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1986-12-31 AUDIT REPORT 61.,. ~ ~I.ti .. ~ I~q? 'tct ~'ItIJ4' TOWN OF WAPPINGER .....Q..ECEMBER J~ 1986 October 14, 1987 e c :a ~ rn C') PI F -- I'll P -- ;: a ~ s ~ I IStr/olr &j/OStI//ilYIII ,/ C f'r1I,'c! ;>',(JilC ACCl'LfI(,l"IS TOWN OF WAPPINGER GENERAL PURPOSE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1986 - TABLE OF CONTENTS - Item Paqe Number Auditor's Report: General Purpose Financial Statements: 1 Single Audit Act: Internal Control Study - Nonmajor Programs 2,3 & 4 Compliance with Laws and Regulations - Nonmajor Programs 5 & 6 General Purpose Financial Statements: Exhibit - A Combined Balance Sheet - All Fund Types and Account Groups 7 Exhibit - B Combined Statement of Revenues, Expenditures and Changes in Fund Equity - All Governmental Fund Types and Expendable Trust Funds 8 Exhibit - C Combined Statement of Revenues, Expenditures and Changes in Fund Equity - Budget and Actual - General and Special Revenue Fund Types 9 Combining Financial Statements: Exhibit - D Combining Balance Sheet - All General Funds 10 Exhibit - E Combining Statement of Revenues, Expenditures and Changes in Fund Equity - All General Funds. 11 Exhibit - F Combining Balance Sheet - All Special Revenue Funds 12 Exhibit - G Combining Statement of Revenues, Expenditures and Changes in Fund Equity - All Special Revenue Funds 13 - TABLE OF CONTENTS (CONT.) - Exhibit - H Combining Balance Sheet - All Water Districts 14 Exhibit - I Combining Statement of Revenues, Expenditures and Changes in Fund Equity - All Water Districts. 15 Exhibit - J Combining Statement of Changes in Financial Position - All Water Districts. 16 Exhibit - K Combining Balance Sheet - All Sewer Districts. 17 Exhibit - L Combining Statement of Revenues, Expenditures and Changes in Fund Equity - All Sewer Districts. 18 Exhibit - M Combining Statement of Changes in Financial Position - All Sewer Districts 19 Exhibit - N Combining Balance Sheet - Capital Projects Fund 20 Exhibit - 0 Combining Statement of Revenues, Expenditures and Changes in Fund Equity - Capital Projects Fund. 21 Schedules: Schedule I - Schedule of Federal Financial Assistance 22 Notes to Financial Statements 23 & 23a, 23b, 23c, 23d, 23e tSedore ~O'SulffUtln Certified Public Accountants, P.C. Supervisor TOWN OF WAPPINGER 20 Middlebush Road P.O. Box 324 Wappingers Falls, N.Y. 12590 Gentlemen: We have examined the general purpose financial statements of the Town of Wappinger, New York, as of and for the year ended December 31, 1986, as listed in table of contents. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion the general purpose financial statements referred to above present fairly the financial position of the Town of Wappinger, New York at December 31, 1986, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining, individual fund, and individual account group financial statements and schedule listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the Town of Wappinger, New York. Such information has been subjected to the auditing procedures applied in the examination 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. Respectfully submitted, SEDORE & O'SULLIVAN, CPA's, P.C. ~Jo4fk~ Mark S. O'Sullivan Certified Public Accountant MSO/cjb Enc:statement 4 Charles Colman BIVd~62 East Main St., PO Box 918 Pawling, NY 12564 Wappingers Falls, NY 12590 914-855-5400 914-297-1111 fSedore ~O'SulltVtUl Certified Public Accountants, P.C. October 14, 1987 Supervisor TOWN OF WAPPINGER 20 Middlebush Road P.O. Box 324 Wappingers Falls, N.Y. 12590 Gentlemen: We have examined the general purpose financial statements of the Town of Wappinger, New York for the year ended December 31, 1986, and have issued our report thereon dated October 14, 1987. As part of our examination, we made a study and evaluation of the internal control systems, including applicable internal administrative controls, used in administering federal financial assistance programs to the extent we considered necessary to evaluate the systems as required by generally accepted auditing standards, the standards for financial and compliance audits contained in the Standards for Audit of Governmental Organizations, Programs, Activities, and Functions, issued by the u.S. General Accounting Office, the Single Audit