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Home My WebLink About2001 Town AuditFILED IN ThT. TOWN CLERKYS Or aOT(N V40 yo _fJ." KIRBY • BEALS • MAIER Certified Public Accountants, PLLC KIRBY • BEALS • MAIER CPAs, PLLC TOWN OF GROTON FINANCIAL STATEMENTS December 31, 2001 TOWN OF GROTON Financial Statements December 31, 2001 TABLE OF CONTENTS Independent Auditors' Report.......................................................................................................... l Combined Balance Sheet - All Fund Types and Account Groups...................................................2 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types.........................................................................3 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget & Actual - General and Special Revenue Funds..................................4 Notes to the Financial Statements....................................................................................................5 Independent Auditors' Report on Additional Information............................................................15 Combining Balance Sheet - General Fund.....................................................................................16 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - General Fund...................................................................................................17 Combining Balance Sheet - Special Revenue Funds.....................................................................18 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Special Revenue Funds...................................................................................19 ■ ■ KIRBY * BEALS • MAIER Certified Public Accountants, PLLC ■ ■ INDEPENDENT AUDITORS5 REPORT ■ ■ ■ Supervisor and Town Board Town of Groton ■ Groton, New York ■ 221 W. Church St. Elmira, NY 14901-2917 607-733-5548 Fax 607-737-1996 kirbybealsmaier@kbm-cpa.com We have audited the accompanying general purpose financial statements of the Town of Groton, ■ New York, as of December 31, 2001, and for the year then ended, as listed in the table of contents. ■ These general purpose financial statements are the responsibility of the Town's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with the 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 general purpose financial statements are free of material misstatement. . An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting ■ principles used and significant estimates made by management as well as evaluating the overall general purpose financial statement presentation. We believe that our audit provides a reasonable ■ basis for our opinion. ■ In our opinion, the general purpose financial statements referred to above present fairly, in all ■ material respects, the financial position of the Town of Groton as of December 31, 2001, and the results of its operations for the year then ended in conformity with accounting principles generally ■ accepted in the United States of America. ■ ^ A ■ KIRBY • BEALS • M AIER ■ Certified Public Accountants, PLLC ■ July 12, 2002 ■ ■ ■ 0 ■ 55,000 ■ 381,925 425,924 436,925 ■ 607,732 ■ 711,067 ■ ■ Assets Unrestricted cash . Restricted cash Prepaid expenses ■ Other receivables, net Due from other funds . Fixed assets Provision to be made in future budgets ■ ■ Liabilities and Equity Liabilities ■ Accounts payable Accrued liabilities ■ Statutory installment bond Compensated absences Agency liabilities ■ Deferred revenue Due to other funds Total liabilities ■ Equity Investment in general fixed assets ■ Fund balances -reserved Encumbrances Capital equipment ■ Unemployment insurance Excess dog control revenues ■ Retirement system credits Total fund balances -reserved Fund balances -unreserved . Appropriated for ensuing year's budget Unappropriated Total fund balances -unreserved ■ Total fund balances ■ ■ ■ TOWN OF GROTON Combined Balance Sheet All Fund Typgs and Account Groups December 31. 2DOI Fiduciary Governmental Fund Types Fund Type Account Groups Special Capital Trust and General Long -Term General Revenue Projects Agency Fixed Assets Debt Total $ 450,510 $ 624,003 $ 2,306 $ 1,076,819 9,651 9,651 3,177 3,177 87,064 87,064 $ 463,338 $ 711,067 $ 5,814 $ 7,890 967 7,631 87,064 750 6,781 103,335 1,000 61,782 109,025 9,651 16,806 3,176 30,633 170,807 40,000 55,000 385,924 381,925 425,924 436,925 456,557 607,732 $ 463,338 $ 711,067 750 750 $ 2,659,752 2,659,752 $ 187,930 187,930 $ 3,056 $ 2,659,752 $ 187,930 $ 4,025,143 $ 13,704 8,598 $ 136,194 136,194 51,736 51,736 $ 3,056 3,056 87,064 750 3,056 187,930 301,102 $ 2,659,752 2,659,752 62,782 109,025 9,651 16,806 3,176 2,659,752 2,861,192 95,000 767,849 862,849 2,659,752 3,724,041 $ 3,056 $ 2,659,752 $ 187,930 $ 4,025,143 The accompanying notes are an integral part of these financial statements. -2- TOWN OF GROTON Combined Statement of Revenues. Expenditures and Chango in Fund Balances - All Governmental Fund TVDes For The Year Ended December 31. 