Loading...
HomeMy WebLinkAbout1992 & 1991 FIFD �e YE I aID FEW131 DISMICT } FMOWIAL STATEMENTS 31, 1992 & 1991 ter.- -1i D I� OHERTY EALS 8c MKS, P. C. CERTIFIED PUBLIC ACCOUNTANTS FISIMS ISLAND FERRY DISTRICT FINANCIAL STATE HENTS - Independent Auditor's Report EXHIBIT A - Balance Sheets EXHIBIT B - Statements of Revenue and Expenses EXHIBIT C - Statements of Fund Balance EXHIBIT D - Statements of Cash Flows - Notes to Financial Statements SCHEDULE 1 - Theatre and Airfield Schedules of Revenue and Expenses SC HED 2 - Schedule of Federal Awards - Independent Auditor's Report on Compliance with laws and regulations based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards - Independent Auditor's Report on Internal Control Structure Related Matters Noted in a Financial Statement Audit Conducted in Accordance with Goverment Auditing Standards - Independent Auditor's Report on the Internal Control Structure used in Administering Federal Financial Assistance Programs - Independent Auditor's Report on Compliance with General Requirements DOHERTY. BEALS & BANKS. P. C. (203) 443-2033 FAX (203) 444.7086 DOHERTY, BEALS & BANKS, P. C. CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET POST OFFICE BOX 59 NEW LONDON, CONNECTICUT 06320 l Board of Commissioners Fishers Island Ferry District Fishers Island, NY 06390 INDEPENDENT AUDITOR'S REPORT We have audited the accompanying Balance Sheets of the Fishers Island Ferry District as of and for the years ended December 31 , 1992, and 1991 , and the related Statements of Revenue and Expenses, Fund Balance, and Cash Flows for the years then ended. These financial statements are the responsibility of the Fishers Island Ferry District's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fishers Island Ferry District as of December 31 , 1992, and 1991 , and the results of its operations and cash flows for the years then ended, in conformity with generally accepted accountinq principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The Theatre and Airfield Schedules of Revenue and Expenses and Schedule of Federal Financial Assistance listed in the table of contents are presented for the purposes of additional analysis and are not a requiredpart of the financial statements of the Fishers Island Ferry District. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. DOHERTY, BEATS & BANKS, P.C. May 14, 1993 EXHIBIT A FISHERS ISLAND FERRY DISTRICT BALANCE SHEETS AS OF DECEMBER 31 , 1992 AND 1991 ASSETS 1992 1991 CURRENT ASSETS: Cash in Banks $ 652,557 $ 889,477 Imprest Funds 1 ,450 1 ,450 Special Cash Deposits 1 ,513 260 Grant Receivable 119,191 26,844 Traffic and Car Prepayments 7,733 2,563 Prepaid Expenses 46,331 40,428 Total Current Assets $ 828,775 $ 961 ,022 PROPERTY, PLANT, AND EQUIPMENT: Property, Plant, and Equipment $5,430,229 $4,684,994 Less: Accumulated Depreciation (1 ,565,496) (1 ,405,991 ) Total Property, Plant and Equipment $3,864,733 $3,279,003 TOTAL ASSETS $4,693,508 $4,240,025 LIABILITIES AND FUND BALANCES CURRENT LIABILITIES: Accounts Payable $ 65,569 $ 22,413 Accrued Taxes Payable -- 475 Deferred Property Tax Revenue 5,094 11 ,588 Current Portion Bonds Pavable 60,000 60,000 Total Current Liabilities c 130,663 $ 94,476 LONG-TERM LIABILITIES: Bonds Payable (Net of Current Portion Above) 465,000 525,000 TOTAL LIABILITIES $ 595,663 $ 619,476 FUND BALANCE: (Exhibit C) 4,097,845 3,620,549 TOTAL LIABILITIES AND FUND BALANCE $4,693,508 $4,240,025 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS & BANKS. P. C. EXHIBIT B FISHERS ISLAND FERRY DISTRICT STATEMENTS OF REVENUE AND EXPENSES FOR THE YEARS ENDED DECEMBER 31 , 1992 AND 1991 1992 1991 OPERATING REVENUE: Ferry Service Revenue $ 826,805 $ 752,956 Charter Service 74,408 59,363 Mail Revenue 14,936 14,940 Miscellaneous Voyage Revenue 14,655 13,702 Total Operating Revenue $ 930,804 $ 840,961 OPERATING EXPENSES: Building and Equipment Maintenance $ 9,204 $ 14,997 Clerical Salaries 38,874 34,813 Corrmissioners' and Manager's Salaries 65,579 61 ,778 Crew and Purser Salaries 411 ,311 369,606 Fuels and Lubricants 85,230 85,588 Insurance Expense 133,994 144,100 Legal and Accounting 4,800 5,132 Local Transfers 3,850 4,900 Office Supplies 4,674 6,895 Other Terminal Expense 678 8,297 Payroll Taxes 38,168 35,514 Property Taxes 4,854 9,334 Stationery and Printing 1 ,210 1 ,173 Supplies 21 ,276 14,097 Utilities 12,126 16,615 Vessel Maintenance 