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Home My WebLink About2000 & 1999 FIFD s i fly FISHERS ISLAND FERRY DISTRICT i FINANCIAL STATEMENTS "Ale O Y'�m c� e $m DECEMBER 31, 2000 AND 1999 N. 1 _ i ul �s OHERTY EALS 8c AN KS, P.C. CERTIFIED PUBLIC ACCOUNTANTS t L. FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 DOHERTY, BEALS & BANKS, P.C. DOHERTY, BEALS & BANKS, P.C. CERTIFIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET CARL A.BANKS,CPA POST OFFICE BOX 59 STACEY L.GUALTIERI,CPA NEW LONDON,CONNECTICUT 06320 KATHLEEN A.STEAMER,CPA EVELYN A.COOKE,CPA (860)443.2033 DAVID J.MICELI,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 general-purpose financial statements of the Fishers Island Ferry District as of and for the year ended December 31, 2000, as listed in the table of contents. These general-purpose financial statements are the responsibility of the Fishers Island Ferry District's management. Our responsibility is to express an opinion on these general-purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in 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 general-purpose financial statements referred to above present fairly, in all material respects, the financial position of the Fishers Island Ferry District as of December 31, 2000, and the results of its operations and cash flows for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated May 24, 2001, on our consideration of the Fishers Island Ferry District's internal control over financial reporting and our tests of compliance with certain provisions of laws, regulations, contracts and grants. DOHERTY BEALS & BANKS, P.C. May 24, 2001 FISHERS ISLAND FERRY DISTRICT BALANCE SHEETS AS OF DECEMBER 31, 2000 AND 1999 ASSETS CURRENT ASSETS 2000 1999 Cash equivalents (note 1) $ 176,934 $ 558,421 Cash in banks 14,045 35,995 Imprest funds 1,450 1,450 Special cash deposits 742 2,172 Total Cash And Cash Equivalents 193,171 598,038 Prepaid expenses 21,120 27,866 Traffic and car receivable 71,612 32,731 Accrued interest receivable 134 297 TOTAL CURRENT ASSETS 286,037 658,932 PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment (note 2) 9,049,149 7,758,805 Less: accumulated depreciation (3,502,035) (3,218,235) NET PROPERTY, PLANT AND EQUIPMENT 5,547,114 4,540,570 TOTAL ASSETS $5,833,151 $5,199,502 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Current portion bonds payable $ 31,836 $ 26,836 Accounts payable 87,666 41,844 Liability for compensated absences 193,274 182,681 Deferred property tax revenue 12,929 -- TOTAL CURRENT LIABILITIES 325,705 251,361 LONG-TERM LIABILITIES Bonds payable (net of current portion above) (note 3) 130,283 162,119 TOTAL LIABILITIES 455,988 413,480 FUND BALANCE (page 4) 5,377,163 4,786,022 TOTAL LIABILITIES AND FUND BALANCE $5,833,151 $5,199,502 See notes to financial statements. 2 - DOHERTY, BEALS & BANKS, P.C. FISHERS ISLAND FERRY DISTRICT STATEMENTS OF REVENUE AND EXPENSES FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999 OPERATING REVENUE 2000 1999 Ferry service revenue $1,298,984 $1,065,358 Charter service 25,691 29,965 Mail revenue 17,528 17,528 Rental income 91699 9,148 TOTAL OPERATING REVENUE 1,351,902 1,121,999 OPERATING EXPENSES Clerical salaries 23,925 43,772 Commissioners' and manager's salaries 102,146 93,992 Crew and purser salaries 676,275 650,159 Fuels and lubricants 127,158 70,315 Insurance expense 174,194 142,233 Legal and accounting 5,800 5,800 Local transfers 5,100 5,100 Office supplies 7,622 5,541 Payroll taxes 57,237 55,261 Property taxes 24,669 14,462 Repairs and maintenance 128,876 103,769 Retirement payments 2,681 2,025 Stationery and printing 16,494 6,767 Terminal expense 27,047 32,606 Utilities 22,381 19,379 TOTAL OPERATING EXPENSES 1,401,605 1,251,181 DEFICIT OF REVENUE OVER EXPENSES FROM OPERATIONS BEFORE DEPRECIATION (49,703) (129,182) Less: depreciation (193,217) (154,210) DEFICIT OF REVENUE OVER EXPENSES FROM OPERATIONS (242,920) (283,392) OTHER REVENUE AND EXPENSES Property tax revenue 310,000 250,077 Interest income 19,935 31,189 Capital grant revenue 640,000 -- Theater deficit (net) (page 9) (17,320) (17,506) Airfield deficit (net) (page 9) (102,758) (81,564) Interest expense (15,796) (18,157) TOTAL OTHER REVENUE AND EXPENSES 834,061 164,039 EXCESS (DEFICIT) OF REVENUE OVER EXPENSES $ 591,141 S (119,353) See notes to financial statements. 