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Home My WebLink About2002 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 I ■ 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 ■ ■ ■ 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. /6A■ ■ i KIRf3 Y • BEALS • MAIER Certified Public Accountants, PLLC a September 5, 2003 ■ ■ ■■ 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. -2- $ 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. -2- 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. -3- 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. -3- 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. -4- (1,638) (1,000) 1,840 (798) 148,584 13,178 161,762 21,905 183,667 I� I 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 ■ 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 M (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 M 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. M The decision to include a potential component unit in the Town's reporting entity is based M 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 M have been included or excluded from the reporting entity. M B. Fund accounting M The accounts of the Town are organized on the basis of funds and account groups, each of g g p� M 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, M 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: M -5- M 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. -7- 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. -10- ■ ■ 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. M 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, M and the general long-term debt account group for amounts to be paid from future financial M 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. M 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 -12- ■ a TOWN OF GROTON Notes to the Financial Statements December 31, 2002 ■ 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. ■ ■ ■ -13- 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 ■ 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: ■ 2002 $ 968 2001 $ 930 ■ 2000 $ 792 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, 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: -14- 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. -18- 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-