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Home My WebLink About1980TOWN OF SOUTHOLD AUDIT REPORT DECEMBER 31, 1980 E. F, KALDOR. P. C. CERTIFIED PUBLIC ACCOUNTANT APR 2 9 1981 April 22, 1981 Town Board Town of Southold Town Hall Southold, NY 11971 Dear Sirs: In accordance with your request, the books and finanacial records of the Town of Southold have been examined for the year ended December 31, 1980. The examination was made in accordance with generally accepted accounting standards, and accordingly included such tests of the accounting records and other such precedures as was considered necessary in the circumstances. In our opinion, the accompanying Financial Statements present fairly the financial position of the Town of Southold and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Very truly yours, ELAINE F. KALDOR Certified Public Accountant EFK:caj TOWN OF SOUTHOLD AUDIT REPORT INDEX Page Number Comments 1 General Fund - Town Wide Balance Sheet Statement of Revenues Statement of Expenditures Analysis of Fund Balance Part Town Balance Sheet Statement of Revenues Statement of Expenditures Analysis of Fund Balance Highway Funds - Balance Sheet Statement of Revenues & Expenditures Analysis of Fund Balances Federal Revenue Fund - Balance Sheet Statement of Revenue &~Expenditures Analysis of Fund Balance Debt Service Fund - Balance Sheet Statement of Revenues & Expenditures, Analysis of Fund Balance Bayview Terrace Road Improvement - Balance Sheet Statement of Revenue & Expenditures, Analysis of Fund Balance Land Fill Equipment - Balance Sheet Statement of Revenue & Expenditures, & Analysis of Fund Balance Trust & Agency - Balance Sheet & Analysis of Cash General Fixed Assets - Balance Sheet 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 lg 20 21 22 23 Schedule of Indebtedness 24 Town Clerk's Office - Bank Reconciliations 25 Tax Receiver - Reconciliation of Funds 26 Justices of the Peace - Bank Reconciliations 27 Fisher's Island Ferry District 28 TOWN OF SOUTHOLD NOTES TO FINANCIAL STATEMENTS Records of all Fixed Assets of the Town of Southold are maintained by the General Appraisal Co. During the year, each department submits a list of additions and deletions to the Town Clerk which are forwarded, to the General Appraisal Co. for the updating of records. A bond Anticipation Note has been obtained in the amount of $8,000 for Bayview Terrace, payable in the amount of $1,600 per year for five years at a variable interest rate. The bond will be repaid by property owners on a tax assessment basis. In 1979.a contract was entered into between the Town of Southold and the Village of Greenport, in which the Village turned over its share of excess year II Community Development funds to the Town in the amount of $40,000. In 1980, $20,000 was repaid to the Village, leaving a balance owing of $20,000. General Fund Whole Town Revenues exceeded Budgeted Estimates by $51,557 mainly due to increased State Aid of $6,513, Earned Interest of $29,719, Departmental Income