The URL can be used to link to this page

Home My WebLink About1989TOWN OF SOUTHOLD AUDIT REPORT DECEMBER 31, 1989 E. F. KALDOR, C. RA., RC. CERTIFIED PUBLIC ACCOUNTANT June 29, 1990 RECEIVED JUL 3 1990 Town Board Town of Southold 53095 Main Road Southold, New York 11971 Southold T ...... ~'~ Members of the Board= We have audited the general purpose financial statements of the Town of Southold for the year ended December 31, 1989, as listed in the ~ccom~anying table of contents. These general purpose financial statements are the respo~sibility of the Distri~t~s management. Our responsibility zs to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and the standards for financial audits contained in the "Standards for Audit of Governmental Organizations, Programs, Activities and Functions"~ issued by the United States General Accounting office, the Single Audit Act of 1984, and the provisions of OMB Circular A128 "Audit of State and Local Governments". Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the ~eneral purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. ~n our opinion, the general purpose financial statements referred to above present-fairly, in all material respects, the financial position of the Town of Southold at December 31, 1989, and th? results.of its operations and ~he changes in financ~al position of 1ts proprietary and similar trust fund types for the year ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. Town Board Town of Southold June 29, 1990 Page Two The combining, individual fund, and individual account group financial statements and schedules listed in the accompanying table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the Town of Southold. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements, and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. Respectfully submitted, E.F. Kaldor, P.C. Certified Public Accountant EFK:vemc E. F. KALDOR, C. RA., P.C. REPORT ON INTERNAL ACCOUNTING CONTROLS AT GENERAL PURPOSE FINANCIAL STATEMENT LEVEL June 29, 1990 Town Board Town of Southold 53095 Main Road Southold, New York 11971 Members of the Board: We have audited the general purpose financial statements of the Town of Southold for the year ended December 31, 1989, and have issued our report thereon dated June 29, 1990. These general purpose financial statements are the responsibility of t~e Town's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standard and the standards for financial and compliance audits contained in the Standards ~or Audit of GoverDmental 0reanization, Programs. ActivitieS'~oandce.ffi Functions issuedby the U.S. General Accounting Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose f~nancial statements. An audit also includes assessing the accounting principles used and financial statement presentation. We believe our audit provides a reasogable basis for our opinion. Also, as part of our audit we considered the internal control structure of the Town of Southold to the extent we considered necessary to understand the structure as required by those standards. Under the date of June 29, 1990, we reported separately on our understandigg and assessment of the internal accountSng and administrative control structures used in administering federal assistance programs. Our understanding of the ' internal control structure, other than those used in administering federal financial assistance programs, is presented herein. For the purpose of this report, we have glassified the significant internal accounting controls . included in the internal control structure in the following categories= C~cles of the Entities Activity Financial Statement Captions Accounting Applications General Requirements Specific Requirements The management of the Town of Southold is responsible for establishing and maintaining the internal control structure. In fulfilling that responsibility, estimates and judgments by management are required to assess the expected benefits.and related costs of the control etructure. The objectives of the interual control structure are to provide management with the ability to record, process, summarize~ and report financial data consistent with the assertions embodied in the financial statements. Our consideration and related assessment of the internal control structure made for the limited purpose described in the fourth paragraph would not necessarily disclose all material weaknesses in the structure. Accordingly, we do not express an opinion on the internal structure of the Town of Southold taken as a whole or on any part of the categories of controls identified in the third paragraph. A material weakness is a reportable condition in which the design or operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above. These conditions were considered in determining the nature, timing, and extent of the audit tests to be applied in our audit of the 1989 general purpose financial statements, and this report does not affect our reports on the general . purpose financial statements, dated June 29, 1990. This report is intended solely for the use of the management and its granting 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 record. EFK:vemc Respectfully submitted, E.F. Kaldor, P.C. Certified Public Accountant E. F. KALDOR, C.P.A., P.C. CERTIFIED PUBLIC ACCOUNTANT REPORT ON COMPLIANCE AT THE GENERAL PURPOSE FINANCIAL STATEMENT LEVEL June 29, 1990 Town Board Town of Southold 53095 Main Road Southold, New York 11971 Members of the Board: We have audited the general purpose financial statements of the Town of Southold as of and for the year ended December 31, 1989, and have issued our report thereon dated une 29, 1990. These general purpose financial statements are the responsibility of the Town's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with ~enerally accepted auditing stagdards and the standards for financial compliance audits contained in the Standards for Audit of GoveFnmental Or~anizations. Programs. Activi~ies. and Functions issued by the U.S. General Accounting Office. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material missta~ements including misstatement resulting from noncompliance with laws 9nd regulations. An.audit inclu4es ~xamining, on a ~est basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant est%mates made by management, as well as evaluating the overall f~nancial statement presentation. We beliewe that our audit provides a reasonable basis for our opinion. The management of the Town of Southold is also responsible for the Town's compliance with laws and regulations. In connection with the audit referred to above, we selected and tested transactions and records to determine the Town's compliance with those laws and regulations for which noncompliance could have a material effect on the Town's general purpose financial statements. The results of our tests indicate that for the transactions and records tested the Town of Southold complied with those laws and regulations for which noncompliance could have a material effect on the Town's general purpose financial statements. With respect to the transactions and records that were not tested by us, nothing came to our attention to indicate that the Town of Southold had not complied with laws and regulations. Respectfully submitted, E.F. Kaldor, P.C. Certified Public Accountant EFK:vemc To~n of S~thoid Lfldex S~TE~NTS Celdolnnd Balance Sheet - Att Fund Types & Account Groupa ............................ Cc,,blned Statement of Revenues. Expendlturea. end Chan~es In Ftz~d Bat ante - All. Governments[ Fund Typea ................................ Combined Statiwunt of Revenues. Expenditures. end chengel In Rind Belence - Budget end Actual - ALL Governl~entaL Fund Types ............ 1-2 3-4 5-6 combining Statement of Heven(JeS, Expenditures, and Changes tn Fund Balance - Budget end Actual General Fund~ ........... 7 Special Revenue Funds .............................. . , ... ... 8 special Dtetrlct and Capital Funds ......................... 9 cmblnlng Balance Sheets - General Funds ................. lO program~ for the Aging ...................................... tl Special Sevet~ue Funds ....................................... 12 Spacfe[ District Funds ..................................... 13 Combining State~ent of Revenues, Expenditure, and Changes In Fund Balance - General Funds ........ 14, Programs for the Aging ...................................... Special Revefl4Je Funds ....................................... 16 specter District Funds ..................................... 17 SCHEDULES Schedule of Long Term Debt ...................................... Fishers Island Ferry Otstrtct - Balance Sheet .............................................. Statea~t of Reve~Jes, Expenditures, and Changes In Fund Balance ........... 18 19 20 Departmental Hank Reconciliations - Teen CLerk .............. 21 Tax Receiver ............................................... 21 Justice of the Peace ....................................... 22.Z5 Fiduciary Bank Reconciliation - Payroll Account .......................................... Supervlaor's Tax Account ................................... TO~H OF $tXJT~OLD I#DEX - page Report on Supptementer¥ information ScheduLe .................... 25 Report ~fl Internal Accounting Control - Federal Funds ........... 26-28 Report on Cempltence - FedereL Funds ............................ 29-30 Notes to FlnancleL Stetemonte ................................... ASSETS Assessments Secelv~bt e Due From Other Funds Due From Other Governments State and Federat Receivables Other Receivables Deferred Exper~e Oeferred Reves~ue Land BuJ LdJ rigs Equipment and #achJrtery ProvJsJofl to be Node Jn Futura Buckets TOk~ OF GEUTROLD C~IBIRED RALANOE SHEET ALL FUND TYPES ~nd ACgOUNT GEgUPS DEGEI~ER 31, 1989 ............ GOYERBNE#TAL FUND TYPES .................. FIDUCIARY FU~ ....... ACCOUNT GROUPS .......... ~ ONLy o GENERAL SPECIAL CAPITAL SPECIAL TRUST & GR#ERAL FIXED LONG TER# TOTALS REVENUE PROJECTS DISTRICT AGENCY ASSETS DEBT 12131189 12/31188 $ 116,138 1,068,037 S 22~,651 $ 165,026 8,712 9,791 80,793 168 26,30~ 6Z3 333,375 2,695 21,562 33,672 4,9~9 ~,2,738 ,~,, 193 3,137 748 17,853 $ 185,172 S 1,461,8~? 1,714.076 7,0~,179 $ 1,7~8,026 $ 1,6~.1,926 18,503 0 105,888 295,330 336,070 /d~9,270 60,193 29,510 90,068 71,781 18,601 41,108 1,~61,837 1,661,837 1,714,076 1,610 707 7,054,179 6,775,552 $4,393,606 4,393,606 3,601,789 TOTAL ASSETS $ 60~,066 S1,166,618 S 252,914 S 178,577 S 185,172 $10,230,09Z S6,393,606 $17,011,065 $16,015,56;, ....... w ................ w~ ............................................... w ................. . .... w ........... ~ ............ LIABIliTieS ~#DFIJHDBALrANCI LIABILITIES Acco~mts PayabJe Due to Other Funds Oue to Other aoverreuflta Due to PeflsJoflsyatom8 Oeferred Re~ D~lts Nejd C~at~ ~[Igat~ Pa~ie TOTAL $ 176,027 $ 10~,381 S8~,53~ $ 6,150 $ 369,092 $ 297,929 55,275 9,167 30,7~ 9,791 $ 911 105,888 29S,330 4,29~ 4,~99 5,342 S 851,121 851,121 452,63~ - 3,8~ 8,620 ~6 12,692 14,173 186,261 18~,261 166,69~ 2,157,~85 2,157,~85 1,69~,155 1,088,600 1,385,000 2,673,&00 2,312,&00 S 237,~.9 S 122,168 $1,203,678 $ 16,165 S 185~172 S 0 ~,393,606 S 6,158,238 S5,?.38,657 NOTES TO FIRA#CIAL $TATEHERTS ARE AR iHTEGRAL PART OF THZ$ STATENE#T - 1 - TOUN OF SOUTNOLD CONBINED BALANCE SHEET ALL FUNO TYPES end ACCOUNT GROUPS DECEHBER 31, 1989 .............. GOVGRNNENTAL FUNO TYPES ................... FIDUCIARY FUNO ....... ACCOUNT GROUPS ........... HENONANDUN ONLY --- TOTAL LIABILITIES - frcxn Page 1 FUND BALANCE l~vestme~t in Fixed Assets A~roprietN E~ui~ Year's S~et U~r~rtat~ TOTA~ ~,~ND BALANCE TOTA~ LIABILITIES AND FUND BALANCE GENERAL SPECIAL CAPITAL SPECIAL TRUST & GENERAL FIXED LONG TERN TOTALS REVENUE PROJECTS DISTRICT AGENCY ASSETS DEBT 12/31/89 12/31/88 S 237,~,9 S 122,168 S1,203,678 S 16,165 S18S,172 $ 0 ~,,$95,606 S 6,158,238 S S,238,6S7 10,Z30,092 10,ZSO,O9Z 9,848,096 0 3,6~9 87,855 95,000 182,855 65,000 77~, 000 770,000 137,636 2S, 252 1,707,888 956,230 (608,383) 186,59~ (1,088,600) 62,160 (1,268,028) (96,088) S 366,617 $1,066,450 $ (950,764) S162,612 $ 0 $10,230,09;* S 0 S10,852,807 $10,776,887 NOTES TO FINANCIAL STATEHENTS ARE AN INTEGRAL PART OF THIS STATEHENT -2' REVENUE ReeL Property Tax Reel Property Tax Item~ Franchises Deper tme~te L I nca~e I ntergovernmenteL Charg~ Use of N~ e~ Pr~rty LiC~ ~ Pe~ts Fi~ aM Forfeitures Pr~rty $at~ a~ Loss C~at~ H~scetta~s ~at S~rces ]n~erf~ Transfers State Aid ~ecat A~d Notes R~ fr~ TOTAL REVENUES EXPENDITURES General Government Support Pubt ic sefety HeeLth Tra~sportetion Economic Aseistence ~r~ Opportunity CuLture and Recreetiofl H~I ~d C~tty Service Interfc~td Transfers TI~rA~ EXP~NOI TURES TOl~ OF SOUTHOLD CONBINED STATE~NT OF REVENUES, EXPENDITURES AND CHANGES IN FIJ~ BALANCE GOVERN#ENTAL FUND TYPES JARUARY 1 - DECEHBER 31, 1989 ......... GOVERNNENTAL FUHD TYPES ..................... NEI,~U~IDUI,I ONLY ...... GENERAL SPECIAL CAPITAL SPECIAL TOTALS REVENUE PROJECTS DISTRICT 12-31-89 12-31-GE $2,857,979 $5,7'-%,989 $ 27&,973 $8,867,941 GE,087,912 40,876 21,6~ 10,546 ~,~ 55,8~ 27,~1 27,~1 21,5~ ~,971 439,3~ 85,3~ 1,0~,6~ 676,~ 210,159 45,767 27,~0 2~,526 242,~ 147,222 322,81E $ 59,4~ 18,~8 547,627 ~,~ ~,~ 7,310 ~,1~ 7~,2~ 40,501 ~0,501 ~,~ 2,910 23,532 26,~2 5~,M5 6~8~ 2~,2~ ~6 252,~9 ~3,261 103,000 ~2 165 587,5~ 982,7~ 856,9~ 2M,118 4,~9 1,150,052 1,322,1~ 249,000 249,000 390,000 ~,939,259 S7,~'~,7,609 S ~01,053 $ 417,457 $13,705,378 $12,049,002 $1,983,115 S 192,947 S 173,535 S 10,(~;~3 S 2,360,280 S 1,~6,~)1 1~6,~,8 3,141,42.3 111,~0 3,3~,671 85,~7 3,326 ~,133 76,~ 2~,~ 1,7~9,030 149,5~ 9,717 Z,181,353 2,0~,~ 3~,745 3~,745 ~,~ 319,5~ 319,5~ 271,314 3~ I,~,~2 1,~,~ 1,6~,~ 4~3 17~4~ 5~010 1~ 4~ ~3~ ~,~ 159,530 1~ ~,7~ 124,~ $5,476,065 $7,050,864 $1,096,1~', $ 388,371 $14,011,454 $12,330,652 NOTES TO FINANCIAL STATENENT$ ARE AN INTEGRAL PART OF THIS $TATENENT -3- C~dTIHU~D TM OF SOUTHOLD CG#BIMED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES ZN FURO BALANCE GOVERNMENTAL FUND TYPES JANUARY 1 ' DECEMEER 31, 1989 ......... GOVERtff4ENTAL FUND TYPES ..................... MEI't~IAIEX~ ONLY ........ GE#EBAL SPECIAL CAPITAL SPECIAL TOTALS REVENUE PROJECTS DiSTRiCT 12-31-89 12-31-88 TOTA~ REVERUES from page 3 $ &,939,259 $ ?,~r?,609 $ 901,053 $ 417,457 $13,705,378 $12,0~.9,002 TOTAL EXPENDITURES from page 3 5,476,065 ?,050,864 1,096,15~ 388,371 14,011,~5& 12,330,652 EXCESS REVENUES OVER (UNDER) EXPENDITURES FUND BALANCE JANUARY 1. 