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HomeMy WebLinkAbout1990 & 1991 FIFD FISlWHS ISI AND FERRY DISTRICT FINMCIAL srA~ DIX'EMBER 31, 1991 & 1990 . ;~:gvt?n ,J IN 8 199? ';'<'i~~n, (i~^!tk :;():.Ji~h('dd EI<TV & f"..j KS, p, c:::. ~ c.... L<:> f:< I ii ir:.L.) PUc\L.IC p., C) i,1 f'J 1 AN j S . . (203) 443-2033 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 w;! have audited the accompanying Balance Sheets of the Fishers Island Ferry District as of December 31, 1991, and 1990, 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 the standards for financial audits contained in Government AUditing Standards, issued by the Office of Management and Budget Circular A- 133, "Audits of Institutions of Higher Education and other Nonprofit Institutions." 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, 1991, and 1990, and the results of its operations for the years then ended, in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an oplnlon on the basic financial statements taken as a whole. The Theatre and Airfield Schedule of Revenue and Expenses and Schedule of Federal Awards is presented for the purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relat.ion to the basic financial statements t~en as a whole. (// ~ /'/ P' /-"/ df~~/~ DOHERl'Y, BEALS & BANKS, P. C. May 6, 1992 . . FISHERS ISLAND FERRY DISTRIcr FINANCIAL STATEMENTS Independent Auditor's Report EXHIBIT A Balance Sheets EXHIBIT B Statements of Revenue and Expenses EXHIBIT C Statements of Fund Balance EXHIBIT 0 Statements of Cash Flows Notes to Financial Statements SCHEDULE 1 Theatre and Airfield Schedules of Revenue and Expenses SCHEDULE 2 Schedule of Federal Awards DOHERTY. BEALS & BANKS. P. C. . . FISHERS ISIJIND FERRY DISTRICT BALANCE SHEErS AS OF DECEMBER 31, 1991 AND 1990 ASSETS 1991 CURRENT ASSETS: Cash in Banks Irnprest Funds Special Cash Deposits Grant Receivable Traffic and Car Prepayments Prepaid Expenses $ 916,321 1,450 260 2,563 40,428 $ 961,022 Total Current Assets PROPERTY, PLANT, AND EQUIPMENT: Property, Plant, and Equipment Less: Accumulated Depreciation $4,684,994 (1,405,991) Total Property, Plant and Equipment $3,279,003 TOTAL ASSETS $4,240,025 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS 8: BANKS. P. C. EXHIBIT A 1990 $ 792,294 1,450 531 195,328 4,668 37,877 $1,032,148 $4,559,315 (1,271,222) $3,288,093 $4,320,241 . . FISHERS ISLAND FERRY DISTRICT STATEMENTS OF FUND BALANCE FOR THE YEARS ENDED DEl:EMBER 31, 1991 AND 1990 FUND BALANCE - BEGINNING EXCESS REVENUE OVER EXPENDITURES (Exhibit B) FUND BALANCE - ENDING EXHIBIT C 1991 1990 $3,584,934 35,615 $3,620,549 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS & BANKS. P. C. $3,309,800 275,134 $3,584,934 . . EXHIBIT D FISHERS ISLAND FERRY DISTRICT STATEMENTS OF CASH FIOWS FOR THE YEARS ENDED DECEMBER 31, 1991 AND 1990 1991 1990 CASH FIOWS FOOM OPERATING ACTIVITIES: Excess Revenue over Expenses - per Exhibit B $ 35,615 $ 275,134 Adjustments tc Reconcile Net Income to Net Cash Provided By Operating Activities: Depreciation - Operating 124,751 143,096 Depreciation - Airfield 10,017 4,158 Change in Current Assets and Liabilities: (Increase) Decrease in Receivables 197,433 (199,997) (Increase) Decrease in Prepaid Expenses (2,551) 23,331 Increase (Decrease) in Accounts payable (42,370) 60,493 Increase (Decrease) in Other Liabilities (13,460) 25,177 Net Cash Provided By Operating Activities $ 309,435 $ 331,392 CASH FIOWS FOOM INVESTING ACTIVITIES: Improvements tc Property, Plant and Equipment $ (125,679) $ (290,338) CASH FIOWS FOOM FINANCING ACTIVITIES: Decrease in Bonds Payable $ (60,000) $ (60,000) NET INCREASE (DECREASE) IN CASH $ 123,756 $ (18,946) CASH BALANCE BEGINNING 794,275 813 ,221 CASH BALANCE END $ 918,031 $ 794,275 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS Be BANKS. P. C. . FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 AND 1990 . 