48,828 78,375 Total Operating Expense $ 884,656 $ 891 ,214 EXCESS (DEFICIT) OF REVENUES OVER EXPENSES FROM VESSEL OPERATIONS BEFORE DEPRECIATION $ 46,148 $ (50,253) Less Depreciation (129,278) (124,751 ) EXCESS (DEFICIT) OF REVENUES OVER EXPENSES FROM VESSEL OPERATIONS $ (83,130) $ (175,004) OTHER REVENUE AND EXPENSES: Property Tax Revenue $ 130,600 $ 125,100 Interest Income 25,512 47,304 Grant Revenue 475,844 87,894 Theatre Revenue (Net)(Schedule 1 ) 2,093 4,797 Airfield Deficit (Net)(Schedule 1 ) (29,059) (5,370) Interest Expense (44,564) (49,106) Total Other Revenue and. Expenses $ 560,426 $ 210,619 EXCESS REVENUES OVER EXPENSES $ 477,296 $ 35,615 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS & BANKS. P. C. EXHIBIT C FISHERS ISLAND FERRY DISTRICT STATEMENTS OF FUND BALANCE FOR THE YEARS ENDED DECEMBER 31 , 1992 AND 1991 1992 1991 FUND BALANCE - BEGINNING $3,620,549 $3,584,934 EXCESS REVENUE OVER EXPENDITURES (Exhibit B) 477,296 35,615 FUND BALANCE - ENDING $4,097,845 $3,620,549 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS & BANKS. P. C. EXHIBIT D FISHERS ISLAND FERRY DISTRICT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 , 1992 AND 1991 1992 1991 CASH FLOWS FROM OPERATING ACTIVITIES: Excess Revenue over Expenses - per Exhibit B $ 477,296 $ 35,615 Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: Depreciation - Operating 129,278 124,751 Depreciation - Airfield 30,228 10,017 Change in Current Assets and Liabilities: (Increase) Decrease in Receivables (92,347) 170,589 (Increase) Decrease in Prepaid Expenses (11 ,073) (2,551 ) Increase (Decrease) in Accounts Payable 43,156 (42,370) Increase (Decrease) in Other Liabilities (6,969) (13,460) Net Cash Provided By Operating Activities $ 569,569 $ 282,591 CASH FLOWS FROM INVESTING ACTIVITIES: Improvements to Property, Plant and Equipment $ (745,236) $ (125,679) CASH FLOWS FROM FINANCING ACTIVITIES: Decrease in Bonds Pavable $ (60,000) $ (60,000) NET INCREASE (DECREASE) IN CASH $ (235,667) $ 96,912 CASH BALANCE BEGINNING 891 ,187 794,275 CASH BALANCE END $ 655,520 $ 891 ,187 (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS & BANKS. P. C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31 , 1992 AND 1991 1 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The Fishers Island Ferry District operates through the Town of Southold as an organization exempt from income tax. The Fishers Island Ferry District's function is to provide residents of Fishers Island with transportation to and from Fishers Island, New York and New London, Connecticut. BASIS OF ACCOUNTING: The Fishers Island Ferry District uses the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred. CASH EQUIVALENTS: Cash Ecruivalents as used in the Statement of Cash Flows (Exhibit D) are defined as short-term, highly 1 icruid investments that are readily convertible to known amounts of cash. DEPRECIATION: Depreciation of property and equipment is charged to income over their estimated lives using the straight-line method. Depreciation for the years ended December 31 , 1992, and 1991 , is $159,506 and $134,768 respectively. PENSION: The Fishers Island Ferry District contributed to the New York State Employees Retirement System for substantially all full-time employees. Pension expense for the years ended December 31 , 1992, and 1991 , is $ -0- and $ -0- respectively. DOHERTY. BEALS & BANKS. P. C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMEN'T'S DECEMBER 31 , 1992 AND 1991 (PAGE 2) 2. BONDS PAYABLE: 1992 1991 Munnatucket Debt Service: Serial Bonds maturing and payable annually with interest at 5.9% per annum. $ 175,000 $ 210,000 Race Point Debt Service: Serial Bonds maturing and payable annually with interest at 9.1% per annum. 350,000 375,000 Total Bonds Payable $ 525,000 $ 585,000 The following are the maturities of bonds payable for each of the next five years. 