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Home My WebLink About1976 FIFD R. A. DOHERTY, C.P.A. (203) 443.203+ R. M. DONOVAN, P.A. R. H. K07-EK G. W. ROOT DOHERTY AND COMPANY PROFESSIONAL CORPORATION CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET NEW LONDON, CONNECTICUT 06320 May 25, 1977 The Board of Commissioners Fishers Island Ferry District Fishers Island, N.Y. 06390 Gentlemen: We have examined the Balance Sheet of Fishers Island Ferry District as of December 31, 1976, and the related statements of Income, Proprietory Capital and Changes in Financial Position for the year then ended. Our examination was made in accordance with generally accepted auditing stan- dards 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, 1976, 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 pre- ceding year. Yours truly, DOHERTY AND COMPANY, P.C. ,� vl Robert A. Doherty, C. .A. RAD/dsb Enclosures FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS Exhibit A - Balance Sheet at December 31, 1976. Exhibit B - Income Statement for the year ended December 31, 1976. Exhibit C - Statement of Proprietory Capital and Retained Income and Additions thereto for the year ended December 31, 1976. Exhibit D - Statement of Changes in Financial Position for the year ended December 31, 1976. Schedule 1 - Statement of Investment in Affiliated Companies at December 31, 1976. Schedule 2 - Statement of Property and Equipment at December 31, 1976. Schedule 3 - Statement of Water Line Operating Revenues for the year ended December 31, 1976. Schedule 4 - Statement of Water Line Operating Expenses for the year ended December 31, 1976. Schedule 5 - Statement of Noncarrier Operations for the year ended December 31, 1976. DOHERTY AND COMPANY, P.C. EXHIBIT A FISHERS ISLAND FERRY DISTRICT BALANCE SHEET T DECEMBER 31 1976 ASSETS CURRENT ASSETS: Cash - Valley National Bank $ 44,146 - Hartford National Bank 780 Imprest Funds 1,225 Special Cash Deposits 3,558 Accrued Interest 206 Certificate of Deposit 50,000 Accounts Receivable 1-642 Total Current Assets $101,557 INVESTMENTS: (Schedule 1) Investments in Affiliated Companies 38,757 PROPERTY AND EQUIPMENT• (Schedule 2) Total at Cost $761,192 Less: Depreciation Reserve (Note 1) 328.632 Total Property & Eauipment 432.560 TOTAL ASSETS $572,874 LIABILITIES AND CAPITAL CURRENT LIABILITIES: Accounts Payable $ 28,033 Traffic & Car Service Balance 1,076 Accrued Taxes 468 Total Current Liabilities $ 293,577 CAPITAL: (Exhibit C) Proprietory Capital $958,774 Retained Income - Unappropriated (415,477) Total Capital 5A3,297 TOTAL LIABILITIES & CAPITAL $572,874 DOHERTY AND COMPANY, P.C. EXHIBIT B FISHERS ISLAND FERRY DISTRICT INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1976 WATER LINE OPERATING REVENUE: Operating Income (Schedule 3) $317,953 Operating Expenses (Schedule 4) 431,652 Net Revenue from Water Line Opera tions $(113,699) OTHER INCOME Interest Income 2.689 Total Income before Fixed Charges $(111,010) FIXED CHARGES: Interest on Funded Debt X6.(2) NEINCOME OR (LOSS). $(111,176) i DOHERTY AND COMPANY, P.C. EXHIBIT C FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPRIETORY CAPITAL AND RETAINED INCOME AND ADDITIONS THERETO FOR THE YEAR ENDED DECEIMER_31. 1976 PROPRIETORY CAPITAL - January 1, 1976 $958,774 Additions (Reductions) -0- PROPRIETORY CAPITAL - December 31, 1976 $958,774 RETAINED INCOME - Unappropriated - January 1, 1976 $(386,229) Additions: Town of Southhold - Property Taxes 81,928 Deductions: Operating Loss (111,176) RETAINED INCOME, - Unappropriated - December 31, 1976 (415,477) TOTAL CAPITAL - DECEMBER 31, 1976 $543,297 DOHERTY AND COMPANY, P.C. EXHIBIT D FISHERS ISLAND FERRY DISTRICT STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED DECEMBER 31. 1976 CHANGES IN WORKING CAPITAL Dec. 31, Dec. 31, INCREASE (DECREASE) IN CURRENT ASSETS: 1976 1975 Changes Cash - Valley National Bank $ 44,146 $ 38,202 $ 5,944 - Hartford National Bank 780 2,030 (1,250) Imprest Funds 1,225 1,225 -0- Special Cash Deposits 3,558. 