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Home My WebLink About1979 FIFD (2) (203) 443.2033 DOHERTY AND COMPANY, P. C. CERTIFIED PUBLIC ACCOUNTANTS 107 WILLIAMS STREET NEW LONDON. CONNECTICUT 04320 May 7, 1980 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, 1979 and the related Statements of Income, Propr.ietory Capital and Changes in Financial Position for the year then ended. 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, 1979 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 preced- ing year. Yours trul , tG7�v DOHERTY COMPANY, P.C. GWR:blp Enclosures FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS EXHIBIT A - Balance Sheet at December 31, 1979 EXHIBIT B - Income Statement for the Year Ended, December 31, 1979 EXHIBIT C - Statement of Proprietory Capital & Retained Income & Additions Thereto for the Year Ended December 31, 1979 _-_ EXHIBIT D - Statement of Changes in Financial Position for the Year Erided, December 31, 1979 SCHEDULE 1 - Statement of Investment in Affiliated Companies at December 31, 1979 SCHEDULE 2 - Statement of Property & Equipment at December 31, 1979 SCHEDULE 3 - Statement of Water Line Operating Revenues for the Year Ended,December 31, 1979 SCHEDULE 4 - Statement of Water Line Operating Expenses for the Year Ended,December 31, 1979 SCHEDULE 5 - Statement of Noncarrier Operations for the Year Ended, December 31, 1979 DOHERTY AND COMPANY, P.C. EXHIBIT A FISHERS ISLAND FERRY DISTRICT BALANCE SHEET AT DECEMBER 31, 1979 ASSETS CURRENT ASSETS: Cash - Bank of New York Agency Account $ 5,327 Cash - Hartford National Bank 334 Imprest Funds 1,225 Special Cash Deposits 1,551 ' Cash - Savings Account 99,514 Accounts Receivable 1 ;642-./ Total Current Assets $ 109,593 -- - _ INVESTMENTS: (Schedule 1) Investments in Affiliated Companies 51,284 PROPERTY & EQUIPMENT: (Schedule 2) (Note 1) Total At Cost $1,560,335 Less: Accumulated Depreciation 440,987 Total Property & Equipment 1,119,348 TOTAL ASSETS $1,280,225 LIABILITIES & CAPITAL CURRENT LIABILITIES: Accounts Payable $ 7V03 -0,1Traffic & Car Service Balance Accrued Taxes 888 Accrued Mail Revenue 788,/ Total Current Liabilities $ 31,130 LONG-TERM LIABILITIES: (Note 2) Bonds Payable 565,000 CAPITAL: (Exhibit C) Proprietory Capital $ 958,774 Retained Income - Unappropriated (274,679) --r Total Capital 684,095 TOTAL LIABILITIES & CAPITAL $1,280,225 DOHERTY AND COMPANY, P.C. EXHIBIT B FISHERS ISLAND FERRY DISTRICT INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1979 WATER LINE OPERATING REVENUE: Operating Income (Schedule 3) $420,966 Operating Expenses (Schedule 4) 484,975 Net Revenue From Water Line Operations $(64,009) OTHER INCOME: - - Interest Income (Savings Account) 6,757 $(57,252) OTHER EXPENSE: Interest Expense on Bonds Payable 34,043 NET INCOME (LOSS) $(91 .295) 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, 1979 PROPRIETORY CAPITAL - January 1, 1979 $ 958,774 Additions (Reductions) - PROPRIETORY CAPITAL December 31, 1979 $ 958,774 RETAINED INCOME (DEFICIT) : Unappropriated - January 1, 1979 $(308,900) Additions: Town of Southhold - Property Taxes 124,882 - Deductions: Operating Loss (91,295) Affiliated Companies 634 " RETAINED INCOME (DEFICIT) : Unappropriated - December 31, 1979 (274,679) TOTAL CAPITAL - DECEMBER 31. 1979 S 684.095 � 30 DOHERTY AND COMPANY, P.C. EXHIBIT D FISHERS ISLAND FERRY DISTRICT STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED DECEMBER 31, 1979 Dec. 31, Dec. 31, 1979 1978 Changes CHANGES IN WORKING CAPITAL: INCREASE (DECREASE) IN CURRENT ASSETS: Cash - Valley National Bank & 'Agency $ 5,327 $ 8,465 $ (3,138) Cash - Hartford National Bank 334 395 (61) Imprest Funds 1,225 1,225 -0- Special Cash Deposits 1,551 10,954 (9,403) Accounts Receivable 1,642 1,642 -0- Savings Account 99,514 56,305 43,209 Total Increase (Decrease) $109,593 $ 78,986 30.69Z (INCREASE) DECREASE IN C,UMNT & ACgLVED LIABILITIES: Accounts Payable $ 27,903 $ 19,940 $ (7,963) Traffic & Car Service 1,551 204 (1,347) Accrued Taxes & Misc. Revenue 1,676 1,145 (531) Total Increase (Decrease) 31,130 