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HomeMy WebLinkAboutTown Law Section 64-EELIZABETH A. NEVILLE, RMC, CMC TOWN CLERK REGISTRAR OF VITAL STATISTICS ' MARRIAGE OFFICER RECORDS MANAGEMENT OFFICER FREEDOM OF INFORMATION OFFICER Town Hall, 53095 Main Road P.O. Box 1179 Southold, New York 11971 Fax (631) 765-6145 Telephone (631) 765-1800 southoldtown.northfork.net OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD March 3, 2009 Town of Southold, New York Town Law Section 64-E (Our File Designation: ) Mr. William Jackson Hawkins, Delafield & Wood One Chase Manhattan Plaza New York, NY 10005 Dear Mr. Jackson: Enclosed find the resolution adopting the above referenced bond and a certified copy of the extract of minutes. If you require anything else for your files, please feel free to contact me. BestRegards, /) ~t~ Lynda M. Rudder Deputy Town Clerk Enc. EXTRACT OF MiNUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York February 12, 2009 A Special Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York, was held at the Town Hall, 53095 Main Road, Southold, New York within said Town, on February 12, 2009, at 3:00 o'clock P.M. There were present: Board members: There were absent: Also present: Hon. Scott A. Russell, Supervisor; and Councilman William Ruland Councilman Albert Krupski, Jr. Councilman Vincent Orlando Councilman Thomas Wickham Justice Louisa Evans Elizabeth A. Neville, Town Clerk Councilman William Ruland offered the following resolution and moved its adoption: 557984.1 001098 RES RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED FEBRUARY 12, 2009, ACKNOWLEDGING AND ACCEPTING THE REPORT OF THE TOWN SUPERVISOR PURSUANT TO TOWN LAW SECTION 64-E. Recitals WHEREAS, the Town of Southold, in the County of Suffolk, New York (the "Town") has heretofore authorized the acquisition of land pursuant to General Municipal Law section 247 and authorized the issuance of indebtedness to finance such land acquisition; WHEREAS, pursuant to Town Law section 64-e, the Town Supervisor has prepared or caused to be prepared a report demonstrating how such indebtedness will be repaid by the Town's Community Preservation Fund, heretofore established pursuant to Local Law 12 of 1998. Now therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK (by the favorable vote of not less than two-thirds of all the members of said Town Board), AS FOLLOWS: Section 1. The Town of Southold, in the County of Suffolk, New York (herein called the "Town"), hereby acknowledges and accepts the report annexed hereto as Exhibit A prepared by or on behalf of the Town Supervisor, which report demonstrates how such indebtedness will be repaid by the Town's Community Preservation Fund ("CPF"), established 557984, I 001098 RES pursuant to Local Law 12 of 1998; including an estimate of projected revenues of the fund during the period of indebtedness, an accounting of all other indebtedness incurred against the fund to be repaid for the same period, and finding that there will be sufficient revenue to repay such indebtedness in its entirety from the fund. Section 2. Attached hereto as Exhibit B is a list of the parcels to be acquired, subject to a public hearing required by section 247 of the General Municipal Law, and financed by indebtedness and/or paid from other funds of the Town, including moneys presently held in the CPF. Section 3. This resolution shall take effect immediately. The adoption of the foregoing resolution was seconded by Councilman Vincent Orlando and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Scott Russell Councilman William Ruland Councilman Albert Krupski, Jr. Councilman Vincent Orlando NOES: Councilman Thomas Wickham Justice Louisa Evans The resolution was declared adopted. 