HomeMy WebLinkAbout2012 Annual Financial & Operating InformationSTATEMENT
OF
RECEIVED
JUN 1 5 201~
Southold Town Clerk
ANNUAL FINANCIAL AND OPERATING INFORMATION
TOWN OF SOUTHOLD
SUFFOLK COUNTY, NEW YORK
DATED: MAY 25, 2012
TOWN OF SOUTHOLD
SUFFOLK COUNTY, NEW YORK
Town Hall
PO Box 1179
Southold, NY 11971
Telephone: (631) 765-4333
Fax: (631) 765-4157
TOWN BOARD
Scott A. Russell, Supervisor
Louisa P. Evans
Albert J. Krupski, Jr.
Jill M. Doherty
William P. Ruland
Christopher M. Talbot
Elizabeth A. Neville, Town Clerk
Peter W. Harris, Superintendent of Highways
John A. Cushman II,'Fown Comptroller
Martin D. Finnegan, Esq., Town Attorney
George R. Sullivan, Receiver of Taxes
BOND COUNSEL
Hawkins Delafield & Wood LLP
New York, New York
FINANCIAL ADVISOR
MUNISTAT SERVICES, 1NC.
Municipal Finance Advisory Service
12 Roosevelt Avenue
Port Jefferson Station, N.Y. 11776
(631) 331-8888
E-mail: info~munistat.com
Website: http://www.munistat.com
STATEMENT OF ANNUAL FINANCIAL
AND OPERATING INFORMATION
TOWN OF SOUTHOLD
SUFFOLK COUNTY, NEW YORK
The material set forth herein, including the cover page, has been prepared by the Town of Southold,
S,u.f. foll~ County, New York (the "Town", the "County" and the "State" respectively) n connection w th ts
oon~at~on toprepare and submit such material in accordance with the Continuing Disclosure Undertakings and
the official Statements having been prepared n connection with the sale and issuance of the following bond
issues:
$ 2,380,000 Refunding Serial Bonds- 2005
$ 3,000,000 Fishers Island Ferry District Serial Bonds - 2005
$14,650,000 Public Improvement Serial Bonds - 2007
$ 8,850,000 Public Improvement Serial Bonds- 2008
$ 5,283,000 Public Improvement Serial Bonds - 2009
$ 2,125,000 Refunding Serial Bonds-2009
$13,175,000 Public Improvements Serial Bonds - 2011
THE TOWN
There follows in this Statement a brief description of the Town, together w th certain information concerning
its economy andgovernmental organization, its ndebtedness, current major revenue sources and expenditures and
general and specific funds.
General Information
The Town, with a land area of 54.5 square miles, is located in eastern Suffolk County on the north fork of
Long Island. Settlement took place in I640. The Village of Greenport is located wholly within the Town. The
Town also includes the area of Fishers Island which is located approximately twelve miles east of the mainland.
Fishers Island is accessible only by water or air. There is also ferry service operating between Orient Point and New
London, Connecticut.
The Town is primarily a rural resort area with substant a shopping facilities available at Greenport, at
various shopping centers within the Town, and at R verheadjust to the west. Some commercial serv ces are available
within the ~ own in the hamlets of Southold, Cutchogue and Matt tuck.
Agriculture has been a major industry n the Town since ts origins. In recent years, farm crops have
gradually evolved from basic production to nursery crops including shrubs, sod, potted plants and other ornamentals.
,~ substantial portion of these products are shipped by ferry across Long Island Sound for distribution throughout
New England. A number of vineyards have been established and w ne-mak ngs an important industry. Fishing and
fish processing are now growing industries due to improved transportation facil ties. The Town is also a major
summer resort area, utilizing bays, inlets and Long ls and and Block Island Sounds.
The main highways in the Town are New York State Route 25 and the North Road. Rail transportation is
provided by the Long Island Rail Road w th stations at Mattituck, Southold and Greenport. Ferry service is also
available between Orient Point, east of Greenport, and New London, Connecticut as well as from Greenport to
Shelter Island.
Electric service is provided by the Long Is and Power Authority; gas service is provided by National Grid.
Fire protection is the responsibility of volunteer fire and fire protection distr cts. The Town provides its own police
protection. In the Village of Greenport, e ectr c service and fire protection are provided by the Village.
Government
Subject to the provisions of the State Constitution, the Town operates pursuant to the Town Law, the
General Municipal Law, the Local Finance Law other laws generally applicable to the Town, and any special
laws specifically applicable to the Town. Under such laws, there is no authority for the Town to have a charter,
but pursuant to the Town Law and other laws generally applicable to home rule the Town may from time to time
adopt local laws which do not coati ct w th ex~sting laws as enacted by the State.
The legislative power of the Town is vested in the Town Board, which consists &five members elected
for a term of four years, and the Supervisor, who is the chief executive officer of the Town, elected for a term of
four years. Such terms are staggered such that two or three councilpersons are elected every two years. All the
Town Board members are elected at large and there is no limitation to the number of terms each may serve.
Six independently governed school districts are located wholly or partially within the Town, which rely
on their own taxing powers granted by the State to raise revenues. The school districts use the Towffs
assessment roll as their basis for taxation &property located within the Town.
Employees
The Town provides services through approximately 205 full-time, 46 pan-time, and 16 seasonal
employees, some of whom are represented by orgamzed labor.
The following table presents the number of employees represented by organized labor, the names of the
unions and the contract expiration dates.
Approximate Date Contract
Name of Union Membership Expires
Civil Service Employees Assoc ................................................ 142 12-31-12
Police Benevolent Assoc .......................................................... 46 12-31-11'
*Contract in negotiation
ECONOMIC AND DEMOGRAPHIC INFORMATION
Population Characteristics
The Town has had a population trend, as compared to the County and the State, as indicated below:
Year
Town of Suffolk New York
Southold County State
1970 ........................................................................... 16,804
1980 ........................................................................... 19,172
1990 ........................................................................... 19,836
2000 ........................................................................... 20,599
2010 ........................................................................... 23,175
1,127,030 18,241,391
1,284,231 17,557,288
1,321,977 17,990,455
1,419,369 18,976,457
1,518,475 19,541,453
Source: U.S. Bureau &the Census.
Income Data
Per Capita Money Income
1990 2000 2010*
Town of Southold $19,037 $27,619 $ 41,450
County of Suffolk 18,481 26,577 35,411
State of New York 16,501 23,389 30,791
Median Household Income
1990 2000 2010'
Town of Southold $35,392 $49,898 $ 83,240
County of Suffolk 49,128 65,288 84,235
State of New York 32,965 43,393 55,217
Source: United State Bureau of the Census
*Note Based on American Community Survey 3-Year Estimates (2007-2010)
Unemployment Rate Statistics
Unemployment statistics are not available for the Town as such. The sma est area for wh ch such
statistics are available (which includes the Town) is the County of Suffolk. The information set forth below with
respect to such County is included for information purposes only. It should not be implied from the inclusion of
such data in this Statement that the Town is necessarily representative of the County or vice versa.
