System after July 87, lg76 who contribute 3Z of their salary. Employee contributions are deducted by employer's from employee"s paychecks and are sent currently to Employee's Retirement System. 32 Governmental Funds - It is the policy of the Town to fund pension costs as billed by the System. Unbilled amounts reflecting employer's contributions incurred from April 1, 1987 to December 31, 1987 aggregated an estimated $ ~1~,9~0. This liability is recognized in the General Long-Term Debt Account Group. Detail of Indebtedness are shown on page of this report. Interfund receivables and Payables are shown on the Individual and combined Balance Sheets. As stated in Note I (K), no eliminations have been made on Combined Statements for these items. ~[y~ - The Capital Projects fund equity of $ reserved for use in future Capital Projects. is No employees have elected to participate in a deferred compensation plan. The Town receives grants and contracts which are subject to audit by County, State and Federal governmental agencies. Such audits may result in disallowance of expenditures. Vouchers are reviewed and approved by County agencies upon their submission. It is believed that any disallowances made on subsequent reviews would be immaterial. A lawsuit which is not covered by insurance policies has been filed against the Town in the amount of $ la,O00. No reserve has been made on the balance sheet since the suit has not yet been litigated and no final settlement has been reached. It is noted that the staffing of the accounting department has undergone changes due to the retirement of the Senior Account Clerk. The ne~ department head accomplished the transition in an efficient and systematic manner. The addition of staff has allowed him to continue to address the increased volume of activities in a timely fashion. Continuity of recordkeeping and procedures has resulted from his diligent efforts. A computer system ~as p~rchased during 1987 and is fully functional in the accounting department. The staff of the accounting department is to be commended for the rapid and orderly conversion to the new system.