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Home My WebLink About1978 FIFD (203) 443-2033 DOHERTY AND COMPANY, P. C. CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET NEW LONDON, CONNECTICUT 06320 May 9, 1979 The Board of Commissioners - - Fishers Island Ferry District Fishers Island, NY 06390 Gentlemen: We have examined the Balance Sheet of Fishers Island Ferry District as of December 31, 1978, and the related Statements of Income, Proprietory Capi- tal and Changes in Financial Position for the year then ended. Our examination was made in accordance with generally accepted auditing standards and, ac- cordingly, 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, 1978, 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 preceding year. Yours truly, 19-4 DOHERTY A D COMPANY, P.C. gwr:hvj - — Enclosures FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS EXHIBIT A - Balance Sheet at December 31, 1978. EXHIBIT B - Income Statement for the Year Ended December 31, 1978. EXHIBIT C - Statement of Proprietory Capital & Retained In- come & Additions Thereto for the Year Ended December 31, 1978. EXHIBIT D - Statement of Changes in Financial Position for the Year Ended December 31, 1978. SCHEDULE 1 - Statement of Investment in Affiliated Companies at December 31, 1978. SCHEDULE 2 - Statement of Property & Equipment at December 31, 1978. SCHEDULE 3 - Statement of Water Line Operating Revenues for the Year Ended December 31, 1978. SCHEDULE 4 - Statement of Water Line Operating Expenses for the Year Ended December 31, 1978. SCHEDULE 5 - Statement of Noncarrier Operations for the Year Ended December 31, 1978. t DOHERTY AND COMPANY, P.C. EXHIBIT A FISHERS ISLAND FERRY DISTRICT BALANCE SHEET AT DECEMBER 31, 1978 ASSETS CURRENT ASSETS: Cash - Bank of New York Agency Account $ 8,465 �v Cash - Hartford National Bank 395 r` Imprest Funds 1,225 " Special Cash Deposits (Note 1) 10,954 Cash - Savings Account 56,305 Accounts Receivable 1,642 Total Current Assets $ 78,986 INVESTMENTS: (Schedule 1) Investments in Affiliated Companies 35,754 PROPERTY & EQUIPMENT: (Schedule 2) (Notes 2 & 5) Total At Cost $1,537,264 Less : Accumulated Depreciation 391,841 Total Property & Equipment 1,145,423 TOTAL ASSETS $1,26031163 LIABILITIES & CAPITAL. CURRENT LIABILITIES: Accounts Payable $ 19,940 X Traffic & Car Service Balance 204 Accrued Taxes 1,145 Total Current Liabilities $ 21,289 LONG-TERM LIABILITIES: (Note 3) Bonds Payable 589,000 CAPITAL: (Exhibit C) Proprietory Capital $ 958,774 Retained Income - Unappropriated (308,900) ^ Total Coital 649,874 TOTAL LIABILITIES & CAPITAL $1,260,163 DOHERTY AND COMPANY, P.C. EXHIBIT B FISHERS ISLAND FERRY DISTRICT INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1978 WATER LINE OPERATING REVENUE : Operating Income (Schedule 3) $ 387,048,/ Operating Expenses (Schedule 4) 442,981 Net Revenue From Water Line Operations $ (55,933) OTHER INCOME: y J Interest Income (Savings Account) $ 4,684" Interest Income (Capital Account) (Note 4) 10,954#61f- f*d vh R I" Total Other Income 15,638 / $ (40,295) OTHER EXPENSE: Interest