The URL can be used to link to this page

Home My WebLink About1999I I I I I I I I i I I I i I I I I SOUTHOLD FIRE DISTRICT General Purpose Financial Statements And Supplementary Schedule with Independent Auditors' Report December 31, 1999 ~CEIVF. D JUL 1 4 ~ SoutholdTo.. Clerk I I I I I I I I I I I I I I I I GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULE WITH INDEPENDENT AUDITORS' REPORT Oecember 31,1999 I I TABLE OF CONTENTS December 31, 1999 I I I I I I I I I I i I I I I I INDEPENDENT AUDITORS'REPORT GENERAL PURPOSE FINANCIAL STATEMENTS Combined Balance Sheet - All Fund Types and Account Groups Combined Statement of Revenues, Expenditures and Changes in Fund Equity - All Governmental Fund Types Statement of Revenues, Expenditures and Changes in Fund Equity - Budget and Actual - General Fund Notes to General Purpose Financial Statements SUPPLEMENTARY SCHEDULE Schedule of Fire Protection Expenditures - Budget and Actual - General Fund PaRe 1 14 I SOUTHOLD FIRE DISTRICT ! Coughlin Foundotos Cullen & . Vincent D, Cullen, CPA James E. Danowski, CPA Jill S, Fichter, CPA George T. Faundotas, CPA Peter F, Rodriguez, CPA INDEPENDENTAUDITORS'REPORT To the Board of Fire Commissioners Southold Fire District Southold, New York I I I ! I I I I I I We have audited the accompanying general purpose financial statements of the Southold Fire Distdct as of December 31, 1999 and for the year then ended. These financial statements are the responsibility of the Fire Dish'ict'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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are flee of matedal 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. As explained in Note II, the general fixed assets are reported essentially at appraised replacement values, which is a departure from generally accepted accounting principles. The effect of that departure on the combined balance sheet is not reasonably determinable. In our opinion, except for the effects on the general purpose financial statements of not valuing general fixed assets at historical cost as explained in Note II, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Southold Fire District at December 31, 1999, and results of its operations and changes in fund equity for the year then ended, in conformity with generally accepted accounting principles and the requirements mandated by the State of New York in its Uniform System of Accounts for Fire Districts (State System). Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The accompanying supplementary schedule listed in the table of contents is presented for purposes of additional analysis, and is not a redquired part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is tairly presented in all matedal respects in relation to the general purpose financial statements taken as a whole. February 4, 2000 I Ten Rooseve t Avenue * Port Jefferson Station, New York 11776-3337 · Tel: (631) 473-3400 * Fax: (631) 473-4863 T: Office97~25400\1999\GP Financial 99.doc m m m m m m m m m mm m m mm m m m m m m COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1999 ASSETS Unrestricted cash Restdcted cash Due from other funds Prepaid expenditures Service award program assets Land, buildings and equipment Amount to be provided for retirement of long-term debt Total Assets LIABILITIES Accounts payable Accrued liabilities Due to other funds Service awards Bonds payable Total Liabilities FUND EQUITY Investment in general fixed assets Fund balances: Reserved for encumbrances Reserved for capital projects Unreserved - undesignated Total Fund Equity Total Liabilities and Fund Equity Governmental Funde General Fiduciary Fund Account Groups General Capital Trust And General Long-Term Proiects A~lenc}, Fixed Assets Debt $ 167,129 $ $ $ $ 25,244 82,000 1,806 865,514 6,757,680 60,000 To~ls IMemomndum Only) 1999 1998 $ 167,129 $ 164,009 25,244 170,296 82,000 1,806 1,674 865,514 818,132 6,757,680 6,492,579 60,000 170,000 $ 168,935 $ 107,244 $ 865,514 $ 6,757,680 $ 60,000 $ 7,959,373 $ 7,816,690 $ 32,679 4,839 82,000 $ $ $ $ 865,514 $ 32,679 $ 81,132 4,839 4,094 82,000 865,514 818,132 60,000 170,000 60,000 119,518 865,514 60,000 1,045,032 1,073,358 6,757,680 107,244 6,757,680 6,492,579 14,513 107,244 170,296 49,417 65,944 49,417 49,417 107,244 6,757,680 6,914,341 6,743,332 $ 168,935 $ 107,244 $ 865,514 $ 6,757,680 $ 60,000 $ 7,959,373 $ 7,816i690 See Notes to General Purpose Financial Statements Page 2 SOUTHOLD FIRE DISTRICT m m m m m mm .mm m mm mm m m mm COMBINED STATFM~N? OF R~V~NU£S, EXP~NDll'UR~=S AND CHANgeS )N FUND ~QUITY - Arum OOV~RNN£NTAL ~UND l~FP~$ For the Year Ended December 31, 1999 m m m m m REVENUES Real property taxes Interest and earnings Sale of equipment Insurance recoveries Miscellaneous Total Revenues EXPENDITURES Personal services Equipment and capital outlay Fire protection State retirement system Service award program Social security Workers' compensation Medical and accident insurance Principal retirement Interest payment Total Expenditures Excess (Deficiency) of Revenues Over