1989 Transfer Adjustment FUND BALANCE DECENBER ~1, 1989 (536,RO6) 396,7&5 (195,101) 29,086 (306,076) (281,650) 903,423 647,705 (755,663) 133,326 928,791 1,210,315 126 366,617 $ 1,0&4,480 $ (950,764.) $ 162,412 $ 622,715 S 928,791 NOTES TO FiNARCZAL STATEHENTS ARE AR INTEGRAL PART OF THIS STATEHENT -4- REVEIKIE Real Property Tax Real Property Tax ]tenw Franchises Oppartme~ta I Irmame Intergoverr~mte L Charges Use of 14~ey and Property Licenses and Pemtts Fines and Forfeitures progerty Sa{es and Loss COml:~nsation #tsceLLarm~s Local S~urces Interfund Transfers State A.Jd FederaL Aid Notes Redeemed fram Appropriations proceeds of ObLJgattone mTA~, REVENUES Appropriated Fund BALenee TOTA~ REVENUES AND OT#ER SOURCES TOPER OF SOUTHOLD C~INED $TATENENT OF REVENUE, EXPENOITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - ALL GO~RRf~NT FU~ TYPES JANUANY 1 o DEGEHGER 31, 1999 ............ GOVERNI~NTAL FUND TYPES ..................................................................... GENERAL SPECIAL CAPITAL SPECIAL TOTAL ACTUAL ENCUHBRANGES VARIANCE REVENUE PROJECTS DISTRICT BUOGETS $2,857,979 $5,73~,989 $ 2?4,97"3 $ 8,867,9~1 $ 8,867,941 $ $ 0 26,000 11,000 9,7~1 46,791 73,099 7.6,308 O 27,601 27,601 565,844 47~,400 91,200 1,132,4~, 1,073,677 ( 58,767) 283,113 21,000 304,713 283,526 ( 21,187) 65,100 137,000 $ 50,941 12,000 ~85,041 547,62? 262,586 6~,535 7,500 72,035 94,108 22,073 41,000 41,000 40,501 ( 499) 335 8,000 6,335 26,,~,2 18,107 4,,~.1 369,106 373,547 252,0&9 ( 121,498) 103,000 Z92o165 587,599 982,764 982,764 0 822,280 311,651 4,959 1,138,890 1,150,052 11,162 37,631 37,~1 36,991 ¢ 6~0) 249,000 249,000 2,290,000 2,29Q,000 (2,290,000) Sa,,891,258 $7,346,811 $2,033,499 $ 409,564 $15,581,132 $13,705,378 s 0 7?4,545 279,400 10~,022 24,972 1,186,939 S5,~$,803 S?,626,211 $3,041,521 S &34,536 S16,768,071 NOTES TO FINANCIAL $TATEHENTS ARE AN ZNTEGRAL PANT OF THiS STATEHENT -5- CONTZNUED TM OF SOUTHOLD STATE~NT OF R~, E~E~L~ES ~ C~MS TN F~ ~GET ~ ACT~L - ALL ~RN~NT ~ TYPES JA~EY 1 - DECEWER 31, 1~ ............ GOVERN#ENTAL FUND TYPES ................................................................... GENERAL ~C]AL ~PITAL ~CTAL TOTAL ACT~L EN~WCES VARZANCE RE~E PROJECTS DiSTRiCT ~TS TOTAL RE.HUES A~ OTHER S~RCES f~om ~ge 5 EXPENOI TURES General Government Su~ort PubLic Safety HeaLth Transportation Econ~nic Assistance and Op~rtunity CuLture and Recreation Hame and Camr~nJty SerYice E~i~ Beneflts Der Service ~nter~ Trensfers TOTAL EXPEHDZTURES Exces8 Reve~JeS Over (Under) Expenditures F~ BaLance Jm~ry 1, 19~ F~ ~LANCE DECE~ER 31, 1~ S5,665,803 87,626,211 S3,01~1,521 S 6,3~,, 536 816,768,071 S2,007,182 S 731,323 $ 266,063 $ 11,017 $ 2,515,585 $ 2,376,802 S 138,783 151,802 3,1~9,561 112,000 3,~13,363 3,399,&71 13,892 98,960 6,000 104,960 89,133 15,827 282,850 2,0~4,615 170,000 9,717 2,507,182 2,171,636 335,5~6 ~60,88~ ~0,88~ 392,7~5 68,139 330,719 350,719 319,53~ 31,185 712,891 569,171 2,697,~8 300,290 ~,079,800 2,086,86~ 1,992,936 ~09,161 1,4~8,~61 1,857,622 1,697,~62 160,160 &71,120 17,550 5,010 1,512 ~95,192 ~90,213 ~,979 720,73~ 159,530 103,000 982,766 982,76~ 0 S5,065,803 $7,626,211 $3,0~1,521 S ~3~,536 $16,768,071 S1~,006,67.4 S 0 $ 2,761,~.7 ( 774,545) ( 279,400) (108,022) ( 24,972) (1,186,939) ( 306,076) 903,~ ~7,~5 (~5,~) 133,326 ~8,~1 928,~1 S 128,878 $ 368,305 S(863,M5) S 108,35& SC 258,1&8) S 62.2,715 ............. ~ .... ~ ................. & .....~ ..... · ....................... NOTES TO FINARCZAL STATEHENTS ARE AN ZNTEGRAL PA8T OF THLS STATEHENT -6- TOUN OF SOUTHOLD $TATEHENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - ALL GENERAL FUND JANUARY I - DECEMBER 31, 1989 B~et Actua!. E~tm~br~e Variance REVENUES Rea[ Preperty Taxes $2,857,979 S2,857,979 Rest Property Tax Items 26,000 &0,876 Oopertmentat Income 565,86& 5&8,971 Intergovernmontai Charges 283,113 210,159 Ute of Money end Property 85,100 1&7,222 Licenses & Permits 64,535 86,798 Fines & Forfeitures 41,000 40,501 Property Sales & Loss Compen- eetlo~q 335 2,910 MisceLLaneous Local Sources 4,441 6,8~7 State Afd 822,280 856,975 Federal Afd 37,631 36,~91 Interfund Transfers 103,000 103,000 TOTAL REVENUES $4,891,258 Appropriated Fu~d BaLance 774,545 14,876 16,873) 72,954) 62,122 22,263 2,436 ~,695 640) TOTAL REVENUES & $5,665,803 OTHER SOURCES ========== EXPENDITURES Germ?et Government Support $2,007,182 Sl,983,115 $ 24,067 Publtc Safety 151,802 146,448 5,354 Public Health 98,960 85,807 13,153 Transportatio~ 282,850 273,083 9,767 Eco~mtc Assist. & Opportunity 460,884 392,745 68,139 Culture & Recreation 350,719 319,534 31,185 Rome & Comnul~ty Service 712,891 687,316 25,575 Employee Bensf~ts 409,161 396,730 12,431 Debt Servtce 471,120 471,053 67 Interfond Transfers 720,2~/~ 720,2~4 TOTAL ~XPENDITURES $5,&65,803 S5,476,065 S 0 $ 189,~ EXCESS REVENUES OVER (UNDER) EXPENOITURES FUND BALANCE JAN. 1, 1989 S(774,545) $(536,806) $ 903,423 $ 903,423 FUND BALANCE DEC. 31, 1989 128,878 $ ]66,617 NOTES TO FINANCIAL STATEMENT ARE AN INTEGRAL PART OF THIS STATEMENT TO~ OF SOUTHOLD COMBINLNG STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FWD BALANCE BUOGET AND ACTUAL - ALL SPECIAL REVENUE FUNDS JANUARY 1 ' DECEMBER 31, 1989 BUOGET ACTUAL ENCUMBRANCE VARIANCE REVEIflJE Real Property Taxes S5,7~&,989 Real Property Tax Items 11,000 Nm - Property Tax Item 0 Oepartmentet Income 475,400 Intergoverratm~tat Charges 0 Use Of Money andProperty 137,000 Licenses and Permits 7,500 Property Sales & Loss Cempensatim 8,000 Nfscellsneoue Local Sources 369,106 State Aid 311,651 Interfund Transfers 292,165 TOTAL REVENUES Amroorlated F~nd Balance $5,734,989 $ 0 21,677 10,677 27,601 27,601 439,372 ( 36,028) 45,767 45,767 322,812 185,812 7,310 ( 190) 23,532 15,532 244,266 (124,840) 288 118 ( 23 533) 292,165 0 $7,346,811 $7,447,609 S 0 $ 100,798 279.400 T~TAL S7,626,211 EXPENOITURES GeMrei Goverr~ent Support $ 231,323 $ 192,947 Pubttc Safety 3,149,561 3,141,423 Health 6,000 3,326 Transportstio~ 2 044,615 1,749,030 Nome end Conm~ity Service 569,171 486,381 Employee gerefite 1,&48,&61 1,300,732 Debt Service 17,550 17,&95 InterfundTransfers 159,530 159,530 TOTAL EXPENDITURES $ 38,376 8,138 2,67& 295,585 82,790 147,729 55 0 S7,626,211 $7,050,86~ S 0 $ 575,347 EXCESS REVENUES OVER(UNDeR) EXPENDITURES ( 27'9o400) 396,745 fUND BALANC~ - JANUARY 1, 1989 6~7,705 6~?,?05 FUN~ BALANCE - DECEMBER 31, 1989 $ 368,305 NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT REVENUES Rea[ Property Tax~ Real Property Tax It~ Dppar teenta [ I r~me Z ntergoverrmte~qtaL Charges Use of #o~ey and Pro~erty #tsceLLatlestls Local Sources State Aid Interfund Transfers TOTAL REVENUES ObLigations Authorized Capital Notes Redeemed from Appropriations T_OTAL Appropriated Fu~d BaLance TOTAL T~ OF ~T~ STATE#ENT OF REVEUS, EX~MOZ~RES ~ CHANGES iN HO BA~CE BUOGET AND ACTUAL - CAPITAL AMD SPECIAL DISTRICT FUMOS JANUARY 1 - DECI3V~ER 31, 1989 ................ CAPITAL FL~S ........................ SPECIAL DISTRICT FUMOS ........... BUDGET ACTUAL VANIANCE BUOGET ACTUAL VARIANCE $ 50,~1 S 59,4~ S 8,554 S 2?4,973 · 27&,973 S 0 9,791 10,5/)6 755 91,200 85,~3/) ( 5,866) 21,600 27,600 6,000 12,000 18,098 6,098 906 9O6 4,~9 6,9S9 0 587,599 587,599 0 0 S 643,499 S 652,053 · 8,554 S 409,564 · 417,457 · 7,893 2,290,000 (2,L:~)O,O00) 249,000 249,000 S2,933,499 · 901,053 S(2,03~,446) S 409,564 108,022 ========================= 24,972 S3,~1,5~1 S 4~,5~ EXPENDITURES General Goverr~t Support · 266,063 S 173,535 $ 9~,528 S 11,017 · 10,683 · 334 PubLic Safety 112,000 111,600 Tra~sportatio~ 170,000 149,5Z3 20,477 9,717 9,717 0 H(me and CmmJnity Service 2,497,~8 665,0M 1,8~2,362 300,290 254,886 45,/~ Debt Service 5,010 5,010 0 1,512 1,485 27 Interfund Transfers 103,000 103,000 0 TOTAL EXPEMOZTU~ES EX.SS REVE~S R~ FUMO 8ALANC~ - DE~R 31, 19~9 S3,041,5Zl $1,096,154 Sl,945,367 S ~,~,,5~6 $ 388,371 S 46,165 $¢ lOa,ozz) sc 195,101) SC ~5,~) SC ~5,~) SC 863,685) SC 950,76/)) $(24,972) S 29,086 $ 133,326 $ 133,37.6 S 108,356 S 162,41Z MOTES TO FIHANCZAL $TATEHENTS ARE AN INTEGRAL PART OF THIS STATEHENT '9' T(~M OF SOUTHOLD COMBINZHG BALANCE SHEET GEHENAL FUNDS DECENBER 31, 1989 .......................... NEND~ANOUH ONLY .... Progrmns for Totals To~,n~fde the Agin~ 12/31/8~ 12/31/88 ASSETS Cash Texas Receivable AccmJnta Receivable State and Federal Receivables Due from Other Funds Due from Other Governments Deferred Expense TOTAL ASSETS $113,0~4 $ 3,074 $ 116,138 $ 305,252 8,712 0 8,712 0 42,738 0 42,738 9,0~ 21,562 0 21, S62 19,956 80,745 48 80,793 ~288,822 2~8,315 45,060 333,37~ 402,559 748 0 748 25,249 S555,88& S 48,182 $ 60~,0(~ $1,050,933 LIABILITIES ~ FUND BALANCE Liabilities Accounts Payable Due to Other F~nds Due to Other Governments Deferred Revenues Total Liabilities Fund Ba%snce Reserved for Encumbrances Unreserved - Appropriated Unreserved - Unappropriated Total Fund ~elance TOTAL LIABILITIES ~ FUND BALANCE S169,837 $ 4,190 $ 174,027 $ 87,020 15,582 39,693 55,275 51,20~ 0 4,299 4,299 4,648 3,848 0 $,8~8 4,633 $189,267 S 48,18Z $ Z37,449 $ 147,510 775,000 S )'75,000 (408,383) (408,38~) S366,61~ S 0 $ :366,617 $ 3,6~9 310,000 589, 7'~4 S 903,423 S555,88& $ 48,18~ S 604,06~ $1,050,f~3 NOTES TO FINANCIAL STATEHENT ARE AN INTEGRAL PART OF THIS STATEMENT ASSETS Cash Oue frol~Other Funds Due from Other Goverrmm~ts TOTA~ ASSETS LIABLLITIESAND FUND BALANCES LIABILITIES Accounts PayabLe Due to Other Funds 0ua to Other Gover~ts T~lrA~ LIABILITIES FUN__D BALANCES TOTA~ LIABILITIES ANO FUND BALANCES TOWN OF SOUTHOLD C(~BiNED BALANCE SHEET PROGRAN$ Fog THE AGING DECEHBER 31, 1989 ADULT DAY BRIEF HONE AID/ NUTRITION CARE RESPITE CHORE SNAP EISEP TOTAL 1,413 $ 334 $ 52 $ 16 $ 1,171 · 88 $ 3,074 0 48 0 0 0 0 48 27,460 3,434 3,L~9 2,7'~1 5,405 2,711 45,060 28,8?3 · 3,816 $ 3,351 · 2,767 S 6,576 S 2,799 $ /8,182 2,459 $ ~6 S 174 S 1,389 $ 122 S 4,190 26,414 2,703 S 3,351 1,655 3,874 1,696 39,693 0 1,067 0 938 1,313 981 4,299 28,8?3 S 3,816 S 3,351 · 2,767 $ 6,376 $ 2,799 S 48,182 $ 0$ 0S 0 $ 0 $ 0 $ 0 S 0 28,8?3 $ 3,816 $ 3,351 $ 2,767 S 6,576 $ 2,7~9 S /8,182 NOTE TO FINANCIAL STATENENTS ME AN INTEGRAL PART OF THI· STATENE#T -11- ASSETS cash Accounts ReceivabLe Oue from Other Funds Oue from Other Governeeflts State and Federal ReceivabLes Oeferred Expense - Ensuing Year TOTAL ASSETS TM OF SOUTHOLD D~M~INED BALARCE SHEET ALL SPECIAL REVENUE FUNOS DECF. MBER 31, 19~9 FUND GRANT RETENTION PART TOM4 T(TdlN WIDE PART TObN FUNDS FUNO ...... HEHORANDUHONLY --- 12/31/89 12/31/88 · 61,792 · 8/*8,807 · 69,296 S 12 · 88,130 ·I,(]68,037 · 676,909 4:3,555 45 593 0 0 ~,, 193 58,234 168 0 0 0 0 168 0 2,429 0 0 266 0 2,695 /*6,688 33,6?2 0 0 0 0 33,6Z2 4,131 1;',853 0 0 O 0 I?,853 52,593 · 159,~69 · 8~8,852 · 69,889 S 2?8 · 88,130 ·1,166,618 S 838,555 LIABILITIES AND FUND HALANCE LIABILITIES Accounts PayabLe Due to Other Funds Due to Other Goverrdnents OeferredHevenues TOTA~ ~ 55,654 · 35,6/*9 · 12,971 · 0 · 107 $ 10~,381 · 149,014 8,721 0 0 278 168 9,167 31,81o6 0 0 0 0 0 694 5,6~6 218 2,756 0 0 8,620 9,296 70,021 S 35,867 S 15,727 S 278 S 275 $ 122,168 · 190,850 FUNO BAt. AHCE Insurance Reserve S 87,855 $ 87,855 S 0 Appr(~oelated - Ensuing Yesr*s Budget $ 300,000 $ 700,000 ·(230,000) 0 770,000 2rO,O00 Unappropriated (210,552) 112,9~ 7.84,162 0 186,595 377,705 TOTA~'FUNO BALANCE $ 89,&G8 S 812,9~5 S 54,16Z S 0 S 87,855 S1,0~,450 S 647,705 TOTA~ ~ARDFUNO BALANCE · 159,,r~69 S 8/,,8,852 S 69,889 S 2?8 S 88,130 S1,166,618 S 838,555 NOTES TO FINANCIAL STATEHENTS ARE AR LNTEGRAL PART OF THiS STATEHENT o12- TM OF S(~UTHOLD COMBINING BALANCE SHEET SPECIAL DISTRICT FU#DS DECENSER 31, 1~89 blENDY DRIVE tdEST CREEK FIRE ~EST GREERPO~T SOUTHOLD FISHERS REKORANOtJ4 ONLY I KPROVEHENT I HPROVEHE#T PROTECTION tMSTEI/ATER ~ASTEVATER ISLAND SEt~ER TOTALS DISTRICT DISTRICT DISTRICT DISTRICT DISTRICT DISTRICT 12-31-89 12-31-88 ASSETS Cash Assessmeflts ReceivabLe Acccx~ts Receivable Due Frei Other F~t~ls TOTAL ASSETS $ 310 $ 9,100 S 155,096 $ 520 $ 165,026 $ 132,59~ $ 9,791 9,791 0 ?~2 2,386 9 3,137 4,422 $ 566 57 623 5,556 S 310 $ 9,791 S 566 S 9,899 S 137,~82 S 529 $ 178,577 $ 142,571 LIABILITIES AND FUND BALANCE Liabi[fties Accouqts Payable Due to Other Funds Deferred Reve~s Total LiabfLfties Ftixl Balance Other Reserves Approlx'tated BALance TOTAL LIASILfTIES ~ ~ BALANCE $ S,706 S ~ S 6,150 $ 9,001 9,791 9,791 0 224 224 244 9,?91 $ 0 $ 0 $ 5,930 S ~ $ 16,165 $ 9,245 S 95,0(~ $ 95,000 $ 65,000 ?.80 $ 566 $ 4,406 20,000 30 5,493 36,55Z $ 85 ~2,160 &7,30~ 310 $ 0 S 566 S 9,899 S 151,55~ $ 85 $ 162,412 $ 133,~6 310 $ 9,791 · 566 S 9,899 $ 157,~8Z $ 529 $ 178,577 S 1,~2,571 .......... m ..... ~ ..... ~ .......... ~ ............................................... · ........................ NOTES TO FINANCIAL STATE~ENTS ARE AN INTEGRAL PART OF THIS STATENENT. - 13 - TOUN OF SOUTHOLD COFIBINED STATEMENT OF REVENUES, EXPENDITURES & CHANGES IN FUItD BALANCE ALL GENERAL FUNDS JANUARY 1 - DECEMSER 31, 1989 pROGRAHS #ENGSANOUNONLY UHOLE FOR THE TOTALS TOUN AGING 1989 1988 R~VENUE~ Real Property Texes Real Property Tax Items Dep~rtmefltal In~e Intergovernmental Charges Use of H~y& Pretty Llc~es & Permits Fines & Forfeitures Pr~rty Se[es/L~s C~atl~ Htscet[a~s L~a( S~rces State Aid F~rat Aid ]nterf~ Tra~fers TOTAL REVENUES $2,857,979 S~,857,9~ $2,664,071 40,876 40,876 36,500 18,~0 191,2~ 210,159 1~7,222 1~7,222 105,~ ~,~8 ~,~ 67,31~ ~0,501 40,501 ~,~ 2,910 2~910 ~,553 6,877 6,8~ 102,~ 856,9~ 856,9~ ~7, O~ 103,000 103,0~ 87~010 $~,6~1,891 $ 297,308 $4,939,259 ~,5~,, 156 EXPENDITURES Economic Assistance & Opportunity TOTAL EXPENDITURES EXCESS REVENUE OVER (UNDER) EXPENpITURES $1,977,565 $ 5,550 $1,983,115 $1,608,0(4 146,448 166,4/.8 135,635 85,807 85,807 73,564 273,083 273,083 250,305 110,357 282,388 392,7&5 36~,380 319,534 319,53& 271,314 687,316 687,316 5~6,87~ 387,300 9,430 396,730 558,651 471,053 &71,053 556,973 720,234 720,234 12,495 $5,178,697 $ 297,368 $5,476,065 t~, 428,254 S(536,806) S 0 $(536,806) S 115,902 FUND BALANCE - JANUARY 1. 1989 FUND BALANCE - DECEMBER 31. 1989 S 903,423 S 0 $ 903,423 $ 787,521 NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATE#ENT. TOUN OF S~JTNOLD C~HBINING STATENENT OF REVENUES, EXPENDITURES & CHANGES IN FUND BALANCE PROGRAHS FO~ THE AGING JANUARY 1 - DECEHBER 31, 1989 REVENUES Departmental Incme In~ergovernmn~aL Charges Feders{ Aid TOTAL REVENUES ADULT BRIEF HOflE AID/ NUTRITIC~J DAY CARE RESPITE CHORE SNAP EISEP TOTAL $ 35,240 $ 12,837 S 1&7 S 124 $ 20,528 S 222 $ 69,098 116,400 13,910 5,727 15,802 21,211 18,229 191,279 27,/~ 9,52] ~,~91 $179,108 $ 26,747 S 5,874 S 15,926 $ 51,262 S 18,451 $297,368 EXPENDITURES Genera[ Government Support Ecommic Assistance & Opportunity E~pLoyee Benefits TOTAL EXPENDITURES $ 2,500 $ 3,050 S 5,550 170,965 $ 25,498 $ 5,740 $ 15,429 46,825 $ 17,951 282,$88 5,6/,3 1,249 134 497 1,387 520 9,430 $179,108 $ 26,747 $ 5,874 $ 15,926 $ 51,262 $ 18,451 $297,368 EXCESS REVENUE OVER (UNDER) EXPENDITURES S 0 $ 0 S 0 $ 0 S 0 S 0 S 0 FU#D BALANCE i JANUARY 1. 