HomeMy WebLinkAbout1992TOWN OF SOUTHOLD
AUDIT REPORT
DECEMBER 31, 1992
ELAINE F', KALDOR
REPORT ON COMPLIANCE AT THE GENERAL PURPOSE
FINANCIAL STATEMENT LEVEL
May 12, 1993
Town Board
Town of Southold
53095 Main Road
Southold, NY 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, 1992 and have issued our report thereon dated May 12, 1993.
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 generally accepted auditing standards, Government
Auditin~ Standards, issued by the Comptroller General of the United States and the provisions
of Office of Management and Budget Circular A-128, "Audits of State and Local
Governments". Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatements
including misstatement resulting from noncompliance with laws and regulations. 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.
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 th~ transactions ancl 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 statcments. Our testing was more
limited than would be aecessary to express an opinion on whether the ]'own of Southold
complied, in all material respects, 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,
Elaine F. Kaldor
Certilied Public Accountant
EFK:CS
£LAIN£ ~. KALDOR
REPORT ON COMPLIANCE AT THE FEDERAL FINANCIAL ASSISTANCE
PROGRAM LEVEL
May 12, 1993
Town Board
Town of Southold
53095 Main Road
Southold, NY 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, 1992 and have issued our report thereon dated May 12, 1993.
We have applied procedures to test Town of Southold, New York's compliance with the
following requirements applicable to its federal financial assistance programs, which are
identified in the Schedule of Federal Financial Assistance, for the year ended December 31,
1992.
I. Political Activity
We tested the expenditures and related records of personnel, payroll and their costs, and
found no indication of lobbying activities, publications and other materials which were
intended to influence legislation or charged directly or indirectly, to federal assisted
programs.
II. Davis-Bacon Act
During 1992 there were no construction activities subject to Davis-Bacon regulations.
III. Civil Rights
The Town has a formal policy of non-discrimination and all advertisements specifically
address that issue. The Town does not employ 15 or more persons in any federal
financially assisted program. Contract agreements contain prohibitions against
discrimination on the basis of race, sex or religion. No complaints have come to our
atter~tion with regard to discrimination in federal financially assisted programs. Facilities
financed by federal funds are located in a nondiscriminatory manner. Letters from the
Town's attorney do oot indicate that there are any civil rights suits being adjudicated or
pending.
.~V. Cash Management
The Town's forecasting process was evaluated and deemed to be accurate. The Town's
system for requesting federal funds were reviewed and evaluated to keep federal cash
disbursements limited to the Town's immediate needs, Dates disbursements limited to
the Town's immediate needs. Dates and amounts for advances and drawdowns were
compared to the dates funds were disbursed. The size of the bank balances were
evaluated and deemed to be sp. tisfactory to the programs' needs.
V. Relocation Assistance and Real Property Acquisition
Relocation assistance is not applicable to the Town's federal finandially assisted
programs. The Town is not administering a federal or federally assisted program
involving the acquisition of property or the displacement of households.
Federal Financial Reports
The Town's procedures for preparing Federal financial reports were evaluated for
accuracy. Federal financial reports were evaluated for completeness and timeliness of
submission. We vouched and tested the data to the supporting documentation for
completeness and accuracy.
Our procedures were limited to the applicable procedures described in the Office of
Management and Budget's "Compliance Supplement for Single Audits of State and Local
Governments". Our procedures were substantially less in scope than an audit, the objective of
which is the expression of an opinion on Town of Southold, New York's compliance with the
requirements listed in the preceding paragraph. Accordingly, we do not express such an
opinion.
With respect to the items tested, the results of those procedures disclosed no material instances
of noncompliance with the requirements listed in the second paragraph of this report. With
respect to items not tested, nothing came to our attention that caused us to believe that Town
of Southold, New York, has not complied, in all material respects, with those requirements.
This report is intended for the intbrmation of the audit committee, management, and Town of
Southold. However, this report is a matter of public record and its distribution is not limited.
Respectfully submitted.
Elaine F. Kaldor
Certified Public Accountant
Town Board
Town of Southold
53095 Main Road
Southold, NY 11971
Members of the Board:
ELAINE F. KALDOR
May 12, 1993
INDEPENDENT AUDITORS' REPORT
RECENED
JUL 9 19§3
South?l~ T ...... ('l.r~
We have audited the accompanying general purpose financial statements of the Town
of Southold, as of and for the year ended December 31, 1992. These general
purpose financial statements are the responsibility of the Town of Southold'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 standards,
Government Auditinq Standards, issued by the Comptroller General of the United
States, and the provisions of Office of Management and Budget Circular A-128,
Audits of State and Local Governments. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the general
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 general purpose financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the general purpose financial statements referred to in the first
paragraph present fairly, in all material respects, the financial position of the
Town of Southold as of December 31, 1992, and the results of its operations and
changes in fund balances for the year then 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. 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,
Elaine F. Kaldor
Certified Public Accountant
ELAINE F, KALDOR
May 12, 1993
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL
STRUCTURE BASED ON AN AUDIT OF GENERAL PURPOSE OR
BASIC FINANCIAL STATEMENT PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
Town Board
the Town of Southold
53095 Main Road
Southold, NY 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, 1992, and have issued our report
thereon dated May 12, 1993.
We conducted our audit in accordance with generally accepted auditing standards,
Government Auditing Standards, issued by the Comptroller General of the United
States, and the provisions of Office of Management and Budget Circular A-128,
"Audits of State and Local Governments." Those standards and OMB Circular A-128
require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material
misstatement.
In planning and performing our audit of the general purpose financial statements
of the Town of Southold, for the year ended December 31, 1992, we considered its
internal control structure in order to determine our auditing procedures for the
purpose of expressing our opinion on the general purpose financial statements and
not to provide assurance on the internal control structure.
The management of the To%a/ of Southold, is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and procedures.
The objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit the
preparation of financial statements in accordance with generally accepted
accounting principles. Because of inherent limitations in any internal control
structure, errors or irregularities may nevertheless occur and not be detected.
Also, projection of any evaluation of the structure to future periods is subject
to the risk that procedures may become inadequate because of changes in
conditions, or that the effectiveness of the design and operation of policies and
procedures may deteriorate.
For the purpose of this report, we have classified the significant internal
control structure policies and procedures in the following categories: Cash
Receipts, Purchasing, Accounts Payable, Cash Disbursements, Payroll, Property and
Equipment, General Ledger, and External Financial Reporting.
For all of the internal control structure categories listed above, we obtained
an understanding of the design of relevant policies and procedures and whether
they have been placed in operation, and we assessed control risk.
During the year ended December 31, 1992, the Town of Southold had no major
federal financial assistance programs and expended 100 percent of its total
federal financial assistance under the followin9 nonmajor federal financial
assistance programs: Nutrition, Supplemental Nutrition Assistance Pro~ram,
Community Development, Airfield DesiGn and Renovation, Hurricane Bob (FEMA),
Hobart Road DrainaGe Project (EPA).
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. 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 General purpose 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. We noted
no matters involvinG the internal control structure and its operation that we
consider to be material weaknesses as defined above.
This report is intended for the information of the audit committee, management,
and others within the Town of Southold and its Granting a~encies. 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.
Respectfully submitted,
Elaine F. Kaldor
Certified Public Accountant
ELAINE F", KALDOR
CERTIFIED PUBLIC ACCOUNTANT
IE2 GRIFI~NG AVENUE
May 12, 1993
INDEPENDENT AUDITOR'S RFPORT ON SCHEDULE OF F~DERAL
FINANCIAL ASSISTI%NCE
Town Board
Town of Southold
53095 Main Road
Southold, NY 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, 1992, and have issued our report
thereon dated May 12, 1993. These general purpose financial statements are the
responsibility of the Town of Southold'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 standards,
Government Auditing Standards, issued by the Comptroller General of the United
States, and the provisions of office of Management and Budget Circular A-128,
"Audits of State and Local Governments." Those standards and OMB Circular A-128
require that we plan and perform the audit to obtain reasonable assurance about
whether the general 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.