Expenditures OTHER SOURCES AND USES Operating transfers in Operating transfers (out) Total Other Sources (Uses) Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses Fund Equity - Beginning of Year FUND EQUITY - END OF YEAR Governmental Fund Types Capital General $ 910,027 13,043 26,088 8,059 957,217 87,739 145,980 240,364 64 245,862 6,718 18,832 6,868 110,000 8,830 871,257 85,960 (117,000) (117,000) (31,040) 80,457 $ 49,417 Totals IMemorandum Only) Pr~ects 1999 $ $ 910,027 4,948 17,991 26,088 8,059 4,948 962,165 87,739 185,000 330,980 240,364 64 245,862 6,718 18,832 6,868 110,000 8,830 185,000 1,056,257 (180,052/ (94,092) 117,000 117,000 (117,000) 117,000 (63,052) (94,092) 170,296 250,753 $ 107,244 $ 156,661 1998 $ 868,063 16,500 4,150 1,901 630 891,244 78,585 174,361 280,229 112 222,823 6,253 24,521 6,868 130,000 15,913 939,665 (48,42!) (48;421) 299;174 $ 250,753 See Notes to General Purpose Financial Statements Page 3 SOUTHOLD FIRE DISTRICT I =mm m STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND EQUITY - BUDGET AND ACTUAL - GENERAL FUND For the Year Ended December 31, 1999 REVENUES Real property taxes Interest and earnings Sale of equipment Insurance recoveries Miscellaneous Total Revenues EXPENDITURES Personal services Equipment and capital outlay Fire protection State retirement system Service award program Social security Workers' compensation Medical and accident insurance Principal retirement Interest payment Total Expenditures Excess (Deficiency) of Revenues Over Expenditures OTHER USES Operating transfers (out) - Capital projects fund Excess (Deficiency) of Revenues Over Expenditures and Other Uses Fund Equity - Beginning of Year FUND EQUITY - END OF YEAR Variance Modified 1999 Favorable Budget Actual (Unfavorable/ $ 910,000 $ 910,027 $ 27 8,830 13,043 4,213 26,088 26,088 8,059 8,059 918,830 957,217 38,387 87,739 87,739 161,986 145,980 247,876 240,364 64 64 248,000 245,862 6,718 6,718 20,262 18,832 6,868 6,868 110,000 110,000 8,830 8,830 16,006 7,512 2,138 1,430 898,343 871,257 27,086 20,487 85,960 65,473 (35,000) (117,000) (82,000) (14,513) (31,040) (18,527) 14,513 80,457 65,944 $ $ 49,417 $ 49,417 {Memorandum Only) Variance Modifled 1998 Favoreble Budget Actual (Unfavorable) $ 867.913 $ 868.063 $ 150 8,000 10.292 2.292 4.150 4.150 1,901 1,901 630 630 875,913 885,036 9,123 78.800 78,585 215 102.932 84.461 18,471 307.821 280,229 27.592 150 112 38 241.000 222.823 18,177 6.260 6.253 7 25.000 24,521 479 7.000 6,868 132 130,000 130.000 1~913 15R13 914.876 849,765 65.111 (38,963) 35.271 74,234 (38,963) 35.271 74.234 38,963 45,186 6,223 $ $ 80.457 $ 80,457 See Notes to General Purpose Financial Statements Page 4 SOUTHOLD FIRE DISTRICT I I NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS I I I I I I ! I I I I I I I I I I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The general purpose financial statements of the Southold Fire District have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standards setting body for establishing govemmental accounting and financial reporting principles. The more significant of the Fire District's accounting policies are described below. A. Financial Reporting Entity The Fire Distdct is governed by the Municipal Law and other laws of the State of New York. The scope of activities included within the accompanying financial statements are those transactions which compdse Fire District operations, and are governed by, or significantly influenced by, the Board of Fire Commissioners. The pdmary function of the Fire District is to provide fire protection to the community. Services such as fire fighting, fire prevention and public education support the pdmary function. The financial reporting entity includes all funds, account groups, functions and organizations over which the Fire Disthct officials exercise oversight responsibility. Oversight responsibility is determined on the basis of financial interdependency, selection of governing authority, designation of management, ability to significantly influence operations and accountability for fiscal matters. B. Basis of Presentation The accounts of the Fire District are organized on the basis of funds and account groups, each of which is considered to be a separate accounting entity. These funds and account groups are based upon the requirements of GAAP for local governmental units as prescribed by GASB as well as the Uniform System of Accounts for Fire Districts (the State System). The operations of each fund are accounted for within a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity for both the funds and account groups and the revenues and expenditures for the funds. Govemmental resources are allocated to and accounted for in individual funds segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions or limitations. The vadous funds are grouped in the financial statements in the following fund types and account groups: 1. Governmental Fund Types Governmental funds are those through which most governmental functions are financed. The acquisition, use and