of $8,950, and Licenses and Permits of $8,771. Disbursements were less than Budgeted Estimates by $41,140 which was mainly in General Government Support of $13,232, Culture & Recreation of $8,630, and Home and Community Services of $8,116., General Fund Part Town Revenues exceeded Budgeted Estimates by $51,497 principally due to Earned Interest of $53,204. Disbursements were less than Budgeted Estimates by $25,108, mainly due to Public Safety of $16,692. Highway Department Revenues were $56,616 over Budgeted Estimate, which arose from Earned Interest of $49,887, and Equipment Repairs of $6,977. Expenditures were less than Budgeted Estimate by $120,245 which arose in part as follows: Repairs & Improvement of $36,718, Snow & Miscellaneous of $30,742, and Employee Benefits fo $27,401. In order to properly account for the various grants programs undertaken by the town, individual record keeping systems have been set up for each program to satisfy the auditing requirements of each funding source. TOWN OF SOUTHOLD GENERAL FUND - BALANCE SHEET - TOWN WIDE DECEMBER 31, lg80 ASSETS Cash Cash in Time Deposits Due from Other Funds Due from State & Federal Due from Other Governments TOTAL ASSETS $ 422.84 115,461.93 3,222.10 5,162.00 3,998.37 $128,267.24 LIABILITIES AND FUND BALANCE LIABILITIES TOTAL LIABILITIES FUND BALANCE Appropriated - Ensuing Year's Budget Unappropriated TOTAL FUND BALANCE TOTAL LIABILITIES & FUND BALANCE $110,000.00 18,267.24 _0= 128,267.24 $128,267.24 TOWN OF SOUTHOLD GENERAL FUND - STATEMENt OF REVENUES - TOWN WIDE 1980 Real Property Taxes Interest & Penalty Departmental Income Town Clerk Fees Park & Recreation Charges Recreation Concessions Dog Control Fees Program for Aging Use of Money & Property Interest & Earning Commissions Equipment Rental Licenses & Permits Bingo Licenses Dog Licenses Other Permits Fines & Forfeited Bail Sale of Property & Loss Compensation Sale of Materials Mis6ellaneous Refunds CETA - Title VI Other State Aid Per Capita' Mortgage Tax Division of Youth Shellfish Total Revenues $ 801.00 10,620.00 500.00 2,232.00 4,t97.26 $ 58,968.77 129.75 645.00 $ 2,847.40 15,487.64 5,185.80 $ 500.00 2,891.06 299.45 $128,515.00 80,111.91 10,887.00 2,000.00 $ 814,681.00 8,700.93 18,350.26 59,743.52 23,520.84 11,606.50 8,505.75 3,690.51 221,513.91 $1,170,313.22 TOWN OF SOUTHOLD GENERAL FUND - ANALYSIS OF FUND BALANCE 1980 Opening Fund Balance 1/1/80 Add: Revenues Less: Expenditures Total Before Adjustments Add: Due from other Governments Less: Federal & State Aid Claims Fund Balance 12/31/80 $ 167,099.95 1,170,313.22 $1,337,413.17 1,214,533.50 $ 122,879.67 12,382.47 (6,994.90) $ 128,267.24 TOWN OF SOUTHOLD GENERAL FUND - BALANCE SHEET - PART TOWN DECEMBER 31, 1980 ASSETS Cash Cash in Time Deposits Due from Other Governments TOTAL ASSETS $ 902.13 76,678.68 1,970.00 LIABILITIES AND FUND BALANCE LIABILITIES TOTAL LIABILITIES FUND BALANCE Appropriated - Ensuing Year's Budget Unappropriated TOTAL FUND BALANCE TOTAL LIABILITIES AND FUND BALANCE $20,000.00 