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Home My WebLink About1996 & 1995 FIFD : �«? �. . / I§HEES ISLE FERRY DISTRICT Www. y« : . a.a. \ \ FINANCIAL STATEMENTS • ��» » :y\y +�» 2 >DzcER ]l, 1996 AND 1995 �m : . ƒ�< ��\« 2��\ `wC>H E RT Y rr » A,N KS, P. C. CERTIFIED PUBLIC \ A C c O U NT»MTS .�/� FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS DECEMBER 31, 1996 AND 1995 CONTENTS Independent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . 1 Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Statements of Revenue and Expenses . . . . . . . . . . . . . . . . . . . . 3 Statements of Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . 4 Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . 5 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . 6 Theater and Airfield Schedules of Revenue and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 DOHERTY, BEALS & BANKS. P. C. DOHERTY, BEALS & BANKS, P.C. CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET CARL A. BANKS,CPA POST OFFICE BOX 39 STEPHEN R. DOHERTY. CPA NEW LONDON,CONNECTICUT 06320 STACEY L. GUALTIERI, CPA KAREN A. NAGEL. CPA KATHLEEN A. STEAMER, CPA (860) 443-2033 EVELYN M. COOKE.CPA FAX (860) 444-7086 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 December 31, 1996, and 1995, 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. 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, 1996, and 1995, and the results of its operations and cash flows for the years then ended, in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The theater and airfield schedules of revenue and expenses are presented for the purposes of additional analysis and are not a required part 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. i DOHER BEALS & BANKS, P.C. April 23, 1997 ) - 1 - FISHERS ISLAND FERRY DISTRICT BALANCE SHEETS AS OF DECEMBER 31, 1996 AND 1995 ASSETS CURRENT ASSETS 1996 1995 Cash equivalents (note 1) $ 624,950 $ 622,410 Cash in banks 56,796 70,654 Imprest funds 1,450 1,450 Special cash deposits 5,129 8.586 Total Cash And Cash Equivalents 688,325 703,100 Traffic and car receivable 21,890 16,053 Grants receivable 6,568 _- Prepaid expenses 31,279 43,909 TOTAL CURRENT ASSETS 748,062 763,062 PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment (note 2) 6,753,223 6,675,566 Less: accumulated depreciation (2,492,492) (2,270,563) NET PROPERTY, PLANT AND EQUIPMENT 4,260,731 4,405,003 OTHER ASSETS Property held for future use 634.068 634,068 TOTAL ASSETS $5,642,8611 $5,802,33 LIABILITIES AND FUND BALANCE CURRENT LIABILITIES Current portion bonds payable $ 61,836 $ 61,836 Accounts payable 86,050 55,151 Estimated liability for compensated absences 147,255 149,542 Deferred property tax revenue 13,665 TOTAL CURRENT LIABILITIES 308,806 266,529 LONG-TERM LIABILITIES Bonds payable (net of current portion above) (note 3) 242,628 304,464 TOTAL LIABILITIES 551,434 570,993 FUND BALANCE (page 4) 5,091.427 5,231,140 TOTAL LIABILITIES AND FUND BALANCE $5,642,8611 55,802 133 i See notes --o financial statements. - 2 - DOHERTY. BEALS & BANKS. P. C. FISHERS ISLAND FERRY DISTRICT STATEMENTS OF REVENUE AND EXPENSES FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995 OPERATING REVENUE1996 1995 Ferry service revenue $ 964,402 $ 988,955 Charter service 46,307 45,648 Mail revenue 15,932 15,937 Miscellaneous voyage revenue 18,575 20,577 Rental income 14,081 6,276 TOTAL OPERATING REVENUE 1,059,297 1,077,393 OPERATING EXPENSES Building and equipment maintenance 16,668 91800 Clerical salaries 43,805 41,735 Commissioners' and manager's salaries 80,967 84,885 Crew and purser salaries 540,792 539,894 Fuels and lubricants 96,346 75,158 Insurance expense 143,324 149,869 Legal and accounting 51900 5,900 Local transfers 4,800 4,775 Office supplies 4,523 4,741 Other terminal expense 12,128 8,143 Payroll taxes 49,092 44,938 Property taxes 9,638 9,778 Retirement payments (note 4) 11,476 6,299 Stationery and printing 1,393 2,650 Supplies 25,695 34,664 Utilities 10,817 10,360 vessel maintenance 73,312 50,531 TOTAL OPERATING EXPENSES 1,130,676 1,084,120 DEFICIT OF REVENUE OVER EXPENSES FROM OPERATIONS BEFORE DEPRECIATION (71,379) (6,727) Less: depreciation (141,294) (136,731) DEFICIT OF REVENUE OVER EXPENSES FROM OPERATIONS (212,673) (143,458) OTHER REVENUE AND EXPENSES Property tax revenue 220,000 200,000 Interest income 34,069 30,771 Grant revenue 10,382 75,141 Theater deficit (net) (page 10) (12,949) (11,284) Airfield deficit (net) (page 10) (157,668) (163,041) Interest expense (28,274) (32,724) Theater donations 7,400 261005 TOTAL OTHER REVENUE AND EXPENSES 72,960 124,868 DEFICIT OF REVENUE OVER EXPENSES S_(13 9,713) $ (18,590) See notes to .:nancial statements. 