Expense on Bonds Payable (34,773) NET INCOME (LOSS) $ (75,068) } 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, 1978 PROPRIETORY CAPITAL - January 1, 1978 $958,774 Additions (Reductions) -0- PROPRIETORY CAPITAL, - December 31, 1978 $958,774 RETAINED INCOME (DEFICIT) : Unappropriated - January 1, 1978 $(360,057) Additions: Town of Southhold - Property Taxes 125,700 Deductions: Operating Loss (75,068) Affiliated Companies 4 525 RETAINED INCOME (DEFICIT) : Unappropriated - December 31, 1978 — (308,900) TOTAL CAPITAL - DECEMBER 31, 1978 $649,874 t DOHERTY AND COMPANY, P.C. EXHIBIT D FISHERS ISLAND FERRY DISTRICT STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED DECEMBER 31, 1978 Dec. 31, Dec. 31, 1978 1977 Changes CHANGES IN WORKING CAPITAL: INCREASE (DECREASE) IN CURRENT ASSETS: Cash - Valley National Bank & Agency $ 8,465 $ 14,621 $ (6,156) Cash - Hartford National Bank 395 1,945 (1,550) Imprest Funds 1,225 1,225 . -0- Special Cash Deposits 10,954 4,121 6,833 Accounts Receivable 1,642 1,642 -0- Savings Account 56,305 104,531 (48,226) Total Increase (Decrease) $ 78,986 $128,085 $(49,099) -- (INCREASE) DECREASE IN CURRENT & ACCRUED LIABILITIES: �/Accounts Payable $ 19,940 $ 28,878 $ 8,938 Traffic & Car Service 204 639 435 Accrued Taxes 1,145 1,003 (142) Total Increase (Decrease) 21,289 $ 30,520 $ 9,231 NET INCREASE (DECREASE) IN WORKING CAPITAL $ 57,697 $ 97,565 $(39,868) FUNDS PROVIDED• Additions to Proprietory Capital $125,700 Net Income (Loss) From Operations (75,068) Change in Affiliated Companies Equity 3,351 Charges Against Earnings Not Requiring Funds: Depreciation 39,620,0 Funds Provided From Operations $ 93,603 Increase in Long-Term Debt 589,000 Decrease In Working Capital t 39,868 Total Funds Provided $722,471 FUNDS APPLIED: Building & Dock Improvements $ 54,925 Equipment Purchased 9,356 New Ferry Purchased 658,190 Total Funds Applied $722,471 DOHERTY AND COMPANY, P.C. SCHEDULE 1 FISHERS ISLAND FERRY DISTRICT STATEMENT OF INVESTMENT IN AFFILIATED COMPANIES AT DECEMBER 31, 1978 PROPERTY AND EQUIPMENT: Theatre $ 8,512 Less : Accumulated Depreciation 7,326 _ tJPr R�ok_Uti„P $ 1,186 Airfield $ 39,992 Less: Accumulated Depreciation 28,387 Net Book Value 11,605 Total Property &Equipment $ 12,791 Add: Deficit at January 1, 1978 (Per Schedule 5) 22,963 TOTAL INVESTMENT IN AFFILIATED COMPANIES $ 35,754 DOHERTY AND COMPANY, P.C. SCHEDULE 2 FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPERTY & EQUIPMENT AT DECEMBER 31, 1978 Accumulated Net Book cost Depreciation Valie LINE EOUIPMENT: Olinda $ 168,583 $ 62,820 $ 105,763 New Ferry 921,085 174,816 7462,269 BUILDINGS 357,388 117,297 240,091 OFFICE & TERMINAL EQUIPMENT 40,650 29,067 11,583 IMPROVEMENTS ON LEASED PROPERTY 7,841 7,841 -0- LAND 41,717 -0- 41,717 Totals $1,537,264 $ 391,841 $131145,423 DOHERTY AND COMPANY, P.C. SCHEDULE 3 FISHERS ISLAND FERRY DISTRICT STATEMENT OF WATER LINE OPERATING REVENUE FOR THE YEAR ENDED DECEMBER 31, 1978 OPERATING REVENUE: LINE SERVICE: Mail $ 10,273 Miscellaneous Voyage Revenue 1,918 OTHER OPERATING REVENUE: Ferry Service 353,807 RENTREVENUE• Revenue