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Home My WebLink About2012 CPFLEGAL 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 RECEIVED APR 2 9 Z0!3 $outhold Town Clerk TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND FINANCIAL STATEMENT For the Year Ended December 31~ 2012 ~OWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND TABLE OF CONTENTS December 31~ 2012 Page INDEPENDENT AUDITOR'S REPORT ........................................................................................... 1 FINANCIAL STATEMENTS Balance Sheet ....................................................................................................................................... 2 Statements of Revenues and Expenditures .......................................................................................... 3 Notes to Financial Statement .............................................................................................................. 4-6 George R. Rehn Certified Public Accountant 286 Main Street · East Setauket · New York 11733 (631) 751-3886 · Fax (631) 751-2740 INDEPENDENT AUDITOR'S REPORT Southold Town Board Town of Southold Southold, New York 1 I971 I have audited the accompanying f'mancial statements of Town of Southold Peconic Bay Community Preservation Fund which comprise the balance sheet as of December 31, 2012, and the related statements of revenues and expenditures for the year then ended, and the related notes to the financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these f'mancial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free fi.om material misstatement, whether due to fi'aud or error. Auditor's Responsibility 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 fi.om material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Opinion In my opinion, the f'mancial statements referred to above present fairly, in all material respects, the balance sheet of Town of Southold Peconic Bay Community Preservation Fund as of December 31, 2012, and the revenues and expenditures for the year then ended in accordance with accounting principles generally accepted in the United States of America. March 27, 2013' East Setauket, NY Certified Public Accountant TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND BALANCE SHEET December 31~ 2012 ASSETS: Restricted cash Due from other governments Accounts receivable Land and development rights LIABILITIES: Accounts payable Bonds payable FUND BALANCE: Fund balance - restricted TOTAL ASSETS TOTAL LIABILITIES $9,687,212 672,124 47,546 88,634,284 99,041,166 $14,602 28,846,400 28,861,002 70,180,164 TOTAL LIABILITIES AND FUND BALANCE $99,041,166 2 See accompanying notes to financial statement TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND STATEMENTS OF REVENUES AND EXPENDITURES For the Year Ended December 31, 2012 Community Preservation Fund transfer taxes Government grants Interest income EXPENDITURES: Land acquisition costs Stewardship management Stewardship supplies Administrative management Adminstrative expenses Serial bonds, principal Serial bonds, interest TOTAL REVENUES TOTAL EXPENDITURES $3,842,768 509,532 16,159 4,368,459 2,135,031 119,674 252 202,120 10,000 1,i77,700 1,176,581 4,821,358 $452,899 EXCESS OF EXPENDITURES OVER REVENUES 3 See accompanying notes to financial statement TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 3L 2012 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 he 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 15t~ 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 2013 $ 401,700 $ 340,525 2014 401,700 323,453 2015 401,700 306,380 2016 401,700 289,308 2017 446,400 271,286 2018andthereaRer 6,160,000 1,739,610 $ ~,213.200 $ 3.270.562 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31~ 2012 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 2013 $ 296,600 $ 254,559 2014 296,600 242,695 2015 317,800 230,407 2016 317,800 217,695 2017 317,800 204,983 2018 andtherea~er 4,830,600 1,354~636 $ 6.377.200 $ 2.504.975 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 4.125% in 2026 and then 4.25% subsequently. The maturities of the bonds for the next five years are as follows: Principal Interest 2013 $ 174,000 $ 184,649 2014 179,000 178,459 2015 189,000 171,099 2016 199,000 163,339 2017 209.000 I55,179 2018 and therea~er 3~661,000 1,087,359 $ 4.611.000 $ 1,940,084 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31, 2012 Serial Bonds for $10,000,000 are dated June 29, 2012. Denominations are maturing on August 15th each year through 2030. Interest rate is 2% through 2014, 2.25% for 2015, 2.5% for 2016, 3% through 2021, 3.125% for 2022, 3.25% for 2023, 3.5% for 2024, 3.625% for 2025, 3.75% for 2026 and 4% thereafter. The maturities of the bonds for the next five years are as follows: Principal Interest 2013 $ 410,000 $ 315,406 2014 420,000 307,206 2015 430,000 298,806 2016 445,000 289,131 2017 460,000 278,006 2018 andthereaffer 7,480,000 2,088,127 $ 9.645.000 $ 3.576.682 6