Act of 1984, and the provisions of OMB circular A-128, Audits of State and Local Governments. For the purpose of this report, we have classified the significant internal accounting and administrative controls used in administering federal financial assistance programs in the following categories: Billing, Receivables, Cash Receipts, Purchasing, Cash Disbursements and General Ledger. The management of the Town of Wappinger, New York, is responsible for establishing and maintaining internal control systems used in administering federal financial assistance programs. In fulfilling that responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. The objectives of internal control systems used in administering federal financial assistance programs are to provide management with reasonable, but not absolute, assurance that, with respect to federal financial assistance programs, resource use is consistent with laws, regulations, and policies; resources are safeguarded against waste, loss, and misuse; and reliable data are obtained, maintained, and fairly disclosed in reports. 4 Charles Colman BIV~' 62 East Main St., PO Box 918 Pawling, NY 12564 Wappingers Falls. NY 12590 914-855-5400 914-297-1111 - 2 - Supervisor TOWN OF WAPPINGER October 14, 1987 Because of inherent limitations in any system of internal accounting and administrative controls used in administering federal financial assistance programs, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the systems to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree of compliance with the procedures may deteriorate. Our study included all of the applicable control categories previously listed. During the year ended December 31, 1986, the Town of Wappinger, New York, had no major federal financial assistance programs and expended 100% of its total federal financial assistance under the following nonmajor federal financial assistance program: Community Development Block Grant Entitlement Program. With respect to internal control systems used in administering this nonmajor federal financial assistance program, our study and evaluation included considering the types of errors and irregularities that could occur, determining the internal control procedures that should prevent or detect such errors and irregularities, determining whether the necessary procedures are prescribed and are being followed satisfactorily, and evaluating any weaknesses. With respect to the internal control systems used solely in administering the other nonmajor federal financial assistance programs of the Town of Wappinger, New York, our study and evaluation was limited to a preliminary review of the systems to obtain an understanding of the control environment and the flow of transactions through the accounting system. Our study and evaluation of the internal control systems used solely in administering these nonmajor federal financial assistance programs of the Town of Wappinger, New York, did not extend beyond this preliminary review phase. /Sedore & rJ'St,lIilYlll CertifIed PublIc kcountants, PC - 3 - Supervisor TOWN OF WAPPINGER October 14, 1987 Our study and evaluation was more limited than would be necessary to express an opinion on the internal control systems used in administering the federal assistance programs of the Town of Wappinger, New York. Accordingly, we do not express an opinion on the internal control systems used in administering the federal financial assistance programs of the Town of Wappinger, New York. Also, our examination, made in accordance with the standards mentioned above, would -not necessarily disclose material weaknesses in the internal control systems, for which our study and evaluation was limited to a preliminary review of the systems, as discussed in the fifth paragraph of this report. However, our study and evaluation and our examination disclosed the following condition that we believe results in more than a relatively low risk that errors or irregularities in amounts that would be material to a federal financial assistance program may occur and not be detected within a timely period. In the year under review, a material internal control weakness was discovered relating to adequate reliance, or lack thereof, on the representation of transactions as accounted for in the general ledger. In 