1~8~ F~iD BALANCE i DECE#BER 31. 1989 S 0 S 0 S 0 S 0 S 0 S 0 S 0 S 0 S 0 S 0 S 0 S 0 S 0 S O NOTES TO FINANCIAL STATEHENTS ARE AN INTEORAL PART OF THIS STATEHENT ' 15 - TOI~ OF SOUTROLD CONB1NING STATENENT OF REVENUES, EXPEk~ZTURES & CHANGES IH FUND BALANCE ALL SPECIAL REVENUE FUNDS JANUARY 1 ' DECEHBER 31, 1989 GENERAL HIGHBAY FUNDS SPECIAL RISK HEI~NDUN ONLY FUND GRANT RETENT;ON TOTALS PART TO~N TOkINWIOE PART TOI~N FUNDS FUN{) 12-31-89 12-31-88 REVENUES Rent Property Taxes Rent Praper~y Tax Items Non-Pragerty Tex Items Del~rtme~tat l~c(xne lnterg~r~tat ~arges Use of ~Pr~r~y Ltc~ ~ PemJ~s Pr~rty Sates ~ L~s Htsce~[~ L~aL S~rces Sgate Aid ]nterf~ Transfers F~ral A~d TOTAL REVENUES S$,728,149 S1,276,ZO0 S ~30,~0 $3,73~,989 $5,097,120 14,095 3,~79 4,003 21,677 18,451 27,601 27,601 439,372 439,372 443,410 40,303 5,~ 43,767 3~,~ 165,568 90,421 61,T~0 · 3,0~3 322,812 1~0,623 6,815 4~ 7,310 6,9~5 16,732 6,800 23,532 16,132 13,~,6 5,931 5,767 S 203,201 15,521 2~,,266 274,771 134,020 154,0~8 288,118 300,8~3 Z92,165 292,163 ~3 105,062 S4,586,501 ·1,~38Z,931 · 962,247 S 203,201 $ 312,729 S?,~7,609 S6,503,694 EXPENDITURES General Government Sut~port PubLic Safety Transportation Hearth H(~e and Cmmunity Services Employee Se~efita Debt Services Interfund Transfers TOTA~ EXPENDITURES EXCESS REVENUE OVER (UNDER) EXPENDITURES S 174,434 · 5,000 S 13,513 · 192,~? $ 227,254 3,141,423 3,141,4~3 2,706,299 $ 582,096 $1,166,934 1,749,030 1,827,0~1 3,326 3,326 3,000 283,18~ · 203,201 ~,381 53?,869 83~,290 63,~87 18~,0~ 211,361 1,300,732 1,100,088 17,495 17,495 22,736 77,1~8 16,507 65,875 159,530 0 S/,,,515,801 S 685,085 $1,421,903 · 203,201 $ 224,874 $?,050,8(~* S6,422,287 70,700 · 697,8/,6 S(459,656) S 0 · 87,855 · 396,745 · 81,607 FUND BALANCE = JANUARY 1. 1989 S 18,7~8 S 115,139 · 513,818' · 0 S 0 · (~7,705 · 5~,~ ~ND BAL.&NCE i DECENBER 31.1980 NOTES TO FINANCIAL STATEHENT$ ARE AN INTEGRAL PART OF THIS STATEYdENT - 16- TObll OF SOUTHOLD C~#BZNING STATE)lENT OF REVENUES, EXPENDITURES AW) CHARGES IN FUND BALANCE SPECIAL DISTRICT FUNDS DECEI4BER *Il, 1989 ~NDY DRIVE FIRE ~IEST GREENP~RT ~EST SOUTNOLD FISHERS ZMRROVEFIENT PROTECTION ~ATER CREEK WASTE~ATER ISLANO SE~ER DISTRICT DISTRICT DISTRICT ESTATES DISTRICT DISTRICT NEI4ORARDLI4ONLY TOTALS 12-31-89 IZ-31-88 REVEI,~S Real Prc~erty Taxes Real Property Tax Items Departmental Inc~ne Intergoverr.~tat Charges Use of Ho~ey and Property MiscelLaneous LocaL Sc~rces Interfund Transfers TOTAL REVENUES S 2,235 S111,(~0 $ 11,3/,8 $ 150,350 $ 2?4,973 $ 326,721 6 166 17 S 9,791 566 10,5~6 924 75,510 S 9,824 85,334 85,608 27,600 27,600 20,400 742 16,934 422 18,098 11,097 9O6 9O6 0 0 37,209 $ 2,241 $111,206 S 12,107 $ 9,791 $ 2~0,960 S 11,152 $ 417,457 S ~81,959 EXPENDXTURES General Government Support PubLic Safety Transportation H~fle& Ceew~nity Service Debt Service TOTAL EXPENDITURES 495 S 74 S 8,532 S 1,5a2 s I0,6~3 S 6,T~O $111,600 111,600 101,020 9,717 9,717 0 $ 6,805 235,691 12,390 254,886 259,828 1,~85 1,485 53,635 1,980 S111,000 S 6,805 $ 9,791 S 2~,,233 S 13,972 S 388,371 S 421,213 EXCESS RE~NUEOVER (UNDER) EXPENDITURES S 261 $( 39~) $ 5,302 $ 0 S 26,737 $ (2,620) $ 29,086 S 60,7D6 FUND B~ JA~RY ~ 1~ s 49 s ~ $ 4,5~ $ 0 S 124,815 $ 2,~ $ 133,3~ S ~,4~ T~SFER ~J~NT 6,1~ FUMO BALANCE i DECEMSER ~1~ 19~8 $ 310 $ 566 $ 9,898 $ 0 S 151,552 $ 86 $ 162,412 $ 133,326 ~___J ..................... ~ ............... ff ................................................................ NOTES TO FINANCIAL STATEMEHTS ARE AN INTEGRAL PART OF THIS STATDIENT. - 17- TOk~J OF SOUTHOLD SCHEDULE OF LONG TERN DEST DECENBER 31, 1989 ONIGIRAL ISSUE FLNAL DATE MATURITY IHTEREST RATE ISSUED PALO OUTSTANDING IN IN OUTSTANOING 1-1-89 1989 1989 12-31-89 Boat Lat~ch Ramp Agriculture Land Rights - SerfaL Bond Nobi L S~per Tub Grinder Payloader Tel effto~e System Repairs SYC Buitdiog LandfiLL Compactor ScaLe House Wendy Orive Road Improvement Police Cor~oL e Dog Pound Improvement Cemputer System Cemputer System Payloader Highway Equipment Truck Scale Computer Equipment 2/~, 1/8~ 5.25 $ 18,000 $ 18,000 0 4/8~ 4/05 9.10 1,455,000 70,000 1,385,000 6/85 6/90 6.60 31,600 15,800 15,800 8/85 8/90 5.89 27,200 13,600 13,600 10/85 10/90 6.00 ~0,800 20,400 ~0,400 1/87 1/91 5.94 18,000 6,000 12,000 10/86 10/91 6.08 24,000 8,000 16,000 4/87 4/92 6.50 140,000 35,000 105,000 6/87 6/92 6.24 112,000 28,000 84,000 10/87 10/92 6.03 4,800 1,200 3,600 11/87 11/9~ 6.06 60,000 15,000 11/87 11/92 6.06 56,000 14,000 42,000 11/87 11/92 6.01 180,000 45,000 135,000 10/88 10/93 6.05 60,000 12,000 48,000 5/88 5/93 6.89 85,000 17,000 68,000 6/89 6/94 6.60 $ 170,000 0 170,000 9/89 9/94 5.96 150,000 0 150,000 11/89 11/94 6.04 160,000 0 160,000 TOTAL $2,31Z,400 $ /,~0,000 $ 319,000 $2,4?3,400 NOTES TO FIN/LNCIAL STATE~NT8 ARE AN ZNTEGRAL PART OF THIS STAT~NT. - 18 - FZSHERS ISLAND FERRY DISTRICT C~NBINED BALANCE SHEET DECE~ER 31, 1~89 HEHORANDUH ONLY GENERAL TRUST & LONG TER# TOTALS FUNO AGENCY DEBT 12-31-89 12-31-88 ASSETS Cash Due From Other Funds Amount to be Provided for Long Term Debt TOTAL ASSETS S 796,836 $ 19,101 S 813,937 S 734,839 18,325 18,325 ?3,794 S 705,000 705,000 765,000 $ 813,161 $ 19,101 $ 705,000 Sl,537,262 $1,523,633 LIABILITIES AND FUND BALANCE L~abiLities Accounts Payable Due to Other Funds Serial B~ PayabLe Total LiabiLities To~at Fund BaLance TOTA~ LIABILITIES AND FUND BALANCE S 5,~9 S ~6 S 6,425 S 18,~1 18,325 18,325 $ 705,~ ~5,~ 765,000 s 5,~9 $ 19,101 $ ~,000 s ~,~0 $ ~7,515 $ ~7,512 0 0 $ ~7,512 $ 716,118 S 813,161 $ 19,101 $ 705,000 $1,537,~ $1,5~,~ NOTES TO FZNANCIAL STATEHENTS ARE AN INTEGRAL PART OF THIS STATENENT. - 19- FISHERS ISLAND FERRY DISTRICT CONBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES 1N FUND BALANCE JANUARY 1 - DECEMBER 31, 1989 MEMORANDUM ONLY GENERAL TOTALS FUND 12'31-89 12-31-88 REVENUES Real property Tax Items S 133,201 S 133,201 S 132,631 Depertmefltsi Income 98~,577 986,577 923,&68 Use of Money and Property 66,244 (=6,244 37,195 #iscet[sneous Local Sources 14,406 14,606 1,251 State Aid 200.559 200,559 8,960 Federal Aid 26,771 26,771 19,816 TOTAL REVENUES $1,625,758 $1,625,758 $1,123,321 EXPENDITURES Personal Services Coil[ret[ual Expense Capita[ Outlay Employee Benefits Debt Service TOTAL EXPENDITURES EXCES S REVENUES OVER ~UNDER) EXPENDITURES FUND BALANCE: JANUARY 1. 