HomeMy WebLinkAbout2002 Town AuditKIRBY • BEALS • MAIER
Certified Public Accountants, PLLC
KIRBY• BEALS• MAIER
CPAs, PLLC
TOWN OF GROTON
FINANCIAL STATEMENTS
DECEMBER 31, 2002
R��EO FILED
OFF4i " _ F "I"H E TOWN CLERK
101 C0N*:3ER BLVD., GRi'ON, NY
AT '�6 Q 03 -
D _
T MIS - �Apm
• C -TOWN CLERK
TOWN OF GROTON
Financial Statements
December 31, 2002
TABLE OF CONTENTS
Independent Auditors' Report..........................................................................................................1
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..........................................................
Combining Balance Sheet - Special Revenue Funds.....................................................................18
Combining Statement of Revenues, Expenditures and Changes
in Fund Balances - Special Revenue Funds...................................................................................19
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KIRBY • BEALS • MAIER
Certified Public Accountants, PLLC 221 W. Church St.
■ Elmira, NY 14901-2917
607-733-5548
■ Fax 607-737-1996
kirbybealsmaier@kbm-cpa.com
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■
■ INDEPENDENT AUDITORS' REPORT
■
■ Supervisor and Town Board
Town of Groton
Groton, New York
■
■ We have audited the accompanying general purpose financial statements of the Town of Groton,
New York, as of December 31, 2002, 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, 2002, and the
results of its operations for the year then ended in conformity with accounting principles generally
accepted in the United States of America.
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KIRf3 Y • BEALS • MAIER
Certified Public Accountants, PLLC
a September 5, 2003
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■■ MEN mom ■ NEON ■■■■■■■■■■■■■■■■■■■
Assets
Unrestricted cash
Restricted cash
Prepaid expenses
Other receivables, net
Due from other funds
Fixed assets
Provision to be made in future
budgets
Total assets
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 Tvves and Account Grouas
December 31, 2002
Total
Fiduciary Memorandum
Governmental Fund Types Fund Type Account Groups Only
Special Capital Trust and General Long -Term December 31,
General Revenue Projects Agency Fixed Assets Debt Total 2001
$ 546,939 $ 703,861 $ 224 $ 1,251,024 $ 1,076,819
9,855 9,855 9,651
3,177
87,064 87,064 87,064
$ 556,794 $ 790,925
$ 12,414 $ 18,507
1,212 9,465
87,064
13,626 115,036
7,022 92,604
134,037
9,855
21,843
38,720 226,641
51,125
59,400
453,323
389,848
504,448
449,248
543,168
675,889
$ 556,794 $
790,925
750
$ 2,689,082 2,689,082 2,659,752
$ 146,385 146,385 187,930
$ 224 $ 2,689,082 $ 146,385 $ 4,183,410 $ 4,025,143
The accompanying notes are an integral part of these financial statements.
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$
30,921 $
13,704
10,677
8,598
$
108,955
108,955
136,194
37,430
37,430
51,736
$ 224
224
3,056
87,064
87,064
750
224
146,385
275,271
301,102
$ 2,689,082
2,689,082 $
2,659,752
99,626
62,782
134,037
109,025
9,855
9,651
21,843
16,806
3,176
2,689,082
2,954,443
2,861,192
110,525
95,000
843,171
767,849
953,696
862,849
2,689,082
3,908,139
3,724,041
$ 224 $ 2,689,082 $
146,385 $
4,183,410 $
4,025,143
The accompanying notes are an integral part of these financial statements.
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TOWN OF GROTON
Combined Statement of Revenues. Expenditures and Chanees in
Fund Balances - All Governmental Fund Tvnes
For The Year Ended December 31, 2002
The accompanying notes are an integral part of these financial statements.