2001 Revenues and other sources Revenues Real property taxes Real property tax items Non -property tax items Departmental income Intergovernmental charges Use of money and property Licenses and permits Fines and forfeitures Sale of property and compensation for loss Miscellaneous local sources State aid Federal aid Proceeds from obligations Other sources Operating transfers Expenditures General government support Public safety Public health Transportation Economic assistance and opportunity Culture and recreation Home and community services Employee benefits Governmental Fund Types Special Capital General Revenue Projects $ 375,358 $ 667,395 4,492 1,138 2,735 5,625 4,450 21,281 132,752 17,092 9,645 119 17,890 38 689486 821,258 504,834 504,834 214,681 13,638 62,000 46,861 6,200 20,517 28,934 38,372 431,203 68,161 $ 136,194 97401 136,194 15,000 974,081 151,194 67,000 807,912 84,327 44,803 1,004,042 151,194 151,194 Other uses Operating transfers 15,000 Retirement system credits 2,294 Revenues and other sources over (under) expenditures 71,337 (44,961) Fund balances, beginning of year 385,220 652,693 Fund balances, end of year $ 4561557 $ 607,732 $ The accompanying notes are an integral part of these financial statements. -3- Total 1,042,753 4,492 1,138 8,360 4,450 154,033 17,092 9,645 18,009 38 150,744 68,161 136,194 1,615,109 15,000 1,630,109 214,681 80,638 62,000 1,005,967 6,200 20,517 113,261 83,175 1,586,439 15,000 2,294 26,376 1,037,913 1,064,289 The accompanying notes are an integral part of these financial statements. -4- Combined Statement TOWN OF GROTOhL Revenues. Expenditures Changes in Fund Balances - Budget of & Actual - General and and Special Revenue Funds For The Year End December 31. 2001 General Fund Special Revenue Variance Variance Modified favorable Modified favorable Budget Actual (unfavorable) Budget Actual (unfavorable) Revenues and other sources Revenues Real property taxes $ 375,358 $ 375,358 $ 667,395 $ 667,395 Real property tax items 5,150 4,492 $ (658) Non -property tax items 1,000 1,138 138 Departmental income 2,025 2,735 710 Intergovernmental charges 4,450 4,450 Use of money and property 11,250 21,281 10,031 115,478 131,545 $ 16,067 Licenses and permits 11,900 17,092 5,192 Fines and forfeitures 7,500 9,645 2,145 Sale of property and 4,373 17,890 13,517 compensation for loss 50 119 69 Miscellaneous local sources 38 38 State aid 52,600 68,486 15,886 80,400 82,258 1,858 Federal aid 471,283 504,834 33,551 867,646 899,088 31,442 Expenditures General government support 252,474 214,681 37,793 Public safety 16,731 13,638 3,093 67,000 67,000 Public health 62,100 62,000 100 Transportation 48,171 46,861 1,310 925,321 807,912 117,409 Economic assistance and opportunity 7,000 6,200 800 Culture and recreation 31,018 20,517 10,501 Home and community services 41,819 28,934 12,885 Employee benefits 49,970 38,372 11,598 53,100 44,803 8,297 509,283 431,203 78,080 1,045,421 919,715 125,706 Other uses Operating transfers 15,000 15,000 Retirement system credits 2,294 (2,294) Revenues and other sources over (under) expenditures (38,000) 71,337 $ 109,337 (192,775) (35,627) $ 157,148 Net change in unbudgeted special revenue funds (9,334) Appropriated fund balance 38,000 192,775 Fund balances, beginning of year 385,220 652,693 Fund balances, end of year $ $ 456,557 $ $ 607,732 The accompanying notes are an integral part of these financial statements. -4- ■ ■ TOWN OF GROTON Notes to the Financial Statements ■ December 31, 2001 1. Summary of significant accounting policies The financial statements of the Town of Groton have been prepared in conformity with . generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for ■ establishing governmental accounting and financial reporting principles. The Town's more significant accounting policies are described below. A. Reporting entity The Town of Groton (the Town), which was established in 1817, is governed by the ■ Town Law and other general municipal laws of the State of New York and various local laws. The Town Board is the legislative body responsible for overall operations. The ■ Town Supervisor serves as chief executive officer and chief fiscal officer. ■ The following basic services are provided by the Town: fire protection, highways and streets, recreation, public improvements, planning and zoning, and general administration. All governmental activities and functions performed for the Town are its direct S responsibility. No other governmental organizations have been included or excluded from the reporting entity. The financial reporting entity consists of (a) the primary government which is the Town (b) organizations for which the primary