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Home My WebLink About1981 & 1982 FIFD J) t) FISHERS ISLAND FERRY DISTRICT AUDIT REPORT DECEMBER 31, 1982 & 1981 DOHERTY, BEALS & BANKS, P.C. CERTIFIED PUBLIC ACCOUNTANTS ," NEW LONDON, CONNECTICUT , I I . J -~ . ~ ! ,I 1 :1 (203) 443.2033 DotERTY, BEALS & BANKS. p, , CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET POST OFFICE BOX E1g NEW LONDON, CONNECTICUT 06320 September 13, 1983 The Board of Commissioners Fishers Island Ferry District Fishers Island, NY 06390 Gentlemen: We have examined the Balance Sheets of Fishers Island Ferry District as of December 31, 1982 and 1981, and the related State- ments of Income, Proprietory Capital, and Changes in Financial Position for the years then ended. Our examination was made in accordance with generally accepted auditing standards and, accord- ingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the aforementioned financial statements present fairly the financial position of the Fishers Island Ferry District at December 31, 1982 and 1981, and the results of its operations and the changes in its financial position for the years then ended in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. ;i"/:$'j?.A i DOHERTY, BEALS & BANKS, P.C. /7 /J ya?Vfu.J- GWR:blp Enclosures I I j i I I 1 . . FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS EXHIBIT A - Balance Sheets at December 31, 1982 and 1981. EXHIBIT B - Income Statements for the Years Ended December 31, 1982 and 1981. EXHIBIT C - Statement of Proprietary Capital for the Year Ended December 31, 1982 and 1981. EXHIBIT D - Statement of Changes in Financial Position for the Years Ended December 31, 1982 and 1981. SCHEDULE 1 - Investment in Affiliated Companies at December 31, 1982 and 1981. SCHEDULE 2 - Statement of Property & Equipment at December 31, 1982 and 1981. SCHEDULE 3 - Theatre and Airfield Revenue and Expense for the Years Ended December 31, 1982 and 1981. - Notes to Financial Statements. Dec. 31, Dec. 31, 1982 1981 $ 561,451 $ 415,709 1,225 1,225 7,403 2,062 -0- 24,750 $ 570,079 $ 443,746 ~ FISHERS ISLAND FERRY DISTRICT~ BALANCE SHEETS AT DECEMBER 31, 1982 & 1981 ASS ETS CURRENT ASSETS: Cash - Checking & Savings Imprest Funds Special Cash Deposits Accounts Receivable (Note 3) Total Current Assets INVESTMENTS: (Schedule 1) Investments in Affiliated Companies $ 23,357 PROPERTY AND EQUIPMENT: (Schedule 2) (Note 1) Total At Cost Less: Accumulated Depreciation $1,560,335 590,216 Total Property and Equipment $ 970,119 J_OTAL ASSETS $1.563.555 LIABILITIES AND PROPRIETaRY CAPITAL CURRENT LIABILITIES: Accounts Payable Traffic and Car Service Balance $ 29,293 1,908 Total Current Liabilities $ 31,201 LONG-TERM LIABILITIES: (Note 2) Bonds Payable $ 4 90 , 000 PROPRIETaRY CAPITAL (Exhibit C) $1,042,354 TOTAL LIABILITIES AND PROPRIETaRY_CAPITAL $1.563.555 ';~;r. L'\HIBIT A $ 21,227 $1,560,335 540,388 $1 ,019.947 $1.484.920 $ 14,769 2,403 $ 17,172 $ 515,000 $ 952,748 ~1.484. 