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Home My WebLink About2009 CPFLEGAL NOTICE NOTICE IS HEREBY GIVEN that the Town of Southold Peconic Bay Community Preservation Fund Financial Statement for the Year Ended December 31, 2009 is on file in the 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: April 13, 2010 ELIZABETH A. NEVILLE SOUTHOLD TOWN CLERK PLEASE PUBLISH ONCE ON APRIL 22, 2010, 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 Suffolk Times Town Board Members Town Attorney Land Preservation Department Town Comptroller Town Clerk's Bulletin Board 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 13th day of April, 2010, she affixed a notice of which the annexed primed notice is a true copy, in 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: 2009 Community Preservation Fund Financial Statement (~) ~.lizab eth-A~-Neville - Southold Town Clerk Sworn before me this ?,.~ day of ~.~C~, ,2010. No~a{y-P~b 1~ . of New York NO.O · ,',k Cou,qt~ RECEIVED APR 12 2010 )outhold Town Crerl~ TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND FINANCIAL STATEMENT For the Year Ended December 31~ 2009 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND TABLE OF CONTENTS December 31~ 2009 Page INDEPENDENT AUDITOR'S REPORT ........................................................................................... I FINANCIAL STATEMENTS Balance Sheet ....................................................................................................................................... 2 Statements of Revenues and Expenditures .......................................................................................... 3 Notes to Financial Statement .............................................................................................................. 4-5 Geor e R. Rehn Certificd Public Accountant 286 Main Stxeet East Setauket · New York 11733 (631) 751-3886 · Fax (631) 751-2740 310-12 Bay Walk Ocean Beach · NewYork 11770 (631) 583-0268 · Fax(631) 583-0229 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, 2009, 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 31, 2009 in conformity with accounting principles generally accepted in the United States of America. Certified Public Accountant East Setauket, NY March 10, 2010 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND BALANCE SHEET For the Year Ended December 31~ 2009 ASSETS: Restricted cash Due from other governments Accounts receivable Land TOTAL ASSETS LIABILITIES: Accounts payable Bonds payable TOTAL LIABILITIES FUND BALANCE: Fund balance - restricted TOTAL LIABILITIES AND FUND BALANCE 2 See accompanying notes to financial statement $7,765,449 374,548 24,268 71,680,89l 79,845,156 $18,830 21,509,100 21,527,930 58,317,226 $79,845,156 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND STATEMENTS OF REVENUES AND EXPENDITURES For the Year Ended December 31~ 2009 REVENUES: Community Preservation Fund transfer taxes Government grants Interest income Serial bond proceeds TOTAL REVENUES EXPENDITURES: Land acquisition costs Stewardship management Stewardship supplies Administrative management Adminstrative expenses Serial bonds, principal Serial bonds, interest TOTAL EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES 3 See accompanying notes to financial statement $3,O4O,294 1,996,822 33,091 5,000,000 10,070,207 2,899,286 123,413 1,403 201,363 42,466 632,500 699,213 4,599,644 $5,470,563 I TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31, 2009 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 2010 $ 357,100 $ 386,780 2011 357,100 371,826 2012 357,100 356,649 2013 401,700 340,525 2014 401,700 323,453 2015 and thereafter 7,409,800 2,606,584 9.284.50~0 $ 4.385.81~77 4 