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Home My WebLink About1999 & 2000 FIFD r , ~. , \ JUL 13 2001 So"I~"I~ ..~,..- rlQ,.t; t. FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 OHERTV EALS_& ANKS, P.C. CERTIFIED PUBLIC ACCOUNTANTS , . t. FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 , . CONTENTS Independent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . 1 Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Statements of Revenue and Expenses . . . . . . . . . . . . . . . . . . . . 3 Statements of Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . 4 Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . 5 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . 6 Theater and Airfield Schedules of Revenue and Expenses . . . . . . . . . . . . . 9 DOHERTY. BEALS 8< BANKS. P.C. DOHERTY, BEALS Be BANKS. P.C. CARL A. BANKS. CPA STACEY L. GUALTIERI, CPA KATHLEEN A. STEAMER. CPA EVELYN A. COOKE. CPA DAVID J. MICELI, CPA CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET POST OFFICE BOX 88 NEW LONDON. CONNECTICUT 08320 t (S80) 443-2033 FAX le80) 444.7088 Board of Commissioners Fishers Island Ferry District Fishers Island, NY 06390 INDEPENDENT AUDITOR'S REPO~T We have audited the accompanying general-purpose financial statements of the Fishers Island Ferry District as of and for the year ended December 31, 2000, as listed in the table of contents. These general-purpose financial statements are the responsibility of the Fishers Island Ferry District'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 and the standards applicable to financial audits contained in Government Audi ting Standards, issued by the Comptroller General of the United States. 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 general-purpose financial statements referred to above present. fairly, in all material respects, the financial-position of the Fishers Island Ferry District as of December 31, 2000, and the results of its operations and cash flows for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated May 24, 2001, on our consideration of the Fishers Island Ferry Districtts internal control over financial reporting and our tests of compliance with certain provisions of laws, regulations, contracts and grants. ~~~~E~:KS~ May 24, 2001 - 1 - .. FISHERS ISLAND FERRY DISTRICT BALANCE SHEETS AS OF DECEMBER 31, 2000 AND 1999 ASSETS. CURRENT ASSETS Cash equivalents (note 1) Cash in banks Imprest funds Special cash deposits Total Cash And Cash Equivalents Prepaid expenses Traffic and car receivable Accrued interest receivable TOTAL CURRENT ASSETS PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment (note 2) Less: accumulated depreciation NET PROPERTY, PLANT AND EQUIPMENT TOTAL ASSETS LIABILITIES AND NET ASSETS CURRENT LIABILITIES Current portion bonds payable Accounts payable Liability for compensated absences Deferred property tax revenue TOTAL CURRENT LIABILITIES LONG-TERM LIABILITIES Bonds payable (net of current portion above) (note 3) TOTAL LIABILITIES FUND BALANCE (page 4) TOTAL LIABILITIES AND FUND BALANCE See notes to financial statements. - 2 - DOI-U!'RTV. BEALS &: BANKS. P.C. 2000 $ 176,934 14,045 1,450 742 193,171 21,120 71,612 134 , . 286,037 9,049,149 (3,502,035) 5,547,114 $5,833,151 $ 31,836 87,666 193,274 12,929 325,705 130,283 455,988 5,377,163 $5,833,151 1999 $ 558,421 35,995 1,450 2,172 598,038 27,866 32,731 297 658,932 7,758,805 (3,218,235) 4,540,570 $5,199,502 $ 26,836 41,844 182,681 251,361 162,119 413,480 4,786,022 $5,199,502 , FISHERS ISLAND FERRY DISTRICT STATEMENTS OF REVENUE AND EXPENSES FOR THE YEARS ENDED DECEMBER 31. 2000 AND 1999 t OPERATING REVENUE 2000 Ferry service revenue Charter service Mail revenue. Rental income $1,298.984 25.691 17,528 9.699 TOTAL OPERATING REVENUE 1.351.902 OPERATING EXPENSES Clerical salaries Commissioners' and manager's salaries Crew and purser salaries Fuels and lubricants Insurance expense Legal and accounting Local transfers Office supplies payroll taxes Property taxes Repairs and maintenance Retirement payments Stationery and printing Terminal expense Utilities 23,925 102,146 676,275 127,158 174,194 5,800 5,100 7,622 57,237 24,669 128,876 2,681 16,494 27,047 22.381 TOTAL OPERATING EXPENSES 1.401.605 DEFICIT OF REVENUE OVER EXPENSES FROM OPERATIONS BEFORE DEPRECIATION (49,703) Less: depreciation (193.217) DEFICIT OP RBVENUE OVER BXPENSBS FROM OPBRATIONS (242,920) OTHBR REVENUE AND EXPENSES Property tax revenue Interest income Capital grant revenue Theater deficit (net) (page 9) Airfield deficit (net) (page 9) Interest expense 310,000 19,935 640,000 (17,320) (102,758) (15.796) TOTAL OTHER REVENUE AND EXPENSES 834.061 EXCESS (DEFICIT) OF REVENUE OVER EXPENSES $ 591.141 See notes to tinancial statements. - 3 - DOHERTY, BEALS 8< BANKS. p.e. 1999 $1,065.358 29.965 17,528 9.148 1.121,999 43,772 93,992 650,159 70,315 142,233 5,800 5,100 5,541 55,261 14,462 103,769 2,025 6,767 32,606 19.379 1.251.181 (129,182) (154.210) (283,392) 250,077 31,189 (17,506) (81,564) (18.157) 164.039 $ (119.353) r FISHERS ISLAND FERRY DISTRICT STATEMENTS OF FUND BALANCE FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999 t 2000 FUND BALANCE - BEGINNING $4,786,022 , . EXCESS (DEFICIT) OF REVENUE OVER EXPENSES (page 3) 591,141 FUND BALANCE - ENDING $5,377.163 See notes to financial statements. - 4 - nrn..U:'DTV RF'A,1 ~ A RANK~ P ~ 1999 $4,905,375 (119.353) 84.786.022 r FISHERS ISLAND FERRY DISTRICT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999 t. 