government is financially accountable, and (c) other organizations for which the nature and significance of their relationship with the ■ primary government are such that exclusion would cause the reporting entity's general purpose financial statements to be misleading or incomplete as set forth in GASB Statement 14. The decision to include a potential component unit in the Town's reporting entity is based on several criteria set forth in GASB 14 including legal standing, fiscal dependence, and ■ financial accountability. Based on the application of these criteria, no other organizations have been included or excluded from the reporting entity. w B. Fund accounting The accounts of the Town are organized on the basis of funds and account groups, each of ■ which is considered a separate accounting entity. The operations of each fund are accounted for within a separate set of self -balancing accounts that comprise its assets, ■ liabilities, fund balance, revenues and expenditures which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special . regulations, restrictions or limitations. The various funds are summarized by type in the general purpose financial statements. The following fund types and account groups are ■ used: -5- TOWN OF GROTON Notes to the Financial Statements December 31, 2001 1. Summary of significant accounting policies (continued) Governmental fund types Governmental funds are those through which most governmental functions of the Town are financed. The acquisition, use and balances of expendable financial resources and the related liabilities are accounted for through governmental funds. The measurement focus of the governmental funds is based upon determination of financial position and changes in financial position. The following are the Town of Groton's governmental fund types: a. General fund The general fund is the principal operating fund and includes all operations not required to be recorded in other funds. The general fund, Part -town is used to record transactions which are required to be a charge on the area of the town outside the village. b. Special revenue funds These funds account for the proceeds of specific revenue sources that are legally restricted to expenditure for specified purposes. The following Special Revenue Funds are utilized: - Highway Funds - (Townwide and Part -town) established pursuant to Highway Law, Section 141, and used to account for revenues and expenditures for highway purposes. Highway Law, Section 277, requires that expenditures for repairs and improvements be financed by the area outside the village. Therefore, a town with a village must maintain two highway funds. - Special District Funds - (Lighting District and Fire Protection District) are used to record transactions for operations and maintenance for these activities. - Special Grant Fund - used to account for Community Development Block Grants. c. Capital projects funds The capital projects fund is used to account for and report financial resources to be used for the acquisition, construction or renovation of major capital facilities, or equipment. mom TOWN OF GROTON Notes to the Financial Statements December 31, 2001 1. Summary of significant accounting policies (continued) Fiduciary fund type Fiduciary funds are used to account for assets held by the local government in a trustee or custodial capacity. Trust and agency funds These funds account for money and/or property received and held in the capacity of trustee, custodian or agent. These include agency funds. Account iaroups Account groups are used to establish accounting control and accountability for general fixed assets and general long-term debt. The two account groups are not "funds". They are concerned only with the measurement of financial position, and not results of operations. a. General fixed assets account group These funds account for land, buildings, improvements other than buildings, and equipment utilized for general government purposes. b. General long-term debt account group These funds account for all the long-term debt of the Town. C. Basis of accounting/measurement focus Basis of accounting refers to when revenues and expenditures/expenses and the related assets and liabilities are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus. Measurement focus is the determination of what should be measured, i.e. expenditures or expenses. Modified Accrual Basis - All Governmental Funds, Expendable Trust Funds, and Agency Funds are accounted for using the modified accrual basis of accounting. Under this basis of accounting, revenues are recorded when measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. -7- TOWN OF GROTON Notes to the Financial Statements December 31, 2001 1. Summary of significant accounting policies (continued) C. Basis of accountinv,/measurement focus (continued) Material revenues that are accrued include real property taxes, state and federal aid, sales taxes, and certain user charges. If expenditures are the prime factor for determining eligibility, revenues from federal and state grants are accrued when the expenditure is made. Expenditures are recorded when the fund liability is incurred except the following, which are recognized when paid: a. Expenditures for prepaid expenses and inventory items. b. Principal and interest on indebtedness. c. Compensated absences, such as vacation and sick leave which vests or accumulates. d. Pension costs. Account Groups - General fixed assets are recorded at actual or estimated cost or, in the case of gifts or contributions, at the fair market value at the time received. No provision for depreciation is made. General long-term debt liabilities are recorded at the par value of the principal amount. No liability is recorded for interest payable to maturity. D. Property taxes Real property taxes are levied annually by the Town of Groton no later than January 1, and become a lien on January 1. Taxes are collected during the period January 1 to May 31. The County of Tompkins in which the Town is located subsequently enforces uncollected real property taxes. The County pays an amount representing uncollected real property taxes transmitted to the County for enforcement to the Town no later than May 31. ■ M TOWN OF GROTON ■ Notes to the Financial Statements December 31, 2001 M 1. Summary of significant accounting policies (continued) M E. Budgets and budgetary accountinsz M Budget policies - The budget policies are as follows: M a. No later than October 5, a tentative budget is submitted by the budget officer for the ■ fiscal year commencing the following January 1. The tentative budget includes proposed expenditures and the proposed means of financing for all funds. M b. After public hearings are conducted to obtain taxpayer comments, no later than ■ November 20 the Town Board adopts the budget. ■ c. The Town Board must approve all modifications of the budget. M d. Appropriations lapse at year-end. ■ Encumbrances ■ Encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of monies are recorded for budgetary control purposes to reserve that ■ portion of the applicable appropriations, is employed in the Governmental Funds. Encumbrances are reported as reservations of fund balances since they do not constitute ■ expenditures or liabilities. Expenditures for such commitments are recorded in the period in which the liability is incurred. M Budget basis of accounting M Budgets are adopted annually on a basis consistent with generally accepted accounting ■ principles. Appropriations authorized for the current year are increased by the amount of encumbrances carried forward from the prior year. M Budgetary controls for the special grant fund are established in accordance with the ■ applicable grant agreement, which covers a period other than the Town's fiscal year. Consequently, the budgets for this fund have been excluded from the budget to actual ■ comparison in the Combined Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual. The following schedule reconciles the difference between ■ the two statements. TOWN OF GROTON Notes to the Financial Statements December 31, 2001 1. Summary of sifznificant accountinia policies (continued) E. Budgets and bud2etary accounting (continued) Total for funds included in budget comparison Funds not included in budget comparison: Special grant Total special revenue funds Fund Fund Balance Balance Beginning End of Year Revenues Expenses of Year $ 584,658 $ 8995088 $ 934,715 $ 5495031 689035 741993 845327 585701 $ 652,693 $ 97401 $ 1,0191,042 $ 6075732 F. Property, plant and equipment - general Fixed assets purchased for general governmental purposes are recorded as expenditures in the governmental funds and are capitalized at cost in the general fixed asset account group. Contributed fixed assets are recorded at fair market value at the date received. Fixed assets consisting of certain infrastructure type improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage and lighting systems, have not been capitalized. Such assets normally are immovable and of value only to the Town of Groton. Therefore, the purposes of stewardship for capital expenditures can be satisfied without recording these assets. No depreciation has been provided on general fixed assets, nor has interest on general fixed assets construction in progress been capitalized. G. Vacation and sick leave and compensated absences Employees of the Town are granted vacation and sick leave in varying amounts. In the event of termination or upon retirement, an employee is not entitled to payment for accumulated vacation time. However, sick leave can be accrued up to 720 hours which is payable