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Home My WebLink About1980 FIFD 1 FISHERS ISLAND FERRY DISTRICT cou r AUDIT REPORT DECE11BER 31, 1980 DOHERTY AND COMPANY PROFESSIONAL CORPORATION CERTIFIED PUBLIC ACCOUNTANTS NEW LONDON, CONNECTICUT �-. "-.-",.-�v a„'.,n.,w,r�i:�.��°„`:'"z._._._.�+-x,•.t 7^:V>nx- -v-r,ti`- -777 : ' _ „;-•-r�?. -^"`xr-�...,rs" - ?'^: y77 �...._--�.-+'3e..i.•..rl_.Y,n c-w..a-tl..� ....,:"Ys.4_.ti^Sir.....aa.5a�.�c��Y��_.`+..'.7w_��e_.."...- i .....-.- _ .•- .._.. ..". ....__.s_.�...�_...--".. . .. . _-. • _-�.�-. . - - s.._ _ _ 1 2133) 443.2333 CERTIPIED PUBLIC ACCOUNTANTS 187 WILLIAMS STREET NEW LONDON, CONNECTICUT 06320 iiay 19, 1981 The Board of Commissioners Fishers Island Ferry District Fishers Island , New York 06390 ,I Gentlemen: We have examined the Balance Sheet of Fishers Island Ferry District as of December 31, 1980, and the related Statements of Income, Proprietory Capital, and Changes in Financial Position for the year then ended. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of accounting records and such other auditing procedures as we considered necessary in the circumstances.- In our opinion, the aforementioned financial statements present fairly the financial position of the Fishers Island Ferry District at December 31 , 1980 and the results of its operations and the changes in its financial position for the year then ended in conformity with generally accepted accounting principles applied on a basis consistent with that of the preced- ing year. Yours truly, Yfl DOHERTY AND COT1P_AI�Y, P.0 Gk'R:b 1p Enclosures ,,.i _ �=.e..l.'_`•",>'=;tits..`�.,-;-?c_;--'.---,.,.-�;:...,.r-» -- -,,r»;. --a-+*'.^- - - - __ - ^" -�"-.'+.r,.,;+=,`,-,q-,_._.z._a.w..;..-,:..y. ___ _.--... _ ,-._ FISHERS ISLAND FERRY DISTRICT FINANCIAL STATEMENTS EXHIBIT A - Balance Sheet at December 31 , 1980. EXHIBIT B - Income Statement for the Year Ended December 31, 1980. EXHIBIT C - Statement of Proprietory Capital for the Year Ended December 31, 1980. EXHIBIT D - Statement of Changes in Financial Position for the Year Ended December 31, 1980. SCHEDULE 1 - Investment in Affiliated Companies at December 31 , 1980. SCHEDULE 2 - Statement of Property & Equipment at December 31 , 1980. SCHEDULE 3 - Theatreand Airfield Revenue and Expense for the Year Ended December 31 , 1980. - Notes to Financial Statements. ., •;•rt�••':"•4 5---�:�+:'i`P�`�n%"_ __ i:TS� "';=��'Y.c� - ...-.�.,..M--"==T sk;y:.�arvr-A- _- __ __-.. - _r FISHERS ISL N'D FERRY DISTRICT 3,AL_i_\CE S HEET AT DECEMBER 31 , 1980 ASSETS CURRENT ASSETS: Cash - Bank of New York Accounts $ 16 ,649 Cash - Hartford National Bank 9,122 Imprest Funds 1,225 Special Cash Deposits 1 ,579 e-- Cash - Sa%,in-s Account 183,285 / Accounts Receivable (Note 3) 1,436 ✓ Total Current Assets $ 213,296 INVES,',EN'TS : (Schedule 1) Investments in Affiliated Companies 24,347 PROPERTY ANID EQUIPMENT: (Schedule 2) (Note 1) Total At Cost $1,560,335 tf Less: Accumulated Depreciation 490,749 � ! Total Property & Equipment 1,,069,586 TOTAL ASSETS $$1_,307,229 LIABILITIES & PROPRIETORY CAPITAL CURRENT LIABILITIES : Accounts Payable $ 21,416 Traffic & Car Service Balance 1,579 Accrued Taxes 228' Total Current Liabilities $ 23,223 LONG-TEM LIABILITIES : (Note 2) Bonds Payable 540,000 PROPRIETORY CAPITAL: (Exhibit C) 744,006 TOTAL LIABILITIES & PROPRIETORY CAPITAL 51,307,229 • 3 - 1 � A f i hR ad !;H -v p.C. t: ,.,..,s =.5i�:+�_ ;:i:'-='=-1"1-".,. :'�".' e?,'a�_ ^��'tii_-T':'=;t.Y✓.,. - _ __ - — _ ."r:r u.