The URL can be used to link to this page

Home My WebLink About2003 Town AuditKIRBY • BEALS • MAIER KIRBY• BEALS• MAIER Certified Public Accountants, PLLC CPAs, PLLC TOWN OF GROTON FINANCIAL STATEMENTS December 31, 2003 RECEIVED -FILED OFFICE OF THE TOWN CLERK 101 CONGER BLVD., GROTON, NY DATE la/6XP0 cs / vv CAMWPM JIMETOWN CLERK TOWN OF GROTON Financial Statements December 31, 2003 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...................................................................................................17 Combining Balance Sheet - Special Revenue Funds.....................................................................18 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Special Revenue Funds...................................................................................19 E Ll KIRBY • BEALS • MAIER Certified Public Accountants, PLLC 0 Supervisor and Town Board ■ Town of Groton Groton, New York INDEPENDENT AUDITORS' REPORT 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, 2003, 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 i 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, 2003, and the results of its operations for the year then ended in conformity with accounting principles generally accepted in the United States of America. (AA41 ■ KIRBY • BEALS • MAIER Certified Public Accountants, PLLC E September 27, 2004 ■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■ Assets Unrestricted cash Restricted cash Other receivables, net Due from state government 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 Total liabilities Equity Investment in general fixed assets Fund balances -reserved Encumbrances Capital equipment Unemployment insurance 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 Total liabilities and fund balances TOWN OF GROTON Combined Balance Sheet All Fund Tvpes and Account Groups December 31, 2003 Total Fiduciary Memorandum Governmental Fund Types Fund Type Account Groups Only Special Trust and General Long -Term December 31, General Revenue Agency Fixed Assets Debt Total 2002 $ 593,004 $ 872,547 $ 1,465,551 $ 1,251,024 9,976 9,976 9,855 87,064 87,064 87,064 28,736 28,736 $ 2,692,556 2,692,556 2,689,082 $ 125,565 125,565 146,385 $ 602,980 $ 988,347 $ $ 2,692,556 $ 125,565 $ 4,409,448 $ 4,183,410 $ 7,527 $ 52,915 $ 60,442 $ 30,921 1,657 9,134 10,791 10,677 $ 81,716 81,716 108,955 43,849 43,849 37,430 224 87,064 87,064 87,064 9,184 149,113 125,565 283,862 275,271 $ 2,692,556 2,692,556 2,689,082 6,500 143,583 150,083 99,626 159,864 159,864 134,037 9,976 9,976 9,855 26,394 26,394 21,843 42,870 303,447 346,317 265,361 58,147 175,079 233,226 110,525 492,779 360,708 853,487 843,171 550,926 535,787 1,086,713 953,696 593,796 839,234 2,692,556 4,125,586 3,908,139 $ 602,980 $ 988,347 $ $ 2,692,556 $ 125,565 $ 4,409,448 $ 4,183,410 The accompanying notes are an integral part of these financial statements. -2- ■ M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M TOWN OF GROTON Combined Statement of Revenues, Expenditures and Chances in Fund Balances - All Governmental Fund Tvpes For The Year Ended December 31, 2003 Other uses Operating transfers Revenues and other sources over expenditures 50,628 163,345 2135973 154,769 Fund balances, beginning of year 543,168 675,889 11219,057 1,064,288 Fund balances, end of year $ 593,796 $ 839,234 $ 154335030 $ 1,2195057 The accompanying notes are an integral part of these financial statements. -3- Total Memorandum Governmental Fund Types Only Special December 31, General Revenue Total 2002 Revenues and other sources Revenues Real property taxes $ 361,422 $ 745,433 $ 151065855 $ 1,064,826 Real property tax items 10,006 10,006 3,527 Non -property tax items 54,001 54,001 38,973 Departmental income 3,232 20,549 23,781 3,338 Intergovernmental charges 2,380 2,380 45450 Use of money and property 9,137 97,963 107,100 167,232 Licenses and permits 19,993 19,993 21,355 Fines and forfeitures 14,639 145639 95486 Sale of property and compensation for loss 78 78 105905 Miscellaneous local sources 537 537 437 State aid 849222 261,948 346,170 262,179 Federal aid 18,205 5595647 1,125,893 156855540 156045913 Other sources Operating transfers 559,647 11)125,893 1,6855540 15604,913 Expenditures General government support 2485347 248,347 221,574 Public safety 15,358 72,000 87,358 83,811 Public health 66,327 66,327 645000 Transportation 