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Home My WebLink About2014 CPFC TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND FINANCIAL STATEMENT For the Year Ended December 31, 2014 I n J L 1 1 1 1 1 1 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND TABLE OF CONTENTS December 31, 2014 Page INDEPENDENT AUDITOR'S REPORT........................................................................................... 1 FINANCIAL STATEMENTS BalanceSheet....................................................................................................................................... 2 Statements of Revenues and Expenditures ................................ Notes to Financial Statement ............................................ 3 .................................4-6 Georv.e R• RehnCertified Public Accountant 286 Main Street • East Setauket • New York 11733 (631) 751-3886 • Fax (631) 751-2740 ' INDEPENDENT AUDITOR'S REPORT ' Southold Town Board Town of Southold Southold, New York 11971 ' I have audited the accompanying financial statements of Town of Southold Peconic Bay Community Preservation Fund which comprise the balance sheet as of December 31, 2014, and the related statements of revenues and expenditures for the year then ended, and the related notes to the financial statements. 1 Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance ' with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. ' Auditor's Responsibility My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in ' accordance with auditing standards generally accepted in the United States of America. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk ' assessments, the auditor considers internal control relevant to entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the ' reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. ' I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Opinion ' In my opinion, the financial statements referred to above present fairly, in all material respects, the balance sheet of Town of Southold Peconic Bay Community Preservation Fund as of December 31, 2014, and the revenues and ' expenditures for the year then ended in accordance with accounting principles generally accepted in the United States of America. .J Certified Public Accountant ' April 21, 2015 East Setauket, NY 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND BALANCESHEET December 31, 2014 ASSETS: Restricted cash Due from other governments Accounts receivable Land and development rights LIABILITIES: Accounts payable Bonds payable FUND BALANCE: Fund balance - restricted TOTAL LIABILITIES AND FUND BALANCE $11,044,890 573,230 41,858 97,077,450 TOTAL ASSETS 108,737,428 $27,513 26,266,800 TOTAL LIABILITIES 26,294,313 2 See accompanying notes to financial statement 82,443,115 $108,737,428 1 1 1 1 1 1 1 1 1 1 1 1 1 1 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND STATEMENTS OF REVENUES AND EXPENDITURES For the Year Ended December 31, 2014 REVENUES: Community Preservation Fund transfer taxes Government grants Interest income EXPENDITURES: Land acquisition costs Stewardship management Stewardship supplies Administrative management Adminstrative expenses Serial bonds, principal Serial bonds, interest EXCESS OF REVENUES OVER EXPENDITURES $6,060,255 2,602,772 18,407 TOTAL REVENUES 8,681,434 4,862,998 164,196 1,864 181,941 6,000 1,297,300 1,051,812 TOTAL EXPENDITURES 7,566,111 3 See accompanying notes to financial statement $1,115,323 L ITOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS ' December 31, 2014 ' NOTE A- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES History ' In 1998, the Peconic Bay Community Preservation Fund was started. It is financed by a 2% real estate transfer tax through 2030. The overall goal is to preserve open land and farm land by purchasing open space and environmentally sensitive lands. Funds are also allowed to be used for management and ' stewardship of the acquired properties. The Peconic Bay Community Preservation Fund is accounted for in the capital fund of the Town of Southold, New York financial statements. Basis of Accounting The financial statements of the organization have been prepared on the accrual basis of accounting in ' accordance with generally accepted accounting principles. Use of Estimates in the Preparation of Financial Statements ' Management of the organization uses estimates and assumptions in preparing financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affected the reported revenues and expenditures. Actual results could vary from the estimates that management uses. NOTE B- BONDS PAYABLE Serial Bonds