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Home My WebLink About2016 CPF TOWN OF SOUTOLD PECONIC BAY COMMUNITY PRESERVATION FUND FINANCIAL STATEMENT For the Year Ended December 31, 2016 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND TABLE OF CONTENTS December 31,2016 Pa e INDEPENDENT AUDITOR'S REPORT..............._--__._--......................------ ........ l FINANCIAL STATEMENTS BalanceSheet............. ...... ... ...---... .................. ---_-----.—......................._—_—_,^,,2 Statements ofRevenues and Expenditures ......-- ........................ ............— ... —_... ....... --.---3 Notes toFinancial Statement.._—.............-.-._ ..........— ................. ........._----.-~.~. ....4-h Gpprge R. 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, 2016, 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, 2016, and the revenues and expenditures for the year then ended in accordance with accounting principles generally accepted in the United States of America. gw1: c/ ✓e a L/lIL Certified Public Accountant April 28,2017 East Setauket,NY 1 TOWN OF SOUT OLD PECONIC BAY COMMUNITY PRESERVATION FUND BALANCESHEET December 31,2016 ASSETS: Restricted cash $14,960,070 Due from other governments 836,401 Accounts receivable 11,473 Land and development rights 101,785,676 TOTAL ASSETS 117,593,620 LIABILITIES: Accounts payable $35,959 Bonds payable 23,251,401 TOTAL LIABILITIES 23,287,360 FUNDBALANCE: Fund balance-restricted 94,306,260 TOTAL LIABILITIES AND FUND BALANCE $117,593,620 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 31.2016 REVENUES: Community Preservation Fund transfer taxes $7,073,493 Government grants 464,522 Interest income 29,296 TOTAL REVENUES 7,567,311 EXPENDITURES: Land acquisition costs 4,010,231 Stewardship management 69,383 Stewardship supplies 1,582 Administrative management 188,031 Adminstrative expenses 5,000 Serial bonds, principal 1,364,143 Serial bonds, interest 953,959 TOTAL EXPENDITURES 6,592,329 EXCESS OF REVENUES OVER EXPENDITURES $974,982 3 See accompanying notes to financial statement TOWN OF SOUTHOLD PFCONIC BAY COMMUNITY PlI S 11VATION FUND NOTES TO FINANCIAL STATEMENTS December 31,2016 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 2050. 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`h each year through 2017. The interest rate is 4.25%. The bond was refinanced with a 2016 serial bond for $5,847,244. The 2016 and 2017 payments remain. The maturities of the bonds for the next year is as follows: Principal Interest 2017 $ 446,400 $ 9,486 4 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCTA , ST_A.TFMENTS December 31, 2016 Serial Bonds for $7,500,000 are dated May 15, 2008. Denominations are maturing on May 151h 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 2017 $ 317,800 $ 204,983 2018 339,000 191,847 2019 339,000 178,287 2020 339,000 164,727 2021 360,200 150,743 2022 and thereafter 3,453,400 669.032 400 $ 1 55� 95619 Serial Bonds for $5,000,000 are dated March 15, 2010. Denominations are maturing on March 15`h 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 2017 $ 209,000 $ 155,179 2018 219,000 146,619 2019 223,000 137,779 2020 233,000 128,659 2021 243.000 119,139 2022 and thereafter 2,743,000 555,163 $ 3.870.000 $ 1.242.538 5 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31,2016 Serial Bonds for $10,000,000 are dated June 29, 2016. Denominations are maturing on August 15"' each year through 2030. Interest rate is 2.25% for 2016, 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 2017 $ 460,000 $ 278,006 2018 470,000 264,206 2019 485,000 250,106 2020 500,000 235,556 2021 515,000 220,556 2022 and thereafter 5,510,000 1,117.703 $ 7.940.000 $ 2.366.133 Serial Bonds for$5,847,244 are dated July 29, 2016. 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 2017 $ 661 $ 235,351 2018 433,173 231,013 2019 426,560 220,283 2020 419,947 205,485 2021 419,947 187,100 2022 and thereafter 4,146,313 728,310 $ 5.846.601 $ 18 6