59,550.81 $79,550.81 $79~550.81 $79,550.81 TOWN OF SOUTHOLD GENERAL FUND - STATEMENT OF REVENUES - PART TOWN 1980 Real Property Taxes Departmental Income Police Fees Health Fees Zoning Fees Planning Board Fees Use of Money - Interest Miscellaneous Refunds Permits Use of Police Radio Insurance Recoveries Cable Franchise State Aid Per Capita Navigational Aid Total Revenues $ 524.75 1,152.00 25,593.08 2,465.00 $ 1,505.38 635.00 7,000.00 500.00 9,491.18 $63,255.00 407.00 $1,341,671.00 29,734.83 82,568.59 19,131.56 63,662.00 $1,536,767.98 TOWN OF SOUTHOLD GENERAL FUND - ANALYSIS OF FUND BALANCE 1980 Opening Fund Balance 1/1/80 Add: Revenues Less: Expenditures Total Before Adjustments Add: Due from other Governments Fund Balance 12/31/80 $ 8,425.81 1,536,767.98 $1,545,193.79 1,467,612.98 $ 77,580.81 1,970.00 $ 79,550.81 TOWN OF SOUTHOLD HIGHWAY FUND - BALANCE SHEET DECEMBER 31, 1980 ASSETS Cash Cash in Time Deposits Due from Other Governments TOTAL ASSETS $ 1,884.94 284,294.45 3,030.00 LIABILITIES AND FUND BALANCE LIABILITIES TOTAL LIABILITIES FUND BALANCE Reserve for Encumbrances Appropriated - Ensuing Year's Budget Unappropriated TOTAL FUND BALANCE TOTAL LIABILITIES AND FUND BALANCE $ 1'2,024.05 162,518.44 114,666.90 $289,209,39 -0- $289,209.39 $289,209.39 -10- 0 0 0 0 ~ E N TOWN OF SOUTHOLD FEDERAL REVENUE FUND - BALANCE SHEET DECEMBER 31, 1980 ASSETS Cash Cash in Time Deposits TOTAL ASSETS $ 12.47 169,308.25 $169,320.72 LIABILITIES AND FUND BALANCE LIABILITIES TOTAL LIABILITIES FUND BALANCE Reserve for Encumbrances Appropriated - Ensuing Year's Budget TOTAL FUND BALANCE TOTAL LIABILITIES AND FUND BALANCE $105,320.72 64,000.00 -0- $169,320.72 $169,320.72 0 0 0 CD N TOWN OF SOUTHOLD FEDERAL REVENUE FUND - ANALYSIS OF FUND BALANCE 1980 Opening Fund Balance 1/1/80 Add: Revenues. Less: Expenditures Total Before Adjustments Adjustments: Add: 1979 Encumbrances $ 4,653.29 Less: lg80 Encumbrances 105,320.72 Net Adjustment Fund Balance 12/31/80 $ 81,764.36 140,419.78 $222,184.14 57,516.71 $164,667.43 (100,667.43) $ 64,000.00 TOWN OF SOUTHOLD DEBT SERVICE FUND - BALANCE SHEET DECEMBER 31, 1980 ASSETS Cash TOTAL ASSETS · $2~92 LIABILITIES AND FUND BALANCE TOTAL LIABILITIES FUND BALANCE Reserved For Bonded Debt TOTAL FUND BALANCE TOTAL LIABILITIES AND FUND BALANCE $2.92 $2.92 $2.92 $2.92 TOWN OF SOUTHOLD DEBT SERVICE FUND - STATEMENT OF REVENUES 1980 Real Property Taxes Miscellaneous Total Revenues Bond Anticipation Note STATEMENT OF EXPENDITURES 1980 $11,050.00 2.92 $11,052.92 Total Principal Interest $11,0--~-~0'.00 $10,000.00 $' 1,050.00 ANALYSIS OF FUND BALANCE 1980 Opening Fund Balance 1/1/80 Add: Revenues Less: Expenditures Fund Balance 12/31/80 _Om 11,052.92 $11,052.92 11,050.00 $ 2.92 TOWN OF SOUTHOLD BAYSIDE TERRACE ROAD IMPROVEMENT - BALANCE SHEET DECEMBER 31, 1980 ASSETS Assessments Receivable, Deferred LIABILITIES AND FUND BALANCE LIABILITIES Interest Payable Bond Anticipation Notes Payable TOTAL LIABILITIES TOTAL FUND BALANCE $ 576.00 6,400.00 $6,976.00 $6,976.00 TOTAL