for $ 9,987,900 are dated April 15, 2007. Denominations are maturing on April 15"' each year through 2030. The interest rate is 4.25%. The maturities of the bonds for the next five years are as follows: Principal Interest ' 2015 2016 $ 401,700 401,700 $ 306,380 289,308 2017 446,400 271,286 2018 446,400 252,314 ' 2019 446,400 233,342 2020 and thereafter 5,267,200 1,253,954 $ 7,409,800 $ 2,606 584 9 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31, 2014 Serial Bonds for $7,500,000 are dated May 15, 2008. Denominations are maturing on May 15th each year through 2030. Interest rate is 4% through 2024. It is raised to 4.125% in 2025 and then 4.25% subsequently. The maturities of the bonds for the next five years are as follows: Serial Bonds for $5,000,000 are dated March 15, 2010. Denominations are maturing on March 15th each year through 2030. Interest rate is 4% through 2024. It is raised to 4.125% in 2026 and then 4.25% subsequently. The maturities of the bonds for the next five years are as follows: Principal Interest 2015 $ 317,800 $ 230,407 2016 317,800 217,695 2017 317,800 204,983 2018 339,000 191,847 2019 339,000 178,287 2020 and thereafter 4,152,600 984,502 $ 55 78� $ 2.007.721 Serial Bonds for $5,000,000 are dated March 15, 2010. Denominations are maturing on March 15th each year through 2030. Interest rate is 4% through 2024. It is raised to 4.125% in 2026 and then 4.25% subsequently. The maturities of the bonds for the next five years are as follows: 5 Principal Interest 2015 $ 189,000 $ 171,099 2016 199,000 163,339 2017 209,000 155,179 2018 219,000 146,619 2019 223.000 137,779 2020 and thereafter 3,219,000 802,961 $ 44 25� $ 1.576.976 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31, 2014 Serial Bonds for $10,000,000 are dated June 29, 2014. Denominations are maturing on August 15`h each year through 2030. Interest rate is 2% through 2014, 2.25% for 2015, 2.5% for 2016, 3% through 2021, 3.125% for 2022, 3.25% for 2023, 3.5% for 2024, 3.625% for 2025, 3.75% for 2026 and 4% thereafter. The maturities of the bonds for the next five years are as follows: Principal Interest 2015 $ 430,000 $ 298,806 2016 445,000 289,131 2017 460,000 278,006 2018 470,000 264,206 2019 485,000 250,106 2020 and thereafter 6,525,000 1,573,815 $ 8.815.000 $ 2.954.070 #12220 STATE OF NEW YORK) ) SS: COUNTY OF SUFFOLK) Karen Kine of Mattituck, in said county, being duly sworn, says that she is Principal Clerk of THE SUFFOLK TIMES, a weekly newspaper, published at Mattituck, -in the Town of Southold, County of Suffolk and State of New York, and that the Notice of which the annexed is a printed copy, has been regularly published in said Newspaper once each week for 1 week(s), successfully commencing on the 7th day of May, 2015. Principal Clerk Sworn to before me this day of / or,2015. LEGAL NOTICE NOTICE IS HEREBY GIVEN that the Town of Southold Peconic Bay Com- munity Preservation Fund Financial State- CHRISTINA VOLINSKI meat •for the Year Ended December 31, NOTARY PUBLIC -STATE OF NEWYORK 2014 is on file in the Southold Town Clerk's Office, Southold Town Hall, 53095 Main i No. 01 VOb 108060 Road, Southold, New York, and is available ®uallfled In Suffolk County for public inspection and copying during regular business days and hours Monday My Commisslon Expires F®brudry 28, 2018 through Friday, 8:00 A.M. to 4.00 P.M. and is also available for viewing '' n the Towns website: www southoldtownn ! Dated: May 1, 2015 ELIZABETHA.NEVILLE f SOUTHOLD TOWN CLERKJ 12220-1T 5/1 LEGAL NOTICE NOTICE IS HEREBY GIVEN that the Town of Southold Peconic Bay Community Preservation Fund Financial Statement for the Year Ended December 31, 2014 is on file in the Southold Town Clerk's Office, Southold Town Hall, 53095 Main Road, Southold, New York, and is available for public inspection and copying during regular business days and hours Monday through Friday, 8:00 A.M. to 4:00 P.M. and is also available for viewing on the Town's website: www.southoldtownny.gov Dated: May 1, 2015 ELIZABETH A. NEVILLE SOUTHOLD TOWN CLERK PLEASE PUBLISH ONCE ON May 7, 2015, AND FORWARD ONE (1) AFFIDAVIT .OF PUBLICATION TO ELIZABETH NEVILLE, SOUTHOLD TOWN CLERK, TOWN HALL, PO BOX 1179, SOUTHOLD, NY 11971. Copies to the following: The Suffolk Times Town Board Members Town Attorney Land Preservation Department Town Comptroller Town Clerk's Bulletin Board Website/Laserfidhe STATE OF NEW YORK) SS: COUNTY OF SUFFOLK) ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, New York being duly sworn, says that on the 15t day of May , 2015, she affixed a notice of which the annexed printed notice is a true copy, in a proper and