1993 $ 60,000 1994 60,000 1995 60,000 1996 60,000 1997 60,000 3. GRANT REVENUE: 1992 1991 Federal Aviation Administration Grant: The Fishers Island Ferry District received funds from the Federal Aviation Administration for reimbursement of the airport's engineering and construction. Grant Amount $ 475,022 $ 85,998 New York State Department of Transportation Grant: The Fishers Island Ferry District received funds from the New York State Department of Trans- portation for the airport layout plan. Grant Amount -- 1 ,896 Federal Disaster Relief Grant 822 -- Total Grant Revenue S 475,844 $ 87,894 DOHERTY. BEALS & BANKS. P. C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMEN'T'S DECEMBER 31 , 1992 AND 1991 (PAGE 3) 4. PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment consists of the followinq classes of assets: 1992 1991 LAND $ 41 ,717 $ 41 ,717 DOCKS AND DOLPHINS 757,644 725,374 VESSEL - MUNNATAUKET 904,357 904,357 VESSEL - RACE POINT 1 ,485,382 1 ,398,012 BUILDINGS AND IMPROVEMENT'S 2,153,547 1 ,527,952 OFFICE EQUIPMENT 59,807 59,807 TERMINAL EQUIPMENT 27,775 27,775 Total Cost $5,430,229 $4,684,994 DOHERTY, BEALS & BANKS. P. C. SCHEDULE 1 FISHERS ISLAND FERRY DISTRICT THEATRE AND AIRFIELD SCHEDULE OF REVENUE AND EXPENSES FOR THE YEARS ENDED DECEMBER 31 , 1992 AND 1991 1992 1991 THEATRE OPERATION THEATRE REVENUE $ 18,215 $ 17,060 THEATRE EXPENSES: Film Rental $ 7,639 $ 6,750 Payroll 4,865 4,221 Utilities 723 596 Repairs and Maintenance 2,272 46 Miscellaneous 623 650 Total Expenses $ 16,122 $ 12,263 THEATRE REVENUE (DEFICIT) $ 2,093 $ 4,797 AIRFIELD OPERATION AIRFIELD REVENUE $ 15,602 $ 16,999 AIRFIELD EXPENSES: Repairs and Maintenance $ 6,227 $ 4,852 Insurance 7,500 7,500 Utilities 706 -- Depreciation 30,228 10,017 Total Expense $ 44,661 $ 22,369 AIRFIELD REVENUE (DEFICIT) $ (29,059) $ (5,370) (SEE NOTES TO FINANCIAL STATEMENTS) DOHERTY. BEALS & BANKS. P. C. SCHEDULE 2 FISMMS ISLAND F'ERMY DISTRICT SCHEDULE OF FERAL AWARDS AOR THE YEARS ENDED DECEKBER 31, 1992 AND 1991 Federal 1992 1991 Grant Disbursements/ Disbursements/ Number Expenditures Expenditures PROGRAM TITLE Major Programs Federal Aviation Administration: Airport Renovation 20-106 $ 475,844 NONE Other Federal Assistance Federal Aviation Administration: Airport Renovation 20-106 -- 85,998 TOTAL $ 475,844 $ 85,998 (SEE NMW TO FINANCIAL STATOWTS) DOHERTY. BEALS & BANKS. P. C. (203) 443.2033 FAX (203) 444.7086 DOHERTY, BEALS & BANKS, P. C. CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET POST OFFICE BOX 59 NEW LONDON. CONNECTICUT 06320 May 14 , 1993 INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Board of Commissioners Fishers Island Ferry District Fishers Island, NY 06390 We have audited the financial statements of the Fishers Island Ferry District as of and for the year ended December 31 , 1992, and have issued our report thereon dated May 14 , 1993 . We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards , issued by the Comptroller General of the United States . Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Compliance with laws, regulations, contracts , and grants applicable to the Fishers Island Ferry District is the responsibility of the Fishers Island management. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we performed tests of the Fishers Island Ferry District compliance with certain provisions of laws, regulations , contract, and _grants . However, the objective of our audit of the financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion. The results of our tests indicate that, with respect to the items tested, the Fishers Island Ferry District complied, in all material respects , with the provisions referred to in the preceding paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Fishers Island Ferry District had not complied, in all material respects , with those provisions. Board of Commissioners May 14, 1993 Page 2 This report is intended for the information of the Board of Commissioners, management, and the Federal Aviation Administration. However, this report is a matter of public record and its distribution is not limited. 'PG �`�� y >l ow�a DOHER Y, BEALS & BANKS, P.C. SLG:pl DOHERTY, BEALS & BANKS. P. C. (203) 443.2033 FAX (203) 444.7086 DOHERTY. BEALS & BANKS, P. C. CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET POST OFFICE BOX 59 NEW LONDON. CONNECTICUT 06320 May 14 , 1993 INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL STRUCTURE RELATED MATTERS NOTED IN A FINANCIAL STATEMENT AUDIT CONDUCTED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Board of Commissioners Fishers Island Ferry District Fishers Island, NY 06390 We have audited the financial statements of the Fishers Island Ferry District as of and for the year ended December 31 , 1992 , and have issued our report thereon dated May 14 , 1993 . We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards , issued by the Comptroller General of the United States . Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. In planning and performing our audit of the financial statements of the Fishers Island Ferry District for the year ended December 31 , 1992 , we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control structure. The management of the Fishers Island Ferry District is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures . The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management' s authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may Board of Commissioners May 14 , 1993 Page 2 nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future period is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. For the purpose of this report, we have classified the significant internal control structure policies and procedures in the following categories: Cash and Cash Equivalents Receivables Property, Plant and Equipment Payables and Liabilities Debt Fund Balances Government Financial Assistance Programs General and Specific Requirements Reporting Requirements For all of the internal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and whether they have been placed in operation , and we assessed control risk. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants . A material weakness is a condition in which the design or operation of one or more of the specific internal control structure elements does not reduce to a relatively low level the risk that errors and irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions . We noted no matters involving the internal control structure and its operations that we consider to be material weaknesses as defined above. This report is intended for the information of the audit committee, management, and the Federal Aviation Administration. However, this report is a matter of public record and its distribution is not limited. DOHERTY, BEALS & BANKS, P.C. SLG:pl DOHERTY. BEALS & BANKS. P. C. (203) 443.2033 FAX (203) 444.7086 DOHERTY. BEALS & BANKS, P. C. CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET POST OFFICE BOX 59 NEW LONDON. CONNECTICUT 06320 May 14 , 1993 INDEPENDENT AUDITOR'S REPORT ON THE INTERNAL CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL FINANCIAL ASSISTANCE PROGRAMS Board of Commissioners Fishers Island Ferry District Fishers Island, NY 06390 We have audited the financial statements of Fishers Island Ferry District as of and for the year ended December 31 , 1992, and have issued our report thereon dated May 14 , 1993 . We have also audited the compliance with the requirements applicable to major federal financial assistance programs and have issued our report thereon dated May 14 , 1993 . We conducted our audits in accordance with _generally accepted auditing standards ; Government Auditina Standards , issued by the Comptroller General of the United States; and Office of Management and Budget (OMB) Circular A-128 , "Audits of State and Local Governments . " Those standards and OMB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and about whether the Fishers Island Ferry District complied with laws and regulations, noncompliance with which would be material to a major federal financial assistance Aroaram. In planning and performing our audits for the year ended December 31 , 1992 , we considered the internal control structure of the Fishers Island Ferry District, in order to determine our auditing procedures for purposes of expressing our opinions on the financial statements of the Fishers Island Ferry District, and on the compliance of the Fishers Island Ferry District with requirements applicable to major programs, and to report on the internal control structure in accordance with OMB Circular A-128 . This report addresses our consideration of internal control structure policies and procedures relevant to compliance with requirements applicable to federal financial assistance programs . We have addressed internal control structure policies and procedures relevant to our audit of the financial statements in a separate report dated May 14 , 1993. The management of the Fishers Island Ferry District is responsible for establishing and maintaining an internal control structure. In Board of Commissioners May 14, 1993 Page 2 fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures . The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management 's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles, and