1989 FUND BALANCE: DECEMBER 31, 1989 $ 612,861 S 612,861 $ 369,811 316,675 316,675 296,368 392,762 392,762 95,06~ 96,738 94,738 81,335 117,528 117,528 116,520 $1,334,364 Sl,334,36~. S 9~9,078 91,394 $ 91,396 $ 166,263 716,118 $ 716,118 $ 551,875 $ 807,512 $ 807,512 $ 716,118 NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT. - 20 - 0 TOWlqOF SOUTHOLD JUSTICE OF THE PEACE BAN~ RECONCILIATIONS DECEMBER 3~ ~989 · USTICE EDWARDS Bank Balance 12/31/89 Add: Deposits in Transit Less: Outstanding Checks Justice's Ledger Bail Held 250.00 0 0 $ 250.00 $ 250;00 $ 250.00 NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT - 23 Ol o~ Ol O~ d o ~n Itl ~10 ~ ~l,l~-,-I U ~~ ~ ~ Ol~ ~ ~ U u~ ~-HO~IOI~O ~ ~ ~ ~-~1~1~ ~ · ~ 0 ~-~-~ ~ G~ ~ ~-~ O ~ ~ O > d 0 0 C m O Town of Southold Notes To The Financial Statements For the Fiscal Year Ended December 31, 1989 I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Town of Southold have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial repo~ting principles. The more significant of the government's accounting policies are described below. A. FINANCIAL REPORTING ENTITY The Town of Southold, which was established in 16u,0, is governed by its Charter, the 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. Basic services provided included Public Safety, Health, Transpo~tation, Economic Assistance and Opportunity, Culture and Recreation, and Home and Community Services. All governmental activities and functions performed for the Town are its direct responsibility. No other governmental organizations have been included or excluded from the reporting entity. The financial reporting entity includes organizations, functions and activities over which elected officials exercise oversight responsibility. Oversight responsibility is determined on the basis of financial interdependence, selection of governing authority, designation of management, and ability to significantly influence operations and accountability for fiscal matters. 1. Included in the Reporting Entity - The following districts located within the Town are included in the reporting entity: ' East-West Fire Protection District Wendy Drive Road Impr;ovement District West Creek Estates Road Improvement District West Greenport Water District 2. Excluded From the Reporting Entity - The following districts located within the Town are excluded from the reporting entity: Fishers Island Ferry District Orient Mosquito District Mattituck Park District Fishers Island Refuse and Garbage District Cutchogue - New Suffolk Park District -31- B. BASIS OF PRESENTATION 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 e separate set of self-balancing accounts that comprise its assets, 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: 1. FUND CATEGORIES 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. (;eneral Fund - the principal operating fund which includes all operations not required to be recorded in other funds. Special Revenue Funds - used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specific purposes, The following Special Revenue Funds are utilized: Highway Funds-To maintain and operate highways General Fund Part Town-To provide general services outside the Village of Greenport Community Development Fund-Segregate and account for projects funded by special federal revenues Capital Projects Fund - used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by special assessment funds and trust funds). b. FIDUCIARY FUNDS - used to account for assets held by the local government in a trustee or custodial capacity: Trust and Agency Funds - used to account for money received and held in the capacity of trustee, custodian or agent, These include expendable trusts, non-expendable trusts, and agency funds. -32- 2. ACCOUNT GROUPS are used to establish accounting control and accountability for general fixed assets and general long-term debt. The two account groups are not "funds". They are concerned with measurement of financial position and not results of operations. The General Fixed Assets Account Group - used to account for land, buildings, improvements other than buildings, and equipment utilized for general governmental purposes, except those accounted for in proprietary funds. The General Long-Term Debt Account Group - used to account for all long-term debt except that accounted for in proprietary and special assessment funds. C. BASIS OF ACCOUNTING Basis of accounting refers to when revenues and expenditures and the related assets and liabilities are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurement made, regardless of the measurement focus. Measurement focus is the determination of what is measured, i.e. expenditures or expenses. Modified Accrual Basis - All governmental Funds and Expendable Trust Funds are accounted for using the modified accrual basis of accounting. Under this basis of accounting, revenues are recorded when measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Material revenues that are accrued include real property taxes, state and federal aid, sales tax and certain user charges. If expenditures are the prime factor for determining eligibility, revenues from federal and state grants are accrued when the expenditure is made. Expenditures are recorded when the fund liability is incurred except that: a. Expenditures for inventory-type items are recognized at the time of the disbursements. b. Principal and Interest on indebtedness are not recognized as an expenditure until due. c. Compensated absences, such as vacations and sick leave which vests or accumulates, are charged as an expenditure when paid. See Note I-J. d. Pension costs which are recognized as an expenditure when billed by the State. See note III-B{1). -33- Accrual Basis - Proprietary funds are accounted for on the accrual basis of accounting, whereby revenues are recognized when earned and expenses are recorded when incurred, Fixed assets and Iong-te~rn liabilities related to these activities are recorded within the funds. Account Groups - General fixed assets are recorded at actual or estimated cost or, in the case of gifts and contributions, at the fair market value at the time received. No provision for depreciation is made. General long-term debt liabilities are recorded at the par value of the principal amount. No liability is recorded for interest payable at maturity. D. PROPERTY TAXES County real property taxes are levied annually and become a lien on December 1. Taxes are collected during the period December 1 to May 31. Taxes for purposes apportioned to the area of the county 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 levied 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. E. BUDGETARY DATA 1, BUDGET POLICIES - 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 commencing the following fiscal year. The tentative budget includes proposed expenditures and the proposed means of financing for all funds. b. After public hearings are conducted to obtain taxpayer comments, no later than November 20, the governing board adopts the budget. c: All modifications of the budget must be approved by the governing board. 