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Home My WebLink About1981TS'IN OF SOUT'~OLD FI[I,q'~CIAL REPgRT 1/1/,BI - 12/31/B1 E. F. KALDOR, P. C. CERTIFIED PUBLIC ACCOUNTANT ~48 ROANOKE AVENUE May 14, 1982 Town Board Town of Southold Town ~all Southold, NY 11971 Dear Sirs: In accordance with your requests the books and financial re- cords of the Town of Southold have been examined for the year ended December 31, 1981. The examination was made in accordance with gen- erally accepted accounting standards, and accordingly included such tests of the ~ccounting records and other such procedures as were considered necessary in the circumstances. In our opinion, the accompanying Financial Statements present fairly the financial position of the Town of Southold and the re- sults of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consis- tent with that of the preceding year. Very truly yours, ELAINE F. KALDOR Certified Public Accountant EFK:cw Enc. TOWN OF SOUTHOLD AUDIT REPORT INDEX Comments General Fund - Town Wide Balance Sheet Statement of Revenues Statement of Expenditures Analys.is of Fund Balance Part Town Balance Sheet Statement of Revenues Statement of Expenditures Analysis of Fund ~alance Highway Funds - Balance Sheet ~Statement of Revenues & Expenditures ,Anal~sis of Fund Balances Federal Revenue Fund - Balance Sheet Statement of Revenues & Expenditures '" Analysis of Fund Balance D~bt Se?vice Fund - Balanc'e Sheet Statement of Revenues & Expenditures & -.~ ' Analysis of Fund Balance Bayview Terrace Road Improvement - Balance' Sheet ' Stateme. nt of Revenue & Expenditures & Anqlysis or,Fund Balance Capital ProJeci's - Balance Sheet Statement of Revenue & Expenditures & Analysis of Fund Balance Community Development Fund - Balance Sheet Statement of Revenue & Expenditures & Analysis of Fund Balance Trust ~Agency - Balance Sheet & Analysis of Cash General Fixed Assets -Balance Sheet Town Clerk's Office - Bank Reconciliations Tax Receiver. Reconciliation 'of Funds Justices of the Peace - Bank Recohciliations Fisher's Island Ferry District Page Number 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 27 28 29 30 TOWN OF S~UTHOLD NOTES TO FINANCIAL STATErqENTS Records of all Fixed Assets of the Town of Southold are maintained by the American Appraisal Company. During the year, each department submits a list of additions and deletions to the Town Clerk which are forwarded to the American Appraisal Comi~any for the updating of records. A five year Bond Anticipation Note in the amount of $8,000.00 was obtained in 1980 for Bayview Terrace. The Bond will be repaid by property owners on a tax assessment basis. At December 31, 1981, there was $4,800.00 outstanding on the note. 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 $40,000.00. $20,000 was paid both in 1980 and 1981, leaving no balance due. It is noted that the Bond for the Receiver of Taxes is in the a- mount of '$100,000.00.. It is suggested that this Bond be increased to cover 'the Tax Warrant, Which averages $15,000,000.00. 