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Total
Memorandum
Governmental Fund Types
Only
Special Capital
December 31,
General
Revenue Projects
Total
2001
Revenues and other sources
Revenues
Real property taxes
$ 382,351 $
682,475 $
1,064,826
$ 1,042,753
Real property tax items
3,527
3,527
43492
Non -property tax items
38,973
38,973
1,138
Departmental income
39338
39338
89360
Intergovernmental charges
4,450
41450
4,450
Use of money and property
139155
1541077
167,232
154,033
Licenses and permits
21,355
219355
17,092
Fines and forfeitures
9,486
9,486
9,645
Sale of property and
compensation for loss
85
10,820
109905
185009
Miscellaneous local sources
437
437
38
State aid
69,909
1929270
262,179
1509744
Federal aid
18,205
18,205
689161
Proceeds from obligations
136,194
5471066
150579847
1,604,913
1,615,109
Other sources
Operating transfers
15,000
547,066
19057,847
1,604,913
1,630,109
Expenditures
General government support
2211574
2219574
214,681
Public safety
14,811
699000
839811
80,638
Public health
64,000
64,000
625000
Transportation
49,703
715,320
765,023
1,0059967
Economic assistance and
opportunity
7,180
71,180
69200
Culture and recreation
265673
26,673
20,517
Home and community services
315760
1199492
1519252
1139261
Employee benefits
44,753
52,783
97,536
83,175
Debt service
331095
339095
4609454
989,690
1,450,144
1,5869439
Other uses
Operating transfers
15,000
Retirement system credits
2,294
Revenues and other sources over
(under) expenditures
86,612
68,157
1549769
26,376
Fund balances, beginning of year
456,556
6079732
1,064,288
1,037,913
Fund balances, end of year
$ 5439168 $
675,889 $ $
19219,057
$ 190649289
The accompanying notes are an integral part of these financial statements.
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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
Total revenues
Appropriated fund balance
Expenditures
TOWN OF GROTON
Combined Statement of Revenues. Expenditures and Chanp-es in
Fund Balances - Budp-et & Actual - General and Special Revenue Funds
For The Year End December 31. 2002
General Fund
Variance
Modified favorable Modified
Budget Actual (unfavorable) Budget
$ 382,351 $
382,351
5,200
3,527 $
41,000
38,973
2,050
3,338
4,450
4,450
13,000
13,155
12,650
21,355
8,000
9,486
50
85
1,486
437
45,600
69,909
514,351
547,066 $
41,000
$ 555,351
437
Special Revenue
Variance
favorable
Actual (unfavorable)
$
682,475 $
682,475
(1,673)
(2,027)
18,745
14,811
1,288
69,000
69,000
155
154,888
153,250 $
8,705
1,486
51,439
49,703
1,736
11,820
10,820
35
437
24,309
87,900
89,740
32,715
937,083
936,285 $
Culture and recreation
116,782
26,673
$
1,053,865
General government support $
287,145
221,574 $
65,571
Public safety
18,745
14,811
3,934 $
69,000
69,000
Public health
64,100
64,000
100
Transportation
51,439
49,703
1,736
863,904
715,320 $
Economic assistance and
opportunity
7,200
7,180
20
Culture and recreation
32,653
26,673
5,980
Home and community services
41,699
31,760
9,939
Employee benefits
52,370
44,753
7,617
65,961
52,783
Debt service
33,095
33,095
555,351
460,454
94,897
1,031,960
870,198
Other uses
Capital reserve
21,905
Total expenditures and other uses $
555,351
460,454 $
94,897 $
1,053,865
870,198 $
Revenues and other sources over
expenditures
86,612
66,087
Net change in unbudgeted special
revenue funds
2,070
Fund balances, beginning of year
456,556
607,732
Fund balances, end of year
$
543,168
$
675,889
The accompanying notes are an integral part of these financial statements.
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(1,638)
(1,000)
1,840
(798)
148,584
13,178
161,762
21,905
183,667
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TOWN OF GROTON
Notes to the Financial Statements
December 31, 2002
M
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
M 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.
