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FRQWURORYHUILQDQFLDOUHSRUWLQJDQGFRPSOLDQFH 6HSWHPEHU 6DQ-RVH&DOLIRUQLD 3 Management’s Discussion and Analysis 4 Midpeninsula Regional Open Space District Management’s Discussion and Analysis For the Period Ended June 30, 2016 INTRODUCTION The purpose of the Management’s Discussion and Analysis (MD&A) is to present a discussion and analysis of the District’s financial performance during the fifteen-month Period ended on June 30, 2016. In order to align with best practices of public agencies, the District’s Board adopted Resolution 15-32 on July 22, 2015, changing the District’s fiscal year end to June 30 from the prior March 31 and thereby extending the 2015-2016 fiscal year to fifteen months. This report will (1) focus on significant financial issues, (2) provide an overview of the District’s financial activity, (3) identify changes in the District’s financial position, (4) identify any individual fund issues or concerns, and (5) provide descriptions of significant asset and debt activity. This information, presented in conjunction with the annual Basic Financial Statements, is intended to provide a comprehensive understanding of the District’s operations and financial standing. Required Components of the Annual Financial Report OVERVIEW AND USE OF THE FINANCIAL STATEMENTS This annual report consists of a series of basic financial statements and notes. The statements are organized so the reader can understand the District as an entire operating entity by providing an increasingly detailed look at specific financial activities. The Statement of Net Position and Statement of Activities is comprised of the government-wide financial statements and provides information about the activities of the District as a whole, presenting both an aggregate view of the District’s finances as well as a longer-term view of those finances. Fund Financial Statements provide the next level of detail. For governmental funds, these statements reflect how services were financed in the short- term as well as what remains for future spending. The Basic Financial Statements also include notes that explain some of the information in the financial statements and provide more detailed data. The full annual financial report is a product of three separate parts: the basic financial statements, supplementary information, and this section, the Management’s Discussion and Analysis. The three sections together provide a comprehensive financial overview of the District. The basic financials are comprised of two kinds of statements that present financial information from different perspectives, government-wide and fund statements.  Government-wide financial statements, which comprise the first two statements, provide both short-term and long-term information about the District’s overall financial position.  Individual parts of the District, which are reported as fund financial statements, focus on reporting the District’s operations in more detail. These fund financial statements comprise the remaining statements. 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UHLPEXUVHPHQWIURP0HDVXUH$$*2ERQGIXQGV2SHUDWLQJH[SHQGLWXUHVDQGJHQHUDOIXQGGHEWVHUYLFHDUH EXGJHWHGDWPLOOLRQDQGPLOOLRQUHVSHFWLYHO\,IDOOUHYHQXHVH[SHQGLWXUHLQFOXGLQJGHEWVHUYLFH RFFXUDVEXGJHWHGWKH'LVWULFW¶VRYHUDOOFDVKEDODQFHVZRXOGLQFUHDVHE\PLOOLRQ &217$&7,1*7+(',675,&7¶6),1$1&,$/0$1$*(0(17 7KLVILQDQFLDOUHSRUWLVGHVLJQHGWRSURYLGHRXUFLWL]HQVWD[SD\HUVSDUHQWVSDUWLFLSDQWVLQYHVWRUVDQGFUHGLWRUV ZLWKDJHQHUDORYHUYLHZRIWKH'LVWULFW¶VILQDQFHVDQGWRGHPRQVWUDWHWKH'LVWULFW¶VDFFRXQWDELOLW\IRUWKHPRQH\LW UHFHLYHV4XHVWLRQVFRQFHUQLQJDQ\RIWKHLQIRUPDWLRQSURYLGHGLQWKLVUHSRUWRUUHTXHVWVIRUDGGLWLRQDOILQDQFLDO LQIRUPDWLRQVKRXOGEHDGGUHVVHGWRWKH$GPLQLVWUDWLYH2IILFH0LGSHQLQVXOD5HJLRQDO2SHQ6SDFH'LVWULFW 'LVWHO&LUFOH/RV$OWRV&DOLIRUQLD 10 Basic Financial Statements 11 Assets Current assets: Cash and investments 81,598,301$ Accounts receivable: Deposits 1,537,825 Rent 3,506 Interest 168,025 Due from other governments: Taxes receivable 11,792 Other current assets 15,622 Total current assets 83,335,071 Noncurrent assets: Net OPEB asset 699,015 Notes receivable 151,425 Unamortized issuance costs 1,006,500 Non-depreciable capital assets 410,996,958 Capital assets, net of depreciation 17,457,931 Total noncurrent assets 430,311,829 Total Assets 513,646,900$ Deferred Outflows of Resources Pension expense and contributions 6,990,099$ Deferred loss on early retirement of long-term debt 2,284,028 Total Deferred Outflows of Resources 9,274,127$ Liabilities Current liabilities: Accounts payable 1,137,971$ Deposits payable 98,770 Payroll and other liabilities 975,391 Accrued interest 2,284,000 Total current liabilities 4,496,132 Noncurrent liabilities: Due within one year 5,465,679 Due after one year 188,146,420 Total noncurrent liabilities 193,612,099 Total Liabilities 198,108,231$ Deferred Inflows of Resources Pension adjustments 3,352,133$ Net Position Net investment in capital assets 276,394,511$ Restricted for: Debt service 3,116,266 Hawthorne maintenance 1,971,040 OPEB 699,015 Total restricted 5,786,321 Unrestricted 39,279,831 Total Net Position 321,460,663$ Midpeninsula Regional Open Space District Statement of Net Position June 30, 2016 The notes to the financial statements are an integral part of this statement. 