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Home My WebLink About1987 & 1988 FIFD .:D .' . FISHERS ISLAND FERRY DISTRICI' ;,>;t... <"","~q,~'.'.j"":o!\-""'-"" " '.';~-, .;,ri"""\4::~,<>...,'\~' o ( FINANCIAL STATEMENTS DECEMBER 31, 1988 & 1987 DOHERTY, BEALS & BANKS, P.C. CERTIFIED PUBLIC ACCOUNTANTS. NEW LONDON, CONNECTICUT ~ . ;.t., ~f." -'.'" _ .....' -~ l(.:, ','f!."'-,11;'" .1 . i .. ."......' .;;.:,,}<),;:;;~.,tl'!'."l~".' . ""'-"':'-'<.'\t":i~,..:".." I -,", I j. .~ l~ "'.~ ~;. ~;l ., q "'~1r'r . . (203) 443.2033 DOHERTY. BEALS & BANKS. P. C. CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET POST OFFICE BOX 59 NEW LONDON. CONNECTICUT 06320 ":C:::'/':D "'\j "::jlllC!-1 ',,.....- .""In..\, May 17, 1989 Board of Canmissioners Fishers Island Ferry District Fishers Island, NY 06390 REPORT OF INDEPENDENT ACCOUNTANTS I We have audited the accompanying Balance Sheets of the Fishers Island Ferry District as of December 31, 1988, and 1987, and the related Statements of Income, Proprietary Capital, and Cash Flews for tte years t..hen ended. These financial statements are the responsibility of the Fishers Island Ferry District's management. Our responsibi lity is to express an oplni.on on these financial statements based on our audit. \ve conducted our audit in accordance with generally accepted audi ting standards. Those st.andards require that we plan and ::;erform the audi t 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 amour,ts and di sclosures in the financial statements. Art audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluatinq the overall financial s'-..atement presentation. \ve believe that our audi.t provides a reasonable basis for our opl.nion. In our opini on, the fi nanci al statements referred to above "resent fairly, in all material respects, the financial position of the ?ishers Island Ferry District as of December 31, 1988, and 1987, and the results of its operations for the years then ended, in conformity with generally accepted accounting princi.ples. Yours truly, I ' bJ~!' ~...../:" , '- ;- ;7 ~ // ,;:- ,--,~--..G.~/ DOHERTY, BEALS & BANKS, P. C. SLG:pl Enclosures EXHIBIT A EXHIBIT B EXHIBIT C EXHIBIT D SGlliDULE 1 . . FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS Balance Sheets at December 31t 1988, and 1987. ..........~ Income Statements for the Years Ended December 31, 1988, and 1987. Statement of proprietary Capital for the Years Ended December 31, 1988, and 1987. Statement of Cash Flows for the Years Ended December 31, 1988, and 1987. Notes to Financial Statements. ,"" Thearre and Airfield Revenue and Expense for the Years Ended December 31, 1988, and 1987. DOHERTY, BEALS 8: BANKS. P C, ,-<'""~' -'". ,:;::;,\~,",:"", ;1J~~v,j,;":w $ 732,901 $ 540,560 1,450 1,425 188 7,618 -0- 14,738 $ 734,539 $ 564,341 . . FISHERS ISLAND FERRY DISTRICT BALANCE SHEETS AS OF DECEMBER 31, 1988 AND 1987 ASSETS 1988 CURRENT ASSETS: Cash in Banks Imprest Funds Special Cash Deposits Other Receivables Total Current Assets PROPERTY, PLANT, AND EQUIPMENT: (Note 5) Total At Cost Less: Accumulated Depreciation f $4,066,195 1,160,147 Total Property and Equipment $2,906,048 TOTAL ASSETS $3,640,587 LIABILITIES AND PROPRIETARY CAPITAL CURRENT LIABILITIES: Accounts Payable Traffic and Car Deferred Revenue Accrued Payroll Taxes .Bonds Payable - Current $ 14,666 3,793 -0- -0- 60,000 Total Current Liabilities $ 78,459 LO~~-TERM LIABILITIES: (Note 2) Bonds Payable (Net of Current Portion Above) 705,000 TOTAL LIABILITIES $ 783,459 PROPRIETARY CAPITAL: (Exhibi t C) 2,857,128 TOTAL LIABILITIES AND PROPRIETARY CAPITl\L $3,640,587 (SEE NOTES TO THE FINANCIAL STATEMENTS) DOHERTY. BEALS & BANKS. P C EXHIBIT A 1987 $4,018,162 1,049,978 $2,968,184 53.532,525 $ 8,889 3,261 4,573 3,221 55,000 $ 74,944 765,000 $ 839,944 2,692,581 $3,532.525 , NET INCOME FOR THE YEAR $ 164,547 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS & BANKS. P C. . S 56, T,4 ..t':;"~.ww ~ !~ j .' It i . r- o. , ;, ! I t, . ~ I , . . FISHERS ISLAND FERRY DISTRICT STATEMENTS OF PROPRIETARY CAPITAL FOR THE YEARS ENDED DECEMBER 31, 1988 AND 1987 1 , , .! PROPRIETARY CAPITAL - BEGINNING Special Capital Projects (Note 3) Net Incorre for the Year (Exhibit B) PROPRIETARY CAPITAL - ENDING , (SEE NOTES TO FINANCIAL STATEMENTS) OOHERTY. BEALS & BANKS. P C. 1988 $2,692,581 -0- 164,547 $2,857,128 EXHIBIT C 1987 $2,588,621 47,226 56,734 $2,692,581 . . EXHIBIT 0 FISHERS ISLAND FERRY DISTRICT STATEMENT OF CASH F'LCWS FOR THE YEARS ENDED DECEMBER 31, 1988 AND 1987 1988 1987 CASH FLOWS FROM OPERATING ACTIVITIES: Net Incorre - Per Exhibit B $ 164,547 $ 56,734 Adjustrrents to Reconcile Net Incorre to Net Cash Provided By Operating Activities: Depreciation - Vessels 104,928 101,455 Depreciation - Airfield 5,241 1,859 Change in Current Assets and Liabilities: (Increase) Decrease In Accounts Receivable 14,738 (14,738) Increase (Decrease) In Accounts Payable 5,777 (1,410) Increase (Decrease) In Other Payables (7,262) (33,209) Net Cash Provided By Operating Activities $ 287,969 $ ~692) " ..........