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Home My WebLink About1973 FIFD R. A. DOHERTY, C.Y.A. (203) 443-2033 R. M. DONOVAN, P.A. R. H. KOZEK G, W. ROOT DOHERTY AND COMPANY PROFESSIONAL CORPORATION CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET NEW LONDON, CONNECTICUT 06320 April 25, 1974 The Board of Conmissioners Fishers Island Ferry District Fishers Island, New York 06390 Gentlemen: We have examined the Balance Sheet of Fishers Island Ferry District as of December 31, 1973 and the related statements of Income, Proprietory Capital and Changes in Financial Position for the year ended December 31, 1973. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the aforementioned financial statements present fairly the financial position of the Fishers Island Ferry District at December 31, 1973 and the results of its operations and the changes in its financial position for the year then ended in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceeding year. Yours truly, DOHERTY AND COMPANY, P..C. i i Robert A. Doherty, C.P P. . RAD/mw Enclosures FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS Exhibit A - Balance Sheet at December 31, 1973 Exhibit B - Income Statement for the year ended December 31, 1973 Exhibit C - Statement of Proprietory Capital and Retained Income and Additions thereto for the year ended December 31, 1973 Exhibit D - Statement of Changes in Financial Position for the year ended December 31, 1973 Schedule 1 - Statement of Investment in Affiliated Companies at December 31, 1973 Schedule 2 - Statement of Property and Equipment for the year ended December 31, 1973 Schedule 3 - Statement of Water Line Operating Revenues for the year ended December 31, 1973 Schedule 4 - Statement of Water Line Operating Expenses for the year ended December 31, 1973 Schedule 5 - Statement of Noncarrier Operations for the year ended December 31, 1973 DOHERTY AND COMPANY EXHIBIT A FISHERS ISLAND FERRY DISTRICT BALANCE SHEET AT DECEMBER 31,,-x,13 ASSETS CURRENT ASSETS Cash - Valley National Bank $ 31,440.97 - Hartford National Bank 1,652.20 Imprest Funds 920.00 Special Cash Deposits j,}c j� Jw i3o v tf A(b 1,930.19 Accounts Receivable 49.60 Accrued Interest 145.74 Prepayments m+c 4,345.86 Certificate of Deposit 50,000.00 Total Current Assets $ 90,484.56 INVESTMENTS (Schedule 1) Investments in Affiliated Companies 34,203.60 PROPERTY AND EQUIPMENT (Schedule 2) Total at Cost $757,589.14 Less: Depreciation Reserve (Note 1) 259,,136.98 Total Property and Eguipment 4,98.4.52,16 TOTAL ASgTS $623,140.32 LIABILITIES AND CAPITAL CUR-RENT_,(ABILITIES Accounts Payable $ 31,764.91 Traffic and Car Service Balance 531.00 Accrued Interest 1,662.50 Accrued Taxes 1.11 .04 Total Current Liabilities $ 35,075.45 EQUIPMENT OBLIGATIONS DUE IN ONE YEAR (Note 2) 19,000.00 FUNDED DEBT - UNMATUURED (Note 2) 38,000.00 CAPITAL Pro rieto Ca ,�ncn nrr %v, y% rias P ry Capital $895,394.32 Retained Income - Unappropriated of144 L�b n S b Q%F C r �1l3 (369,679.45) Retained Income - Appropriated 5,350.00 Total Capital rr�p>r,vi ijss.�rr �r'.sS 1�O�vJML R r�cv .C6 ss�=s 531,064.8 TOTAL LIABILITIES AND CAPITAL $623,140.32 DOHERTY AND COMPANY EXHIBIT B FISHERS ISLAND FERRY DISTRICT INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31 1973 Water Line Ooeratina Revenue: Operating Income (Schedule 3) $274,943.02 Operating Expense (Schedule 4) 371,458.40 Net Revenue from Water Line Operations $(96,515.38) Other Income: Interest Income 1,631.86 Total income $(94,883.52) Miscellaneous Deductions from Income : Profit or (Loss) from Disposition of Property (2,082,53) Ordinary Income before Fixed Charges $(96,966.05) Fixed Charges: Interest on Funded Debt $ 2,1G5.83 Uncollectible Accounts 190-.40 Total Fixed Charges 2,296.23 NET INCOME OR (LOSS) $(99,262.28) DOHERTY AND COMPANY EXHIBIT C FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPRIETORY CAPITAL AND RETAINED INCOME AND ADDITIONS THERETO FOR THE YEAR ENDED DECEMBER 31, 1973 Proprietory Capital - January 1, 1973 $86111626.32 Additions (Reductions) ?Bx s 33.768.00 Proprietory Capital - December 31, 1973 $895,394.32 pccar�u.