Our audit was conducted for the purpose of forming an opinion on the general
purpose financial statements of the Town of Southold, taken as a whole. The
accompanying schedule of federal financial assistance is presented for purposes
of additional analysis and is not a required part of the general purpose
financial statements. The information in that schedule 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,
Elaine P. Kaldor
Certified Public Accountant
I='LAIN£ F', KALDOR
C£F~TIF'I[D PUBLIC ACCOUNTANT
May 12, 1993
INDEPENDENT AUDITOR'S REPORT ON THE INTERNAL
CONTROL STRUCTURE USED IN ADMINISTERING
FEDERAL FINANCIAL ASSISTANCE PROGRAMS
Town Board
Town of Southold
53095 Main Road
Southold, NY 11971
We have audited the general purpose financial statements of the Town of Southold,
as of and for the year ended December 31, 1992, and have issued our report
thereon dated May 12, 1993.
We conducted our audit in accordance with generally accepted auditing standards;
Government Auditinq Standards, issued by the Comptroller General of the United
States; and office of Management and Budget (OMB) Circular A-128, Audits of State
and Local Governments. Those standards and OMB Circular A-128 require that we
plan and perform the audit to obtain reasonable assurance about whether the
general purpose financial statements are free of material misstatement.
In planning and performing our audit for the year ended December 31, 1992, we
considered the internal control structure of the Town of Southold, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the Town of Southold's general purpose financial statements and to report on the
internal control structure in accordance with OMB Circular A-128. This report
addresses our consideration of internal control structure policies and procedures
relevant to compliance with requirements applicable to federal financial
assistance programs. We have addressed internal control structure policies and
procedures relevant to our audit of the general purpose financial statements in
a separate report dated May 12, 1993.
The management of the Town of Southold, is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and procedures.
The objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit the
preparation of financial statements in accordance with generally accepted
accounting principles, and that the federal financial assistance programs are
managed in compliance with applicable laws and regulations. Because of inherent
limitations in any internal control structure, errors or irregularities, or
instances of noncompliance may nevertheless occur and not be detected. Also,
projection of any evaluation of the structure to future periods is subject to the
risk that procedures may become inadequate because of changes in conditions, or
that the effectiveness of the design and operation of policies and procedures may
deteriorate.
For the purpose of this report, we have classified the significant internal
control structure policies and procedures used in administering federal financial
assistance programs is the following categories: Cash Receipts, Purchasing,
Accounts Payable, Cash Disbursements, Payroll, Property and Equipment, General
Ledger, and External Financial Reporting.
For all of tile internal control structure categories listed above, we obtained
an understanding of the design of relevant policies and procedures and determined
whether they have been placed in operation, and we assessed control risk.
During the year ended December 31, 1992, the Town of Southold had no major
federal financial assistance programs and expended 100 percent of its total
federal financial assistance under the following nonmajor federal financial
assistance programs: Nutrition, Supplemental Nutrition Assistance Program,
Community Development, Airfield Design and Renovation, Hurricane Bob (FEMA),
Hobart Road Drainage Project (EPA).
We performed tests of controls, as required by OMB Circular A-128, to evaluate
the effectiveness of the design and operation of internal control structure
policies and procedures that we have considered relevant to preventing or
detecting material noncompliance with specific requirements, general
requirements, and requirements governing claims for advances and reimbursements
and amounts claimed or used for matching that are applicable to the
aforementioned nonmajor programs. Our procedures were less in scope than would
be necessary to render an opinion on these internal control structure policies
and procedures. Accordingly, we do not express such an opinion.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. 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 noncompliance with laws
and regulations that would be material to a federal financial assistance program
may occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. We noted no matters involving the
internal control structure and its operation that we consider to be material
weaknesses as defined above.
Our consideration of the internal control structure policies and procedures used
in administering federal financial assistance 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. However, we
believe none of the reportable conditions described above is a material weakness.
We also noted other matters involving the internal control structure and its
operation that we have reported to the management of the Town of Southold, in a
separate letter dated May 12, 1993.
This report is intended for the information of the audit committee, management,
and others within the Town of Southold and its granting agencies. 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.
Respectfully submitted,
Elaine F. Kaldor
Certified Public Accountant
Town of Southold
Audit ReDort
December 31, 1992
Index
STATEMENTS
Combined Balance Sheet -
Ail Fund Types & Account Groups ...............................
1-2
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balance -
All Governmental Fund Types ...................................
3-4
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balance -
Budget and Actual - All Governmental Fund Types ...............
5-6
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
General Funds ................................................. 7
Special Revenue Funds ......................................... 8
Captial and Special District Funds ............................ 9
Combining Balance Sheets -
General Funds ................................................. 10
Programs for the Aging ........................................ 11
Special Revenue Funds ......................................... 12
Special District Funds ........................................ 13
Combined Statement of Revenues, Expenditure,
and Changes in Fund Balance -
General Funds ................................................. 14
Programs for the Aging ........................................ 15
Special Revenue Funds ......................................... 16
Special District Funds ........................................ 17
SCHEDULES
Schedule of Federal Assistance ..................................... 18-19
Schedule of Obligations Payable .................................... 20
Fishers Island Ferry District -
Balance Sheet ................................................ 21
Statement of Revenues, Expenditures,
and Changes ii1 Fund Balance ................................ 22
Notes to Financial Statements ...................................... 23-36
TOWN OF SOUTNOLD
COMBINED BALANCE SHEET
ALL FUND TYPES and ACCOUNT GROUPS
DECEMBER 51, 1992
ASSETS:
Cash
Assessments Receivable
Due From Other Funds
Due From Other Governments
State and Federal Receivables
Other Receivables
Supply Inventory
Deferred Expense
Land
Buildings
Equipment and Machinery
Provision to be Made in Future Budgets
TOTAL ASSETS
......... GOFERRMENTAL FUND TYPES .............. FIDUCIARY ..... ACCOUNT GROUPS ....... MEMORANDUM ONLy---
G~NERAL SPECIAL CAPITAL SPECIAL TRUST & GENERAL LONG TERM TOTALS
P&~;ENUE PROJECTS DISTRICT AGENCY FIXED ASSET DEBT 12/31/92 12/31/91
385~867 $1,900,671 $2~276,310 $ 64,560 $ 312,815 $ 4,940,223 $ 4,799,674
2,029 2~029 2,393
29~734 11~470 41,204 155,577
248,897 15,666 264,563 25,979
46,942 59,290 412 106,644 484,168
116t080 51t084 4,047 9 171,220 160,758
146 146
1,355 21,568 22,923 85,043
$ 2,298,608 2,298t608 1,774~844
1,714,076 1,714,076 1~714~076
7,678,397 7,678,397 7~425,501
$5,605,085 5,605,085 7,018,949
829,021 $2,059,749 $2,276,310 $ 70,636 $ 313,236 $11,691,081 $5,605,085 $22,845,118 $23,646,962
LIABILITIES AND FUND BALANCE
LIABILITIES
Accounts Payable
Due To Other Funds
Due To Other Governments
Due To Pension Systems
Deferred Revenues
Deposits Neld
Compensated Absences
Obligations Payable
TOTAL LIABILITIES
$ 79,307 $ 444,882 $ 39,647
6,360 34,636
87O
$ 2,650
159,633 239,728 15,116
208
313,028
$ 708,869
1,316,216
1,316,000 3,580,000
$ 566,486 $ 491,312
41,204 155,577
870 2,183
708,869 648,102
414,477 1,034,717
313,028 332,359
1,316,216 2,383,597
4,896,000 4,388,250
$ 246,170 $ 684,610 $1,390,283 $ 17,766 $ 313,236 $ 0 $5,605,085 $ 8,257,150 $ 9,436,091
-1- continued
TOWN OF SOUTHOLD - Page 2
COMBINED BALANCE SHEET
ALL FUND TYPES and ACCOUNT GROU~S
DECEMBER 31, 1992
TOTAL LIABILITIES - from Page 1
FUND ~ALA~CE
Investment in Fixed Assets
Reserve for Encumbrances
Other Reserves
Appropriated Ensuing Year's Budget
Unappropriated
Fund Deficit
TOTAL LIABILITIES AND FUND BALANCE
......... GOVERRMENTAL FUND TYPES .............. FIDUCIARY ..... ACCOUNT GROUPS ....... MEMORANDUM ONLY---
GENERAL SPECIAL CAPITAL SPECIAL TRUST & GENERAL LONG TERM TOTALS
REVENUE PROJECTS DISTRICT AGENCY FIXED ASSET DEBT 12/31/92 12/31/91
246,170 $ 684,610 $1,390,283 $ 17,766 $ 313,236 $ 0 $5,605,085 $ 8,257,150 $ 9,436,091
$11,691,081 $11,691,081 $10,914,421
4,044
22,379 $ 5,110 27,489 2,871
250,000 513,225 $1,358,176 $ 3,719 2,125,120 3,161,147
310,472 856,804 49,151 1,216,427 500,119
(472,149) (472,149) {371,731)
582,851 $1,375,139 $ 886,027 $ 52,870 $ 0 $11,691,081 $ 0 $14,587,968 $14,210,871
829,021 $2,059,749 $2,276,310 $ 70,636 $ 313,236 $11,691,081 $5,605,085 $22,845,118 $23,646,962
REVENUE
Real Property Tax
Real Property Tax Items
Departmental Income
Intergovernmental Charges
Use of Money and Property
Licenses & Pezmits
Fines and Forfeitures
Property Sales and Loss Compensation
Miscellaneous Local Sources
State Aid
Retirement System Credits
Fe4eral Aid
Interfund Transfers
Obligations Authorized
Notes Redeemed frOm Appropriations
EXPENDIT~P~S
General Government Support
Public Safety
Public Bealth
Transportation
Economic Assistance and Opportunity
Culture and Recreation
Ho~e and Community Service
Employee Benefits
Debt Service
Interfund Transfers
TOTAL EXPENDITURES
......... GOVERNMENTAL FUND TYPES ................. KEMOP~%NDUM ONLY ....
