HomeMy WebLinkAbout1993 1
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TOWN OF SOUTIJOLD
' FINANCIAL STATEMENTS
DECEMBER 31, 1993
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R1CIH[N �, 'diORIE, CPAs
REHN & FORE
Certified Ptthlic Accountants
286 Main Street• East Setauket• New York 11733 * 516/751-3886 • Fax 516/751-2740
' June 29, 1994
' Town Board
Town of Southold
53095 Main Road
Southold, NY 11971
Members of the Board:
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying general purpose financial statements of the Town
of Southold, as of and for the year ended December 31, 1993 . These general
' purpose financial statements are the responsibility of the Town of Southold'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,
Government Auditing Standards, issued by the Comptroller General of the United
States, and the provisions of Office of Management and Budget Circular A-128,
Audits of State and Local Governments. Those standards require that we plan and
' perform the audit to obtain reasonable assurance about whether the general
purpose financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the general purpose financial statements. An audit also includes
' assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall general purpose 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 in the first
paragraph present fairly, in all material respects, the financial position of the
Town of Southold as of December 31, 1993, and the results of its operations and
' changes in fund balances for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose
' financial statements taken as a whole. The combining, individual fund, and
individual account group financial statements and schedules listed in the
accompanying table of contents are presented for purposes of additional analysis
and are not a required part of the general purpose financial statements of the
' Town of Southold. Such information has been subjected to the auditing procedures
applied in the audit of the general purpose financial statements, and, in our
opinion, is fairly presented in all material respects in relation to the general
purpose financial statements taken as a whole.
' Respectfully submitted,
' Rehn & Fore CPAs
Certified Public Accountants
REHN & FORE
Certi-fieri Puhlic ACCOUritanfs
286 Main Street• East Setauket • New York 11733 . 516/751-3886• Fax 516/751-2740
REPORT ON COMPLIANCE AT THE GENERAL PURPOSE
FINANCIAL STATEMENT LEVEL
' June 29, 1994
"Town Board
Town of Southold
53095 Main Road
Southold, NY 11971
Members of the Board:
' We have audited the general purpose financial statements of the Town of Southold as of and for
the year ended December 31, 1993 and have issued our report thereon dated June 29, 1994.
These general purpose financial statements are the responsibility of the Town'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, Government
Auditing Standards, issued by the Comptroller General of the United States and the provisions
of Office of Management and Budget Circular A-128, "Audits of State and Local Governments".
' Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatements including misstatement
resulting from noncompliance with laws and regulations. An audit includes examining, on a test
' basis, evidence supporting the amounts and disclosures in the general purpose 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.
The management of the Town of Southold is also responsible for the Town's compliance with
' laws and regulations. In connection with the audit referred to above, we selected and tested
transactions and records to determine the Town's compliance with those laws and regulations for
which noncompliance could have a material effect on the Town's general purpose financial
statements.
The results of our tests indicate that for the transactions and records tested the Town of Southold
complied with those laws and regulations for which noncompliance could have a material effect
on the Town's general purpose financial statements. Our testing was more limited than would
be necessary to express an opinion on whether the Town of Southold complied, in all material
respects, with those laws and regulations for which noncompliance could have a material effect
on the Town's general purpose financial statements. With respect to the transactions and records
that were not tested by us, nothing came to our attention to indicate that the Town of Southold
had not complied with laws and regulations.
Respectfully submitted,
ek
' go'-V—
Refin & Pore CPAs
Certified Public Accountants
REHN & FORE
Certified Public Accounfanfs
286 Main Street• East Setauket • New York 11733 . 516/751-3886• Fax 516/751-2740
' REPORT ON COMPLIANCE AT THE FEDERAL FINANCIAL ASSISTANCE
PROGRAM LEVEL
' June 29, 1994
Town Board
Town of Southold
53095 Main Road
Southold, NY 11971
Members of the Board:
' We have audited the general purpose financial statements of the Town of Southold as of and for
the year ended December 31, 1993 and have issued our report thereon dated June 29, 1994.
We have applied procedures to test Town of Southold, New York'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, 1993.
1. Political Activity
We tested the expenditures and related records of personnel, payroll and their costs, and
found no indication of lobbying activities, publications and other materials which were
' intended to influence legislation or charged directly or indirectly, to federal assisted
programs.
11. Davis-Bacon Act
During 1993 there were no construction activities subject to Davis-Bacon regulations.
' III. Civil Rights
The Town has a formal policy of non-discrimination and all advertisements specifically
' address that issue. The Town does not employ 15 or more persons in any federal
financially assisted program. Contract agreements contain prohibitions against
discrimination on the basis of race, sex or religion. No complaints have come to our
attention with regard to discrimination in federal financially assisted programs. Facilities
financed by federal funds are located in a nondiscriminatory manner. Letters from the
Town's attorney do not indicate that there are any civil rights suits being adjudicated or
pending.
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IV. Cash Mana )einent
The Town's forecasting process was evaluated and deemed to be accurate. The Town's
system for requesting federal funds were reviewed and evaluated to keep federal cash
disbursements limited to the Town's immediate needs. Dates disbursements limited to the
"Town's immediate needs. Dates and amounts for advances and drawdowns were compared
to the dates funds were disbursed. The size of the bank balances were evaluated and
deemed to be satisfactory to the programs' needs.
V. Relocation Assistance and Real Property Acquisition
Relocation assistance is not applicable to the Town's federal financially assisted programs.
The Town is not administering a federal or federally assisted program involving the
acquisition of property or the displacement of households.
VI. Federal Financial Reports
The Town's procedures for preparing Federal financial reports were evaluated for
accuracy. Federal financial reports were evaluated for completeness and timeliness of
submission. We vouched and tested the data to the supporting documentation for
completeness and accuracy.
' 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 Town of Southold, New York'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 Town of
Southold, New York, has not complied, in all material respects, with those requirements.
This report is intended for the information of the audit committee, management, and Town of
' Southold. However, this report is a matter of public record and its distribution is not limited.
Respectfully submitted,
Rehm * D��10
Rehn & Fore CPAs
' Certified Public Accountants
REHN & FORE
Ccrtiflea Puhhc Accountants
286 Main Street a East Setauket • New York 11733 . 516/751-3886• Fax 516/751-2740
June 29, 1994
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL
STRUCTURE BASED ON AN AUDIT OF GENERAL PURPOSE OR
BASIC FINANCIAL STATEMENT PERFORMED IN ACCORDANCE
' WITH GOVERNMENT AUDITING STANDARDS
Town Board
the Town of Southold
' 53095 Main Road
Southold, NY 11971
Members of the Board:
' We have audited the general purpose financial statements of the Town of Southold,
as of and for the year ended December 31, 1993, and have issued our report
thereon dated June 29, 1994.
' We conducted our audit in accordance with generally accepted auditing standards,
Government Auditing Standards, issued by the Comptroller General of the United
States, and the provisions of Office of Management and Budget 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 general purpose financial statements are free of material
misstatement.
' In planning and performing our audit of the general purpose financial statements
of the Town of Southold, for the year ended December 31, 1993, we considered its
internal control structure in order to determine our auditing procedures for the
' purpose of expressing our opinion on the general purpose financial statements and
not to provide assurance on the internal control structure.
The management of the Town of Southold, 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 nevertheless occur and not be detected.
Also, projection of any evaluation of the structure to future periods 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
Receipts, Purchasing, Accounts Payable, Cash Disbursements, Payroll, Property and
Equipment, General Ledger, and External Financial Reporting.
' 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.
' During the year ended December 31, 1993, the Town of Southold had no major
federal financial assistance programs and expended 100 percent of its total
federal financial assistance under the following nonmajor federal financial
assistance programs: Nutrition, Supplemental Nutrition Assistance Program,
' Community Development, Airfield Design and Renovation, FEMA and EPA.
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 reportable condition in which the
design or operation of one or more of the internal control structure elements
does not reduce to a relatively low level the risk that errors or irregularities
in amounts that would be material in relation to the general purpose 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 operation that we
consider to be material weaknesses as defined above.
' This report is intended for the information of the audit committee, management,
and others within the Town of Southold and its granting agencies . This
restriction is not intended to limit the distribution of this report which, upon
acceptance by the Town of Southold, is a matter of public record.
Respectfully submitted,
* —0-7�Rehn & Fore CPAs
Certified Public Accountants
L
1 REHN & FORE
Cerfi died PUhl1C Accounfanfs
286 Main Street+ East Setauket • New York 11733 . 516/751-3886 • Fax 516/751-2740
' June 29, 1994
' INDEPENDENT AUDITOR'S REPORT ON SCHEDULE OF FEDERAL
FINANCIAL ASSISTANCE
Town Board
' Town of Southold
53095 Main Road
Southold, NY 11971
Members of the Board:
We have audited the general purpose financial statements of the Town of Southold,
as of and for the year ended December 31, 1993, and have issued our report
thereon dated June 29, 1994. These general purpose financial statements are the
responsibility of the Town of Southold' 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,
Government Auditing Standards, issued by the Comptroller General of the United
States, and the provisions of Office of Management and Budget 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 general purpose financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
' the amounts and disclosures in the general purpose 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
1 for our opinion.
Our audit was conducted for the purpose of forming an opinion on the general
purpose financial statements of the Town of Southold, taken as a whole. The
' accompanying schedule of federal financial assistance is presented for purposes
of additional analysis and is not a required part of the general purpose
financial statements. The information in that schedule has been subjected to the
auditing procedures applied in the audit of the general purpose financial
' statements and, in our opinion, is fairly presented in all material respects in
relation to the general purpose financial statements taken as a whole.