1985, the Town changed from the manual system of recording transactions to a computerized system. This change was not effectively generated. In 1986, the general ledger as generated by the computer system in place was proven to be unreliable and ineffective upon examination and comparison to independent third party source material. It should be noted, however, that the Town of Wappinger has made great strides in remedying this situation in 1986 and it should be fully remedied in 1987. !Sty/ore ~1()St ,lIii YIII 7 Certd,ed PubliC Accountants - 4 - Supervisor TOWN OF WAPPINGER October 14, 1987 These conditions were considered in determining the nature, timing and extent of the audit tests to be applied in (1) our examination of the 1986 general purpose financial statements and (2) our examination and review of the Town's compliance with laws and regulations noncompliance with which we believe could have a material effect on the allowability of program expenditures for each major federal financial assitance program and nonmajor federal financial statement and on the Town's compliance with laws and regulations. Respectfully submitted, S9ilJ~7JJ2'S' P.C. Mark S. O'Sullivan Certified Public Accountant MSO/cjb ISftlon) & O'Si,lIiL '(11/ CerMlea PublIC Accountants. Pc. tSedore ~O'SulltVIln Certified Public Accountants, PC. October 14, 1987 Supervisor TOWN OF WAPPINGER 20 Middlebush Road P.O. Box 324 Wappingers Falls, N.Y. 12590 Gentlemen: We have examined the general purpose financial statements of the Town of Wappinger, New York, for the year ended December 31, 1986 and have issued our report thereon dated October 14, 1987. Our examination was made in accordance with generally accepted auditing standards; the standards for financial and compliance audits contained in the Standards for Audit of Governmental Organizations, Programs, Activities, and Functions, issued by the U.S. General Accounting Office; the Single Audit Act of 1984; and the provisions of OMB Circular A- 128, Audits of the State and Local Governments, and accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. The management of the Town of Wappinger, New York, is responsible for the Town's compliance with laws and regulations. In connection with the examination referred to above, we selected and tested transactions and records from nonmajor federal financial assistance programs to determine the Town's compliance with laws and regulations noncompliance with which we believe could have a material effect on the allowability of program expenditures. 4 Charles Colman BI"'~. 62 East Main St., PO Box 918 Pawling, NY 12564 Wappingers Falls, NY 12590 914-855-5400 914-297-1111 - 2 - Supervisor TOWN OF WAPPINGER October 14, 1987 The results of our tests indicate that for the transactions and records tested the Town of Wappinger, New York, complied with the laws and regulations referred to above. Our testing was more limited than would be necessary to express an opinion on whether the Town of Wappinger, New York, administered those programs in compliance in all material respects with laws and regulations noncompliance with which we believe could have a material effect on the allowability of program expenditures; however, with respect to the transactions that were not tested by us, nothing came to our attention to indicate that the Town of Wappinger, New York, had violated laws and regulations other than those laws and regulations for which we noted violations in our testing referred to above. Respectfully submitted, SEDORE & O'SULLIVAN, CPA's, P.C. 1lklJo~ Mark S. O'Sullivan Certified Public Accountant MSO/cjb {Yr/ore & (J"S! ,IIi VIII Certlflea PublIC Accountants. 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I ~- ..+> ~ ~~i~3].jj;1l] lil jg, ~..., u "'.e- . ..., ~ I i Iii ll1 .!:i .......... i 8.~~ ~ I I 1 1! ~i~jliijl~i~] ~tl II ..., ~t::'tj ... .e- ....... el el t:: B ~s~ E~] j.E.~ ~ ;u ~ ~ !;j$ .. ';;lu.o~]~]~.?l <V I " ."!'"I"'~ ..., ';;l1!lililOel Ql ~2lil Ijjj~ ~!i~~ ji 8 &15~~~~~~ .~~;!! l! i ~ ~~ ~ g~ ~j ~ o Ll) ~ IJ"> LO """"' ~~ LO ~ ~M ~ ro _~~ ~ Ll) -~ ro ~ ~~""""' : ~ """"' ~ 0 1"- ~~ ~: ~ ~j ~~ ~ro Ll) Ll) ~ ~ ~ !~ ~ M N 00 ~ ....-l 1.0 ...... """"' ~ o ~~ ~ j 8 H N S~ .... ..... ~ ~ ~ i ~ I ~ i?i ~j ~ j ~ S .... I :l <0 III ., III :::: :a ~ .... ~ ~ .., 0 ~~~! i / ';d !II~ &1> '" 0.