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Home My WebLink About1985 & 1986 FIFD " ~ -, :,i'. .:", (() "'-::, .' , .~.: :(:{, "'.h .:~~.i . ~; J '.. '. ,':. ~\ ."-t' :~ ,"-",'. "/<" ~',:' )'.... , " , , " -, : ~t "\:" -'C- ',,' " . . . . ',' . ',' "'-;' <, " J.._ .of"- \: -"F. "".. ,- ,,';,.:'.^ , " ,".1: " .," "':"~"'- ;.-,:"..'. ~. .. ~ ,- ". ,;. - ':~. ;1~' ~. ,'~2"ft,~t,~;45f,:,'.'..i'-},,~,'.,~ .,,;,',<- -; j :~; ,,:;_, -- , _' -, -' - .,'~ ':'>:'~,~:,,;.~,.~:f~~:;.~("F~"'::" ." ",' :'!,,' '- .~, ~. " ",1 ,,/.< . "'., ..I. ',.;., ~, "',," "f, ,:',.- ""'.'-'1 '.- .5~ ,;, ....., :'v':'-';~'~'.1_";-"~"J' ' ",,11" .-d,'.,':. '- ~>.~,: :' C:~:'.: 1/." ... ," ,-.' ., "~', ' .' ",' -,.;. 'J."'. -," ';';.;' '''''.. -" '. <');.- :i{ql'~~~^' J,.'?:1"" ~'~i.:;:;,:\ ......V'.,.. ~~~~::'f 'I"'~'k.. <"",' '("'" "':\" 'f"~""" :::: '~'K~:~';~:, .~~-n.;F.: 'k&,i j",>...7t,~" :,.'- ';~-'~""~~":i' -::~!i~(; . .~":J~,." ._ ~{:: ~;;;.~t/ii "~::1"", "'V'~m- ';~j{..t;;~i . '1-}' ~.~,; ~il1!i11~~: dtf;~1i" ~~'~:?/':'~;(, 4~Y' ;j'~~, . ",' .;:;,~~. ~r~ "~~_., ~'~~~'; 'i..~~ ~.~ti-',l. :~~::'V;i .-:.t-.~~v ;~-rJ9t:B~' 'i~+?~,'l'. .:~;~~ ~:"~";\)':! "'."'.-'," ;./;.(( . "~(~ . " " .. . . 12d3l 443-2033- DOHERTY, BEALS & BANKS. P. C. CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET POST OFFICE SOX 59 NEW LONDON. CONNECTICUT 06320 September 15, 1987 ~e Board of Canmissioners Fishers Island Ferry District Fishers Island, NY 06390 Gentlemen: We have examined the Balance Sheets of Fishers Island Ferry District as of December 31, 1986, and 1985, and the related Statements of Income, Proprietary Capital, and Changes in Financial Position for the years then ended. Our examination was !lI3.de in accordance with generally accepted auditing standards, and accordingly, included such test of the accounting records and such other auditing procedures as ~ considered necessary in the circumstances. In our opinion, the aforementioned financial staterrents present fairly the financial position of the Fishers Island Ferry District at December 31, 1986, and 1985, 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. Yours truly, t"~.~/~ COHERl'Y, BEAlS & BANKS, P.C. GWR:pl Enclosures . , ~ ~ ~ . . FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS EXHIBIT A Balance Sheets at December 31, 1986, and 1985. EXHIBIT B Income Statements for the Years Ended December 31, 1986, and 1985. EXHIBIT C Statement of Proprietary Capital for the Years Ended December 31, 1986, and 1985. EXHIBIT 0 Statement of Changes in Financial Position for the Years Ended December 31, 1986, and 1985. SCHEDUlE 1 Statement of Property & Equi]:ment at December 31, 1986, and 1985. SCHEDUlE 2 Theatre and Airfield Revenue and Expense for the Years Ended December 31, 1986, and 1985. Notes to Financial Statements. DOHERTY. BEALS & BANKS. P. C. , . . FISHERS ISLAND FERRY DISTRIcr BALANCE SHEETS AS OF DECEMBER 31, 1986 & 1985 ASSErS CURRENT ASSEl'S: Dec. 31, 1986 Cash - Checking & Savings Irrprest Funds Special Cash Deposits Other Receivables $ 482,637 1,425 8,366 -0- Total Current Assets $ 492,428 PROPERTY llND mUIPMENT: (Schedule 1) Total At Cost Less: Accumulated Depreciation $3,967,420 946,664 $3,020,756 Total Property and EquiplTEnt TOTAL ASSETS $3,513,184 LIABILITIES llND PROPRIErARY CAPITAL CURRENT LIABILITIES: Accrued Payroll Taxes Accounts Payable Traffic and