Respectfully submitted,
.4-`4—
tRehn &Fore, CPAs
Certified Public Accountants
' Town of Southold
' December 31, 1993
Table of Contents
' STATEMENTS
' Combined Balance Sheet - All Fund
Types & Account Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-2
' Combined Statement of Revenues, Expenditures
and Changes in Fund Balance - All
Governmental Fund Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-4
' Combined Statement of Revenues, Expenditures
and Changes in Fund Balance - Budget
and Actual - All Governmental Fund Types . . . . . . . . . . . . . . . . . . . . . . . . . . 5-6
Combined Statement of Revenues, Expenditures
' and Changes in Fund Balance - Budget
and Actual -
AllGeneral Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
' Special Revenue Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Capital and Special District Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
' Combining Balance Sheets -
GeneralFunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Programs for the Aging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
' Special Revenue Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Special District Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-14
Fiduciary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
' Combining Statement of Revenues, Expenditure,
' and Changes in Fund Balance -
GeneralFunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Programs for the Aging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
' Special Revenue Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Special District Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19-20
' SCHEDULES
Schedule of Federal Financial Assistance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21-22
' Schedule of Obligations Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24-38
TOV1'N OF SOUTHOLD
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS-Page 1 of 2
December 31,1993
---- - GON'ERNMENTAL FUND TYPES--- FIDUCIARY ----ACCOUNT GROUPS- MEMORANDUM ONLY
SPECIAL CAPITAL SPECIAL TRUST& GENERAL LONG TERM TOTALS
GENERAL REVENUE PROJECTS DISTRICTS AGENCY FIXED ASSET DEBT 12/31/93 12/31/92
,ASSETS
Cash 5635,971 51.665,072 51,251,025 $1,029,350 5195.510 54.776,928 $5,948.172
Assessments Receivable 2.029
Due From Other Funds 15,070 1.093 12,386 28,549 58,917
Due from Other Governments 24.504 1011.214 125.718 264,563
State and Federal Receivables 196.788 45.433 17 242.238 225.835
Accounts Receivable 113.079 28.226 3,766 145.071 179.114
Suppl\Inventory 242 242 146
Deferred E.Vense 6,242 42.520 8,103 56.865 39,682
Deferred Compensation.Assets 1051.831 1057831
Land 53.663.546 3.663.546 2.298.608
Buildings 1.714.076 1,714.076 1.714.076
Equipment and Machinery 8.017,403 8.017.403 7678.397
Provisions to be Made in Future Budgets 58,843,465 8.843.465 6.130.085
TOTAL ASSETS 5991.896 51.883.558 $1.251.025 51.053,605 5301.358 513.395.025 58.843,465 527,719,932 524,539,624
LIABILITIES AND FUND BALANCE
LIABILITIES
Accounts Payable 5273.558 5202,223 $17.306 $89,251 5582338 5643.815
Due to Other Funds 1.093 17.738 1.612 $8.106 28.549 58.917
Due to Other Governments 709 709 870
Due to Pension System 13.488 13,488 708.869
Deferred Compensation 105.831 105.831
Deferred Revenues 18.419 3.072 21.491 425.343
Deposits Held 173.933 173.933 313.834
Compensated Absences 51.795.465 1.795.465 1.316.216
Obligations Payable 445.000 7.048.000 7.493.000 5.421.000
TOTAL LIABILITIES $292.686 5206.388 5480.044 590.863 5301.358 50 58.843.465 510.214.804 58.888.864
Continued
Page 1
TONVIN OF SOUTHOLD
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS-Page 2 of 2
December 31,1993
—�{A�ER\1SE\NAL FUND TYPES----------- FIDUCLA RY --ACCOUNT GROUPS-- MEMORANDUM ONLY
SPECIAL CAPITAL SPECIAL TRUST& GENERAL LONG TERM TOTALS
GENERAL REVENUE PROJECTS DISTRICTS AGENCY FIXED ASSET DEBT 12/31/93 12/31/92
TOTAL LIABILITIES-from Page 1 $292.686 $206,388 S480.044 $90,863 $301,358 $0 $8.843,465 $10,214,804 $8,888,864
FUND BALANCE
Investment in Fixed Assets S13,395,025 $13,395.025 511;691,081
Reserve for Bonded Debt S7;995 S4,313 12.308 27,489
.Appropriated Ensuing Years Budget 450,000 760,000 1.203,499 269,959 2.683.458 2,528.520
Unreserved-Unappropriated 241,215 917.170 688.470 1.846.855 1;875,819
Fund Deficit (432.518) (432.518) (472,149)
TOT.ALFUND BALANCE 5699.210 $1.677,170 S770.981 $962,742 50 $13.395,025 $0 $17.505,128 $15.650,760
TOTAL LL4BILITIES
AND FUND BALANCE 5991.896 51,883.558 $1.251.025 $1,053,605 $301.358 513,395,025 $8,843,465 $27,719.932 $24.539,624
?COTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT
Page 2
TON N OF SOUTHOLD
COi1BINED STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
GOVERNE14ENTAL FUND TYPES-Page 1 of 2
January 1-December 31,1993
MEMORANDUM ONLY
SPECIAL CAPITAL SPECIAL TOTALS
GENERAL REVENUE PROJECTS DISTRICTS 12/31/93 12/31/92
RE«Nt7ES
Real PrcivTTN-Taxes 53.797,875 57,024.950 S1.222.406 512,045,231 $11,873,269
Real Property Tax Items 44,425 21.010 448 65,883 72,456
Iron-property Tax Items 320.996 320,996
DepartrnentalIncome 1,247,569 305,789 1,023.589 2.576.947 2.153.466
Intergowrunental Charges 137.221 74.255 49,589 261.065 254.155
Use of Money&Property 98.166 142.655 $56,558 53,874 351,253 382.420
Premium on Obligations 1.985 1.985
Licenses&Permits 133.863 16.060 149,923 124,123
Fines&Forfeitures 77.091 77,091 60.088
Property Sales-'Loss Compensation 11.030 7.895 18,925 31.723
Miscellaneous Local Sources 17,609 94,509 95,440 207,558 146.824
State Aid 504,510 278.674 504 783,688 700.865
Federal Aid 240.457 260.990 107.426 608,873 872.902
Obligations Authorized 141.873 511.236 2.695,000 24.890 3.372,999
Dotes Redeemed from Appropriations 141,000 141,000 185,610
Interfund Transfers 870.044 31,994 902,038 890.993
TOTAL REVENUES $6.451.689 $9.929.063 $2.926,537 $2,578,166 521,885,455 $17,748.894
EXPENDITURES
General Government Support S2.093.951 5290,622 $2,433,245 $115,379 $4,933.197 $2.787,312
Public Safety 174.272 3.889.808 149.400 4,213,480 3,787.491
Public Health 76,234 3.500 79.734 69.640
Transportation 311.319 2.159.447 1.103.789 3.574.555 4.117.404
Economic Assistance&Opportunity 483.942 483,942 425.705
Culture&Recreation 417.569 388.207 805,776 585.006
Bome&Community Services 1.161.784 439.697 540.686 714.882 2.857,049 2.331.966
Employees Benefits 467,082 2.339.733 153.144 2.959.959 2.143.101
Debt Sen-ice 701,356 58.003 55.344 111.718 926.421 1.080.021
Interfund Transfers 455,816 446,222 902.038 890.993
TOTAL.EXPENDITURES 56,343,325 59.627,032 $3.029.275 52.736.519 $21,736.151 518,218.639
Continued
Page 3
TOV1:N OF SOUTHOLD
CORIBINED STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
GOVERNE111ENTAL FUND TYPES-Page 2 of 2
Januarc 1-December 31,1993
MEMORANDUM ONLY
SPECIAL CAPITAL SPECIAL TOTALS
GENERAL REVENUE PROJECTS DISTRICTS 12/31/93 12/31/92
TOTAL REVENUES from Page 3 56,451,689 59.929,063 $2,926,537 52,578,166 521,885,455 517,748,894
TOTAL EXPENDITUES from Page 3 56,343,325 $9.627,032 $3.029,275 52,736,519 $21.736,151 518,218.639
EXCESS REVENUE OVER(UNDER)EXPENDITURES 108.364 302.031 (102,738) (158,353) 149,304 (469.745)
RESIDUAL EQUITY TRANSFER 7.995 (12.308) 4.313
FUND BAL.4,NCE-JANUARY 1,1993 582.851 1.375,139 886,027 1.116,782 3,960.799 4.430,544
FUND BALANCE-DECEMBER 31,1993 5699,210 51.677,170 5770,981 5962,742 54,110,103 $3,960,799
?VOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL.PART OF THIS STATEMENT
Page 4
TORN OF SOUTHOLD
COMBINED STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL,-ALL GOVERNEMENTAL FUND TYPES-Page I of 2
January 1-December 31,1993
SPECIAL CAPITAL SPECIAL TOTAL
GENERAL REVENUE PROJECTS DISTRICTS BUDGETS ACTUAL VARLANCE
REVENUES
Real Property Taxes $3.797,875 $7,024,950 51,201,406 $12,024,231 $12.045,231 $21,000
Real Property Tax Items 50,000 22,700 500 73,200 65,883 (7317)
Non-property Tax Items 2551.000 255,000 320,996 65,996
Departmental Income 11.260,929 334,500 902,000 2,497,429 2,576,947 79,518
Intergovernmental Charges 153,960 65,500 151.000 234,460 261,065 26,605
Use of Money&Property 130,100 192,000 $33,753 54,950 410,803 351,253 (59,550)
Premium on Obligations 0 1,985 1,985
Licences&Permits 126,300 16,500 4,500 147,300 149,923 2,623
Fines&Forfeitures 46.000 46.000 77.091 31.091
Property Sales'Loss Compensation 5,500 2.000 7.500 18,925 11,425
Miscellaneous Local Sources 41888 36,783 25,000 66,671 207,558 140,887
State.Aid 427,352 257.246 684,598 783.688 99,090
Federal Aid 126.047 419.239 89.000 634.286 608.873 (25.413)
Obligations Authorized 141.873 511.236 2,815.000 24.890 3.492,999 3.372.999 (120.000)
Notes Redeemed from Appropriations 0 141,000 141.000
Interfund Transfers - 916,000 31,994 947.994 902,038 (45,956)
TOTAL REVENUES $6,270,824 $10,053.654 $2.880,747 $2.317,246 521.522.471 $21.885,455 $362,984
.Appropriated Fund Balance 250000 513.225 1,352.027 609.119 2.724.371
TOTAL REVENUES AND OTHER SOURCES $6.520,824 510.566.879 $4,232.774 52.926.365 S24.246.842
Continued
Page 5
TOV1'NOF SOUTHOLD
COMBINED STATEME'N'T OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL-ALL GOVERN-EMENTAL FUND TYPES-Page 2 of 2
January I-December 31,1993
SPECIAL CAPITAL SPECIAL TOTAL
GENERAL REVENUE PROJECTS DISTRICTS BUDGETS ACTUAL VARL4,NCE
TOTAL REVENUES AND OTHER SOURCES-From Page 5 $6.520.824 S10.566,879 $4,232,774 $2.926,365 $24,246,842
EXPENDITURES
General Government Support $21124,177 5309,800 53,569.356 $133,800 56,137,133 $4,933,197 51.203,936
Public Safety 201.600 3,944,493 150,000 4.296,093 4.213,480 82.613
Public Health 76,445 4,450 80,895 79,734 1.161
Transportation 320,177 2,494,771 1.186,500 4.001.448 3.574,555 426.893
Economic Assistance&Opportunity 535,624 535.624 483,942 51.682
Culture&Recreation 430,688 396.500 827,188 805,776 21.412
Home&Community Services 1,195,356 655.064 608,073 784,100 3.242.593 2,857.049 385.544
Employees Benefits 475,533 2,647.776 161.690 3,284,999 2,959,959 325.040
Debt Service 703,800 58.300 55,345 113,775 931.220 926,421 4.799
Interfund Transfers 457.424 452.225 909.649 902,038 7.611
TOTAL EXPENDITURES 56,520,824 $10.566.879 54,232,774 52,926,365 524,246.842 $21,736,151 $2,510,691
EXCESS REVENUE OVER(UNDER)EXPENDITURES (250.000) (513.225) (1.352.027) (609.119) (2,724,371) 149.304
FUND BALANCE-J.4,NUARP 1,1993 5582.851 51,375.139 $886.027 51.072.018 3.916,035 $3,960,799
FUND BALANCE-DECEMBER 31,1993 5332.851 5861.914 (S466.000) $462.899 $1.191.664 $4,110,103
NOTES TO THE FINANCIAL STATE\IE\7'S ARE.AN INTEGRAL PART OF THIS STATENIENT
Page 6
' TOWN OF SOUTIiOLD
STATEMENT OF REVENUES,EXPENDITURES AND CIIANGES IN FUND BALANCE
' BUDGET AND ACTUAL.-ALL GENERAL FUND
January 1-December 31,1993
' BUDGET ACTUAL VARIANCE
REVENUES
' Real Property Taxes $3,797,875 $3,797,875 $0
Real Property Tax Items 50,000 44,425 ($5,575)
Departmental Income 1,260,929 1,247,569 ($13,360)
' Intergoventmental Charges 153,960 137,221 ($16,739)
Use of Money&Property 130,100 98,166 ($31,934)
Licenses&Penuits 126,300 133,863 $7,563
Fines&Forlcitures 46,000 77,091 $31,091
' Property Sales/Loss Compensation 5,500 11,030 $5,530
Miscellaneous Local Sources 4,888 17,609 $12,721
Slate Aid 427,352 504,510 $77,158
' Federal Aid 126,047 240,457 $114,410
Obligations Authorized 141,873 141,873 $0
TO'T'AL REVENUES $6,270,824 $6,451,689 $180,865
' Appropriated Fund Balance 250,000
TOTAL REVENUES AND OTIIER SOURCES $6,520,824
EXPENDITURES
General Government Support $2,124,177 $2,093,951 $30,226
' Public Safety 201,600 174,272 $27,328
Public Health 76,445 76,234 $211
Transportation 320,177 311,319 $8,858
Economic Assistance&Opportunity 535,624 483,942 $51,682
Culture&Recreation 430,688 417,569 $13,119
Home&Corrununity Services 1,195,356 1,161,784 $33,572
' Employees Benefits 475,533 467,082 $8,451
Debt Service 703,800 701,356 $2,444
Interfund Transfers 457,424 455,816 $1,608
TOTAL EXPENDITURES $6,520,824 $6,343,325 $177,499
EXCESS REVENUE OVER(UNDER)EXPENDITURES (250,000) 108,364
RESIDUAL EQUITY TRANSFER 7,995
FUND BALANCE-JANUARY 1,1993 $582,851 $582,851
' FUND BALANCE-DECEMBER 31,1993 $332,851 $699,210
NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT
' Page 7
TOWN OF SOU'THOLD
' STA'TEME,NI'OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL-ALL SPECIAL REVENUE FUND
January 1-December 31,1993
BUDGET ACTUAL. VARIANCE
' REVENUES
Real Property Taxes $7,024,950 $7,024,950 $0
Real Property Tax Items 22,700 21,010 ($1,690)
Non-property Tax Items 255,000 320,996 $65,996
Departmental Income 334,500 305,789 ($28,711)
Intergovenunental Charges 65,500 74,255 $8,755
' Use of Money&Property 192,000 142,655 ($49,345)
Licenses&Permits 16,500 16,060 ($440)
Property Sales/Loss Compensation 2,000 7,895 $5,895
' Miscellaneous Local Sources 36,783 94,509 $57,726
State Aid 257,246 278,674 $21,428
Federal Aid 419,239 260,990 ($158,249)
Obligations Authorized 511,236 511,236 $0
t Interfimd Transfers 916,000 870,044 ($45,956)
TOTAL REVENUES $10,053,654 $9,929,063 ($124,591)
' Appropriated Fund Balance 513,225
TOTAL REVENUES AND OTHER SOURCES $10,566,879
' EXPENDITURES
General Govenunent Support $309,800 $290,622 $19,178
' Public Safety 3,944,493 3,889,808 $54,685
Public Health 4,450 3,500 $950
Transportation 2,494,771 2,159,447 $335,324
Home&Conmmnity Services 655,064 439,697 $215,367
' Employees Benefits 2,647,776 2,339,733 $308,043
Debt Service 58,300 58,003 $297
Interfund Transfers 452,225 446,222 $6,003
' TOTAL.EXPENDITURES $10,566,879 $9,627,032 $939,847
EXCESS REVENUE OVER(UNDER)EXPENDITURES (513,225) 302,031
' FUND BALANCE-JANUARY 1,1993 $1,375,139 $1,375,139
FUND BALANCE-DECEMBER 31,1993 $861,914 $1,677,170
NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT
' Page 8
�i Ing i M M M M M M M M M M
TOWN OF SOUTHOLD
COMBINED STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL-CAPITAL AND SPECIAL DISTRICT FUNDS
January 1-December 31,1993
APIT SPECIAL DISTRICTS---�---
BUDGET ACTUAL VARIANCE BUDGET ACTUAL VARIANCE
REVENUES
Real Property Taxes $1,201,406 $1,222,406 S21 000
Real Property Tax Items 500 448 (52)
Departmental Income 906,500 1,023,589 117,089
Intergovernmental Charges 15,000 49,589 34,589
Use of Money&Property 533,753 S56,558 $22,805 54,950 53,874 (1,076)
Premium on Obligations 1,985 1,985
Miscellaneous Local Sources 25,000 95,440 70,440
State Aid 504 504
Federal Aid 89,000 107,426 18.426
Interfund Transfers 31,994 31,994 0
TOTAL REVENUES S65.747 $90,537 S24,790 $2,292,356 $2,553,276 5260,920
Obligations Authorized 2.815,000 2,695,000 (120000) 24,890 24,890 0
?rotes Redeemed from Appropriations 141,000 141.000
TOTAL $2.880,747 $2.926,537 $45.790 S2,317,246 S2,578,166 S260.920
Appropriated Fund Balance 1.352.027 609,119
TOTAL REVENUES AND OTHER SOURCES 54,232,774 52,926.365