51,162 6225012 673,174 765,023 Economic assistance and opportunity 75066 75066 75180 Culture and recreation 303435 303,435 26,673 Home and community services 355034 167,162 2021196 151,252 Employee benefits 55,290 695450 124,740 975536 Debt service 31,924 31,924 33,095 509,019 962,548 1,4715567 19450,144 Other uses Operating transfers Revenues and other sources over expenditures 50,628 163,345 2135973 154,769 Fund balances, beginning of year 543,168 675,889 11219,057 1,064,288 Fund balances, end of year $ 593,796 $ 839,234 $ 154335030 $ 1,2195057 The accompanying notes are an integral part of these financial statements. -3- TOWN OF GROTON Combined Statement of Revenues. Expenditures and Chances in Fund Balances - Bucket & Actual - General and Special Revenue Funds For The Year End December 31, 2003 The accompanying notes are an integral part of these financial statements. -4- General Fund Special Revenue Variance Variance Modified favorable Modified favorable Budget Actual (unfavorable) Budget Actual (unfavorable) Revenues and other sources Revenues Real property taxes $ 361,422 $ 361,422 $ 0 $ 745,433 $ 745,433 $ 0 Real property tax items 5,300 10,006 4,706 Non -property tax items 46,100 54,001 7,901 Departmental income 2,275 3,232 957 Intergovernmental charges 1,750 2,380 630 Use of money and property 13,100 9,137 (3,963) 106,230 97,481 (8,749) Licenses and permits 14,750 19,993 5,243 Fines and forfeitures 19,500 14,639 (4,861) Sale of property and compensation for loss 78 78 1,500 0 (1,500) Miscellaneous local sources 537 537 State aid 47,600 84,222 36,622 88,927 89,719 792 Total revenues 511,797 559,647 $ 47,850 942,090 932,633 $ (9,457) Appropriated fund balance 58,147 175,079 $ 569,944 $ 1,117,169 Expenditures General government support $ 284,540 248,347 $ 36,193 Public safety 18,988 15,358 3,630 $ 72,000 72,000 $ 0 Public health 66,327 66,327 0 Transportation 52,376 51,162 1,214 914,581 622,012 292,569 Economic assistance and opportunity 8,066 7,066 1,000 Culture and recreation 34,488 30,435 4,053 Home and community services 45,484 35,034 10,450 Employee benefits 59,675 55,290 4,385 75,588 69,450 6,138 Debt service 31,925 31,924 1 569,944 509,019 60,925 1,094,094 795,386 298,708 Other uses Capital reserve 23,075 23,075 Total expenditures and other uses $ 569,944 509,019 $ 60,925 $ 1,117,169 795,386 $ 321,783 Revenues and other sources over expenditures 50,628 137,247 Net change in unbudgeted special revenue funds 26,098 Fund balances, beginning of year 543,168 675,889 Fund balances, end of year $ 593,796 $ 839,234 The accompanying notes are an integral part of these financial statements. -4- 7-7 L J TOWN OF GROTON Notes to the Financial Statements December 31, 2003 1. Summary of significant accounting policies The financial statements of the Town of Groton (the Town) 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 0 The Town of Groton, which is located in the County of Tompkins in the State of New York, was established in 1817. The Town is governed by Town Law, 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. M (b) organizations for which the primary government is financially accountable, and (c) The following basic services are provided by the Town: fire protection, highways and M streets, recreation, public improvements, planning and zoning, and general administration. 0 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. The financial reporting entity consists of a) the primary government 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 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 M -5- TOWN OF GROTON Notes to the Financial Statements December 31, 2003 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. M TOWN OF GROTON Notes to the Financial Statements December 31, 2003 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, 2003 1. Summary of significant accounting policies (continued) C. Basis of accountina,/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 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, 2003 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, 2003 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 $ 6153118 $ 9325633 $ 60,771 1931260 Fund Balance End Expenditures of Year 795,386 $ 7525365 167,162 869869 $ 67509 $ 15125,893 $ 962,548 $ 8393234 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, 2003 1. Summary of significant 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. 