-< !I~~ Iii '" ~ ~ ~ III ~ ~~ B .... ~ ~ oj J i ;1 o~ :l ... <0 A 00 III ~ ~ 8 ~ :::: ';d A en (I) Ao..-f ~ 0.-< ~ i ~~~ ....'" ..... ~ <= -.., ~~ ;: ;j ~ II i~1 ~~i I I '" ~ p.. .., -E ~ '8 Xl I I 13 S~ ~~~ ~~ ~ ~ III '" '8 '" ~O~j ~ ~ ti TOWN OF WAPPINGER COMBINING BALANCE SHEET - ALL SPECIAL REVENUE FUNDS DECEMBER 31. 1986 FEDERAL COMMUNITY REVENUE ASSETS HIGHWAY DEVELOPMENT SHARING Cash 144,924 S 76,373 Accounts Receivable Water & Sewer Rents Receivable Due From'Other Funds Due From Other Governments Land Utility Plants Accumulated Depreciation TOTAL ASSETS 144 , 924 -0- 76.373 LIABILITIES AND FUND EOUITY LIABILITIES Accounts Payable 523 Accrued Liabilities 59,929 Due to Other Funds 10,645 31,558 Due to Other Governments Bond & Long-Term Liabilities TOTAL LIABILITIES 71 ,097 -O- S 31. 558 FUND EOUITY Fund Balances S Reserved Unreserved Appropriated for Subsequent Year's Expenditures 25,000 Unappropriated 48.827 44,815 TOTAL FUND EQUITY 73.827 -0- 44.815 TOTAL LIABILITIES & FUND EQUITY 144.924 -0- 76.373 The notes to the financial statements are an integral part of this statement. ~f-Sedore 1Q~ il ;;:f ~nS~gj f::&:;~N ~.... r-M~~ Nr-"lt' I.l"I e.11.l"1 r-~.;a;O ~"";\D I.l"I lI"lco 00 MM...-l I.l"IN 0 ~~0\Ll'l NiJ") N~ N ,..., . . ...-4 M~ ...-i ~: : ,...,,, ....:~ ~,..., RM N NO"I r-O"lr- ~ r- ~(Tl Nf"'"-CO M ~c-;~~ Ng r-"~~ ~ 0'\\,,0 ~ Nr--- M ,..., . . ....-l ,....~ 0 Q ,...,,..., '" "''''''on 1 ~ l.Or-'l!:t' N f'"'40\D ..., u)l.O" 0" O"l ....... oor-...... ~ N ,..., .... '" '" '" ...."'.. o~ ~ MNl.D Lll co t-O"I....-I r- 1.0 ~f~&i ~ ~ on on '" ~~~ ~~ ~~ ~~ gg ~ .. .. ,..., ,..., ~;:1;~ ~ ~ O"lCO r- M ~$ ~ ~ ....-lM ~ M .. .. 0 ,..., TOWN OF WAPPINGER COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND EQUITY ALL SPECIAL REVENUE FUNDS FOR THE YEAR ENDED DECEMBER 31, 1986 REVENUES & OTHER SOURCES Real Property Taxes Other Real Property Tax Items Departmental Income Intergovernmental Charges Use of Money & Property Licenses and Permits Fines & Forfeitures Sale of Property and Compensation for Loss Miscellaneous Local Sources State Aid Federal Aid COMMUNITY DEVELOPMENT HIGHWAY 857,628 2,824 14,676 558 36,041 35,621 35,621 TOTAL REVENUES 911,727 OTHER SOURCES Operating Transfers Proceeds of Obligations TOTAL REVENUES & OTHER SOURCES 911,727 35.621 EXPENDITURES & OTHER USES General Government Support Public Safety Health Transportation Economic Assistance & Opportunity Culture and Recreation Home and Community Services Employee Benefits Debt Service - Principal Debt Service - Interest Depreciation 895,728 35,621 88,320 34,813 17,951 TOTAL EXPENDITURES $ 1,036,812 $ 35,621 OTHER USES Operating Transfers TOTAL EXPENDITURES & OTHER USES (FORWARDED) $ 1,036.812 35.621 The notes to the financial statements are an integral part of this statement. ~jsfrlon) 'Q:SU!!f!'!f! FEDERAL REVENUE SHARING 2,956 $ 86,046 89,002 89.002 31,558 2,469 50,000 6,150 39,350 129,527 129.527 II ~ '" '" ,... .-< .'1 "" ~ .........01 "" , ~ '" :s ~~ ~ ~~~f:!~3~~b::::; '" 0 co ... '" .-< fll",oO i ..-i0"l" 00'" r: M .n r-: M oJ r-" ~ 0" ~ ex>........ r:>>"" ~ ~OO~ ,... ,... .-l;::~ '" LnMLnOllfl l"Or-O"l....N~ '" "'~ ,... .-< C'> O'l ~ MMM "" .... . .-< '" ..... "" i~ : ." o.oNL/')t-r- co ~l .-< , ~ E~~~ '..."1 ~ ~ fll~d'; t-I.ON(7)1J") '" ""~ '" (3 LOMU1r--.,.., 00 ,...~ 00 ui~M;:!;~3 ~ ~~~ ~O"'Nr----"'''''; co 0.-< ~ ;:i~~~ :;gOoOMO'l"M "" "" ~""'" ""'" ;!: r-Q;)I.l')l.t')...... '" '" ~ .-<.-< .-< '" '""!. COMt"'l '" '" '" '" .-< "" "" ." TOWN OF WAPPINGER COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND EOUITY ALL SPECIAL REVENUE FUNDS FOR THE YEAR ENDED DECEMBER 31. 1986 COMMUNITY HIGHWAY DEVELOPMENT TOTAL EXPENDITURES & OTHER USES (FORWARDED) 1.036.812 $ 35.621 EXCESS/(DEFICIENCY) REVENUES & OTHER SOURCES OVER EXPENDITURES AND OTHER USES (125,085) $ -0- OTHER CHANGES IN FUND EQUITY Prior Year's Adjustments 538 Liabilities Paid from Appropriation FUND EQUITY - JANUARY 1, 1986 198.912 ( 538) FUND EQUITY - DECEMBER 31, 1986 $ 73,827 $ -0- The notes to the financial statements are an integral part of this statement. J~iS{'(lorc 1Q.~t!!:ff!1 FEDERAL REVENUE illllif. $ 129.527 (40,525) 85.340 44.815 i im ~ ~ "H ~ ~ ~ ~ ~ ~ .., 0 00 or> .... t ~ ! 8" H &S~ ~ \OM N r- ~~ or> 0~ i ~ .... ~ '" .... ..., .... .... ~n ~ "U r-.. 