EXPENDITURES
General Government Support S3.569.356 $2.433,245 $17136.111 S133,800 $1157379 S18.421
Public Safety 150,000 149,400 600
Transportation 1.186.500 1.103.789 82,711
Culture&Recreation 396.500 388.207 8.293
Home&Community Services 608.073 540.686 67.387 784.100 714.882 69.218
Employees Benefits 161,690 153,144 8,546
Debt Smiae 55.345 55,344 1 113.775 111.718 2.057
TOTAL EXPENDITURES 54.232.774 $3.029.275 S1.203A99 $2.926,365 $2.736,519 S189,846
EXCESS REVENUE OVER(UNDER)EXPENDITURES (1.352.027) (102.738) (609.119) (158.353)
RSIDUAL EQUITY TRANSFER (12.308) 4,313
FUND BALANCE-JANUARY 1,1993 S886.027 S886,027 1.072.018 $1,116.782
FUND BALANCE-DECEMBER 31,1993 (S466.000) $770.981 S462.899 $962.742
`COTES TO THE FINANCIAL STATE\IENTS ARE:A'\INTEGRAL PART OF THIS STATEMENT
Page 9
i
1
r
TOWN OF SOUTHOLD
COMBINING BALANCE SHEET
GENERAL FUNDS
December 31,1993
' MEMORANDUM ONLY
PROGRAMSFOR TOTALS
TOWNWIDE THE AGING 12/31/93 12/31/92
ASSETS
Cash $632,900 $3,071 $635,971 $385,867
Due From Other Funds 15,070 15,070 29,734
Due from Other Govenunents 24,504 24,504 248,897
State and Federal Receivables 196,788 196,788 46,942
Accounts Receivable 112,377 702 113,079 116,080
r Supply Inventory 242 _ 242 146
Deferred Expense 6,242 6,242 1,355
TOTAL ASSETS $963,619 $28,277 $991,896 $829,021
rLIABILPrIES AND FUND BALANCE
LIABILITIES
' Accounts Payable $269,655 $3,903 $273,558 $79,307
Due to General/(From)Aging (23,665) 23,665
Due to Other Funds 6,360
' Due to Other Governments 709 709 870
Deferred Revenues 18,419 18,419 159,633
' TOTAL LIABILITIES $264,409 $28,277 $292,686 $246,170
FUND BALANCE
Reserve for Bonded Debt $7,995 $7,995 $22,379
Unreserved-Appropriated 450,000 450,000 $250,000
Unreserved-Unappropriated 241,215 241,215 $310,472
TOTAL FUND BALANCE $699,210 $0 $699,210 $582,851
TOTAL LIABILITIES
' AND FUND BALANCE $963,619 $28,277 $991,896 $829,021
NOTES TO THE FINANCIAL S'rAi,t,.MENTS ARE AN INTEGRAL PART OF THIS STATEMENT
i
Page 10
TORN OF SOUTHOLD
COMBINED BALANCE SHEET
PROGRAMS FOR THE AGING
December 31,1993
ADULT DAY HOME AIDE/
NUTRITION CARE CHORE SNAP EISEP TOTALS
ASSETS
Cash $1,759 $510 $732 $70 $3,071
Due from Other Governments 5,759 5,416 $2,l 41 3,614 7,574 24,504
Accounts Receivable 403 299 702
TOTAL ASSETS 57.518 55.926 $2.141 $4,749 $7,943 $28,277
LIABILITIES AND FUND BALANCE
LIABILITIES
Accounts Payable 51,931 5361 $227 51,384 $3,903
Due to General Fund 5.587 $5,217 1,780 4,522 6,559 23,665
Due to Other Governments 709 709
TOTAL LL4BILITIES $7.518 $5,926 $2.141 $4,749 $7,943 $28,277
FUND BALANCE $0 $0 $0 $0 $0 $0
TOTAL LIABILITIES
AND FUND BALANCE $7.518 $5.926 $2.141 $4,749 $7,943 $28,277
!COTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF TII1S STATEMENT
Page 11
TOWN OF SOUTHOLD
COMBINED BALANCE SHEET
SPECIAL REVENUE FUNDS
December 31,1993
GENERAL ----H1GHR'AY FUNDS---- SPECIAL RISK MEMORANDUM ONLY
FUND GRANT RETENTION TOTALS
PART TOV17N' TOWNWIDE PART TORN FUND FUND 12/31/93 12/31/92
ASSETS
Cash $581,721 589,133 $635,471 $358,747 $1,665,072 S1,900,671
Due From Other Funds 1,093 1,093 11,470
Due from Other Governments 88,214 513,000 101,214 15,666
State and Federal Receivables 25,065 20,368 45,433 597290
Accounts Receivable 28,226 28,226 51,084
Deferred Expense 32,350 2,873 7,297 42,520 21,568
TOTAL ASSETS S730,511 $117.071 S664,229 S13.000 $358,747 S1,883r558 S2.059,749
LIABILITIES AND FUND BALANCE
LIABILITIES
Accounts Pavable S58,104 $33,860 S47,948 $137000 S49,311 S202,223 $444,882
Due to Other Funds 1,093 1,093
Deferred Revenues 31072 3,072 239,728
TOTAL LIABILITIES 558,104 $34,953 $47,948 S13,000 S52,383 $206,388 5684,610
FUND BALANCE
Reserve for Bonded Debt $5,110
Unreserved-Appropriated $460,000 S50.000 $250,000 $760,000 S513,225
Unreserved-Unappropriated 212.407 32,118 366,281 S306.364 917,170 $856,804
TOTAL FUND BALANCE S672.407 $82.118 S616-281 $0 $306.364 S1.677.170 $1,375.139
TOTAL LIABILITIES
AND FUND BALANCE S730.511 S117.071 S664.229 S13.000 S358,747 S1.883.558 S2.059.749
NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT
Page 12
TOV1`N OF SOUTHOLD
COMBINED BALANCE SHEET
SPECIAL DISTRICT FUNDS-Page 1 of 2
December 31,1993
WEST CREEK EASTAVEST FIRE NVEST SOUTHOLD FISHERS SOLID WASTE FISHERS ISLAND FISHERS
I1NIMPROVENIENT PROTECTION GREENPORT WASTEWATER ISLAND SERVER NLANAGENIENT REFUSE AND ISLAND FERRY
DISTRICT DISTRICT ANATER DIST. DISTRICT DISTRICT DISTRICT GARBAGE DIST. DISTRICT
ASSETS
Cash $517 $856 $38 $201,990 $29.082 $66,634 $546.772
Assessments Receivable
Accounts Receivable 3,754 9
Due From Other Funds $4,313 8.073
State and Federal Receivables
Deferred Expense $1,112 600
TOTAL ASSETS $517 $856 $38 $205,744 $29.091 $5,425 $66,634 $555,445
LIABILITIES AND FUND BALANCE
LIABILITIES
Account Pavable $6,268 $2.523 $9,690 $54.738
Due To Other Funds $500 $1.112
Deferred Revenues
TOTAL LIABILITIES $500 $0 $0 $6.268 $2.523 $1,112 $9,690 $54,738
FUND BALANCE
Reserve For Bonded Debt $4,313
Appropriated $517 $855 $37 $239,000
Unappropriated (500) 1 1 $199,476 $26.568 $56.944 261.707
TOTAL FI'NDBALANCE $17 S856 $38 $199.476 $26,568 $4.313 $56.944 $500,707
TOTAL LIABILITIES
AND FUND BALANCE $517 5856 $38 $205.744 $29.091 $5.425 $66.634 $555.445
Continued
Page 13
TONVN OF SOUTHOLD
COMBINED BALANCE SHEET
SPECIAL DISTRICT FUNDS-Page 2 of 2
December 31,1993
CUTCHOGUE- SOUTHOLD ORIENT- MATTITUCK ORIENT MEMORANDUM ONLY
NEW SUFFOLK PARK EAST MARION PARK MOSQUITO TOTALS
PARK DISTRICT DISTRICT PARK DISTRICT DISTRICT DISTRICT 12/31/93 12/31/92
ASSETS
Cash $32,604 $18,868 $43,749 $511056 $37,184 $1.029,350 $1,061,051
Assessment Receivable 2,029
Account Receivable 3 3,766 4,208
Due From Other Funds 12,386 17,713
State and Federal Receivables 119,191
Deferred Expense 6,391 8,103 16,759
TOTAL ASSETS $32.604 $18.868 $43,749 $57,450 537,184 $1.053,605 $1,220,951
LIABILITIES AND FUND BALANCE
LIABILITIES
Account Payable $4,988 $1,362 S9,682 $89,251 $79,307
Due To Other Funds 1,612
Deferred Revenues 25,982
TOTAL LIABILITIES $0 $4.988 $1.362 $9,682 $0 $90,863 $105,289
FUND BALANCE
Re-me For Bonded Debt $4,313
Appropriated $29,550 269,959 $407,119
Unappropriated 532,604 S13.880 542,387 18.218 $37,184 688,470 708.543
TOTAL FUND BALANCE $32.604 513.880 S42.387 S47,768 $37,184 $962,742 $1.115.662
TOTAL LIABILITIES
AND FUND BALANCE 532.604 S18.868 543.749 S57.450 S37.184 $1.053.605 51.220.951
'VOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT
Page 14
TOWN OF SOUTHOLD
' COMBINING BALANCE SHEET
FIDUCIARY FUNDS
December 31,1993
AGENCY&TRUST MEMORANDUM ONLY
' FISHERS ISLAND TOTALS
TOWN FERRY DISTRICT 12/31/93 12/31/92
ASSETS
Cash $124,918 $70,592 $195,510 $324,273
Stale and Federal Receivables 17 17 412
Other Receivables 7,742
Deferred Compensation Assets 105,831 105,831
' TOTAL ASSETS $230,766 $70,592 $301,358 $332,427
' LIABILITIES AND FUND BALANCE
LIABILITIES
Due to Other Funds $33 $8,073 $8,106 17,921
Deferred Compensation 105,831 105,831
Due To Pension Systems 12,423 1,065 13,488
Deposits Held 112,479 61,454 173,933 314,506
' TOTAL LIABILITIES $230,766 $70,592 $301,358 $332,427
TOTAL FUND BALANCE $0 $0 $0 $0
TOTAL LIABILITIES
AND FUND BALANCE $230,766 $70,592 $301,358 $332,427
NO'T'ES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT
' Page 15
I'OWN OF SOU HOLD
COMBINED STATEMENT OF REVENUES,EXPENDITURES AND CIIANGES IN FUND BALANCE.
