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Home My WebLink About1980 & 1981 FIFD RECEIVED. AUG 2 4 1982 Town Clerk S.uth.ld FISHERS ISLAND FERRY DISTRICT . ,:,) " AUDIT REPORT DECEMBER 31, 1981 AND 1980 .., ('j , DOHERTY AND COMPANY PROFESSIONAL CORPORATION CERTI FI ED PUBLIC ACCOUNTANTS NEW LONDON, CONNECTICUT I l . . 203) 443.2033 DOHERTY AND COMPANY, P. C. CERTIFIED PUBLIC ACCOUNTANTS P. O. BOX !59 NEW LONDON, CONNECTICUT 06320 August 5, 1982 The Board of Commissioners Fishers Island Ferry District Fishers Island, New York 06390 Gentlemen: ~.. We have examined the Balance Sheets of Fishers Island Ferry District as of December 31, 1981 and 1980, and the related Statements 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, accordingly, included such tests of 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, 1981 and 1980 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 years. Yours truly, fJJWJ'I.,- Mtt! C;Y!lfJfZtUl' DOHERTY AN7icOMPANY, P. C ( (/ . GWR:blp Enclosure . . FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS .-. EXHIBIT EXHIBIT B EXHIBIT C EXHIBIT D SCHEDULE 1 SCHEDULE 2 SCHEDULE 3 -e A Balance Sheetsat December 31, 1981 and -1980. Income Statements for the Years Ended December 31, 1981 and 1980. Statement of Proprietory Capital for the Years Ended December 31, 1981 and 1980. Statement of Changes in Financial Position for the Years Ended December 31, 1981 and 1980. Investment in Affiliated Companies at December 31, 1981 and 1980. Statement of Property & Equipment at December 31, 1981 and 1980. Theatre and Airfield Revenue and Expense for the Years Ended December 31, 1981 and 1980. Notes to Financial Statements. DOHERTY AND COMPANY Dec. 31, Dec. 31, 1981 1980 $ 6,781 $ 16,649 9,890 9,122 1,225 1,225 2,062 1,579 399,038 183,285 24,750 1,436 $ 443,746 $ 213,296 . . FISHERS ISLAND FERRY DISTRICT BALANCE SHEETS AT DECEMBER 31, 1981 AND 1980 ASSETS CURRENT ASSETS: Cash - New York Accounts Cash - Hartford National Bank Imprest Funds Special Cash Deposits Cash - Savings Account Accounts Receivable (Note 3) --{t Total Current Assets INVESTMENTS: (Schedule 1) Investments in Affiliated Companies $ 21,227 PROPERTY AND EQUIPMENT: (Schedule 2) (Note ) Total At Cost Less: Accumulated Depreciation $1,560,335 540,388 Total Property and Equipment $1,019,947 TOTAL ASSETS _fu 484 .920 LIABILITIES & PROPRIETORY CAPITAL CURRENT LIABILITIES: . Accounts Payable Traffic & Car Service Balance Ace rued Taxes $ 14,769 2,403 -0- Total Current Liabilities $ 17,172 LONG-TERM LIABILITIES: (Note 2) Bonds Payable $ 515,000 PROPRIETORY CAPITAL (Exhibit C) $ 952,748 EXHIBIT A $ 24,347 $1,560,335 490,749 $1,069,586 $1.307.229 $ 21 ,416 1,579 228 $ 23,223 $ 540,000 $ 744,006 TOTAL LIABILITIES & PROPRIETORY CAPITAL $1.484. 920 ~L)07 .229 DOHERTY AND COMPANY . . EXHIBIT B FISHERS ISLAND FERRY DISTRICT INCOME STATEMENT FOR THE YEARS ENDED DECEMBER 31, 1981 AND 1980 OPERATING REVENUE: Mail Revenue Miscellaneous Voyage Revenue Ferry Service Revenue Charter Revenue Total Operating Revenue -.f) 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 Transfers Other Terminal and Traffic Expense Advertising Salaries - Commissioners, Manager, & Clerical Office Supplies Legal Expense Pensions Other General Expense Insurance Expense Payroll and Property Taxes Depreciation Expense Interest Expense Total Operating Expense NET INCOME (LOSS) FROM VESSEL OPERATIONS OTHER REVENUE AND EXPENSE: Interest Revenue Theatre Revenue (Net) (Schedule 3) Airfield Revenue (Net) (Schedule 3) Total Other Revenue and Expense NET INCOME (LOSS) FOR THE YEAR DOHERTY AND COMPANY Year Ended Dec. 31, 1981 Year Ended Dec. 31, 1980 $ 10,273 3,458 497,496 47,069 $558,296 $ 11,047 2,989 449,030 26,502 $489,568 $ 26,011 $ 40,055 7,563 33,626 201,442 230,834 110,299 72 ,449 7,145 10,304 199 4,434 2,148 2,104 4,599 1,574 3,200 2,400 1,788 1,221 160 208 36,077 26,348 3,584 3,292 850 850 4,024 6,384 3,150 3,406 62,596 51,819 5,960 5,087 49,639 49,762 31,122 32,598 $561,556 $578,755 $ (3,260) $(89,187) $ 