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31~ 2009 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 2010 $ 275,400 $ 288,879 2011 275,400 277,862 2012 296,600 266,423 2013 296,600 254,559 2014 296,600 242,695 2015 andtherea~er 5,784,000 2,007,721 $ 7.224.60~0 $ 3.338.13~99 Serial Bonds for $5,000,000 are dated March 15, 2009. Denominations are maturing on March 15th each year through 2030, interest rate is 4% through 2024. It is raised to 4.125% in 2026 and then 4.25% subsequently. The maturities of the bonds for the next five years are as follows: Principal Interest 2010 $ 61,000 $ 297,478 201l 159,000 194,714 2012 169,000 189,794 2013 174,000 184,649 2014 179.000 178,459 2015 and thereafter 4,258,000 1,576,976 $ 5.000.00~0 $ 2.622.07~00 5 I #9726 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 22nd dayof April, 2010, Principal Clerk Sworn to before me this NOI~%GAL NOYICE ll~REBy GIVEN that tl~ Towa of Soml~d Pmmle Bay Com. ~ 3~ ~, is on file ~ the $outhold ~ ~erFs ~, ~u~o]d Town ~, 5~ Ma~ R~d, Sou~old~ Ne~ York, ~d is av~bie for public ~s~c- ~n ~d ~g d~ag ~gu~ bus~eu Dated: Ap~l 13, ~10 ELIZABE~ A. NE~E SO~O~ TO~ C~ CHRISTINA VOLINSKI NOTARY PUBLIC SLATE OF NEW YORK Na. 01-VO6105050 Qualified in Sutfolk County i~¥ Commlssiorl Exp~e$ February 2B, 2012 Page 1 of 1 Neville, Elizabeth From: Neville, Elizabeth Sent: Friday, April 16, 2010 1:00 PM To: 'Candice Schott' Subject: RE: [FWD: Legal Notice for 4/22/10 publication] Thank you very much. Elizabeth A. Neville, RMC, CMC Southoid Town Clerk PO Box 1179 Southold, NY 11971 Tel 631 765-1800 Fax 631 765-6145 From: Candice Schott [mailto:cschott@timesreview.com] Sent: Friday, April 16, 2010 12:35 PM To: Neville, Elizabeth Subject: RE: [FWD: Legal Notice for 4/22/10 publication] Hi Elizabeth, I have received the notice and we are good to go for the 4/22 issue. Thanks and have a great weekend! ~and!ce From: legals@timesreview.com [mailto:legals@timesreview.com] Sent: Thursday, April 15, 2010 1:17 PN To: cschott@timesreview.com Subject: [FWD: Legal Notice for 4/22/10 publication] ........ Original Message ........ Subject: Legal Notice for 4/22/10 publication From: "Neville, Elizabeth" <E.Neville@town.southold.ny.us> Date: Tue, April 13, 2010 9:12 am To: <legals@timesreview.com > Cc: "Cooper, Linda" <Linda.Cooper@town.southold.ny.us>, "Spiro, Melissa" <Melissa.Spiro@town.southold.ny.us>, "Cushman, .lohn" <.lohn.Cushman@town.southold.ny.us>, "Finnegan, Martin" <martin.finnegan@town.southold.ny.us>, "Andaloro, .lennifer" <jennifer.andaloro@town.southold.ny.us>, "Krauza, Lynne" <lynne.krauza@town.southold.ny.us> Good Afternoon, Please confirm receipt of this legal notice to be published in the April 22, 2010 edition of the Suffolk Times newspaper. Thank you, Elizabeth A. Neville, RMC, CMC Southold Town Clerk PO Box1179 Southold, NY 11971 Tel 631 765-1800 Fax 631 765-6145 4/16/2010 LEGALNOTICE NOTICE IS HEREBY GIVEN that thc Town of Southoid Peconic Bay Community Preservation Fund Financial Statement for the Year Ended December 31, 2009 is on file in the 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: April 13, 2010 ELIZABETH A. NEVILLE SOUTHOLD TOWN CLERK PLEASE PUBLISH ONCE ON APRIL 22, 2010, 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 Suffolk Times Town Board Members Town Attorney Land Preservation Department Town Comptroller Town Clerk's Bulletin Board 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 13th day of April, 2010, she affixed a notice of which the annexed printed notice is a tree copy, in 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: 2009 Community Preservation Fund Financial Statement Swom before me this /,:,; day of ~.~?,_~ ,2010. N o~ ar'y--P~bl~ (~ ~,lizabeth A.'"-Neville - - Southold Town Clerk