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'"' 0 '"' Ul '" '"' g fi NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31. 1986 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The accompanying general purpose financial statements and combining financial statements of the Town of Wappinger (the "Town") are presented in conformity with generally accepted accounting principles. The amounts shown in the "Total (Memorandum Only)" column of the accompanying combined financial statements are presented only to facilitate financial analysis and are not the equivalent of consolidated financial statements. Method of Accounting The town's accounting methods are maintained on the modified accrual Basis of Accounting whereby revenue is recorded when collected except when revenues which are known and measurable are available during the year. Expenditures are recorded as incurred except Employees Retirement Expense which is accrued as incurred. Fund Accounting The Town records its transactions in the Funds and Account Groups described below, each of which is considered to be a separate accounting entity. Operations of each Fund are accounted for in a separate set of self-balancing accounts which comprise its assets, liabilities, fund equity, revenues, expenditures or expenses and transfers. Budgeting control is accomplished by the adoption of an annual operating budget for the General Fund, Highway Fund, Federal Revenue Fund, Lighting District, Water Districts and Sewer Districts. Detail control is accomplished by maintaining appropriations, expense and expended balances by line item account within each operating department within each operating fund. Governmental Funds General Fund - To account for all unrestricted resources except those required to be accounted for in another fund. Revenues in this fund are derived from taxes, fees and other sources that usually are not designated for any specific purposes. The revenues are used for general ongoing government services such as administration and maintenance. Special Revenue Funds - Generally account for the expenditure of revenues that have been restricted to specific programs. They consist of the following: Highway Fund, Special Grant Fund, Federal Revenue Sharing Fund, Lighting, Water and Sewer Districts. capital projects Fund - Accounts for the receipt and disbursement of resources for the purpose of building or buying major capital assets. Resources may be derived from bonds and notes, interfund transfers and/or Federal and State grants. Fiduciarv Funds Trust & Agency - Accounts for the collection and disbursement of assets held in trust or as an agent by a government for an individual, a group of individuals, or another governmental unit. Account Groups General Fixed Assets Account Group - To account for durable assets having material value with an estimated useful life of one year or more. General Long-Term Debt Account Group - To account for General Long-Term Debt, including Serial Bonds and Bond Anticipation Notes Payable. 2. PENSION PLANS The Town participates in the New York State Employees' Retirement System. Generally, all employees, except certain part-time employees, participate in the System. The System is noncontributory for employees who joined the retirement system on or before June 30, 1976. Those who joined after June 30, 1976 contribute 3% of their salary. contributions are year ending March 31. $55,156 which related The contributions are the System's actuary. billed on the basis of salaries paid during the System's The amount billed by the System in the 1986 year was to the salaries paid from April 1, 1985, to March 31, 1986. made in accordance with funding requirements determined by The system otters a wide range of plans and benefits which are related to years of service and final average salary, vesting of retirement benefits, death and disability benefits and optional methods of benefit payments. Governmental Funds It is the policy of the Town to fund pension costs as billed by the System in the period incurred. Unbilled amounts reflecting contribution incurred from April 1, 1986 to December 31, 1986 aggregated $41,152. 3. DEPRECIATION Depreciation expense is calculated on the straight line basis using various generally accepted useful lines, and has been duly recorded in the Water and Sewer Funds. 