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Home My WebLink About2011 CPFI I I I I I I I I I I I I I I I I I I~AFI 3 0 2012 , ~, .I T .... ~ Sou,~ ~ TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND FINANCIAl. STATEMENT For the Year Ended December 31~ 2011 TOWN OF SOUTIIOI,D PECONIC BAY COMMUNITY PRESERVATION FUND I I I I I I I I I I I I I I I I TABLE OF CONTENTS December 31~ 2011 Page INDEI'ENDENT AU1)ITOR'S REPORT. .......................................................................................... I INANCIAL SIA FEMEN FS Balance Sheet ....................................................................................................................................... 2 Statements of Re'venues and Expenditures .......................................................................................... 3 Notes to Financial Statemcnt' ' · ' .............................................................................................................. 4-6 Geor e R. Rehn Certified Public Accountant 286 Main Street · East Setauket · New York 11733 (631) 751-3886 · Fax (631) 751-2740 I I I I I I I I I I I I !1 I Southold Town Board Town of Sonthold Southold. New York 11971 INDEPENDENT AUI)ITOR'S REPORT I have audited the accompanying financial statements of the Town of Southold Peconic Bay Community Preservation Fnnd fbr the year ended December 31,201 I, as listed in the table of contents. These financial statemeuts are the responsibility of the management of the Town of Southold, New York. My responsibility is to express an opinion on Ibese financial statements based on my audit. I conducted my audit in accordance with auditing standards generally accepted in the United States ot' America. Fhosc standards require that I plan and perform the audit to obtain reasonable assurance about whether thc financial statements arc fYec of material misstatement. An audit includes examining, on a test basis, evidence supporting thc amounts and disclosures in the financial statements. An audit also includcs assessiag thc accounting principles used and significant estimates made by management, as well as evaluating thc overall fiuancial statement presentation. I believe that my audit provides a reasonable basis lbr my opinion. In my opinion, thc financial statelnents 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 lbr the year ended December 31, 2011 in contbrmity with accounting principles generally accepted in the United States of America. Certified Public Accountant [';as! Setauket, NY March 26, 2012 TOWN OF SOUTIIOLD PECONIC BAY COMMUNITY PRESERVATION FUND BALANCE SHEET For the Year Ended December 31~ 2011 ASSETS: Restricted cash l)ue from other governments Accounls receivable l,and and development rights TOTAL ASSETS I,IABILITIES: Accounts payable Bonds payable TOTAL LIABILITIES FUND BALANCE: Fund balance - restricted TOTAl, LIABII,TI'IES AND FUND BALANCE 2 See accompanying notes to financial statement $10,413,847 444,082 4,694 86,506,134 97,368,757 $17,444 30,024,100 30,041,544 67.327.213 $97,368,757 TOWN OF SOUTtlOLD PECONIC BAY COMMUNITY PRESERVATION FUND STATEMENTS OF REVENUES AND EXPENDITURES For the Year Ended December 31, 2011 REVENUES: (?ommunity Preservation Fund transfer taxes Governlnent grants Intcrcst income Prelnium on obligations l)onatiou TOTALREVENUES EXPENDITURES: l,and acquisition costs Stewardship management Stewardship supplies A&ninistrative mauagement Adminstrative expeuses Serial boads, principal Serial bonds, interest TOTAL EXPENDITURES EXCESS OF EXPENDITURES OVER REVENUES 3 See accompanying notes to financial state~nent $3,570,355 1,267,623 24,842 5,040 100 4,867,960 8,071,823 121,284 63 190,060 6,000 791.500 844,402 10,025,132 $5,157,172 1 TOWN OF SOUTIIOLI) PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31~ 2011 NOTE A- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES In 1998, the Pecoaic Bay Community Preservation Fund was started. It is financed by a 2% real estate trausfer tax through 2030. The overall goal is to preserve open land and farm land by purchasing open space and enviromnentally 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 I'und of the Town of Southold, New York financial statements. The financial stalemeuts of the organization have been prepared on the accrual basis of accounting in accordauce with generally accepted accounting principles. [.'sc of 1~stikn~ates il3_tJ~_c_Preparation of Financial Statements Management of tile organization uses estimales and assumptions in preparing financial statements in accordance x~ith gcnerall5 accepted accounting principles. Those estimates and assumptions affected the reported revenues and expenditures. Actual results could vary from the estimates that managcmcat uses. NOTE B- BONI)S PAYABI~E Serial Bonds fbr $ 9.987.900 are dated April 15, 2007. Denomiuations are maturing on April 15I1' each year through 2030. The iuterest rate is 4.25%. The maturities of'the bonds for the aext five years are as follows: Priucipal Interest 2012 $ 357,100 $ 356,649 2013 401,700 340,525 2014 401,700 323,453 2015 401,700 306,380 2016 401,700 289,308 2017 andthereat~er 6,606,40~0 2,010,896 $ 8~570~300 $ 3,627,211 4 TOWN OF SOUTHOLI) PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31~ 2011 Serial Bonds for $7.500.000 are dated May 15. 