557984.1 001098 RES CERTIFICATE 1, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the County of Suffolk, State of New York, HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the Town Board of said Town of Southold duly called and held on February 12, 2009, has been compared by me with the original minutes as officially recorded in my office in the Minute Book of said Town Board and is a true, complete and correct copy thereof and of the whole of said original minutes so far as the same relate to the subject matters referred to in said extract. 1N WITNESS WHEREOF, I have hereunto set my hand and corporate seal of said Town of Southold this 12th day of February, 2009. (SEAL) affixed the Town Clerk 557984.1 001098 RES Southold Town Board - Letter Board Meeting of February 12, 2009 RESOLUTION 2009-159 ADOPTED Item # 4 DOC ID: 4783 THIS IS TO CERTIFY THAT THE FOLLOW-lNG RESOLUTION NO. 2009-159 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON FEBRUARY 12, 2009: RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED FEBRUARY 12, 2009, ACKNOWLEDGiNG AND ACCEPTING THE REPORT OF THE TOWN SUPERVISOR PURSUANT TO TOWN LAW SECTION 64-E, Recitals WHEREAS, the Town of Southold, in the County of Suffolk, New York (the "Town") has heretofore authorized the acquisition of land pursuant to General Municipal Law section 247 and authorized the issuance of indebtedness to finance such land acquisition; WHEREAS, pursuant to Town Law section 64-e, the Town Supervisor has prepared or caused to be prepared a report demonstrating how such indebtedness will be repaid by the Town's Community Preservation Fund, heretofore established pursuant to Local Law 12 of 1998. Now therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, 1N THE COUNTY OF SUFFOLK, NEW YORK (by the favorable vote of not less than two-thirds of all the members of said Town Board), AS FOLLOWS: Section l. The Town of Southold, in the County of Suffolk, New York (herein called the "Town"), hereby acknowledges and accepts the report annexed hereto as Exhibit A Prepared by or on behalf of the Town Supervisor, which report demonstrates how such Generated February 27, 2009 Page 5 Southold Town Board - Letter Board Meeting of February 12, 2009 indebtedness will be repaid by the Town's Community Preservation Fund ("CPF"), established pursuant to Local Law 12 Of 1998; including an estimate of projected revenues of the fund during the period of indebtedness, an accounting o~ all other indebtedness incurred against the fund to be repaid for the same period, and finding that there will be sufficient revenue to repay such indebtedness in its entirety from the fund. Section 2. Attached hereto as Exhibit B is a list of the parcels to be acquired, subject to a public hearing required by section 247 of the General Municipal Law, and financed by indebtedness and/or paid from other funds of the Town, including moneys presently held in the CPF. Section 3. This resolution shall take effect immediately. EXHIBIT A TOWN OF SOUTHOLD, NEW YORK DEBT SERVICE COVERAGE PROJECTION OPEN SPACE PRESERVATION PROGRAM Year (a) (a) (b) 2007 TOWN BOND 2009 $ 758,610 2010 743,880 2011 728,926 2012 713,749 2013 742,225 2014 725,153 2015 708,080 2016 691,008 2017 717,686 2018 698,714 2019 679,742 2020 660,770 2021 641,798 2022 622,826 2023 647,506 2024 626,639 2008 TOW~N BOND 2009 TOWN BOND TOTAL DEBT SERVICE (c) PROJECTED ESTIMATED DEBT CPF SERVICE REVENUES COVERAGE 575,295 $ 373,000 $ 1,706,905 $ 4,500,000 2.64 564,279 373,000 1,681,158 4,500,000 2.68 553,263 373,000 1,655,189 4,500,000 2.72 563,023 373,000 1,649,772 4,590,000 2.78 551,159 373,000 1,666,384 4,681,800 2.81 539,295 373~000 1,637,447 4,775,436 2.92 548,207 373,000 1,629,287 4,870,945 2.99 535,495 373,000 1,599,503 4,968,364 3.11 522,783 373,000 1,613,469 5,067,731 3.14 530,847 373,000 1,602,561 5,I69,086 3.23 517,287 373,000 1,570,029 5,272,467 3.36 503,727 373,000 1,537,497 5;377,917 3.50 510,943 373,000 1,525,741 5,485,475 3.60 496,535 373,000 1,492,361 5,595,184 3.75 482,127 373,000 1,502,633 5,707,088 3.80 488,397 373,000 1,488,035 5,821,230 3.91 Generated February 27, 2009 Page 6 Southold Town Board - Letter Board Meeting of February 12, 2009 2025 605,771 472,906 373,000 1,451,678 5,937,654 4.09 2026 584,904 456,939 373,000 1,414,843 