balances of expendable financial resources and the related liabilities are accounted for through governmental funds. The measurement focus of the governmental funds is based upon determination of financial position and changes in financial position. The following are the Fire Districts governmental fund types: a) General Fund - the general fund is the principal operating fund of the Fire District. It is used to account for all financial resources except those required to be accounted for in another fund. b) Capital Projects Fund - the capital projects fund is used to account for the accumulation of financial resources and the disbursements for the acquisition, construction or renovation of major capital facilities, or equipment. I Page 5 SOUTHOLD FIRE DISTRICT I I NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS (Continued) I I I I I I ! I I I I I I I I 2. Fiduc~ryFund Types Fiduciary funds are used to account for assets held by the Fire Distdct in a trustee or custodial capacity: Trust and Agency Fund - the trust and agency fund is used by the Fire District to account for and report assets held by the Fire Distdct in a trustee capacity, or as custodian or agents for individuals, pdvate organizations, other governments, and/or funds. These include expehdable trusts, non-expendable trusts and agency funds. Agency funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. 3. Account Groups Account groups are used to establish accounting control and accountability for the Fire District's general fixed assets and general long-term obligations. The two account groups ara not "funds". They ara accounting entities, not fiscal entities, and are concerned only with the measurement of financial position, and not with the results of operations. a) General Fixed Assets Account Group - the general fixed assets account group is used to account for land, buildings, improvements and equipment owned by the Fire District. b) General Lonq-Term Debt Account Group - the general long-term debt account group is used to account for all long-term debt and other obligations of the Fire District. Long-term indebtedness includes obligations such as bonds, bond anticipation notes and capital notes. Other obligations include unbilled retirement liabilities and vested or accumulat~l vacation and/or sick leave which will be funded in future budgets. C. Measurement Focus/Basis of Accounting Measurement focus is the determination of what is measured. Measurement focus is a concept that embraces the objective of financial accounting and reporting. The objective of financial accounting and reporting is to measure the flow of resources through the Fire District. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities are included in the fund types on the balance sheet. Operating statements of these fund types present increases (i.e. revenues and other sources) and decreases (i.e. expenditures and other uses) in fund equity. The basis of accounting determines when revenues and expenditures are recognized in the accounts and reported in the financial statements, regardless of the measurement focus applied. The State System gives the Fire District the option to adopt either the modified accrual basis or cash basis of accounting for recording transactions in its governmental and agency fund types as applicable. The Fire District reports its financial activities on the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recorded when measurable and available. Available means collectible within the current pedod or soon enough thereafter to be used to pay liabilities of the currant period. If expenditure is the pdmary factor for determining reimbursement under the terms of a grant, revenue is recognized when the expenditure is incurred. Expenditures are recorded when the liability is incurred except: 1. Expenditures for prepaid expanses are recognized at the time of the disbursements when the Fire District is liable for payments. 2. Expenditures fo, r principal and interest on long-term debt are not recognized until due. 3, Expenditures for pension costs for which funding has not yet been provided are recognized in the year that they are billed by the State and/or insurance carrier. 4. Expenditures for compensated absences such as unused vacation and sick days for which funding has not yet been provided are recognized in the year that they are paid. These compensated absences are as follows: I Page 6 SOUTHOLD FIRE DISTRICT I I NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS (Continued) I I I I I I I I i I I I I I I I The Fire Distdct may recognize a liability for vacation leave and other compensated absences with similar characteristics and additional salary-related payments as the benefits are earned by the employees, based on the rendering of past service and the probability that the employees will be compensated for the benefits through paid time off or some other means. This includes vacation leave and other compensated absences with similar charectedstics that were eamed but not used dudng the