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Home My WebLink About1977 FIFD R. A. DOHERTY, C.P.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 26, 1978 The Board of Commissioners Fishers Island Ferry District Fishers Island, N. Y. 06390 Gentlemen: We have examined the Balance Sheet of Fishers Island 'Verry District as of December 31, 1977; 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 standards and, accordingly, in- cluded 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, 1977; and the results of its operations and the changes in its financial position for the year then ended, in conformity with generally accepted account- ing principles applied on a basis consistent with that of the preceding year. Yours truly, DOHERTY AND COMPANY, P .C. I 1 � , Robert A. Doherty, C.P.A. i RAD/dsb Enclosures FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS EXHIBIT A - Balance Sheet at December 31, 1977. i EXHIBIT B - Income Statement for the year ended December 31, 1977. EXHIBIT C - Statement of Proprietory Capital & Retained Income & Additions thereto for the year ended December 31, 1977. EXHIBIT D - Statement of Changes in Financial Position for the year ended December 31, 1977. SCHEDULE 1 - Statement of Investment in Affiliated Com- panies at December 31, 1977. SCHEDULE 2 - Statement of Property & Equipment at December 31, 1977. SCHEDULE 3 - Statement of Water Line Operating Revenues for the year ended December 31, 1977. SCHEDULE 4 - Statement of Water Line Operating Expenses for the year ended December 31, 1977. SCHEDULE 5 - Statement of Noncarrier Operations for the year ended December 31, 1977. DOHERTY AND COMPANY, P.C. EXHIBIT A FISHERS ISLAND FERRY DISTRICT BALANCE SHEET AT DECEMBER 31, 1977 ASSETS CURRENT ASSETS: Cash - Valley National Bank & Agency Account $ 14,621 Cash -*Hartford National Bank _ 1,945 ,x( 04 Imprest Funds — _� — 1,225 Special Cash Deposits __4,121 Gash - Savings Account i 104,531 Accounts Receivable Z 1 6 2iL �ICCt Total Current Assets $128,085 I STMENTS• (Schedule 1) Investments in Affiliated Companies 38,580 PROgERTY & EQUIPMENT: (Schedule 2) t9tal at Cost $814,793 Less: Accumulated Depreciation 352.221 Total ProRerty & Eauipment 462,572 TOTAL ASSETS $629,237 LIABILITIES & CAPITAL Cj=NT LIABILITIES: Accounts Payable $ 28,878 Traffic & Car Service Balance 639 Accrued Taxes 1,003 Total Current Liabilities $ 30,520 CAPITAL: (Exhibit C) Proprietory Capital $958,774 Retained Income - Unappropriated3( 60.057) Total Capital X98_717 \ TOTAL LIABILITIES & CAPITAL $629,237 DOHERTY AND COMPANY, P.C. EXHIBIT B FISHERS ISLAND FERRY DISTRICT INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1977 WATER LINE OPERATING REVENUE: Operating Income (Schedule 3) $329,623 Operating Expenses (Schedule 4) 406,503 Net Revenue from Water Line Operations $(76,880) OTHER INCOME: • Interest Income 5,,250 NET INCOME OR (LOSS) $ 71,630 J DOHERTY AND COMPANY, P.C. EXHIBIT C FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPRIETORY CAPITAL & RETAINED INCOME & ADDITIONS THERETO FOR THE YEAR ENDED DECEMBER 31, 1977 PROPRTETORY CAPITAL - January 1, 1977 $958,774 Additions (Reductions) -0- PROPRIETORY CAPITAL - December 31, 1977 $958,774 RETAINED INCOME (DEFICIT) : Unappropriated - January 1, 1977 $(415,477) Additions: Town of Southhold - Property Taxes 136,458 Deductions : Operating Loss (71,630) Asset Additions, Affiliated Companies 408) RETATNED INCOME (DEFICIT) : Unappropriated - December 31, 1977 (36-0-057) TOTAL CAPITAL - DECEMBER 31, 1977 $598,717 DOHERTY AND COMPANY, P.C. EXHIBIT D FISHERS ISLAND FERRY DISTRICT STATEMENT OF CHANGES IN FINANCIAL POSITION FOR UZ YEAR ENDED DECEMBER 31, 1977 CHANGES IN WORKING CAPITAL Dec. 31, Dec. 31, INCREASE (DECREASE) CURRENT ASSETS: 1977 1976 Changes Cash - Valley National Bank & Agency $ 14,621 $ 44,146 $(29,525) Cash - Hartford National Bank 1,945 780 13165 Imprest Funds 1,225 1,225 -0- Special Cash Deposits 4,121 3,558 563 Accounts Receivable 1,642 1,642 -0- Accrued Interest -0- 206 (206) Savings Account 104,531 50,000 54.531 Total Increase (Decrease) $128,085 $101,557 $_26,528 (INCREASE.) DECREASE IN CURRENT & ACCRUED LIABILITIES: Accounts Payable $ 28,878 $ 28,033 $ (845) Traffic & Car Service 639 1,076 437 Accrued Taxes 1,003 468 (535) Total Increase (Decrease) $ 30,520 $ 29,577 $ (943) NET INCREASE (DECREASE) IN WORKING CAPITAL $ 97,565 $_71,980 $ 25,585 FUNDS PROVIDED• Additions to Proprietory Capital $136,458 Net Income (Loss) from Operations (71,630) Charges against Earnings not requiring funds : Depreciation 23.589 Total Funds Provided $ 88,417 FUNDS APPLIED: Additions to Investment in Affiliated Companies $ 9,231 Fixed Assets Acquired 53,601 Increase in Working Capital 25,585 Total Funds ARRlied $ 88,417 DOHERTY AND COMPANY, P.C. SCHEDULE 1 FISHERS ISLAND FERRY DISTRICT STATEMENT OF INVESTMENT IN AFFILIATED COMPANIES AT DECEMBER 31, 1977 PROPERTY & EQUIPMENT: Theatre $ 8,512 Less: Accumulated Depreciation 6,863 $ 12649 Airfield $ 39,992 Less: Accumulated Depreciation _ 26,132 13,860 Total Property & Equipment $ 15,509 Add: Deficit at 12-31-77 (Per Schedule 5) 23.071 TOTAL INVESTMENT IN AFFILIATED COMPANIES $ 38,580 w DOHERTY AND COMPANY, P.C. SCHEDULE 2 FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPERTY & EQUIPMENT AT DECEMBER 31, 1977 Accumulated Net Book LINE EQUIPMENT: Cost Depreciation Value Mystic Isle $235,007 $154,195 $ 80,812 Olinda 168,583 56,564 112,019 New Ferry 27,888 -0- 27,888 . UILDINGS 302,463 106,538 195,925 OFFICE & TERMINAL EQUIPMENT 31,294 27,083 4,211 IMPROVEMENTS ON LEASED PROPERTY 7,841 7,841 -0- 41,717 0-1 1 _0_ 41,717 Totals $814,793 $352,221 $462,572 DOHERTY AND COMPANY, P.C. SCHEDULE 3 FISHERS ISLAND FERRY DISTRICT STATEMENT OF WATER LINE OPERATING REVENUE FOR THE YEAR ENDED DECEMBER 31, 1977 OPERATING REVENUE: LINE SERVICE: Mail $ 10,273 Miscellaneous Voyage Revenue 2.066 Total Operating, Revenue - Line Service $ 12,339 OTHER OPERATIN REVENUE: Ferry Service 305,234 RENT REVENUE: Revenue from Charters $ 11,950 Other Rental Revenue 100 Total Rent Revenue 12,050 TOTAL WATER LINE OPERATING REVENUES $329,623 fe DOHERTY AND COMPANY, P.C. SCHEDULE 4 FISHERS ISLAND FERRY DISTRICT STATEMENT OF WATER LINE OPERATING EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1977 MAINTENANCE EXPENSE: Repairs to Floating Equipment $ 24,876 Repairs to Buildings & Other Structures 4,589 Repairs to Office & Terminal Equipment 386 Other Maintenance 1,588 Total Maintenance Expense $ 31,439 DEPRECIATION 23,589 TRANSPORTATION EXPENSES: Wages of Crew $223,334 Fuel, Lubricants 35,611 Stores, Supplies & Equipment 1,019 Other Vessel Expenses 2,418 Light, Heat, Power & Water 1,504 Stationery & Printing 1,080 Local Transfers 2,400 Other Terminal Expenses 822 Advertising 151 Other Traffic Expenses 27 Total Transportation E2penses 268,366 GENERAL EXPENSES• General Officers & Clerks $ 24,361 Office Supplies & Expenses 2,921 Law Expenses 801 Pensions & Relief 4,192 Stationery & Printing 1,548 Other General Expenses 2,500 Total General Expenses 36,323 CASUALTIES & INSURANCE: Hull, Liability, Damage & Cargo Insurance 41,933 OPERATING TAS: Payroll Taxes $ 2,057 Water Line Tax Accruals 2,796 Total Operating_Taxes 4,853 TOTAL WATER LINE OPERATING EXPENSES $406,503 DOHERTY AND COMPANY, P.C. SCHEDULE 5 FISHERS ISLAND FERRY DISTRICT STATEMENT OF NON-CARRIER OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1977 INCOME FROM NON-CARRIER OPERATIONS: Theatre $ 8,912 Airfield 3.499 Total Income $ 12,411 EXPENSES OF NON-CARRIER OPERATIONS: THEATRE: Film $ 5,107 Payroll 1,850 Utilities 184 Repairs & Maintenance 204 Miscellaneous 684 Depreciation 393 Total Theatre Expenses 8,422 $ 3,989 AIRFIELD: Utilities $ 74 Repairs 703 Miscellaneous 462 Depreciation 1,624 Insurance 600 Total Airfield Expenses 3.463 NET INCOME (LOSS) $ 526 Deficit - January 1, 19772( 3.597) p,EFICIT (Carried forward to Schedule 1) $(23,071) DOHERTY AND COMPANY, P.C. FISHERS ISLAND FERRY DISTRICT NOTES TO F INANC TAT. STATEMENTS 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, 1977, is $23,589. DOHERTY AND COMPANY, P.C. ` (208) 448-2088 pEto DOHERTY AND COMPANY, P. C. Jy� N n 1�7q CERTIFIED PUBLIC ACCOUNTANTS lJ 187 WILLIAMS STREET �yyp NEW LONDON, CONNECTICUT 0E820 July 7, 1978 Mr. Albert Martocchia Town of Southhold 53095 Main Road Southhold, N. Y. 11971 Dear Mr. Martocchia: We enclose a comparative schedule of revenue and expenses for the years ended December 31, 1977, and 1976; and a schedule of budgeted revenue and ex- penses compared to the actual for the year ended December 31, 1977. The net loss from operations for 1977 was $71,104 compared to a net loss of $113,108 for the preceding year. This favorable change is summarized on Schedule 1. A condensed summary of the changes follows : Change Favorable Revenue (Unfavorable) Interest Income $ 2,561 Charter Revenue 7,385 Ferry Service Revenue 3,778 Other Revenue 758 $ 14,482 ExQenses Repairs $55,385 Fuel & Lubricants (5,759) Operators Contract (16,734) Insurance (6,084) Other Expenses 714 27.522 Total Favorable Change $ 42,004 Although repairs to the ferries decreased by $55,385 the following capital expenditures were incurred, which are not included in the expenses on Schedule 1. Asset Description Cost Equipment $ 2,520 Dolphins, Ramp, Dock Improvements 23,193 New Ferry 27,888 Total $53,601 2 - A comparison of the actual revenue and expenses to the budgeted amount indicates expenditures were under budget in all categories except the following: sense Over-Budget Amount Operation of Ferry $ 14,134 Office Expense 370 Law Expense 201 Insurance 2,704 Depreciation 23,589 Other 106 Total $ 41,104 Schedule 2 is a detail of the budget variances which resulted in a net favorable variance of $75,355. We hope the enclosures will be beneficial to you in reviewing the results of operations for 1977 and planning for the 1979 budget year. If you require additional information or desire to discuss the schedules in greater detail, please call us. Yours truly, DOHERTY AND COMPANY, P.C. Gary R of Staff countant GR/dsb Enclosures SCHEDULE 1 FISHERS ISLAND FERRY DISTRICT COMPARISON OF REVENUE & EXPENSES FOR THE YEARS ENDED DECEMBER 31. 1977 & 1976 Change Favorable REVENUE : 1977 1976 (Unfavorable) Interest $ 5,250 $ 2,689 $ 2,561 Freight 181P337 18,665 (328) Passengers 173,688 1723,253 1,435 Cars 85,297 83,759 1,538 Trucks 24,022 22,889 1,133 Charters 11,950 4,565 7,385 Mail 10,273 10,257 16 Misc. 2,166 1,813 353 Theatre 8,912 63,281 2,631 Airport 3,499 5,879 (2,380) Special Services 3.890 3,752 138 Total Revenue $347,284 $332,802 $ 14,482 EXPENSES: Repairs $ 31,439 $ 86,824 $ 55,385 Depreciation 23,589 23,000 (589) Transportation Expenses: Fuel & Lubricants 35,611 29,852 (5,759) Wages of Crew 223,334 206,600 (16,734) Other Vessel Expenses 2,418 3,442 1,024 Stationery 1,080 2,519 1,439 Local Transfers 2,400 2,400 -0- Heat, Light, Power 1,504 1,637 133 Other Expenses 2,019 2,015 (4) General Expenses: Officers & Clerks 24,361 22,826 (1,535) Office Supplies 2,921 3,028 107 Pension 4,192 3,805 (387) Other General 2,500 2,650 150 Miscellaneous 2,349 14301 (1,048) Insurance 41,933 35,849 (6,084) Taxes 4,853 3,904 (949) Theatre 8,422 7,862 (560) Airfield 3,463 6,230 2,767 Interest Expense _0- 166 166 Total Exyenses $418$ 88 $445,910 $ 27,522 NET INCOME (LOSS) $(71,104) $(113,108) $ 42,004 DOHERTY AND COMPANY • SCHEDULE 2 FISHERS ISLAND FERRY DISTRICT REVENUE & EXPENSES COMPARISON OF BUDGET TO ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1977 VARIANCE REVENUE: BUDGET ACTUAL FAV. (UNFAV.) Mail Revenue $ 10,301 $ 10,273 $ (28) Misc. Voyage Revenue -0- 21066 2,066 Ferry Service Revenue 303,936 305,234 1,298 Charter Revenue 51$000 11,950 6,950 Other Rental Revenue -0- 100 100 Theatre 7,000 8,912 1,,,•912 Airfield 3,400 3,499 99 Interest Income 1.500 5,250 3.750 Tota $331,137 $347,284 $ 16,147 EXPENSES: Repairs - Floating Equip. (ferry) $ 54,000 $ 24,876 $ 29,124 Repairs - Docks & Bldgs. 55,000 65,562 48,438 Operation of Ferry 240,838 254,972 (14,134) Mail Delivery Service 2,400 2,400 -0- Commission Fees 2,500 2,025 475 Payrolls 35,482 33,319 2,163 Office Expense 4,100 4,470 (370) Law Expense 600 801 (201) State Retirement (pension) 5,800 4,192 13,608 Accounting Expense 3,000 2,500 500 Insurance 38,000 40,704 (2,704) Hospitalization 1,600 1,229 371 Social Security 2,075 2,057 18 Other Operating Rents -0- 10 (10) Property Tax - New London 2,700 2,796 (96) Theatre Expense 13,500 8,422 5,078 Airport Expense 10,000 3,463 6,537 Insurance Claims 1,000 -0- 1,000 Expenses Acquisition (new ferry) 5,000 -0- 5,000 Depreciation -0-_ 23,589 ) Totals $477,595 $418,387 $ 59,208 EXCESS EXPENSES OVER REVENUES $146,458 $ 71,103 $ 75,355 DOHERTY AND COMPANY