6,056,408 4.28 2027 564,036 440,734 373,000 1,377,770 6,177,536 4.48 2028 543,169 445,376 373,000 1,361,545 6,301,086 4.63 2029 522,301 ¢ 428,266 373,000 1,323,567 6,427,108 4.86 2030 501,434 411,155 373,000 1,285,589 6,555,650 5.10 Total $ 14,428,927 $ 11,138,033 $ 8,206,000 $ 33,772,960 (a) Represents principal and interest due. (b) $5,000,000 bond issue at estimated interest rate of 4.50% (c) Calculated at 60% of CPF Revenues in 2008 - assuming no growth through 2011 and then increasing at a rate of 2% per year. The balance of CPF revenues is to be set aside to pay salaries, stewardship expenses, PILOT payments, etc. Prepared by Munistat Services, lnc. Port Jefferson Station, N. Y. 20509 $ 118,338,164 EXHIBIT B SCTM # Name Parcels Under Contract 19.-1 .-14.7 C.W. Francis & Son, Inc. 86.-1-10.9 ZIP Peconic Wells LLC Estimated Purchase Price $1;788,720 2,407,000 Offers accepted, but not yet under contract Parcel A 27.32 acres Parcel B 17.50 acres 562,500* 1,172,500 Exhibit Total $5,930,720 * partnership with County Elizabeth A. Neville Southold Town Clerk . RESULT: ADOPTED [UNANIMOUS] MOVER: William Ruland, Scott Russell SECONDER: Vincent Orlando, Councilman AYES: William Ruland, Vincent Orlando, Albert Krupski Jr., Scott Russell ABSENT: Thomas H. Wickham, Louisa P. Evans Generated February 27, 2009 Page 7 EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suflblk, New York February 12, 2009 A Special Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York, was held at the Town Hall, 53095 Main Road, Southold, New York within said Town, on February 12, 2009, at There were present: Board members: o'clock P.M. Hon. Scott A. Russell, Supervisor; and adoption: There were absent: Also present: Elizabeth A. Neville, Town Clerk John A. Cushman, Town Comptroller offered the following resolution and moved its 557984. I 001098 RES RESOI,UTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED FEBRUARY 12, 2009, ACKNOWLEDGING AND ACCEPTING THE REPORT OF THE TOWN SUPERVISOR PURSUANT TO TOWN LAW SECTION 64-E. Recitals WHEREAS, the Town of Southold, in the County of Suflblk, New York (the "Town") has heretofore authorized the acquisition of land pursuant to General Municipal Law section 247 and authorized the issuance of indebtedness to finance such land acquisition; WHEREAS, pursuant to Town Law section 64-e, the Town Supervisor has prepared or caused to be prepared a report demonstrating how such indebtedness will be repaid by the Town's Community Preservation Fund, heretofore established pursuant to Local Law 12 of 1998. Now therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK (by the favorable vote of not less than two-thirds of all the members of said Town Board), AS FOLLOWS: Section 1. The Town of Southold, in the County of Suffolk, New York (herein called the "Town"), hereby acknowledges and accepts the report annexed hereto as Exhibit A prepared by or on behalf of the Town Supervisor, which report demonstrates how such indebtedness will be repaid by the Town's Community Preservation Fund ("CPF"), established 557984.1 001098 RES pursuant to Local Law 12 of 1998; including an estimate of projected revenues of the fund during the period of indebtedness, an accounting of all other indebtedness incurred against the fund to be repaid tbr the same period, and finding that there will be sufficient revenue to repay such indebtedness in its entirety from the fund. Section 2. Attached hereto as Exhibit B is a list of the parcels to be acquired, subject to a public hearing required by section 247 of the General Municipal Law, and financed by indebtedness and/or paid from other funds of the Town, including moneys presently held in the CPF. Section 3. This resolution shall take effect immediately. The adoption of the foregoing resolution was seconded by and duly put to a vote on roll call, which resulted as follows: AYES: NOES: The resolution was declared adopted. 