2. ENCUMBRANCES Encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of monies are recorded for budgetary control purposes to reserve that portion of the applic, able appropriations is employed in all funds. Encumbrances are reported as reservations of fund balances since they do not constitute expenditures or liabilities. Expenditures for such commitments are recorded in the period in which the liability is incurred. -3;4- 3. BUDGET BASIS OF ACCOUNTING Budgets are adopted annually on a basis consistent with generally accepted accounting principles. Appropriations authorized for the current year are increased by the amount of encumbrances carried forward from the prior year. Budgetary controls for the special revenue funds are established In accordance with the applicable grant agreement which covers a period other than the Towns fiscal year. Budgets have been adjusted to reflect the Town's fiscal year. F. CHANGES IN ACCOUNTING POLICIES There have been no changes in accounting policies. G. DEPARTURES FROM GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) There are no departures from generally accepted accounting principles (GAAP). H. Fixed assets purchased for general governmental purposes are recorded as expenditures in the governmental funds and are capitalized at costs (or estimated historical costs for assets purchased prior to 1978) in the General Fixed Assets Account Group. Contributed fixed assets are recorded at fair market value at the date received. Fixed assets consisting of certain infrastructure type 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 these assets. No depreciation has been provided on general fixed assets, nor has interest on general fixed asset construction in progress been capitalized. I. INSURANCE 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. J. VACATION AND SICK LEAVE AND COMPENSATORY ABSENCES 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. -35- Estimated vacation and sick leave and compensatory absences accumulated by governmental fund type employees have been recorded in the general long-term obligations account group. Payment of vacation and sick leave recorded in the general long-term obligations account group is dependent upon many factors, therefore, timing of future payments is not readily determinable. However, management believes that sufficient resources will be made available for the payments of vacation and sick leave and compensatory absences when such payment becomes due. K. POST RETIREMENT BENEFITS In addition to providing pension benefits, the Town provides health insurance coverage and survivor benefits for retired employees and their survivors. Substantially, all of the Townls employees may become eligible for these benefits if they reach normal retirement age while working for the Town. Health care benefits and survivors benefits are provided through either an insurance company or the Risk Retention Fund whose premiums are based on the benefits paid during the 'year. The Town recognizes the cost of providing benefits by recording its share of insurance premiums or the actual benefits paid from the Risk Retention Fund as an expenditure in the year paid. L. TOTAL COLUMNS ON THE GENERAL PURPOSE FINANCIAL STATEMENTS Total columns on the general purpose financial statements are captioned ~lMemorandum Only~ to indicate that they are presented only to facilitate financial analysis. Data 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. II. STEWARDSHIP, COMPLIANCE, ACCOUNTABILITY A. There are no material violations of finance-related provisions. Bo DEFICIT FUND BALANCES The Capital Projects Fund had a deficit fund balance at December 31, 1989. The factor which caused this deficit is as follows: Bond Anticipation Notes were issued to finance the various projects included in this fund; appropriations were not included in the 1989 budget for this portion of the notes since this portion of the notes is due in ensuing years. Appropriations have been included in the 1990 budget to redeem the portion of the notes due in 1990. Appropriations will be included in following yearst budgets to redeem the remainder of the notes issued to finance the projects. C. There are no overdrawn appropriations. -36- III.DETAIL NOTES ON ALL FUNDS AND ACCOUNT GROUPS A. ASSETS 1. CASH AND INVESTMENTS The Town investment policies are governed by state statutes. In addition, the Town has its own written investment policy. Town monies are deposited in FDIC insured commercial banks or trust companies located within the state. The Supervisor is authorized to use demand accounts and certificates of deposits. Permissible investments include obligations of the U.S. Treasury and U.S. Agencies, repurchase agreements, and obligations of New York or its Iocalitles. Collateral is required for demand deposits and certificates of deposit at 105 percent of all deposits not covered by federal deposit insurance. Obligations that may be pledged as collateral are obligations of the United States and its agencies and obligations of the State and its municipalities and school districts. The written investment policy requires that repurchase agreements be purchased from banks located within the state and that underlying securities must be obligations of the federal government. Underlying securities must have a market value of at least 10S percent of the cost of the repurchase agreement. Deposits at year-end were entirely covered by federal depository insurance or by collateral held by the Town's banking institutions in the Towns name. 2. CHANGES IN FIXED ASSETS Fixed assets increased from $9,8[~8,096 to $10,230,092 as shown on pages 89 and 90 {Fund type K). B. LIABILITIES 1. PENSION PLANS The Town participates in the New York Employees~ Retirement System and the New York State Pollcemen's and Firemen~s Retirement System. These are cost sharing multiple employer retirement systems. Obligations df 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 jointly and severally liable for any actuarial unfunded amounts. Such amounts are collected through annual billings to all participating -37- employers. Generally all employees, except certain pa~t-time employees, participate in the systems. The systems are noncontributory except for employees who joined the Employees~ Retirement System after July 27, 1976 who contribute 3% of their salary. Employee contributions are deducted by employer's from employee's paychecks and are sent currently to the Employees~ Retirement System. Nearly all Town of Southold employees are eligible for membership in the systems. Ail employees employed in a full-time position after June 30, 1976 are mandatory members. The total payroll for all employees of the Town of Southold for fiscal year 1989 was $5,935,963, of which $3,u,98,735 was attributable to the Employees~ Retirement System and $2,071,760, was attributable to the Policemen~s and Firemen~s Retirement System. Through 1988, the Systems billed all participating employers by May 31 each year. Billings were based on salaries paid during the System's fiscal year which which ended on March 31 of the previous calendar year, and in accordance with funding requirements determined by the System's actuaries. Employers were required to remit payment in full by June 30. In 1989 and future years, the System's billings are based on Chapter 62 of the Laws of 1989 of the State of New York. This legislation requires participating employers to begin making payments on a current basis, while amortizing existing unpaid amounts relating to the System's fiscal year ending March 31, 1988 and 1989 (which otherwise were to have been paid on June 30, 1989 and 1990, respectively) over a 17 year period, with an 8.75% interest factor added. The payment covering the System's fiscal year ending March 31, 1990 and the first amortization installment was paid December 15, 1989. December 15th will be the payment date for amounts due on each succeeding year~s liability and portion of the amortized amount. Any under or overpayment of the estimate paid for the System's fiscal year ending March 31, 1990 will be included in the succeeding December 15th payment. The total pension liability for services rendered by current employees of the Town of Southold during the current fiscal year includes $375,907 