current or pdor pedods and for which employees can receive compensation in a future pedod. Amounts do not include leave expected to lapse and do include leave that employees will eventually qualify for. D. Property Taxes Real property taxes are levied annually by the Fire District no later than November 1st and become a lien on December 1st. Real property taxes are payable without penalty and interest in two equal installments by January loth and May 31st. The Fire District's tax levy is collected by the Town of Southold. Tax collections are remitted in full to the Fire District in accordance with the Suffolk County Tax Act. Suffolk County is responsible for all uncollected taxes. E. Budgetary Data 1. Budget Policies The Fire District administration prepares a proposed general fund budget for approval by the Board of Fire Commissioners in September of each year. Upon Board approval, the budget is effective for the next calendar year. 2. Encumbrances Encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of monies are recorded for budgetary control purposes to reserve that portion of the applicable appropriations, is employed as a control in preventing overexpenditure of established appropriations. Open encumbrances are reported as reservations of fund balance since they do not constitute expenditures or liabilities and will be honored through budget appropriations in the subsequent year. 3. Budget Basis of Accounting Budgets are adopted annually by the Board of Fire Commissioners in accordance with State law. Appropriations authorized for the current year are increased by the amount of encumbrances carried forward from the pdor year. F. General Fixed Assets The State System requires that general fixed assets be recorded at cost as expenditures in the respective funds at the time of purchase and accounted for in the General Fixed Assets Account Group. However, except for land, which is recorded at cost, the Fire District records these fixed asset values at appraised replacement values (see Note II). Donated amounts are valued at estimated fair market value when given. General Long-Term Debt General Obligation Debt Long-term debt used to finance various capital projects is accounted for in the General Long-Term Debt Account Group. No liability is recorded for interest payable to maturity. I Page 7 SOUTHOLD FIRE DISTRICT I I NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS (Continued) I i I I I I I I I I I I I I I I H. Interfund Transfem The operations of the Fire Distdct give rise to certain transactions between funds, including transfers of expenditures and revenues to provide services and construct assets. This is either by budget, Board resolution or permissive referendum. I. Fund Equity Reserves and designations of fund equity are segregated for future or restricted use and are, therefore, not available for appropriation or expenditure. Designation of unreserved fund equity indicates the use of this resource in the ensuing year's budget or tentative plans for future use. J. Use of Estimates The preparation of general purpose financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. K. Total Columns on Combined Statements Total columns on the general purpose financial statements and the supplementary schedule are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. The data in these columns does not present financial position or results of operations in conformity with generally accepted aocounting principles. Neither is the data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. L. Comparative Data Comparative total data for the pdor year have been presented in selected sections of the accompanying general purpose financial statements in order to provide an understanding of the changes in the govemment's financial position and operations. II. DEPARTURE FROM GENERALLY ACCEPTED ACCOUNTING PRINCIPLES Generally accepted accounting principles require that long-lived assets be capitalized in the General Fixed Assets Account Group and recorded at historical cost. Except for land which is recorded at cost the Fire Distdct has recorded these assets at appraised replacement value based on an independent appraisal report, dated October 31, 1998, together with additions and disposals through December 31, 1999. The effect of not valuing these assets at historical cost on the general purpose financial statements as of December 31, 1999 has not been determined. III. DETAIL NOTES ON ALL FUNDS AND ACCOUNT GROUPS A, Assets 1. Cash and Investments The Fire District's investment policies are governed by State statutes. The Fire District's monies must be deposited in FDiC-insured commemial banks or trust companies located within the State. The treasurer is authorized to use time and demand accounts and certificates of deposit. Permissible investments include obligations of the U.S. Treasury and its subdivisions, repumhase agreements, and obligations of New York State and its subdivisions. I Page 8 SOUTHOLD FIRE DISTRICT I I NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS (Continued) I I I I I I I ! I I I I I I I I Collateral is required for demand and time deposits as well as certificates of deposit not covered by Federal Deposit Insurance. Obligations that may be pledged as collateral include obligations of the United States and its agencies and obligations of the State and its municipalities. Deposits are valued at cost or cost plus interest and are categorized as either (1) insured, or collateralized with securities held by the Fire Distdct or the Fire District's agent in the Fire District's name, (2) collateralized with securities held by the financial institution's trust department in the Fire District's name, (3) collaterelized with securities that are held by the financial institution or its trust department but not in the Fire District's name, or uncollateralized. The Fire District's bank balances as of December 31, 1999 were fully collateralized under category (1)~ 2. Changes in Fixed Assets A summary of changes in general fixed assets per an independent appraisal report dated October 31, 1998, together with additions and disposals through December 31, 1999 is as follows: Balance Balance January 1, Net December 31, 1999 Change 1999 Land $ 206,892 $ $ 206,892 Buildings 2,796,466 92,298 2,888,764 Equipment 3,489,221 340,784 3,830,005 Total $ 6,492,579 $ 433,082 $ 6,925,661 Land, pumhased in previous years, is recorded at odginal cost. B. Liabilities and Fund Equity 1. New York State and Local Employees' Retirement System a) Plan Description Effective January 1, 1997, the Fire District participated in the New York State and Local Employees' Retirement System (ERS). This system is a cost-sharing, multiple-employer, defined benefit pension plan. The system offers retirement and disability benefits, annual cost of living increases, and death benefits to plan members and beneficiaries. The ERS is established pursuant to the New York State Retirement and Social Secudty Law to provide benefits for the state, local governments, and their employees. ERS plan benefits are guaranteed by the state constitution. The system issues publicly available financial reports that include financial statements and required supplementary information. These reports may be obtained by wdting or calling the system at the following location: NYS and Local Retirement Systems, Governor Smith State Office Building, Albany, New York 12244, (518) 474-1101. I Page 9 SOUTHOLD FIRE DISTRICT I I NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS (Continued) I I I i I I I I I I I I I I I I b) Funding Policy Members who joined on or after July 27, 1976, are required by the respective governing laws to contribute 3% of their annual covered salary to the systems. Members who joined prior to that date, may make member contributions under certain conditions. The Fire District is required to contribute on an annual basis. Contributions generally are made to the ERS on December 15, for the period April I to Mamh 31 of the following year based on estimated eligible employees salaries. Contributions are adjusted in the following year based on actual salaries. The Fire District's contribution to the system is actuadally determined and is established and may be amended by the ERS Board of Trustees. The following represents the Firs District's regular pension contribution to the system based on annual covered payroll: 1999 1998 1997 District Contributions Rate 0.0% 0.3% 0.5% District Contributions $ $ 46 $ 52 2. Pension Plan - Service Award Program General Information The Fire District voters approved a Service Award Program effective January 1, 1993 which is an unqualified deferred compensation plan, per sec. 1458 of the U.S. Small Business ACt of 1996. Under the State enabling legislation, the Service Award Program was specifically excluded from the state's retirement system. a) Plan Description The Service Award Program has no minimum months of service requirement for participation in the plan. All members who are credited with sufficient "Service Award Points" are eligible. The minimum age Df a participant is 18; completion of one year of participation in the plan is required to collect benefits. Participants are fully vested in the fifth year of the plan. Benefits begin in the first month coinoident with or following attainment of age 65. The maximum number of past service years credit is five. b) Benefits The benefits provided to members of the program ara established by the plan. The benefit at entitlement date is $20 per month multiplied by the total years of service. Total years of service can not exceed 20 years. The maximum monthly benefit is $400. The normal form of the benefit is in monthly payments for life (with payments guaranteed for at least 10 years). The death benefit represents the greater of insurance proceeds or the present value of accrued benefits. The accrued benefit represents $20 per month multiplied by the total years of credited service as of the determination date. Service prior to January 1, 1993 is limited to 5 years and the accrued benefit is payable