The URL can be used to link to this page

Home My WebLink About1974 FIFD R. A. DOHERTY, C.P.A. (203) 443-2033 R. M. DONOVAN, P.A. R. H. KOZEK G. W. ROOT DOHEFTY AND COMPANY PROFESSIONAL CORPORATION CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET NEW LONDON, CONNECTICUT 06320 May 20, 1975 The Board of Commissioners Fishers Island Ferry District Fishers Island, New York Gentlemen: We have examined the Balance Sheet of Fishers Island Ferry District as of December 31, 1974 and the related statements of Income, Proprietory Capital and Changes in Financial Position for the year ended December 31, 1974. 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, 1974 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, DO TY AND COMPANY, P C. Robert A. Doherty, C.P.A: RAD/mw Enclosures FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS Exhibit A - Balance Sheet at December 31, 1974 Exhibit B - Income Statement for the year ended December 31, 1974 Exhibit C - Statement of Proprietory Capital and Retained Income and Additions thereto for the year ended December 31, 1974 Exhibit D - Statement of Changes in Financial Position for the year ended December 31, 1974 Schedule 1 - Statement of Investment in Affiliated Companies at December 31, 1974 Schedule 2 - Statement of Property and Equipment at December 31, 1974 Schedule 3 - Statement of Water Line Operating Revenues for the year ended December 31, 1974 Schedule 4 - Statement of Water Line Operating Expenses for the year ended December 31, 1974 Schedule 5 - Statement of Noncarrier Operations for the year ended December 31, 1974 DOHERTY AND COMPANY, P.C. EXHIBIT A FISHERS ISLAND FERRY DISTRICT BALANCE SHEET AT DECEMBER 31, 1974 ASSETS CURRENT ASSES Cash - Valley National Bank $ 18 433.63 - Hartford National Bank 404.95 Imprest Funds 13,224.50 Special Cash Deposits -. ted 5,837.38%0',de, Accrued Interest 167.97 Certificate of Deposit 55.000.00 Total Current Assets $ 81,068.43 INVESTMENTS (Schedule 1) Investments in Affiliated Companies 36,327.92 PROPERTY AND EQUIPMENT (Schedule 2) Total at Cost $758,531.22 Less : Depreciation Reserve (Note 1) 282,257.43 Total Property and Equipment /mayl. 73.79 TOTAL ASSETS $593,670.14 LIABILITIES AND CAPITAL CURRENT LIABILITIES Accounts Payable $ 17,587.21 Traffic and Car Service Balance (225.12)W Accrued Interest 997.50 Accrued Taxes 1,028.27 Total Current Liabilities $ 19,387.86 EQUIPMENT OBLIGATIONS DUE IN ONE YEAR (Note 2) 19,000.00 FUNDED DEBT - UMIAT RED (Note 2) 19,000.00 CAPITAL Proprietory Capital $958,774.32 Retained Income - Unappropriated (422,492.04) Total Cavital 536,,282.28 TOTAL LIABILITIES AND CAPITAL $593,670.14 DOHERTY AND COMPANY, P.C. EK11IBITB FISHERS ISLAND FERRY DISTRICT INCOME STATENEN T FOR THE YEAR ENDED DRCEiJBER 31,, 1974 Water Line Operating Revenue: Operating Income (Schedule 3) $267,991.16 Operating Expense (Schedule 4) 325.129.81 Net Revenue from Wateg Ling Qperations $(57,138.65) Other Income: Interest Income 1,575.02 Totem, Income before Fixed Charges $(55,563.63) Fixed QLarges Interest on Funded Debt (1,330.00) NET INCOME OR (LOSS) $(56,893.63) DOHERTY AND COMPANY, P.C. EXHIBIT C FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPRIETORY CAPITAL AND RETAINED INCOME AND ADDITIONS THERETO FOR THE VELI ENDED DECEMPR� 31, 1974 Proprietory Capital - January 1, 1974 $ 895,394.32 Additions (Reductions) 632380.00 Proprietory Capital - December 31, 1974 $ 958,774.32 Retained Earnings - Unappropriated - January 1, 1974 $(369,679.45) Additions (Reductions) : Operating Loss (56,893.63) Prior Years Freight Revenue Adjustment (1,268.96) Insurance Claim - Transfer from Appropriated 5,,350.00 Retained Earnings - Unappropriated - December 31, 1974 (422,492.04) Retained Earnings - Appropriated - January 1, 1974 $ 5,350.00 Additions (Reductions - Insurance Claim) (5.350.00) Retained Earnings - Appropriated - December 31, 1974 -0- 1OZL CAPITAL DECEMBER 31, 1974 $ 536,282.28 DOHERTY AND COMPANY, P.C. EXHIB TLD FISHERS ISLAND FERRY DISTRICT STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED D DECELLBER 31, 1974 QHA,NG 'SIN�WOR KING CAPITAL December 31, December 31, Net 1974 ,1973 Chanize Increase (Decrease) in Current Assets: Cash - Valley National Bank $ 18,433.63 $ 31,440.97 $(13,007.34) - Hartford National Bank 404.95 131652.20 (1,247.25) Imprest Funds 15224.50 920.00 304.50 Special Cash Deposits 5,837.38 1,930.19 3,907.19 Accounts Receivable -0- 49.60 (49.60) Accrued Interest 167.97 145.74 22.23 Prepayments -0- 4,345.86 (4,345.86) Certificate of Deposit 55.000.00 50.000.00 5,000.00 Total Increase (Decrease) $ 81,068.43 $ 90,484.56 $ (9,416.13) ,(I ,crease) Decrease in Current & Accrued Liabilities: Accounts Payable $ 17,587.21 $ 31,764.91 $ 14,177.70 Traffic and Car Service (225.12) 531.00 756.12 Accrued Interest 997.50 1,662.50 665.00 Accrued Taxes 1,,028.27 1.117.04 88.77 Total Increase (Decrease) $ 19,387.86 $ 35,075.45 $ 15,687.59 T INCREASE (DECREASE) _IN WORKING CAPITAL $ 61,680.57 $ 55,409.11 $ 6,271.46 Funds Provided: Additions to.Proprietory Capital $ 633,380.00 Net Income (Loss) from Operations (56,893.63) Charges against Earnings not requiring Funds : Depreciation 23.429.67 Total Funds Provided $ 29,916.04 Funds ADnlied• Payments on Long Term Debt $ 19,000.00 Additions to Investment in Affiliated Companies 22124.32 Fixed Assets Acquired (Net) 12251.30 Increase in Working Capital 62271.46 Prior Years Freight Revenue Adjustment 1'268.96 lota1_ Funds Applied $ 29,916.04 4 DOHERTY AND COMPANY, P.C. SCHEDULE 1 FISHERS ISLAND FERRY DISTRICT STATEMENT OF INVESTMENT IN AFFILIATED COMPANIES AT DECEMBER 31, 1974 Elizabeth Airfield and Theatre : Cash on Hand $ -0- property and Equipment: Theatre $ 6,926.89 Less: Depreciation Reserve 5,817.03 13-109.86 Airfield $ 29,800.94 Less : Depreciation Reserve 22,204.72 7,,,596.22 Total Property and Equipment $ 8,706.08 Add: Deficit at 12/31/74 (Per Schedule 5) 27.621.84 TOT-AL-INVESTMENT IN AFFILIATED COMPANIES $ 36,327.92 10 DOHERTY AND COMPANY, P.C. S CIS JOULE 2 FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPERTY AND EQUIP LENT Al DECEMBER 31. 