5. General Fund Whole Town Revenues exceeded Budgeted Estimates by $189,612.00 mainly due to increased State Aid of $43,885.00, Earned Interest of $38,484.00, Departmental Income of $15,355, and Sales of P?operty of $66,152.00. Disbursements were less than Budgeted Estimates by $23,152,00 which was mainly in General Government Support.of $10~190.00 and Employee Benefits of $1.3,.382.00.~ 6. General Fund Part Town Revenues exceeded Budgeted Estimates by $133~883.00 principally due to Earned Interest of $84,002.00 and Departmental Income of $24,777.00. Disbursements were less than Budgeted Estimates by $66,024.00, mainly due to Public Safety of $16,696.00, Employee Benefits of $26,092.00 and General Government Support of $20,734.00. TOWN OF 'SOUTHOLD GENERAL FUND - BALANCE SHEET - TOWN WIDE DECEMBER 3!, 1981 ASSETS Cash Cash in Time Deposits Due from Other Funds Due.from Other Governments TOTAL ASSETS $ 361.04 172,543.27 9,299.50 7,977.80 LIABILITIES AND FUND BALANCE LIABILITIES TOTAL LIABILITIES FUND BALANCE Appropriated - Ensuing Year's Budget Unappropriated TOTAL FUND BALANCE TOTAL LIABILITIES & FUND BALANCE $ 95,000.00 95,181.61 $190,181.61 190,181.61 $190,181.6! TOWN OF SOUTHOLD GENERAL FUND - STATEMENT OF REVENUES - TOWN WIDE 1981 Real Property Taxes Interest & Penalty Departmental Income Town Clerk Fees Park & Recreation Charges Office Rental Program for Aging Use of Money & Property Interest & Earning Commissions Equipment Rental Licenses & Permits Bingo Licenses Dog Licenses Other Permits Fines & Forfeitures Sale of Property & Loss Compensation Sale of Materials Miscellaneous Refunds CETA - Title VI Donations Division of Youth State Aid Per Capita Mortgage Tax Youth Projects Shellfish Recreation for Elderly TOTAL REVENUES $ 1,406.52 10,650.00 960.00 14,998.!2 $ 82,662.52 251.44 620.00 $ 2,996.14 17,231.18 6,296.49 $ 6,610.23 ,189.57 11,500.00 3,047.51 $128,515.00 124,414.77 6,335.8O 2,000.00 2,119.50 $ 909,856.00 1!,230.24 28,014.64 83,533.96 26,523.81 14,675.25 74,252.01 21,347.31 263,385.07 $1,432,818.29 - 3¸ = TOWN OF SOUTHOLD GENERAL FUND - ANALYSIS OF FUND BALANCE Opening Fund Balance January 1, 1981 Add: Revenues Less: Expenditures Fund Balance December 31, 1981 $ 128,267.24 1,432,818.29 $1,561,085.53 1,370,903.92 $ 190,181.61 ASSETS Cash Cash in Time Deposits TOTAL ASSETS T~N OF SOUTHOLD GENERAL FUND - BALANCE SHEET - PART TOWN DECEMBER 31, 1981 $ 185.53 222,573.17 $222,758.70 LIABILITIES AND FUND BALANCE LIABILITIES TOTAL LIABILITIES FUND BALANCE Appropriated - Ensuing Year's Budget Unappropriated TOTAL FUND BALANCE TOTAL LIABILITIES AND FUND BALANCE $135,000.00 87,758.70 _0~ $222,758.70 $222,758.7O -6- TOWN OF SOUTHOLD GENERAL FUND - STATEMENT OF REVENUES - PART TOWN lgS1 Real Property Taxes Special Assessment Departmental Income Police Fees Health Fees Zoning' Fees Planning Boamd Fees Use of Money Interest & Earnings Sale of Materials Permits M~scellaneous Refunds Unclassified Use of Police Radio' Insurance Recoveries Cable Franchise State Aid Per Capita · Navigational Aid TOTAL REVENUES $ 498.65 1,739.00 27,633.90 30,405.00 141,298.24 1,878.98 1,075.00 $ 1,659.63 8,186.62 21,000.00 3,552.64 12,968.00 $ 63,256.00 424.O0 $1,449,955.00 1,557.42 60,276.55 144,252.22 47,366.89 63,680.00 $1,767,088.08 TOWN OF SOUTHOLD GENERAL FUND - ANALYSIS OF FUND BALANCE lgs1 Opening Fund Balance January 1, 1981 Add: Revenues Less: Expenditures Fund Balance December 21, 1981 $ 79,550.81 1,767.088.08 $1,846,638.89 1,623,880.19 $ 222,758.70 TOWN OF SOUTHOLD HIGHWAY FUND - BALANCE SHEET DECEMBER 31~ 1981 'ASSETS Cash Cash in Time Deposits TOTAL ASSETS $ 90.19 228,971.42 $229,061.61 LIABILITIES AND FUND BALANCE LIABILITIES TOTAL LIABILITIES FUND'BALANCE Appropriated .