Suffolk New York
County State
Annual Averages:
2006 ................................ 4.0% 4.6%
2007 ................................ 3.9 4.5
2008 ................................ 4.9 5.4
2009 ................................ 7.3 8.4
2010 ................................ 7.6 8.9
2011 ................................ 8.9 8.0
2012 (3months) .............. 8.1 9.0
Depaament of Labor, State of New York
Selected Listing of Larger Employers
Name
Eastern Long Island Hospital ..........................
Plum Island ADC* ..........................................
Mattituck-Cutchogue UFSD ............................
Town of Southold ............................................
Peconic Landing ..............................................
Southold UFSD ...............................................
San Simeon by the Sound ................................
Greenport UFSD .............................................
Village of Greenport .......................................
Approximate
Type No. of Employees
Hospital 352
U.S. Govt. Facility 360
Public School 375
Local Government 267
Life Care Community 215
Public School 168
Nursing Home 180
Public School 125
Local Government 120
*Note: As of the date of this Official Statement, the U.S. General Services Administration is undertaking measures to study the
decommission and potential sale of the Plum Island and PIADC facilities pending completion of the replacement National Bio and Agro-
Defense Facility ("NBAF') in Manhattan, Kansas, anticipated in 2014.
3
INDEBTEDNESS OF THE TOWN
The following pages set forth certain details with respect to the Indebtedness of the Town.
Computation of Debt
Limit and Calculation of Net Debt Contracting Margin
(As of May 25, 2012)
Fiscal Year State
Ending Assessed Equalization
May 31: Valuation Rate
2009 .................................................................
2010 .................................................................
2011 .................................................................
2012 .................................................................
$108,292,749 0.95%
108,991,562 1.05
109,089,429 1.06
108,465,500 1.09
108,282,986 1.11
Total Five Year Full Valuation ................................................................................................
Average Five Year Full Valuation ...........................................................................................
Debt Limit - 7% of Average Full Valuation .............................................................................
Inclusions:
Outstanding Bonds:
General Purposesa ...........................................................................................................
Other ...............................................................................................................................
Sub-Total ..............................................................................................................
Bond Anticipation Notes ................................................................................................
Total Inclusions .........................................................................................
Exclusions:
Appropriations for Outstanding Bonds ..............................................................................
Appropriations for Outstanding Notes
Other Exclusions ................................................................................................................
Total Exclusions .......................................................................................................................
Total Net Indebtedness .............................................................................................................
Net Debt Contracting Margin ...................................................................................................
Percent of Debt Limit Exhausted .............................................................................................
a. Includes $29,201,400 issued for the preservation of open space. See "Community Preservation Fund" herein.
Full
Valuation
11,399,236,736
10,380,148,761
10,291,455,566
9,950,963,303
9,755,223,963
$51,777,028,329
10,355,405,665
724,878,369
42,450,000
0
42,450,000
4,842,000
47,292,000
720,000
444,000
0
1,164,000
46,128,000
$678.750.3
6.36%
4
Trend of Town Indebtedness
The following table represents the outstanding indebtedness &the Town at the end of thc last five
preceding fiscal years.
Fiscal Year Ending December 31:
2007 2008 2009 2010 2011
Debt Outstanding End of Year:
Bonds $25,020,000 $32,175,000 $$35,418,000
Bond Anticipation Notes 6,224,000 6,579,100 9,150,800
Total Debt Outstanding $31.244.000 $38.754.10~0 $41.568.800
Details of Short-Term Indebtedness Outstanding
Bond Anticipation Notes
$33,375,000 $44,385,000
6,218,000 2,992,000
$39.593.00~0 $ 47~.377.0~0
Maturity
08/31/2012
04/11/2013
Fiscal Year
Ending
December 31:
Amount
Purposes Outstanding
Various Purposes .............................................................. $1,135,000
Various Purposes .............................................................. 715,000
Total ..................................................................... $1.850.00~0
Debt Service Requirements - Outstanding Bonds
Principal Interest Total
2012 ........................................................................... $2,655,000 $1,707,037 $4,362,037
2013 ........................................................................... 2,545,000 1,568,124 4,113,124
2014 ........................................................................... 2,575,000 1,482,066 4,057,066
2015 ........................................................................... 2,600,000 1,392,456 3,992,456
2016 ........................................................................... 2,560,000 1,301,379 3,861,379
2017 ........................................................................... 2,640,000 1,204,627 3,844,627
2018 ........................................................................... 2,705,000 1,099,150 3,804,150
2019 ........................................................................... 2,285,000 1,003,138 3,288,138
2020 ........................................................................... 2,190,000 919,487 3,109,487
2021 ........................................................................... 2,250,000 836,650 3,086,650
2022 ........................................................................... 2,080,000 751,762 2,831,762
2023 ........................................................................... 2,160,000 671,912 2,831,912
2024 ........................................................................... 2,215,000 588,350 2,803,350
2025 ........................................................................... 2,255,000 501,019 2,756,019
2026 ........................................................................... 2,045,000 414,226 2,459,226
2027 ........................................................................... 2,085,000 330,863 2,415,863
2028 ........................................................................... 2,140,000 243,513 2,383,513
2029 ........................................................................... 2,180,000 154,207 2,334,207
2030 ........................................................................... 2,220,000 63,147 2,283,147
Totals ......................................................................
$ 44.385.000 $16.233.!14 $ 60.618.114
a Includes $30,024,100 for the presentation of open space See "Commun0y Preservation Fund" herein Does not reflect payments made to date
5
Calculation of Estimated Overlapping and Underlying Indebtedness
Overlapping
Units
County of Suffolk ..............................
Village of Greenport ..........................
School Districtsa ................................
Fishers Island .....................
Greenport ..............................
Mattituck-Cutchogue ..........
New Suffolk Common ........
Oyster Ponds .......................
Southold .............................
Fire District ........................................
Cutchogue ............................
East Marion ..........................
Fishers Island .......................
Mattituck ..............................
Orient ....................................
Southold ...............................
Totals .......................................
Applicable Applicable
Date of Percentage Total Net
Report Applicable Indebtedness Indebtedness
04-09-12 3.71% $72,699,528
11/30/11 100.00 7,896,700
$47,429,856
7,305,500
06-30-11 100.00 180,000 180,000
06-30-11 100.00 0 0
12-21 - 11 98.49 27,189,729 25,022,172
06-30-11 100.00 0 0
06-30-11 100.00 0 0
12-30-11 100.00 6,844,681 6,844,681
0 0
12-31-10 100.00 0 0
12-31-10 100.00 88,301 88,301
12-31-10 I00.00 0 0
12-31 - 10 100.00 1,514,266 1,154,266
12-31-10 100.00 0 0
12-31 - I 0 100.00 1,025,000 1,025,000
$117.438.205
Sources Annual Financial Reports on fie w h he Office o£the State Comptroller, or more recently published Official Statements
Debt Ratios
(As of May 25, 2012)
$89.409.776
$47,450,000 $2,047 0.49%
46,128,000 1,990 0.47
164,888,205 7,115 1.69
135,537,776 5,848 1.39
Total Direct Debt .....................................................................