557984.1 001098 RES CERTIFICATE 1, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the County of Suffolk, State of New York, HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the Town Board of said Town of Southold duly called and held on February 12, 2009, has been compared by me with the original minutes as officially recorded in my office in the Minute Book of said Town Board and is a true, complete and correc't copy thereof and of the whole of said original minutes so far as the same relate to the subject matters referred to in said extract. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town of Southold this 12th day of February, 2009. (SEAL) Town Clerk 557984.1 001098RES EXHIBIT A TOWN OF SOUTHOLD, NEW YORK DEBT SERVICE COVERAGE PROJECTION OPEN SPACE PRESERVATION PROGRAM Year (a) (a) (b) 2007 2008 2009 TOTAL TO'¢~q TOWN TOWN DEBT BOND BOND BOND SERVICE (c) PROJECTED ESTIMATED DEBT CPF SERVICE REVENUES COVERAGE 2009 $ 758,610 $ 575,295 $ 373,000 $ 1,706,905 $ 4,500,000 2010 743,880 564,279 373,000 1,681,158 4,500,000 2011 728,926 553,263 373,000 1,655,189 4,500,000 2012 713,749 563,023 373,000 1,649,772 4,590,000 2013 742,225 551,159 373,000 1,666,384 4,681,800 2014 725,153 539,295 373,000 1,637,447 4,775,436 2015 708,080 548,207 373,000 1,629,287 4,870,945 2016 691,008 535,495 373,000 1,599,503 4,968,364 2017 717,686 522,783 373,000 1,613,469 5,067,731 2018 698,714 530,847 373,000 1,602,561 5,169,086 2019 679,742 517,287 373,000 1,570,029 5,272,467 2020 660,770 503,727 373,000 1,537,497 5,377,917 2021 641,798 510,943 373,000 1,525,741 5,485,475 2022 622,826 496,535 373,000 1,492,361 5,595,184 2023 647,506 482,127 373,000 1,502,633 5,707,088 2024 626,639 488,397 373,000 1,488,035 5,821,230 2025 605,771 472,906 373,000 1,451,678 5,937,654 2026 584,904 456,939 373,000 1,414,843 6,056,408 2027 564,036 440,734 373,000 1,377,770 6,177,536 2028 543,169 445,376 373,000 1,361,545 6,301,086 2029 522,301 428,266 373,000 1,323,567 6,427,108 2030 501,434 411,155 373,000 1,285,589 6,555,650 Total $ 14,428,927 $ 11,138,033 $ 8,206,000 $ 33,772,960 $ 118,338,I64 (a) Represents principal and interest due. (b) $5.000,000 bond issue at estimated interest rate of 4.50% !c} Calculated at 60% of CPF Revenues in 2008 - assuming no growth through 2011 and then increasing at a rate of 2% per year. Fhe balance of CPF revenues is to be set aside to pay salaries, stewardship expenses, PILOT payments, etc. Prepared by Munistat Services, Inc. Port Jefferson Station, N. Y. 20509 2.64 2.68 2.72 2.78 2.81 2.92 2.99 3.11 3.14 3.23 3.36 3.50 3.60 3.75 3.80 3.91 4.09 4.28 4.48 4.63 4.86 5.10 EXHIBIT B SCTM # Name Parcels Under Contract 19.-1 .-14.7 C.W. Francis & Son, Inc. 86.- 1-10.9 ZIP Peconic Wells LLC Offers accepted, but not yet under contract Parcel A 27.32 acres Parcel B 17.50 acres Exhibit Total Estimated Purchase Price $1,788,720 2,407,000 562,500* 1,172,500 $5,930,720 * partnership with County All Numt Have The Ne ANNUAL FINANCIAL REPORT UPDATE DOCUMENT For The TOWN of Southold County of Suffolk For the Fiscal Year Ended 12/31~2008 RECEIVED , PR. 3. t Southold Town Clerir AUTHORIZATION :.E 3, SECTION 30 of the GENERAL MUNICPAL LAW: very Municipal Corporation *** shall annually make a report of its ,I condition to the Comptroller. Such report shall be made by the scar Officer of such Municipal Corporation **' eports shall be certified by the officer making the same and shall wJlh the Complrolier within sixty days a~ter the close of Ihe fiscal such Municipal Corporation *** it shall be the duty of the :nt officer at the time such reports are required to be filed with r:~,otroller tO file such report State of NEW YORK Office of The State Comptroller :,,'ion of Local Government and School Accountability Albany, New York 12236 Page 1 Financial Inlcr'~; your governmr nt update docu~ All amounts OSC as rev TOWN OF Southold *** FINANCIAL SECTION l!owing funds and account groups am included in the Annual Financial Report filed by year ended 2007 and has been used by the OSC as the basis'for preparing this I year ended 2008: ~'~L &L TOWN-OUTSIDE VG 'AL GRANT .VAY-TOWN-WIDE ','AY-PART-TOWN r~P©JECTS F: ';ED ASSETS ",© l ECTION _LLANEOUS ;E AND GARBAGE ;Y qVICE ~' L~HG-TERM DEBT ' documenl for 2007 represent data flied by your government with The Supplement: 1)? ' All numbers ~, t *** SUPPLEMENTAL SECTION *** ;<,~,¢s the following sections; ss ,; ;:s and Investments · Questionnaire 'yea and Retiree Benefits ~ Costs and Consumption · ,~nded to the nearest dollar. Page 2 TOWN OF Southold Annual Update Document For the Fiscal Year Ending 2008 1.83~,441 A200 7,439,608 19,600.827 A201 997.278 420 A210 59~ A250 33.502 0 33,6B2 17.263 A380 23,594 17,263 23,694 62.377 A410 59,343 62,377 59,343 74.500 A391 234.469 74.600 826,834 A440 1.529.700 1.275 A445 871 460.951 ^460 456.001 466,961 456;001 '.. 22;8~0;889 10,774.979 Page 3 OSC Municipality Code 470379000000 TOWN OF Seuthold Annual Update Document For the Fiscal Year Ending 2008 (A) GENER~ Balance She~: Liabilities A~ Accounts Pay . Due To ethel ~ TOTAL'~e~: TOTAL S~ TOT~, 830,531 A§00 668.607 830,631 868,6O7 2,974,237 A630 1,538.236 2,974,~37 1.538,236 B,925,786 A831 851 ; ~" .!:,~'::'~;Q,~J30,'TB6.~ ' 861 5,066,541 A691 5,204.959 - dnappropriateti. 588,814 A863 343.318 588,614 343,316 1,816.000 A910 1.262.00( 1,816,000 1.262,000 2.48~.137 A911 1.705.934 2,486;137 .1,705,934 6,093;792 ' 3;362,326 22,880,889 10,774;979 Page4 OSC Municipality Code 470379000000 TOWN OF Southold Annual Update Document For the Fiscal Year Ending 2008 Detail Rove~ TOTAL Re. 'rOYAL [~ TOTAL, TOTAL TOTAL 27,485 A1081 683,873 Al120 6,075 A1230 10.136 A1255 ~ 4,479 A1289 4.218 A1520 184,273 A1972 :~come 40.745 A2189 29,504 64,609 94,'1t3 751.073 4,050 9.070 ~87 3,47§ 186.093 92,821 ~67,772 47,630 164,254 131,148 33,800 329,202 817,257 147,655 A2210 A2351 A2389 A2401 A2410 688 A2540 9,248 A2544 243.558 A2590 120,249 142,728 262,976 343,312 153,093 496~65 774 7,797 236,339 150,852 A2610 168,559 4,625 A2620 550 284 A2650 2,217 899 A2655 624 147,101 A2680 156,885 ~P 41,805 A2700 47.780 19,213 A2701 22,255 3,640 A2705 8,350 121,286 A2770 112.430 2,293.263 A3005 1,551.445 8.284 A3040 8,429 83,927 A3089 52,977 27.395 A3820 46,909 Page 5 OSC Municipalily Code 470379000000 TOWN OF Southold Annual Update Document For the Fiscal Year Ending 2008 (A) GE~~ Fed Aid Fed Aid 2.649 A438g 347 20,000 ^4597 122,919 A4772 111,364 2.738,349 A5031 3,493,057 ' Page 6 OSC Municipality Code 470379000000 TOWN OF SOUTHOLD AUDIT REPORTS December 31, 2006 FINANCIAL SECTION Independent Auditors' Report .................................................................................................................... 1-2 IREQUIRED SUPPLEMENTARY INFORMATION I Management's Discussion and Analysis ................................................................................... 3-11 IBASIC FINANCIAL STATEMENTS Government-Wide Financial Statements Statement of Net Assets ......................................................................................................................... 12 Statement of Activities ............................................................................................................................. 13 Fund Financial Statements Governmental Fund Financial Statements Balance Sheet and Reconciliation of the Governmental Funds Balance Sheet to The Statement of Net Assets .......................................................................................... 14-15 Statement of Revenues, Expenditures, and Changes in Fund Balam;es and Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, And Chan?s in Fund Balances to the Statement of Activities ................................................ 16-17 Fiduciary Fund Financial Statements Statement of Fiduciary Net Assets ............................................................................................ 18 Notes to Financial Statements ................................................................................................................... 