- Ensuing Year's Budget Unappropriated TOTAL FUND'BALANCE TOTAL LIABILITIES'AND FUND ~ALANCE $i37,518.44 91,543.17 $229,061.61 $229,061.61 TOWN OF 'SOUTHLD FEDERAL REVENUE FUND - BALANCE SHEET DECEMBER 31, 1981 ASSETS Cash Cash in Time Deposits TOTALASSET~ LIABILITIES AND FUND BALANCE LIABILITIES TOTAL LIABILITIES FUND BALANCE Appropriated . Ensuing Y~ar's Budget Unappropriated TOTAL FUND BALANCE TOTAL LIABILITIES AND FUND BALANCE $ 1.40 23,482.08 $14,000.00 9,483.48 $23,483.48 $23,483.48 $23,483.48 - 13- C) 0 0 - 14 - TOWN OF SOUTHOLD FEDERAL REVENUE FUND - ANALYSIS OF FUND BALANCE 1981 Opening Fund Balance January 1, 1981 Add: Revenues Less: Expenditures Total Before Adjustments $ 64,000.00 146,770.50 $210,770.50 292,607.74 $(81,837.24) Adjustments: Add: 1980 Encumbrances Fund Balance'December 31, 1981 $105,320.72 $ 23,483.48 ASSETS Cash TOTAL ASSETS TOWN OF SOUTHOLD DEBT SERVICE FUND - BALANCE SHEET DECEMBER 31, 1981 -0- LIABILITIES AND FUND BALANCE TOTAL LIABILITIES $ FUND BALANCE TOTAL FUND BALANCE TOTAL LIABILITIES AND FUND BALANCE -0- $ -0- $ -o- TOWN OF SOUTHOLD DEBT SERVICE FUND - STATEMENT OF REVENUES 1981 Interfund Transfers Total Revenues $10,794.89 $10,794.89 STATEMENT OF EXPENDITURES 1981 Bond Anticipation Note Total $10,797.81 Principal $10,000.00 ANALYSIS OF FUND BALANCE 1981 Opening Fund Balance January 1, 1981 Add: Revenues L~ss: Expenditures Fund Balance DeCember 3!~ 1981 Interest $ 797.81 $ 2.92 10,794.89 10,797.81 10,797.81 $ -0- TOWN OF S~UTHOLD BAYSIDE TERRACE ROAD IMPROVEMENT - BALANCE SHEET DECEMBER 31, 1981 ASSETS Assessments Receivable $5,167.20 LIABILITIES AND FUND BALANCE LIABILITIES Interest Payable Bond Anticipation Notes Payable TOTAL LIABIliTIES TOTAL FUND BALANCE $ 367.20 4,800.00 $5,167.20 TOTAL L)A~ILITIES AND 'FUND BALANCE $5,167.20 TOWN OF SOUTHOLD BAYSIDE TERRACE ROAD IMPROVEMENT - STATEMENT OF REVENUES 1981 Special Assessments $2,176.00 BAYSIDE TERRACE ROAD IMPROVEMENT - STATEMENT OF EXPENDITURES 1981 Bond Anticipation Notes - Interest - Principal $ 576.00 1,600.00 Total Expenditures $2,176.00 BAYSIDE TERRACE ROAD IMPROVEMENT - ANALYSIS OF FUND BALANCE 1981 Fund Balance January 1, 1980 Add: Revenues Cess: Expenditures Fund Balance December 3!, 1981 2,176.00 $2,176.00 2,176.00 $ -0- TOWN OF SOUTHOLD CAPITAL PROJECTS - BALANCE SHEET DECEMBER 31, 1981 ASSETS Cash Cash in Time Deposits Deposits with Other Governments TOTAL ASSETS $ 1.20 444.83 1,250.00 $ 1,696.03 LIABILITIES AND FUND BALANCE LIABILITIES Bond Anticipation Notes TOTAL LIABILITIES FUND BALANCE Unreserved TOTAL LIABILITIES AND FUND BALANCE $);)5,000~.00 $1)5,000.00 ($133,303.97) $ 1,696.03 - 20 - TOWN OF SOUTHOLD CAPITAL PROJECTS STATEMENT OF REVENUES AND EXPENDITURES 1982 Revenues Interfund