GENERAL SPECIAL CAPITAL SPECIAL TOTALS
REVENUE PROJECTS DISTRICT 12/31/92 12/31/91
$3,831,646 $6,864,740
49,548 22~377
807,485 303,807
155,319 70,036
97,989 149~306
112t664 11,459
60,088
9,680 22,043
13,510 114,226
444,440 255,480
153,300 238,911
880,993
$ 322,264 $11,018,650 $10,105,286
531 72,456 95,590
93,686 1,204,978 1,077,778
28,800 254,155 242,794
58,668 9,785 315,748 549,502
124t123 127,519
60,088 56,938
31,723 105,092
127,736 153,712
699,920 799,871
2,285
392,211 579~694
10,000 890,993 767,240
2,708~500
185,610 185,610 318,400
$5,735,669 $8,933,378 $ 254,278 $ 455,066 $15,378,391 $17,690,201
$1,927,636 $ 314,007 $ 545,150 $ 519
188,803 3,457,868 140,820
66,025 3,615
289,897 2,167,589 94,890
425,705
261~335
982,407 483,445 220,459 305,390
263,377 1,772,567
774,335 41,857 148,697 10,568
430,996 449,997 10,000
$ 2,787,312 $ 2,743,816
3,787,491 3,722,361
69,640 68,095
2,552,376 2,226,545
425,705 418,557
261,335 227,497
1,991,701 1,878,751
2,035,944 2,147~418
975,457 631,969
890,993 767,240
$5,610,516 $ 8,690,945 $1,009,196 $ 467,297 $15,777,954 $14,832,249
-3- continued
TOTAL RL"FENUES fro~ Page 3
......... GOVERNMENTAL FUND TYPES ................. MEMORANDUM ONLY ....
GENERAL SPECIAL CAPITAL SPECIAL TOTALS
REVENUE PROJECTS DISTRICT 12/31/92 12/31/91
$ 5,735,669 $ 8,933,378 $ 254,278 $ 455,066 $15,378~391 $17,690,201
TOTAL EXPENDITURES from page 3
$ 5,610,516 $ 8,690,945 $ 1,009,196 $ 467,297 $15,777,954 $14,832,249
EXCESS REV~N"JES OVER (UNDER) EXPENDITURES
~SIDUAL EQUITY TRANSFER
FUND BALANCE JANUARY 1, 1992
FUND BALANCE DECEMBER 31, 1992
125,153 242,433 (754,918) (12,231) $ (399,563) 2,857,952
22,379 5,110 (27,489)
435,319 1,127,596 1,668,434 65,101 $ 3,296,450 $ 438,498
$ 582,851 $ 1,375,139 $ 886,027 $ 52,870 $ 2,896,887 $ 3,296,450
NOTES TO FINANCIAL STATEMENTS ARE AN INTEGR/tL pART OF THIS STATEMENT
-4-
TOWN OF $OUTHOLD
COMBINED STATEMENT OF P~ENUE, EXPENDITURES A~D CHANGES IN F~ND BALANCE
Real Property Tax
Real Property Tax Items
Departmental IncOme
Intergovernmental Charges
Use of Money and Property
LiCenses and permits
Fines and Forfeitures
Property Sales and Loss Compensation
Miscellaneous Local Sources
State A/d
Federal Aid
Interfund Transfers
obligations Au=horized
Motes Redeemed from Appropriations
TOTAL REVENUES
Appropriated Fund Balance
TOTAL REVENUES & OTHER SOURCES
....................... GOVERNHENTAL FUND T~PES .................................................
SPECIAL C~PITAL SPECIAL TOTAL
GENERAL REVENUE PROJECTS DISTRICT BUDGETS ACTUAL ENCUMBRANCE VARIJ~NCE
$3,831,646 $6,864,740 $ 322,264 $111018,650 $11,018,650
60,000 22,900 500 83,400 72,456
784,759 390,000 95,000 1,269,759 1,204,978
159,484 123,600 24,000 307,084 254,155
150,100 238,190 $ 37,076 15,000 440,366 315,748
96,000 14,000 110,000 124,123
41t000 41,000 60,088
1,500 4,000 5,500 31,723
41,800 51,400 93,200 127,736
498,124 189,272 687t396 699,920
240~761 235,914 476,675 ~92,211
875,000 875,000 890,993
2,680,000 2,680,000
185,610
o$ o
(10,944)
(64,781)
(52,929)
(124,618)
14,123
19,088
26,223
34,536
12~ 524
(84,464)
15,993
(2,680,000}
185,610
$5,905,174 $9,009,016 $ 2,717,076 $ 456,764 $18,088,030 $15,378,391 $ 0 $(2,709,639)
354,044 856,203 2,065,044 25,463 3,300,754
$6,259,218 $9,865,219 $ 4,782,120 $ 482,227 $21,388,784
-5- continued
TOTAL REVENUES & OTN~ SOURCES fro~ PAGE 5
EXPENDITURES
General Government Support
Public Safety
Public Health
Transportation
Economic Assistance & Opportunity
Culture & Recreation
Nome & CCmuuunity Service
~nployee Benefits
Debt Service
Interfund Transfers
TOTAL EXPENDITURES
EXCESS REVENUES OVER (UNDER) EXPENDITURES
FUND BALANCE JANUARY 1, 1992
TOWN OF $OUTHOLD
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHA~GES IN FUND BALANCE
BUDGET AND ACTUAL - ALL GOV~RRMENT FUND TYPES
January I - December 31, 1992
................ GOVERRMENTAL FUND TYPES ........................................................