~ CASH FLOWS FROM INVESTING ACTIVITIES: Improverrents to Property, Plant and Equiprrent $ (48,033) $ (50,742) Capital Projects Receipts -0- 47,226 Net Cash Used By Investinq Activities $ (48,033) $ ~516) CASH FLOWS FROM FINANCING ACTIVITIES: Decrease In Bonds Payable $ (55,000) $ (50,000) ~.. NET INCREASE IN CASH $ 184,936 $ 57,175 CASH BALANCE BEGINNING OF PERIOD 549,603 492,428 CASH BALANCE END OF PERIOD $ 734,539 $ 549,603 (SEE NOTES TO FINANCIAL STATE~lENTS) OOHERTY, BEALS & BANKS, P C . ~~, · FISHERS ISLAND FERRY DISTRI~ NCYI'ES TO FINANCIAL STATEMENTS DECEMBER 31, 1988 AND 1987 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: DEPRECIATION: Depreciation of property and equipment is charged to income over their estimated lives by using the straight-line method. Depreciation for the years ended December 31, 1988, and 1987, is $140,169 and $103,314 respectively. BASIS OF ACCOUNTING: The Fishers Island Ferry District uses the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when in=red. i CASH EQUIVALENTS: Cash Equivalents as used in the Statement of Cash Flows (Exhibit D) are defined as short-term, highly liquid investJTEnts that are readily convertible to known amounts of cash. PENS ION: The Fishers Island Ferry District contributed to the New York State Employees Retirement System for Substantially all full-time employees. Pension expense for the years ended December 31, 1988, and 1987, is $17,714 and $19,216 respectively. 2. BONDS PAYABLE: MUNNATUCKET DEBT SERVICE: Serial Bonds (5.9 Percent) maturity dates are as follows: Maturity Amount Per Year 1988 1987 Feb. 1, 1988 Thru 1997 35,000 315,000 350,000 Totals $ 315,000 $ 350,000 DOHERTY. BEALS & BANKS. P C . .. . . FISHERS ISLAND FERRY DISTRICT NarES TO FINANCIAL STATEMENTS DECEMBER 31, 1988 AND 1987 (PAGE 2) 2. BONDS PAYABLE: (Continued) RACE POINT DEBT SERVICE: Serial Bonds (9.1 Percent) maturity dates vary as follows: Maturity Amount Per Year 1988 1987 Apr. 1, 1981 Thru 1988 $ 20,000 $ -0- $ 20,000 Apr. 1, 1989 Thru 2000 25,OQO 300,000 300,000 Apr. 1, 2001 Thru 2005 30,000 150,000 150,000 ""'.,....L Totals S 450,000 $ 470,000 3. SPECIAL CAPITAL PROJECTS: The Fishers Island Ferry Dist-rict received funds from the Federal Aviation Administration and t--11e New York State Departrrent of Transportation for reimbursement of e..xpenditures to improve the airport runway and property. 4. OTHER RECEIVABLES AND eITHER PAYABLES: Other Receivables are due from Federal Aviation Administ-ration and New York State Department of Transportation for reimbursement of expenditures for improvement to the airport runway and property. OOHERTY. BEALS & BANKS. P C . . . FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1988 AND 1987 (PAGE 3) 5. PROPERTY AND EQUIPMENT: Property and equipment consists of tne follCJ\~ing classes of assets: 1988 1987 Il\ND Total Cost $ 41,717 $ 41,717 1,095,763 1,095,763 . 1,238,707 1,238,707 1,453,085 1,450,625 77,003 77,003 159,079 106,506 7,841 7,841 $4,066,195 $4,018,162 1,160,147 1,049,978 $2,906,048 $2,968,184 VESSEL - MllNNATAUKET VESSEL - RACE mINT BUILDINGS ElJUIPMENT AIRPORT IMPROVEMENTS IMPROVEMENTS ON lEASED PROPERTY LESS: ACCUMULATED DEPRECIATION NET BJOK VALUE 6. CONTINGENT LIABILITY: As a result of a 1986 plane crash at the Fishers Island Ferry District's airport, a number of lawsuits have been initiated. The Ferry District's legal counsel was consulted and is under the opinion that there is a rellDte possibili.ty of a future liability to the Ferry District, but that any liability in=red for damages would not exceed the insurance coverage. DOHERTY. BEALS & BANKS. P C , . . FISHERS ISLAND FERRY DISTRICT THEATRE AND AIRFIELD REVENUE AND EXPENSE FOR THE YEARS ENDED DECEMBER 31, 1988 AND 1987 SCHEDULE 1 NET INCOME THEATRE OPERATIONS $ 2,105 $ 6,757 AIRFIELD OPERATION AIRFIELD REVENUE $ ~038 $ ~716 AIRFIELD EXPENSES: "" Utilities $ 282 $ 310 Re[Birs and Maintenance 21,873 8,813 Insurance 5,500 5,500 Depreciation 5,241 1, 859 Total Expense $ ...B.L. 896 $ ~482 NET LOSS AIRFIELD OPERATIONS $ (20,858) $ (1,766) (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS & BANKS. P C , -'~~'":-"""';:'" :"..~,- ..,"!-