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Home My WebLink About1999 FI Garbage & Refuse FISHERS ISLAND GARBAGE AND REFUSE DISTRICT FINANCIAL STATEMENTS DECEMBER 31, 1999 OHERTV EALS_& ANKS, P.C. CERTIFIED PUBLIC ACCOUNTANTS FISHERS ISLAND GARBAGE AND REFUSE DISTRICT FINANCIAL STATEMENTS DECEMBER 31, 1999 CONTENTS Independent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . 1 Statement of Revenue, Expenses, and Change in Fund Balance . . . . . . . . . . . . . . . . . . . . . . . 2 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . 5 DOHERTY, BEALS 8< BANKS, P.C. DOHERTY, BEALS Be BANKS, P.C. CARL A. BANKS, CPA STACEY L. GUALTIERI, CPA KATHLEEN A. STEAMER, CPA lEVEL V,", A. COOKIE, CPA DAVID J. MICELI, CPA CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET POST O,."ICE BOX 118 NEW LONDON. CONNECTICUT 08320 (8eO) 443-2033 "''''X(880).&A4-70e8 Board of Commissioners Fishers Island Garbage and Refuse District Fishers Island, NY 06390 INDEPENDENT AUDITOR'S REPORT We have audited the accompanying balance sheet of the Fishers Island Garbage and Refuse District as of December 31, 1999, and 1998, and the related statements of revenue, expenses, and change in fund balance, and cash flows for the year then ended. These financial statements are the responsibility of the Fishers Island Garbage and Refuse District's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the 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. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fishers Island Garbage and Refuse District as of December 31, 1999, and 1998, and the results of its operations and cash flows for the year then ended, in conformity with generally accepted accounting principles. ~=T~I B~B;~S~~ March 22, 2000 - 1 - FISHERS ISLAND GARBAGE AND REFUSE DISTRICT STATEMENT OF REVENUE, EXPENSES AND CHANGE IN FUND BALANCE FOR THE YEAR ENDED DECEMBER 31, 1999 AND 1998 1999 REVENUE Revenue - Town of Southold Interest Burn dump fees Gain on sale of equipment $ 438,888 26,710 18,973 6,500 TOTAL REVENUE 491,071 , I . . EXPENSES Accounting Advertising ~ Bad debt Bank charges Burn dump expenses Casual labor Commission fees Compost station maintenance Compost station utilities Depreciation Employee benefits - , { ) Ferry transportation .~' l~){--I ."._:'l.'L\')" , Garbage tipping fees_ ~ ,-J - L-&,j Garbage hauling \ Hazardous waste removal Insurance Landfill consulting/engineering fees Landfill closure fees Legal Office utilities Office expense ) Rent - -r-,r ,,(---,;I, Oj~ Rent - equipment Transfer station maintenance Transfer station utilities Wages - ~ ~ <--t~ -; payroll taxes 2,128 17,429 7,605 735 29,341 1,627 9,115 20,971 54,227 12,576 22,924 48,945 5,227 15,814 1,394 2,420 2,900 3,768 4,092 1,257 75,034 5.832 3,874 464 2,297 1,053 TOTAL EXPENSES 353,049 >> EXCESS OF REVENUE OVER EXPENSES 138,022 FUND BALANCE - BEGINNING 817.186 FUND BALANCE - ENDING $ 955,208 See notes to financial statements. - 2 - DOHERTY. BEALS 8< BANKS.P.C. 1998 $ 371,586 30,000 13,827 415,413 2,910 514 7,723 3,531 4,275 580 8,983 13,137 493 21,383 14,436 25,326 52,579 13,915 25,872 79,132 3,080 3,894 940 1,190 2,100 7,926 1.,299 68,085 6.767 370,070 45,343 771 ,843 $ 817,186 FISHERS ISLAND GARBAGE AND REFUSE DISTRICT BALANCE SHEET AS OF DECEMBER 31, 1999 AND 1998 ASSETS TOTAL CURRENT ASSETS 1999 1998 $ 458,650 $ 459,019 6,720 5,487 7,702 473,072 464,506 CURRENT ASSETS Cash and cash equivalent Accounts receivable Prepaid expenses PROPERTY, PLANT, AND EQUIPMENT Garbage facilities and improvements Equipment 503,059 104,465 607,524 (101,035) 371,463 82.139 453,602 (82.694) Less: accumulated depreciation NET PROPERTY, PLANT, AND EQUIPMENT 506.489 370.908 TOTAL ASSETS $ 979,561 $ 835,414 LIABILITIES AND FUND BALANCE LIABILITIES Accounts payable Payroll taxes payable $ 23,542 811 $ 14,470 3.758 TOTAL LIABILITIES 24,353 18,228 FUND BALANCE 955.208 817,186 TOTAL LIABILITIES AND FUND BALANCE $ 979.561 $ 835.414 See notes to financial statements. - 3 - DOHERTY, BEALS 8< BANKS, P.C. FISHERS ISLAND GARBAGE AND REFUSE DISTRICT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1999 AND 1998 CASH FLOWS FROM OPERATING ACTIVITIES 1999 1998 Excess of revenue over expenses - per page 2 Adjustments to reconcile excess of revenue over expenses to net cash provided by operating activities: Depreciation Gain on sale of equipment (Increase) decrease in: Accounts receivable Prepaid expenses Increase (decrease) in: Accounts payable Payroll taxes payable $ 138,022 $ 45,343 29,341 21,383 (6,500) (1,233) 5,430 (7,702) 9,072 14,470 (2,947) 1,550 158,053 88,176 NET CASH PROVIDED BY OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Improvements to property, plant, and equipment Proceeds from sale of equipment (164,922) 6.500 (69,033) NET CASH USED BY INVESTING ACTIVITIES (158,422) (69,033) NET CHANGE IN CASH AND CASH EQUIVALENTS (369) 19,143 CASH AND CASH EQUIVALENTS - BEGINNING 459.019 439.876 CASH AND CASH EQUIVALENTS - ENDING S 458.650 S 459.019 See notes to financial statements. - 4 - DOHERTY, BEALS 8< BANKS, P.C. FISHERS ISLAND GARBAGE AND REFUSE DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999 AND 1998 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES History and Purpose The Fishers Island Garbage and Refuse District operates through the Town of Southold as an organization exempt from income tax. The function of this District is to provide the residents of Fishers Island with the collection and disposal of all garbage and refuse. Basis of Accounting The Fishers Island Garbage and Refuse District uses the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred. Property, Plant, and Equipment Assets are recorded at cost and depreciation is recorded over the estimated useful lives of the assets using the straight-line method. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash Equivalents For the purposes of the Statement of Cash Flows, the organization considers all unrestricted highly liquid investments to be cash equivalents. Gre- ,-~."_.f .' CA" a.-(.~' L,'/..;-, } - 5 - DOHERTY, BEALS 8< BANKS, P.C.