Car Service Balance Deferred Revenue Other Payab1es Bonds Payable Total Current Liabilities $ 3,221 10,299 3,733 27,789 9,521 50,000 $ 104,563 LONG-~~ LIABILITIES: Bonds Payable $ 820,000 PROPRIErARY CAPITAL: (Exhibit C) $2,588,621 TOTAL LIABILITIES AND PROPRIETARY CAPITAL $3,513,184 (SEE NOTES TO THE FINANCIAL STATEMENTS) _ DOHERTY. BEALS & BANKS. P. c. .. . EXHIBIT A ~ Dec. 31, 1985 $ 215,527 1,425 2,720 82,246 $ 301,918 $3,883,882 843,777 $3,040,105 $3,342,023 $ -0- 11,242 1,788 6,300 -0- 50,000 $ 69,330 $ 870,000 $2,402,693 $3,342,023 ----~~-~ , .' . EXHIBIT B . . . FISHERS ISLAND FERRY DISTRIcr IN:OME STATEMENT FOR THE YEARS ENDED DECEMBER 31, 1986 & 1985 Years Ended Years Ended Dec. 31, Dec. 31, OPERATING REVENUE: 1986 1985 Mail Revenue $ 13,172 $ 12,466 Miscellaneous Voyage Revenue 5,335 7,672 Ferry Service Revenue 693,149 634,781 Charter Service 80,317 70,419 Total Operating Revenue $ 791,973 $ 725,338 OPERATING EXPENSES: Repairs & Maintenance - Vessels $ 48,647 $ 14,861 Repairs & Maintenance - Buildings and Equipment 25,866 3,021 Wages of Crew and Purser 261,642 221,763 Fuels and Lubricants 68,464 122,699 Stores and Supplies 27,228 15,782 Other Vessel Expense 281 245 Light, Heat, Water 8,846 9,287 Stationery and Printing 2,380 2,491 Local Transfers 3,600 3,900 Other Terminal and Traffic Expense 1,929 2,326 Advertising -0- 1,791 Salaries - Ccmmissioners, Manager, and Clerical 65,638 64,603 Office Supplies 5,114 5,240 Legal and Accounting 7,020 1,250 Pensions 22,211 9,711 Other General Expense -0- 999 Insurance Expense 113,176 92,801 Payroll and Property Taxes 26,519 23,108 Depreciation Expenses 100,233 87,908 Interest Expenses 68,848 71,485 Total Operating Expense $ 857,642 $ 755,271 NET INCOME (WSS) FRCM VESSEL OPERATIONS $ (65,669) $ (29,933) OTHER REVENUE AND EXPENSES: Interest Revenue $ 23,234 $ 45,840 Theatre Revenue (Net) (Schedule 2) (533) 2,379 Airfield Revenue (Net) (Schedule 2) (9,464) (3,560) Total Other Revenue and Expenses $ 13,237 $ 44,659 NET INCCME (WSS) FOR THE YEAR $ (52,432) $ 14,726 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS 8: BANKS. P. C. . ! I i '1 . . . FISHERS ISLAND FERRY DISTRIcr STATEMENT OF PROPRIETARY CAPITAL FOR THE YEARS ENDED DECEMBER 31, 1986 & 1985 PROPRIETARY CAPITAL - BEGINNING Property Taxes Receipts - Town of Southold Special Capital Projects Net IncollE (Loss) for the Year (Exhibit B) PROPRIETARY CAPITAL - ENDINS Year Ended Dec. 31, 1986 $2,402,693 142,285 96,075 (52,432) $2,588,621 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS 8< SANKS. P. C. EXHIBIT C Year Ended Dec. 31, 1985 $2,242,852 145,115 -0- 14,726 $2,402,693 -- ; .... ._~; ! " . . EXHIBIT D FISHERS ISLAND FERRY DISTRIcr STATEMENT OF CHANGES IN FINANCIAL POSITICN FOR THE YEARS ENDED DECEMBER 31, 1986 & 1985 Year Ended Year Ended Dec. 31, Dec. 31, FUNDS PROVIDED: 1986 1985 Net Income (Loss) From ~rations $ (52,432) $ 14,726 Olarges Against Earnings Not Requiring Funds: Depreciation 102,888 90,650 Capital Projects 96,075 -0- Working Capital Provided From ~ations $ 146,531 $ 105,376 Property Tax Receipts - Town of Southold 142,285 145,115 Total Funds Provided $ 288,816 $ 250,491 I FUNDS APPLIED: 1 Capital Expenditures $ 83,539 $1,046,297 Decrease in IDng-Term Debt 50,000 30,000 . ! Total Funds Applied $ 133,539 $1,076,297 I I ~ INCREASE (DECREASE) IN w)RKINS CAPITAL $ 155,277 $ (825,806) , CHANGES