Net Direct Debt .......................................................................
Total Direct & Applicable Total Overlapping Debt ...............
Net Direct & Applicable Net Overlapping Debt .....................
a Does not include the Bonds
b Thc current populalion of the Town is 23,175 (U.S. Census)
c The~BllvaluationoftaxablerealpropertyinlheTownfor2011-12is$9,755,233,963.
Percentage
Amounta Per Capitab Of Full Valuec
Authorized But Unissued Items
The following Bonds are authorized but unissued:
Date
Authorized Purpose
02-25-03 Mattituck Inlet Erosion Study .............................................. $ 825,750
08-28-07 Open Space Preservation: Agricultural Lands .................... 3,100,000
08-16-11 Stormwater Mitigation ......................................................... 500,000
Total .....................................................................................
Capital Program
Amount
$ 3.682.75~0
Community Preservation Fund
In 1998, the voters of the five East End towns (East Hampton Riverhead, Shelter 1,s, land, ,,S, outhampton,
and Southold) approved a referendum creating the Community Preservation Fund, (the Fund') which is a
conservation program to preserve open space and farmland in the five towns The fund s financedby a 2% tax
on real estate sales. This ~s a one-time tax that the buyer of real estate is required to pay when purchasing a new
or used home or vacant property. In 2006, the voters in all five towns approved a referendum to extend the
collection of the tax through 2030.
The Fund facilitates a voluntary program whereby landowners can sell their land or the deve opment
rights to the land to the respective towns at fair market value. The towns may issue bonds for purchases to be
paid. back through the life of the Fund with the 2% tax revenues. When a town finances an acquisition through
the issuance of bonds, Section 64e of Town Law requires the preparat on of a report by or on behalf of the Town
Supervisor which demonstrates how such indebtedness will be repaid by the Fund; including an estimate of
projected revenues of the Fund during the period of indebtedness, an accountin of all ot~er ndebtedness
incurred against the Fund to be repaid for the'same period, and a finding that there gwill be sufficient revenue to
repay such indebtedness in its entirety from the Fund.
As of the date of this Official Statement, there are $29,201,400 in bonds outstanding, the debt service on
which is expected to be paid for by the Fund.
Department 2012 2013 2014
General Town ................................................... $139,500 $ 55,600 $ -0-
Highway Dept .................................................. 525,000 -0- -0-
Total ..................................................... $ 664.50~0 $ 55.600 -0-
Sources
Appropriations ................................................. $ 69,000 $ 55,600 -0-
Town Debt ....................................................... 595,000 -0- -0-
Total .................................................... $ 664.50~0 $ 55.600 $ -0-
The Town annually adopts a three year Capital Improvement Plan. Proiects may be funded by State and
Federal aid, reserves, proceeds of obligations property taxes or a combination thereof. A summary of'the Capital
Budget for 2012-2014 s set forth below:
Landfill Closure and Postclosure Care Costs
The Town owns a landfill on a site in the unincorporated area of Cutchogue, commonly known as the
Cutchogue Landfill. The Town ceased accepting waste at its Cutchogue Lanilfill as of October 8 1993.
Placement of the final cover, referred to as capping on the landfill was completed in November 2003. In
addition to placement of the final cover on the landfiI[, state and federal regulations presently require the Town to
perform certain maintenance and monitoring functions at the site for up to thirty years. The Town has and will
continue to comply with said requirements. The ongoing post closure costs are estimated to be between $23,000
and $40,000 per year from 2012 through 2014. The Town paid $24 850 for such costs in 2011 and will continue
to pay these costs n the future.
Actual costs associated with the capping totaled $7681 720. Financing for closure activities was
provided inpart through a grant from the New York State Department of Environmental Conservation in the
amount of $2,000,000. The Balance was provided through a State subsidized loan received in July, 2004 from the
New York State Environmental Facilities Corporation. Costs associated with postclosure care will be paid from
charges to future users of the collection facility and site and future tax revenue.
FINANCES OF THE TOWN
Financial Statements and Accounting Procedures
The Town maintains its financial records in accordance with the Uniform System of Accounts for Towns
prescribed bythe State Comptroller. The financial records of the Town are auditedby independent accountants.
The last such audit made available for public inspection covers the fiscal year ended December 31, 2010. In
addition, the financial affairs of the Town are subject to periodic compliance review by the Office of the State
Comptroller to ascertain whether the Town has complie~l with the requirements of various State and Federal
statutes. A summary of the 2011 unaudited financial results of the Town are presented in Appendix A and a copy
of such report is attached as Appendix B.
Fund Structure and Accounts
The Town utilizes fund accounting to record and report its various service activities. A fund represents
both a legal and an accounting entity which segregates the transactions of specific programs in accordance with
special regulations, restrictions or limitations.
There are three basic fund types: (1) governmental funds that are used to account for bas c serv ces and
capital projects; (2) proprietary funds that account for operations ora commercial nature; and, O) fiduciary funds
that account for assets held in a trustee capacity. Account groups which do not represent funds, are used to
record fixed assets and long-term obligations that are not accountedi~or in a specific fund.
The Town presently maintains the following governmental funds: General Fund, Highway Fund and
Special Districts Funds, and the Capital Projects Fund. Fiduciary funds consist of a Trust and Agency Fund
There are no proprietary funds. Account groups are maintained for fixed assets and long-term debt.
Basis of Accounting
The Town's governmental funds are accounted for on a modified accrual basis of accounting. Under the
modified accrual bas~s, revenues are recognized when they become susceptible to accrual - that s, when they
become "measurable" and "available" to finance expenditures to the current period Revenues are suscept b e to
accrual include real property taxes, intergovernmental revenues (State and Federal aid) and operating transfers.
Expenditures are generally recognized under the modified accrual basis of accounting in which
recognition occurs when the related fund~iability is incurred An except on to th s general rule is unmatured
interest on general long-term debt which is recognized when due.
Investment Policy
Pursuant to State law including Sections 10 and 11 of the General Municipal Law (the "GML"), the
Town is generally permitted to deposit moneys in banks or trust companies located and authorized to do business
in the State. All such deposits including special time deposit accounts and certificates of deposit in excess of
the amount insured under the Federal Deposit Insurance Act, are required to be secured in accordance with the
provisions of and subject to the limitations of Section 10 of the GML.
The Town may also temporarily invest moneys in: (1) obligations of the United States of America; (2)
obligations guaranteedby agencies of the United States of America where the payment of principal and interest
are guaranteed by the United States of America; (3) obligations of the State of New York; (4) with the approval
of the New York State Comptroller, in tax anticipation notes or revenue anticipation notes issued by any
municipality, school district or district corporation other than those notes issued by the Town itself; (5)
certificates of participation issued in connection with installment purchase agreements entered into by political
subdivisions of thc State pursuant to Section 109-b(10) of the GML; (6) obligations ora New York pub~lic benefit
corporation which are deemed lawful investments for municipalities pursuant to the enabling statute of such
public benefit corporation; or (7) in thc case of moneys held m certain reserve funds established by thc Town
pursuant to law, in obligations of the Town.
