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Home My WebLink About2010 CPFRECEIVED ~A¥ 1 0 2011 Southold Town Clerk TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND FINANCIAL STATEMENT For the Year Ended December 31~ 2010 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND TABLE OF CONTENTS December 31~ 2010 Page INDEPENDENT AUDITOR'S REPORT ........................................................................................... 1 FINANCIAL STATEMENTS Balance Sheet ....................................................................................................................................... 2 Statements of Revenues and Expenditures .......................................................................................... 3 Notes to Financial Statement .............................................................................................................. 4-5 George R. Rehn Certified Public Accountant 286 Main Street · East Setauket · New York 11733 (631) 751-3886 · Fax (631) 751-2740 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, 2010, 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, 2010 in conformity with accounting principles generally accepted in the United States of America. Certified Public Accountant East Setauket, NY April 29, 2011 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND BALANCE SHEET For the Year Ended December 31~ 2010 ASSETS: Restricted cash Due from other governments Accounts receivable Land and development rights 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 $4,756,837 1,246,527 20,976 78,434,311 84,458,651 $21,989 20,815,600 20,837,589 63,621,062 $84,458,651 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND STATEMENTS OF REVENUES AND EXPENDITURES For the Year Ended December 31~ 2010 REVENUES: Community Preservation Fund transfer taxes Government grants Interest income Donation TOTAL REVENUES EXPENDITURES: Land acquisition costs Stewardship management Stewardship supplies Administrative management Adminstrative expenses Serial bonds, principal Serial bonds, interest TOTAL EXPENDITURES EXCESS OF EXPENDITURES OVER REVENUES 3 See accompanying notes to financial statement $3,869,750 2,692,872 26,102 100 6,588,824 6,753,420 76,498 2,728 226,631 6,016 693,500 973,137 8,731,930 $2,143,106 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31~ 2010 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- BONDS PAYABLE Serial Bonds for $ 9,987,900 are dated April 15, 2007. Denominations are maturing on April 15th each year through 2030. The interest rate is 4.25%. The maturities of the bonds for the next five years are as follows: Principal Interest 2011 $ 357,100 $ 371,826 2012 357,100 356,649 2013 401,700 340,525 2014 401,700 323,453 2015 401,700 306,380 2016 and thereafter 7,008,100 2,300,204 $ 8.927.40~0 $ 3.999.037 4 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31~ 2010 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 2011 $ 275,400 $ 277,862 2012 296,600 266,423 2013 296,600 254,559 2014 296,600 242,695 2015 317,800 230,407 2016 andtherea~er 5,466,200 1,777,314 $ 6.949.20~0 $ 32L422~ Serial Bonds for $5,000,000 are dated March 15, 2010. Denominations am 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 2011 $ 159,000 $ 194,714 2012 169,000 189,794 2013 174,000 184,649 2014 179,000 178,459 2015 189.000 171,099 2016and therea~er 4,069,000 1,405,877 $ 4.939.00~00 $ 2.324.59~2 10218 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 5th day of May, 2011. Principal Clerk Sworn to before me this (~/~ day of ~,, ~.L.~ ~ 2011. NOTAI~Y PUBLIC-STATE OF NEW YORK NO, 01.V06105050 QuclJiti~'~ ~:n Suffolk County 10253 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 19th day of May, 2011. Principal Clerk Sworn to before me this 2011. LEGAL NOTICE IqOTICE IS IIBlt~BY GIV~N that the Town of SouthoM PeeoMc Bay Com- mm~y Preservation Fund ~ lo,25;~-1T 5/19 CHRISTINA VOLINSK! NOTARY PUBLIC-STATE OF NEW 'YORK No. 01-V06105050 Qualified in Suffolk County My Commlllion Expires February 28, 2012 MELISSA A. SPIRO LAND PRESERVATION COORDINATOR melissa.spiro @ town.southold.ny.us Telephone (631 ) 765-5711 Facsimile (631 ) 765-6640 OFFICE 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 May 20, 2011 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 2010 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.: 2010 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 /~¢~' day o£/334l ~ ,2011, 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: CPF Financial report Sworn before me this ~day of ~93~_~ ,2011. /Notary P~blic LINDA J COOPER NOTARY PUBLIC, State of New York NO. 01C04822563, Suffolk County, Term Expires December 31,20~ Elizabeth A. Neville Southold Town Clerk LEGAL NOTICE NOTICE IS HEREBY GIVEN that the Town of Southold Peconic Bay Community Preservation Fund Financial Statement for the Year Ended December 31, 2010 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: May 13,2011 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 Page 1 of I Cooper, Linda From: Cooper, Linda Sent: Friday, May 13, 2011 11:42 AM To: Suffolk Times Legals Subject: CPF Annual Financial Attachments: LEGAL NOTICEdoc Hello, Here is a legal notice for the 5/19/11 edition of the Suffolk Times. Please confirm receipt of this notice. Thank you. Icoop Have a wonderful weekend!!! 5/13/2011