From Charters 20,950 %/ Other Rental Revenue 100 1/ TOTAL WATER LINE OPERATING REVENUES $387,048. / M DOHERTY AND COMPANY, P.C. SCHEDULE 4 FISHERS ISLAND FERRY DISTRICT STATEMENT OF WATER LINE OPERATING EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1978 MAINTENANCE EXPENSE: Repairs to Floating Equipment $ 44,065 `1" Repairs to Buildings & Other Structures 7,454 `x` Repairs to Office & Terminal Equipment 1,471V Other Maintenance 3,0364- Total ,0364- Total Maintenance ENRense $ 56. 026 J DEPRECIATION 9,620A TRANSPORTATION EXPENSES: Wages of Crew $199,936 Fuel, Lubricants 34,409 Stores, Supplies & Equipment 5,301 Other Vessel Expenses 1,538 Light, Heat, Power & Water 1,264 Stationery & Printing 2,644 Local Transfers 2,400 Other Terminal Expenses 2,083 Advertising 377 Other Trafic Expenses 225 Total Transportation Expenses250,177 00 . GENERAL EXPENSES: V General Officers & Clerks $ 25,702 Office Supplies & Expenses 2,518' Law Expenses 850 `Y Pensions & Relief 5,586 Y, Stationery & Printing 693 V Other General Expenses 2,5001 Wil Total General Exvenses 37,849 CASUALTIES & INSURANCE : t Hull, Liability, Damage & Cargo Insurance 54,073 OPERATING TAXES: Payroll Taxes $ 23,240 Water Line Tax Accruals 2,996-Y Tntnl Oparnf ino Tb--we—% 5,236 � TOTAL WATER LINE OPERATING EXPENSES $442,981 Q4/ DOHERTY AND COMPANY, P.C. SCHEDULE 5 FISHERS ISLAND FERRY DISTRICT STATEMENT OF NON-CARRIER OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1978 INCOME FROM NON-CARRIER OPERATIONS: Theatre $ 1131141 Airfield 3,700 ✓ \ Total Income $ 14,841 EXPENSES OF NON-CARRIER OPERATIONS: THEATRE: Film $ 4,494 Payroll 131680 Utilities 276 Repairs & Maintenance 699 Miscellaneous 397 Depreciation 463 �( r Total Theatre Expenses $ 8,009 AIRFIELD: Utilities $ 74 Repairs 1,293 Miscellaneous 1,875 Depreciation 2,256 Insurance 700 Total Airfield Expenses $ 6,198 t _ Total Expense (Non-Carrier) 14,207 ,NET INCOME (LOSS) $ 634 Deficit - January 1, 1978 (23,597) DEFICIT (Carried Forward to Schedule 1) $(22,963) DOHERTY AND COMPANY, P.C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS 1. SPECIAL _CASH DEPOSITS Capital Account Balance From Bond Issue : Checking Account $ 315 Savings Account 10,639 Total $ 10,954 2. 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, 1978, is $39,620. 3. BONDS PAYABLE Serial Bonds (5.9 Percent) total issue $589,000. Maturity dates vary beginning February 1, 1979 as follows : Amount Amount Maturity Date Per Year Per Period February 1, 1979 $ 24,000✓ $ 24,000 February 1, 1980 Thru 1984 25,000 125,000 February 1, 1985 Thru 1987 30,000 903,000 February 1, 1988 Thru 1997 35,000 350,000 Total $589,000 4. INTEREST INCOME (CAPITAL ACCOUNT) Interest earned on proceeds from the bond issue for the period from date of issuance thru December 31, 1978, is $10,954. See Note 1 above. 5. LINE EQUIPMENT (NEW FERRY) A new ferry was purchased during the year ended December 31, 1978. Contract Price $741,100 +� Additional Costs 97,078 . $838,178 Excess of Cost of Mystic Isle Over Trade Allowance 82,907 Total Cost Per Book $921,085 DOHERTY AND COMPANY, P.C.