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Home My WebLink About2017 CPF OFFICE LOCATION: MELISSA A. SPIRO �OF sorry Town Hall Annex LAND PRESERVATION COORDINATOR �o� DSO 54375 State Route 25 melissa.spiro@town.southold.ny.us (corner of Main Road& Youngs Avenue) Southold, New York Telephone(631)765-5711 Facsimile(631)765-6640 MAILING ADDRESS �yeAnti I,� P.O. Box 1179 Southold, NY 11971-0959 DEPARTMENT OF LAND PRESERVATION TOWN OF SOUTHOLD RECEIVED To: Elizabeth A. Neville Southold Town Clerk AUG 2 4 2018 From: Melanie Doroski Sr. Administrative Assistant Southold Town Clerk Date: August 23, 2018 Re: 2017 CPF Audit Betty: Attached you will find six (6) copies of the Town of Southold, Peconic Bay Community Preservation Fund Financial Statement for the.year ended December 31, 2017. As in previous years, please prepare a Legal Notice for submission to The Suffolk Times announcing that this document is available for public viewing. Said notice must- also be posted on the Town's'bulletin board. Kindly provide me with a copy of the Legal Notice and Affidavits of Posting.,Once I have these in hand, I will send the audit and proof of postings to the State Comptroller as required by State law. I will provide Lloyd Reisenberg with a copy of this audit report for posting on the Town's website. Thank you. Melanie encs. cc: Town Comptroller w/ report 7 RECEIVE® AUG 2 4 2018 Southold Town Clerk x LGRJ George R. Rehn Certified Public Accountant it i ' ' I I ' TOWN OF SOUTHOLD a PECONIC BAY COMMUNITY PRESERVATION FUND FINANCIAL STATEMENT For the Year Ended December 31,2017 r- I f TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND ! TABLE OF CONTENTS December 31,2017 Page INDEPENDENT AUDITOR'S REPORT........................................................................................... 1 FINANCIAL STATEMENTS BalanceSheet.......................................................................................................................................2 Statements of Revenues and Expenditures ..........................................................................................3 I Notes to Financial Statement..............................................................................................................4-5 � i ! i i George R e 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, 2017, 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, j 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 li - 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, 2017, and the revenues and expenditures for the year then ended in accordance with accounting principles generally accepted in the United States of America. _ Certified Public Accountant July 24,2018 East Setauket,NY I TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND BALANCESHEET December 31,2017 ASSETS: Restricted cash $16,245,170 Due from other governments 1,176,681 Accounts receivable 1,457 Prepaid expense 6,911 ` Land and development rights 105,478,956 TOTAL ASSETS $122,909,175 i -- LIABILITIES: Accounts payable $2,787 - Bonds payable 21,803,095 TOTAL LIABILITIES 21,805,882 I ' FUND BALANCE: Fund balance-restricted 101,103,293 TOTAL LIABILITIES AND FUND BALANCE $122,909,175 k 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 31,2017 , I REVENUES: Community Preservation Fund transfer taxes $7,732,238 Refund of prior year's expenditures 4,032 Interest income 46,862 TOTAL REVENUES 7,783,132 EXPENDITURES: I � - Land acquisition costs 3,697,468 Stewardship management 21,565 Stewardship supplies 3,697 Administrative management 205,659 Adminstrative expenses 3,500 Serial bonds,principal 1,513,150 Serial bonds, interest 682,644 TOTAL EXPENDITURES 6,127,683 EXCESS OF REVENUES OVER EXPENDITURES $1,655,449 f 3 See accompanying notes to financial statement i TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31,2017 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 as a major fund in 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 $17,023,243 are dated October 4, 2016. Denominations are maturing on February 15`' each year through 2030. Interest rate is 4% through 2020. It is 3% in 2021 and then 4% from 2022 to 2025,2% in 2026 to 2028,2.125% in 2029, and 2.25%in 2030. The maturities of the bonds for the next five years are as follows: Principal Interest 2018 $ 1,160,426 $ 312,719 2019 1,040,740 476,990 2020 1,064,286 434,889 2021 1,088,708 391,830 2022 1,137,599 352,991 2023 and thereafter 10,465,396 1,007,598 i $ 15.957.155 $ i IJ 4 I J TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS December 31,2017 Serial Bonds for$5,847,244 are dated July 29, 2015. Denominations are maturing on March lst each year through 2030. Interest rate varies from 2% for 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 2018 $ 433,173 $ 231,013 2019 426,560 220,283 2020 419,947 205,485 2021 419,947 187,100 2022 419,947 166,863 2023 and thereafter 3,726,366 561,447 5