All of the foregoing investments are required to be payable or redeemable at the option of the owner
within such times as the proceeds will be needed to meet expenditures for purposes for which the moneys were
provided and, in the case of obligations purchased with the proceeds of bonds or notes, shall be payable or
redeemable in any event, at the option of the owner, within two years of thc date of purchase. Unless registered
or inscribed in the name of the Town, such instruments and investments must be purchased through, delivered to
and held in custody ora bank or trust company in the State pursuant to a written custodial agreement as provided
by Section l0 of the GML.
Thc Town Board has adopted an investment policy and such policy conforms with applicable laws of the
State governing thc deposit and investment of public moneys. All deposits and investments of the Town are
made m accordance with such policy.
Budgetary Procedures
The head of each administrative unit of the Town is required to file detailed estimates of revenues (other
than real property~ taxes) and expenditures for the next fiscal year with the budget officer (Supervisor) on or
before August 15"'. Estimates for each fire district situated within the Town must also be filed with the budget
officer by this date. After reviewing these estimates the budget officer prepares a tentative budget which
includes his recommendations. A bud-get message explaining the main features of the budget is also prepared at
this time. The tentative budget is filed with the Town Clerk not later than the 30th of September. Subsequently
thc Town Clerk presents the tentative budget to the Town Board at the regular or specialhearing which must be
held on or before October 5th. The Town Board reviews the tentative budget and makes such changes as it
deems necessary and that are not inconsistent with the provisions of thc law. Following this review process, the
tentative budget and such modifications, if any, as approved by the Board become the preliminary budget. A
public hearing, notice of which must be duly published in the Town's official newspaper, on the preliminary
budget is generally required to be held on thc Thursday immediately following the general election. At such
hearing, any person may express his or her opinion concerning the preliminary bud-get however, there is no
requirement or provision that the preliminary budget or any portion thereof be voted on by members of the
public. After the public hearing, thc Town Board may further change and revise the preliminary budget. The
Town Board, by resolution, adopts the preliminary budget as submitted or amended no later than November 20th,
at which time, the preliminary budget becomes the annual budget of the Town for the ensuing fiscalyear.
Budgetary control during the year is the responsibility of the Supervisor who is assisted in this area by the Town
Com. ptrollcr. Any chan~es or modifications to the annual budgdt, includingthe transfer of appropriations among
line ~tems, must be approved by resolution of the Town Board. However the supervisor is authorized to transfer
certain budgeted amounts w th~n departments.
Budget Summaries for the 2011 and 2012 fiscal years may be found in Appendix A.
9
Financial Operations
The Supervisor functions as the chief fiscal officer as provided in Section 2 of the Local Finance La.wi in this
role, the Supervisor is responsible for the Town's accounting and financial reporting activities. In addition, the
Supervisor is also the Towffs budget officer and must therefore prepare the annual tentative budget for submission to the
Town Board. Pursuant to Section 30 of the Local Finance Law, the Supervisor has been authorized to issue or renew
certain specific types of notes. As required by law, the Supervisor must execute an authorizing certificate which than
becomes a matter of public record.
Thc Town Board, as a whole, serves as thc finance board of the Town and is responsible for authorizing, by
resolution, all material financial transactions such as operating and capital budgets and bonded debt.
Town finances are operated primarily through the General and Special Revenue Funds. The General Fund
receives most of its revenue from reaI proper~y tax and State aid. Current operating expenditures are paid from these
funds subject to available appropriations. The Town also has refuse, sewer and wastewater districts, which are accounted
for within separate funds. The prima~ sources of income for these districts comes from special assessments levied
against district properties at the same time real estate taxes arc levied. Capital projects and equipment purchases are
accounted for in special capital projects funds. The Town observes a calendar year (January 1 through December 31) for
operating and reporting purposes.
gevellue$
The Town receives most of its revenues from a real property tax on all taxable property situated within the Town
and from State Aid. A summary of such revenues for thc five most recently completedfiscal years may be found in
Appendix A. See also "New Tax Levy Limit Law" herein.
Rea/Property Taxes
See "Real Property Tax Information", herein.
State Aid
The Town receives financial assistance from the State. If the State should not adopt its budget in a timely
manner, municipalities and school districts in the State including the Town may be affected by a delay in the payment of
State aid. Additionally, if the State should experience difficulty m borrowing funds in anticipation of the receipt of State
taxes in order to pay State aid to municipalities and school districts in the State, including the Town, in this year or future
years, the Town may be affected by a delay in the receipt of State aid until sufficient State taxes have been received by
the State to make State aid payments.
Based on the unaudited Annual Financial Report Update Document of the Town the Town received
approximately 4. I% of its total General Fund operating revenue f~om State aid in 2011. There is no assurance, however,
that State appropriations for aid to municipahrties w~l continue, either pursuant to existing formulas or in any form
whatsoever. The State is not constitutionally obligated to maintain or continue such aid and in fact the State has
drastica y reduced fund ng to mun c pa t es and schoo d str cts n the last several years in order to balance its own
budget.
Although the Town cannot predict at this time whether there will be any delays and/or reductions in State aid in
the current year or in future fiscal years the Town may be able to mitigate the impact of any delays or reductions by
reduc ng expenditures, ncreas ng revenues appropriating other available funds on hand, and/or by any combination of the
foregoing
10
The following table sets forth the percentage of the Town's General Fund revenue comprised of State aid
for each of the fiscal years 2007 through 2011, and, as budgeted, for 2012.
Year
Ended Total General Fund State and Federal Aid
December 31: Village Revenue State Aid To Revenues (%)
2007 $21,789,930 $2,412,869 11.07%
2008 22,176,486 1,656,760 7.47
2009 24,294,262 I, 195,671 4.92
2010 26,082,580 1,216,047 4.66
2011 27,066,413 1,097,091 4.05
2012 (Budgeted) 27,885,224 l, 125,000 4.03
Source: Audited financial statements 2007 through 2011 and the adopted budget for the fiscal year ending December 31,2012.
Expenditures
The ma~o.r categories of expenditure for the Village are General Government Support, Public Safety,
Transportation, ~tome & Community Services and Employee Benefits. A summary of the expend tums for the
five most recently completed fiscal years and the estimatedexpenditures for the current fiscal year may be found
in Appendix A.