19-34 REQUIRED £ '.:~, L£,',',£NTARY INFORMATION OTHER THAN MANGEMENT DISCUSSION AND ANALYSIS Schedule of P,~,,,,--r~ues, Expenditures and Changes in Fund Balances - Budget and Actual General ~:Uh; ..............................................................................................................35 Highway F~)~! ..............................................................................................................36 OTHER SUPPLEMENTARY INFORMATION COMBININct ;! ;' :'? STATEMENTS: Non-major r_' ...... Iai Funds Combirlir/ ; ~r~c.e Sheet ............................................................................................. Combi~i; ,~ :,.,..::;~'nt of Revenues, Expenditures, and Changes in Fund Balances .................... DISCRETLY PRESENTED COMPONENT UNITS 37 38 Discretr, ly P: ! %~mponent Units: CombW' ' of Net Assets ....................................................................................................... 39 Combining St?toment of Activities .......................................................................................................... 40 CERTIFIED PUBLIC ACCOUHTANTS, BUSINESS ADVISORS AND CONSULTANTS 25 Suffolk Cour~ Hauppaug~ New York 11788 631.434.9500 · Fax631.454.9518 INDEPENDENT AUDITORS' REPORT Honor~ ' ' :r;r: rid Town Board Town o~ ~. Southold,: ;e'r',' ';/ 31k We have audit ,! the accompanying financial statements of the governmental activities, the aggregate discmtel'.' ! : '. component units, each major fund, and the aggregate remaining fund information of the To,.. . I.!. New York, as of December 31, 2006, and for the year then ended, which collect: ' : Town's basic finanCwI statements as listed in the table of contents. These financi~.. ; :~: ~ the responsibility of the Town's management. Our responsibility is to express an opinion or racial statements based on our audit. Except as dh :'~:sed in the following paragraph, we conducted our audit in accordance with auditing standards g, perform" materk~' and d: used . statem':' ', -~ cce pted in the United States of Amedca. Those standards require that we plan and ::!:'.3in reasonable assurance about whether the financial statements are free of ?,n audit includes examining, on a test basis, evidence supporting the amounts ~ nancial statements. An audit also includes assessing the accounting principles ~timates made by management, as well as evaluating the overall financial 't. We believe that our audit provides a reasonable basis for our opinion. The flnan'fi' compon~m roped proce pres~ other the a:~ supporting the financial actMties of the Town of Southold's discretely presented :':o exception of one, the Fishem island Ferry District, were not audited as of the r'e able to satisfy ourselves as to those financial activities by other auditing ;cial activities represent approximately 34% of the net assets of the discretely its. The financial statements of the Fishers Island Ferry District were audited by oft thereon have been furnished to us and in our opinion, insofar as it relates to Lhat one component unit, is based solely on the reports of the other auditors. In our necessp , and th, resp~~ resul acce[ ' for the effects of such adjustments if any as might have been determined to be ~dited component units financial statements been audited and based on our audit · 'inditers, the financial statements referred to above present faidy, in all material sition of the Town of Southold, New York, as of December 31, 2006, and the for the year then ended in conformity with accounting principles generally "~tes of America. The Mar..