employers share and $83,970 paid by employees as a current contribution, representing 6.75% and 1.51%, respectively, of the covered salaries paid.. The total unpaid liability at the end of the fiscal year was $851,121, and is reported in the General Long-Term Debt Account Group. The Pension Benefit Obligation IPBO) of credited projected benefits is a standardized disclosure measure of the actuarial present v~lue of pension benefits, adjusted for the effects of projected salary increases estimated to be payable in the future as a result of employees service to date. The retirement systems do not make separate measurements for individual employers. -38- The PBO of credited projected benefits at March 31, 1989 for the Employee's Retirement System, determined through an actuarial valuation performed as of that date, is $27.6 billion. The net assets available to pay benefits at that date is $36.3 billion. The Town's employer contribution requirement was less than 1% of total contributions required of all employers participating in this system, The PBO of credited projected benefits at March 31, 1989 for the Policemen~s and Firemen's Retirement System determined through an actuarial valuation performed as of that date is $ 5.6 billion. The net assets available to pay benefits at that date is $6.0, billion. The Town's employer contribution requirement was less than 1% of total contributions required of all employers participating in this system. Historical trend information showing the progress in accumulating sufficient assets to pay benefits when due is presented in the Annual Financial Report of the two systems. Additional detailed information concerning the systems may also be found in the Report. 2. SHORT-TERM DEBT Liabilities for bond anticipation notes {BAN~s) are generally accounted for in the capital projects funds. Principal payments on BAN's must be made annually. State law requires that BAN's issued for capital purposes be converted to long-term obligations within five years after the original issue date. However, BAN~s issued for assessable improvement projects may be renewed for periods equivalent to the maximum llfe of the permanent financing, provided that stipulated annual reductions of principal are made. The following is an analysis of BAN~s outstanding at December 31, 1989: To Be Redeemed 1990 Interest Budget Description Amount Rate Appropriation Bonds Equipment-Sweeper 15,800 6.60 15,800 Equipment-Grinder 13,600 5.89 13,600 Equipment-Payloader 20, [100 6.00 20,0,00 Equipment-Telephone 12,00.0 5.9q 6,000 6,000 Building Repairs 16,000 6.08 8,000 8,000 Equipment-Compactor 105,000 6.50 35,000 70,000 Equipment-Scale 80,,000 6.2u, 28,000 56,000 Road Improvement 3,600 6.03 1,200 2, u,00 Equipment-Console 0,5,000 6.06 15,000 30,000 Pound Improvement 0,2,000 6.06 14,000 28,000 Equipment-Computer 135,000 6.01 0,5,000 90,000 Equipment-Computer 0,8,000 6.05 12,000 36,000 Equipment-Payloader 68,000 6.89 17,000 51,000 Highway Equipment 170,000 6.60 30,,000 136,000 Equipment-Scale 150,000 5.96 30,000 120,000 Equipment-Computer 160,000 6.00, 32,000 128,000 Totals $1,088.0,00 $327,000 $761.0,00 -39- 3. LONG-TERM DEBT a. At December 31, 1989, the total outstanding indebtedness of the Town, excluding the above BAN~s aggregated $u,,393,606. b. Serial Bonds - The Town borrows money in order to acquire land or equipment or construct buildings and improvements. This enables the cost of these capital assets to be borne by the present and future taxpayers receiving the benefit of the capital assets. These long term liabilities, which are full faith and credit debt of the local government, are recorded in the General Long-Term Debt Account Group. The provision to be made in future budgets for capital indebtedness represents the amount exclusive of interest, authorized to be collected In future years from taxpayers and others for liquidation of the long-term liabilities. c. Other Long-Term Debt - In addition to the above long-term debt the local government had the following noncurrent liabilities: 1. Due to Employees' Retirement System. Represents the noncurrent portion of the liability to the various state retirement systems. 2. Compensated Absences. Represents the value of earned and unused portion of the liability for compensated absences. d. Summary Long-Term Debt - The following is a summary of long-term liabilities outstanding at December 31, 1989 by fund type and account group: Liability Serial Bonds Total Bonds Unbilled Retirement Compensated Absences Total Long-Term Debt General-Long Term Debt Account Group $1,385,000 $1,385,000 851,121 2,157,485 $q.393,606 -40- e. The following is a summary of changes in the long term liabilities for the period ended December 31. 1989: Serial Bonds Unbilled Retirement Compensated Absences Payable at Beginning of Fiscal Year $1.455.000 $452.634 $1.694.155 Additions -0- Deletions 70,000 Payable at End of Fiscal Year $1,385.000 $851,121 $2.157.485 Additions and deletions to unbilled retirement and compensated absences are shown net since it is impracticable to determine these amounts separately. f. Long Term Debt Maturity Schedule - The following is a description of the serial bond with it's corresponding maturity schedule: Payable from: General Fund Description: Agriculture Development Rights Dated: October 1, 1984 Issue Amount: $1,662,500 Interest Rate: 9.1% Final Maturity Date: April 1, 2005 Balance as of December 31, 1989:$1,385,000 The following table summarizes the Town's future debt service requirement of the Serial Bond as of December 31, 1989: Year Ending Principal Interest 1990 75.000 122.623 1991 75.000 115,798 1992 75.000 108,973 1993 75,000 102,148 1994 75.000 95.323 1995-1999 425.000 362.863 2000-2004 485.000 158,568 2005 100,000 4,550 g. In addition to the debt shown above, the following long-term debt has been authorized but remains unissued at December 31. 1989. Payable from: General Fund Description: Open Space Acquisition Serial Bonds Authorized Amount: $1,750,000 -41- C. INTERFUND RECEIVABLES AND PAYABLES Interfund receivables and payables at December 31, 1989 were as follows: Interfund Interfund Fund Receivables Payables General Fund Whole Town General Fund Part Town Community Development Fund Highway Fund Whole Town Fire Protection District Capital Projects Trust and Agency Employee Health Benefit Plan West Greenport Water District 80,793 $ 55,275 168 8,721 278 9,791 566 2~,30q 57 30,7q~ 911 158 Total Interfund $105,888 $105,888 D. FUND EQUITY 1. RESERVES The capital projects fund equity include 18 capital reserve funds established for varying purposes. E. DEFERRED COMPENSATION PLAN No employees have elected to participate in a deferred compensation plan. F. LEASE COMMITMENTS AND LEASED ASSETS The Town leases several photocopy machines under operating leases, Total rental expenditure on this leased equipment for the fiscal year ended December 31, 1989 were approximately $7,000. VI. CONTINGENCIES The local government has received grants which are subject to audit by agehcles of the State and Federal Governments. Such audits may result in disallowances and a requqst for a return of funds to the federal and state governments. Based on past audits, the local government administration believes disallowances, if any, will be immaterial. -42-