upon termination or retirement. -10- ■ 11 TOWN OF GROTON Notes to the Financial Statements December 31, 2001 1. Summary of siiznificant accountiniz policies (continued) G. Vacation and sick leave and compensated absences (continued) The value of unused employee sick leave at year-end has been recorded in the General Long - Term Debt Account Group. Payment of sick leave recorded in the General Long -Term Debt Account group is dependent upon many factors; therefore, timing of future payments is not readily determinable. However, management believes that sufficient resources will be made available for the payments of sick leave when such payment becomes due. In addition, the Town recognizes a liability for vesting sick leave and other compensated absences with similar characteristics and additional salary -related payments as employees earn benefits to the extent it is probable that the Town will compensate the employees for the benefits through cash payments (which may be conditioned on the employees' termination or retirement), rather than be taken as absences due to illness or other contingencies. The liability for compensated absences is calculated at rates in effect as of the balance sheet date and is recorded in the governmental funds if funded from current financial resources, and the general long-term debt account group for amounts to be paid from future financial ■ resources. 2. Cash and investments The Town's investment policies are governed by State of New York statutes. In addition, the Town has its own written investment policy. The Town of Groton's monies must be deposited in FDIC -insured commercial banks or trust companies located within the state. The Supervisor is authorized to use demand accounts and certificates of deposit for operating purposes. Permissible investments include obligations of the U.S. Treasury and U.S. Agencies, repurchase agreements, ■ and obligations of New York State or its localities. ■ Collateral is required for demand and time deposits and certificates of deposit not covered by Federal Deposit Insurance. Obligations that may be pledged as collateral are obligations of the ■ United States and its agencies and obligations of the state and its municipalities and school districts. The written investment policy requires repurchase agreements to be purchased from banks located . within the state. The underlying securities must be obligations of the Federal government. Underlying securities must have a market value of at least 105 percent of the cost of the ■ repurchase agreement. TOWN OF GROTON Notes to the Financial Statements December 31, 2001 2. Cash and investments (continued) Deposits and investments at year-end were entirely collateralized by Federal Deposit Insurance or by collateral held by the Town's custodial bank in the Town's name. In the financial statements all deposits including certificates of deposit are carried at cost plus accrued interest. Total adjusted bank balances as of December 31, 2001 were $1,086,470, and included the following: Fund Bank Balance Coverage General $ 460,161 Insured, Collateralized Special Revenue $ 624,003 Insured, Collateralized Trust & Agency $ 2,306 Insured, Collateralized 3. Summary of changes in general fixed assets Balance Balance 12/31/00 Additions Deletions 12/31/01 Land $ 563,000 $ 5635000 Buildings 7305059 7305059 Machinery & Equipment 1112511740 $ 3275935 $ 865982 1,36603 $ 254189799 $ 3275935 $ 869982 $ 21659,752 4. Other receivables Other receivables at December 31, 2001 consisted of the following, which are stated at net realizable value. The Town has deemed the amounts to be fully collectible. Fund Description Amount Special Grant Rehabilitation loans $ 87,064 -12- ■ ■ TOWN OF GROTON ■ Notes to the Financial Statements December 31, 2001 . 5. Emplovees' retirement ■ Plan description ■ The Town participates in the New York State and Local Employees' Retirement System (ERS). This is a cost sharing multiple public employer retirement system. Obligations of employers and ■ employees to contribute and benefits to employees are governed by the New York State Retirement and Social Security Law (NYSRSSL). The State comptroller is sole trustee and M administrative head of the System. ■ The Comptroller shall adopt and may amend rules and regulations for the administration and transaction of the business of ERS and for the custody and control of their funds. ERS issues a ■ publicly available financial report that includes financial statements and required supplementary information. That report may be obtained by writing to the New York State and Local Retirement ■ Systems, Gov. Alfred E. Smith State Office Building, Albany, New York 12244. . Fundini4 policv ■ ERS is noncontributory except for employees who joined the New York State and Local Employees Retirement System after July 27, 