SPECIAL CAPITAL SPECIAL TOTAL
GENERAL ~EVENUE PROJECTS DISTRICT BUDGETS ACTUAL ENCUMBRANCE VARIANCE
$6,259,218 $9,865,219 $ 4,782,120 $ 482,227 $21,388,784
$2,170,041 $ 352,950 $ 4,134,094 $ 1,117 $ 6,658,202 $ 2,787,312 $ 0 $ 3,870,890
204t600 3,594,900 141t200 3,940,700 3,787,491 153,209
67,144 4,650 71,794 69,640 2,154
305,300 2,507,545 100,000 2,912,845 2,552,376 360,469
493,705 493,705 425,705 68,000
273,440 273~440 261,335 12,105
1,107,702 487,114 399,329 316,587 2,310,732 1,991,701 319,031
345,009 2,384,890 2,729,899 2,035,944 693,955
811,777 42,670 148,697 13,323 1,016,467 975,457 41,010
480,500 490~500 10,000 981,000 890,993 90,007
$6,259,218 $9,865,219 $ 4,782,120 $ 482,227 $21,388,784 $15,777,954 $ 0 $ 5,610,830
$ (354,044) $ (856,203) $(2,065,044)$ (25,463) $(3,300,754)$ (399,563)
435,319 1,127,596 1,668,434 65,101 3,296,450 3,296,450
81,275 $ 271,393 $ (396,610)$ 39,638 $ (4,304)$ 2,896,887
-6-
TOWN OF SOUTMOLD
STATEMENT OF REVENUES, EXPENDITURES
and CHANGES 1N FUND BALANCE
BUDGET AND ACTUAL - ALL GENERAL FUND
REVENUES
Real Property Taxes
Real Property Tax Items
Departmental Income
Intergovernmental Charges
Use of Money and Property
Licenses and Permits
Fines and Forfeitures
Property sales & Loss
Miscellaneous Local Sources
State Aid
Federal Aid
Appropriated Fund Balance
TOTAL REVENUE & OTHER SOURCES
$3,831,646 $3,831,646
60,000 49,548
784,759 807,485
159,4S4 155,319
150,100 97,989
96,000 112,664
41,000 60,008
1,500 9,680
41,000 13,510
498,124 444,440
240,761 153,300
$5,905,174 $5,735,669
354,044
$6,259,218
0
(10,452)
22,726
(4,165)
16,664
19,088
(28,290)
(53,684)
(87,461)
(169,505)
EXPENDITURES
General Gover~ement Support
Public safety
Public Health
Transportation
Economic Assistance & Opportunity
Culture & Recreation
HOme & community service
Employee Benefits
Debt Service
Interfund Transfers
TOTAL EXPENDITURES
EXCESS REVENUES OVER (UNDER} EXPENDITURES
$2,170,041 $1,927,636 $ 0 $ 242~405
204,600 188,803 15,797
67,144 66t025 lr119
305,300 289,897 15,403
493,705 425,705 68,000
273,440 261,335 12,105
1,107,702 982,407 125~295
345,009 263,377 01,632
811,777 774,335 37,442
480,500 430,996 49,504
$6,259,218 $5,610,516 $ 0 $ 648,702
$ (]54,044) $ 125,153
RESIDUAL EQUITY TRANSFER
22,379
FUND BItLANCE JANUARY 1, 1992
435,319 435,319
FUND BALANCE DECEMBER 31, 1992
$ 81,275 $ 582,851
NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT
-7-
REVENUES
Real Property Taxes
Real Property Tax Items
TOTAL REVENUES
Appropriated Fund Balance
TOTAL
BUDGET ACTUAL
$6,864,740 $6,864,740
22,900 22,377
390,000 303,807
123,600 70,036
238,190 149,306
14,000 11,459
4,000 22,043
51,400 114,226
189,272 255,480
235,914 238,911
856,203
$9,865,219
ENCUMBRANCE
EXPENDITURES
General Governement Support
Public Safety
Public Health
Transportation
Eome & community Service
Employee Benefits
Debt SerVice
3nterfund Transfers
TOTAL EXPENDITURES
EXCESS REVENUES OVER (UNDER) EXPENDITURES
RESIDUAL EQUITY TRANSFER
$ 352,950 $ 314,007
3~594,900 3,457,868
4,650 3,615
2,507,545 2,167,589
487,114 483,445
2,384,890 1,772,567
42,670 41,857
490,500 449,997
$9,865,219 $8,690,945
$ (856,203) $ 242,433
5,110
FUND BALANCE - JANUARY 1, 1992
FUND BALANCE - DECEMBER 31, 1992
NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PANT OF THIS STATEMEMT
$ 0
(523)
(86,193)
(53,564)
(89,884)
(2,541)
$ (75,639)
$ 3g,943
137,032
1,095
339~956
3,669
612,323
813
40,503
$1,174,274
==~===~===
-8-
REVENUES
Real Property Taxes
Real Property Tax Items
Departmental Income
Intergovernmental Charges
Use Of Money and Property
Interfund Transfers
TOTAL REVENUES
Obligations authorized
Rotes Redeemed from Appropriations
TOTAL
Appropriated Fund Balance
TOTAL
EXPENDITURES
General Government Support
Transportation
Public Safety
Home & Coau~unity SerWice
Debt Service
Interfund Transfers
EXCESS REVENUES OVER (UNDER) EXPENDITURES
OF SOUTHOLD
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - CAPITAL AND SPECIAL DISTRICT FUNDS
JANUARY 1 - DECEMBER 31, 1992
............... CAPITAL FUNDS ............................. SPECIAL DISTRICTS ..............
BUDGET ACTU~L VARIARCE BUDGET ACTUAL VARIANCE
322,264 $ 322,264 $ 0
500 531 31
95,000 93,686 (1,314)
24,000 28,800 4,800
37,076 $ 58,668 $ 21,592 15,000 9,785 (5,215)
10,000 lO,O00
37,076 $ 68,668 $ 31,592 $ 456,764 $ 455,066 $ (1,698)
2,680,000 (2,680,000) 0
185,610 185,610 0
2,717,076 $ 254,278 $(2,462,798) $ 456,764 $ 455,066 $ (1,698)
2,065,044 ========~ ~====== 25,463 ===~=~ .... ==~=======
4,789,120 $ 482,227
4,134,094 $ 545,150 $3,588,944 $ 1,117 $ 519 $ 598
100,000 94,890 5,110
141,200 140,820 380
399,329 220,459 178,870 316,587 305,390 11,197
148,697 148,697 0 13,323 10,568 2,755
10,000 10,000 0
4,782,120 $1,009,196 $3,772,924 $ 482,227 $ 467,297 $ 14,930
$(2,065,044) $ (754,918) $ (25,463) $ (12,231)
FUND EQUITY TRANSFER
(27,489)
FUND BALANCE - JANUARy 1, 1992
FUND BALANCE - DECEMBER 31, 1992
1,668,434 1,668,434 65,101 65,101
$ (396,610) $ 886,027 $ 99,638 $ 52,870
NOTES TO FINANCIAL STATEMENTS A~E AN INTEGRAL PART OF THIS STATEMENT
-9-
ASSETS
Cash
Due From Other Funds
Due From Other Governments
State and Federal Receivables
Accounts Receivable
Supply Inventory
Deferred Expense
LIABILITIES & FUND BA~J%NCE
LIABILITIES
Accounts Payable
Due To General/(From) Aging
Due TO Other Funds
Due TO Other Governments
Deferred Revenues
TOTAL LIABILITIES
FUND BALANCE
Reserve for Encumbrances
Reserve for Bonded Debt
Unreserved-Appropriated
Unreserved-Unappropriated
TOTAL FUND BALANCE
TOWN OF SOUTEOLD
COMBINING BALANCE SHEET
GENEP~L FUNDS
384,399 $ 1,468 $ 385,867 $ 714,63O
29,734 29,734 577
226,944 21,953 248,897 25,574
46,942 46,942 128,324
116,063 17 116,080 86,471
146 146
1,355 1,355 13,654
805,583 $ 23,438 $ 829,021 $ 969,230
$ 77,794 $ 1,513 $ 79,307 $ 149,354
(21,055) 21,055
$ 222,732 $ 23,438 $ 246,170 $ 533,911
$ 4,044
22,379 $ 22,379 2,871
250,000 250,000 350,000
582,851 $ 0 $ 582,851 $ 435,319
805,583 $ 23,438 $ 829,02! $ 969,230
NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT
ASSETS
Cash
Due from Other Governments
Accounts Receivable
TOTAL ASSETS
LIABILITIES AND FUND BALARCE
LIABILITIES
Accounts Payable
Due to General Fund
Due to Other Governments
FUND BALANCES
ADULT DAY ROME AID/
NUTRITION CAR~ CROP~E SR~P EISEP TOTALS
1,179 $ 289 $ 1,468
2,768 $ 2,887 $ 1,538 7,059 $ 7,701 21,953
3,947 $ 2,887 $ 1,538 $ 7,348 $ 7,718 $ 23,438
$ 344 $ 1,169 $ 1,513
$ 3,947 $ 2,017 1,194 $ 7,348 6,549 21,055
870 870
$ 3,947 $ 2,887 $ 1,538 $ 7,348 $ 7,718 $ 23~438
$ 8 $ o $ 0 $ o $ o $ o
$ 3,947 $ 2,887 $ 1,538 $ 7,348 $ 7,718 $ 23,438
======================================================================
-11-
ASSETS
Cash
Due Prom Other Funds
Due From Other Governments
State and Federal Receivables
Accounts Receivable
Deferred Expense
TOTAL ASSETS
LIABILITIES AND FUND BA~J~NCE
LIABILITIES
Accounts Payable
Deferred Revenues
TOTI~L LIABILITIES
FUND B;tI~NCE
Reserve for Bonded Debt
Appropriated - Ensuing Year's Budget
Unappropriated
Deficit Fund Balance
TOWN OF SOUTHOLD
COMBINED BAI~NCE SHEET
~ SPECI;tL REVENUE FUNDS
DECEMBER 31, 1992
GENERAL ..... HIGhWAy FUNDS ..... SPECIAL RISK .... M~MORANDUM ONLY ....
