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Home My WebLink About2008 Peconic Bay Community Preservation Fund TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND FINANCIAL STATEMENT For the Year Ended December 31~ 2008 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND TABLE OF CONTENTS December 3L 2008 Page INDEPENDENT AUDITOR'S REPORT ........................................................................................... 1 FINANCIAL STATEMENTS Balance Sheet ....................................................................................................................................... 2 State~nents of Revenues and Expenditures .......................................................................................... 3 Notes to Financial Statement .............................................................................................................. 4-5 I Geor e R. Rehn Certified Public Accountant 286 Main Street 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 are 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 my 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 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. 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 3 I, 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 PECON1C BAY COMMUNITY PRESERVATION FUND BALANCE SHEET For the Year Ended December 3L 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 TOTALLIABILITIESANDFUNDBALANCE 2 See accompanying notes 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 I 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 statemeuts 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- BONDS PAYABLE Serial Bonds i~or $ 9,987,900 are dated April 15, 2007. Denominations are maturing on April 15th each year through 2030, interest rate ii 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 $ 4.7~87,327 4 I 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 15th 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 andthereafier 6,080,600 2,930,037 $ 7,500,000 $ ~787,327 #9292 STATE OF NEW YORK) ) SS: COUNTY OF SUFFOLK) Karen Kine of Mattituck, in said county, being duly sworn, says that she is Principal Clerk of THE SUFFOLK TIMES, a weekly newspaper, published at Mattituck, in the Town of Southold, County of Suffolk and State of New York, and that the Notice of which the annexed is a printed copy, has been regularly published in said Newspaper once each week for 1 week(s), successively, commencing on the 14th day of May, 2009. Principal Clerk Sworn to before me this LEGAL NOTICE NOTICE !$ HEREBY GIVEN that the Town of Soalflold Pecoaic Bay Com- mun~ preservation Fund FinanciM Statement for the Year Ended Decem- ber 31, 2008, [s on file in the Southold Towfi Clerk's Office, Southold Town Hall, 53095 Main Road, Southold, New York, and is available for public inspec- tion and copying during regular business days and hours Monday through Friday, 8:00 a.m. to 4:00 p.m. Dated: May 4, 2009 ELIZABETH A. NEVILLE SOUTHOLD TOWN CLERK 9292-1T 5/14 MELISSA A. SPIRO LAND PRESERVATION COORDINATOR melissa.spiro @ town.southold.ny.us Telephone (631 ) 765-5711 Facsimile (631) 765-6640 OFI01CE LOCATION: Town Hall Annex 54375 State Route 25 (comer of Main Road & Youngs Avenue) Southold, New York MAILING ADDRESS: P.O. Box 1179 Southold, NY 11971-0959 DEPARTMENT OF LAND PRESERVATION TOWN OF SOUTHOLD RECEIVED VIA FedEx #8668 4708 9560 May 14, 2009 I AY 1 4 2009 Thomas P. DiNapoli New York state Comptroller 110 State Street Albany, NY 12236 Re: NY Town Law - Chapter 62, Article 4. Town Boards § 64-e Peconic Bay Region Community Preservation Funds Dear Mr. DiNapoli: In accordance with paragraph 12 of § 64-e Peconic Bay Region Community Preservation Funds, NY Town Law Chapter 62, Article 4, I submit to you herein a copy of the independent audit of the Town of Southold's 2008 CPF funds as prepared by George R. Rehn, Certified Public Accountant. A legal notice of the completion of this audit has been posted in the Town's official newspaper and on the Town Clerk's bulletin board. The audit is available for public review at the Town Clerk's office and on the Town's internet site (www.southoldtown.northfork.net). Sincerely, Melissa Spiro Land Preservation Coordinator /md encs.: 2008 CPF Financial Statement Town Law, paragraph 12 Legal Notices CC: Town Clerk w/o encs. Town Comptroller w/o encs. STATE OF NEW YORK) SS: COUNTY OF SUFFOLK) ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, New York being duly sworn, says that on the -.v-~"~ day of~, 2009, she affixed a notice of which the annexed printed notice is a tree copy, ifi'a proper and substantial manner, in a most public place in the Town of Southold, Suffolk County, New York, to wit: Town Clerk's Bulletin Board, 53095 Main Road, Southold, New York. Re: CPF Annual Financial Statement Sworn before me this day of _, 2009. Elizabeth A. Neville Southold Town Clerk Notary Public LEGAL NOTICE NOTICE IS HEREBY GIVEN that the Town of Southold Peconic Bay Community Preservation Fund Financial Statement for the Year Ended December 31, 2008 is on file in thc Southold Town Clerk's Office, Southold Town Hall, 53095 Main Road, Southold, New York, and is available for public inspection and copying during regular business days and hours Monday through Friday, 8:00 A.M. to 4:00 P.M. Dated: May 4, 2009 ELIZABETH A. NEVILLE SOUTHOLD TOWN CLERK PLEASE PUBLISH ONCE ON May 14, 2009, AND FORWARD ONE (1) AFFIDAVIT OF PUBLICATION TO ELIZABETH NEVILLE, SOUTHOLD TOWN CLERK, TOWN HALL, PO BOX 1179, SOUTHOLD, NY 11971. Copies to the following: The Suflblk Times Town Board Members Town Attorney Land Preservation Department Town Comptroller Town Clerk's Bulletin Board