1976 who contribute 3% of their salary. Under the ■ authority of the NYSRS SL, the Comptroller shall certify annually the rates expressed as proportions of payroll of members, which shall be used in computing the contributions required to ■ be made by employers to the pension accumulation fund. ■ The Town is required to contribute at an actuarial determined rate. The required contributions for the current year and two preceding years were: M 2001 $ 930 M 2000 $ 792 1999 $ 484 M The Town's contributions made to ERS were equal to 100 percent of the contributions required ■ for each year. ■ Since 1989, the System's billings have been based on Chapter 62 of the Laws of 1989 of the State of New York. This legislation requires participating employers to make payments on a current ■ basis, while amortizing existing unpaid amounts relating to the System's fiscal years ending March 31, 1988 and 1989 (which otherwise were to have been paid on June 30, 1989 and 1990, ■ respectively) over a 17 -year period, with an 8.75% interest factor added. Local governments were given the option to prepay this liability. The Town elected to make the full payment on ■ December 15, 1989. -13- TOWN OF GROTON Notes to the Financial Statements December 31, 2001 5. Emplovees' retirement (continued) Historical trend information showing the progress in accumulating sufficient assets to pay benefits when due is presented in the Annual Financial Report of ERS. Additional detailed information concerning ERS may also be found in the Report. 6. Long-term debt Comp_ ensated Absences - The Town has compensated absences outstanding as of December 31, 2001 in the amount of $51,736. Compensated absences represents the value of earned and unused portion of accumulated sick leave. Statutory Bonds — The Town issued a five year statutory installment bond in the amount of $13 6,194 on August 1, 2001 for partial financing of a 2001 model Caterpiller excavator. The bond is payable in annual installments of $27,238, with the first principal payment due on August 15 2002. Semi-annual interest payments are due each February and August beginning in 2002 and is calculated on the principal balance at a rate of 4.3%. The First National Bank of Groton is the registered holder of the bond. Maturity date of the bond is August 1, 2006. The bond debt service requirements for the next five years are as follows: 2002 $ 275238 2003 275238 2004 271238 2005 27,23 8 2006 275242 $ 136,194 7. Fund equity -reserves The following reserves existed at December 31, 2001 for the following purposes: -14- Fund Purpose Amount General —Town wide Encumbrance dog enumeration $ 19000 General — Town wide Retirement system credits 3,176 General - Town wide Unemployment reserve 95651 General - Town wide Excess dog control revenues 1606 Highway — Town wide Encumbrance bridge guard rail 35000 Highway — Town wide Encumbrance tractor 305282 Highway — Town wide Encumbrance 1/2 ton truck 18,500 Highway — Town wide Capital equipment reserve 1095025 Highway - Part town Encumbrance bridge approach 109000 $ 201,440 -14- KIRBY • BEALS * MAIER Certified Public Accountants, PLLC INDEPENDENT AUDITORS' REPORT ON ADDITIONAL INFORMATION Supervisor and Town Board Town of Groton Groton, New York 221 W. Church St. Elmira, NY 14901-2917 607-733-5548 Fax 607-737-1996 kirbybealsmaier@kbm-cpa.com Our report on our audit of the general purpose financial statements of the Town of Groton for 2001 appears on page 1. That audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. Additional information included on pages 1-5. through 18 is this report is presented for purposes of additional analysis and is not a required part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. KIRBY • BEALS • MAIER Certified Public Accountants, PLLC July 12, 2002 -15- TOWN OF GROTON Combining Balance Sheet General Fund December 31. 2001 Town -Wide Part -Town Total Assets Unrestricted cash $ 3789506 $ 729004 $ 450,510 Restricted cash 99651 99651 Prepaid expenses 35177 39177 $ 391,334 $ 7204 $ 4635338 Liabilities and fund equity Liabilities Accounts payable $ 59575 $ 239 $ 59814 Accrued liabilities 823 144 967 Total liabilities 6,398 383 69781 Fund balances -reserved Reserve for unemployment 99651 99651 Reserve for encumbrances 1,000 19000 Reserve for excess dog control revenues 16,806 169806 Reserve for retirement system credits 39176 35176 Total fund balances -reserved 305633 309633 Fund balances -unreserved Appropriated for ensuing year's budget 309000 10,000 401,000 Unappropriated 3249303 615621 3859924 Total fund balances -unreserved 3541,303 719621 4255924 Total fund balances 3841,936 711621 4569557 $ 3911,334 $ 72,004 $ 4639338 See independent auditors' report on additional information. -16- Revenues and other sources Revenues Real property taxes Real property tax items Non -property tax