Transfers $ 58,801.69 Expenditures Highway Equipment $121,779.10 CAPITAL PROJECTS ANALYSIS OF FUND BALANCE Fund Balance January 1, 1981 Add: Revenues Less: Expenditures Fund Balance December 31, 1981 $(70,326.56) 58,801.69 (11,524.87) 121,779.10 ($133,303.97) TOWN OF SOUTHOLD COMMUNITY DEVELOPMENT FUND - BALANCE SHEET DECEMBER 31, 1981 ASSETS Cash TOTAL ASSETS $656.52 $656.52 LIABILITIES & FUND BALANCES TOTAL LIABILITIES FUND BALANCES Appropriated - Ensuing Year's Budget TOTAL FUND BALANCES TOTAL LIABILITIES & FUND BALANCES $656.52 656.52 $656.52 - 22 - TOWN OF SOUTHOLD COMMUNITY DEVELOPMENT FUND - STATEMENT OF REVENUES 1981 REVENUES Federal Aid Bid Specifications TOTAL REVENUES $9,500.00 25.00 $9,525.00 COMMUNITY DEVELOPMENT FUND STATEMENT OF EXPENDITURES 1981 Elderly & Handicapped Admi-nistration TOTAL EXPENDITURES Personal Total Services $ 7,395.62 3,.462.10 3,462.10 $10,857.72 $3,462.10 COMMUNITY DEVELOPMENT FUND ' ANALYSIS OF FUND BALANCE Fund Balance January 1, 198! Add: Receipts Less: Expenditures Fund"Balance December 31, 1981 Equipment & Capital Outlay $7,395.62 $7,395.62 $ 1,989.24 9,525.00 $11,514.24 10,857.72 $ 656.52 - 24 - TOWN OF SOUTHOLD GENERAL FIXED ASSETS - BALANCE SHEET DECEMBER 31, 1981 ASSETS Land Buildings . Machinery & Equipment $ 285,995.00 1,458,440.76 2.294.814.23 TOgAL ASSETS $4,039,249.99 INVESTMENT IN GENERAL FIXED ASSETS Bonds & Notes Current AppropriatiQns State Aid Federal Aid .Gifts ~ Prior Appropriation' TOTAL INVESTMENT IN GENERAL FIXED ASSETS. $1,367,200.00 96,025.33 23,750.00 940,485.89 1,611,788.77 $4,039,249.99 , 0 TOWN OF SOUTHOLD TOWN CLERK'S OFFICE - BANK RECONCILIATION DECEMBER 31, 1981 Town Clerk - J. T. Terr~ Bank Balance 12/31/81 Deposit in Transit $6,191.66 3tl.60 Outstanding Checks Ledger Balance 12/31/81 $6,5O3.26 6,503.26 $ -O~ Town Trustee - Marian Goubeaud Bank Balance 12/31/81 Deposit in Transit Due to Supervisor Building Inspector - G. Fisher Bank Balance ~ Deposit in Transit Ledger Balance - Due to Supervisor 12/31/81 $2',048.24 118.00 $ 685.10 25.00 $ 710.10 $ 710.10 $2,166.24 $2,166.24 TOWN OF SOUTHOLD TAX RECEIVER RECONCILIATION OF FUNDS FOR TAX YEAR 1980 - lg81 Taxes per Warrant Adjustments TOTA~ $15,774,712.63 4,381.30 $15,779,093.93 Paid to Town Supervisor Paid to County Treasurer Transferred to County TOTAL $14,333,050.56 857,985.89 588,057.48 $15,779,093.93 TAX YEAR 198~ - 1982 Ledger Balance 12/31/81 Add: Unrecorded Interest Bank Balance $ 2,369,219.35 779.44 $ 2,369,998.79 TOWN OF SOUTHOLD JUSTICES OF THE PEACE - BANK RECONCILIATIONS DECEMBER 31, 1981 Judge F. Tedeschi Bank Balance 12/31/81 Less: Outstanding Checks $1,555.00 200.00 JudgUs.Ledger -Due to NYS Comptroller $ 810.00 - Bail Money 545.00 $1,355.00 $1,355.00 Justice Francis Doyan Bank Balance 12/31/81 $ 50.00 Justice's Ledger - Due to NYS Comptroller $ 50.00 Note: Fines collected in September 1981 in the amount of $50.00 were not submitted to NYS Comptroller until February 1982. It is hoped that the new Justice will remit fines to the Comptroller in a more timely fashion. Justice James F. Rich, Jr. Bank Balance 12/31/81 Less: Outstanding Checks Justice, s Ledger $1,736.00 $1,736.00 _0= O0 OC) 0 CD 0