}.^yc.';_ r!°r.�c�a;9T+-+`^`.^n_s�r;^s�.-,-,w ......_..,.,oa.=..._.�.;: ... `:.:ac�w....._F..�.:..�.,,:.'.:rHuv,h...,i'-.......-..,..,. �..,c-_..><`i..s_J __..,.._......-d.......... ... ...t.,..r..,._.._: _,;.-., .s'i .,- .-...._ _ INCOME STATE IE'NT T:3 E '.L' P Ei:n---.\ P ?`0.; Y. =.,moE'.'r__-- �rz ,s REVENUE: x�= pi'ERATING Revenue $ 11,047 bail 2,989 Miscellaneous Voyage Revenue Service Revenue 449,030 Ferry 26 ,502 Charter — Total Operating Revenue $489 ,568 r� j- OPE=NG EXPENSES: Repairs & Maintenance - Vessels $ 40 ,055 Repairs & Maintenance - Buildings and Equipment 33,626 Wages of Crew and Purser 230,834 72 Fuels and Lubricants 10,449 } Stores and Supplies 10,304 r' 4 ,434 Other Vessel Expense Light, Heat , Water 2,104 1,574 Stationery and Printing ' 2,400 Local Transfers Other Terminal and Traffic Expense 1,221 Advertising 208 M=� Salaries - Commissioners , Manager, & Clerks 26 ,348 Office Supplies 3 !292 Legal Expense 850 6 ,384 Pensions t 3,406 Other General Expense Insurance Expense 51 ,819 Payroll and Property Taxes 5 ,087 Depreciation Expense 49,762 32,598 Interest Expense 578 ,755 Total Operating Expense A, NET INCOME (LOSS) FROM VESSEL OPERATIONS $ (89!187) YF a 3 OTHER REVENUE AND EXPENSE: Interest Revenue $ 17,956 Theatre Revenue (Net) (Schedule 3) (664)(5 ,643) Airfield Revenue (Net) (Schedule 3) Total Other Revenue and Expense 11,649 NET INCOME LOSS) FOR THE YEAR $ (77 ,538 i � ft 4 r- DOHERTY AND COMPANY, P.C. .€:Y,}.+•s^r:,.0:":n, qxAg-.d.M - _.4�-`,�xf-i", v-,•S_c' fi:e'Mr,_ -,F 1Ov% a..-i'ra-a Fc,� �-" .'`x*.ar.=r`",�-,a�•�r�,a.'�'.,.;-�=.�5�{,.-'�^��.�€.,c�', �•.},v'-�,^�,i�p-W ., j_i..,rr .;, 'rv.,.\..-s.< "3C.er,Y�!,:�xz,. >,a-: <,sy. .,,.::"<.. .,n .i .{r,: :y,.�. _S:.•.,�✓�:-lxrq„s-_�c_-a�c`at.4`, - --% - " -3--L� •.rt<- - -=v,'-`e. - „N-n a4 `:a$::,'v`,.'^ .iF V:i.r ,-.,zm<`':r.;» _ •a`' _ ~,tet ,' L -':�_ - - ::��?'p. f: _ ,.3^ -- .r. :[ - •�M n:3�;,.`^tom' ='cv ;rt- - Tk' -.taa:'-?s ��3^ - -''.'7.wr`.^-•�R.`R' r ..s s%,':`^,'- _ - .,......u..-..,...o..-._,__w..�4�....�".i,.:wcr.:w• _-arr.,,-sa.+,�.... _,.s�-�-�.:d�.•`«7...�::>..�<...,..n_-a_,r.a..,.i,. ....._--.�-y_ ..x t.. ..., r,.,_�..L c-.....{.ai::�_r- r ,� _- FIS-HERS ISLAND FERRY DISTRICT STATEMElZT OF--PROPRIETORY CAFETAL - FOR THE YEAR ENDED DECETiBER 31 , 1980 Proprietory Capital — January 1 , 1980 $684,095 Property Taxes Receipts — Tom of Southold 162,554 Uncollectible Receivable Written—Off (1 ,642) Accumulated Deficit from Affiliated Companies (23,463) f Net Loss for the Year (Exhibit B) (77,538) PROPRIETORY CAPITAL — DECEMBER 31 , 1980 5744006 l JV i t — S t e e� e F i Wil• ��'_- - _ - _- _ - _ _ _ _ ______ __ _ _ __ � __ _ _, _�... ............�-�_y,�...._.0..a..n�.. `--•a"""�^-''-;' ". ___ ._3..e. —.�.a..............�,�>�`�. ,__�..:i.._-%r::.oayaY=:_�'�s.�..v_..;`r'-t:_i..= .i _._�...� _- _ _,,..: _ u �.... _ _.'.t+IBiT L FISHERS ISLAND FEMRY DIST-ICT S ATE'. 