2008. Denominations are matnring on Ma>, 15'h each year through 2030. Interest rate is 4% through 2024. It is raised to 4.125% in 2025 and then d.25% subsequently. Thc maturities of the bonds tbr the next five years are as follows: Principal Interest 2012 $ 296,600 $ 266,423 2013 296,600 254,559 2014 296,600 242,695 2015 317,800 230,407 2016 317,800 217,695 2017 and thereafter 5,1148,400 1,559,619 $ 6,673,800 $ 2,771,398 Serial Bonds for $5,000.000 are dated March 15, 2010. Denominations are maturing on March 15th each year through 2030. Interest rate is 4% through 2024. It is raised to 4.[25% in 2026 and then 4.25% subsequently. '1 he maturities of thc bonds for the next five years are as follows: Principal Interest 2012 $ 169,000 $ 189,794 2013 174,000 184,649 2014 179,000 178,459 2015 189,000 171,099 2016 199.000 163,339 2017 and thereatler 3,870,000 1,242,538 $ ~780,000 $ 2.129.878 5 I I TOWN OF SOUTItOLI) PECONIC BAY COMMUNITY PRESERVATION FUND I I I I I I I I I i I I I I I I NOTES TO FINANCIAL STATEMENTS December 31,2011 Serial Bonds fi)r $10.000,000 arc dated June 29. 2011. Denoininalions are maturing on August 15th each 5car tllrough 2030. Interest rate is 2% througll 2014, 2.25% fbr 2015, 2.5% for 2016, 3% through 2021, 3.125% for 2022, 3.25% lbr 2023, 3.5% for 2024, 3.625% for 2025, 3.75%/bt 2026 and 4% thereafter. Thc ~naturities of the bonds for the next five years arc as follows: Principal 2012 $ 355,000 2013 410,000 2014 420,000 2015 430,000 2016 445,000 2017 and thereafter 7,940,000 $ !o~ooo._ooo 6 Interest $ 363,715 315,406 307,206 298,806 289,131 2,366,133 $ 3,9403,397 #10635 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), successfully commencing on the 12th day of April, 2012. Sworn to before me this LEG.~L NOTICE NOTICE I~ iI~IEBY GIVEN that the Town of Southold Peconic Bay Com- reality Preservation I~'und FinancJ,,a ~Mement for the Year Ended Decem. bet 31~ 2011 is on file in the Southold Town Clerk's Office, Southold Town Hall, 53095 Main Road, Southold, New York, and is available for public inspec- tion and copying during regular business days and hours Monday through Friday, 8:00 A.M. to 4:00 EM. and is also avail- able for viewing on the Town's website: southoldtown.north fork.net Dated: April 2, 2012 ELIZABETH A. NEVILLE SOUTHOLD TOWN CLERK 10.635-1T 4/12 . r~ i(~rincipal Clerk l."~day of ~ ~ / b'l,L/ 2012. VOUNSKI NOTARY PUBLIC-StATE OF NEW YORK No, 01V06105050 Qualified In Suffolk Coun~ My Comffil#lofl hDIrel llebfuafy Jl~ ~016 Page 1 of 1 Cooper, Linda From: Candice Schott [cschott@timesreview,com] Sent: Monday, April 02, 2012 2:40 PM To: Cooper, Linda Subject: RE: LEGAL NOTICE Hi Linda, I have received the notice and we are good to go for the 4/12 issue. Thanks and have a great afternoon! Candice From: Cooper, Linda [mailto:Linda.Cooper@town.southold.ny.us] Sent: Monday, April 02, 2012 2:12 PM To: tr-legals Subject: LEGAL NOT]CE Hi, Please confirm receipt of this Legal Notice of CPF Annual Financial Statement 2011 to be published in the April 12, 2012 edition of the Suffolk Times. Thank you, Linda Cooper 4/2/2012 LEGAL NOTICE NOTICE IS HEREBY GIVEN that the Town of Southold Peconic Bay Community Preservation Fund Financial Statement for the Year Ended December 31, 2011 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. and is also available for viewing on the Town's website: southoldtown.northfork.net Dated: April 2, 2012 ELIZABETH A. NEVILLE SOUTHOLD TOWN CLERK PLEASE PUBLISH ONCE ON APRIL 12, 2012, 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 Attorney Town Comptroller Website/Laserfiche Town Board Members Land Preservation Department Town Clerk's Bulletin Board STATE OF NEW YORK) SS: COUNTY OF SUFFOLK) LINDA J. COOPER, Deputy Town Clerk of the Town of Southold, New York being duly sworn, says that on thee:ffz:l~ day of ~ , 2012, she affixed a notice of which the annexed printed notice is a true copy, in a proper and substantial manner, in a most public place in the Town of Southold, Suflblk County, New York, to wit: Town Clerk's Bulletin Board, 53095 Main Road, Southold, New York. Re: CPF Annual Financial Report 2011 Notary Pb~ Li~da'J. Coo~er Deputy Town Clerk BONNI£J. DOROSKI Notary Public, State Of New Yo~ No. 01D06095328, Saffelk Term Expires Ju].v 7, 20.. LEGAL NOTICE NOTICE IS HEREBY GIVEN that the Town of Southoid Peconic Bay Community Preservation Fund Financial Statement for the Year Ended December 31, 2011 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. and is also available £or viewing on the Town's website: southoldtown.north£ork.net Dated: April 2, 2012 ELIZABETH A. NEVILLE SOUTHOLD TOWN CLERK PLEASE PUBLISH ONCE ON APRIL 12, 2012, 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 Suflblk Times Town Attorney Town Comptroller Website/Laserfiche Town Board Members Land Preservation Department Town Clerk's Bulletin Board