items Departmental income Intergovernmental charges Use of money and property Licenses and permits Fines and forfeitures Sale of property and compensation for loss Miscellaneous local sources State aid Expenditures General government support Public safety Public health Transportation Economic assistance and opportunity Culture and recreation Home and community services Employee benefits Other uses Retirement system credits Revenues and other sources over (under) expenditures Appropriated fund balance Net (decrease) Fund balance, beginning of year Fund balance, end of year TOWN OF GROT_Q _Combining Statement of Revenues_ Expenditures and Changes in Fund Balances - General Fund For The Year Ended December 31- 2001 Town -Wide Part -Town Total Modified Budget Actual Modified Budget Actual Modified Budget Actual $ 275,095 $ 275,095 $ 100,263 $ 100,263 $ 375,358 $ 375,358 5,150 4,492 5,150 4,492 1,000 1,138 1,000 1,138 1,700 2,079 325 656 2,025 2,735 3,600 3,600 850 850 4,450 4,450 9,000 17,565 2,250 3,716 11,250 21,281 8,500 10,937 3,400 6,155 11,900 17,092 7,500 9,645 7,500 9,645 50 119 50 119 38 38 52,600 67,287 1,199 52,600 68,486 363,195 390,857 108,088 113,977 471,283 504,834 247,613 214,556 4,861 125 252,474 214,681 16,731 13,638 16,731 13,638 100 62,000 62,000 62,100 62,000 48,171 46,861 48,171 46,861 7,000 6,200 7,000 6,200 20,250 10,032 10,768 10,485 31,018 20,517 5,730 730 36,089 28,204 41,819 28,934 45,600 34,397 4,370 3,975 49,970 38,372 2,294 2,294 391,195 328,708 118,088 104,789 509,283 433,497 (28,000) 62,149 (10,000) 9,188 (38,000) 71,337 28,000 10,000 38,000 $ 62,149 $ 9,188 $ 71,337 322,787 62,433 385,220 $ 384,936 $ 71,621 $ 456,557 See independent auditors' report on additional information. -17- TOWN OF GROTON CombininLy Balance Sheet Special Revenue Funds December 31, 2001 Highway Highway Lighting Special $ Town -Wide Part -Town District Grant Fund Total Assets 7,631 Deferred revenue Unrestricted cash $ 439,858 $ 101,715 $ 23,729 $ 58,701 $ 624,003 Other receivables, net 8704 8704 $ 439,858 $ 101,715 $ 23,729 $ 145,765 $ 711,067 Liabilities and fund equity Liabilities Accounts payable $ 3,595 $ 3,876 $ 419 $ 7,890 Accrued liabilities 79631 7,631 Deferred revenue $ 87,064 879064 Due to other funds 750 750 Total liabilities 119976 3,876 419 87,064 1039335 Fund balances -reserved Reserves for encumbrances 51,782 10,000 619782 Reserves for capital equipment 109,025 109,025 Total fund balances -reserved 160,807 10,000 170,807 Fund balances -unreserved Appropriated for ensuing year's budget 35,000 20,000 5500 Unappropriated 2329075 679839 239310 585701 381,925 Total fund balances -unreserved 267,075 879839 239310 58,701 436,925 Total fund balances 42702 97,839 239310 58,701 607,732 $ 439,858 $ 101,715 $ 23,729 $ 145,765 $ 711,067 See independent auditors' report on additional information. -18- M M M 0 M M 0 M 0 M M 0 0 0 M 0 0 M 0 M 0 0 M M 0 M M 0 M 0 0 M See independent auditors' report on additional information. -19- Combining Statement Fund Balances For The TOWN OF GROTON of Revenues_ - Special Year Ended December Expenditures Revenue Funds 31, 2001 and Changes in Fire Protection Special Highway Town -Wide Highway Part -Town Lighting District District Subtotal Grant Total Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual Actual Actual Revenues and other sources Revenues Real property taxes $ 425,345 $ 425,345 $ 169,050 $ 169,050 $ 6,000 $ 6,000 $ 67,000 $ 67,000 $ 667,395 $ 667,395 $ 667,395 Departmental income $ 5,625 5,625 Use of money and property 109,978 122,530 5,500 8,091 924 115,478 131,545 1,207 132,752 Sale of property/compensation of loss 4,373 17,890 4,373 17,890 17,890 State aid 80,400 82,258 80,400 82,258 82,258 Federal aid 68,161 68,161 539,696 565,765 254,950 259,399 6,000 6,924 67,000 67,000 867,646 899,088 74,993 974,081 Other sources Operating transfers 539,696 565,765 254,950 259,399 6,000 6,924 67,000 67,000 867,646 899,088 74,993 974,081 Expenditures Public safety 67,000 67,000 67,000 67,000 67,000 Transportation 650,545 548,135 268,776 254,752 6,000 5,025 925,321 807,912 807,912 Home and community services 84,327 84,327 Employee benefits 36,926 30,828 16,174 13,975 53,100 44,803 44,803 687,471 578,963 284,950 268,727 6,000 5,025 67,000 67,000 1,045,421 919,715 84,327 1,004,042 Other uses Operating transfers 15,000 15,000 15,000 15,000 15,000 Revenues and other sources over (under) expenditures (162,775) (28,198) (30,000) (9,328) 1,899 (192,775) (35,627) (9,334) (44,961) Appropriated fund balance 162,775 30,000 192,775 Net increase (decrease) $ (28,198) $ (9,328) $ 1,899 $ $ (35,627) (9,334) (44,961) Fund balance, beginning of year 456,080 107,167 21,411 584,658 68,035 652,693 Fund balance, end of year $ 427,882 $ 97,839 $ 23,310 $ $ 549,031 $ 58,701 $ 607,732 See independent auditors' report on additional information. -19-