FUND GRANT RE~NTION
PART T(~N TO%~N WIDE PART TOWN FUNDS FUND 12/31/92 12/31/91
$1,069 772 $ 118,248 $ 449,642 $ 263,009 $ 1,500,671 $ 1,567,799
5,110 $ 6,360 11,470
4,536 11,130 15,666 405
27,102 32,188 59,290 355,844
51,084 51,084 68,852
21,568 21,568 71,389
$1,146,960 $ 150,460 $ 481,830 $ 17,490 $ 263,009 $ 2,059,749 $ 2,064,289
320,730 $ 9,805 $ 19,045 $ 17,490 $ 77,812 $ 444,882 $ 313,268
150,213 29,931 58,425 1,159 299,728 623,425
470,943 $ 39,736 $ 77,470 $ 17,490 $ 78,971 $ 684,610 $ 936,693
$ 5,110 $ 5,110
$ 300,000 50,000 $ 163,225 513,225 $ 765,000
376,017 55,614 241,135 $ 184,038 856,804 382,077
$ 676,017 $ 110,724 $ 404,360 $ 0 $ 184,038 $ 1,375,139 $ 1,127,596
$1,146,960 $ 150,460 $ 481,830 $ 17,490 $ 263,009 $ 2,059,749 $ 2,064,289
==================================================================================
NOTES TO FINANCIAL STATEMENTS ARE ;tN INTEGRAL PART OF THIS STATEMENT
-12-
ASSETS
Cash
Assessments Receivable
Accounts Receivable
TOTAL ASSETS
TOWN OF SOUTHOLD
COMBINED B;tI~tNCE SHEET
SPECIAL DISTRICT FUNDS
DECE~ER 31, 1992
WEND¥ DRIVE WEST CREEK FIP~E %TEST SOUTHOL4) FISHERS MEMOP~DUM ONLY
$ 553 $ 5,977 $ 2,576 $ 34,760 $ 20,694 $ 64,560 $ 248,783
2,029 2,029 2,393
4,047 4,047 5,435
$ 0 $ 553 $ 5,977 $ 2,576 $ 38,807 $ 22,723 $ 70,636 $ 256,611
LIABILITIES AND FUND BALANCE
LIABILITIES
ACcounts Payable
Due To Other Funds
Deferred Revenues
FUND BALANCE
Appropriated
Unappropriated
TOTAL FUND BA~-NCE
TOTAL LIABILITIES AND FUND BALARCE
$ 948 $ 1,702 $ 2,650 $ 7,075
155,517
306 $ 5,063 9,747 15,116 28,918
306 $ 5,063 $ 0 $ 10,695 $ 1,702 $ 17,766 $ 191,510
246 $ 913 $ 2,560 $ 3,719 $ 25,463
1 1 16 $ 28,112 $ 21,021 49,151 39,638
247 $ 914 $ 2,576 $ 28,112 $ 21,021 $ 52,870 $ 65,101
553 $ 5,977 $ 2,576 $ 38,807 $ 22,723 $ 70,636 $ 256,611
============================================================================================
NOTES TO FINANCIAL STATEMENTS AP~ AN INTEGRAL PART OF THIS STATEMBNT
-13-
REVENUES
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
Retirement System Credits
TOTAL REVENGES
$3,831,646 $3,831,646 $3,698,969
49,548 49,548 72,575
718,347 $ 89,138 807,485 729,875
$5,419,201 $ 316,468 $5,735,669 $5,668,419
EXPENDITURES
General Government Support
Public safety
Public Health
Transportation
Rconomic Assistance & Opportunity
Culture & Recreation
Bome & Community Service
Employee Benefits
Debt Service
Interfund Transfers
TOTAL EXPENDITURES
$1,926,082 $ 1,554 $1,927,636 $2,019,142
188,803 188,803 170,342
66,025 66,025 65,095
289,897 289,897 297,357
122,788 302,917 425,705 418,557
261,335 261,335 227,697
982,407 982,407 856,182
$5,294,048 $ 316,468 $5,610,516 $5,141,545
EXCESS REVENUE OVER (UNDER) EXPENDITURES
125,153 $ 0 $ 125,153 $ 526,874
RESIDUAL EQUITY TRANSFER
22,379 22,379 2,871
FUND BALANCE - JANUARY 1, 1992
435,319 0 435,319 (94,426)
FUND BALANCE - DECEMBER 31, 1992
582,851 $ 0 $ 582,851 $ 435,319
=======================================================
NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT
-14-
TOWN OF BOUTHOL~
COMBINING STATEMENT OF REVENUES, EXPHNDITURES and CHANGES IN FUND BALANCE
PROGRAMS FOR THH AGING
JANGARY I - DECEMBER 31, 1992
REVENUES
Departmental Income
Intergover~ment al Charges
Federal Aid
ADULT HOME AID
NUTRITION DAY CARE CHORE SNAP EISEP TOTAL
50,055 $ 17,186 $ 126 $ 20,616 $ 1,155 $ 89,138
45,403 21,622 14,817 36,774 22,953 141,569
77,156 8,605 85,761
172,614 $ 38,808 $ 14,943 $ 65,995 $ 24,108 $ 316,468
EXPENDITURES
General Government Support
Economic Assistance & Opportunity
Employees Benefits
TOTAL EXPENDITURES
EXCESS REVENUE OVER (UNDER) EXPENDITURES
FUND BALARCE - JANUARY 1, 1992
FUND BALANCE - DECEMBER 31, 1992
$ 1,554 $ 1,554
$ 166,341 $ 36,58! $ 14,107 62,826 $ 23,062 302,917
6,273 2,227 836 1~615 1,046 11,997
$ 172,614 $ 38,808 $ 14,943 $ 65,995 $ 24,108 $ 316,468
$ o $ o $ o $ o $ o $ o
$ o $ o $ o $ o $ o $ o
$ o $ o $ o $ o $ 0 $ 0
======================================================================
-15-
REVENUES
Heal Property Taxes
Real Property Tax Items
Departmental Income
Intergovernmental Charges
Use Of Money and Property
Federal Aid
12/31/92 12/31/91
$4,936,500 $ 481,040 $1,447,200 $6,864,740 $6,105,954
16,105 1,551 4,721 21,377 22,272
303,807 303,807 264,243
70,036 70,036 70,036
95,744 13,874 35,935 $ 3,758 149,806 243,077
11,459 11,459 12~595
9,628 12,415 22,043 100,223
77,372 556 5,418 30,880 114,226 110,905
94,667 160,813 255,.480 343,448
1,564
2,997 $ 235,914 238,911 392,683
880,993 880,993 606,240
$5,615,318 $ 497,021 $1,657,084 $ 235,914 $ 928,041 $8,933,378 $8,273,240
EXPENDITURES
General GOvernment Support
Public Safety
Health
Transportation
Nome & Co~unity Services
Employee Benefits
Debt Services
Interfund Transfers
RESIDUAL EQUITY TRANSFER
$ 177,303 $ 136,704 $ 314,007 $ 338,754
3,457,868 3,457,868 3,420,339
3,615 3,615 3,000
$ 657,529 $1,510,060 2,167,589 1,929,188
247,531 $ 235,914 483,445 415,271
1,004,686 50,173 129,890 587,818 1,772,567 1,906,031
41,857 41,857 42,476
196,928 50,777 202,292 449,997 306,174
$5,087,931 $ 800,336 $1,842,242 $ 235,914 $ 724,522 $8,690,945 $8,361,233
$ 527,387 $ (303,315) $ (185,158) $ 0 $ 203,519 $ 242,433 $ (87,993)
5,110 5,110
$ 148,630 $ 408,929 $ 589,518 $ 0 $ (19,481) $1,127,596 $1,215,589
$ 676,017 $ 110,724 $ 404,360 $ 0 $ 184,038 $1,375,139 $11127,596
NOTES TO FINANCIAL STATEMENTS A~E AN INTEGP~%L PART OF THIS STATEMENT
-16-
REVENUES
Real Property Taxes
Real Property Tax Item~
Departmental Income
Intergovernmental charges
Use of Money & Property
Miscellaneous Local Sources
TOTAL REVENUES
EXPENDITURES
General Government Support
Public Safety
Transportation
Some & Community Service
Debt SerVice
Interfund Transfers
TOTAL EXPENDITURES
WENDY DRIVE FIRE WEST GREENPORT WEST SOUTHOLD FISHERS REMOP~%NDUM ONLY
IMPROlrEMENT PROTECTION WATER CREEK WASTEWATER ISLAND SEWER TOTALS
DISTRICT DISTRICT DISTRICT ESTATES DISTRICT DISTRICT 12-31-92 12-31-91
$ 535 $ 138,600 $ 9,029 $ 174,100 $ 322,264 $ 300,969
89 6 434 $ 2 531 743
63,523 30,163 93,686 84,460
28,800 28,800 24,000
404 $ 80 26 8,803 472 9,785 18,943
4,013
$ 535 $ 139,093 $ 80 $ 9,061 $ 275,660 $ 30,637 $ 455,066 $ 433,128
$ 519 $ 519 $ 6,159
$ 140,820 140,820 131,680
$ 1,087 291,428 $ 12,875 305,390 271,693
$ 18 $ 10,550 10,568 13,061
10,000 10,000 155,000
$ lB $ 140,820 $ 1,087 $ 10,550 $ 301,947 $ 12,875 $ 467,297 577,593
$ 517 $ (1,727) $ (1,007) $ (1,489) $ (26,287) $ 17,762 $ (12,231) $ (144,465)