52,023 4,511 0,955) $ 52,579 $ 17,956 (664) (5,643) $ 11 ,649 ~.319 $ (77 .538) . . FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPRIETaRY CAPITAL FOR THE YEARS ENDED DECEMBER 31, 1981 AND 1980 PROPRIETaRY CAPITAL - BEGINNING Property Taxes Receipts - Town of Southold Uncollectible Receivable Written-Off --,. Accumulated Deficit From Affiliated Companies Net Income (Loss) for the Year (Exhibit B) PROPRIETaRY CAPITAL - ENDING . DOHERTY AND COMPANY Year Ended Dec _ 31, 1981 $744,006 159,423 -0- -0- 49,319 $952.748 EXHIBIT C Year Ended Dec. 31, 1980 $684,095 162,554 (1,642) (23,463) (77 ,538) $744.006 . . FISHERS ISLAND FERRY DISTRICT STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEARS ENDED DECEMBER 31, 1981 AND 1980 CHANGES IN WORKING CAPITAL INCREASE (DECREASE) IN CURRENT ASSETS: ~-<e Cash - New York Accounts Cash - Hartford National Bank Special Cash Deposits Accounts Receivable Savings Accounts 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 Accumulated Deficit (Affiliated Companies) Uncollectible Receivable Working Capital Provided From Operations Decrease in Investments in Affiliates Property Tax Receipts - Town of Southold Total Funds Provided FUNDS APPLIED: Decrease in Long-Term Debt Increase in Working Capital Total Funds Applied DOHERTY AND COMPANY Year Ended Dec. 31, 1981 $ (9,868) 768 483 23,314 215,753 $230.450 $ 6,647 (824) 228 $ 6.051 $236.501 EXHIBIT D Year Ended Dec. 31, 1980 $ 11,322 8,788 28 (206) 83,771 $103.703 $ 6,487 (28) 1,448 $ 7.907 $111.610 $ 49,319 $ (77 ,538) 49,639 49,762 -0- (23,463) -0- 0,642) $ 98,958 $(52,881) 3,120 26,937 159,423 162,554 $261.501 $136 .610 $ 25,000 236,501 $261.501 $ 25,000 111,610 $136.610 . . SCHEDULE 1 FISHERS ISLAND FERRY DISTRICT INVESTMENT IN AFFILIATED COMPANIES DECEMBER 31, 1981 AND 1980 Dec. 31, 1981 Dec. 31, 1980 CASH $ 200 $ 200 THEATRE PROPERTY 8,312 8,312 --<e' (8,312) (8,252) LESS: ACCUMULATED DEPRECIATION ARIFIELD PROPERTY 58,100 58,099 LESS: ACCUMULATED DEPRECIATION (37,073) (34,012) TOTAL INVESTMENT ~1.227 $ 24.347 . DOHERTY AND COMPANY . . SCHEDULE 2 FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPERTY AND EQUIPMENT AT DECEMBER 31, 1981 AND 1980 Dec. 31, 1981 Dec. 31, 1980 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 540,388 490,749 NET $ 978,230 $1,027,869 TOTAL PROPERTY AND EOUIPMENT $1.019.947 $1. 069 .586 . DOHERTY AND COMPANY . . SCHEDULE 3 FISHERS ISLAND FERRY DISTRICT OTHER REVENUE AND EXPENSE THEATRE AND AIRFIELD OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 1981 AND 1980 THEATRE OPERATIONS Year Ended Dec. 31, 1981 Year Ended Dec. 31 , 1980 THEATRE REVENUE $ 15,056 $ 12,229 -... THEATRE EXPENSES: Film Rental $ 6,685 $ 5,506 Payroll 2,889 1,902 Ut ilit ies 302 582 Repairs & Maintenance -0- 4,342 Miscellaneous 609 98 Depreciation 60 463 Total Expenses $ 10 ,545 $ 12,893 NET INCOME (LOSS) THEATRE OPERATIONS $ 4.511 $ (664) AIRFIELD OPERATIONS AIRFIELD REVENUE $ 4,740 $ 4,984 AIRFIELD EXPENSES: Utilities $ 153 $ -0- . Repairs & Maintenance 4,052 6,674 Miscellaneous 1,429 942 Depreciation 3,061 3,011 Total Expenses $ 8,695 $ 10,627 NET INCOME (LOSS) AIRFIELD OPERATIONS $ 0.955) $ (5.643) DOHERTY AND COMPANY . . FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1981 AND 1980 1. DEPRECIATION: Depreciation of property and equipment is charged to income over their estimated useful lives by using the straight-line method. Depreciation for the years ended December 31, 1981 and 1980 is $49,639 and $49,762, respectively. ~.. 2. BONDS PAYABLE: Serial Bonds (5.9 percent) maturity dates vary as follows: Maturity Amount Per Year Bonds Payable Dec. 31, 1981 Bonds Payable Dec. 31, 1980 February 1, 1981 thru 1984 $ 25,000 $100,000 February 1, 1982 thru 1984 25,000 $ 75,000 February 1, 1985 thru 1987 30,000 90,000 90,000 February 1, 1988 thru 1997 35,000 350,000 350,000 Total $515.000 $540.000 3. ACCOUNTS RECEIVABLE: Dec. 31, 1981 Dec. 3 1 , 1980 ~. Charter Services Capital Projects $ 14,750 10,000 $ 1,436 Totals U4.750 $ 1.436 DOHERTY AND COMPANY