12 Net (Expense) Capital Revenue and Charges for Grants and Changes in Expenses Services Contributions Net Position Governmental activities: Land preservation 26,079,919$ 1,635,889$ 1,193,630$ (23,250,400)$ Interest 9,751,674 - - (9,751,674) Depreciation 1,311,272 - - (1,311,272) Total governmental activities 37,142,865$ 1,635,889$ 1,193,630$ (34,313,346) General revenues: Property taxes 44,980,497 Investment earnings 647,839 Other revenues 743,607 Special items - loss on disposal of capital assets 66,643 Total general revenues and special items 46,438,586 Change in net position 12,125,240 Net position beginning 321,125,064 Prior period adjustment - GASB 68 pension adjustments (11,789,641) Net position beginning as adjusted 309,335,423 Net position ending 321,460,663$ Midpeninsula Regional Open Space District Statement of Activities For the Fifteen Month Period Ended June 30, 2016 Program Revenues The notes to the financial statements are an integral part of this statement. 13 Capital Debt Total General Projects Service Governmental Fund Fund Fund Funds ASSETS Cash and investments 54,151,757$ 24,330,278$ 3,116,266$ 81,598,301$ Receivables: Deposits 1,537,825 - - 1,537,825 Rent 3,506 - - 3,506 Interest 168,025 - - 168,025 Due from other governments: Taxes receivable 11,792 - - 11,792 Other current assets 15,622 - - 15,622 Due from other funds 65,011 19,016 - 84,027 Notes receivable 151,425 - - 151,425 Total Assets 56,104,963$ 24,349,294$ 3,116,266$ 83,570,523$ LIABILITIES Liabilities: Accounts payable 580,398$ 557,573$ -$ 1,137,971$ Deposits payable 98,770 - - 98,770 Due to other funds 70,353 13,674 - 84,027 Payroll and other liabilities 975,391 - - 975,391 Total Liabilities 1,724,912 571,247 - 2,296,159 DEFERRED INFLOWS OF RESOURCES Unearned revenue 151,425 - - 151,425 FUND BALANCE Restricted for: Debt service - - 3,116,266 3,116,266 Measure AA capital projects - 23,778,047 - 23,778,047 Hawthorne maintenance 1,971,040 - - 1,971,040 Committed for: Infrastructure 30,000,000 - - 30,000,000 Equipment replacement 2,400,000 - - 2,400,000 Natural disasters 3,000,000 - - 3,000,000 Unassigned 16,857,586 - - 16,857,586 Total Fund Balance 54,228,626 23,778,047 3,116,266 81,122,939 Total Liabilities and Fund Balance 56,104,963$ 24,349,294$ 3,116,266$ 83,570,523$ Balance Sheet Midpeninsula Regional Open Space District June 30, 2016 Governmental Funds The notes to the financial statements are an integral part of this statement. 14 Total fund balance - governmental funds 81,122,939$ Amounts reported in the Statement of Net Position are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported as assets in governmental funds. Capital assets at cost 442,283,344$ Accumulated depreciation (13,828,455) 428,454,889 Principal on notes receivables are recorded as unearned revenue in the funds, which upon collection is a current financial resource. In the government-wide financial statements, repayment of the principal amount does not generate revenue in the statement of activities; therefore, unearned revenue is not recorded.151,425 Net OPEB assets are not available to pay for current period expenditures and, therefore, are not recognized in the governmental funds statements.699,015 The difference between projected and actual earnings from pension plan assets is not included in the plan's actuarial study until the next fiscal year and are reported as deferred inflows of resources in the statement of net position.3,637,966 Interest payable on long-term debt does not require the use of current financial resources and, therefore, is not reported in the governmental funds.(2,284,000) Issuance costs, discounts and premiums related to bond issues are recorded as other financing sources and uses in the fund financial statements but are recorded as assets or liabilities and amortized over the life of the bond in the statement of net position:1,006,500 Deferred loss on early retirement of long-term debt is recorded in the Statement of Net Position as a deferred outflow of resources and amortized on a straight line basis over the original life of the defeased bond.2,284,028 Long-term liabilities are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-term liabilities at year-end consists of: Bonds 115,198,421$ Net pension obligations 11,420,125 Promissory notes 65,176,664 Compensated absences 1,816,889 (193,612,099) Total net position - governmental activities 321,460,663$ Midpeninsula Regional Open Space District Balance Sheet to the Statement of Net Position June 30, 2016 Reconciliation of the Governmental Funds The notes to the financial statements are an integral part of this statement. 