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HomeMy WebLinkAbout1992 & 1993 FIFD .'1:..... <-I i I( '.~)'''',T: L.IP;;< ~. ! ! i , I & % I FISHERS ISLAND FERRY DISTRICT ! I FINANCIAL STATEMENTS DECEMBER 31, 1993 AND 1992 $ . J ~. I ( I I t I f I I I i I QOHERTV BEALS & BANKSI P.C. CERTIFIED PUBLIC ACCOUNTANTS FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS DECEM~ER 31, 1993 AND 1992 TAB L E o F CON TEN T S Independent Auditor's Report Balance Sheets Statements of Revenue and Expenses Statements of Fund Balance Statements of Cash Flows Notes to Financial statements Theater and Airfield Schedules of Revenue and Expenses Schedule of Federal Awards Independent Auditor's Report on Compliance with laws and regulations based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Independent Auditor's Report on Internal Control Structure Related Matters Noted in a Financial Statement Audit Conducted in Accordance with Government Auditing Standards Independent Auditor's Report on the Internal Control Structure used in Administering Federal Financial Assistance Programs Independent Auditor's Report on Compliance with Requirements Applicable to Non-major Federal Financial Assistance Programs Independent Auditor's Report on Compliance with General Requirements DOHERTY. BEALS & BANKS. p, C EXHIBIT A EXHIBIT B EXHIBIT C EXHIBIT D SCHEDULE 1 SCHEDULE 2 {2031 443-2033 FAX 1203) 444-7086 CARL A BANKS, CPA STEPHEN R, DOHERTY, CPA STACEY L GUALTIERI, CPA KAREN A NAGEL, CPA KATHLEEN A STEAMER, CPA DOHERTY. BEALS & BANKS. P C. CERTIFIED PUBLIC ACCOUNTANTS 187 WilLIAMS STREET POST OFFICE BOX 59 NEW lONDON, CONNECTICUT 06320 Board of Commissioners Fishers Island Ferry District Fishers Island, NY 06390 INDEPENDENT AUDITOR'S REPORT We have audited the accompanying Balance Sheets of the Fishers Island Ferry District as of and for the years ended December 31, 1993, and 1992, and the related Statements of Revenue and Expenses, Fund Balance, and Cash Flows for the years then ended. These financial statements are the responsibility of the Fishers Island Ferry District's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditino 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 financial statements referred to above present fairly, in all material respects, the financial position of the Fishers Island Ferry District as of December 31, 1993, and 1992, and the results of its operations and cash flows for the years then ended, in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The Theater and Airfield Schedules of Revenue and Expenses and Schedule of Federal Financial Assistance are presented for the purposes of additional analysis and are not a required part of the financial statements of the Fishers Island Ferry District. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. ~,~"L~~ June 6, 1994 EXHIBIT A FISHERS ISLAND FERRY DISTRICT BALANCE SHEETS AS OF DECEMBER 31. 1993 AND 1992 ASSETS 1993 1992 CURRENT ASSETS: Total Current Assets $ 569,770 $ 652,557 1,450 1,450 46,143 1,513 119,191 7,382 7,733 44.762 46.331 $ 669,507 $ 828,775 Cash in Banks Imprest Funds Special Cash Deposits Grant Receivable Traffic and Car Prepayments Prepaid Expenses PROPERTY. PLANT. AND EOUIPMENT: Property. Plant. and Equipment Less: Accumulated Depreciation $5,709,106 (1.726.505\ $5.430,229 (1.565.496) Total Prooertv, Plant and Eauioment 53.982.601 53.864.733 TOTAL ASSETS 54.652.108 54.693.508 LIABILITIES AND FUND BALANCES CURRENT LIABILITIES: Total current Liabilities $ 61,760 $ 60,000 89,738 65,569 1,065 5,094 121. 304 109 .173 $ 273,867 $ 239.836 Current Portion Bonds Payable Accounts Payable Retirement Credits Deferred Property Tax Revenue Accrued Wages LONG-TERM LIA8ILITIES: Bonds Payable (Net of Current Portion Above) 428.130 465.000 TOTAL LIABILITIES $ 701,997 $ 704.836 FUND BALANCE: (Exhibit C) 3.950.111 3.988.672 TOTAL LIABILITIES AND FUND BALANCE 54.652.108 54.693.508 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY, BEALS 8< BANKS, P C FISHERS ISLAND FERRY DISTRICT STATEMENTS OF REVENUE AND EXPENSES FOR THE YEARS ENDED DECEMBER 31. 1993 AND 1992 1993 OPERATING REVENUE: Ferry Service Revenue Charter Service Mail Revenue Miscellaneous Voyage Revenue $ 859,649 50,498 16,032 14.322 $ 940,501 Total Ooeratina Revenue OPERATING EXPENSES: Building and Equipment Maintenance Clerical Salaries Commissioners' and Manager's Salaries Crew and Purser Salaries Fuels and Lubricants Grounds Maintenance Insurance Expense Legal and Accounting Local Transfers Office Supplies Other Terminal Expense Payroll Taxes Property Taxes Retirement Payments Stationery and Printing Supplies Utilities Vessel Maintenance (Net of insurance claim of $59,704) $ 17,055 40,477 70,438 442,821 80,080 35,000 158,930 12,750 4,475 7,273 855 40,212 9,398 27,434 7,001 19,872 11,153 121.938 Total