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Home My WebLink About1995 & 1996 FIFD . ISLAND FERRY DISTRICT FINANCIAL STATEMENTS 31, 1996 AND 1995 OHERTV EALS & ANKS, P.C. CERTIFIED PUBLIC ACCOUNTANTS i J____ . FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS DECEMBER 31, 1996 AND 1995 CONTENTS Independent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statements of Revenue and Expenses . . . . . . . . . . . . . . . . . . . . Statements of Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 3 4 5 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . 6 Theater and Airfield Schedules of Revenue and Expenses . . . . . . . . . . . . . DOHERTY. BEAl.S 8: BANKS. P. C. a -1 j , i ,I DOHL, BEALS Be BANKS, P.C. CERTIFIED PUBLIC ACCOUNTANTS . CARL A. BANKS, CPA STEPHEN R. DOHERTY, CPA STACEY l.. GUAL.TIERI, CPA KAREN A. NAGEL., CPA KATHLEEN A. STEAMER, CPA EVELYN M. COOKE, CPA 187 WILLIAMS STREET POST OFFICE BOX 59 NEW LONCON, CONNECTICUT 06320 (860) 443-2033 FAX (860) 444-7086 Board of Commissioners Fishers Island Ferry District Fishers Island, NY 06390 INDEPENDENT AUDITOR'S REPORT We have audited the accompanying balance sheets of the Fishers Island Ferry District as of December 31, 1996, and 1995, and the related statements of revenue and expenses, fund balance, and cash flows for the years then ended. These financial statements are the responsibility of the Fishers Island Ferry 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 abcve present fairly, in all material respects, the financial position of the Fishers Island Ferry District as of December 31, 1996, and 1995, and the results of its operations and cash flows for the years then ended, in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The theater and airfield schedules of revenue and expenses are presented for the purposes of additional analysis and are not a required part of the financial statements of the Fishers Island Ferry District. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. :y~k. i3uJJ : ;jcuJa:J DOHER'#', BEALS' & BANKS, P.C. April 23, 1997 - 1 - 1996 1995 $ 624.950 $ 622,410 56.796 70.654 1,450 1,450 5.129 8.586 688.325 703.100 21.890 16.053 6.568 31.279 43.909 748.062 763.062 FIWS ISLAND FERRY DISTRICT . BALANCE SHEETS AS OF DBCEMBER 31, 1996 AND 1995 ASSETS CURRENT ASSETS Cash equivalents (note 1) Cash in banks Imprest funds Special cash deposits Total Cash And Cash Equivalents Traffic and car receivable Grants receivable Prepaid expenses TOTAL CURRENT ASSBTS PROPERTY, PLANT, AND KQl1IPMKN'l' Property, plant, and equipment (note 2) Less: accumulated depreciation 6.753.223 (2.492.492) NET PROPllRTY. PLANT AND EQUIPMENT 4.260.731 OTHER ASSETS Property held for future use 634.068 TOTAL ASSETS $5.642.861 LIABILITIES AND P'UND BALANCE CURRENT LIABILITIES Current portion bonds payable Accounts payable Estimated liability for compensated absences Deferred property tax revenue $ 61.836 86.050 147.255 13.665 TOTAL CURRENT LIABILITIES 308.806 LONG-TERM LIABILITIBS Bonds payable (net of current portion above) (note 3) 242.628 TOTAL LIABILITIES 551.434 I , FOND SALANCE (page 4) 5.091.427 TOTAL LIABILITIES AND FUND BALANCE $5.642.861 See notes to financial statements. - 2 - DOHERTY. BEALS a: BANKS. P. C. 6.675.566 (2.270.563) 4.405.003 634.068 $5.802.133 $ 61.836 55.151 149.542 266.529 304.464 570.993 5.231.140 $5.802.133 FI~RS ISLAND FERRY DISTRICT STATE~S OF REVENUE AND EXPENSES FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995 . OPERATING REVENUB 1996 Ferry service revenue Charter service Mail