(517) $ 2,641 $ 3,583 $ 1,736 $ 54,400 $ 3,258 $ 65,101 $ 209,566
0 $ 914 $ 2,576 $ 247 $ 28,113 $ 21,020 $ 52,870 $ 65,101
=============================================================================================
NOTES TO FINANCIAL STATEMENTS AR~ AN INTEGRAL PART OF THIS STATEMENT
-17-
Federal Grantor/Pass Through
Grantor/Program Title
Federal
CFDA
Number
OF SOUTHOLD
SCHEDULE OF FEDEPJtL ASSISTANCE
December 31, 1992
Fund
Progr~um Balance Revenue
Amount 1/1/92 Recognized
Fund
Disbursements/ Balance
Expenditures 12/31/92
U.S. Department of Agriculture
Passed through Suffolk County:
Cash-in-lieu of Food Awards
10.550 $ 34,454 $ 0 $ 34,454 $ 34,454 $ 0
U.S. Department of Health
and Human SerVices
Passed through Suffolk Countyl
Nutrition
13.635 $ 51,307 $ 0 $ 51,307 $ 51,307 $ 0
U.S. Department of Housing
and urban Development
Passed through Suffolk County:
Community Development Block Grant
14.218 $1,118,830 (1) $ 0 $ 235,914 $ 235,914 $ 0
Federal Emergency Management Agency
Passed through the State of New York:
Hurricane Bob
83.516 $ 524,618 $ 0 $ 28,036 $ 28,036 $ 0
U.S. Environmental Protection Agency
Passed through the State of New York:
National Estuary Program
66.456 $ 42,500 $ 0 $ 42,500 $ 42,500 $ 0
(1) Combination of subgrant awards as follows:
Contract Date Program
Year Commenced Amount
XIII -1987 1/01/87 173,830
XIV -1988 4/01/88 159,000
XV -1989 4/01/89 159,000
XVI -1990 4/01/90 156,000
XVII -1991 5/01/91 183,000
XVIII-1992 5/01/92 288,000
$1,118,830
=========3
The above progra~ years are open as of December 31, 1992.
NOTES TO FINANCIAL STATeMeNTS ~ A~ INTEGP~%L pART OF THIS STATEMENT
Federal Grantor/Pass Through
Grantor/Program Title
Federal ~mergency Management Agency
Passed through the State of Hew York:
Hurricane Bob
Federal
CFDA
Humber
Fund
Disbursements/ Balance
Expenditures 12/31/92
83.516 $ 705 $ 0 $ 705 $ 705
U.S. Department of Transportation
Federal Aviation Administration
Lighting Design & Pavement Evaluation
No. 3-36-0029-04-91
Airfield Lighting (construction)
No. 3-36-0029-05-92
Runway 12-30 Overlay (Design)
No. 3-36-0029-06-92
Runway 7-25 Overlay (Design)
20.106 $ 106,682 $ 0 $ 40,775 $ 40,775
20.106 $ 430,454 $ 0 $ 393,061 $ 393,061
20.106 $ 60,000 $ 0 $ 22,340 $ 22,340
$ 0
$ 0
$ o
$ o
0
No. 3-36-0029-07-92 20.106 $ 51,000 $ 0 $ 18,846 $ 18,846
The above grant programs are open as of December 31, 1992 with the exception of 3-36-0029-04-91, which closed during 1992.
NOTES TO FIHA~CIA~ STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT
-19-
TOWN OF EOUTNOLD
SCHEDULE OF OBLIGATIONS PAYABLE
DECEMBER 31, 1992
Agriculture Land Rights-Serial Bond
Landfill Compactor
Scale Souse
Police Console
Dog Pound Improvement
Computer System
Acquisition of Land-Capital Note
Various Purposes-Serial Bond
Land Acquistion
Computer System
Agriculture Land Rights
Crawler/Loader
Emergency Generators
Backhoe
Wastewater Facility I~provements
TOTAL OBLIGATIONS PAYABLE
ORXGINAL
ISSUE
DATE
ISSUED
FINAL INTEREST OUTSTANDING IN
MATURITY RATE 1-1-92 1992
4/84 4/05 9.10
4/87 3/92 5.75
6/87 6/92 5.50
11/87 11/92 5.20
11/87 11/92 5.20
11/87 11/92 5.20
11/90 11/92 5.15
2/91 2/11 6.375
3/91 3/96 4.14
11/91 11/96 3.00
11/92 11/97 3.00
11/92 11/97 3.00
11/91 11/97 3.00
11/92 11/97 3.00
11/92 11/97 3.00
PAID
IN OUTSTANDING
1992 12-31-92
1,235,000
35,000
28,000
15,000
14,000
45,000
43,750
2,708,500
175,000
89,000
850,000
55,000
60,000
100,000
40,000
75,000
35,000
28,000
15,000
14,000
45,000
43,750
288,500
35,000
18,000
1,160,000
0
0
0
0
0
0
2,420,000
140,000
71,000
850,000
55,000
60,000
100,000
40,000
$4,388,250 $1,105,000 $ 597,250 $4,896,000
NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF TSIS STATEMENT
-20-
ASSETS
Cash
Due From Other Funds
state and Federal Receivables
Other Receivables
Provisions to be Made in Future Budgets
TOTAL ASSETS
MEMORANDUM ONLY
GENERAL TRUST & LONG TEP~4 TOTALS
FUND AGENCY DEBT 12-31-92 12-31-91
$ 643,265 $ 11,458 $ 654,723 $ 891,206
17,713 17,713 17,000
119,191 119,191 26,864
7,733 7,733 3,802
$ 525,000 525,000 585,000
$ 780,169 $ 19,191 $ 525,000 $ 1,324,360 $ 1,523,872
=======================================================================
LIABILITIES ~ND FUND BALANCE
LIABILITIES
Accounts Payable
Due To Other Funds
Due To Other Governments
Deferred Revenues
Deposits Held
Serial Bonds Payable
TOTAL LIABILITIES
$ 65,569 $ 672 $ 66,241 $ 19,647
17,713 17,713 17,000
475
5,094 5,094 11,587
806 806 1,031
$ 525,000 $ 525,000 585,000
70,663 $ 19,191 $ 525,000 $ 614,854 $ 634,740
FUND BALANCE
Appropriated Ensuing Year's Budget
Unappropriated
TOTAL FUND BALANCE
370,900 $ 370,900 393,000
338,606 338,606 496,132
709,506 $ 0 $ 0 $ 709,506 $ 889,132
TOTAL LIABILITIES & FUND BALANCE
780,169 $ 19,191 $ 525,000 $ 1,324,360 $ 1,523,872
=======================================================================
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FISHERS ISLAND FERRY DISTRICT
COMBINED STATEMENT OF REVENUES, EXPENDITURES and CHANGES IN FUND BALANCE
JANUARY 1 - DECEMBER ll, 1992
REVENUES
Real Property Tax ~tems
Departmental Income
Use of Noney and Property
Miscellaneous Local Sources
State Aid
Retirement system Credits
Federal Aid
TOTAL REVENUES
MEMORANDUM ONLY
GENERAL TOTALS
FUND 12~31-92 12-31-91
EXPENDITURES
Personal Services
contractual Expense
Capital Outlay
Employe~ Benefits
Debt Service
TOTAL EXPENDITURES
$ 517,576 $ 517,576 $ 468,243
807,714 807,714 354,084
EXCESS REVENUES OVER (UNDER) EXPENDITURES $ (179,626) $ (179,626) $ (10,057)
FUND BALANCE - JANUARY l, 1992 $ 889,132 $ 889,132 $ 899~189
FUND BALANCE - DECEMBER ~1, 1992 $ 709,506 $ 709,506 $ S89,132
NOTES TO FINARCIAL STATEMENTS ARE AN INTEGRAL PART OF TNIS STATEMENT
ToWn of Southold
Notes To The Financial Statements
For the Fiscal Year Ended December 31, 1992
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Town of Southold have been prepared in
conformity with genereliy 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 reporting 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 1640, 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 Beard 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, Transportation,
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 interdependency, selection of governing authority,
designation of management, and ability to significantly influence
operations and accountability for fiscal matters.