3 - DOHERTY, BEALS & BANKS. P. C. FISHERS ISLAND FERRY DISTRICT STATEMENTS OF FUND BALANCE FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995 1996 1995 FUND BALANCE - BEGINNING $5,231,140 $5,249,730 DEFICIT OF REVENUE OVER EXPENSES (page 3) (139,713) (18,590) FUND BALANCE - ENDING $5,091,427 25,231,140 g 3 ) See notes to financial statements. 4 - DOHERTY. BEALS 3 BANKS. P. C. FISHERS ISLAND FERRY DISTRICT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995 1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES Deficit of revenue over expenses - per page 3 $ (139,713) $ (18,590) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation - operating 141,294 136,731 Depreciation - theater/airfield 144,630 154,079 (Increase) decrease in: Prepaid expenses 12,630 (920) Receivables (12,405) 114,179 Increase (decrease) in: Accounts payable 30,899 (82,163) Estimated liability for compensated absences (2,286) 54,988 Deferred property tax revenue 13,665 NET CASH PROVIDED BY OPERATING ACTIVITIES 188,714 358,304 CASH FLOWS FROM INVESTING ACTIVITIES Improvements to property, plant and equipment (141,653) (40,624) CASH FLOWS FROM FINANCING ACTIVITIES Payments on bonds payable (61,836) (61,830) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (14,775) 255,850 CASH AND CASH EQUIVALENTS - BEGINNING 703,100 447,250 CASH AND CASH EQUIVALENTS - ENDING 6881325 703,100 See notes to financial statements. - 5 - DOHERTY. BEALS & BANKS, P. C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1996 AND 1995 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. 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, 1996, and 1995, is $285,924 and $290, 810, respectively. Cash Equivalents Cash equivalents as used in the statement of cash flows (page 5) are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash. The Fishers Island Ferry District maintains an investment account with MBIA - Municipal Investors Service Corp. The balance of $622,410 is not insured. 2. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following classes of assets: 1996 1995 Land $ 41,717 $ 41, 717 Docks and dolphins 884,751 775,552 Vessel - Munnatauket 904,357 904,357 Vessel - Race Point 1,485,382 1,485,382 Buildings and improvements 3, 029,261 3, 076,350 Terminal expansion 317, 781 300,127 Office equipment 62, 199 64, 306 Terminal equipment 27, 775 27, 775 TOTAL PROPERTY, PLANT AND EQUIPMENT $6, 75® $6,675, 566 6 - DOHERTY. BEALS & BANKS. P. C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1996 AND 1995 3. BONDS PAYABLE 1996 —i-995 Munnatawket Debt Service Serial Bonds maturing and payable annually with interest at 5.9t per annum. Net book value of the Munnatawket is $339, 984. $ 35,000 $ 70,000 Race Point Debt Service Serial Bonds maturing and payable annually with interest at 9.1%- per annum. Net book value of the Race Point is $846, 997. 250,000 275,000 Pension System Serial Bonds Serial Bonds maturing and payable annually with interest at 8t per annum. 19,464 21,300 TOTAL BONDS PAYABLE $ 304,464 $ 366, 300 The following are the maturities of bonds payable for each of the next five years. 1997 $ 61,836 1998 26,836 1999 26,836 2000 26,836 2001 26,836 Thereafter 135,284 304,464 4. PENSION The Fishers Island Ferry District participates in the New York State Employees Retirement System, a defined benefit plan. This is a cost sharing multiple public employer retirement system that covers substantially all of the Ferry District's employees. The system offers a wide range of plans and benefits which are related to years of service and final average salary, vesting of retirement benefits, death and disability benefits and optional methods of benefit payments. The Fishers Island Ferry District's pension expense for the years ended December 31, 1996, and 1995, is $11,476 and $6,299 respectively. Additional required disclosure informaticn is unavailable at this time. 5. SUPPLEMENTAL CASH FLOW INFORMATION Interest expense paid during the years ending December 31, 1996, and 1995, was $28,274 and $32, 724 respectively. 7 - DOHERTY. BEALS & BANKS. P. C. FISHERS ISLAND FERRY DISTRICT THEATER AND AIRFIELD SCHEDULES OF REVENUE AND EXPENSES FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995 1996 1995 THEATER OPERATION THEATER REVENUE $ 15,036 $ 14,399 THEATER EXPENSES Film rental 7,984 6,112 Payroll 4,373 4,163 Utilities 2,452 1,862 Repairs and maintenance 1,849 508 Miscellaneous 1,033 2,744 Depreciation 10,294 10,294 TOTAL EXPENSES 27,985 25,683 THEATER DEFICIT (12,949) $ (11,284) AIRFIELD OPERATION AIRFIELD REVENUE -- AIRFIELD EXPENSES Repairs and maintenance 17,399 13,280 Insurance 3,675 3,675 Utilities 2,258 2,301 Depreciation 134,336 143,785 TOTAL EXPENSES 157,668 163,041 AIRFIELD DEFICIT (157,668) $ (163,041) i See notes to financial statements. DOHERTY. BEALS & BANKS. P. C.