revenue Miscellaneous voyage revenue Rental income $ 964.402 46.307 15.932 18,575 14.081 TOTAL OPERATING R.EVBNoB 1,059,297 OPBRATING BXPENSBS Building and equipment maintenance Clerical salaries Commissioners' and manager's salaries Crew and purser salaries Fuels and lubricants Insurance expense Legal and accounting Local transfers Office supplies Other terminal expense Payroll taxes Property taxes Retirement payments (note 4) Stationery and printing Supplies Utilities Vessel maintenance 16.668 43.805 80.967 540.792 96.346 143,324 5.900 4,800 4,523 12.128 49.092 9,638 11.476 1.393 25.695 10,817 73.312 TOTAL OPBRATING EXPENSBS 1.130.676 DBFICIT OF R.EVBNoB OVllR IlXPBNSBS FROM OPERATIONS BBFORB DEPRECIATION (71.379) Less: depreciation (141.294) DBFICIT OF R.EVBNoB 0VllR IlXPENSBS FROM OPERATIONS (212.673) OTHllR REVENDB AND IlXPEN8BS Property tax revenue Interest income Grant revenue Theater deficit (net) (page 10) Airfield deficit (net) (page 10) Interest expense Theater donations 220.000 34,069 10,382 (12.949) (157.668) (28.274) 7.400 TOTAL OTHER REVBNUE AND EXPENSES 72.960 DEFICIT OF REVENUE OVER KXPBNSBS S' (1.39.71.3) See ~otes to financial statements. - 3 - DOHERTY. BEALS a BANKS. P. C. -'>".'~ 1995 $ 988.955 45,648 15.937 20,577 6.276 1,077,393 9.800 41.735 84.885 539,894 75,158 149,869 5.900 4,775 4,741 8,143 44.938 9,778 6,299 2.650 34.664 10.360 50.531 1.084.120 (6.727) (1)6.731) (143.458) 200.000 30,771 75,141 (11.284) (163.041) (32.724) 26.005 124.868 S 118.590) , I -- . . FISHERS ISLAND FERRY DISTRICT STATEMENTS OF FUND BALANCE FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995 1996 FOND BALANCE - BEGINNING $5,231,140 DEFICIT OF REVENUE OVER EXPENSES (page 3) (139,713) FOND BALANCE - ENDING $5,091,427 See notes to financial statements. - 4 - DOHERTY. BEALS a BANKS. P. C. 1995 $5,249,730 (18,590) $5.231,140 FIS~S ISLAND FERRY DISTRICT 4It STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995 1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES Deficit of revenue over expenses - per page 3 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation - operating Depreciation - theater/airfield (Increase) decrease in: Prepaid expenses Receivables Increase (decrease) in: Accounts payable Estimated liability for compensated absences Deferred property tax revenue NET CASH PROVIDED BY OPERATING ACTIVITIES $ (139,713) $ (18,590) 141,294 136,731 144,630 154,079 12,630 (920) (12,405) 114,179 30,899 (82,163) (2,286) 54,988 13 ,665 188,714 358,304 CASH FLOWS FROM INVESTING ACTIVITIES Improvements to property, plant and equipment (141,653) (40,624) CASH FLOWS FROM FINANCING ACTIVITIES Payments on bonds payable (61,836) (61,830) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (14,775) 255,850 CASH AND CASH EQUIVALENTS - BEGINNING 703,100 447,250 CASH AND CASH EQUIVALENTS - ENDING $ 688,325 $ 703,100 See notes to financial statements. - 5 - DOHERTY. SEALS It SANKS. P. C. 11!L ..-t:;.,...,,....-e-----,,.---- ,. ! , ~ ~ FISHERS ISLAND FERRY DISTRICT NOT. TO FINANCIAL STATEMENTS . CEMBER 31, 1996 AND 1995 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Fishers Island Ferry District operates through the Town of Southold as an organization exempt from income tax. The Fishers Island Ferry District's function is to provide residents of Fishers Island with transportation to and from Fishers Island, New York, and New London, Connecticut. Basis of Accounting The Fishers Island Ferry District uses the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred. Depreciation Depreciation