substantial manner, in a most public place in the Town of Southold, Suffolk County, New York, to wit: Town Clerk's Bulletin Board, 53095 Main Road, Southold, New York. Community Preservation Audit 2014 ,lizabeth A. Neville Southold Town Clerk Sworn before me this 1" day ofn Mav, 2015. otary Public LYNDA M. RUDDER Notary Public, State of Now York No. 01 RU6020932 Cualiffed in Suffolk County Commission Expires March 8.20-, Rudder, Lynda From: Cerria Torres <ctorres@timesreview.com> Sent: Friday, May 01, 2015 12:25 PM To: Rudder, Lynda Subject: Re: for publication This notice has been scheduled to publish in the Suffolk Times on 5/7/15. Thankyou ani 71P+6E5 �. REVIEW MEDIA GROUP Cerria Orientale Torres Display Ad Coordinator 631.354.8011 (D) ctorres(aD-timesreview.com legals(aMimesreview.com www.timesreview.com From: <Rudder>, Lynda Rudder <Ivnda.rudder@town.southold.nv.us> Date: Friday, May 1, 2015 12:22 PM To: "Spiro, Melissa" <Melissa.Spiro@town.southold:ny.us>, "Doroski, Melanie" <Melanie. Doroski@town.southold.ny.us>, Jim Dinizio <iim@iamesdinizio.com>, "Beltz, Phillip" <Phillip.Beltz@town.southold.ny.us>, "Cushman, John" <John.Cushman @town.southold.ny.us>, "Doherty, Jill" <iill.doherty@town.southold.nv.us>, "Duffy, Bill" <billd@southoldtownnv.gov>, "Ghosio, Bob" <bob.ghosio@town.southold.nv.us>, "Kiely, Stephen"<stephen.kiely@town.southold.nv.us>, "Krauza, Lynne" <Ivnne.krauza@town.southold.nv.us>, Louisa Evans <lpevans06390@gmail.com>, "Michaelis, Jessica" <iessicam southoldtownnv.gov>, "Reisenberg, Lloyd" <Lloyd.Reisenberg@town.southold.ny.us>, "Russell, Scott" <Scott.Russell town.southold.ny.us>, "Standish, Lauren",<Lauren.Standish@town.southold.nv.us>, "Tomaszewski, Michelle"<michellet@town.southold.ny.us>, Times Review <tdoubrava@timesreview.com>, William Ruland <rulandfarm vahoo.com> Subject: for publication Please publish in the 5/7 edition of the Suffolk Times and the Town website Rudder, Lynda From: Reisenberg, Lloyd Sent: Friday, May 01, 2015 12:34 PM To: Rudder, Lynda Subject: RE: for publication Posted t.loyd H. Reisenberg Network and Systems Administrator Town of Southold, New York www.southo/dtownny. pov Iloydr(@southoldtownny.gov 0: 631-765-18911 M:631-879-1554 IF: 631-765-5178 CONFIDENTIALITY NOTICE: This communication with its contents may contain confidential and/or legally privileged information. It is solely for the use of the intended recipient(s). Unauthorized interception, review, use or disclosure is prohibited and may violate applicable laws including the Electronic Communications Privacy Act. If you are not the intended recipient, please contact the sender and destroy all copies of the communication. From: Rudder, Lynda Sent: Friday, May 01, 2015 12:23 PM To: Spiro, Melissa; Doroski, Melanie; Jim Dinizio; Beltz, Phillip; Cushman, John; Doherty, Jill; Duffy, Bill; Ghosio, Bob; Kiely, Stephen; Krauza, Lynne; Louisa Evans; Michaelis, Jessica; Reisenberg, Lloyd; Russell, Scott; Standish, Lauren; Tomaszewski, Michelle; Tracey Doubrava (tdoubrava@timesreview.com); William Ruland Subject: for publication Please publish in the 5/7 edition of the Suffolk Times and the Town website MELISSA A. SPIRO LAND PRESERVATION COORDINATOR melissa.spiro@town.southold.ny.us Telephone (631) 765-5711 Facsimile (631) 765-6640 OFFICE LOCATION: Town Hall Annex 54375 State Route 25 (corner of Main Road & Youngs Avenue) Southold, New York DEPARTMENT OF LAND PRESERVATION TOWN OF SOUTHOLD MAILING ADDRESS: P.O. Box 1179 Southold, NY 11971-0959 RECEIVED May 15, 2015 - - Thomas P. DiNapoli MAY 1 8' 2015 New York State Comptroller 110 State Street Southold Town Clerk Albany, NY 12236 Re: NY Town Law — Chapter 62, Article 4, Town Board § 64-e Peconic Bay Region Community Preservation Funds Dear Mr. DiNapoli: In accordance with paragraph 12 of § 64-e Peconic Bay Region Community Preservation Funds, NY Town Law Chapter 62, Article 4, I submit to you herein a copy of the independent audit of the Town of Southold Peconic Bay Community Preservation Fund Financial Statement for the year ended December 31, 2014 as prepared by George R. Rehn, Certified Public Accountant. A legal notice of the completion of this audit has been posted -in the Town's official newspaper and on the Town Clerk's bulletin board. The audit is available for public review at the Town Clerk's office and on the Town's internet site (www. southoldtowany.Zov). Sincerely, Melissa Spiro Land Preservation Coordinator /md encs.: 2014 CPF Financial Statement Affidavit of Posting Affidavit of Publishing Legal Notices cc: Elizabeth A. Neville, Southold Town Clerk w/o encs. John Cushman, Southold Town Comptroller w/o encs.