Employee Pension System
· Substantially all employees of the Town are members of the New York State and L,~cal Emp, loyees'
Retirement System and the 'New York State Local Po ce and Fire Retirement System (the Systems '] The
System is a cost-sharing multiple public employer retirement system The orb gat bn of [mploye~rs
employees to contribute and the benefits to employees are ~overned by the New York, State Retirement System
andSocial Security Law (the "Retirement System Law"). The System offers a w de range of plans and benefits
which are related to years of service and final average salary, vesting of retirement benefits, death and disability
benefits and optional methods of benefit payments. All benefits genera y vest after five years of credited
service. The System Law generally prowdes that all participat ng emp oyers n the System are jointly and
severally liable for any unfunded amounts. Such amounts are co [ected through annual billings to all
participating employers. Generally, all employees except certain part-time employees, part c pate n the System·
The System is non-contributory with respect to members hired prior to July 27, 1976. All members hired on or
after July 27, 1976 must contribute three percent of their gross annual sa ary towards the costs of ret rement
programs until they attain ten years in the Retirement System, at such time contr but ons become voluntary. On
t~ecember 10, 2009 the Governor signed into law the creation of a new T er 5, wh ch s effective for new System
emplpyees hired after January 1, 21)10. New System employees n T er 5 will now contr bute 3% of'the r
salaries. There is no provision for these contributions to cease for T er 5 employees after a certain period of
service. Additionally, on March 16 2012 the Governor signed into law the new T er 6 p. ension .program,
effective for new system employees hired after April 1, 201:2 The T er 6 eg s ation provides for Increased
employee contribution rates of between 3% and 6% an increase in the retirement age from 62 years to 63 years, a
readjustment of the~r~ension multiplier, and a change in the time period for final average salary calculation from 3
years to 5 years, t ler 6 employees will vest in the system after ten years of emp oyment and will cont nue to
make employee contributions throughout employment·
As a result of significant capital market declines in the recent past, in certain years the State's Retirement
System portfolio has experienced negative investment performance and severe downward trends n market
earnings. As a result ot the foregoing, it is anticipated that the employer contribution rate for the State's
Retirement System in future years may be significantly higher than the minimum contribution rate established
under the Retirement System Law. The Office of the New York State Comptroller has informed part cipating
employers that due to the global economic crisis the rate of return of the pension fund has exper enced an
unprecedented decline and consequently, for the next severa years, contribution rates may increase. The
Employer Contribution Stabilization Program, signed into law on August 1 2010 gives local governments the
option to amortize a portion of annual pension costs. Amortizat ons are pa d n equal installments over a ten-year
period at an interest rate that is set annually. Under such legislation, oca governments and school districts that
choose to amortize will be required to set aside and reserve funds for certain future rate increases. The
legislation also authorizes local governments and school d str ct to establish reserve accounts to fund future
payment increases that are a result of fluctuations in pension plan performance.
11
The Town is required to contribute an actuarially determined rate. The Town's contributions made to the
System were equal to 100% of the contributions required for each year. The required contributions for the five
most recently completed fiscal years are as follows:
The Town is required to contribute an actuarially determined rate. The Town's contributions made to the
System were equal to 100% of the contributions required for each year. The required contributions for the five
most recently completed fiscal years are as follows:
Contributions to the Retirement Systems
Fiscal Year Amount
Ending of
December 31: Contribution
2007 ............................................................................ $ 1,947,914
2008 ............................................................................ 1,838,376
2009 ............................................................................ 1,656,415
2010 ............................................................................ 2,222,691
2011 ............................................................................ 3,136,267
2012 (Budget) ............................................................ 3,620,000
Other Post Employment Benefits
The Town provides post-retirement healthcare benefits to various categories of former employees. These
costs may be expected to rise substantially in the future. Accounting rules now require governmental entities,
such as the Town, to account for post-retirement health care benefits as its accountsfor vested pension benefits.
GASB Statement No. 45 ( GASB 45") described below requ'res such accounting.
OPEB refers to "other post-employment benefits" meaning benefits other than pension benefits. OPEB
consists primarily of health care benefits, and may include other benefits such as disability benefits and life
insurance. Before GASB 45, OPEB costs were generally accounted for and managed as current expenses in the
year paid and were not reported as a liability on governmental financial statements.
GASB 45 requires municipalities and school districts to account for OPEB liabilities in the same manner
as they already account for]pension liabilities. It requires them to adopt the actuarial methodologies used for
pensions, with adjustments tot the different characteristics of OPEB and the fact that most municipalities and
school districts have not set aside any funds against this liability. Unlike GASB Statement No. 27 which covers
accounting for pensions, GASB 45 does not require municipalities or school districts to report a net OPEB
obligation at the start.
Unde? GArB 45, based on actuarial valuation, an annual required contribution ("ARC") is determined
for each mumc~pahty or school district. The ARC is the sum of (a) the normal cost for the year (the present value
of future benefits being earned by current employees) plus (b) amortization of the unfunded accrued liability
(benefits already earnedby current and former employees but not yet provided for) using an amortization period
of not more than 30 years. If a municipality or school district contr~utes an amount less than the ARC a net
OPEB obligation will result, which is required to be recorded as a liability on its financial statements.
GASB 45 does not require that the unfunded liability actually be amortized nor that it be advance funded,
only that the municipality or school district account for its unfunded accrued liability and compliance in meeting
its ARC. The Town presents its financial statements under a comprehensive statutory basis of accounting n
accordance with principles prescribed by the Office of the State Comptroller ("OSC") of the State of New Yor~k.
As of January 1~ 2010, the actuarial accrued liability ("AAL"), the portion of the actuarialpresent value
of the tota! future benefits bas,ed on the employees' service rendered to the measurement date, is $66.6 million.
~The actuarial value of the,Plan s assets was $0 resulting in an unfunded actuarial accrued liability ("UAAL") of
~66.6 mi on. The Town s annual OPEB cost was $6.8 million and the ARC was $6.6 million. The Town is on
a pay-as-you-go funding basis and paid $1.3 million to the Plan for the fiscal year ending December 31, 2010
resulting ~n a projected year-end Net OPEB obligation of $13.9 million. There is no authority in New York State
to establish a reserve fund for the liability at this time.
12
The Town's unfunded actuarial accrued OPEB liability could have a material adverse tmpact upon the Town's
finances and could force the Town to reduce services, raise taxes or both. There is no authorily in New York State to
establish a reserve fund for the liability at this time.
Actuarial Valuation is required every two years for OPEB pans w th more than two hundred members, or every
three years if there are less than two hundred members Addit onal informat on about GASB 45 and other accounting
rules applicable to municipalities and school districts may be obtained from GASB.
REAL PROPERTY TAX INFORMATION
Real Propert~ Taxes
.The Town derives a major portion of its revenues from a tax on real pronertv (see "Statement of Revenues
Exp?ndtture,s a~nd,Changcs in F~und. Balance" in Appendix B, herein.) Property taxes hcc6u~ted for approximately 82% of
totm generm runo revenues, ~or the rtscal year ended 2011. On June 24, 2011, the New Tax Levy Limit Law was
enacted, which imposes a tax levy limitat on upon the municipalities, school districts and fire districts in the State,
including the Town without prov,[ding an exclusion fo,r, debt service on obligations issued by municipalities and fire
districts, including the Town. See Tax Levy Limit Law,' herein.
