HomeMy WebLinkAbout2008 CPF TOWN OF SOUTHOLD
PECONIC BAY COMMUNITY PRESERVATION FUND
FINANCIAL STATEMENT
For the Year Ended December 31, 2008
RECEIVED
i~AY' 4 aXJg
~oulhol~l Tow~ Cle~
TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND
TABLE OF CONTENTS
December 31, 2008
Page
INDEPENDENT AUDITOR'S REPORT ........................................................................................... 1
FINANCIAL STATEMENTS
Balance Sheet ....................................................................................................................................... 2
Statements of Revenues and Expenditures .......................................................................................... 3
Notes to Financial Statement .............................................................................................................. 4-5
I George R. Rehn Certified Public Ac¢ountant
286 Main Slxeet 310-12 Bay Walk
Southold Town Board
Town of Southold
Southold, New York 11971
INDEPENDENT AUDITOR'S REPORT
I have audited the accompanying financial statements of the Town of Southold Peconic Bay Community
Preservation Fund for the year ended December 31, 2008, as listed in the table of contents. These financial
statements am the responsibility of the management of the Town of Southold, New York. My responsibility
is to express an opinion on these financial statements based on my audit.
I conducted ~ny audit in accordance with auditing standards generally accepted in the United States of
America. Those standards require that I plan and perform the audit to obtain reasonable assurance about
whether the financial statements are lYee 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. I believe that my audit provides a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above presents fairly, in all material aspects, the financial
position and revenue and expenditures of the Town of Southold Peconic Bay Community Preservation Fund
for the year ended December 31, 2008 in conformity with accounting principles generally accepted in the
United State of America.
Certified Public Accountant
East Setauket, NY
April 29, 2009
TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND
BALANCE SHEET
For the Year Ended December 31~ 2008
ASSETS:
Restricted cash
Due from other governments
NYS Grants receivable
Land
TOTAL ASSETS
LIABILITIES:
Accounts payable
Bonds payable
TOTAL LIABILITIES
FUND BALANCE:
Fund balance - restricted
TOTAL LIABILITIES AND FUND BALANCE
2
See accompanyiog ootes to financial statement
$2,016,801
314,878
431,868
68,788,592
71,552,139
$95,147
17,141,600
17,236,747
54,315,392
$71,552,139
TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND
STATEMENTS OF REVENUES AND EXPENDITURES
For the Year Ended December 31~ 2008
REVENUES:
Community Preservation Fund transfer taxes
Government grants
Contribution
Interest income
Serial bond proceeds
TOTAL REVENUES
EXPENDITURES:
Land acquisition costs
Stewardship management
Stewardship supplies
Administrative management
Serial bonds, principal
Serial bonds, interest
TOTAL EXPENDITURES
EXCESS OF EXPENDITURES OVER REVENUES
3
See accompanying notes to financial statement
$5,251,258
1,896,603
332,020
234,524
7,500,000
15,214,405
25,347,338
26,807
23,286
155,306
346,300
568,502
26,467,539
$11,253,134
TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND
NOTES TO FINANCIAL STATEMENTS
December 31~ 2008
NOTE A- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
History
In 1998, the Peconic Bay Community Preservation Fund was started. It is financed by a 2% real estate
transfer tax through 2030. The overall goal is to preserve open land and farm land by purchasing open
space and environmentally sensitive lands. Funds are also allowed to be used for management and
stewardship of the acquired properties. The Peconic Bay Community Preservation Fund is accounted for
in the capital fund of the Town of Southold, New York financial statements.
Basis of Accounting
The financial statements of the organization have been prepared on the accrual basis of accounting in
accordance with generally accepted accounting principles.
Use of Estimates in the Preparation of Financial Statements
Management of the organization uses estimates and assumptions in preparing financial statements in
accordance with generally accepted accounting principles. Those estimates and assumptions affected the
reported revenues and expenditures. Actual results could vary from the estimates that management uses.
NOTE B-BONDSPAYABLE
Serial Bonds for $ 9,987,900 are dated April 15, 2007. Denominations are maturing on April 15th each
year through 2030, interest rate is 4.125% for 2009 and 2010. The interest rate is 4.25% for years
thereafter.
The maturities of the bonds for the next five years are as follows:
Principal Interest
2009 $ 357,100 $ 401,510
2010 357,100 386,780
2011 357,100 371,826
2012 357,100 356,649
2013 401,700 340,525
2014 andtherea~er 7,811,500 2,930~037
9~641,600 $ 4.787.32~77
4
TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND
NOTES TO FINANCIAL STATEMENTS
December 31~ 2008
NOTE C- BONDS PAYABLE
Serial Bonds for $7,500,000 are dated May 15, 2008. Denominations are maturing on May 15~h each year
through 2030, interest rate is 4% through 2024. It is raised to 4.125% in 2025 and then 4.25%
subsequently.
The maturities of the bonds for the next five years are as follows:
Principal Interest
2009 $ 275,400 $ 401,510
2010 275,400 386,780
2011 275,400 371,826
2012 296,600 356,649
2013 296,600 340,525
2014 andtherea~er 6,080,600 2,930,037
$ 7.500.00~0 $ 4,787,327