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES Excess (deficit) of revenue over expenses - per page 3 Adjustments to reconcile deficit of revenue over expenses to net cash provided by operating activities: Depreciation - operating Depreciation - theater/airfield (Increase) decrease in: prepaid expenses Receivables Increase (decrease) in: Accounts payable Liability for compensated absences Deferred property tax revenue $ 591,141 $ (119,353) 193,217 154,210 90,584 90,222 6,746 (53) (38,719) (11,879) 45,822 (27,854) 10,593 32,234 12,929 912,313 117,527 NET CASH PROVIDED BY OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Improvements to property, plant and equipment (1,290,344) (192,059) CASH FLOWS FROM FINANCING ACTIVITIES Payments on bonds payable (26.836) (26,836) NET CHANGE IN CASH AND CASH EQUIVALENTS (404,867) (101,368) CASH AND CASH EQUIVALENTS - BEGINNING 598,038 699,406 CASH AND CASH EQUIVALENTS - ENDING $ 193,171 $ 598,038 See notes to financial statements. - 5 - DOHERTY, BEALS 8< BANKS, P.C. r FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 r. 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Fishers Island Ferry District operates through the Town of Southold as an organization exempt from income tax. It is a component unit of the Town of Southold. 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, 2000, and 1999, is $283,801 and $244,432, 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 $48,464 is not insured. An investment account is also maintained with Fleet Bank and consists of a short-term Treasury Portfolio. The balance of $128,470 is not insured. 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. - 6 - nn~i:'RTV RI='ALS & BANKS. P.C. r FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 t. 2 . PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, are recorded at cost and consist of the following classes of assets: 2000 Land Docks and dolphins Vessel - Munnatauket Vessel - Race Point Buildings and improvements Terminal expansion Office equipment Terminal equipment $ 41,717 2,107,994 904,357 1,485,382 3,743,569 688,301 50,054 27.775 TOTAL PROPERTY, PLANT AND EQUIPMENT $9.049.149 1999 $ 41,717 1,040,699 904,357 1,485,382 3,743,569 465,252 50,054 27.775 $7.758.805 3. BONDS PAYABLE 2000 1999 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 $693,211. $ 150,000 $ 175,000 Pension System Serial Bonds Serial Bonds maturing and payable annually with interest at 8%' per annum. 12.118 13.955 TOTAL BONDS PAYABLE $ 162.118 $ 188.955 The following are the maturities of bonds payable for each of the next five years. 2001 $ 31,836 2002 31,836 2003 31,836 2004 31,836 2005 34.775 $ 162 .119 - 7 - DOHERTY. BEALS 8< BANKS. P.C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 f' 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 I 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, 2000, and 1999, is $2,681 and $2,025 respectively. Additional required disclosure information is unavailable at this time. Any liability that.inay result from a withdrawal from the plan has not been determined. 5. SUPPLEMENTAL CASH FLOW INFORMATION Interest paid during the years ending December 31, 2000, and 1999, was $15,796 and $18,157 respectively. - 8 - __..__---., ...r-.. ~.. I:IA..'....e 1:1'" FISHERS ISLAND FERRY DISTRICT THEATER AND AIRFIELD SCHEDULES OF REVENUE AND EXPENSES FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999 t< 2000 1999 THEATER OPERATION THEATER REVENUE $ 12,616 $ 12,706 THEATER EXPENSES TOTAL EXPENSES , 6,082 8,201 . 3,500 4,443 4,234 3,763 4,095 2,594 636 11.389 11. 211 29.936 30,212 Film rental payroll Utilities Repairs and maintenance Miscellaneous Depreciation THEATER DEFICIT $ (17,320) $ (17,506) AIRFIELD OPERATION AIRFIELD REVENUE $ 6,301 $ 20,402 AIRFIELD EXPENSES Repairs and maintenance Insurance Utilities Depreciation 24,628 3,300 1,936 79,195 17,010 3,000 2,945 79,011 TOTAL EXPENSES 109,059 101,966 AIRFIELD DEFICIT $ (102,758) $ (81,564) See notes to financial statements. - 9 - .......... ............'" ...r::'AI C .. I:IANW'C: 12 t"'"