2,447 1,111 Accounts Receivable 1,642 14642 -0- Accrued Interest 206 156 50 Certificate of Deposit 50.000 75.000 (25,0001) Total Increase (Decrease) $101,557 $120,702 $(19 145) (INCREASE) DECREASE IN CURRENT AND ACCRUED LIABILITIES: Accounts Payable $ 28,033 $ 19,830 $ (8,203) Traffic and Car Service 1,076 1,073 (3) Accrued Interest -0- 499 499 Accrued Taxes 468 1.083 615 Total Increase (Decrease) $ 29,577 $_22_,_485 $ (7,092) NET INCREASE (DECREASE) IN WORKING CAPITAL $ 71,980 $ 98,217 $ 2( 6,237) FUNDS PROVIDED• Additions to Proprietory Capital $ 81,928 Net Income (Loss) from Operations (111,176) Charges Against Earnings Not Requiring Funds: Depreciation 23,000 Decrease in Working Capital 26.237 Total Funds Provided $ 19,989 FUNDS APPLIED: Payments on Long Term Debt $ 19,000 Additions to Investment in Affiliated Companies 546 Fixed Assets Acquired 443 S Total Funds ARRIied $ 19,989 DOHERTY AND COMPANY, P.C. SCHEDULE 1 FISHERS ISLAND FERRY DISTRICT STATEMENT OF INVESTMENT IN AFFILIATED COMPANIES AT DECEMBER 31, 1976 PROPERTY AND EQUIPMENT: Theatre $ 6,927 Less: Depreciation Reserve 6.469 $ 458 Airfield $ 29,801 Less : Depreciation Reserve 24.507 5.294 Total Property & Equipment $ 5,752 Add: Deficit at 12/31/76 (Per Schedule 5) 33.005 TOTAL INVESTMENT IN AFFILIATED COMPANIES $ 38,757 DOHERTY AND COMPANY, P.C. SCHEDULE--2 FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPERTY AND EQUIPMENT AT DECEMBER 31 1976 Accumulated Net Book Cost Depreciation Value LINE EQUIPMENT Mystic Isle $235,007 $146,957 $ 88,050 Olinda 166,064 50,829 115,235 BUILDINGS 279,270 97,183 182,087 OFFICE & TERMINAL EQ1IPMENT 31,293 25,822 5,471 IMPROVEMENTS ON LEASED PROPERTY 72841 7,841 -0- LAND 4� -0- - 41,717 Totals $761,192 $3282632 $432,560 t DOHERTY AND COMPANY, P.C. SCHEDULE 3 FISHERS ISLAND FERRY DISTRICT STATEMENT OF WATER LINE OPERATING REVENUE FOR THE YEAR ENDED DECEMBER 31, 1976 OPERATING REVENUE: LINE SERVICE: Mail $ 10,257 Miscellaneous Voyage Revenue 1,713 Total OperatingRevenue - Line Service $ 11,970 OTHER OPERATING REVENUE: Ferry Service 301,318 RENT REVENUE: Revenue from Charters $ 4,565 Other Rental Revenue 100 Total Rent Revenue 4,665 TOTAL WATER LINE OPERATING REVENUE $317,953 DOHERTY AND COMPANY, P.C. SCHEDULE 4 FISHERS ISLAND FERRY DISTRICT STATEMENT OF WATER LINE OPERATING EXPENSES FOR THE YEAR ENDED DECEMBER 31' 719 6 MAINTENANCE EXPENSE: Repairs to Floating Equipment $ 75,675 Repairs to Buildings & Other Structure 9,411 Repairs to Office & Terminal Equipment 1,096 Other Maintenance 642 Total Maintenance Expense $ 86,824 DEPRECIATION 23,000 TRANSPORTATION EXPENSES: Wages of Crew $206,600 Fuel, Lubricants 292852 Stores, Supplies & Equipment 883 Other Vessel Expenses 3,442 Light, Heat, Power & Water 1,637 Stationery & Printing 2,519 Local Transfers 2,400 Other Terminal Expenses 400 Advertising 329 Other Traffic Expenses 403 Total Transportation Expenses 2482465 GEMRAL EXPENSES General Officers & Clerks $ 22,826 Office Supplies & Expenses 3,028 Law Expenses 600 Pensions & Relief 3,805 Stationery & Printing 701 Other General Expenses 2.650 Total General Expenses 33,610 CASUALTIES & INSURANCE: Hull, Liability, Damage & Cargo Insurance 35,849 OPEBATING TAXES: Payroll Taxes $ 1,918 Water Line Tax Accruals 1.986 Total Operating Taxes 3.904 TOTAL WATER LINE OPERATING EXPENSES $431,652 DOHERTY AND COMPANY, P.C. SCHEDULE 5 FISHERS ISLAND FERRY DISTRICT STATEMENT OF NON-CARRIER OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1976 INCOME FROM NON-CARRIER AERATIONS: Theatre $ 6,281 Airfield 5,879 Total Income $ 12,160 EXPENSES OF NON-CARRIER OPERATIONS: Theatre: Film $ 3,732 Payroll 1,710 Utilities 496 Repairs & Maintenance 1,580 Miscellaneous 51 Depreciation 293 Total Theatre Expenses $ 7,862 Airfield: Utilities $ 38 Repairs 4,587 Miscellaneous 511 Depreciation 1.0 Total Airfield Expenses $ 6,230 TOTAL EXPENSES 14.092 NET INCOME (LOSS) $ (1,932) Deficit - January 1, 1976 31 3) DEFICIT (Carried forward to Schedule 1) $ 33 005 DOHERTY AND COMPANY, P.C. FISHERS ISLAND FERRY DISTRICT NOTES TO FTNANCTAT. STATEMEN S 1) Depreciation of Property and Equipment is charged to income over their estimated useful lives by using the straight-line method. Depreciation for the year ended December 31, 1976 is $23,000. r DOHERTY AND COMPANY, P.C.