that federal financial assistance programs are managed in compliance with applicable laws and regulations . Because of inherent limitations in any internal control structure, errors, irregularities , or instances of noncompliance may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future period is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. For the purpose of this report , we have classified the significant internal control structure policies and procedures used in administering federal financial assistance programs in the following categories : General Requirements - Political activity - Davis-Bacon Act - Civil rights - Cash management - Relocation assistance and real property acquisition - Federal financial reports - Allowable costs/cost principles - Drug-free Workplace Act - Administrative requirements Specific Requirements - Types of services - Eligibility - Matching, level of effort - Special reporting - Special Tests Claims for Advances and Reimbursements DOHERTY, BEALS & BANKS. P. C. Board of Commissioners May 14, 1993 Page 3 For all of the internal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and determined whether they have been placed in operation, and we assessed control risk. During the year ended December 31 , 1992 , the Fishers Island Ferry District expended 100 percent of its total federal financial assistance under major federal financial assistance programs . We performed tests of controls, as required by OMB Circular A-128 , to evaluate the effectiveness of the design and operation of internal control structure policies and procedures that we considered relevant to preventing or detecting material noncompliance with specific requirements , general requirements, and requirements governing claims for advances and reimbursements that are applicable to each of the District 's major federal financial assistance programs , which are identified in the accompanying Schedule of Federal Financial Assistance. Our procedures were less in scope than would be necessary to render an opinion on these internal control structure policies and procedures . Accordingly, we do not express such an opinion. This report is intended for the information of the audit committee, management, and Federal Aviation Administration. However, this report is a matter of public record and its distribution is not limited. DOHERTY, BEALS & BANKS, P.C. SLG;pl DOHERTY. BEALS & BANKS. P. C. (203) 443.2033 FAX (203) 444.7086 DOHERTY, BEALS & BANKS. P. C. CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET POST OFFICE BOX 59 NEW LONDON. CONNECTICUT 06320 May 14 , 1993 INDEPENDENT AUDITOR' S REPORT ON COMPLIANCE WITH GENERAL REQUIREMENTS Board of Commissioners Fishers Island Ferry District Fishers Island, NY 06390 We have audited the financial statements of the Fishers Island Ferry District as of and for the year ended December 31 , 1992 , and have issued our report thereon dated May 14 , 1993 . We have applied procedures to test the Fishers Island Ferry District' s compliance with the following requirements applicable to its federal financial assistance programs , which are identified in the Schedule of Federal Financial Assistance, for the year ended December 31 , 1992 : Political activity Davis-Bacon Act Civil rights Cash management Federal Financial Reports Allowable costs/cost principles Drug-free Workplace Act Administrative requirement Our procedures were limited to the applicable procedures described in the Office of Management and Budget' s "Compliance Supplement for Single Audits of State and Local Governments. " Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the Fishers Island Ferry District's compliance with the requirements listed in the preceding_ paragraph. Accordingly, we do not express such an opinion. With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph of this report. With respect to items not tested, nothing_ came to our attention that caused us to believe that the Fishers Island Ferry District had not complied, in all material respects , with those requirements . Board of Commissioners May 14 , 1993 Page 2 This report is intended for the information of the audit committee, management and the Federal Aviation Administration. However, this report is a matter of public record and its distribution is not limited. DOHERTY, BEALS & BANKS, P.C. SLG:pl DOHERTY. BEALS & BANKS. P. C.