920 ,~y ,l.:XHIBIT B ~ FISHERS ISLAND FERRY DISTRICT~ INCOME STATEMENT FOR THE YEARS ENDED DECEMBER 31, 1982 & 1981 Mail Revenue Miscellaneous Voyage Revenue Ferry Service Revenue Charter Service Total Operating Revenue Dec. 31, 1982 $ 11,339 3,734 528,747 42,115 $585,935 Dec. 31, 1981 $ 10,273 3,458 497,496 47,069 $558,296 OPERATING REVENUE: OPERATING EXPENSES: Repairs & Maintenance - Vessels Repairs & Maintenance - Buildings and Equipment Wages of Crew and Purser Fuels and Lubricants Stores and Supplies Other Vessel Expense Light, Heat, Water Stationery and Printing Local Transf ers Other Terminal and Traffic Expense Advertising Salaries - Commissioners, Manager, and Clerical Office Supplies Legal Expense Pensions Other General Expense Insurance Expense Payroll and Property Taxes Depreciation Expense Interest Expense Total Operating Expense $ 39,988 $ 26,011 29,835 7,563 274,124 201,442 108,416 110,299 12,424 7,145 199 199 2,959 2,148 3,491 4,599 3,250 3,200 1,658 1,788 67 160 38,741 36 , 077 3,257 3,584 850 850 10,111 4,024 2,750 3,150 43,345 62,596 6,760 5,960 49,829 49,639 29,668 31,122 $611,722 $561,556 $ (25,787) $ (3,260) NET INCOME (LOSS) FROM VESSEL OPERATIONS OTHER REVENUE AND EXPENSE: Interest Revenue Theatre Revenue (Net) (Schedul'e 3) Airfield Revenue (Net)(Schedule 3) Total Other Revenue and Expense $ 56,214 $ 52,023 3,630 4,511 2,267. (3,955) $ 62,111 $ 52,579 Ll6_,)2.fL ~ 49.319 HEr INCOME (LOSS) FOR'TllE YEAR ~- ~' . . FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPRIETORY CAPITAL FOR THE YEARS ENDED DECEMBER 31, 1982 & 1981 PROPRIETORY CAPITAL - BEGINNING Property Taxes Receipts - Town of Southold Special Capital Project - Excess of Disbursements Over Receipts (Note 4) Net Income (Loss) for the Year (Exhibit B) PROPRIETORY CAPITAL - ENDING - .'P.. Year Ended Dec. 31, 1982 $ 952,748 155 ,000 (101,718) 36 ,324 S1.042.354 ':XHIBIT C Year Ended Dec. 31, 1981 $ 744,006 159,423 -0- 49,319 S 952.748 . . FISHERS ISLAND FERRY DISTRICT STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEARS ENDED DECEMBER 31, 1982 & 1981 CHANGES IN WORKING CAPITAL INCREASE (DECREASE) IN CURRENT ASSETS: Cash - Checking & Savings Special Cash Deposits Accounts Receivable Total Increase (Decrease) (INCREASE) DECREASE IN CURRENT LIABILITIES: Accounts Payable Traffic & Car Service Accrued Taxes & Misc. Revenue Total (Increase) Decrease NET INCREASE (DECREASE) IN WORKING CAPITAL FUNDS PROVIDED: Net Income (Loss) From Operations Charges Against Earnings Not Requiring Funds: Depreciation Capital Project Working Capital Provided From Operations Decrease in Investments in Affiliates Property Tax Receipts - Town of Southold Total Funds Provided FUNDS APPLIED: - Increase in Investments in Affiliates Dee rease in Long-Term Debt Increase in Working Capi tal Total Funds Applied Year Ended Dec. 31, 1982 $145,742 5,341 (24,750) ll2~333 $ (14,524) 495 -0- ~.J~.~2) $112 .304 $ 36,324 49,829 (101,718) $ (15 ,565) -0- 155,000 $139.435 $ 2,131 25,000 112,304 .