4. GENERAL FIXED ASSETS At the time of purchase, General Fixed Assets are recorded as expenditures in all but the Water and Sewer Districts. Such assets are subsequently capitalized in the General Fixed Assets group of accounts. Gifts or contributions are recorded in the General Fixed Assets group of accounts at fair market value as of the date received. These procedures have been followed since 1975. However, the State of New York, Department of Audit and Control has mandated that, as of fiscal year beginning in 1978, municipalities will be required to maintain a fixed asset accounting system. To comply with this mandate, it would be necessary to compile a record of property owned as of January 1, 1978 and to establish necessary bookkeeping procedures to safeguard and account for these assets and all subsequent acquisitions and dispositions. Thus far, these procedures have not been initiated. 5. PRIOR PERIOD ADJUSTMENTS The following prior period adjustments were necessary to restate beginning fund equity (1/1/86): General Fund Townwide - $ 10,234 To increase for prior year differences. General Fund - Town Outside Village - $ 17,200 To correct allocation of transactions from General Fund to Downstream Drainage. Community Development - $ 538 To increase for prior year differences. Downstream Drainage - S (17,200) Contra adjustment from the General Fund (see above) Water Districts - $ 11,200 To correct for prior year Community Development Accounts Payable previously recorded on CWW Water District. 6. SHORT TERM DEBT Liabilities for Bond Anticipation Notes (BANs) are accounted for in the Long ..Term Debt Group of accounts and in the Water and Sewer Funds. BANs must be renewed annually. State Law requires that BANs issued for capital purposes be converted to long term obligations within five (5) years after the original issue date. However, BANs issued for assessable improvement projects may be renewed for periods equivalent to the maximum life of the permanent financing, provided that stipulated annual reductions of principal are made. The following is an analysis of BANs outstanding as of December 31, 1986: DESCRIPTION AMOUNT INTEREST RATE TOTAL SHORT TERM DEBT 65,500 26,000 181,000 21,000 71 , 000 245,000 205,000 18,500 833,000 4.50 4.50 4.50 4.50 4.50 4.80 4.80 5.25 s1# District Wildwood Sewer Rockingham Sewer Fleetwood Sewer Mid-Point Sewer Town Hall Re-evaluation Assessment Highway Garage Addition 7. LONG-TERM DEBT Long term bonds have been issued by the Town over the years to finance capital projects. These bonds are paid off over the useful life of the improvement so that those taxpayers receiving the benefit of improvements also share in their cost. These Serial Bonds are recorded in the General Long-Term Debt Group of Accounts and in the Water and Sewer Funds. The following is a schedule of the Town's long-term debt as of December 31, 1986: DESCRIPTION AMOUNT SIt District s1# 1 District s1# 1 District s1# 1 District s1# 1 District CWW District CWW District CWW District Drainage Drainage Drainage Drainage Drainage Drainage Fleetwood Sewer Mid-Point Sewer Fleetwood Water Wildwood Sewer Oakwood Water Ardmore Water Tall Trees Water Highway Town Hall 320,000 1,764,000 30,600 129,000 347,050 262,000 1,767,000 141,900 243,000 231,400 332,800 267,000 142,200 12,300 52,000 14,100 33,800 252,000 20,400 177,000 35,400 115,000 671. 050 S 7,361.000 TOTAL LONG-TERM DEBT INTEREST JAIL 5.80 5.375 5.00 6.10 7.75 5.80 5.80 5.80 5.80 5.00 5.00 5.375 6.10 6.10 5.00 6.10 5.00 5.375 5.00 6.10 6.10 7.75 7.75 8. CHANGES IN FIXED ASSETS A summary of changes in general Fixed Assets follows: DECEMBER 31, 1985 DECEMBER 31,1986 TYPE BALANCE ADDITIONS DELETIONS BALANCE Land 748,299 748,299 Buildings 141,661 1,476,611 1, 618,272 Improvements Other than Bldgs. 2,577,291 35,621 2,612,912 Machinery & Equipment 767,534 112,394 879,928 Utility Plants 13,253,797 13.253,797 TOTALS: 17,488,582 1, 624 , 626 -o- S 19,113,208 Additions presented above include the construction of the new Town Hall, related improvements and highway equipment. The changes in Fixed Assets are presented only to note the current year changes in the types as indicated. As stated per Note 4, required procedures (i.e. bookkeeping to safeguard and account for these assets) have not been initiated.