ALL GENERAL FUNDS
January 1-December 31,1993
PROGRAMS MEMORANDUM ONLY
WHOLE FOR'T'IIE TOTALS
TOWN AGING 12/31/93 12/31/92
REVENUES
' Real Property Taxes $3,797,875 $3,797,875 $3,831,646
Real Property'fax Items 44,425 44,425 49,548
Departmental Income 1,161,770 $85,799 1,247,569 807,485
' Intergovernmental Charges 14,000 123,221 137,221 155,319
Use of Money&Property 98,166 98,166 97,989
Licenses&Permits 133,863 133,863 112,664
' Fines&Fortcitures 77,091 77,091 60,088
Property Sales/Loss Compensation 11,030 11,030 9,680
Miscellaneous Local Sources 17,609 17,609 13,510
State Aid 504,510 504,510 444,440
' Federal"lid 132,690 107,767 240,457 153,300
Serial Bond Proceeds 141,873 141,873
TOTAL REVENUES $6,134,902 $316,787 $6,451,689 $5,735,669
EXPENDI'T'URES
' General Government Support $2,091,951 $2,000 $2,093,951 $1,927,636
Public Safety 174,272 174,272 188,803
Public Ilealth 76,234 76,234 66,025
Transportation 311,319 311,319 289,897
Economic Assistance&Opportunity 180,408 303,534 483,942 425,705
Culture&Recreation 417,569 417,569 261,335
Home&Community Services 1,161,784 1,161,784 982,407
Employees Benefits 456,668 10,414 467,082 263,377
Debt Service 701,356 701,356 774,335
hnterfimd Transfers 454,977 839 455,816 430,996
' TOTAL EXPENDITURES $6,026,538 $316,787 $6,343,325 $5,610,516
EXCESS REVENUE OVER(UNDER)EXPENDITURES $108,364 $0 $108,364 $125,153
RESIDUAL EQUITY TRANSFER 7,995 7,995 22,379
FUND BALANCE-JANUARY 1,1993 $582,851 $0 582,851 $435,319
FUND BALANCE-DECEMBER 31,1993 $699,210 $0 $699,210 $582,851
NOTES TO THE FINANCIAL S1'ATL•'MENTs ARE AN INTEGRAL PART OF THIS S'1'A'rEMENT
Page 16
TONA'N OF SOUTHOLD
COMBINING STATEMENT OF RENTNUES,EXPENDITURES AND CHANGES IN FUND BALANCE
PROGRAMS FOR THE AGING
Januar-%,1-December 31,1993
ADULT DAY HOME AIDE/
NUTRITION CARE CHORE SNAP EISEP TOTALS
REVENUES
Departmental Income S50,303 S16.842 S600 S15,959 52,095 S85.799
Intergovernmental Charges 96,710 23.783 16,378 31,510 19,499 187,880
Federal Aid 30,715 12,393 43.108
TOTAL REN'ENUES $177,728 S40.625 $16,978 S59,862 $21,594 S316.787
EXPENDITURES
General Government Support S2.000 S2.000
Economic Assistance&Opportunity S171,711 S38,463 S15.871 56.718 S20,771 303.534
Employees Benefits 5,178 2.162 1,107 1,144 823 10.414
Interfund Transfers 839 839
TOTAL EXPENDITURES S177,728 S40,625 516.978 S59,862 S21,594 $316,787
EXCESS REVENUE OWER(UNDER)EXPENDITURES 50 SO SO SO SO 50
FUND BALANCE-JANUARY 1,1993 SO 50 SO 50 SO 50
FUND BALANCE-DECEMBER 31,1993 SO SO SO SO SO SO
'COTES TO THE FI\ANCIAI.STATEMENTS ARE AN INTEGR-U PART OF THIS STATEMENT
Page 17
TORN OF SOUTHOLD
COMBINED STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
SPECIAL REVENUE FUNDS
Januan•1-December 31,1993
GENERAL -----HIGHWAY FUNDS--- SPECIAL RISK MEMORANDUM ONLY
FUND GRANT RETENTION TOTALS
PART TORT TOVIN"'IDE PART TORN FUNDS FUND 12/31/93 12/31/92
REVENUES
Real Property Taxes S4,423,200 5881.350 51,720,400 57,024,950 $6,864,740
Real Property Tax Items 13,303 2.533 5,174 21,010 22,377
Non-property Tax Items 320,996 320,996
Departmental Income 305,789 305,789 303,807
Intergovernmental Charges 74.255 74,255 70.036
Use of Money&Property 85.478 13.404 36.411 $7,362 142.655 149.306
Licenses&Permits 16.060 16.060 11.459
Propert}-Sales1,oss Compensation 7.895 7.895 22.043
Miscellaneous Local Sources 33.057 339 19,345 41.768 94.509 114.226
State Aid 90,412 188,262 278.674 255.480
Federal Aid 5.685 2.905 36,098 5216,302 260.990 238.911
Serial Bond Proceeds 416.032 20,534 74.670 511.236
Interfund Transfers 870,044 870,044 880,993
TOTAL REVENUES 55.792.162 5921,065 52.080,360 5216,302 5919,174 59,929.063 58.933.378
ENPENDITLRES
General Government Support 5167,256 5123,366 5290.622 S314.007
Public Safer), 3.889.808 3.889.808 3.457.868
Public Health 3.500 3,500 3.615
Transportation 5740.330 $1.419,117 2,159.447 2.167,589
Home&Community Services 223.395 5216,302 439.697 483,445
Employees Benefits 1.326.652 97,464 242,135 673,482 2,339.733 1.772.567
Debt Senice 58.003 58.003 41.857
Interfund Transfers 185,161
53.874 207.187 446.222 449.997
TOTAL EXPENDITURES 55.795.772 5949,671 51.868.439 5216,302 5796.848 $9.627.032 58.690.945
EXCESS REVENUE OVER(UNDER)EXPENDITURES (53.610) (528.606) 5211,921 50 5122.326 $302.031 5242.433
RESIDUAL EQUITY TRANSFER 0 5.110
FUND BALANCE-JANUARY 1,1993 5676.017 5110.724 5404360 50 5184,038 1.375.139 51.127.596
FUND BALANCE-DECEMBER 31,1993 5672.407 582.118 $616.281 $0 $306.364 $1,677,170 $1.375,139
NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT
Page 18
TO11IN OF SOUTHOLD
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
SPECIAL DISTRICT FUNDS-Page 1 of 2
JANUARY I-DECEMBER 31,1993
NEST CREEK EAST-WEST FIRE NIT-ST SOUTHOLD FISHERS SOLID FISHERS ISLAND FISHERS
IMPROVEMENT PROTECTION GREENPORT WASTEWATER ISLAND SEN3*TR WASTE REFUSE AND ISLAND FERRY
DISTRICT DISTRICT WATER DIST. DISTRICT DISTRICT DISTRICT GARBAGE DIST. DISTRICT
REVENUES
Real Property Taxes $9,029 5149,087 (52.560) 5287,000 $0 5293,900 5150.000
Real Property Tax Items 4 $59 113 $1 115 59
Departmental Income 63,344 17,465 2,154 940,626
intergovernmental Charges 28.800 14,959
Use of Money and Property 12 S196 22 6.575 1,021 51.076 261.284
Miscellaneous Local Sources 31.524 59.732
State Aid
Federal Aid 104.403
Serial Bond Proceeds 24,890
TOTAL REVENUES S9,045 $149,342 (S2.538) 5417,356 $18,487 SO 5301,245 51.320,953
EXPENDITURES
General Government Support 53,455 SO SII 1,924
Public Safety $149.400
Transportation 1,103,789
Culture and Recreation
Home and Community Service 240,538 S]2,939 5371,199 60.452
Employee Benefits 153,144
Debt Service 59.275 2,000 100.443
Interfund Transfers
TOTAL EXPENDITURES S9Z75 S149.400 50 $245.993 $12.939 50 $371,199 5L529,752
EXCESS REVENUE OVER(UNDER)EXPENDITURES (5230) (558) (S2538) 5171363 S5.548 50 (569,954) (5208.799)
RESIDUAL EQUITY TRANSFER $4,313
FUND BALANCE-JANUARY 1,1993 5247 5914 52.576 S28.113 S21..020 50 5126.898 S709.506
FUND BALANCE-DECEMBER 31,1993 $17 5856 S38 5199.476 526.568 54.313 556.944 $500.707
NOTES TO THE FIN.ANCIAL STATEMENTS ARE.4N INTEGR LL PART OF THIS STATEMENT
Page 19
TORN OF SOUTHOLD
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
SPECIAL DISTRICT FUNDS-Page 2 of 2
JANUARY 1-DECEMBER 31.1993
CUTCHOGUE- SOUTHOLD ORIENT- MATTITUCK ORIENT MEMORANDUM ONLY
NEW SUFFOLK PARK EAST MARION PARK MOSQUITO TOTALS
PARK DISTRICT DISTRICT PARK DISTRICT DISTRICT DISTRICT 12/31/93 12/31/92
REVENUES
Real Property Taxes 543,500 576,500 516,000 $169.950 $30,000 $1,222,406 $1.176.883
Real Property Tax Items 30 67 448 531
Departmental Income 1,023,589 1.042.174
Intergovernmental Charges 5.830 49.589 28.800
Use of.Money and Property 2.461 6.263 694 4.151 1,119 53.874 76.457
1<iscellaneous local Sources 273 3.911 95.440 19.088
State Aid 504 504 945
Federal Aid 3.023 107,426 480.691
Serial Bond Proceeds 24.890
TOTAL REVENUES 545,961 583,066 $16,694 5182436 $31.119 $2.578,166 $2,825.569
EXPENDITURES
General Government Support $115,379 5519
Public Safety 149,400 140.820
Transportation l.103,789 1.565.028
Culture and Recreation S59,512 $102.032 S19.071 5207.592 388,207 323.671
Home and Community-Service $29.754 714.882 645.655
Employee Benefits 153,144 107.157
Debt Smice 111.718 115.132
Interfund Transfers 0 10.000
TOTAL EXPENDITURES 559,512 $102,032 519.071 5207,592 $29,754 52,736.519 52,907.982
EXCESS REVENUE OVER(UNDER)EXPENDITURES (511551) ($18.966) (S2.377) ($20.156) 51.365 ($158,353) (S82,413)
RESIDUAL EQUITY TRANSFER S4.313
FUND BALANCE-.IANVARY 1,1993 546.155 S32.846 544.764 567924 S35.819 Sl A 16.782 51.199.195
FUND BALANCE-DECEMBER 31,1993 532.604 S13.880 542.387 547,768 537,184 $962.742 S1.116.782
NOTES TO THE FINANCIAL STATEhIENTS ARE AN INTEGRAL PART OF THIS STATEMENT
Page 20
TONi�OF SOUTHOLD
SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE-Page 1 of t
December 31,1993
FEDERAL FUND FUND
FEDERAL GR -NTOR/PASS CFDA PROGRAM BALANCE REVENUE BALANCE
THROUGH GRANTOR/PROGRA.N1 TITLE NUMBER A.'11OUNT 1/1/93 RECOGNIZED EXPENDITURES 12/31/93
U.S Department of Aviculture
Passed througb Suffolk County:
Cash-In-Lieu of FoodAw'ards 10.550 $43.108 SO $43,108 $43.108 $0
U.S Department of Health&Human Services
Passed through Suffolk Countv:
Nutrition 13.635 $64,659 $0 $64,659 $64.659 $0
U.S Department of Housing
and Urban Development
Passed through Suffolk County:
Community Development Block Grant 14.218 $17352.758 (1) $0 $216.302 $216.302 $0
Federal Emergence Management.Agent}
Passed through the State of New Fork
Hurricane Bob 83.516 $453,415 $0 $97,104 $97,104 $0
December 11.1992 Nor'easter 83.516 $67.832 $0 $67.832 $67.832 $0
Marcb 13,1993 Snowstorm 83.516 $4.942 $0 $4,942 $4.942 $0
U.S.Lnvironmental Protection.Agenev
Passed through the State of New Fork
National Estuary Program 66.456 $50.000 $0 $7.500 $7.500 $0
Continued
Page 21
TONVN OF SOUTHOLD
SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE-Page 2 of 2
December 31,1993
FEDERAL FUND FUND
FEDERAL GRANTOR/PASS CFDA PROGRAM BALANCE REVENUE BALANCE
THROUGH GRANTOR/PROGRA-M TITLE NU;IIBER AMOUNT 1/1/93 RECOGNIZED EXPENDITURES 12/31/93
U.S Department of Transportation
Federal Aviation Administration
Obstruction Lighting&Removal
No.3-36-0029-03-90 20.106 5248.965 SO 54.746 54.746 50
Airfield Lighting(Construction)
No.3-36-0029-05-92 20.106 5430,454 50 544.502 544,502 50
Runway 12-30 Overlay(Design)
No.3-36-0029-06-92 20.106 560,000 SO $29.917 529,917 SO
Runway 7-25 Overlay(Design)
No.3-36-0029-07-92 20.106 551.000 50 525.238 $25.238 50
(1) Combination of subgrant awards as follows:
Contract Date Program
Year Commenced Amount
X1I1 -1987 1/1/87 5173.830
X1V -1988 41/88 159.000
X\' -1989 4!1/89 159.000
X-\1 -1990 41190 156.000
XAI1 -1991 51/91 183,000
X-1111 -1992 5:7%92 288.000
X1X -1993 5'14!93 233.928
51352.758
The above program years are open as of December 31.1993.
NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT
Page 22
TONVN OF SOUTHOLD
SCHEDULE OF OBLIGATION'S PAYABLE
December,31,1993
Original Balance Issued Paid Balance
Issue Final Interest Outstanding in in Outstanding
Purpose Date Maturity Rate 1/1/93 1993 1993 12/31/93
Purchase of Fern Serial Bond Aug-77 Feb-97 5.90 175,000 35,000 140,000
Agricultural Land Rights Serial Bond Oct-84 Apr-05 9.10 1,160,000 75,000 1,085,000
Purchase of Fem'Serial Bond Oct-84 Apr-05 9.10 350,000 25,000 325,000
Various Purposes Serial Bond Feb-91 Feb-11 6.375 2,420,000 295,000 2.125,000
Land Acquisition B.AN. Alar-91 Mar-96 2.83 140,000 140,000 0
Computer System B.A.N. Nov-91 Nov-96 3.00 71,000 71.000 0
Agricultural Land Rights B.A.N. Nov-92 Nov-97 3.00 850,000 850.000 0
Crawler/Loader B.AN. Dec-92 Nov-97 3.00 55.000 55.000 0
Emergency Generators B.A.N. Nov-92 Nov-97 3.00 60.000 60.000 0
Backhoe B.A.N. Nov-92 Nov-97 3.00 100.000 100.000 0
Wastewater Facility Improvements B.A.N. Nov-92 Nov-97 3.00 40.000 40.000 0
Various Purposes Serial Bond Apr-93 Feb-12 5.00 2.695,000 2.695,000
Pension Liability Serial Bond Oct-93 Oct-05 6.00 * 678,000 678.000
Various Purposes B.A.N. Nov-93 Nov-98 2.79 445.000 445,000
Total Obligations Payable 5.421,000 3.818.000 1.746.000 7.493.000
•Variable Rate Bonds
From To Rate
Oct-93 Oct-01 6.00
Oct-01 Oct-03 6.10
Oct-03 Oct-05 6.125
NOTES TO THE FINANCIAL STATEMENT S ARE AN INTEGRAL FART OF THIS STATEMENT
Page 23
Town of Southold
Notes To The Financial Statements
For the Fiscal Year Ended December 31, 1993
' I. Summary of Significant Accounting Policies
The financial statements of the Town of Southold have been prepared in conformity with
generally accepted accounting principles (GAAP) as applied to government units. The
Governmental Accounting Standards Board (GASB) is the accepted standard setting body for
establishing governmental accounting and financial reporting principles. The more significant
of the government's accounting policies are described below.
' A. Financial Reporting Entity
The Town of Southold, which was established in 1640, is governed by its Charter, the
' Local Municipal Law and other general laws of the State of New York and various local
laws. The Town Board is the legislative body responsible for overall operations, the
Supervisor serves as Chief Executive Officer and as Chief Fiscal Officer.
Basic services provided included Public Safety, Health, Transportation, Economic
Assistance and Opportunity, Culture and Recreation, and Home and Community Services.
All governmental activities and functions performed for the Town are its direct
responsibility. No other governmental organizations have been included or excluded from
' the reporting entity.
The financial reporting entity consists of (a) the primary government which is the Town of
Southold, (b) organizations for which the primary government is financially accountable
and (c) other organizations for which the nature and significance of their relationship with
the primary government are such that exclusion would cause the reporting entity's
' financial statements to be misleading or incomplete as set forth in GASB Statement 14.
The decision to include a potential component unit in the Town's reporting entity is based
' on several criteria set forth in GASB 14 including legal standing, fiscal dependency, and
financial accountability. Based on the application of these criteria, the following is a
' brief review of certain entities considered in determining the Town of Southold reporting
entity.
' 1. Included in the Reporting Entity
a. The Fishers Island Ferry District was established in 1947 by the Town of
Southold under special legislation of the New York State Legislature. The Ferry
' District owns, maintains and operates a public ferry for the transportation for hire
of persons and vehicles, and goods, wares and merchandise, from Fishers Island
across the waters of the Long Island Sound and other adjacent waters to points
' Page 24
within and without the state. In addition, the District operates and maintains an
' airport situated on Fishers Island. The District is administered by an elected board
of commissioners consisting of Eve members who report to the Town Board of the
Town of Southold. The Town of Southold is responsible for all fiscal matters of
' the District, including raising of taxes for District purposes, and issues all District
indebtedness which is supported by the full faith and credit of the Town of
Southold. The Ferry District is a component unit, part of the primary government,
and is reported in the special district fund types.
b. Various other districts established by the Town of Southold are operated under
provisions of Article 12 of Town Law. Each district is administered by a separate
board of commissioners elected by the qualified voters of each district. The Town
of Southold raises taxes for each district and issues all district indebtedness which
' is supported by the full faith and credit of the Town. These district are component
units, part of the primary government, and are reported in the special district fund
types. These districts include the following:
' Orient Mosquito District, established in 1916
Fishers Island Garbage and Refuse District, established in 1952
' Cutchogue-New Suffolk Park District, established in 1953
Orient-East Marion Park District, established in 1969
Southold Park District, established in 1907
' Mattituck Park District, established in 1941
Complete financial statements of these component units can be obtained from their
' respective administrative offices:
Orient Mosquito District Fishers Island Garbage
' Harrison Demarest, Treasurer & Refuse District
Main Road Mildred Dixon, Treasurer
Orient, NY 11957 Fishers Island, NY 06390
' Cutchogue-New Suffolk Orient-East Marion
Park District Park District
' Thomas Shalvey, Treasurer Alfred Norklun, Treasurer
P.O. Box 311 Route 25
1 Cutchogue, NY 11935 Orient, NY 11957
Southold Park District Mattituck Park District
Cheryl Crane, Treasurer John Cushman, Treasurer
' P.O. Box 959 P.O. Box 1413
Southold, NY 11971 Mattituck, NY 11952
' Page 25
' B. Basis of Presentation - Fund Accounting
' The accounts of the Town are organized on the basis of funds or account groups, each of
which is considered a separate accounting entity. The operations of each fund are
accounted for within a separate set of self-balancing accounts that comprise its assets,
liabilities, fund balance/retained earnings, revenues and expenditures/expenses which are
segregated for the purpose of carrying on specific activities or attaining certain objectives
in accordance with special regulations, restrictions or limitations. The various funds are
' summarized by type in the financial statements. (Certain funds of the local government
are utilized to account for resources derived from, and/or expenditures applicable to an
area less than the entire local government). The following fund types and account groups
' are used:
1. Fund Categories
' a. Governmental Funds - Governmental funds are those through which
most governmental functions are financed. The acquisition, use and balance of
expendable financial resources and the related liabilities are accounted for through
t governmental funds. The measurement focus of the governmental funds is upon
determination of financial position and changes in financial position. The
following are the Town's governmental fund types.
' General Fund - the principal operating fund which includes all operations not
required to be recorded in other funds.
' Special Revenue Funds - used to account for the proceeds of specific revenue
sources that are legally restricted to expenditures for specific purposes. The
' following Special Revenue Funds are utilized:
Highway Funds-To maintain and operate highways.
' General Fund Part Town-To provide general services outside the Village of
Greenport.
Community Development Fund-Segregate and account for projects funded
' by special federal revenue.
Risk Retention Fund-To provide health benefits to certain Town employees.
' Capital Projects Fund - used to account for financial resources to be used for
the acquisition or construction of major capital facilities (other than those
' financed by special assessment funds and trust funds).
b. Fiduciary Funds - used to account for assets held by the local
' government in a trustee or custodial capacity:
Page 26
Trust and Agency Funds - used to account for money received and held in the
' capacity of trustee, custodian or agent. These include expendable trusts,
non-expendable trusts, and agency funds.
' 2. Account Groups
Account Groups are used to establish accounting control and accountability for general
fixed assets and general long-term debt. The two account groups are not "funds".
' They are concerned with measurement of financial position and not results of
operations.
The General Fixed Assets Account Group - used to account for land, buildings,
improvements other than buildings, and equipment utilized for general government
purposes, except those accounted for in proprietary funds.
' The General Long-Term Debt Account Group - used to account for all long-term
debt except that accounted for in proprietary and special assessment funds.
C. Basis of Accounting/Measumment Focus
Basis of accounting refers to when revenues and expenditures and the related assets and
' liabilities are recognized in the accounts and reported in the financial statements. Basis of
accounting relates to the timing of the measurements made, regardless of the measurement
focus. Measurement focus is the determination of what is measured, i.e. expenditures or
' expenses.
Modified Accrual Basis - All governmental Funds and Expendable Trust Funds are
' accounted for using the modified accrual basis of accounting.
