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Home My WebLink About1999 FIFD FISHERS ISLAND GARBAGE AND REFUSE DISTRICT FINANCIAL STATEMENTS I a DECEMBER 31, 1999 I mx G I OHERTY EALS 8c ` ANKS, P.C. CERTIFIED PUBLIC ACCOUNTANTS 1 JI FISHERS ISLAND GARBAGE AND REFUSE DISTRICT FINANCIAL STATEMENTS DECEMBER 31, 1999 CONTENTS Independent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . 1 Statement of Revenue, Expenses, and Change in Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . 2 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . 5 DOHERTY, BEALS & BANKS, P.C. DOHERTY, BEALS & BANKS, P.C. CERTIFIED PUBLIC ACCOUNTANTS 167 WILLIAMS STREET CARL A.BANKS.CPA POST OFFICE BOX 56 STACEY L.GUALTIERI.CPA NEW LONDON.CONNECTICUT 06320 KATHLEEN A.STEAMER.CPA EVELYN A.COOKE.CPA (660)443.2033 DAVID J.MICELI,CPA FAX(660)4447066 Board of Commissioners Fishers Island Garbage and Refuse District Fishers Island, NY 06390 INDEPENDENT AUDITOR'S REPORT We have audited the accompanying balance sheet of the Fishers Island Garbage and Refuse District as of December 31, 1999, and 1998, and the related statements of revenue, expenses, and change in fund balance, and cash flows for the year then ended. These financial statements are the responsibility of the Fishers Island Garbage and Refuse 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 Garbage and Refuse District as of December 31, 1999, and 1998, and the results of its operations and cash flows for the year then ended, in conformity with generally accepted accounting principles. &" -F 'e" DOHERT BEALS & BANKS, P.C. March 22, 2000 - 1 - FISHERS ISLAND GARBAGE AND REFUSE DISTRICT STATEMENT OF REVENUE, EXPENSES AND CHANGE IN FUND BALANCE FOR THE YEAR ENDED DECEMBER 31, 1999 AND 1998 1999 1998 REVENUE Revenue - Town of Southold $ 438,888 $ 371,586 Interest 26,710 30,000 Burn dump fees 18,973 13,827 Gain on sale of equipment 6,500 -- TOTAL REVENUE 491,071 415,413 EXPENSES Accounting 3,874 2,910 Advertising 464 514 Bad debt 2,297 7,723 Bank charges 1,053 3,531 Burn dump expenses -- 4,275 Casual labor 2,128 580 Commission fees 17,429 8,983 Compost station maintenance 7,605 13,137 Compost station utilities 735 493 Depreciation 29,341 21,383 Employee benefits 1,627 -- Ferry transportation 9,115 14,436 Garbage tipping fees 20,971 25,326 Garbage hauling 54,227 52,579 Hazardous waste removal 12,576 13,915 Insurance 22,924 25,872 Landfill consulting/engineering fees 48,945 79,132 Landfill closure fees 5,227 3,080 Legal 15,814 3,894 Office utilities 1,394 940 Office expense 2,420 1,190 Rent 2,900 2,100 Rent - equipment 3,768 -- Transfer station maintenance 4,092 7,926 Transfer station utilities 1,257 1,299 Wages 75,034 68,085 Payroll taxes 5,832 6,767 TOTAL EXPENSES 353,049 370,070 EXCESS OF REVENUE OVER EXPENSES 138,022 45,343 FUND BALANCE - BEGINNING 817,186 771,843 FUND BALANCE - ENDING $ 955,208 $ 817,186 See notes to financial statements. - 2 - DOHERTY, BEALS & BANKS, P.C. FISHERS ISLAND GARBAGE AND REFUSE DISTRICT BALANCE SHEET AS OF DECEMBER 31, 1999 AND 1998 ASSETS CURRENT ASSETS 1999 1998 Cash and cash equivalent $ 458,650 $ 459,019 Accounts receivable 6,720 5,487 Prepaid expenses 7,702 -- TOTAL CURRENT ASSETS 473,072 464,506 PROPERTY, PLANT, AND EQUIPMENT Garbage facilities and improvements 503,059 371,463 Equipment 104,465 82,139 607,524 453,602 Less: accumulated depreciation _(101,035) (82,694) NET PROPERTY, PLANT, AND EQUIPMENT 506,489 370,908 TOTAL ASSETS J_9 79,561 $ 835,414 LIABILITIES AND FUND BALANCE LIABILITIES Accounts payable $ 23,542 $ 14,470 Payroll taxes payable 811 3,758 TOTAL LIABILITIES 24,353 18,228 FUND BALANCE 955,208 817,186 TOTAL LIABILITIES AND FUND BALANCE t_2.79,561 $ 835,414 See notes to financial statements. 3 - DOHERTY, BEALS & BANKS, P.C. FISHERS ISLAND GARBAGE AND REFUSE DISTRICT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1999 AND 1998 CASH FLOWS FROM OPERATING ACTIVITIES 1999 1998 Excess of revenue over expenses - per page 2 $ 138,022 $ 45,343 Adjustments to reconcile excess of revenue over expenses to net cash provided by operating activities: Depreciation 29,341 21,383 Gain on sale of equipment (6,500) -- (Increase) decrease in: Accounts receivable (1,233) 5,430 Prepaid expenses (7,702) -- Increase (decrease) in: Accounts payable 9,072 14,470 Payroll taxes payable (2,947) 1,550 NET CASH PROVIDED BY OPERATING ACTIVITIES 158,053 88,176 CASH FLOWS FROM INVESTING ACTIVITIES Improvements to property, plant, and equipment (164,922) (69,033) Proceeds from sale of equipment 6,500 NET CASH USED BY INVESTING ACTIVITIES (158,422) (69,033) NET CHANGE IN CASH AND CASH EQUIVALENTS (369) 19,143 CASH AND CASH EQUIVALENTS - BEGINNING 459,019 439,876 CASH AND CASH EQUIVALENTS - ENDING $ 458,650 $ 459,019 See notes to financial statements. - 4 - DOHERTY, BEALS & BANKS, P.C. FISHERS ISLAND GARBAGE AND REFUSE DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999 AND 1998 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES History and Purpose The Fishers Island Garbage and Refuse District operates through the Town of Southold as an organization exempt from income tax. The function of this District is to provide the residents of Fishers Island with the collection and disposal of all garbage and refuse. Basis of Accounting The Fishers Island Garbage and Refuse District uses the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred. Property, Plant, and Equipment Assets are recorded at cost and depreciation is recorded over the estimated useful lives of the assets using the straight-line method. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash Equivalents For the purposes of the Statement of Cash Flows, the organization considers all unrestricted highly liquid investments to be cash equivalents. - 5 - DOHERTY, BEALS & BANKS, P.C.