$-1)9.435 EXHIBIT D Year Ended Dec. 31, 1981 $206,653 483 23,314 .s..2.30 .450 $ 6,647 (824) 228 ~6 .051 $236.501 $ 49,319 49,639 -0- $ 98,958 3,120 159,423 $261.501 $ -0- 25,000 236,501 .i26 1. 50 1 I I c1 ,1 ~ " ~ ~ '\ ~: ,Ie ~ ~' ~ CASH THEATRE PROPERTY . . FISHERS ISLAND FERRY DISTRICT INVESTMENT IN AFFILIATED COMPANIES DECEMBER 31, 1982 & 1981 LESS: ACCUMULATED DEPRECIATION AIRFIELD PROPERTY LESS: ACCUMULATED DEPRECIATION TOTAL lliVESTMENT Dec. 31, 1982 $ 200 8,312 (8,312) 63,168 (40,011) L23.357 SCHEDULE 1 Dec. 31, 1981 $ 200 8,312 (8,312) 58,100 (37,073) $ 21.227 . . SCHEDULE 2 FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPERTY AND EQUIPMENT AT DECEMBER 31, 1982 & 1981 Dec. 31, 1982 Dec. 31. 1981 LAND $ 41,717 $ 41,717 LINE EQUIPMENT: Olinda $ 168,583 $ 168.583 New Ferry 927 , 180 927,180 BUILDINGS 365,785 365,785 OFFICE & TERMINAL EQUIPMENT 49,229 49,229 IMPROVEMENTS ON LEASED PROPERTY 7,841 7,841 $1,518,618 $1,518,618 LESS: ACCUMULATED DEPRECIATION 590,216 540,388 NET $ 928,402 $ 978,230 TOTAL PROPERTY AND EQUIPMENT $ 970.119 $1.019.947 . . SCHEDULE 3 FISHERS ISLAND FERRY DISTRICT OTHER REVENUE AND EXPENSE THEATRE AND AIRFIELD OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 1982 & 1981 Year Ended Dec. 31, THEATRE OPERATIONS 1982 Year Ended Dec. 31, 1981 THEATRE REVENUE $ 15,526 $ 15,056 THEATRE EXPENSES: Film Rental Payroll Utilities Repairs & Maintenance Miscellaneous Depreciation Total Expenses $ 5,955 $ 6,685 4,192 2,889 329 302 1,340 -0- 80 609 -0- 60 $ 11 , 896 $ 10,545 $ 3.630 $ 4 .511 NET INCOME---DJl.S~HEATRE OPERATIONS AIRFIELD OPERATIONS AIRFIELD REVENUE $ 10,725 $ 4,740 AIRFIELD EXPENSES: Uti lities Repairs & Maintenance Miscellaneous & Insurance Depreciation Total Expenses $ 195 $ 153 4,401 4,052 925 1,429 2,937 3,061 $ 8,458 $ 8,695 $ 2.267 $ 0,955) NET INCOME (LOSS) AIRFIELD OPERATIONS . . FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1982 & 1981 1. DEPRECIATION: Depreciation of property and equipment is charged to income over their estimated useful lives by using the straight-line method. Depre- ciation for the years ended December 31, 1982 and 1981 is $49,829 and $49,639, respectively. 2. BONDS PAYABLE: Serial Bonds (5.9 percent) maturity dates vary as follows: Bonds Payable Dec. 31, 1982 Bonds Payable Dec. 31, 1981 Maturity Amount Per Year February 1, 1982 thru 1984 February 1, 1985 thru 1987 February 1, 1988 thru 1997 25 ,000 30,000 35,000 $ 50,000 $ 75,000 90,000 90,000 350,000 350,000 ~4.9~000 $515.000 Dec. 31, Dec. 31, 1982 1981 $ -0- $ 14,750 -0- 10,000 S -O- S 24 .750 Total 3. ACCOUNTS RECEIVABLE: Charter Services Capital Projects Totals 4. The New York State Legislature approved a $175,000 award for special dock and ramp improvements. In 1982 the Ferry District received $127,517 from the New York State Department of Transportation and incurred expenditures of $229,235 on the project, resulting in a net decrease in proprietary capital of $101,718. As of December 31, 1982 $46,483 was due from the Department of Transportation. Anticipated costs to complete the project is $1,000.