Qoeratina Expense 51.107 .162 EXCESS (DEFICIT) OF REVENUES OVER EXPENSES FROM VESSEL OPERATIONS BEFORE DEPRECIATION $ (166,661) Less Depreciation (129.260) EXCESS (DEFICIT) OF REVENUES OVER EXPENSES FROM VESSEL OPERATIONS $ (295,921) OTHER REVENUE AND EXPENSES: Property Tax Revenue Interest Income Grant Revenue Theater Revenue (Net) (Schedule 1) Airfield Deficit (Net) (Schedule 1) Interest Expense Theater Donations $ 150,000 18,325 104,403 1,107 (41,993) (40,443) 65.961 Total Other Revenue and Expenses 5 257.360 EXCESS (DEFICIT) REVENUES OVER EXPENSES 5 (38.561) (SEE NOTES TO FINANCIAL STATEMENTS) OOHERTY. BEALS & BANKS. P. C. EXHIBIT B 1992 $ 826,805 74,408 14,936 14.655 $ 930,804 $ 9,204 38,874 65,579 411,311 85,230 133,994 4,800 3,850 4,674 678 38,168 4,854 1,210 21,276 12,126 48.828 5 884.656 $ 46,148 1129.278) $ (83,130) $ 130,600 25,512 475,844 2,093 (29,059) (44,564) 5 560.426 5 477.296 FISHERS ISLAND FERRY DISTRICT STATEMENTS OF FUND BALANCE FOR THE YEARS ENDED DECEMBER 31. 1993 AND 1992 1993 FUND BALANCE - BEGINNING $3,988,672 PRIOR PERIOD ADJUSTMENT (Accrued Vacation and Sicktime not previously recorded) FUND BALANCE - ADJUSTED $3,988,672 EXCESS (DEFICIT) REVENUE OVER EXPENDITURES (Exhibit B) 138,561\ FUND BALANCE - ENDING 53.950.111 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS & BANKS. P. C. EXHIBIT C 1992 $3,620,549 (109.173\ $3,511,376 477.296 53.988.672 EXHIBIT D FISHERS ISLAND FERRY DISTRICT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31. 1993 AND 1992 1993 1992 CASH FLOWS FROM OPERATING ACTIVITIES: Excess (Deficit) Revenue over Expenses - per Exhibit B $ (38,561) $ 477,296 Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: Depreciation - Operating 129,260 129,278 Depreciation - Airfield 31,749 30,228 (Increase) Decrease in: Receivables 119,542 (92,347) Prepaid Expenses 1,569 (11,073 ) Increase (Decrease) in: Accounts Payable 24,169 43,156 Other Liabilities 8.102 16.969) Net Cash Provided Bv Ooeratina Activities $ 275,830 $ 569,569 CASH FLOWS FROM INVESTING ACTIVITIES: Improvements to Property, Plant and Equipment $ (278,877) $ (745,236) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on Bonds Payable Proceed from New Bond Issue $ (60,000) 24.890 $ (60,000) Net Cash Used Bv Financina Activities S (35.110) $ (60.000\ NET INCREASE (DECREASE) IN CASH $ (38,157) $ (235,667) CASH BALANCE BEGINNING 655.520 891.187 CASH BALANCE ENDING S 617.363 $ 655.520 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS & BANKS. P C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 AND 1992 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The Fishers Island Ferry District operates through the Town of Southold as an organization exempt from income tax. 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. CASH EOUIVALENTS: Cash Equivalents as used in the Statement of Cash Flows (Exhibit D) are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash. 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, 1993, and 1992, is $161,009 and $159,506 respectively. PENSION: The Fishers Island Ferry District contributed to the New York State Employees Retirement System for substantially all full-time employees. Pension expense for the years ended December 31, 1993, and 1992, is $27,434 and $ -0- respectively. OOHERTY. BEALS & BANKS. P C FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 AND 1992 (PAGE 2) 2. BONDS PAYABLE: Munnatacket Debt Service: Serial Bonds maturing and payable annually with interest at 5.9% per annum. Net book value of the Munnatacket is $398,206. 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 $1,008,414. Pension System Serial Bonds: Serial Bonds maturing and payable annually with interest at 8% per annum. Total Bonds Payable 1993 $ 140,000 325,000 24.890 S 489.890 1992 $ 175,000 350,000 $ 525.000 The following are the maturities of bonds payable for each of the next five years. 1994 $ 61,760 1995 61,836 1996 61,836 1997 61,836 1998 26,836 Thereafter 215.786 S 489.890 3. GRANT REVENUE: Federal Aviation Administration Grant: The Fishers Island Ferry District received funds from the Federal Aviation Administration for reimbursement of the airport's engineering and construction. Grant Amount DOHERTY. BEALS & BANKS. p, C 1993 1992 $ 104,403 $ 475,022 FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 AND 1992 (PAGE 3) 3. GRANT REVENUE: 1993 1992 New York State Deoartment of Transoortation Grant: The Fishers Island Ferry District received funds from the New York State Department of Trans- portation for the airport layout plan. Grant Amount Federal Disaster Relief Grant 822 Total Grant Revenue 5 475.844 5 87.894 4. PROPERTY, PLANT AND EOUIPMENT: Property, plant and equipment consists of the following classes of assets: Total Cost 1993 1992 5 41,717 5 41,717 775,552 757,644 904,357 904,357 1,485,382 1,485,382 2,199,451 2,042,541 215,065 111,006 59,807 59,807 27 , 775 27,775 55.709.106 55,430,229 Land Docks and Dolphins Vessel - Munnatauket Vessel - Race Point Buildings and Improvements Terminal Expansion Office Equipment Terminal Equipment DOHERTY. BEALS & BANKS. P_ C. FISHERS ISLAND FERRY DISTRICT THEATER AND AIRFIELD SCHEDULE OF REVENUE AND EXPENSES FOR THE YEARS ENDED DECEMBER 31. 