The following table sets forth the percentage of the Town's General Fund revenue (exclud ng other financing
sources)comprised oT real property taxes for each of the fiscal years 2007 through 2011, and, as buclget, for the year
ending December 3 I, 2012.
Year Real Real Property
Ended Total General Fund Property Taxes to
December 31: Town Revenue Taxes Revenues (%)
2007 $21,789,930 $16,205,911 74.37%
2008 22,176,486 17,391,288 78.42
2009 24,294,262 20,165,953 83.00
2010 26,082,580 21,532,952 82.55
2011 27,066,413 21,734,453 80.30
2012 (Budge) 27,885,224 22,412,761 80.38
Source: Audited financial statements 2007 through 2011 and the adopted budget for the fiscal year ending December 3 I, 2012.
The following table presents the tota tax levy, by purpose, with adjustments and collection performance for each
of the last five fiscal years.
Tax Levy and Collection Record
2008
2009
Total Tax Levy ...................... $103,216,661 $108,610,530
Amount Collected .................. 100,030,520 104,970,256
R~umed to County
Amount ...............................3,186, I41 3,640,274
Percentage ............................ 3.09% 3.35%
Uncollected at End of Year
of Levy ..............................None None
2010 2011 2012
$110,942,393 $114,576,777 $117,274,147
106,195,135 109,539,295 NA
4,747,258 5,037,482 NA
4.27% 4.40% NA
None None NA
13
Tax Collection Procedure
Property taxes for the Town are collected by the Town tax receiver. Such taxes are due and payable in
equal installments on December I and May l0 but may be paid without penalty by January 10 and May 31
respectively. Thepenalty added to delinquent taxes is one-twelfth the rate of interest determined by the State
Commissioner of Taxation and Finance. The rate is determined each year by July 15 based on the one-year
constant maturityyield index £or United States Treasury securities for the quarter-year ending on the immediately
preceding June30. The rate is effective for a twelve month period commencing August I each year and in no
event will be less than ten per centum per annum.
The Town receives its full levy before the end of its fiscal year. Uncollected amounts are not segregated
by the Town tax receiver, and any deficiency in tax collection is the County's liability.
Tax Levy Limit Bill
Prior to the enactment o£ Chapter 97 of the Laws of 2011 (the "New Tax Levy Limit Law") on June 24,
011, all the taxable real property within the Town had been subject to the levy of ad valorem taxes to pay the
bonds and notes o£the Town and interest thereon without limitation as to rate or amount. However, the New Tax
Levy Limit Law imposes a tax levy limitation upon the Town for any fiscal year commencing after Mag 31,
2012, continuing through May 31 2016 or later as provided in the New Tax Levy Limit Law, w thout prov ding
an exclusion for debt service on obligations issued by the Town. As a result, the power o£the Town to levy real
estate taxes on all the taxable real property within the Town, without limitation as to rate or amount, may or may
not be subject to statutory limitations according to the formulas set forth in New Tax Levy L m t Law The
actual effect of the NewTax Levy Limit Law would depend upon the interpretation of such law by a court of
competent jurisdiction in the event of a legal challenge.
The following is a brief summary of certain relevant provisions of New Tax Levy L m t Law. The
summa~, is not complete and the full text of the New Tax Levy Limit Law should be read in order to understand
the dermis and implications thereof.
The New Tax Levy Limit Law imposes a limitation on increases in the real property tax levy of the
Town, subject to certain exceptions. The New Tax Levy Limit Law permits the Town to increase its overa rea
property tax levy over the tax levy of the prior year by no more than the "Allowable Levy Growth Factor", which
~s the lesser of one and two-one hundredths or the sum of one plus the Inflation Factor; provided, however that in
PR case shall the levy growth factor be less than one. The "Inflation Factor" is the quotient of: (i) the average of
t e 20 National Consumer Price Indexes determined by the United States Department of Labor for the twelve-
month period ending six months prior to the start of the coming fiscal year minus the average of the National
Consumer Price Indexes determined by the United States Department of Labor for the twe ye-month period
ending six months prior to the start of the prior fiscal year, divided by: (ii) the average of the Nat onal Consumer
Price lndexes determined by the United States Department of Labor for the twelve-month period ending six
months prior to the start of the prior fiscal year with the result expressed as a decima to four places The Town
is required to calculate its tax levy limit for the upcoming year in accordance w th the prov s on above and
provide all relevant information to the New York State Comptroller prior to adopting its budget. The New Tax
Lev~y Limit Law sets forth certain exclusions to the real property tax levy lira tat on of the Town, including
exctusions for certain portions of the expenditures for retirement system contributions and tort judgments payable
by the Town. The Board of Trustees may adopt a budget that exceeds the tax levy limit for the coming flsca
year, only if the governing board of the Town first enacts, by a vote of at least sixty percent of the total-voting
power of the Board of Trustees, a local law to override such limit for such coming fiscalyear.
The New Tax Levy Limit Law does not contain an exception from the levy lira tat on for the payment of
debt service on either outstanding general obligation bonds or notes of the Town or such indebtedness incurred
after the effective date of the NewTax Levy L~mit Law. As such~ there can be no assurances that the New Tax
Levy Limit Law will not come under legal challenge for violating ( ) Art c e VIII, Section 2 of the State
Constitution for not providing an exception for debt service on obhgatmns issued prior to the enactment of the
New Tax Levy Limit Law (n) Article VII1, Section 10 of the State Constitution hyeffectively eliminat ng the
exception for debt service to general real estate tax limitations, and (iii) Article VIII, Section 2 of the gtate
Constitution by limiting the pledge of its faith and credit by a municipality or schoo d str ct for the payment of
debt service on obligations issued-by such municipality or school district.
14
Tax Rates
(Per $100 Assessed Valuation)
Fiscal Year Ending December 31:
2008 2009 2010 2011 2012
General ~ Townwide .............. $160.22 $184.44 $196.97 $199.96 $206.45
General - Outside Village ...... 7.84 6.87 8.69 7.57 5.69
Highway ................................. 41.74 39.75 38.72 44.32 46.11
Large Taxable Properties
2011-2012 Assessment Rolla
Assessed
Name Type Valuation
Peconic Landing at Southold .............................................. Commercial $ 1,357,704
LILCO, LIPA, Marketspan, Keyspan ................................ Utility 1,674,815
Village of Greenport-Power Plant ......................................Utility 585,000
Fishers lsland Dev. Corp ................................................... Residential Development 457,900
Robins Island Holding LLC ............................................... Private Lands 330,500
Alan Cardinale ................................................................... Shopping Center 297,500
North Fork Bank ................................................................ Bank Building 234,131
Damianos, Herodotus ......................................................... Vineyard 234,000
New York Telephone ....................................................... Utility 173,862
Levin Family Limited Partnership ..................................... Motel & Restaurant 124,950
Anderson, Bradley & Francesca ........................................ Farmland & Private Lands 120,400
Norris, Susan ..................................................................... Various Properties 111,800
Laurel Links & Country Club ............................................ Country Club 107,700
Kimogenor Pt Co .............................................................. Co-Op 94,600
Driftwood Cove ................................................................ Co-Op 90,000
a. Assessment Roll established in 2011 for levy and collection of taxes during 2012 Fiscal Year.
b. Represents approximately 5.53% of the total taxable assessed valuation of the Town for 2012.
