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Home My WebLink About2015 CPF TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND FINANCIAL STATEMENT For the Year Ended December 31,2015 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND TABLE OF CONTENTS December 31, 2015 Pace INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS Balance Sheet 2 Statements of Revenues and Expenditures 3 Notes to Financial Statement 4-6 € -eorge R. Rehn Certified 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, 2015, and the related statements of revenues and expenditures for the year then ended,and the related notes to the financial statements. 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, 2015, and the revenues and expenditures for the year then ended in accordance with accounting principles generally accepted in the United States of America. ✓e.o ✓ a tl V. R.44 Certified Public Accountant April 6,2016 East Setauket,NY 1 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND BALANCE SHEET December 31,2015 ASSETS: Restricted cash $14,148,808 Due from other governments 674,376 Accounts receivable 712 Land and development rights 97,800,129 TOTAL ASSETS 112,624,025 LIABILITIES: Accounts payable $26,894 Bonds payable 24,615,544 TOTAL LIABILITIES 24,642,438 FUND BALANCE: Fund balance -restricted 87,981,587 TOTAL LIABILITIES AND FUND BALANCE $112,624,025 2 See accompanying notes to financial statement TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND STATEMENTS OF REVENUES AND EXPENDITURES For the Year Ended December 31,2015 REVENUES: Community Preservation Fund transfer taxes $6,464,184 Government grants 17,743 Interest income 14,879 TOTAL REVENUES 6,496,806 EXPENDITURES: Land acquisition costs 761,717 Stewardship management 31,021 Stewardship supplies 520 Administrative management 183,700 Adminstrative expenses 10,000 Serial bonds, principal 1,338,500 Serial bonds, interest 1,006,692 TOTAL EXPENDITURES 3,332,150 EXCESS OF REVENUES OVER EXPENDITURES $3,164,656 3 See accompanying notes to financial statement TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31,2015 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 15th each year through 2017. The interest rate is 4.25%. The bond was refinanced with a 2015 serial bond for $5,847,244. The 2016 and 2017 payments remain. The maturities of the bonds for the next two years are as follows: Principal Interest 2016 $ 401,700 $ 27,508 2017 446,400 9,486 $ 848,100 $ 36,994 4 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31, 2015 Serial Bonds for $7,500,000 are dated May 15, 2008. Denominations are maturing on May 15`h 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: Principal Interest 2016 $ 317,800 $ 217,695 2017 317,800 204,983 2018 339,000 191,847 2019 339,000 178,287 2020 339,000 164,727 2021 and thereafter 3,813,600 819,775 $ 5,466,200 $ 1,777,314 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 2016 $ 199,000 $ 163,339 2017 209,000 155,179 2018 219,000 146,619 2019 223,000 137,779 2020 233.000 128,659 2021 and thereafter 2,986,000 674,302 $ 4.069,000 $ 1,405,877 5 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31,2015 Serial Bonds for $10,000,000 are dated June 29, 2015. Denominations are maturing on August 15th each year through 2030. Interest rate is 2% through 2015, 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 2016 $ 445,000 $ 289,131 2017 460,000 278,006 2018 470,000 264,206 2019 485,000 250,106 2020 500,000 235,556 2021 and thereafter 6,025,000 1,338,259 $ 8,385 000 $ 2.655,264 Serial Bonds for$5,847,244 are dated July 29, 2015. Denominations are maturing on March 1st each year through 2030. Interest rate varies from 2% for 2016 until 2018, 3% for 2019, 4% for 2020, 4.76% for 2021,4.88%for 2022,4.57% for 2023, 5% for 2024 until 2027, and 3% for 2028 until 2030. The maturities of the bonds for the next five years are as follows: Principal Interest 2016 $ 643 $ 256,286 2017 661 235,351 2018 433,173 231,013 2019 426,560 220,283 2020 419,947 205,485 2021 and thereafter 4,566,260 915,410 $ 5,847,244 $ 2.063,828 6