1993 AND 1992 1993 THEATER OPERATION THEATER REVENUE s 18,147 THEATER EXPENSES: Film Rental Payroll Utilities Repairs and Maintenance Miscellaneous s 8,043 5,005 1,496 966 1. 530 Total Expenses s 17.040 THEATER REVENUE (Net) s 1.107 AIRFIELD REVENUE (DEFICIT) (Net) S (41.993) (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY, BEALS & BANKS. p, C. SCHEOULE 1 1992 s 18,215 s 7,639 4,865 723 2,272 623 s 16.122 s 2.093 S (29.059) FISHERS ISLAND FERRY DISTRICT SCHEDULE OF FEDERAL AWARDS FOR THE YEARS ENDED DECEMBER 31. 1993 AND 1992 Federal Grant Number 1993 Disbursements/ Expenditures PROGRAM TITLE Maior proarams Deoartment of Transportation: Airport Improvement Program 20-106 $ Nonma;or Proarams Department of Transportation: Airport Improvement Program 20-106 104.403 TOTAL = 5 104.403 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY, BEALS &: BANKS. p, C SCHEDULE 2 1992 Disbursements/ Exoenditures $ 475,844 5 475.844 '2031 443-2033 FAX 12031 444-7086 CARL A BANKS, CPA STEPHEN R DOHERTY CPA STACEY L GUALTIERI CPA KAREN A NAGEL CPA KATHLEEN A STEAMER CPA DOHERTY. BEALS & BANKS. P. C. CERTIFIED PUBLIC ACCOUNTANTS 187 WilLIAMS STREET POST OFFICE BOX 59 NEW lONDON, CONNECTICUT 06320 June 8, 1994 INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Board of Commissioners Fishers Island Ferry District Fishers Island, NY 06390 We have audited the financial statements of the Fishers Island Ferry District as of and for the year ended December 31, 1993, and have issued our report thereon dated June 6, 1994. We conducted our audit in accordance with generally accepted auditing standards and Government Auditina 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. Compliance with laws, regulations, contracts, and grants applicable to the Fishers Island Ferry District is the responsibility of the Fishers Island management. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we performed tests of the Fishers Island Ferry District compliance with certain provisions of laws, regulations, contract, and grants. However, the objective of our audit of the financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion. The results of our tests indicate that, with respect to the items tested, the Fishers Island Ferry District complied, in all material respects, with the provisions referred to in the preceding paragraph. with respect to items not tested, nothing came to our attention that caused us to believe that the Fishers Island Ferry District had not complied, in all material respects, with those provisions. Board of Commissioners June 8, 1994 Page 2 This report is intended for the information of the Board of Commissioners, management, and the Federal Aviation Administration. However, this report 1S a matter of public record and its distribution is not limited. _'~SC SLG:pl f3o.Jtiw & BANKS, P.C. DOHERTY. BEALS & BANKS. P C. (203) 443-2033 FAX 1203) 4447086 CARL A BANKS, CPA STEPHEN R DOHERTY. CPA STACEY L GU,A.L TIER/. CPA KAREN,A. NAGEL. CPA KATHlEEN A STEAMER, CPA DOHERTY, BEALS & BANKS, P. C. CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET PQS T OFFICE BOX 59 NEW LONDON, CONNECTICUT 06320 June 8, 1994 INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL STRUCTURE RELATED MATTERS NOTED IN A FINANCIAL STATEMENT AUDIT CONDUCTED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Board of Commissioners Fishers Island Ferry District Fishers Island, NY 06390 We have audited the financial statements of the Fishers Island Ferry District as of and for the year ended December 31, 1993, and have issued our report thereon dated June 6, 1994. We conducted our audit in accordance with generally accepted auditing standards and Government Auditinq 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. In planning and performing our audit of the financial statements of the Fishers Island Ferry District for the year ended December 31, 1993, we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control structure. The management of the Fishers Island Ferry District is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may Board of Commissioners June 8, 1994 Page 2 nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future period is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of pOlicies and procedures may deteriorate. For the purpose of this report, we have classified the significant internal control structure policies and procedures in the following categories: Cash and Cash Equivalents Receivables Property, Plant and Equipment Payables and Liabilities Debt Fund Balances Government Financial Assistance Programs General and Specific Requirements Reporting Requirements For all of the internal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and whether they have been placed in operation, and we assessed control risk. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of certified Public Accountants. A material weakness is a condition in which the design or operation of one or more of the specific internal control structure elements does not reduce to a relatively low level the risk that errors and irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operations that we consider to be material weaknesses as defined above. This report is intended for the information of the audit committee, management, and the Department of Transportation. However, this report is a matter of public record and its distribution is not limi ted. 1Io~1 ~& :A~C. SLG:pl DOHERTY. BEALS & BANKS. P C 1203144)-2033 FAX 12031 4447086 CARL A BANKS CPA STEPHEN R DOHERTY. CPA STACEY L GUALTIERI. CPA KAREN A NAGEL CPA KATHLEEN A STEAMER. CPA DOHERTY. BEALS & BANKS. P. C. CERTIFIED PUBLIC ACCOUNT ANTS 187 WilLIAMS STREET POST OFFICE BOX 59 NEW LONDON_ CONNECTICUT 06320 June 8, 1994 INDEPENDENT AUDITOR'S REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS Board of Commissioners Fishers Island Ferry District Fishers Island, NY 06390 We have audited the financial statements of Fishers Island Ferry District as of and for the year ended December 31, 1993, and have issued our report thereon dated June 6, 1994. We conducted our audits in accordance with generally accepted auditing standards; Government Auditinq Standards, issued by the Comptroller General of the United States; and Office of Management and Budget (OMB) Circular A-128, "Audits of State and Local Governments." Those standards and OMB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and about whether the Fishers Island Ferry District complied with laws and regulations, noncompliance with which would be material to a federal financial assistance program. In planning and performing our audits for the year ended December 31, 1993, we considered the internal control structure of the Fishers Island Ferry District, in order to determine our auditing procedures for purpose of expressing our opinion on the financial statements of the Fishers Island Ferry District, and report on the internal control structure in accordance with OMB Circular A-128. This report addresses our consideration of internal control structure policies and procedures relevant to compliance with requirements applicable to federal financial assistance programs. We have addressed internal control structure policies and procedures relevant to our audit of the financial statements in a separate report dated June 6, 1994. The management of the Fishers Island Ferry District is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related Board of Commissioners June 8, 1994 Page 2 costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles, and that federal financial assistance programs are managed in compliance with applicable laws and regulations. Because of inherent limitations in any internal control structure, errors, irregularities, or instances of noncompliance may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future period is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. For the purpose of this report, we have classified the significant internal control structure policies and procedures used in administering federal financial assistance programs in the following categories: General Requirements Political activity Davis-Bacon Act civil rights Cash management Relocation assistance and real property acquisition Federal financial reports Allowable costs/cost principles Drug-free Workplace Act Administrative requirements Specific Requirements Types of services Matching, level of effort Special reporting Special Tests DOHERTY, BEALS 8: BANKS. P. C. Board of Commissioners June 8, 1994 Page 3 Claims for Advances and Reimbursements Amounts Claimed or Used for Matchinq For all of the internal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and determined whether they have been placed in operation, and we assessed control risk. During the year ended December 31, 1993, the Fishers Island Ferry District had no major federal financial assistance programs and expended 100% of its total federal financial assistance under the Airport Improvement Program. We performed tests of controls, as required by OMB Circular A-128, to evaluate the effectiveness of the design and operation of internal control structure policies and procedures that we considered relevant to preventing