M A. Re ortin entity
p � v
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The Town of Groton (the Town), which was established in 1817, is governed by the
M 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
M streets, recreation, public improvements, planning and zoning, and general administration.
All governmental activities and functions performed for the Town are its direct
responsibility. No other governmental organizations have been included or excluded
from the reporting entity.
M
The financial reporting entity consists of a the primarygovernment which is the Town
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(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
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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.
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The decision to include a potential component unit in the Town's reporting entity is based
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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
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have been included or excluded from the reporting entity.
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B. Fund accounting
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The accounts of the Town are organized on the basis of funds and account groups, each of
g g p�
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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,
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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:
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TOWN OF GROTON
Notes to the Financial Statements
December 31, 2002
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.
TOWN OF GROTON
Notes to the Financial Statements
December 31, 2002
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 groups
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.
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TOWN OF GROTON
Notes to the Financial Statements
December 31, 2002
1. Summary of sij4nificant accounting policies (continued)
C. Basis of accounting/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.
TOWN OF GROTON
Notes to the Financial Statements
December 31, 2002
1. Summary of significant accounting policies (continued)
E. Budgets and budgetary accounting
Budget policies - The budget policies are as follows:
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.
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.
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.
Budget basis of accounting
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.
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, 2002
1. Summary of significant accounting policies (continued)
E. Budgets and budgetary accounting (continued)
Total for funds included
in budget comparison
Funds not included in
budget comparison:
Special grant
Total special revenue
funds
Fund
Balance
Beginning
of Year Revenues Expenses
Fund
Balance
End
of Year
$ 5495031 $ 936,285 $ 8705198 $ 6155118
589701 121,562 1199492 601)771
$ 6079732 $ 1,057,847 $ 9895690 $ 6755889
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.
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TOWN OF GROTON
Notes to the Financial Statements
December 31, 2002
1. Summary of sij4nificant accounting 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.
2. Cash and investments
' n policies are governed b State of New York statutes. In addition the
The Town's investment po c es ego y ,
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.
M
In addition, the Town recognizes a liability for vesting sick leave and other compensated
M
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
M
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.
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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,
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and the general long-term debt account group for amounts to be paid from future financial
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resources.
2. Cash and investments
' n policies are governed b State of New York statutes. In addition the
The Town's investment po c es ego y ,
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.
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TOWN OF GROTON
Notes to the Financial Statements
December 31, 2002
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, 2002 were $1,260,879, and included the
following:
Fund Bank Balance
General $5565794
Special Revenue $ 703,861
Trust & Agency $ 224
3. Summary of changes in general fixed assets
Land
Buildings
Machinery & Equipment
4. Other receivables
Balance
12/31/01
$ 563,000
730,059
193669693 $
Coverasze
Insured, Collateralized
Insured, Collateralized
Insured, Collateralized
Balance
Additions Deletions 12/31/02
$ 563,000
730,059
61,331 $ 329001 111396,023
$ 2,6591752 $ 61,331 $ 325001 $ 256891,082
Other receivables at December 31, 2002 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
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TOWN OF GROTON
Notes to the Financial Statements
December 31, 2002
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N 5. Employees' retirement
Plan description
a
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
. administrative head of the System.
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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.
Funding policy
■
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
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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:
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2002 $ 968
2001 $ 930
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2000 $ 792
The Town's contributions made to ERS were equal to 100 percent of the contributions required
for each year.
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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.