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. M TOWN OF GROTON Notes to the Financial Statements December 31, 2003 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 bank balances as of December 31, 2003 were $1,485,711, and included the following: Fund General Special Revenue Trust & Agency Bank Balance $ 602,530 $ 872,547 $ 10,634 3. Summary of changes in j4eneral fixed assets Land Buildings Machinery & Equipment 4. Other receivables Balance 12/31/02 $ 563,000 730,059 153965023 $ $ 2095082 $ Coverage Insured, Collateralized Insured, Collateralized Insured, Collateralized Balance Additions Deletions 12/31/03 $ 563,000 730,059 3474 1,399,497 3,474 $ 296925556 Other receivables at December 31, 2003 consisted of the following, which are stated at net realizable value. Fund Description Amount Special Grant Rehabilitation loans $ 87,064 The balance of other receivables represents one loan receivable. The Town did not receive any loan payments during year-end 2003. In 2004 the Town Board authorized the Town Attorney to commence foreclosure proceedings. The Town Attorney has not formally initiated these proceedings and therefore collectibility cannot be reasonably estimated. -12- . 5. TOWN OF GROTON Notes to the Financial Statements December 31, 2003 Employees' 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 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. Funding policy N 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 NYSRSSL, 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: 2003 $ 245449 2002 $ 968 2001 $ 930 The Towns 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- N TOWN OF GROTON Notes to the Financial Statements December 31, 2003 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. Long-term debt Compensated Absences The Town has compensated absences outstanding as of December 31, 2003 in the amount of $43,849. 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 Caterpillar 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, 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 three years are as follows: Principal Interest 2004 $ 279239 $ 35514 2005 27,239 25343 2006 27,23 8 1,171 $ 81,716 $ 7,028 7. Fund equity -reserves The following reserves existed at December 31, 2003 for the following purposes: Fund General — Town wide General — Town wide General — Town wide General — Part—town Highway — Town wide Highway — Town wide Purpose Amount Encumbrances $ 45000 Unemployment reserve 95976 Excess dog control revenues 265394 Encumbrances 2,500 Encumbrances 1435583 Capital equipment reserve 15904 $ 346,317 -14- t; KIRBY • BEALS • MAIER 4f 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 2003 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 16 through 19 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 sub j ected 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 27, 2004 -15- TOWN OF GROTON Combining Balance Sheet General Fund December 31, 2003 See independent auditors' report on additional information. -16- Town -Wide Part -Town Total Assets Unrestricted cash $ 511,259 $ 81,745 $ 5935004 Restricted cash 9,976 95976 Total assets $ 5215235 $ 815745 $ 6023980 Liabilities and fund equity Liabilities Accounts payable $ 65735 $ 792 $ 75527 Accrued liabilities 15422 235 15657 Total liabilities 8,157 15027 95184 Fund balances -reserved Reserve for unemployment 9,976 9,976 Reserve for encumbrances 45000 2,500 61500 Reserve for excess dog control revenues 265394 265394 Total fund balances -reserved 40,370 25500 425870 Fund balances -unreserved Appropriated for ensuing year's budget 451472 12,675 581147 Unappropriated 4271236 65,543 4925779 Total fund balances -unreserved 4721,708 785218 5505926 Total fund balances 513,078 805718 5935796 Total liabilities and fund balances $ 521,235 $ 815745 $ 602,980 See independent auditors' report on additional information. -16- TOWN OF GROTON Combining Statement of Revenues, Expenditures and Changes in Fund Balances - General Fund For The Year Ended December 31, 2003 See independent auditors' report on additional information. - 17 - Town -Wide Part -Town Total Modified Budget Actual Modified Budget Actual Modified Budget Actual Revenues and other sources Revenues Real property taxes $ 260,438 $ 260,438 $ 100,984 $ 100,984 $ 361,422 $ 361,422 Real property tax items 5,300 10,006 5,300 10,006 Non -property tax items 45,000 52,902 1,100 1,099 46,100 54,001 Departmental income 1,775 2,292 500 940 2,275 3,232 Intergovernmental charges 900 1,800 850 580 1,750 2,380 Use of money and property 10,100 7,760 3,000 1,377 13,100 9,137 Licenses and permits 10,000 13,663 4,750 6,330 14,750 19,993 Fines and forfeitures 19,500 14,639 19,500 14,639 Sale of property and compensation for loss 78 78 Miscellaneous local sources 18 519 537 State aid 47,600 84,222 47,600 84,222 Total revenues and other sources 400,613 447,818 111,184 111,829 511,797 559,647 Appropriated fund balance 45,472 12,675 58,147 $ 446,085 $ 123,859 $ 569,944 Expenditures General government support $ 281,390 248,172 $ 3,150 175 $ 284,540 248,347 Public safety 18,988 15,358 18,988 15,358 Public health 327 327 66,000 66,000 66,327 66,327 Transportation 52,376 51,162 52,376 51,162 Economic assistance and opportunity 8,066 7,066 8,066 7,066 Culture and recreation 23,788 20,534 10,700 9,901 34,488 30,435 Home and community services 7,500 6,958 37,984 28,076 45,484 35,034 Employee benefits 53,650 50,043 6,025 5,247 59,675 55,290 Total expenditures $ 446,085 399,620 $ 123,859 109,399 $ 569,944 509,019 Revenues and other sources over expenditures 48,198 2,430 50,628 Fund balance, beginning of year 464,880 78,288 543,168 Fund balance, end of year $ 513,078 $ 80,718 $ 593,796 See independent auditors' report on additional information. - 17 - Assets Unrestricted cash Other receivables, net Due from state government Total assets Liabilities and fund equity Liabilities Accounts payable Accrued liabilities Deferred revenue Total liabilities Fund balances -reserved Reserves for encumbrances Reserves for capital equipment Total fund balances -reserved Fund balances -unreserved Appropriated for ensuing year's budget Unappropriated Total fund balances -unreserved Total fund balances Total liabilities and fund balances TOWN OF GROTON Combining Balance Sheet Special Revenue Funds December 31, 2003 Highway Highway Lighting Special Town -Wide Part -Town District Grant Fund Total $ 65405 $ 103,196 $ 27,677 $ 86,869 $ 872,547 87,064 87,064 28,736 28,736 $ 65405 $ 103,196 $ 27,677 $ 202,669 $ 988,347 $ 131463 $ 10,342 $ 9,134 22,597 105342 143,583 159,864 303,447 374 $ 28,736 $ 52,915 9,134 87,064 87,064 374 115,800 149,113 143,583 159,864 303,447 151,579 235500 175,079 177,182 69,354 27,303 86,869 360,708 328,761 925854 275303 865869 5355787 632,208 92,854 27,303 865869 839,234 $ 65405 $ 103,196 $ 27,677 $ 2025669 $ 988,347 See independent auditors' report on additional information. -18- IMM MMMMMMMMMM MMMMMM M 0 ON ON EMENE mom TOWN OF GROTON Combining Statement of Revenues. Expenditures and Chances in Fund Balances - Special Revenue Funds For The Year Ended December 31. 2003 See independent auditors' report on additional information. -19- 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 $ 469,645 $ 469,645 $ 197,788 $ 197,788 $ 6,000 $ 6,000 $ 72,000 $ 72,000 $ 745,433 $ 745,433 $ 745,433 Departmental income $ 20,549 20,549 Use of money and property 98,730 94,646 7,500 2,473 362 106,230 97,481 482 97,963 Sale of property/compensation of loss 1,500 1,500 State aid 88,927 89,719 88,927 89,719 172,229 261,948 Total revenue and other sources 569,875 564,291 294,215 289,980 6,000 6,362 72,000 72,000 942,090 932,633 193,260 1,125,893 Appropriated fund balance 151,579 23,500 175,079 $ 721,454 564,291 $ 317,715 289,980 $ 6,000 6,362 $ 72,000 72,000 $ 1,117,169 932,633 193,260 1,125,893 Expenditures Public safety $ 72,000 72,000 $ 72,000 72,000 72,000 Transportation $ 615,104 366,249 $ 293,477 251,279 $ 6,000 4,484 914,581 622,012 622,012 Home and community services 167,162 167,162 Employee benefits 51,350 46,590 24,238 22,860 75,588 69,450 69,450 Debt service 31,925 31,924 31,925 31,924 31,924 Total expenditures 698,379 444,763 317,715 274,139 6,000 4,484 72,000 72,000 1,094,094 795,386 167,162 962,548 Other uses Capital reserve 23,075 23,075 Total expenditures and other uses $ 721,454 444,763 $ 317,715 274,139 $ 6,000 4,484 $ 72,000 72,000 $ 1,117,169 795,386 167,162 962,548 Revenues and other sources over expenditures 119,528 15,841 1,878 137,247 26,098 163,345 Fund balance, beginning of year 512,680 77,013 25,425 615,118 60,771 675,889 Fund balance, end of year $ 632,208 $ 92,854 $ 27,303 $ $ 752,365 $ 86,869 $ 839,234 See independent auditors' report on additional information. -19-