or detecting material noncompliance with specific requirements, general requirements, and requirements governing claims for advances and reimbursements and amounts claimed or used for matching that are applicable to the aforementioned non-major programs. Our procedures were less in scope than would be necessary to render an opinion on these internal control structure policies and procedures. Accordingly we do not express such an opinion. This report is intended for the information of the audit committee, management, and Department of Transportation. However, this report is a matter of public record and its distribution is not limited. )JirI 10. ~ ~ -/lJ(,UIJ,o ~OHERTt}IBEALS & BANKS, P.C. SLGipl DOHERTY. BEALS 8< BANKS. P C. (2031 443-2033 FAX 12031 444-7086 CAF?L A BANKS, CPA STEPHEN R DOHERTY, CPA STACEY L GUALTIERI, CPA KAREN A /'''AGEL CPA KATHLEEN A STEAMER, CPA DOHERTY, BEALS & BANKS, P. C. CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET POST OFFICE BOX 59 NEW LONDON. CONNECTICUT 06320 June 8, 1994 INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO NON-MAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS Board of Commissioners Fishers Island Ferry District Fishers Island, NY 06390 We have audited the general purpose financial statements of the Fishers Island Ferry District as of and for the year ended December 31, 1993, and have issued our report thereon dated June 6, 1994. In connection with our audit of the general purpose financial statements of the Fishers Island Ferry District and with our consideration of the District's internal control systems used to administer federal financial assistance programs, as required by Office of Management and Budget Circular A-128, "Audits of State and Local Governments," we selected certain transactions applicable to certain non-major federal financial assistance programs for the year ended December 31, 1993. As required by OMB Circular A-128, we have performed auditing procedures to test compliance with the requirements governing types of services allowed or not allowed; and any special tests and provisions that are applicable to those transactions. Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the District's compliance with these requirements. Accordingly we do not express such an opinion. with respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the preceding paragraph. with respect to items not tested, nothing came to our attention that caused us to believe that the District has not complied, in all material respects, with those requirements. This report is intended for the information of the audit committee, management, and the Department of Transportation. However, this report is a matter of public record and its distribution is not limited. J2~~'BE~~B:NK@~ 1203l 443.2033 FAX 12031 4447086 CARl. A BANKS, CPA STEPHEN R DOHERTY CPA STACEY I. GUAI.rlERI. CPA KAREN A NAGEL, CPA KATHLEEN A STEAMER CPA DOHERTY. BEALS & BANKS. P C. CERTIFIED PUBLIC ACCOUNTANTS '87 WILLIAMS STREET POST OFFICE BOX 59 NEW LONDON, CONNECTICUT 06320 June 8, 1994 INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH GENERAL REQUIREMENTS Board of Commissioners Fishers Island Ferry District Fishers Island, NY 06390 We have audited the financial statements of the Fishers Island Ferry District as of and for the year ended December 31, 1993, and have issued our report thereon dated June 6, 1994. We have applied procedures to test the Fishers Island Ferry District's compliance with the following requirements applicable to its federal financial assistance programs, which are identified in the Schedule of Federal Financial Assistance, for the year ended December 31, 1993: Political activity Davis-Bacon Act civil rights Cash management Federal Financial Reports Allowable costs/cost principles Drug-free Workplace Act Administrative requirement Our procedures were limited to the applicable procedures described in the Office of Management and Budget's "Compliance Supplement for Single Audits of State and Local Governments." Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Fishers Island Ferry District's compliance with the requirements listed in the preceding paragraph. Accordingly, we do not express such an opinion. with respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph of this report. with respect to items not tested, nothing came to our attention that caused us to believe that the Fishers Island Ferry District had not complied, in all material respects, with those requirements. Board of Commissioners June 8, 1994 Page 2 This report is intended for the information of the audit committee, management and the Department of Transportation. However, this report is a matter of public record and its distribution is not limited. ~~l ~~a!t &; B~~. SLG:pl DOHERTY, BEALS & BANKS, p, C.