Under this basis of accounting, revenues are recorded when measurable and available.
' Available means collectible within the current period or soon enough thereafter to be
used to pay liabilities of the current period.
tMaterial revenues that are accrued include real property taxes, state and federal aid,
sales tax and certain user charges. If expenditures are the prime factor for determining
' eligibility, revenues from federal and state grants are accrued when the expenditure is
made.
' Expenditures are recorded when incurred except that:
a. Expenditures for inventory-type items are recognized at the time of the
' disbursements.
b. Principal and Interest on indebtedness are not recognized as an expenditure
until due.
' Page 27
c. Compensated absences, such as vacations and sick leave which vests or
' accumulates, are charged as an expenditure when paid ( See Note I(J)).
Accrual Basis - Proprietary funds are accounted for on the accrual basis of
' accounting, whereby revenues are recognized when earned and expenses are recorded
when incurred. Fixed assets and long-term liabilities related to these activities are
recorded within the funds.
tAccount Groups - General fixed assets are recorded at actual or estimated cost or, in
the case of gifts and contributions, at the fair market value at the time received. No
provision for depreciation is made. General long-term debt liabilities are recorded at
the par value of the principal amount. No liability is recorded for interest payable at
maturity.
' D. Property Taxes
County real property taxes are levied annually and become a lien on December 1. Taxes
are collected during the period December 1 to May 31. Taxes for county purposes
(apportioned to the area of the county inside the Town of Southold) are levied together
with taxes for town and special district purposes as a single bill. The towns and special
' districts receive the full amount of their levies annually out of the first amounts collected
on the combined bills. The county assumes enforcement responsibility for all taxes levied
in the towns (and for unpaid county taxes in the Town).
Unpaid village taxes and school district taxes are turned over to the county for
enforcement. Any such taxes remaining unpaid at year end are relevied as county taxes in
the subsequent year.
E. Budgetary Data
' 1. Budget Policies - The budget policies are as follows:
a. No later than October 1, the Supervisor submits a tentative budget to the Town
' Board for the fiscal year commencing the following fiscal year. The tentative
budget includes the proposed means of financing for all funds.
' b. After public hearings are conducted to obtain taxpayer comments, no later than
November 20, the Town Board adopts the budget.
' c. All modifications of the budget must be approved by the Town Board.
' 2. Encumbrances
Encumbrance accounting, under which purchase orders, contracts and other
commitments for the expenditure of monies are recorded for budgetary control
' Page 28
' purposes to reserve that portion of the applicable appropriations is employed in all
' funds. Encumbrances are reported as reservations of fund balances since they do not
constitute expenditures or liabilities. Expenditures for such commitments are recorded
in the period in which the liability is incurred.
' 3. Budget Basis of Accounting
Budgets are adopted annually on a basis consistent with generally accepted accounting
' principles. Appropriations authorized for the current year are increased by the amount
of encumbrances carried forward from the prior year. Budgetary controls for the
special revenue funds are established in accordance with the applicable grant
' agreement which covers a period other than the Towns fiscal year. Budgets have been
adjusted to reflect the Town's fiscal year.
F. Changes in Accounting Policies
During the 1993 fiscal year, the Town of Southold modified its policies governing the
inclusion of activities, organizations, and functions that are included in its general purpose
' financial statements (See Note I(A)).
The following organizations, which previously issued separate financial statements, were
' added to the reporting entity:
Orient Mosquito District
' Fishers Island Garbage & Refuse District
Cutchogue-New Suffolk Park District
Orient-East Marion Park District
' Southold Park District
Mattituck Park District
' G. Depwtures f,om Geneiolly Accepted Accounting Principles (GAAP)
There are no departures from generally accepted accounting principles (GAAP).
' H. Piopeity, Plant and Equipment - General
Fixed assets purchased for general governmental purposes are recorded as expenditures in
the governmental funds and are capitalized at costs (or estimated historical costs for assets
purchased prior to 1976) in the General Fixed Assets Account Group. Contributed fixed
assets are recorded at fair market value at the date received.
' Fixed assets consisting of certain infrastructure type improvements other that buildings,
including roads, bridges, curbs and gutters, streets and sidewalks, drainage and lighting
' systems, have not been capitalized. Such assets normally are immovable and of value
only to the Town. Therefore, the purposes of stewardship for capital expenditures can be
satisfied without recording these assets.
Page 29
No depreciation has been provided on general fixed assets, nor has interest on general
fixed assets construction in progress been capitalized.
1. Insurance
' The Town assumes the liability for most risk including, but not limited to, property
damage and personal injury liability. Judgements and claims are recorded when it is
probable that an asset has been impaired or a liability has been incurred and the amount of
' loss can be reasonably estimated.
J. Vacation and Sick Leave and Compensatory Absences
1 Town employees are granted vacation and sick leave and earn compensatory absences in
varying amounts. In the event of termination or upon retirement, an employee is entitled
to payment for accumulated vacation and sick leave and unused compensatory absences at
various rates subject to certain maximum limitations.
Estimated vacation and sick leave and compensatory absences accumulated by
' governmental fund type employees have been recorded in the general long-term
obligations account group.
Payment of vacation and sick leave recorded in the general long-term obligations account
group is dependent upon many factors, therefore, timing of future payments is not readily
determinable. However, management believes that sufficient resources will be made
' available for the payments of vacation and sick leave and compensatory absences when
such payment becomes due.
' K. Post Refinement Benefits
In addition to providing pension benefits, the Town provides health insurance coverage
and survivor benefits for retired employees and their survivors. Substantially, all Town
' employees may become eligible for these benefits if they reach normal retirement age
while working for the Town. Health care benefits and survivors benefits are provided
through either an insurance company or the Risk Retention Fund whose premiums are
based on the benefits paid during the year. The Town recognizes the cost of providing
benefits by recording its share of insurance premiums or the actual benefits paid from the
Risk Retention Fund as an expenditure in the year paid. During the year, $914,913 was
paid on behalf of 69 retirees and 171 active employees and is recorded as an expenditure
in the Risk Retention Fund and the Special Revenue Fund. The cost of providing benefits
' for 69 retirees is not separable from the cost of providing benefits for the 171 active
employees.
' L. Total Columns on the General Purpose Financial Statements
Total columns on the general purpose financial statements are captioned "Memorandum
Only" to indicate that they are presented only to facilitate financial analysis. Data in these
' Page 30
columns do not present financial position, results of operations or changes in financial
' position in conformity with generally accepted accounting principles, nor is such data
comparable to a consolidation. Interfund eliminations have not been made in the
aggregation of the data.
' It. Stewmdshia, CornMiance, Accountability
' A. Material Violations of Finance Related Activities
There are no material violations of finance-related provisions.
' B. Deficit Fund Balances
There are no deficit fund balances at December 31, 1993.
C. Overthawn Appropriations
There are no overdrawn appropriations.
' III. Detail Notes on all .Funds and Account Gnouns
A. Assets
' 1. Cash and Investments
Town investment policies are governed by state statutes. In addition, the Town has its
' own written investment policy. Town monies are deposited in FDIC insured
commercial banks or trust companies located within the state. The Supervisor is
authorized to use demand accounts and certificates of deposits. Permissible
investments include obligations of the U.S. Treasury and U.S. Agencies, repurchase
agreements, and obligations of New York State or its localities.
' Collateral is required for demand deposits and certificates of deposit at 105 percent of
all deposits not covered by federal deposit insurance. Obligations that may be pledged
as collateral are obligations of the United States and its agencies and obligations of the
' State and its municipalities and school districts.
The written investment policy requires that repurchase agreements be purchased from
' banks located within the State and that underlying securities must be obligations of the
federal government. Underlying securities must have a market value of at least 105
' percent of the cost of the repurchase agreement.
Deposits. All deposits, including certificates of deposits, are carried at cost plus
' accrued interest. Deposits at year-end were entirely covered by federal depository
insurance or by collateral held by the Town's custodial banks in the Towns name.
Page 31
1
' 2. Changes in Fixed Assets
Fixed assets increased from $11,691,081 to $13,395,025.
IB. Liabilities
' 1. Pension Plans
General Information
The Town participates in the New York Employees' Retirement System and the New
York State Policemen's and Firemen's Retirement System. These are cost sharing
multiple public employer retirement systems. Obligations of employers and
1 employees to contribute and benefits to employees are governed by the New York
State Retirement and Social Security Law (NYSRSSL). The systems offer 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. All benefits generally vest after ten years of credited
service.
' The NYSRSSL provides that all participants in each system are jointly and severally
liable for any actuarial unfunded amounts. Such amounts are collected through
' annual billings to all participating employers. Generally, all employees, except certain
part-time employees, participate in the Systems. The Systems are noncontributory
except for employees who joined the Employees' Retirement System after July 27,
1976 who contribute 3% of their salary. Employee contributions are deducted by
employer's from employee's paychecks and are sent currently to the Employees'
Retirement System.
' Employee Groups Covered
Nearly all Town of Southold employees are eligible for membership in the systems.
' All employees employed in a full-time position after June 30, 1976 are mandatory
members. The total payroll for all employees of the Town of Southold for fiscal year
1993 was $7,590,223, of which $4,140,442 was attributable to the Employees'
' Retirement System and $2,880,965 was attributable to the Policemen's and Firemen's
Retirement System.
' Payments and Funding Status
Through 1988, the Systems billed all participating employers by May 31 each year.
Billings were based on salaries paid during the System's fiscal year which ended on
' March 31 of the previous calendar year, and in accordance with funding requirements
determined by the System's actuary. Employers were required to remit in full by
June 30.
1
' Page 32
' In 1989 and ears subsequent h m' it
q years, the System's billings have been based on Chapter 62 of
the Laws of 1989 of the State of New York. This legislation requires participating
employers to begin making payments on a current basis, while amortizing existing
unpaid amounts relating to the System's fiscal years ending March 31, 1988 and 1989
(which otherwise were to have been paid on June 30, 1989 and 1990, respectively)
over a 17 year period, with an 8.75% interest factor added. Local governments were
given the option to prepay this liability. The Town of Southold elected to make the
full payment on December 15, 1993, by issuing serial bonds to replace this debt (See
Note III(B)(3)).