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 in=red. CASH EQUIVALENTS: 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. DEPRECIATICN: 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, 1991, and 1990, is $134,768 and $178,254 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, 1991, and 1990, is $ -0- and $7,616 respectively. DOHERTY. BEALS 8c BANKS. P. C. . . FISHERS ISLAND FERRY DISTRICT NarES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 AND 1990 (PAGE 2) 2. BCMJS PAYABLE: 1991 1990 Munnatucket Debt Service: Serial Bonds maturing and payable annually with interest at 5.9% per annum. $ 210,000 $ 245,000 Race Point Debt Service: Serial Bonds maturing and payable annually with interest at 9.1% per annum. 375,000 400,000 $ 645,000 Total Bonds Payable $ 585,000 The following are the maturities of bonds payable for each of the next five years. 1992 1993 1994 1995 1996 $ 60,000 60,000 60,000 60,000 60,000 3. GRANT REVENUE: 1991 1990 Federal Aviation Administration Grant: The Fishers Island Ferry District received funds from the Federal Aviation Administration for reimbursement of the airport I s engineering and construction. Grant Amount $ 85,998 $ 226,792 New York State Department of Transportation Grant: The Fishers Island Ferry District received funds from the New York State Department of Trans- portation for the airport layout plan. Grant Amount 1,896 -0- Total Grant Revenue $ 87,894 $ 226,792 DOHERTY. BEALS Be BANKS. P. C. . . FISHERS ISLAND FERRY DISTRICI' NOl'ES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 AND 1990 (PAGE 3) 4. PROPERTY, PLANT AND mUIPMENT: Property, plant and equipment consists of the fOllowing classes of assets: 1991 1990 LAND $ 41,717 $ 41,717 CCCKS AND OOLPHINS 725,374 725,374 VESSEL - MUNNATAUKEr 904,357 904,357 VESSEL - RACE POINT 1,398,012 1,398,012 BUILDINGS AND IMPROVEMENTS 1,527,952 1,402,273 OFFICE mUIPMENT 59,807 59,807 TERMINAL mUIPMENT 27,775 27,775 Total Cost $4,684,994 $4,559,315 5. CONTINGENT LIABILITY: As a result of a 1986 plane crash at the Fishers Island Ferry District's airport, a number of lawsuits have been initiated. The Ferry District's legal counsel was consulted and is under the opinion that there is a remote possibility of a future liability to the Ferry District, but that any liability in=red for damages would not exceed the insurance coverage. DOHERTY. BEALS 8: BANKS. P. C. . . OCHEDULE 1 FISHERS ISLAND FERRY DISTRICT THEATRE AND AIRFIELD SCHEDULE OF REVENUE AND EXPENSES FOR THE YEARS ENDED DECEMBER 31, 1991 AND 1990 1991 1990 THEATRE OPERATION THEATRE REVENUE $ 17,060 $ 15,025 THEATRE EXPENSES: Film Rental Payroll Utilities Repairs and Maintenance Miscellaneous Total EKpenses $ 6,750 $ 6,708 4,221 4,889 596 462 46 797 650 287 $ 12,263 $ 13,143 THEATRE REVENUE (DEFICIT) $ 4.797 $ 1,882 AIRFIELD OPERATION AIRFIELD REVENUE $ 16,999 $ 11,845 AIRFIELD EXPENSES: Repairs and Maintenance $ 4,852 $ 7,510 Insurance 7,500 6,500 Utilities 914 Miscellaneous 750 Depreciation 10,017 4,158 Total EKpense $ 22,369 $ 19,832 AIRFIELD REVENUE (DEFICIT) $ (5,370) $ (7,987) (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS 8: BANKS. P. C. . . FISHERS ISLAND FERRY DISTRICT SCHEDULE OF FEDERAL AWARDS FOR THE YEAR ENDED DECEMBER 31, 1991 AND 1990 OCHEDULE 2 Federal Grant Number PRCX;RAM TITLE Major Programs Other Federal Assistance Federal Aviation Administration: Airport Lighting Design Obstruction, Lighting and Removal Seal and Repair Runways 1991 Disbursements/ Expenditures OONE 3-36-0029-04-91 $ 65,907 3-36-0029-03-90 17,428 3-36-0029-01-85 2,663 TOTAL (SEE NOI'ES TO FINANCIAL STATEMENTS) DOHERTY. BEALS & BANKS. P. C. $ 85,998 1990 Disbursements/ Expenditures OONE $ 226,792 $ 226,792