beginning at the entitlement date. The termination benefits are 0% vesting up to 4 years and 100% thereafter. c) Contribution Requirements The Fire District contributes to the plan based on a group funding calculation. The assumptions for determining the contributions and present value of accrued benefits are as follows: I Page 10 SOUTHOLD FIRE DISTRICT I I NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS (Continued) I I I I I I I I I I I I I I I I Pre-retirement - interest rate: 7% compounded annually Post-retirement - interest rate: 7% compounded annually d) District Information The following represents information relating to the Fire District's participation in the above pension plan for the year ended December 31, 1999. Persons Active Fully Vested Benefits Active Without Fully Vested Benefits Total Active 108 36 144 4 42 46 190 Terminated Fully Vested Benefits Retired Fully Vested Benefits Total Inactive Total e) Actuarial Present Value of Benefit Ob f:lations The following table sets forth the financial status of the plan as of December 31, 1999 as determined by actuaries per their report dated February 5, 1999. Present Value of Benefits Less: Assets Available for Benefits $ 1,796,147 1,033,194 Total Unfunded Benefits Less: Unfunded Liability for Pdor Service 762,953 249,529 $ 513,424 Present Value of Future Normal Cost 3. Indebtedness a) Long-Term Debt Sedal Bonds The Fire District borrows money in order to acquire or construct buildings and improvements. This enables the cost of these capital assets to be borne by the present and future taxpayers receiving the benefit of the capital assets. These long-term liabilities, which are full faith and credit debt of the Fire District, are recorded in the General Long-Term Debt Account Group. The provision to be made in future budgets for capital indebtedness represents the amount exclusive of interest, authorized to be collected in future years from taxpayers and others for liquidation of the long-term liabilities. Compensated Absences At December 31, 1999, no District employee was eligible to receive compensated absences. Therefore, the Fire Distdct did net recognize any liability for unused vacation or other compensated absences at December 31, 1999. I Page '11 $OUTHOLD FIRE DISTRICT I I NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS (Continued) I I I I I I I I I I I I I I I I b) ChanRes in Indebtedness The changes in the Fire District's long-term indebtedness dudng the year ended December 31, 1999 are summarized as follows: Balance January 1, 1999 (Reductions) Serial Bonds $ 170,000 $ (110,000) c) Maturity of Long Term Indebtedness Serial Bonds The following is a summary of maturity of bonded indebtedness: Balance December 31, 1999 $ 60,000 Outstanding Final Interest December 31, Issue Date Maturity Rate 1999 1992 2002 5.30% $ 60,000 The following is a summary of maturing debt service requirements for the general obligation bonds: Year Principal Interest Total 2000 $ 20,000 $ 3,180 $ 23,180 2001 20,000 2,120 22,120 2002 20,000 1,060 21,060 IV. BUDGET MODIFICATION Total $ 60,000 $ 6,360 $ 66,360 The following recaps the 1999 budget modification. The Fire District, in accordance with State Law, increased the 1999 authorized appropriations by an amount equal to the reserve for encumbrances at the end of 1998. Under the modified accrual basis of accounting and encumbrance accounting, fond balance is reserved for open encumbrances at year-end. This increase can be found on page 4 of these financial statements on the line captioned Fund Equity - Beginning of Year, under the column titled Modified Budget. Original Budget $ 918,830 Prior Year Encumbrances 14,513 Modified Budget $ 933,343 I Page 12 SOUTHOLD FIRE DISTRICT I I NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS (Continued) I I I I I I I I V. SPENDING LIMITATION The Distdct did not exceed the statutory spending limitation imposed by State Law. I Page '1:3 SOUTHOLD FIRE DISTRICT SUPPLEMENTARY SCHEDULE - SCHEDULE OF FIRE PROTECTION EXPENDITURES - BUDGET AND ACTUAL - GENERAl. FUND For the Year Ended December 31, 1999 Modified 1999 Budget Actual Repairs to apparatus and equipment $ 36,175 $ 36,175 $ Building 50,024 50,024 Medical examinations 3,830 3,830 Insurance 41,675 40,406 1,269 Water hydrant rental 34,961 34,961 Wells Utilities 29,106 29,106 Public drills, parades and inspection dinner 7,000 7,000 Conventions, meetings and travel 13,493 8,425 5,068 Fire training 8,984 8,984 Legal and audit fees 12,000 10,825 1,175 Administrative - other 10,628 10,628 Total Fire Protection Expenditures $ 247,876 $ 240,364 $ 7,512 Variance Favorable (Unfavorable) (Memorandum 1998 Actual $ 46,218 58,638 6,108 48,603 50,235 1,229 29,413 7,000 7,853 3,45O 10,238 t 1,244 $ 280,229 See Paragraph on Supplementary Information Included in Independent Auditors' Report Page 14 SOUTHOLD FiRE DISTRICT SOUTHOLD FIRE DISTRICT General Purpose Financial Statements And Supplementary Schedule with Independent Auditors' Report December 31, '/999 I I I I I I I I i I I I i I I I I