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TOWN OF GROTON
Notes to the Financial Statements
December 31, 2002
5. Employees' 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. Lone -term debt
Compensated Absences - The Town has compensated absences outstanding as of December 31,
2002 in the amount of $37,430. 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
$136,194 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 being made on
August 1, 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:
2003 $ 27,23 8
2004 275238
2005 275238
2006 27,241
$ 108,955
7. Fund equity -reserves
The following reserves existed at December 31, 2002 for the following purposes:
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Fund
Purpose
Amount
General
— Town wide
Encumbrances
$ 75022
General
- Town wide
Unemployment reserve
9,855
General
— Town wide
Excess dog control revenues
21,843
Highway
— Town wide
Encumbrances
925604
Highway
— Town wide
Capital equipment reserve
1345037
$ 265,361
-14-
KIRBY • BEALS • MAIER
4#
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 2002
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 15 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
September 5, 2003
-15-
TOWN OF GROTON
Combining Balance Sheet
General Fund
December 31, 2002
Assets
Unrestricted cash $
Restricted cash
Prepaid expenses
Liabilities and fund equity
Liabilities
Accounts payable $
Accrued liabilities
Total liabilities
Fund balances -reserved
Reserve for unemployment
Reserve for encumbrances
Reserve for excess dog control revenues
Total fund balances -reserved
Fund balances -unreserved
Appropriated for ensuing year's budget
Unappropriated
Total fund balances -unreserved
Total fund balances 464,880
$ 478,297 $
Town -Wide
468,442 $
9,855
478,297 $
12,358 $
1,059
13,417
9,855
7,022
21,843
38,720
38,450
387,710
426,160
Part -Town
78,497 $
78,497 $
56 $
153
209
12,675
65,613
78,288
78,288
78,497 $
See independent auditors' report on additional information.
-16-
Total
546,939
%855
556,794
12,414
1,212
13,626
9,855
7,022
21,843
38,720
51,125
453,323
504,448
543,168
556,794
TOWN OF GROTON
Combininiz Statement of Revenues, Expenditures and Chances in
Fund Balances - General Fund
For The Year Ended December 31, 2002
Town -Wide Part -Town Total
Modified Budget Actual Modified Budget Actual Modified Budget Actual
Revenues and other sources
Revenues
Real property taxes $
280,509 $
280,509 $
1015842 $
101,842 $
382,351 $
382,351
Real property tax items
5,200
3,527
5,200
3,527
Non -property tax items
40,000
37,776
1,000
15197
41,000
38,973
Departmental income
1,700
25608
350
730
2,050
3,338
Intergovernmental charges
3,600
3,600
850
850
49450
4,450
Use of money and property
1011000
11,108
35000
29047
139000
13,155
Licenses and permits
81,500
13,506
4,150
75,849
12,650
21,355
Fines and forfeitures
8,000
9,486
36,999
29,170
8,000
9,486
Sale of property and
48,000
405617
41,370
49136
52,370
44,753
compensation for loss
50
85
121,192
108,001 $
50
85
Miscellaneous local sources
284
153
437
State aid
451,600
69,909
6,667
45,600
695,909
Total revenues and other sources
403,159
432,398
111,192
1145668
514,351
547,066
Appropriated fund balance
31,000
464,880
101000
78,288
41,000
543,168
$
434,159
$
1219192
$
555,351
Expenditures
General government support $
2825109
221,449 $
5,036
125 $
287,145
221,574
Public safety
185745
14,811
181,745
141811
Public health
100
64,000
641000
645100
64,000
Transportation
511439
49,703
513439
499703
Economic assistance and
opportunity
7,200
7,180
7,200
7,180
Culture and recreation
21,866
16,103
109787
10,570
321653
26,673
Home and community services
4,700
21590
36,999
29,170
41,699
31,760
Employee benefits
48,000
405617
41,370
49136
52,370
44,753
Total expenditures $
4341159
3529453 $
121,192
108,001 $
555,351
460,454
Revenues and other sources over
expenditures
791945
6,667
86,612
Fund balance, beginning of year
384,935
711,621
4567556
Fund balance, end of year
$
464,880
$
78,288
$
543,168
See independent auditors' report on additional information.