S5.994.86~2~
LITIGATION
The Town of Southold is subject to a number of lawsuits in the ordinary conduct of its affairs. For the
most part, any potential adverse decisions in such suits, either individually or in the aggregate, are not likely to
have a material adverse effect on the Town.
There are certain matters worthy of special mention:
Nocro Ltd and The Heritage at Cutchogue LLC v. Scott A. Russel, et al. - This action seeks to nullify
certain actions of the Town Board and/or the Planning Board including the adoption of residential subdivis on
regulations and certain resolutions pertaining to the State Environmental Quality Review Act, as well as
compensatory damages in the sum of $40,000 000 and punitive damages based upon allegations that the Town
defendants conspired to deprive it of certain constitutional rights. Insurance coverage may be available for
potential liability for alleged compensatory damages. The Suffolk County Supreme Court dismissed a act ons
against each govemmental officer named personally in the suit. This decision was affirmed by the Second
Department and the matter will proceed to discovery. The Town has denied all wrongdo ng and ntends
vigorously to contest these claims.
15
East End Resources, LLC v. Town of Southold Planninl~ Boardx et al - This act on ar sas from a
residential site plan application pending before the Town of Southold Planmng Board, seeking the approval of a
multi-unit planned retirement commumty (the "Application"). Plaintiff/Petitioner alleges that the Town, and ts
various agencies, have systematically delayed and sought to defeat the approval of-the Application In th s
action, Plaintiff/Petitioner asserts e~ght claims seeking declaratory relief compell ng the approva of the
Application as well as compensatory relief in the amount of $20 million as a result of a'l eged f~dera and state
const tutional violations. The matter is now in discovery. The Town intends vigorously to dkfend this action and
to contest all asserted claims.
Yu~ et al. v. Town of Southold et al. - This action seeks damages in the sum of $10 million against the
Town and its various agencies. The claimants allege that the Town and its agenc es, beginn ng in 1985 and
continuing forward participated in bias, liable and slander among other actions, that a egedly v ol-ated plaintiffs
Civil anffother constitutional rights. Discovery is complete and the Town intends to move for summary
judgment. The Town intends to continue to vigorously contest these claims and will deny all wrongdoing.
Kern-Guerriere~ et al v. Town of Southold, et al. - Plaintiffs have filed a §1983 Civil Rights action on
?/I.2/11 ~se.eking~$20 000 000 in compensatory and punitive damages. Plaint ffs' c a m that the Town of
~outhold rodceDepartment falsely arrested charged and imprisoned Pla nt ffs n v o at on of their r ghts The
Town intends to vigorously defend this action.
FINANCIAL ADVISOR
Munistat Services, Inc. has assisted the Town as financial advisor in certain mat~ers with respect to the
preparation of this Statement.
RATING
· Moody's Investors Services has assigned its rating of"Aa2" to the outstanding bonds of the Town Th s
rating reflects only the view of such rating agency and an explanation of the significance of such ratin should be
obtained from Moody's. There can be no assurhnce that sdch rating will not-be revised or w thdranwgn, if in the
~odwg~ent of market price and the availability of a secondary market for the outstanding bonds and notes of the
16
Balance Sheet
General Fund
ASSETS
Cash and Investments
Taxes Receivable
Accounts Receivable
Due From Other Funds
State and Federal Aid Receivables
Due From Other Governments
Supply Inventory
Prepaid Expenses
Total Assets
LIABILITIES AND FUND EQUITY
Accounts Payable
Due to Other Funds
Due to Component Units
Due to Other Governments
Deferred Revenues
Total Liabilities
Fund Balances - Reserved:
Nonspendable Fund Balance
Encumbrances
Insurance claims
Supply Inventory
Prepaid Expenses
Fund Balances - Unreserved:
Designated - Ensuing Year's Budget
Undesignated
Total Fund Equity
Total Liabilities and Fund Equity
Fiscal Year Ending December 31:
2010 2011
13,276,530 $
61,006
2,563
118,091
1,550,265
2,637
420,963
13,606,359
905
888,251
553,288
277,607
1,035,603
2,624
694,357
15,432,055
$ I7,058,994
926,611 $ 2,357,568
1,982,551 2,772,316
459,393
2,139 1,179
4,638,260 3,882,585
8,008,954
9,013,648
27,961
1,149,498
2,637
420,963
696,980
1,499,060
1,914,000
3,908,042
7,423,101
15,432,055
1,815,989
4,033,317
8,045,346
$ 17,058,994
Sources: 2010 Audited Financial Report of the Town
2011 Unaudited Annual Update Document
Table itself NOT audited.
Town of Southold
A1
Statement of Revenues, Expenditures and Changes in Fund Balance
General Fund Town Wide
Fiscal Year Ending December 31:
200~7 2008 2009 2010 201~1
Real Property Tmxcs $ 16,205,911 $ 17,391,288 $ 20,165,953 $ 21,532,952 $ 21,734,453
Other Real Properiy Tax Items 92,606 94,113 63,585 84,201 85,765
Non-Property Tax Items 683,873 751,073 818,273 885,473 885,473
Departmental Income 411,790 611,598 461,257 416,600 529,774
Intergovernmental Charges 329,202 262,977 356,548 222,657 324,340
Use of Money & Proper~ 764,912 496,395 223,229 306,952 270,072
Licenses & Permits 253,494 244,910 228,699 261,339 269,552
Fines & Forfeitures 155,477 169, I 19 210,209 225,311 184,389
Sale of Property & Comp. for Loss 148,283 159,726 288,425 300,228 1.024,171
Miscellaneous Local Sources 185,945 190,816 117,182 399,402 310,386
State Aid 2,412,869 1,656,760 1,195,671 1,216,047 1,097,09 I
Federal Aid 145,568 147,711 165,231 231,418 350,947
Total Revenues
21,789,930 22,176,486 24,294,262 26,082,580 27,066,413
Expenditures:
General Government Support
Public Safety
Public Health
Transportation
Economic Assistance & Opportunity
Culture & Recreation
Home & Community Services
Employee Benefits
Debt Service Principal & Interest
5,234,683 5,479,661 5,548,092 5,125,064 5,338,847
7,816,643 8,398,429 8,599,974 8,626,229 9,247,049
35,238 35,238 35,138 33,788 33,788
550,907 470,797 486,434 424,568 474,404
