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Home My WebLink About2013 CPF TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND FINANCIAL STATEMENT For the Year Ended December 31,2013 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND TABLE OF CONTENTS December 31,2013 Page INDEPENDENT AUDITOR'S REPORT........................................................................................... 1 FINANCIAL STATEMENTS BalanceSheet.......................................................................................................................................2 Statements of Revenues and Expenditures..........................................................................................3 Notesto Financial Statement..............................................................................................................4-6 k 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 11971 I have audited the accompanying financial statements of Town of Southold Peconic Bay Community Preservation Fund which comprise the balance sheet as of December 31, 2013, 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 financial 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 from material misstatement, whether due to fraud 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 from 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 financial 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, 2013, and the revenues and expenditures for the year then ended in accordance with accounting principles generally accepted in the United States of America. Certified Public Accountant April 28,2014 East Setauket,NY 1 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND BALANCESHEET December 31,2013 ASSETS: Restricted cash $9,764,130 Due from other governments 720,663 Accounts receivable 37,473 Land and development rights 92,244,575 TOTAL ASSETS 102,766,841 LIABILITIES: Accounts payable $5,174 Bonds payable 27,564,100 TOTAL LIABILITIES 27,569,274 FUND BALANCE: Fund balance-restricted 75,197,567 TOTAL LIABILITIES AND FUND BALANCE $102,766,841 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 31,2013 REVENUES: Community Preservation Fund transfer taxes $5,023,334 Government grants 1,303,617 Interest income 16,443 TOTAL REVENUES 6,343,394 EXPENDITURES: Land acquisition costs 3,637,359 Stewardship management 15,107 Stewardship supplies 1,378 Administrative management 181,300 Adminstrative expenses 6,000 Serial bonds, principal 1,282,300 Serial bonds, interest 1,095,138 TOTAL EXPENDITURES 6,218,582 EXCESS OF EXPENDITURES OVER REVENUES ($124,812) 3 See accompanying notes to financial statement TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31,2013 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 Accountine 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 15`" 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 2014 $ 401,700 $ 323,453 2015 401,700 306,380 2016 401,700 289,308 2017 446,400 271,286 2018 446,400 252,314 2019 and thereafter 5,713.600 1.487,296 4 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31, 2013 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 2014 $ 296,600 $ 242,695 2015 317,800 230,407 2016 317,800 217,695 2017 317,800 204,983 2018 339,000 191,847 2019 and thereafter 4,491,600 1,162,789 $ 4 48Q.(�Q4 $ Serial Bonds for $5,000,000 are dated March 15, 2010. Denominations are maturing on March 15`" 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 2014 $ 179,000 $ 178,459 2015 189,000 171,099 2016 199,000 163,339 2017 209,000 155,179 2018 219.000 146,619 2019 and thereafter 3,442,000 940,740 $ 4.437.000 $ 1.755.43.5. 5 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31,2013 Serial Bonds for $10,000,000 are dated June 29, 2013. Denominations are maturing on August 15" 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 2014 $ 420,000 $ 307,206 2015 430,000 298,806 2016 445,000 289,131 2017 460,000 278,006 2018 470,000 264,206 2019 and thereafter 7,010,000 1,823.921 $ 2235-QW $ 2512Ift 6