The actuarial cost method used by the System to determine the annual contributions
from employees through March 31, 1990 was the aggregate cost method. Under this
method the excess of the actuarial liabilities over the actuarial assets was funded by
employees as a level percentage of salary over the current members' future working
lifetimes.
' Effective April 1, 1990 the State legislature amended the Retirement and Social
Security Law by enacting Chapter 210 Laws of 1990 which mandated a change to a
different actuarial funding method for the System. The System changed from the
aggregate cost funding method to a modified projected unit credit method. This new
method utilizes a rolling amortization period for differences between actuarial assets
and actuarial accrued liabilities, of which approximately 17% of such differences are
' recognized each year in determining the funding amount. As a result of the legislated
changes for the year ended March 31, 1993, ERS employer contributions were
generally lower than would have been the case under the aggregate cost funding
method. The anticipated future effect is that employer contributions will be, for a
time, less than they would have been under the aggregate cost funding method.
However, over the long-term, employer contributions are expected to be higher under
the modified projected unit credit funding method than under the aggregate cost
method.
' Further, the legislation allows the reduction of non-State and State annual payments
for prior year employer contributions being amortized over 17 years, by any yearly
surplus (estimated funding credits) resulting from the rolling amortization. At March
31, 1993, the system established a reserve for funding credits of $205 million,
reducing employer contributions receivable, based upon an actuarial determined
estimate of 1993 employer contributions that are not expected to be received under the
modified projected unit credit funding method. The prior year contributions consist of
non-State employer contributions receivable for the fiscal years ended March 31, 1989
' and 1988 and the State's contribution receivable for the fiscal years ended March 31,
1986 and 1985.
' Page 33
1
Pursuant to Chapter 178 of the Laws of 1991, the State Legislature authorized local
' governments to make available a retirement incentive program with an estimated total
cost of $362,080 of which $10,542 was charged to expenditures/expense in the
governmental funds in the current fiscal year. The cost of the program is billed and
' paid over five years beginning December 15, J992 and will include interest at 8.75%.
The Pension Benefit Obligation (PBO) of credited projected benefits is a standardized
' disclosure measure of the actuarial present value of pension benefits, adjusted for the
effects of projected salary increases estimated to be payable in the future as a result of
employees service to date. The retirement systems do not make separate
measurements for individual employers.
The PBO of credited projected benefits at March 31, 1993 for the Employee's
' Retirement System, determined through an actuarial valuation performed as of that
date, is $46.48 billion. The net assets available to pay benefits at that date is $49.08
billion. The Town's employer contribution requirement was less than 1% of total
' contributions required of all employers participating in this system.
The PBO of credited projected benefits at March 31, 1993 for the Policemen's and
' Firemen's Retirement System determined through an actuarial valuation performed as
of that date is $ 9.57 billion. The net assets available to pay benefits at that date is
$8.96 billion. The Town's employer contribution requirement was less than 1% of
total contributions required of all employers participating in this system.
Historical trend information showing the progress in accumulating sufficient assets to
pay benefits when due is presented in the Annual Financial Report of the two systems.
Additional detailed information concerning the systems may also be found in the
Report.
2. Short-Teem Debt
Liabilities for bond anticipation notes (BAN's) are generally accounted for in the
' capital projects funds. Principal payments on BAN's must be made annually.
' State law requires that BAN's issued for capital purposes be converted to long-term
obligations within five years after the original issue date. However, BAN's issued for
assessable improvement projects may be renewed for periods equivalent to the
maximum life of the permanent financing, provided that stipulated annual reductions
of principal are made. To Be
Redeemed 1994
Interest Budget
Description Amount Rate Appropriations Bonds
Various Purposes $ 445,000 2.79 $ 89,000 $ 356,000
' Page 34
3. Long-Teint Debt
a. At December 31, 1993, the total outstanding indebtedness of the Town,
excluding the above BAN's aggregated $7,048,000. All of this amount was subject
to the constitutional debt limit and represented approximately 3.12% of its debt
1 limit.
b. Serial Bonds and Capital Notes - The Town borrows money in order to acquire
' land or equipment or construct buildings and improvements. This enables the cost
of these capital assets to be borne by the present and future taxpayers receiving the
benefit of the capital assets. These long term liabilities, which are full faith and
credit debt of the local government, are recorded in the General Long-Term Debt
Account Group. The provision to be made in future budgets for capital
indebtedness represents the amount exclusive of interest, authorized to be collected
' in future years from taxpayers and others for liquidation of the long-term liabilities.
c. Other Long-Term Debt - In addition to the above long-term debt the local
' government had the following noncurrent liability:
Compensated Absences - Represents the value of earned and unused portion of the
' liability for compensated absences.
d. Summary Long-Term Debt - The following is a summary of long-term
liabilities outstanding at December 31, 1993 by fund type and account group:
General-Long Term
Liability Debt Account Group
' Serial Bonds $ 7,048,000
Compensated Absences 1,795,465
Total Long-Term Debt $ 8,843,465
' e. The following is a summary of changes in the long term liabilities for the
period ended December 31, 1993:
' Bonds and Unbilled Compensated
Notes Retirement Absences
' Payable at Beginning
of Fiscal Year $ 4,105,000 $ 708,869 $ 1,316,216
Additions 3,373,000
' Deletions 430,000
Payable at End
of Fiscal Year $ 7,048,000 $ 0 $ 1,795,465
rAdditions and deletions to unbilled retirement and compensated absences are
shown net since it is impracticable to determine these amounts separately.
Page 3 5
f. Long Term Debt Maturity Schedule - The following is a statement of serial
' bonds with corresponding maturity schedules:
Payable from: Special Revenue Fund
' Description: Fishers Island Ferry District
Dated: August 1, 1977
Issue Amount: $ 589,000
Interest Rate: 5.9%
Final Maturity Date: February 1, 1997
Balance as of December 31, 1993: $ 140,000
Payable from: General Fund, Special Revenue Fund
Description: Various Purposes
Dated: October 1, 1984
Issue Amount: $2,172,500
Interest Rate: 9.1%
' Final Maturity Date: April 1, 2005
Balance as of December 31, 1993: $1,410,000
' Payable from: General Fund, Special Revenue Fund
Description: Various Purposes
Dated: February 15, 1991
' Issue Amount: $2,708,500
Interest Rate: 6.375%
Final Maturity Date: February 15, 2011
Balance as of December 31, 1993: $2,125,000
Payable from: General Fund, Special Revenue Fund
Description: Various Purposes
Dated: April 15, 1993
Issue Amount: $2,695,000
Interest Rate: 5.00%
Final Maturity Date: February 15, 2012
Balance as of December 31, 1993: $2,695,000
Payable from: General Fund Special Revenue Fund, Special District Fund
Y � p p
' Description: Pension System
Dated: October 1, 1993
Issue Amount: $ 678,000
' Page 36
Interest Rate:
' October 1, 1993 to October 1, 2001 - 6.000%
October 1, 2001 to October 1, 2003 - 6.100%
October 1, 2003 to October 1, 2005 - 6.125%
' Final Maturity Date: October 1, 2005
Balance as of December 31, 1993: $ 678,000
' g. The following table summarizes the Town's future debt service requirements for
Serial Bonds as of December 31, 1993:
' Year Ending Principal Interest
1994 628,000 429,176
1995 545,000 391,707
1996 520,000 357,694
1997 495,000 325,276
1998 410,000 295,764
' 1999-2003 2,050,000 1,066,716
2004-2008 1,500,000 439,163
2009-2012 900,000 88,688
C. Interfund Receivables and Payables
Interfund receivables and payables at December 31, 1993 were as follows:
' Interfund Interfund
Fund Receivables Payables
General Fund Whole Town $ 15,070
' Townwide Highway Fund $ 1,593
Part Town Highway Fund 1,093
Capital Projects 17,738
Trust and Agency 33
Refuse & Garbage District 4,313 1,112
' Fishers Island Ferry District 8,073
Fishers Island Trust & Agency 8,073
Total Interfund $ 28,549 $ 28,549
' D. Fund Equity
' 1. Reserves
The capital projects fund equity include 14 capital reserve funds established for
varying purposes.
' E. Defenied Compensation Plan
Employees of the Town may elect to participate in the Town of Southold Deferred
' Page 3 7
1
' Compensation Plan created in accordance with Internal Revenue Code Section 457. The
plan, available to all employees, permits them to defer a portion of their salary until future
years, usually after retirement.
' As of December 31, 1993, the market value of the assets of the plan totaled $105,831.
Under the terms of the plan agreement, these monies are subject to the claims of the
Town's general creditors. Accordingly, this amount is reflected as an Agency Fund asset
1 along with a corresponding liability to the employees participating in the plan.
Participating employees are general creditors of the Town with no preferential claim to
deferred funds.
' F. Lease Commitments and Leased Assets
The Town leases property and equipment under operating leases. Total rental
' expenditures on such leases for the fiscal year ended December 31, 1993 were
approximately $46,000. Future obligations over the primary terms of the Town's leases as
of December 31, 1993 are as follows:
' Year Ended
December 31
1994 $ 20,076
' 1995 15,863
1996 13,753
1997 10,689
1998 10,689
1998 & thereafter 33,379
Total $ 104,449
' VI. Contineencies
The local government has received grants which are subject to audit by agencies of the State
and Federal Governments. Such audits may result in disallowances and a request for a return
of funds to the federal and state governments. ' Based on past audits, the local government
administration believes disallowances, if any, will be immaterial.
VII. Other
A. In the State Annual Update Document, the West Creek Estates Road Improvement
District is included in the Highway Fund Whole Town; in the audit report, this fund is
included as a Special Revenue Fund.
' B. The Town is the sponsor of a grant from the Federal Aviation Administration for
airport improvements at Elizabeth Airfield. The Town has contracted with Calacerinos &
Spina Engineers, P.C. to administer the grant. A copy of an audit report which includes
' a compliance audit is reviewed by the Town. These funds are shown in the audit report
on the Schedule of Federal Assistance.
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