HomeMy WebLinkAbout1989SOUTHOLD FIRE DISTRICT
FINANCIAL STATEMENTS
DECEMBER 31, 1989
E. F. KALDOR, C.P.A., P.C.
Board of Commissioners
Southold Fire District
P.O. Box 908
Southold, New York 11971
April 22, 1990
Dear Members of the Board:
We have audited the accompanying balance sheet of the
Southold Fire District as of December 31, 1989 and the related
statements of income, retained earnings and cash flows for the
year then ended. These financial statements are the
responsibility of the 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. 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 provlues a
reasonable basis for our opinion.
In our opinion, the financial statements referred to
aboye present fairly, in all material aspects, the financial
position of the Southold Fire District as of December 31,
1989, and the result? of its o~erat%ons and its cash flows for
the year then.ended in conformity with generally accepted
accounting principles.
Very truly yours,
E.F. Kaldor, P.O.
certified Public Accountant
EFK:pjp
SOUTHOLD FIRE DISTRICT
INDEX
Combined Balance Sheet
Budgetary,Statement of Revenue and Expenditure
- General Fund
2
Statement of Revenue and Expenditures
- Capital Funds
Cash Flow Statement
4
Notes to Report 5
SOUTHOLD FIRE DISTRICT
COMBINED BALANCE SHEET
DECEMBER 31, 1989
ASSETS
Cash - Checking Account
- Money Market
Certificates of Deposit
Petty Cash on Hand
TOTAL ASSETS
General
Fund
$ 3,662.95
95,751.01
20.00
$ 99,433.96
capital
Fund
$ 21,155.73
100,000.00
$121,155.73
LIABILITIES & FUND BALANCE
Liabilities
Accounts Payable
$ 1,650.45
Fund Balance
Fund Balance 1-1-89
Adjustment: Equipment funded
by Fund Balance
& Bond issue
Add: Excess Income over
Expenses
Fund Balance 12-31-89
TOTAL LIABILITIES AND
FUND .BALANCE
$ 93,759.17
4,024.34
97,783.51
$ 99,433.96
$468,820.88
(371,444.00)
23,778.85
121,155.73
$121,155.73
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SOUTHOLD FIRE DISTRICT
STATEMENT OF REVENUE AND EXPENDITURES
GENERAL FUND
JANUARY 1 - DECEMBER 31, 1989
REVENUE
Real Property Taxes
Interest & Earnings
Miscellaneous'Refunds
TOTAL REVENUES & OTHER SERVICES
Actual Transactions
1/1 - 12/31/89
12 Months
$395,515.00
12,954.00
2,647.00
$411,116.00
EXPENDITURES
Personal Services
Equipment Purchases
Hydrant Rental and Wells
Contractual Expenses
Property Maintenance
Apparatus Maintenance
Utilities
Insurance
Equipment Maintenance
Total Contractual
Emplovee..Benefits
Workmen's Compensation
Social Security
Other
Total Employee Benefits
Debt Serv'ice~
Principal
Interest
Total Debt Service
Interfund Transfers
TOTAL EXPENDITURES
EXCESS REVENUE OVER EXPENDITURES
$ 25,507.40
25,892.10
24,282.01
'47,453.36
9,217.27
$ 14,'100.00
3,480.00
3,075.00
$ 47,000.00
18,225.00
52,709.09
507,594.43
0
$132,352.14
$ 20,655.00
$ 65,225.00
(371,444.00)
$407,091.66
$ 4,024.34
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General Fund
SOUTHOLD FIRE DISTRICT
STATEMENT OF REVENUE AND EXPENDITURE
CAPITAL FUND
JANUARY 1 - DECEMBER 31, 1989
REVENUES
Interest and Earnings
TOTAL REVENUES
EXPENDITURES
Bank Charges
Total Expenses
EXCESS REVENUE OVER EXPENDITURES
Interfund Transfers
NET RESULT OF OPERATIONS
$ 23,785.00
$ 23,785.00
6.15
6.15
$ 23,778.85
(371,444.00)
($347,665.15)
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Capital Fund
SOUTHOLD FIRE DISTRICT
CASH FLOW STATEMENT
DECEMBER 31, 1989
OPENING CASH BALANCE - JANUARY 1, 1989
Results of Operation per Page -1-
ADJUSTMENTS
Decrease in Accounts Payable
Decrease in Accounts Receivable
Net Decrease in. Cash
GENERAL CAPITAL
FUND FUND TOTAL
$ 95,618.92 $468,820.88 $564,439.80
4,024.34 (347,665.15)
343,640.81
780.80
( 571.50)
209.30
CASH BALANCE ~ DECEMBER 31, 1989
$99,433.96 $121,155.73
$220,589.69
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SOUTHOLD FIREDISTRICT
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1989
1. BUDGET
The Commissioners of the District adopted a General Fund
Budget for 1989 in the amount of $395,500. The budget was
adjusted for prior year encumbrances in the amount of
$33,549.00 Encumbrances were placed in 1988 to carryover a
portion of the budget to 1989 for equipment and supplies
ordered, but not received or paid for in 1988.
The District made two large expenditures during 1989.
The outlay of $227,968. for trucks and $222,387.22 for
capital projects.
2. INVESTMENTS..
The District invests all of its funds in the North Fork
Bank and Trust. As of 12/31/89, the District had cash
deposits totalling $220,569.69 with this institution. The
districts assets have now been collateralized by the North
Fork Bank and Trust.
3. ACCOUNTING SYSTEM AND INTERNAL CONTROL
A) It is suggested that a written procedure for
recordkeeping duties be developed.
B) The Treasurer should report to the Board of
Commissioners on a quarterly basis and an Audit
Committee should be appointed to review the
Treasurers work.
c)
Advances for expenses at conventions should be
accounted for by the person receiving the advance.
All receipts and documentation for such expense
should be submitted to the District.
D)
Checks are currently signed only by the Treasurer.
It is suggested that two signatures be required on
all checks.
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