3 - DOHERTY, BEALS & BANKS, P.C. FISHERS ISLAND FERRY DISTRICT STATEMENTS OF FUND BALANCE FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999 2000 1999 FUND BALANCE - BEGINNING $4,786,022 $4,905,375 EXCESS (DEFICIT) OF REVENUE OVER EXPENSES (page 3) 591,141 (119,353) FUND BALANCE - ENDING $5,377,163 $4,786,022 See notes to financial statements. - 4 - DOHERTY, BEALS & BANKS, P.C. FISHERS ISLAND FERRY DISTRICT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES Excess (deficit) of revenue over expenses - per page 3 $ 591,141 $ (119,353) Adjustments to reconcile deficit of revenue over expenses to net cash provided by operating activities: Depreciation - operating 193,217 154,210 Depreciation - theater/airfield 90,584 90,222 (Increase) decrease in: Prepaid expenses 6,746 (53) Receivables (38,719) (11,879) Increase (decrease) in: Accounts payable 45,822 (27,854) Liability for compensated absences 10,593 32,234 Deferred property tax revenue 12,929 -- NET CASH PROVIDED BY OPERATING ACTIVITIES 912,313 117,527 CASH FLOWS FROM INVESTING ACTIVITIES Improvements to property, plant and equipment (1,290,344) (192,059) CASH FLOWS FROM FINANCING ACTIVITIES Payments on bonds payable (26,836) (26,836) NET CHANGE IN CASH AND CASH EQUIVALENTS (404,867) (101,368) CASH AND CASH EQUIVALENTS - BEGINNING 598,038 699,406 CASH AND CASH EQUIVALENTS - ENDING ,$ 193,171 $ 598,038 See notes to financial statements. - 5 - DOHERTY, BEALS & BANKS, P.C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Fishers Island Ferry District operates through the Town of Southold as an organization exempt from income tax. It is a component unit of the Town of Southold. 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, 2000, and 1999, is $283,801 and $244,432, 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 $48,464 is not insured. An investment account is also maintained with Fleet Bank and consists of a short-term Treasury Portfolio. The balance of $128,470 is not insured. 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. - 6 - DOHERTY, BEALS & BANKS, P.C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 2. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are recorded at cost and consist of the following classes of assets: 2000 1999 Land $ 41,717 $ 41,717 Docks and dolphins 2, 107, 994 1, 040,699 Vessel - Munnatauket 904,357 904,357 Vessel - Race Point 1,485,382 1,485,382 Buildings and improvements 3, 743,569 3,743,569 Terminal expansion 688,301 465,252 Office equipment 50,054 50,054 Terminal equipment 27,775 27,775 TOTAL PROPERTY, PLANT AND EQUIPMENT $9, 049,149 $7,758, 805 3. BONDS PAYABLE 2000 1999 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 $693,211. $ 150,000 $ 175, 000 Pension System Serial Bonds Serial Bonds maturing and payable annually with interest at 8% per annum. 12,118 13, 955 TOTAL BONDS PAYABLE $ 162,118 $ 188,955 The following are the maturities of bonds payable for each of the next five years. 2001 $ 31,836 2002 31, 836 2003 31,836 2004 31,836 2005 34,775 $ 162,119 7 - DOHERTY, BEALS & BANKS, P.C. FISHERS ISLAND FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 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, 2000, and 1999, is $2,681 and $2, 025 respectively. Additional required disclosure information is unavailable at this time. Any liability that may result from a withdrawal from the plan has not been determined. 5. SUPPLEMENTAL CASH FLOW INFORMATION Interest paid during the years ending December 31, 2000, and 1999, was $15,796 and $18,157 respectively. - 8 - DOHERTY, BEALS & BANKS, P.C. FISHERS ISLAND FERRY DISTRICT THEATER AND AIRFIELD SCHEDULES OF REVENUE AND EXPENSES FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999 2000 1999 THEATER OPERATION THEATER REVENUE $ 12,616 $ 12,706 THEATER EXPENSES Film rental 6,082 8,201 Payroll 3,500 4,443 Utilities 4,234 3,763 Repairs and maintenance 4,095 2,594 Miscellaneous 636 -- Depreciation 11,389 11,211 TOTAL EXPENSES 29,936 30,212 THEATER DEFICIT $ (17,320) $ (17,506) AIRFIELD OPERATION AIRFIELD REVENUE $ 6,301 $ 20,402 AIRFIELD EXPENSES Repairs and maintenance 24,628 17,010 Insurance 3,300 3,000 Utilities 1,936 2,945 Depreciation 79,195 79,011 TOTAL EXPENSES 109,059 101,966 AIRFIELD DEFICIT $ (102,758) $ (81,564) See notes to financial statements. - 9 - DOHERTY, BEALS & BANKS, P.C.