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Home My WebLink About2023 CPF TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND TABLE OF CONTENTS DECEMBER 31, 2023 Page(s) INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS Balance Sheet 2 Statement of Revenues and Expenditures 3 Notes to Financial Statements 4 - 5 MIA'sm�� uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuumuuuuuuuuuuuuumuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuum V�e9 a�.�c �.L.W.iu�. " INDEPENDENT AUDITOR'S REPORT Southold Town Board Town of Southold Southold,New York 11971 We have audited the accompanying financial statements of Town of Southold Peconic Bay Community Preservation Fund which comprise the balance sheet as of December 31, 2023, and the related statement 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 Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves perforining 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our 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 31,2023,and the revenues and expenditures for the year then ended in accordance with accounting principles generally accepted in the United States of America. �� Q%Ag" November 15,2024 East Setauket,New York 1 286 IVWirn°utueeli - Laski:SctauuVf,ut- pa,k.w York e 11733 s .k 6,33-75]t°3886�- I 631-75]2740 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND BALANCE SHEET DECEMBER 31, 2023 ASSETS Restricted cash $ 31,812,472 Due from other governments 732,848 Accounts receivable 81,604 Prepaid expense 7,638 Land and development rights 142,737,153 TOTAL ASSETS 175,371,715 LIABILITIES Accounts payable 14,076 Due to other funds 5,129 Accrued expenses 1,802 Bonds payable 12,530,245 TOTAL LIABILITIES 12,551,252 FUND BALANCE Fund balance -restricted 162,820,463 TOTAL LIABILITIES AND FUND BALANCE $ 175,371,715 See accompanying notes to financial statements. 2 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND STATEMENT OF REVENUES AND EXPENDITURES DECEMBER 31, 2023 REVENUES Community Preservation Fund transfer taxes $ 11,401,403 Interest income 775,303 Other income 6,254 TOTAL REVENUES 12,182,960 EXPENDITURES Land acquisition costs 6,548,629 Stewardship management 12,888 Stewardship supplies 5,031 Administrative management 338,050 Administrative expenses 9,500 Serial bonds,principal 1,661,515 Serial bonds,interest 411,571 TOTAL EXPENDITURES 8,987,184 EXCESS OF EXPENDITURES OVER REVENUES $ 3,195,776 See accompanying notes to financial statements. 3 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 NOTE 1 -NATURE OF ACTIVITIES Nature of Activities In 1998, the Peconic Bay Community Preservation Fund (the "Fund") was established by voter referendum. The Fund 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. NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") as applied to governmental units. The Governmental Accounting Standards Board ("GASB") is the accepted standard setting body for establishing governmental accounting and financial reporting principles. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash consists of funds deposited in demand accounts and time deposit accounts with maturities of less than three months from the date acquired by the Fund. Concentration of Credit Risk Financial instruments that potentially subject the Fund to concentrations of credit risk consist of demand deposits with a financial institution. At December 31, 2023 there are no balances exceeding FDIC insurance of $250,000. The Fund believes there is minimal credit risk relative to its cash and investment accounts. 4 TOWN OF SOUTHOLD PECONIC BAY COMMUNITY PRESERVATION FUND NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 NOTE 3—BONDS PAYABLE Bond payable - in yearly variable installments, including variable interest rates at 4% in 2020, 3% in 2021, 4% through February 2025, and 2%,thereafter. $ 9,271,175 Bond payable - in yearly variable installments, including variable interest rates at 4% through March 2023, 5% through March 2027, and 3%thereafter. 3,259,070 12,530,245 Less: Current maturities 1,730,189 Long-term debt $ 10,800,056 Aggregate maturities of long-term debt are as follows: Years ending December 31: 2024 1,730,189 2025 1,767,250 2026 1,779,211 2027 1,789,325 2028 1,816,683 Thereafter 3,647,587 $ 12,530,245 NOTE 4- SUBSEQUENT EVENTS The Fund has evaluated all subsequent events through November 15, 2024, the date the financial statements were available to be issued and determined that there were no events which have occurred that would require disclosure or adjustments to the financial statements. 5