+nTe P Retained Earnings - Unappropriated - January 1, 1973 $(275,588.23) Additions (Reductions) : Operating Loss (99,262.28) Other - Insurance Refund (Prior Year) 2,599.30 Prior Years Unreported Income (Note 3) 2,571.76 Retained Earnings - Unappropriated - December 31, 1973 .-nr�na�✓n 1 n�tf�� r [►G+e�rvigT�n (369,679.45) Retained Earnings - Appropriated - January 1, 1973 $ -0- Additions (Reductions - Insurance Claim) 5.350.00 Retained Earnings - Appropriated - December 31, 1973 5.350.00 TOTAL CAPITAL - DECEMBER 31. 1973 $531,064.87 DOHERTY AND COMPANY EXHIBIT D FISHERS ISLAND FERNY DISTRICT STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED DE M,IBER 31, 1973 C14A?;CES Iii (FORKING CAPITAL December 31, December 31, Net 1973 1972 _Char.�e Increase ("Decrease) in Current & Accrued Assets : Cash - Valley National Bank $ 31,440.97 $ 99,623.15 $(68,182.18) - Hartford National Bank 1,652.20 3,109.15 (1,456.95) imprest Funds 920.00 920.00 -0- Special Cash Deposits 1,930.19 -0- 1,930.19 Accounts Receivable 49.60 1,463.65 (1,414.05) Accrued Interest 145.74 -0- 145.74 Prepayments 4,345.86 26,223.15 (21,877.29) Certificate of Deposit 50 000.00 -0- 50,000.00 Total Increase (Decrease) $ 90,484.56 $131,339.10 $(40,854.54) (Increase) Decrease in Current & Accrued Liabilities : Accounts Payable $ 31,764.91 $ 16,809.43 $(14,955.48) Traffic and Car Service 531.00 -0- (531.00) Accrued Interest 1,662.50 2,216.67 554.17 Accrued Taxes 1,117.04 176.65 (940.39) Total Increase (Decrease) $ 35,075.45 $ 19,202.75 $(15,872.70) NET INCREASE (DECREASE) IN WORKING CAPITAL $ 55,409,11 $112,136.35 $(56,727.24) Funds Provided: Prior Years Unreported Income $ 2,571.76 Prior Years Insurance Premium Refund 2,599.30 Additions to Proprietory Capital 33,768.00 Additions to Retained Earnings - Appropriated 5,350.00 Net Income (Loss) from Operations (99,262.28) Charges against Earnings not requiring Funds : Depreciation ($23,748.76, Less Retirements $1,420.86) 22,327,90 Decrease in Working Capital 56,727.24 Total Funds Provided $ 24,081.92 Funds Applied: Payments on Long Term Debt $ 19,000.00 Additions to Investment in Affiliated Companies 3,510.39 Fixed Assets Acquired 1,571.53 Total Funds Provided $ 24,081.92 s DOHERTY AND COMPANY SCHEDUE 1 FISHERS ISLAND FERRY DISTRICT STATEMENT OF INVESTMENT IN AFFILIATED-COMPANIES AT DECEMBER 31,,, 1973 Elizabeth Airfield and Theatre: Cash on Hand $ _0_ Property and Equipment,: -� Theatre $ 6,926.89 Less: Depreciation Reserve 5.433.34 1,493.55 Airfield $ 29,800.94 Less: Depreciation Reserve 20.687.80 9,113.14 Total Property and Eauinment $10,606.69 Add: Deficit at 12/31/73 (Per Schedule 5) 23.596.91 TOTAL INVESTMENT IN AFFILIATED COMPANIES $ 34,203.60 R1'/ELU 7'c-;zd,5 g 0V15a. io F�Z-/Z y D:� 7n�cr !3Y � � lia ✓T 1-72cA=iTs /914�' USaL> Yosn - T.