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Home My WebLink About1984 & 1985 FIFD 1~ " . , '- J FISHERS ISLAND FERRY DISTRICT JUL 2 5 /986 . \.-,' .. -,:_~-; .; :~-; ';, -,......',,:',_.,~ :.,.... L . ,. .>-,......._'-..:~~ ,'~ --..." - AUDIT REPORT DECEMBER 31, 1985 & 1984 r-' ~- DOHERTY, BEALS & BANKS, P.C. CERTIFIED PUBLIC ACCOUNTANTS NEW LONDON, CONNECTICUT . . 120314"'32033 DOHERTY. BEALS Be BANKS, P. C. CERTIFIED PUBLIC ACCOUNTANTS '87 WILLIAMS STREET POST OFFICE BOX 59 NEW LONDON. CONNECTICUT 06320 .. .~ July 18, 1986 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, 1985, and 1984, 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, 1985, and 1984, 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, ~,~~ .Q.,T~ DOHERTY, BEALS & BANKS, P.C. GWR:pl Enclosures -.t .. ~ . . FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS EXHIBIT A EXHIBIT B EXHIBIT C EXHIBIT D SCHEDULE 1 SCHEDULE 2 .~ Balance Sheets at December 31, 1985, and 1984. Income Statements for the Years Ended Decem- ber 31, 1985, and 1984. Statement of Proprietory Capital for the Year Ended December 31, 1985, and 1984. Statement of Changes in Financial Position for the Years Ended December 31, 1985, and 1984. Statement of Property & Equipment at Decem- ber 31, 1985, and 1984. Theatre and Airfield Revenue and Expense for the Years Ended December 31, 1985, and 1984. Notes to Financial Statements. DOHERTY. BEALS a BANKS. P. C . FISHERS ISLAND FERRY DISTRICT BALANCE SHEETS AT DECEMBER 31, 1985 & 1984 ASSETS CURRENT ASSETS: --,~ Cash - Checking & Savings Imprest Funds Special Cash Deposits Other Receivables (Note 4) Total Current Assets PROPERTY AND EQUIPMENT: (Schedule 1) (Note 1) Total At Cost Less: Accumulated Depreciation Total Property and Equipment JUTAL .AcSSETS LIABILITIES AND PROPRIETORY CAPITAL CURRENT LIABILITIES: Accounts Payable Traffic and Car Service Balance Deferred Revenue Total Current Liabilities LONG-TERH LIABILITIES: (Note 2) Bonds Payable .-, PROPRIETORY CAPITAL: (Exhibit C) TOTAL LJ.t\BlLITIES AND PROPRIETORY CAPITAL (SEE NOTES TO THE FINANCIAL STATEHENTS) DOHERTY. BEALS a BANKS. P. C . EXHIBIT A Dec. 31, Dec. 31, 1985 1984 $ 215,527 $1,111,203 1,425 1,425 2,720 2,518 82,246 -0- $ 301,918 $1,115,146 $3,883,882 843,777 3,040,105 $3.342.023 $ 11 ,242 1,788 6,300 19,330 $ $ 920,000 $2,402,693 $2,837,585 753,127 2,084,458 ll.199.604 $ 5,057 1,695 -0- $ 6,752 $ 950,000 $2,242,852 $3.342.023 ~3.199.604 . . FISHERS ISLAND FERRY DISTRICT INCOME STATEMENT FOR THE YEARS ENDED DECEMBER 31, 1985 & 1984 OPERATING REVENUE: ,e Mail Revenue Miscellaneous Voyage Revenue Ferry Service Revenue Charter Service Total 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 Transfers Other Terminal and Traffic Expense Advertising Salaries - Commissioners, Manager, and Clerical Office Supplies Legal and Accounting Pensions Other General Expense Insurance Expense Payroll and Property Taxes Depreciation Expenses Interest Expenses Total Operating Expense NET INCOME (LOSS) FROM VESSEL OPERATIONS OTHER REVENUE AND EXPENSES: . Interest Revenue Theatre Revenue (Net) (Schedule 2) Airfield Revneue (Net)(Schedule 2) Total Other Revenue and Expenses NET INCO~t;f.. -LL.OSS) FOR THE YEAR Year Ended Dec. 31, 1985 $ 12,466 7,672 634,781 70,419 $ 725,338 $ 14,861 3,021 221,763 122,699 15,782 245 9,287 2,491 3,900 2,326 1,791 64,603 5,240 1,250 9,711 999 92,801 23,108 87,908 71 ,485 $ 755,271 $ (29,933) $ 45,840 2,379 (3,560) $ 44,659 .