-17-
TOWN OF GROTON
Combining Balance Sheet
Special Revenue Funds
December 31, 2002
Fund balances -reserved
Reserves for encumbrances
Highway
Highway
Lighting
Special
92,604
Reserves for capital equipment
Town -Wide
Part -Town
District
Grant Fund
Total
Assets
226,641
226,641
Unrestricted cash
$ 534,010 $
83,294 $
25,786
$ 60,771 $
703,861
Other receivables, net
35,900
23,500
879064
875064
Unappropriated
$ 534,010 $
83,294 $
25,786
$ 1479835 $
790,925
Liabilities and fund equity
286,039
779013
259425
609771
449,248
Liabilities
5125680
77,013
25,425
60,771
675,889
Accounts payable
$ 11,865 $
6,281 $
361
$
18,507
Accrued liabilities
9,465
99465
Deferred revenue
$ 87,064
87,064
Due to other funds
Total liabilities
21,330
65281
361
8704
1159036
Fund balances -reserved
Reserves for encumbrances
9204
92,604
Reserves for capital equipment
134,037
134,037
Total fund balances -reserved
226,641
226,641
Fund balances -unreserved
Appropriated for ensuing year's bu
35,900
23,500
59,400
Unappropriated
250,139
53,513
251425
60,771
389,848
Total fund balances -unreserved
286,039
779013
259425
609771
449,248
Total fund balances
5125680
77,013
25,425
60,771
675,889
$
5345010 $
835294 $
25,786
$ 147,835
$ 790,925
See independent auditors' report on additional information.
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M ■ ■ ■ ■ ■ M ■ ■ ■ ■ ■ ■ ■ M M ■ M M M ■ M ■ ■ ■ ■ ■ M M M ■ ■
TOWN OF GROTON
Combining Statement of Revenues. Exnenditures and Changes in
Fund Balances - Special Revenue Funds
For The Year Ended December 31. 2002
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
$ 69,000
69,000 $ 69,000
69,000
69,000
Real property taxes $
436,238 $
436,238 $
171,237 $
171,237 $
6,000 $ 6,000 $ 69,000 $ 69,000 $
682,475 $
682,475
$
682,475
Departmental income
119,492
119,492
Use of money and property
147,888
149,100
7,000
3,586
564
154,888
153,250 $
827
154,077
Sale of property/compensation of loss
11,820
10,820
11,820
10,820
10,820
State aid
660,823
511,360
87,900
89,740
6,000 4,449 69,000
87,900
89,740
102,530
192,270
Federal aid
18,205
18,205
Total revenue and other sources
595,946
596,158
266,137
264,563
6,000 6,564 69,000 69,000
937,083
936,285
121,562
1,057,847
Appropriated fund balance
86,782
511,360 $
30,000
285,389 $
6,000 4,449 $ 69,000
116,782
870,198
119,492
989,690
$
682,728
596,158 $
296,137
264,563 $
6,000 6,564 $ 69,000 69,000 $
1,053,865
936,285
121,562
1,057,847
Expenditures
Public safety
$ 69,000
69,000 $ 69,000
69,000
69,000
Transportation
$ 585,467
440,032 $
272,437
270,839 $
6,000 4,449
863,904
715,320
715,320
Home and community services
119,492
119,492
Employee benefits
42,261
38,233
23,700
14,550
65,961
52,783
52,783
Debt service
33,095
33,095
33,095
33,095
33,095
Total expenditures
660,823
511,360
296,137
285,389
6,000 4,449 69,000
69,000 1,031,960
870,198
119,492
989,690
Other uses
Capital reserve
21,905
21,905
Total expenditures and other uses
$ 682,728
511,360 $
296,137
285,389 $
6,000 4,449 $ 69,000
69,000 $ 1,053,865
870,198
119,492
989,690
Revenues and other sources over
(under) expenditures
84,798
(20,826)
2,115
66,087
2,070
68,157
Fund balance, beginning of year
427,882
97,839
23,310
549,031
58,701
607,732
Fund balance, end of year
$
512,680
$
77,013
$ 25,425 $
$
615,118 $
60,771 $
675,889
See independent auditors' report on additional information.
-19-