IN w)RKINS CAPITAL INCREASE (DECREASE) IN CURRENT ASSETS: Cash - Olecking & Savings $ 267,110 $ (895,676) Special Cash Deposits 5,646 202 Accounts Receivable (82,246) 82,246 Total Increase (Decrease) $ 190,510 $ (813,228) (INCREASE) DECREASE IN CURRENT LIABILITIES: Accrued Payroll Taxes $ (3,221) $ -0- Deferred Revenue (21,489) (6,300) Accounts Payable 943 (6,185) Traffic & Car Service (1,945) (93) Other Payables (9,521) -0- Total (Increase) Decrease $ (35,233) $ (12,578) NET INCREAsE (DEX::REASE) IN w)RKINS CAPITAL $ 155,277 $ (825,806) (SEE NOTES 'TO FINANCIAL STATEMENTS) OOHERTY. BEALS 8< BANKS. P. C. . . ~ SCHEDULE. 1 FISHERS ISLAND FERRY OlSTRIcr STATD1ENT OF PROPERTY AND EQUIPMENT AT DECEMBER 1986 & 1985 Dec. 31, Dec. 31, 1986 1985 LAND $ 41,717 $ 41,717 VESSEL - MUNNATAUKET 1,095,763 1,095,763 . VESSEL - RACE mINT 1,238,707 1,238,707 BUILDIN:; 672,321 672,321 NEW PROPERTY 778,304 778,304 EYJUlPMENT 49,229 49,229 . AIRroRT IMPROVEMENTS 83,538 -0- - IMPROVEMENTS ON lEASED PROPERTY 7,841 7,841 Total Cost $3,967,420 $3,883,882 IESS: ACCUMUlJITED DEPRECIATION 946,664 843,777 NET BJOK VALUE $3,020,756 $3,040,105 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS 8: BANKS. P. C. '. NET INCOME (LOSS) AIRFIELD OPERATIONS (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS 8< BANKS. P. C. .. $ (9,464) $ (3,S60) . FISHERS ISLAND FERRY DIlucT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1986 & 1985 ,. .... 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: DEPRECIATION : Depreciation of property and equipment is charged to incoJre over their estimated lives by using the straight-line method. Depreciation for the years ended Decenber 31, 1986, and 1985, is $102,888 and $90,650 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 incurred. PENSION: f I I i l -- The Fishers Island Ferry District contributed to the New York State Employees RetireJrent System for substantially all full-tirre employees. 2. BONDS PAYABLE: MUNNATUCKET DEBT SERVICE: Serial Bonds (5.9 Percent) maturity dates vary as follows: M3.turity Airount Dec. 31, Dec. 31, Per Year 1986 1985 Feb. 1, 1985 Thru 1987 $ 30,000 $ 30,000 $ 60,000 Feb. 1, 1988 Thru 1997 35,000 350,000 350,000 Totals $ 380,000 $ 410,000 DOHERTY. BEALS & BANKS. P. C. " , _. .'M; . '.." ,.'''' I ) . FISHERS ISLAND FERRY DISecr NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1986 & 1985 (PAGE 2) 2. BONDS PAYABLE: (Continued) RACE POINT DEBT SERVICE: Serial Bonds (9.1 Percent) maturity dates va:ry as follavs: ::- Maturity Arrount Dec. 31, Dec. 31, Per Year 1986 1985 Apr. 1, 1981 Thru 1988 $ 20,000 $ 40,000 $ 60,000 Apr. 1, 1989 Thru 2000 25 ;000 300,000 300,000 Apr. 1, 2001 Thru 2005 30,000 150,000 150,000 Totals $ 490,000 S 510.000 f l I . 4. 3. SPECIAL CAPITAL PROJl'X:TS: ~- The Fishers Island Fer:ry District received funds from the Federal Aviation Administration and the New York State Departrrent of Transportation for reirrburserrent of expenditures to improve the airport runway and property. OI'HER RECEIVABLES AND OI'HER PAYABLES: Other Receivables are due from Federal Aviation Administration and New York State Departrrent of Transportation for reimburserrent of expendi tures for improverrent to the airport runway and property. Other Payables are amounts due to vendors for airport improverrents at December 31, 1986. DOHERTY. BEALS & BANKS. P. C.