'I OF Ci?AN�3ES Iii 'OSTTIOi,, FOR THE__YEAR_ENDED DECF-HBER _31 , 1980 Dec. 31 , Dec. 31 , 1980 1979 Changes CHANGES IN WORKING CAPITAL: INCREASE (DECREASE) IN CURRENT ASSETS: Cash - Bank of New York Account $ 16,649 $ 5 ,327 $ 11 ,322 Cash - Hartford National Bank 9,122 334 8,788 Imprest Funds 1,225 1,225 -0- Special Cash Deposits 1,579 1,551 28 Accounts Receivable 1 ,436 1,642 (206) Savings Accounts 183,285 99,514 83,771 Total Increase (Decrease) $213,296 5109,593 5103,703 (INCREASE) ECREASE IN CURRENT LIABILITIES : Accounts Payable $ 21,416 $ 27 ,903 $ 6,487 Traffic & Car Service 1,579 1,551 (28) Accrued Taxes & Misc. Revenue 228 1 ,676 1,448 Total (Increase) Decrease $ 23,2235_31 ,130 S 7907 NET INCREASE DECREASE IN [FORKING CAPITAL 1190,073 5_7$463 5111 ,610 FUNDS PROVIDED: Net Income (Loss) from Operations $(77,538) Charges Against Earnings Not Requiring Funds: , Depreciation 49,762 Accumulated Deficit (Affiliated Companies) (23,463) Uncollectible Receivable (1 ,642) Working Capital Provided From Operations $(52,881) Decrease in Investments in Affiliates 26,937 \ Property Tax Receipts - Town of Southold 162,554 Total Funds Provided X136 ,610 FUNDS APPLIED: Decrease in Long-Term Debt $ 25 ,000 Increase in [forking Capital 111 ,610 Total Funds Applied $136 ,610 r-- } FISHERS ISLAND FERRY DISTRICT INVESTMENT IN AFFILIATED COMPANIES DECEMBER 31 , 1980 Cash $ 200 Theatre Property $ 8,312 Less : Accumulated Depreciation 8 ,252 60 Airfield Property $ 58,099 }} I , Less : ,Accumulated Depreciation 34,012 24,087 TOTAL INVESTMENT 24 ,347 i 3 YN P. t C i _.. � __K.:a-'x,•-.� _ua._".< __ -.asw f"v..+.'C Js+'�`t`.'+!N-+.._._. n..___,"_.:. _ e +L t _ =i. .: ... .. _ __ _ -__ ." " r II FISHERS ISLAND FERRY DISTRICT ., STATEMENT OF PROPERTY AND EQUIPMENT AT DECEMBER 31 , 1980 j Accumulated Net Book Cost Depreciation Value r` I,ISE EQUIPMENT: Olinda $ 168,583 $ 74,269 $ 94,314 New Ferry 927,180 231 ,821 695,359 I BUILDINGS 365 ,785 140,512 225 ,273 L� OFFICE & TERMINAL EQUIPMENT 49,229 36,306 12, 923 zf� IMPROVEMENTS ON LEASED PROPERTY 7,841 7,841 -0- LAND _ 41,717 -0- 41 ,717 v� TOTALS $1 ,560 ,335 490 749 51069,586 y!/K fes. >± X- rr34%�'w st� J Fn,s 3 r tt 5 n, zt•l� _•'1os•..t ".-r?1Tr;.=•.a.��w•'i"'^-S r�r - - ^f'=' ___ _ __ _ __ _'^ „ _ _ -_ _ +. . __..... ,_ .._ . FISHERS ISLAND FERRY DISTRICT OTHER REVENUE AND EXPENSE THEATRE AND AIRFIELD OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1980 THEATRE OPERATION THEATRE REVENUE $ 12,229 THEATRE EXPENSES : Film Rental $ 5 ,506 Payroll 1,902 Utilities 582 Repairs & Maintenance 4,342 Miscellaneous 98 Depreciation 463 Total Expenses 12,893 tiET_INCOME (LOSS) THEATRE OPERATION $ 664 AIRFIELD OPERATION AIRFIELD REVENUE $ 4,984 AIRFIELD EXPENSES Repairs & Maintenance $ 6,674 Miscellaneous 942 Depreciation 3,011 Total Expenses 10,627 SET INCOME (LOSS) AIRFIELD OPERATION $ (5 .643) I tz r k' F k F r f_ [c1 ft F= H- C; 1131, (L, tt-t F - _ ., r•i-< '-...qtr _.,.. � '-' - - --- --- �--- ------ - - '*^v-�-.,. a•sw-_:-- '_..,-. .-..N.•'.�'?'s=.r"'w'"e^=.+- rT+'t�^, -„cCrt".ca�a-r- Y-""':",`,.z';_rim—.?rre,-;- '.-r•:-. _ ..-- rr-,...rs,-333»3, :fi',.�- ..._..�F',. - - _ - - , - .__.: ' U FISHERS ISLAI\'D FERRY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1980 1. DEPRECIATION Depreciation of property and equipment is charged to income over their estimated useful lives by using the straight-line method. Depreciation for the year ended December 31 , 1980 is $49,762. 2. BONDS PAYABLE: Serial Bonds (5. 9 percent) , maturity dates vary as follows: Amount Amount Per Year Per Period February 1, 1981 thru 1984 $ 25 ,000 $100,000 ` February 1, 1985 thru 1987 30,000 90,000 February 1 , 1988 thru 1997 35 ,000 350,000 Total 540 000 3. Accounts Receivable is due from various companies for charter services in December 1980. i a a a - - _— _ - -Yom:-�`�•1. — __ _ _ _ _- __ _ __ _ - -