1. Included in the Reoortinl~ Entity - The following districts,
located within the Town, are included in the reporting entity:
East-West Fire Protection District
West Greenport Water District
Wendy Drive Road Improvement District
West Creek Estates Read Improvement District
2. Excluded From the Reoortin~ Entity - The following districts,
located within the Town, are excluded from the reporting entity:
Fishers Island Ferry District
Fishers Island Refuse and Garbage' District
Orient Mosquito District
Cutchogue-New Suffolk Park District
Mattttuck Park Distriot
Orient East Marion Park District
Southold Park District
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B. BASIS OF PRESENTATION - FUND ACCOUNTING
The accounts of the Town are orianized on the basis of funds or
account groups, each of which is considered a separete accounting
entity. The operetions of each fund are accounted for within a
separate set of self-baiancing accounts that comprise its assets,
liabilities, fund baiance/retained earnings, revenues and
expenditures/expenses which are seR~.egated for the pu~oose of
carrying on specific activities or attaining certain objectives in
accordance with special re~uiations, restrictions or limitations. The
va~lous funds are summarized by type in the financial statements,
(Certain funds of the local government are utilized to account for
resources derived f~om, and/or expenditures applicable to an ax~a less
than the entire local government). The following fund types and
account i~oups are used:
1. FUND CATEGORIES
a. GOVERNMENTAL FUNDS - Governmental funds are those
through which most ~overnmentai functions are financed. The
acquisition, use t~nd 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 Townts governmental fund types.
General 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
Risk Retention Fund-To provide health benefits to cortaln
Town employees
Capital Preiects Fund - used to account for financial resources
to be used for the acquisition or const~tction 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 AKeno¥ 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.
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2. ACCOUNT GROUPS
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 buildinga, and equipment
utilized for general government 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/MEASURI~5~ENT FOCUS
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 measurements 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 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.
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c. Compensated absences, such as vacations and sick leave which
vests or accumulates, are charged as an expenditure when paid. See
Note I.
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 long-term
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 prevision for depreciation is
made.' General long-term debt liabilities are recorded at the par value
of the principal amount. No Hability 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 county put-poses (apportioned to the area of the county
outside the Town 'of Southold) are levied together with taxes for town
and special district purposes as a single bill. The towns 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 towns (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 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 appreved by the
governing board.
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2. ENCUMBRANCES
Encumbrance accounting, under which purchase orders, contracts and
other commitments for the expenditure of monies ara racorded for
budgetary control purposes to reserve that portion of the applicable
appropriations is employed in all funds. Encumbrances are reported as
reservations of fund balances since they do not constitute expendituras
or liabilities. Expendituras for such commitments ara racorded in the
period in which the liability is incurred.
3. BUDGET BASIS OF ACCOUNTING
Budgets are adopted annually on a basis consistent with generally
accepted accounting principles. Appropriations authorized for the
currant year are increased by the amount of encumbrances carried
forward f~om the prior year.
Budgeta~or controls for the special ravenue funds ara established in
accordance with the applicable grant agreement which covers a period
other than the Towns fiscal year. Budgets have been adjusted to
raflect the Town's fiscal year.
F. CHANGES IN ACCOUNTING POLICIES
Thera 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. INSURANCE
The Town assumes the liability for most risk including, but not Hmtted
to, property damage and personal injury HabilitY. 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.
I. VACATION AND SICK LEAVE AND COMPENSATORY ABSENCES
Town employees are granted vacation and sick leave and earn
compensatory absences in valeting 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;
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.
J. 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 Town*s employees may become
eligible for these benefits ff they reach normal retiroment 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 fram the Risk
Retention Fund as an expenditure in the year paid. During the year
$ 812,663 was paid on behalf of 58 retirees and 172 active employees
and is recorded as an' expenditure in the Risk Retention Fund and the
Special Revenue Fund. The cost of providing benefits for 58 retirees
is not separable from the cost of of providing benefits for the 172
active employees.
K. TOTAL COLUMNS ON THE GENERAL PURPOSE FINANCIAL
STATI/3MENTS
Total columns on the general purpose financial statements are captioned
"Memorandum Only~ to indicate that they are presented only to
facilitate financial analysis. Data in these columns do not present
financial position, results of opei-ations 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. MATERIAL VIOLATIONS OF FINANCE REALTED ACTIVITES
There are no material violations of finance-related provisions.
B. DEFICIT FUND BALANCES
There are no deficit fund balances at December 31, 1992.
C. OVERDRAWN APPROPRIATIONS
There are no overdrawn appropriations.
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III.DETAIL NOTES ON ~,LL FUNDS AND ACCOUNT GROUPS
A. ASSETS
1. CASH AND INVESTMENTS
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 a~,Teements~ and obligations of New York
State or its localities.
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 105 percent of the cost of the repurehase agreement.
Deposits. All deposits~ including certificates of deposits~ are
carried at cost plus accrued interest. Deposits at year-end were
entirely covered by federal depository insurance or by collateral
held by the Townts custodial banks in the Towns name.
2. CHANGES IN FIXED ASSETS
Fixed assets increased from $10,914,421 to $11,691~081.
B. LIABILITIES
1. PENSION PLANS
General Information
The Town participates in the New York Employees' Retirement
System and the New York State Policements and Firemen's
Retirement System. These are cost sharing multiple public
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 beneftts~ death and disability
benefits and optional methods of benefit payments. All benefits
generally vest after ten years of credited service.
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The NYSRSSL provides that all participants in each system a~e
jointly 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 joined the Employees'
Retirement System after July 27, 1976 who contribute 3% of their
salary. Employee contributions are deducted by employer's frem
employee's paychecks and are sent currently to the Employees'
Retirement System.
Employee Groups Covered
Nearly all Town of Southold employees are eligible for membership
in the systems. All 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 1992 was
$6,723,340, of which $4,074,524 was attributable to the Employees'
Retirement System and $2,161,930 was attributable to the
PoHcemen*s and Firemen~s Retirement System.
Payments and Fundinl; Status
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 ended on March 31 of the previous
calendar year, and in accordance with funding requirements
determined by the System's actuary. Employers were required to
remit 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 years 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. Local governmenta were given the
option to prepay this liability. The Town of Southold elected not
to make the full payment on December 15, 1989.
The actuarial cost method used by the System to determine the
annual contributions from employees threugh March 31, 1990 was
the aggTe~ate cost method. Under this method the excess of the
acturial liabilities over the actuarial assets was funded by
employees as a level percentage of salary over the current
members~ future working lifetimes.
Effective April 1, 1990 the State legislature amended the
Retirement and Social Security Law by enacting Chapter 210 Laws
of 1990 which mandated a change to a different actuarial funding
method for the System. The System changed from the aggregate
cost funding method to a modified preJected unit credit method.
This new method utilizes a rolling amortization period for
differences between acturial assets and actuarial accrued
liabilities, of which approximately 17% of such differences are
recognized each year in determining the funding amount. As a
result of the legislated changes for the year ended March 31,
1991, ERS employer contributions were generally lower than would
have beem the case under the aggregate cost funding method.
The anticipated future effect is that employer contributions will
be, for a time, less than they would have been under the
aggregate cost funding method. However, over the long-term,
employer contributions are expected to be higher under the
modified projected unit credit funding method than under the
aggregate cost method.