� s �?trG"cino Vlaq�i�zh v f=o2 �CYi /Z %=po.2r DOHERTY AND COMPANY SCHEDULE 2 FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPERTY AND EQUIPMENT FOR THE YEAR ENDED DEMN[BER 31, 1973 Accumulated Net Book Cost Depreciation Value Line Eguioment: Mystic Isle $235,006.74 $125,043.10 $109,963.64 AL Olinda 166,063.65 33,466.99 132,596.66 Iuildin�,rs 279,269.53 70,768.03 208,501.50 Office and Terminal Equipment 27,690.72 22,017.45 5,673.27 Improvements on Leased Property 7,841.41 7,841.41 -0- Land 41,717.09 -0- 41.717.09 Totals $757,589.14 $259,136.98 $498,452.16 DOHERTY AND COMPANY SCHEDULE 3 FISHERS ISLAND FERRY DISTRICT STATEMENT OF LlATER LINE OPERATING REVENUE FOR THE YEAS ENDED DECE11BER 31. 1973 Operating Revenue: Line Service .. Hail $ 8,904.22 Miscellaneous Voyage Revenue 1,226.00 IL Total Operating: Revenue - Line Service $ 10,130.22 Other Oberatinz Revenue: Special Services $ -0- Ferry Service 247,233.99 iiscellaneous Operating Revenue 126.81 Total Other Operating Revenue 247,360.80 Rent Revenue: Revenue from Charters $ 17,352.00 Other Rental Revenue 100.00 Total Rent Revenue 17,452.00 TOTAL WATER LINE OPERATING REVENUE $274,943.02 All DOHERTY AND COMPANY SCHEDULE 4 FISHERS ISLAND FERRY DISTRICT STATEMENT OF WATER LINE OPERATING EXPENSES FOR THE YEAR ENDED DECE�MER 31 1973 Maintenance Expense: Repairs to Floating Equipment $ 89,287.35 Repairs to Buildings and Other Structure 1,651.69 Repairs to Office and Terminal Equipment 1,029.16 Other Maintenance 77.00 Total Maintenance Expense $ 92,045.20 Depreciation (See Schedule 2) 23,748.76 Transportation Expenses : Wages of Crew $151,729.84 Fuel 12,823.88 Lubricants and Water 959.20 Stores, Supplies and Equipment 1,239.30 Other Vessel Expenses 425.10 Agents 12,605.09 Stevedoring -0- Light, Heat, Power and water 1,565.55 Stationery and Printing 1,070.60 Local Transfers 1,560.00 Other Terminal Expenses 76.90 Advertising 74.48 Other Traffic Expenses 18.65 Total Transportation Expenses 1843,148.59 General Expenses: General Officers and Clerks $ 20,630.51 Office Supplies and Expenses 25P804.69 Law Expenses 80.83 Pensions and Relief 5,005.59 Stationery and Printing 649.49 Other General Expenses 4,667.00 Total General Expenses 33,838.11 Casualties and Insurance: Baggage Insurance and Losses $ 40.35 Hull Insurance and Damage 8,234.00 Cargo Insurance, Loss and Damage 550.00 Liability Insurance and Losses - Marine 18,299.94 Liability Insurance and Losses - Non-Marine 2,729.21 Other Insurance 3,194.00 Total Casua ties and Insurance 33,047.50 Operating Rents: Charter Rents - Trans. Property $ -0- Other Operating Rents 10.00 Total Operating Rents 10.00 Operating Taxes: Pay-Roll Taxes $ 1,493.53 Water Line Tax Accruals 3,126.71 Total Operating Taxes 4,620.24 TOTAL WATER LINE OPERATING EXPENSES $371,458.40 DOHERTY AND COMPANY SCHEDULE 5 FISHERS ISLAND FERRY DISTRICT STATEMENT OF NON-CARRIER OPERATIONS FOR TRE YEAR ENDED DECE,,DER 31. 1973 Inco-e from Non-Carrier Operations : Theatre $ 10,397.50 Airfield 2,441.23 Other Non-Carrier Income 271.10 Total Income $ 13,109.83 E menses of Non-Carrier Operations : T"n.eatre: Film $ 8,288.87 _�a.>roll 2,033.00 Utilities 319.07 Repairs and Maintenance 1,353.55 Miscellaneous 237.86 Depreciation 586.09 $ 12,818.44 Airfield: Utilities $ -0- Insurance 510.00 Repairs 2,297.39 Miscellaneous 645.40 Depreciation 1.745.18 $ 5,197.97 Total E%enses 18.016.41 Net Income (Loss) $ (4,906.58) Deficit - January 1, 1973 518.690.33) DEFICIT (Carried forward to Schedule 1) $(23,596.91) DOHERTY AND COMPANY FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS 1) Depreciation is by the straight-line method over the estimated useful lives of the assets. • 2) Statutory 3.5% Installment Bonds issued March 1, 1971. $19,000 in Bonds matures March 1 each year: Through March 1, 1976 3) Freight Income in the amount of $2,571.76 was not reported in prior year. This amount represents freight revenue charges in excess of customer deposits. DOHERTY AND CO1M?A1,,aY