1,064,904 1,147,293 1,139,753 1,118,864 1,165,354
345,540 452,588 335,993 282,289 277,280
417,654 426,656 401~114 402,959 419,978
6,172,279 7.276.770 4,980,929 5,911,381 9,454,806
787,775 973,787 1,053,169 824,417 1,189,020
Total Expenditures
22,425,623 24,661,219 22,580.596 22,749,559 27,600,526
Excess(Deficiency) of Revenues Over
Expenditures
Operating Transfers In
Operating Transfers Out
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues and
Other Sources Over Expenditures and
Other Uses
Fund Balance Beginning of Year
Adjustments
(635,693) (2,484,733) 1,713,666 3,333,021 (534,113)
2,738,349 3,493,057 3,719,544
(2,403,563) (2,729.790) (532,299) (453,613) (2,524,720)
334,786 763,267 (532,299) (453,613) 1,194,824
(300,907). 0,721,466) 1,181,367 2,879,408 660,711
5,384,699 5,083,792 3,362,326 4,543,693 7,423,101
Fund Balance End of Year
(38,466)
$ 5,083,792 $ 3,362,326 $ 4,543,693 $ 7,423,101 $ 8,045,346
Sources: Audited Financial Reports of the Town (2007-2010) & Unaudited Annual Update Document for 201 I
Table itself NOT audited
Town of Southold
A2
Real Property Taxes
Other Real ProperW Tax Items
Departmental Income
Use of Money & Property
Licenses & Permits
Sale of Property & Comp. for Loss
Miscellaneous Local Sources
State Aid
Federal Aid
Statement of Revenues, Expenditures and Changes in Fund Balance
Highway Fund Town Wide
Fiscal Year Ending December 31:
200~7 2008 2009 2010 201~1
$ 4,027,695 $ 4,316,095 $ 4,137,746 $
12,722 11,777 3,057
142,501 61,374 6,558
10,362 13,190 7,788
29~213 7,416 246
13,703 106
296,263 326,820 318,906
4,518,756 4,750,375 4,474,407
4,032,425 $ 4,586,897
6,477 7,148
250
5,634 6,584
6,914 10,410
1,419 9,950
343,024 347,521
120,630 240,253
Expenditures:
General Government Support
Transportation 3,437,186
Employee Benefits 510,185
Debt Service Principal & Interest 17,001
Total Expenditures 3,964,372
Excess (Deficiency) of Revenues Over
Expenditures 554,384
Operating Transfers In 21 I
Operating Transfers Out (794,696)
Total Other Financing Sources (Uses) (794,485)
Excess (Deficiency) of Revenues and
Other Sources Over Expenditures and
Other Uses
Fund Balance Beginning of Year
Fund Balance End of Year $
4,516,773 5,208,763
6,884 6,283
2,959,459 3,175,947
1,484,617 630,033
98,070 221,656
135 6,203
3,543,617 3,132,768
498,813 1,433,883
40,228 41,473
4,082,793 4,614,327 4,549,030 4,033,919.
667,582 (139,920) (32,257) 1,174,844
(823,241) (78,917) (30,000) (891,481)
(823,241) (78,917) (30,000) (891,481)
(240,101) (155,659) (218,837) (62,257) 283,363
L319,322 1,079,221 923,562 704,725 642,468
1,079,221 $ 923,562 $ 704,725
$ 642,468 $ 925,831
Sources: Audited Financial Reports of the Town (2007-2010) & Unaudited Annual Update Document for 201 I
'I'able gself NOT audited.
Town of Southold
A3
Statement of Revenues, Expenditures and Changes in Fund Balance
Non-Major Government Funds
Fiscal Year Ending December 31:
200'/ 2008 2009 2010 201~1
Real Proper~Taxes $ 2,831,897 $ 2,861,630 $ 2,815,131 $ 3,745,198 $ 3,373,173
Other Real Property Tax Items 4,581 6,415 3,375 4,245 1,364
Non-Propecty Tax Items 234,091 256,296 276,999 300,987 314,260
Departmental Income 2,147,502 2,387,861 2,105,725 2,096,830 2,501,552
Intergovernmental Charges 905 0
Use of Money & Property 94,361 42,936 7,379 9,005 15,522
Licenses& Permits 169,338 167,760 185,257 144,470 168,084
Sale of Proper~ & Comp. for Loss 216,437 212,655 287,643 312,569 337,642
Miscellaneous Local Sources 13,283 889 738 30,801
State Aid 93,135 216,273 145,768 156,581 180,069
Federal Aid 210,175 144,838 67,974 304,342 197,389
Total Revenues 6,015,705 6,297,553 5,895,251 7,074,965 7,119,856
Expenditures:
General Government Support 87,970 267,423 61,807 69,800 2,792,017
Public Safety 948,31 I 1,056,786 1,094,034 1.132,118 1,283,577
Public Health 7,370 7,370 7~370 0
ltome & CommuniW Services 3,] 73,114 3,322,615 3,155,421 3,292,453 778,184
Employee Benefits 468,989 470,182 I,164,035 1,163,979 606,913
Debt Service Principal & Interest 530,796 651,896 661,125 672,725 987,748
Total Expenditures 5.216,550 5,776,272 6,143,792 6,331,075 6,448,439
Excess (Deficiency) of Revenues Over
Expenditures
799,155 521,281 (248,541) 743,890 671,417
Operating Transfers In
Operating Transfers Oul ( 874, I 15) (6 } 8,408) ( 139,031 ) (149,234) (610,487)
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues and
Other Sources Over Expenditures and
Other Uses
(874,115) (618,408) (139,031) 049,234) (610,487)
(74,960) (97,127) (387,572) 594,656
60,930
1,238,789
Fund Balance Beginning of Year
1,203,792 1,128,832 1,031,705 644,133
Adjustments
Fund Balance End of Year
$ 1,128,832 $ 1,031,705 $ 644,133 $
(58,775)
1,238,789 $ 1,240,944
(I) Includes the following funds: General Fund PaCt Town, Special Grant Fund. East-West Fire Protection Fund, Southold
Wastewater District, Fishers Island Sewer District and Solid Waste Management
Sources: Audited Financial Reports of the Town (2007-2010) & Unaudited Annual Update Document lbr 201 I
Table itself NOT audited.
Town of Southold
A4
Fund
Pund
TOWN OF SOUTHOLD
APPENDIX B
ANNUAL FINANCIAL REPORT UPDATE DOCUMENT
FOR THE FISCAL YEAR ENDED
DECEMBER 31,2011
ADDITIONAL INFORMATION
Additional information may be obtained upon request from the office of the Supervisor, Town of
Southold, 53095 Route 25, P.O. Box 1179 Southold, New York 11971 telephone number 6311765-1800 or from
the office of Mun stat Serv ces, Inc., 12 Roosevelt Avenue, Port Jefferson Stat on, New York 11776, telephone
number 631/331-8888.
Any statements in this Statement involving matters of opinion or estimates, whether or not expressly so
stated, are intended as such and not as representations of fact. No representation is made that any of such
statements will be realized.
This Statement is submitted only in connection with the Town's "Undertakin~ to Provide Notices and
Information"pursuant to Rule 15c2-12 as~promulgated by the Securities and Exchange ~2ommission and may not
be reproducedor used in whole or in part tot any other purpose.
By: s/s ~
Supervisor
Town of Southold
Southold, New York
May 25, 2012
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