1971, Accumulated Net Book Cost Depreciation Value Line Equipment: Mystic Isle $235,006.74 $132,076.21 $102,930.53 Olinda 166,063.65 39,567.14 126,496.51 Buildings 279,269.53 79,594.90 199,674.63 Office and Terminal Equipment 28,632.80 232177.77 5,455.03 Improvements on Leased Property 72841.41 7,841.41 -0- Land 41,717.09 -0 41,7 17.09 Totals $758,531.22 $282,257.43 $476,273.79 DOHERTY AND COMPANY, P.C. SCIEDULE 3 FISFERS ISLAND FERRY DISTRICT STATEMENT OF WATER LINE OPERATING REVENUE FOR TFE Y YEAR ENDED DECEMBER 31, 1974 Operating Revenue: Line Service : Mail $ 9,502.01 Miscellaneous Voyage Revenue 1,950.00 Total Operating Revenue - Line Service $ 11,452.01 they Operating Revenue: Ferry Service 252,445.15 Rent Revenue: Revenue from Charters $ 3,994.00 Other Rental Revenue 100.00 Total Rent Revenue 4,094.00 TOTAL JgATE]&LINE OPER TTN, REVENUE $267,991.16 DOHERTY AND COMPANY, P.C. SCHEDULE 4 FISHERS ISLAND FERRY DISTRICT STATEMENT OF WATER LINE OPERATING EXPENSES FOP, THE YEAR ENDED DECEMBER 31, 1974 Maintenance_EZp ease: Repairs to Floating Equipment $ 31,511.59 Repairs to Buildings and Other Structure 1,407.42 Repairs to Office and Terminal Equipment 2,516.84 Other Maintenance 70.55 Total Maintenance Expense $ 35,506.40 Depreciation 23,429.67 Transportation Expenses: Wages of Crew $166,474.96 Fuel 223,337.54 Lubricants and Water 234.90 Stores, Supplies and Equipment 1,802.64 Other Vessel Expenses 346.05 Light, Heat, Power and Water 5,052.33 Stationery and Printing 70.65 Local Transfers 2,190.00 Other Terminal Expenses 1,545.86 Advertising 64.50 Other Traffic Expenses 407.10 Total Trans2ortation Expenses 200,526.53 General Expenses : General Officers and Clerks $ 18,334.16 Office Supplies and Expenses 1,442.78 Law Expenses 300.00 Pensiors and Relief 5,474.67 Stationery and Printing 772.68 Other General Expenses 4,550.25 Total eneral Expenses 30,874.54 Casualties and Insurance: Baggage Insurance and Losses $ 270.20 Hull, Liability, Damage and Cargo Insurance 31, 139.25 Total Casualties and Insurance 31,409.45 QRerating Taxed: Payroll Taxes $ 121158.20 Water Line Tax Accruals 2.225.02 Total Operating Taxes _ 3.383.22 TOTAL WATER LINE OPERATING EXPENSES $325,129.81 DOHERTY AND COMPANY, P.C. SCHEDULE 5 FISHERS ISLAND FERRY DISTRICT STATEMENT OF NON-CARRIER OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1974 Income from Non-Carrier Operations: Theatre $ 10,859.43 Airfield 1,495.98 Total Income $ 12,355.41 Esenses of Non-Carrier Operations : Theatre: Film $ 53,488.03 Payroll 2,110.00 Utilities 538.84 Repairs and Maintenance 2,083.50 Miscellaneous 434.78 Depreciation 383.69 Total Theatre Expertaes $ 11,038.841J Airfield: Utilities $ -0- Insurance 510.00 Repairs 2,009.98 Miscellaneous 1,304.60 Depreciation 1,516.92 Total Airfield Expenses $ 5,341.50 Total Expenses 16.380.34 Net Income (Loss) $ (4,024.93) Deficit - January 1, 1974 (23,596.91) DEFICIT (Carried forward to Schedule 1) $ 27,621.84 DOHERTY AND COMPANY, P.C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL ST' TE=T� 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. DOHERTY AND COMPANY, P.C.