LIABILITIES AND FUND BALANCE $6,976.00 TOWN OF SOUTHOLD BAYSIDE TERRACE ROAD IMPROVEMENT - STATEMENT OF REVENUES 1980 Special Assessments $2,028.00 BAYSIDE TERRACE ROAD IMPROVEMENT - STATEMENT OF EXPENDITURES 1980 Bond Anticipation Notes - Interest - Principal Total Expenditures $ 428.00 1,600.00 $2,028.00 BAYSIDE TERRACE ROAD IMPROVEMENT - ANALYSIS OF FUND BALANCE 1980 Fund Balance 1/1/80 -O- Add: Revenues $2,028.00 $2,028.00 Less: Expenditures 2,028.00 Fund Balance 12/31/80 $ -0- TOWN OF SOUTHOLD CAPITAL PROJECTS - LANDFILL EQUIPMENT - BALANCE SHEET DECEMBER 31, 1980 ASSETS Cash ' Cash in Time Deposits Deposits with Other Governments TOTAL ASSETS $ 1.20 422.24 1,250.00 LIABILITIES AND FUND BALANCE LIABILITIES Bond Anticipation Notes TOTAL LIABILITIES FUND BALANCE Unreserved TOTAL LIABILITIES AND FUND BALANCE $72,000.00 $ 1,673.44 $72,000.00 {70,326.56) $ 1,673.44 TOWN OF SOUTHOLD CAPITAL PROJECTS - LAND FILL EQUIPMENT STATEMENT OF REVENUES AND EXPENDITURES 1980 Revenues Interest State Aid Total Revenues $ 401.24 23,75O.O0 $24,151.24 Expenditures Refuse and Garbage $94,477.80 CAPITAL PROJECTS - LAND FILL EQUIPMENT ANALYSIS OF FUND BALANCE Fund Balance 1/1/80 Add: Revenues Less: Expenditures Fund Balance 12/31/80 -0- $24,151.24 $24,151.24 94,477.80 ($70,326.56) -22- TOWN OF SOUTHOLD GENEPAL FIXED ASSETS - BALANCE SHEET DECEMBER 31, 1980 ASSETS Land Buildings Machinery & Equipment TOTAL ASSETS $ 270,745.00 1,458,440.76 2,106,516.41 $3,835,702.17 INVESTMENT IN GENEP~AL FIXED ASSETS Bonds & Notes Current Appropriations Federal Aid Gifts & Prior Appropriation TOTAL INVESTMENT IN GENEPAL FIXED ASSETS $1,295,200.00 46,581.40 882,132.00 1,611,788.77 $3,835,702.17 oo~: ~° TOWN OF SOUTHOLD TOWN CLERK'S OFFICE - BANK RECONCILIATION DECEMBER 31, 1980 Town Clerk - J. T. Terry Bank Balance 12/31/80 Deposit in Transit $18,307.88 265.73 Outstanding Checks Ledger Balance 12/31/80 Town Trustee - M. Brush Bank Balance 12/31/80 Ledger Balance 12/31/80 Buildinq Inspector - J. Fisher Bank Balance 12/31/80 Ledger Balance 12/31/80 $18,573.61 18,573.61 $ -0- _0~ $ 1,851.90 $ 1,851.90 TOWN OF SOUTHOLD TAX RECEIVER RECONCILIATION OF FUNDS FOR TAX YEAR t979 - 1980 Taxes per Warrant Adjustments Total $14,767,822.05 7,429.86 $14,775,251.91 Paid to Town Supervisor Paid to County Treasurer Transferred to County Total $13,258,158.00 1,007,620.96 509,472.95 ~14,775,251.91 TAX YEAR 1980 - 1981 Bank Balance 12/31/80 Add: Unrecorded Interest Adjusted Ledger Balance $ 580,019.27 770.54 $ 580,789.81 TOWN OF SOUTHOLD JUSTICES OF THE PEACE - BANK RECONCILIATIONS DECEMBER 31, 1980 Judge F. Tedeschi Bank Balance 12/3!/80 Judges Ledger - Bail Money - Due to NYS Comptroller $2,150.00 988.00 $3,138.00 $3,138.00 Justice Francis Doyan Bank Balance 12/31/80 Justice's Ledger Justice James F. Rich, Jr. Bank Balance 12/31/80 Deposit in Transit Less: Outstanding Checks Justice's Ledger - Bail Money - Fines - Certified Mail - Due NYS Comptroller $4,395.40 264.00 $4,659.40 125.00 $4,125.00 50.00 10.40 349.00 $4,534.40 $4,534.40