~ basic accept pdncl. supp~ · ,scussion and Analysis and the budgetary information ara not a required part of the ~ts but are supplementary information required by accounting principles generally States of Amedca. We have applied certain limited procedures, which consisted f management regarding the methods of measurement and presentation of the m However, we did not audit the information and express no opinion on it. -1- ALBRECI-i'r, VIO~IANO, ZUR£CK ~ COMPANYt P.C. Our au collectiv individu require~~. has b¢~ Town o the bas: ,;ted for the purpose of forming an opinion on the financial statements that he Town of Southold, New York's basic financial statements. The combining and :¢I statements are presented for purposes of additional analysis and are not a %ic financial statements. The combining and individual fund financial statements ¢,~e auditing procedures applied in the audit of the basic financial statements of the r. York, and, in our opinion, is fairly presented in all material respects in relation to ~ments taken as a whole. · Septe. -2- REQUIRED SUPPLEMENTARY INFORMATION Management's Discussion and Analysis TOWN OF SOUTHOLD MANAGEMENT'S DISCUSSION AND ANALYSIS December 31,2006 The following; i, ;~ ,~:~cussion and analysis of the Town of Southold's financial performance, providing an overview of the Town'~ ~. :: ;iai activities for the year ended December 31, 2006. Use this section in conjunction with the Town's basic ii iai statements. USING THIS ," :' :'2AL REPORT This annual r,'- rt consists of a sedes of financial statements. The Statement of Net Assets and the Statement of / des provide information about the activities of the Town as a whole and present a longer- term view of" "'n's finances. For governmental activities, these statements tell how these services were finance,: ~ _;m as well as what remains for future spending. Fund financial statements also report the Tow~ ~ ; i;~ more detail Ihan the govemment-wide statements by providing information about the Town's m,~ ~;~l funds. The remaining statements provide financial information about activities for which the Tr '- ~olely as a trustee agent for the benefit of those outside of the government. Reportinq_t~ ,~ ~$ a Whole The Stat,'~m ~ ~sets and the Statement of Activities report These typica', listed in (expe; functio, or if it r t questions asked about the TowWs finances is, "Is the Town as a whole better off or ',he year's activities?" The Statement of Net Assets and the Statement of Activities d the Town as a whole and about its activities in a way that helps answer this question. L.,;¢ o. lJ assets and liabilities using Ihe accrual basis of accounting, which is similar to the most privale-sector companies. The Statement of Activities is significantly different than a venues, Expenses, and Changes in Fund Balance. You will notice that expenses are . m with revenues from that particular program reported to the right. The result is a net :cason for this kind of format is to highlight the relative financial burden of each of the ~ ~xpayers. It also identifies how much each function draws from Ihe general revenues ::uh fees and grants. All of Ihe current year's revenues and expenses are taken into ~ cash is received or paid. These net es ~ or fin a r', its fin: such. and ¢ ;~ort the Town's net assets and their respective changes. You can think of the Town's e between assets and liabilities-as one way to measure the Town's financial health, ,r time, increases or decreases in the Town's net assets are one indicator of whether :)ring or deteriorating. You will need to consider other non-financial factors, however, ;.,,,vn's property tax base and the condition of the Town's buildings, roads, drainage he overall hearth of the Town. In the: ~ :, ~ts and the Statement of Activities, we divide the Town into two kinds of activities: '.Jvities - The Town's basic services are reported here, Including: general government ~,,!y; public health; transportation; economic assistance and opportunity;, culture and and community services. Property taxes, sales taxes, franchise fees, fines, and qnts finance these activities. The Town also charges fees to customers to help it :ain services it provides. -; he Town includes seven separate legal entities in its report (one ferry district, one one mosquito district and four park districts). Although legally separate, these are important because the Town is financially accountable for them. Complete n:~ of the individual component units can be obtained from their respective ~; (Note A).