Further, the legislation allows the reduction of non-State and
State annual payments for prior year employer contributions being
amortized over 17 years, by any yearly surplus (estimated funding
credits) resulting from the rolling amortization. At March 31,
1992, the system established a reserve for funding eredits of $250
million, reducing employer contributions receivable, based upon an
aetuarial determined estimate of 1992 employer contributions that
are not expected to be received under the modified projected unit
eredit funding method. The prior year contributions consist of
non-State employer contributions receivable for the fiscal years
ended March 31, 1989 and 1988 and the State's contribution
receivable for the fiscal years ended March 31, 1986 and 1985.
The total pension liability for services rendered by current
employees of the Town of Southold during the current fiscal year
includes $341,399 employers share and $ 96,301 paid by employees
as a current contribution, representing 5.47% and 1.54%
respectively of the covered salaries paid.
The total unpaid liability at the end of the fiscal year was
$708,869, and is reported in the General Long-Term Debt Account
Group.
The Pension Benefit Obligation (PBO) of credited projected
benefits is e standardized disclosure measure of the actuarial
present value 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.
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The PBO of credited projected benefits at March 31, 1992 for the
Employee's Retirement System, determined through an actuarial
valuation performed as of that date, is $44.03 billion. The net
assets available to pay benefits at that date is $45.50 billion.
The Town's employer contribution requirement was less than 1% of
total contributions required of ail employers participating in
this system.
The PBO of credited prejected benefits at March 31, 1992 for the
Policemen's and Firemen's Retirement System determined through
an actuarial valuation performed as of that date is $ 9.07
billion. The net assets available to pay benefits at. that date
is $8.20 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,
Description
Land Acquisition
Various Purposes
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 life of the permanent financing, provided that stipulated
annual reductions of principal are made.
To Be
Redeemed 1993
Interest Budget
Amount Rate Appropriation Bonds
140,000 4.14 9,000 131~000
1~176~000 3.00 132,000 1 ~044~000 '
$1,316~000 $141,000 $1,175,000
3. LONG-TERM DEBT
a. At December 31, 1992, the total outstanding indebtedness of
the Town~ excluding the above BAN's aggregated $5~515~447.
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b. Serial Bonds and Capital Notes - 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, 1992 by fund
type and account group:
Liability
General-Long Term
Debt Account Group
Serial Bonds
Unbflled Retirement
Compensated Absences
Total Long-Term Debt
$3,580,000
708,869
1,316,216
$5,605,085
e. The following is a summar~ of changes in the long
term liabilities for the period ended December 31, 1992:
Payable at Beginning
of Fiscal Year
Bonds and Unbilled Compensated
Notes Retirement Absences
$3,987,250 $648,102 $2,383,597
Deletions
407,250
Payable at End
of Fiscal Year
$3,580,000 $708,869 $1,316,216
Additions and deletions to unbilled retirement and compensated
absences are shown net since it is impracticable to determine
these amounts separately.
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f. Long Term Debt Maturity Schedule - The following is a
statement of serial bonds and the Capital Note with corresponding
maturity schedules:
Serial Bonds
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, 1992:$1,160,000
Payable from: General Fund, Highway Fund, Special Revenue Fund
Description: Various Purposes
Dated: Februar~r 15, 1991
Issue Amount: $2,708,500
Interest Rate: 6.375%
Final Maturity Date: February 15, 2011
Balance as of December 31, 1992:$2,420,000
g. The following table summarizes the Town's future debt service
requirement of the Serial Bond as of December 31, 1992:
Year Endin~ Principal Interest
1993 370,000 247,019
1994 350,000 222,026
1995 260,000 200,402
1996 210,000 183,104
1997 210,000 167,401
1998-2002 1,030,000 600,311
2003-2007 750,000 244,950
2008-2011 400,000 51,000
h. In addition to the debt shown above, the following
long-term debt has been authorized but remains unissued at
December 31, 1992.
Payable from: General Fund
Description: Agricultural Land Development Rights Serial Bonds
Authorized Amount: $900,000
Payable from: General Fund
Description: Human Resource Center
Authorized Amount: $650,000
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C. INTERFUND RECEIVABLES AND PAYABLES
Interfund receivables and payables at December 31, 1992 were as
follows:
Interfund Interfund
Fund Receivables Payables
General Fund Whole Town $ 29,734
Special Grant Fund 6,360
Townwide Highway Fund 5,110
Capital Projects
Trust and Agency
Total Interfund
$ 41,204
6,360
34,636
2O8
41,204
D. FUND EQUITY
1. RESERVES
The capital projects fund equity include 12 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 buildings and parcels, as well as a
photocopy machine and a trailer under operating leases. Total rental
expenditures on these leases for the fiscal year ended December 31,
1992 were $42,345. Future obligations over the primary terms of the
Town's leases as of December 31, 1992 are as follows:
Year Ended
December 31
1993 $ 23,130
1994 6,000
1995 6,000
1996 6,000
1997 6,000
Thereafter 36 ~ 000
Total $ 83,130
VI. CONTINGENCIES
The local government has received grants which are subject to audit by
agencies of the State and Federal Governments. Such audits may result
in disallowances and a request for a return of funds to the federal and
state governments. Based on past audits, the local government
administration believes disallowances, ff any, will be immaterial.
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VII. OTHER
A. In the State Annual Update Document the following funds are
included in the Highway Fund Whole Town; in the audit report, these
funds are included as Special Revenue Funds:
Wendy Drive Road Improvement District
West Creek Estates Road Improvement District
B. The Town is the sponsor of a grant from Federal Aviation
Administration for all-port improvements at EHzabeth Airfield. The Town
has contracted with Calacerinos & Sptna Engineers, P.C. to administer
the grant. A copy of an audit report which includes a compliance audit
is reviewed by the Town. These funds are shown in the audit report
on the Fishers Island Ferry District Schedule of Federal Assistance.
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INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH SPECIFIC
REQUIREMENTS APPLICABLE TO MAJOR FEDERAL FINANCIAL ASSISTANCE
PROGRAMS
May 12, 1993
Town Board
Town of Southold
53095 Main Road
Southold, New York 11971
Members of the Board:
We have auJ:tited the financial statements of the Town of Southold, New York, as of and tbr the ),ear
ended December 31, 1992, and have issued our report thereon dated IVlay 12, 1993.
We have also audited the Town of Southold's compliance with the requirements goveming types of
services allowed or unallowed; eligibility; matching, level of effort, or earmarking; reporting; claims
for advances and reimbursements; and amounts claimed or used for matching that are applicable to
each of its major federal financial assistance programs, which are identified in the accompanying
Schedule of Federal Financial Assistance, for the year ended December 31, 1992. The management
of the Town of Sonthold, New York is responsible fbr the Town of Southold's compliance with those
requirements. Our responsibility is to express an opinion on compliance with those requirements
based on our audit.
We conducted our audit of compliance with those requirements in accordance with generally
accepting auditing standards; Government Attditing Standards, issued by the Cotnptroller General
of the United States; and Office of Maaagcmcnt and Budget Circular A- 128f Audits of State mad
Local Governments." Those standards and OMB Circular A-128 require that we plan and perform
the audit to obtain reasonable assurance about whether material noncompliance with the
requirements ret~rred to above occurred. An audit includes examining, on a test basis, evidence
about the Town of Southold, New York's compliance with those requirements. We believe that our
audit provides a reasonable basis fbr our opinion.
Town Board, Town of Southold
May 12, 1993
Page 2.
The results of our audit procedures disclosed immaterial instances of noncompliance with the
requirements referred to above, which are described in the accompanying Schedule of Finding and
Questioned Costs. We considered these instances of noncompliance in forming our opinion on
compliance, which is expressed in the following paragraph.
in our opinion, the Town of Southold, New York complied, in all material respects, with the
requirernents governing types of services allowed or unallowed; eligibility; matching, level of effort,
or eannar 'king; reporting; special tests and provision; claims tbr advance and reimbursements; and
amounts claimed or used for matching that are applicable to each of its major t~deral financial
assistance programs tbr the year ended December 31, 1992.
This report is intended for the infbrmation of the audit committee, management, and members of the
Town of Southold Board. However, this report is a matter of public record and its distribution is not
limited.
Respectfully, submitted,
Certified Public Accountant
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