of property and equipment is charged to income over their estimated lives using the straight-line method. Depreciation for the years ended December 31, 1996, and 1995, is $285,924 and $290,810, respectively. Cash Equivalents Cash equivalents as used in the statement of cash flows defined as . short-term, highly liquid investments that convertible to known amounts of cash. (page 5) are are readily The Fishers Island Ferry District maintains an investment account with MBIA - Municipal Investors Service Corp. The balance of $622,410 is not insured. 2. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following classes of assets: Land Docks and dolphins Vessel - Munnatauket Vessel - Race Point Buildings and improvements Terminal expansion Office equipment Terminal equipment 1996 1995 $ 41,717 $ 41,717 884,751 775,552 904,357 904,357 1,485,382 1,485,382 3,029,261 3,076,350 317,781 300,127 62,199 64,306 27.775 27.775 $6.753.223 $6.675.566 TOTAL PROPERTY, PLANT AND EQUIPMENT - 6 - DOHERTY. BEAI.S 8< BANKS. P. C. -...,.....,,-~".-:....,'...,.= ..- .,-..' . -c-"'~.~____,....,.,.~ , FI~RS ISLAND FERRY DISTRICT NO" TO FINANCIAL STATEMENTS DECEMBER 31, 1996 AND 1995 . 3. BONDS PAYABLE 1996 1995 Munnatawket Debt Service Serial Bonds "maturing and payable annually with interest at 5.9% per annum. Net book value of the Munnatawket is $339,984. $ 35,000 $ 70,000 Race Point Debt Service Serial Bonds maturing and payable annually with interest at 9.1% per annum. Net book value of the Race Point is $846,997. 250,000 275,000 Pension System Seria! Bonds Serial Bonds maturing and payable annually with interest at 8% per annum. 19.464 21.300 TOTAL BONDS PAYABLE S 304.464 $ 356.300 The following are the maturities of bonds payable for each of the next five years. 1997 1998 1999 2000 2001 Thereafter $ 61,836 26,836 26,836 26,836 26,836 135.284 S 304.464 4. PENSION The Fishers Island Ferry District participates in the New York State Employees Retirement System, a defined benefit plan. This is a cost sharing multiple public employer retirement system that covers substantially all of the Ferry District's employees. The system offers a wide range of plans and benefits which are related to years of service and final average salary, vesting of retirement benefits, death and disability benefits and optional methods of benefit payments. The Fishers Island Ferry District's pension expense for the years ended December 31, 1996, and 1995, is $11.476 and $6,299 respectively. Additional required disclosure information is unavailable at this time. 5 . SUPPLEMENTAL CASH !!'LOW INFORMATION Interest expense paid during the years ending December 31, 1996, and 1995, was $28,274 and $32,724 respectively. - 7 - DOHERTY. BEALS a. BANKS. P. C. '-- - ---. ." _.....,...-~-'::'''"-_._- , FI"'RS ISLAND FERRY DISTRICT ~ THEATER AND AIRFIELD SCHEDULES OF REVENUE AND EXPENSES FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995 1996 1995 THEATER OPERATION THEATER REVENUE $ 15,036 $ 14,399 THEATER EXPENSES Film rental Payroll Utilities Repairs and maintenance Miscellaneous Depreciation 7,984 6,112 4,373 4,163 2,452 1,862 1,849 508 1,033 2,744 10,294 10.294 27,985 25.683 TOTAL EXPENSES THEATER DEFICIT $ (12.949) $ (11.284) AIRFIELD OPERATION AIRFIELD REVENUE $ $ AIRFIELD EXPENSES Repairs and maintenance Insurance Utilities Depreciation 17,399 3,675 2,258 134.336 13.280 3.675 2.301 143.785 TOTAL EXPENSES 157.668 163.041 AIRFIELD DEFICIT $ (157,668) $ (163.041) See notes to financial statements. - 8 - DOHERTY. BEAI.S a. BANKS. P. C. l:..