HomeMy WebLinkAbout1990 & 1991 FIFD
FISlWHS ISI AND FERRY DISTRICT
FINMCIAL srA~
DIX'EMBER 31, 1991 & 1990
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(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.
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DOHERl'Y, BEALS & BANKS, P. C.
May 6, 1992
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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.
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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
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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
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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.
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FISHERS ISLAND FERRY DISTRICT
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1991 AND 1990
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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.
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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.
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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.
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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.
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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