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New Hackensack Fire District
Town of Wappinger
County of Dutchess
Audit Report
December 31,2006
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ROBERT G. SHEPHEARD JR., C.EA., EC.
e.rf;/i.J p"/,/;c Accountant
488 FREEDOM PLAINS ROAD, SUITE 122
POUGHKEEPSIE, N.'Y. 12803
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ROBERT G. SHEPHEARD JR., C.P.A.
DWIGHT TOWNSEND, ENROLLED AGENT
PHONE: (8415) 4815-3000
FAX: (8415) 4815-32157
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Board of Fire Commissioners
New Hackensack Fire District.
217 Myers Corners Road
Wappingers Falls, NY 12590
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We have audited the accompanying balance sheet of the New Hackensack Fire District
as of December 31, 2006 and the related statements of revenues and expenditures and
cash flows for the year then ended. These financial statements are the responsibility of
the organization's management. Our responsibility is to express an opinion on the
financial statements based on our audit.
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We conducted our audit in accordance with 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 financial statements are free from
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that our audit provides a reasonable basis for our opinion.
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In our opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of the New Hackensack Fire District as of December 31,
2006, and the results of its operations and its cash flows for the year then ended in
conformity with accounting principles generally accepted in the United States of
America.
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Robert G. Shepheard Jr. CPA P.C.
December 12, 2007
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Assets
Cash - Checking
Cash - Money Market Funds
Cash - Certificates of Deposit
Total Assets
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Fund Balance
Unrestricted
Restricted
Total Fund Balance
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Total Liabilities and Fund Balance
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New Hackensack Fire District
Balance Sheet
December 31, 2006
Exhibit A
Reserve Funds
General Land and
Fund Aooaratus Buildina Reoairs Total
$ 7,383 $ - $ 200,828 $ - $ 208,211
2,315 1,337 64,539 20,344 88,535
112,058 602,774 568,669 1,283,501
$ 121,756 $ 604, 111 $ 834,036 $ 20,344 $1,580,247
$ 121,756 $ - $ - $ - $ 121,756
604,111 834,036 20,344 1,458,491
$ 121,756 $604,111 $ 834,036 $ 20,344 $1,580,247
$ 121,756 $604,111 $ 834,036 $ 20,344 $ 1,580,247
See Accountant's Letter
Robert G. Shepheard Jr. CPA P.C.
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Revenues
Real Property Taxes
Interest Income
Transfers To Reserve Funds
Other Revenues
Total Revenues
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Exoenditures
Personal Services
Fire Equipment
Fire - Contractual Expenditures
Employee Benefits
Transfers To Reserve Funds
Total Expenditures
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Excess Revenues over Expenditures
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Fund Balance, January 1, 2006
Prior Period Adjustment
Fund Balance, December 31,2006
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New Hackensack Fire District
Statement of Revenues and Expenditures
For the Year Ended December 31, 2006
Exhibit B
Reserve Funds
General Land and
Fund Aooaratus Buildinas Reoairs Total
$ 963,815 $ - $ - $ - $ 963,815
4,374 23,906 23,516 293 52,089
115,454 240,621 356,075
41,666 41,666
$1,009,855 $ 139,360 $264,137 $ 293 $1,413,645
$ 112,710 $ - $ - $ - $ 112,710
137,736 244,881 9,985 392,602
345,568 345,568
69,930 69,930
356,075 356,075
$ 1,022,019 $ 244,881 $ 9,985 $ - $1,276,885
$ (12,164) $(105,521) $254,152 $ 293 $ 136,760
133,929 709,632 579,884 20,051 1,443,496
(9) (9)
$ 121,756 $ 604,111 $ 834,036 $ 20,344 $1,580,247
See Accountant's Letter
Robert G. Shepheard Jr. CPA P.C.
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Cash Flows from Ooeratine Activities
Excess Revenue over Expenditures
Increase ( Decrease) in:
Accounts Payable
Net Cash Provided By Operating Activities
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Cash Flows from Investine Activities
Prior Period Adjustment
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Net Increase ( decrease) in Cash
Cash, January 1, 2006
L Cash, December 31,2006
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New Hackensack Fire District
Statement of Cash Flows
For the Year Ended
December 31, 2006
Exhibit C
Reserve Funds
General Buildings
Fund Aooaratus & Grounds Reoairs Total
$ (12,164) $(105,521) $254,152 $ 293 $ 136,760
$ (12,164) $ (1 05,521) $254,152 $ 293 $ 136,760
$ (9) $ - $ - $ - $ (9)
$ (12,173) $(105,521) $254,152 $ 293 $ 136,751
133,929 709,632 579,884 20,051 1,443,496
$ 121,756 $ 604,111 $ 834,036 $ 20,344 $1,580,247
See Accountant's Letter
Robert G. Shepheard Jr. CPA P.C.
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Exhibit D
New Hackensack Fire District
Notes to Financial Statements
For The Year Ended December 31, 2006
Note 1
Basis Presentation
Prior to 2006, the Fire District maintained its records on a single-entry cash basis of accounting, as prescribed
by the State Comptroller in the Uniform System of Accounts for Fire Districts. Due to recent legislation as
enacted by the Office of the State Controller, the Fire District is required to maintain its financial records and
report its financial activity using a modified accrual basis of accounting, with one exception, as stated below:
1. A general fixed assets group of accounts, used to record the fixed assets of the
district, is not maintained.
Fund Accountino
The district's accounting system is organized on a fund basis. Each fund is an independent fiscal
entity designed to provide for an accounting of resources available to the district, the purpose of
which is to provide services to the general public in accordance with specific regulations,
restrictions and limitations. A description of the types of funds used herein follows:
1. General Fund - is used to account for all transactions of the district
except those required to be segregated or otherwise restricted by law.
2. Reserve Fund - are used for specific purposes as establised by the
Board of Commissioners, i.e., Fire Apparatus Additions and Building and
Ground Improvements.
Service Award Prooram
The fire district retains a program administrator for its service award program. As of December 31,2006,
the service award program had assets and liabilities of $ 544,215.
See Accountant's Letter
Robert G. Shepheard Jr. CPA P.C.