21 289 $ (9,841) NET INCREASE (DECREASE) IN WORKING CAPITAL -$-78.,4631_11,6_97 $ 20,766 FUNDS PROVIDED: Additions to Proprietory Capital $124,882 Net Income (Loss) From Operations (91,295) Charges Aganinst Earnings Not Requiring Funds: Depreciation 49,146 Total Funds Provided 1-92-.733 FUNDS APPLIED: Increase In Affiliate. Equity $ 14,897 Building & Dock Improvements .8,396 Equipment Purchased 14,674 Decrease In Long-Term .Debt 24,000 Increase In Working Capital 20,766 Total Funds Applied 112.133 DOHERTY AND COMPANY, P.C. SCHEDULE 1 FISHERS ISLAND FERRY DISTRICT STATEMENT OF INVESTMENT IN AFFILIATED COMPANIES AT DECEMBER 31, 1979 PROPERTY AND EQUIPMENT: Theatre $ 8,512 Less: Accumulated Depreciation 7,789 Net Book Value $ 723. Airfield $ 58,099 - - Less: Accumulated Depreciation 31,001 Net Book Value 27,098 Total Property and Equipment $ 27,821 Add: Deficit at December 31, 1979 (Per Schedule 5) 23,463 TOTAL INVESTMENT IN AFFILIATED COMPANIES 51,284 T DOHERTY AND COMPANY, P.C. SCHEDULE 2 FISHERS ISLAND FERRY DISTRICT STATEMENT OF PROPERTY AND EQUIPMENT AT DECEMBER 31, 1979 Accumulated Net Book Cost Depreciation Value LINE EQUIPMENT: Olinda $ 168,583 $ 69,076 $ 99,507 New Ferry 927,180 202,716 724,464 BUILDINGS 365,785 128,915 236,870 OFFICE & TERMINAL EQUIPMENT 49,229 32,439 16,790 IMPROVEMENTS ON LEASED PROPERTY 7,841 7,841 - LAND 41,717 - 41,717 Totals $1 ,560,335 $ 440,987 $1 .119.348 DOHERTY AND COMPANY, P.C. SCHEDULE 3 FISHERS ISLAND FERRY DISTRICT STATEMENT OF WATER LINE OPERATING REVENUE FOR THE YEAR ENDED DECEMBER 31, 1979 OPERATING REVENUE: LINE SERVICE: Mail $ 10,26.1 Miscellaneous Voyage Revenue 2,283 OTHER OPERATING REVENUE: Ferry Service 385,122 RENT REVENUE: Revenue From Charters 22,600 Other Rental Revenue 700 TOTAL WATER LINE OPERATING REVENUES 420 66 DOHERTY AND COMPANY, P.C. SCHEDULE 4 FISHERS ISLAND FERRY DISTRICT STATEMENT OF WATER LINE OPERATING EXPENSES FOR THE YEAR ENDED DECEMBER 31 , 1979 MAINTENANCE EXPENSE: Repair's to Floating Equipment $ 26,755 Repairs to Buildings & Other Structures 4,730 Repairs to Office & Terminal Equipment 356 Total Maintenance Expense $ 31,841 DEPRECIATION 49,146 TRANSPORTATION EXPENSES: Wages of Crew $207,850 Fuel, Lubricants 52,408 Stores, Supplies & Equipment 9,408 Other Vessel Expenses 624 Light, Heat, Power & Water 1,665 Stationery & Printing 2,789 Local Transfers 2,400 Other Terminal Expenses 1,036 Advertising 128 Other Traffic Expenses 400 Total Transportation Expenses 278,708. GENERAL EXPENSES: General Officers & Clerks $ 35,424 Office Supplies & Expenses 3,232 Law Expenses 850 . Pensions & Relief 5,962 Stationery & Printing 248 Other General Expenses 2,754 Total General Expenses 48,470 CASUALTIES & INSURANCE: Hull, Liability, Damage •& Cargo Insurance 71,335 OPERATING TAXES: Payroll Taxes $ 2,965 Property 2,510 Total Operating Taxes 5,475 TOTAL WATER LINE OPERATING EXPENSES 484 975 DOHERTY AND COMPANY, P.C. SCHEDULE 5 FISHERS ISLAND FERRY DISTRICT STATEMENT OF NON-CARRIER OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1979 INCOME FROM NON-CARRIER OPERATIONS: Theatre $ 13,341 Airfield 3,631 Total Income $ 16,972 EXPENSES OF NON-CARRIER OPERATIONS: THEATRE: Film $ . 11,030 Depreciation 463 Total Theatre Expenses $ 11,493 AIRFIELD: Utilities $ 2,731 Depreciation 2,614 Total Airfield Expenses $ 5,345 Total Expense (Non-Carrier) $ 16,838 NET INCOME (LOSS) $ 134. Deficit - January 1,1979 (22,963) - Prior Period Adjustment (634) DEFICIT (Carried Forward to Schedule 1) $ (23.463) DOHERTY AND COMPANY, P.C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS 1. DEPRECIATION Depreciation of propertyand equipment is charged to iAcome over their estimated useful lives by using the straight-line method. Depreciation for the year ended December 31, 1979 is $49,146. 2. BONDS PAYABLE Serial.Bonds (5.9 Percent) , maturity dates vary as follows: Amount Amount Maturity Date Per Year Per Period February 1, 1980 Thru 1984 $ 25,000 $125,000 February 1, 1985 Thru 1987 30,000 90,000 February 1, 1988 Thru 1997 35,000 350,000 Total 5565,000 DOHERTY AND COMPANY, P.C.