~ 14.726 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS a BANKS. P. C LXHIBIT B Year Ended Dec. 31, 1984 $ 12,448 4,880 569,147 50,095 $ 636,570 $ 60,760 27,419 192,231 101,489 22,559 216 7,974 1,697 3,250 1,912 -0- 55,140 6,530 850 6,445 2,330 58,538 20,425 60,208 26,697 $ 656,670 $ (20,100) $ 97,319 1,709 (6,523) $ 92,505 ~ 72 .405 . . EXHIBIT C FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPRIETORY CAPITAL FOR THE YEARS ENDED DECEMBER 31, 1985 & 1984 PROPRIETORY CAPITAL - BEGINNING Year Ended Year Ended Dec. 31, Dec. 31, 1985 1984 $2,242,852 $1,736,543 145,115 129,947 -0- 303,957 14,726 72,405 "'. Property Taxes Receipts - Town of Southold Special Capital Projects - (Note 3) Net Income (Loss) for the Year (Exhibit B) PROPRIETORY CAPITAL - ENDING $2.402.693 $2.242.852 -- (SEE NOTES TO FINANCIAL STATE~lliNTS) DOHERTY. BEALS a BANKS. P. C . . EXHIBIT D FISHERS ISLAND FERRY DISTRICT STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEARS ENDED DECEMBER 31, 1985 & 1984 FUNDS PROVIDED: .". Net Income (Loss) From Operations Charges Against Earnings Not Requiring Funds: Depreciation Capital Projects (Note 3) Working Capital Provided From Operations Property Tax Receipts - Town of Southold Increase In Long-Term Debt Total Funds Provided FUNDS APPLIED: Capital Expenditures Decrease in Long-Term Debt Total Funds Applied INCREASE (DECREASE) IN WORKING CAPITAL Year Ended Year Ended Dec. 31, Dec. 31, 1985 1984 $ 14,726 $ 72 ,405 90,650 60,208 -0- 303,957 $ 105,376 $ 436,570 145,115 129,947 -0- 485,000 S 250.49l .U.05UU. $1,046,297 30,000 ll.QTh.l.2.2 $ 886,013 -O- S 886.013 S (82~QQl S 165.504 CHANGES IN WORKING CAPITAL INCREASE (DECREASE) IN CURRENT ASSETS: Cash - Checking & Savings $ (895,676 ) $ 151,284 Special Cash Deposits 202 (3,982 ) Accounts Receivable 82,246 -0- Total Increase (Decrease) $ (813,228) $ 147,302 (INCREASE) DECREASE IN CURRENT LIABILITIES: D.eferred Revenue $ (6,300) $ -0- Accounts Payable (6,185) 18,063 Traffic & Car Service (93) 139 '" Total (Increase) Decrease $ (12,578) $ 18,202 m _INCREASE (DECREASE) IN WORKING CAPITAL LULZ5..JiQQl L 165 .504 (SEE NOTES TO FINANCIAL STATE}ffiNTS) DOHERTY. BEALS a BANKS. P. C . . SCHEDULE 1 FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPERTY AND EQUIPMENT AT DECEMBER 31, 1985 & 1984 Dec. 31, Dec. 31, 1985 1984 " LAND $ 41,717 $ 41,717 VESSEL - OLINDA 168,583 168,583 VESSEL - MUNNATAUKET 927,180 927,180 VESSEL - RACE POINT 1,238,707 426,479 BUILDING 672,321 672 ,321 NEW PROPERTY 778,304 544,235 EQUIPMENT 49,229 49,229 IMPROVEMENTS ON LEASED PROPERTY 7,841 7,841 Total Cost $3,883,882 $2,837,585 LESS: ACCUMULATED DEPRECIATION 843,777 753,127 NET BOOK VALUE $3.040.155 $2.084.458 ..J (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS a BANKS. P. C . . SCHEDULE 2 FISHERS ISLAND FERRY DISTRICT OTHER REVENEU AND EXPENSE THEATRE AND AIRFIELD OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 1985 & 1984 - THEATRE OPERATION Year Ended Dec. 31, 1985 Year Ended Dec. 31, 1984 THEATRE REVENUE $ 14,822 $ 13,349 THEATRE EXPENSES: Film Rental Payroll Utilities Repairs & Maintenance Miscellaneous Total Expenses $ 6,566 $ 5,473 3,799 4,344 413 338 479 1,362 1,186 123 $ 12,443 $ 11 ,640 $ 2.379 $ 1. 709 NET INCOME (LOSS) THEATRE OPERATIONS AIRFIELD OPERATIONS AIRFIELD REVENUE $ 13,419 $ 16,972 AIRFIELD EXPENSES: Utilities $ 310 $ 243 Repairs & Maintenance 12,027 19,180 Insurance 1,900 1,330 Depreciation 2,742 2,742 Total Expense $ 16,979 $ 23,495 ~ET INCO~ffi (LOSS) AIRFIELD OPERATIONS S 0.560) $ (6.523) '" (SEE NOTES TO FINANCIAL STATE}ffiNTS) DOHERTY. BEALS a BANKS. P. C . . J . . FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1985 & 1984 1. 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, 1985, and 1984, is $90,650 and $60,208 respectively. 2. BONDS PAYABLE: MUNNATAUKET DEBT SERVICE: Serial Bonds (5.9 Percent) maturity dates vary as follows: Maturity Amount Dec. 31, Dec. 31, Per Year 1985 1984 Feb. 1, 1985 Thru 1987 $ 30,000 $ 60,000 $ 90,000 Feb. I, 1988 Thru 1997 35,000 350,000 350,000 Totals S 410.000 $ 440.00l? RACE POINT DEBT SERVICE: Serial Bonds (9.1 Percent) maturity dates vary as follows: Maturity Amoun t Dec. 31, Dec. 31, Per Year 1985 1984 Apr. 1, 1981 Thru 1988 $ 20,000 $ 60,000 $ 60,000 Apr. 1, 1989 Thru 2000 25,000 300,000 300,000 Apr. I, 2001 Thru 2005 30,000 150,000 150,000 Totals $ 510.000 $ 510.000 DOHERTY. BEALS a BANKS. P. C. . . FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1984 & 1983 (Page 2) 3. SPECIAL CAPITAL PROJECTS: . SURPLUS GOVERNMENT PROPERTY: Surplus Government property was acquired for the General Services Administration. The property consisted of two parcels on Fishers Island. One parcel is adjacent to the Ferry District consisting of approximately 4.5 acres of waterfront land and two structures. The second is located on Whistler Avenue, Fisher Island, consisting of approximately 1.5 acres of land with a single unit house and a 4 unit apartment building. The apartment building was sold at the time of closing on the property. Acquisition was funded mainly by donations from individuals. Individual Donations Interest Revenue Proceeds from Sale of House Ferry District Funds Total Cost $ 489,029 10,653 150,765 44,553 $ 695,000 Less: Sale of House 150,765 NET BOOK VALUE $ 544.235 ADJUSTMENT TO CAPITAL: Dec. 31, 1984 Donations Received to Purchase Surplus Government Property $ 303.957 TOTAL ADJUSTMENT TO CAPITAL $ 303.957 4. OTHER RECEIVABLE: , Due from Federal Aviation Administration and New York State Department of Transportation for reimbursement of Expenditures for improvements to the airport runway and property. DOHERTY. BEALS a BANKS. P. C.