15 Capital Debt Total General Projects Service Governmental Fund Fund Fund Funds Revenues: Property taxes 43,203,891$ -$ 1,776,606$ 44,980,497$ Grant income 222,660 970,970 - 1,193,630 Property management 1,635,889 - - 1,635,889 Investment earnings 453,540 185,502 26,740 665,782 Other revenues 643,849 - - 643,849 Total revenues 46,159,829 1,156,472 1,803,346 49,119,647 Expenditures: Current: Salaries and employee benefits 22,077,184 412,718 - 22,489,902 Services and supplies 6,147,083 327,881 - 6,474,964 Capital outlay 242,376 18,658,484 - 18,900,860 Debt service: Principal - - 4,366,938 4,366,938 Interest - - 6,477,830 6,477,830 Total expenditures 28,466,643 19,399,083 10,844,768 58,710,494 Excess (deficiency) of revenues over (under) expenditures 17,693,186 (18,242,611) (9,041,422) (9,590,847) Other financing sources (uses): Transfers in - 2,269,495 9,876,063 12,145,558 Transfers out (12,145,558) - - (12,145,558) Proceeds from bond issuances - 45,000,000 - 45,000,000 Premium from bond issuances - - 2,281,625 2,281,625 Total other financing sources (uses) (12,145,558) 47,269,495 12,157,688 47,281,625 Net changes in fund balance 5,547,628 29,026,884 3,116,266 37,690,778 Fund balance beginning 43,432,161 - - 43,432,161 Prior period adjustment - Capital Projects Fund 5,248,837 (5,248,837) - - Fund balance beginning - as adjusted 48,680,998 (5,248,837) - 48,680,998 Fund balance ending 54,228,626$ 23,778,047$ 3,116,266$ 81,122,939$ Midpeninsula Regional Open Space District Statement of Revenues, Expenditures and Changes in Fund Balance Governmental Funds For the Fifteen Month Period Ended June 30, 2016 The notes to the financial statements are an integral part of this statement. 16 Total net change in fund balance - governmental funds 37,690,778$ Capital outlays are reported in governmental funds as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. Expenditures capitalized as capital assets 18,222,696$ Depreciation expense (1,311,272) 16,911,424 Governmental funds do not report loss on disposal of capital assets. However, in the government-wide statement of activities and changes in net position, the cost to dispose of capital assets, net any proceeds, is accounted for as a special item. 66,643 Repayment of notes receivable is reported as revenue in the governmental funds because financial resources were received and available during the fiscal year. In the statement of net position, the payment reduces the principal balance of notes receivable and does not generate revenue in the statement of activities. (17,943) Accreted interest on capital appreciation bonds is not recorded in the governmental funds but is required to be recorded under the accrual basis of accounting in the government wide financial statements.(1,064,650) The governmental funds report debt proceeds as an other financing source, while repayment of debt principal is reported as an expenditure. Interest is recognized as an expenditure in the governmental funds when it is due. The net effect of these differences in the treatment of long-term debt and related items is as follows: Proceeds from the issuance of general obligation bonds (47,281,625)$ Repayment of bond principal 2,730,000 Repayment of promissory notes princpal 1,636,938 (42,914,687) Deferred loss on early retirement of long-term debt is amortized over the life of the debt in the statement of activities. Amortization expense is not reported in the governmental funds. (339,194) Prepaid issuance costs, discounts and premiums related to bond issues are recorded as other financing sources and uses in the fund financial statements but are recorded as assets or liabilities and amortized over the life of the bond in the statement of net position: Amortization of issuance costs and premiums - net 99,758 In the Statement of Activities, compensated absences are measured by the amount earned during the year. In governmental funds, however, expenditures for those items are measured by the amount of financial resources used (essentially the amounts paid). This year, vacation earned exceeded the amounts used.(280,210) In governmental funds, actual contributions to pension plans are reported as expenditures in the year incurred. However, in the government-wide statement of activities, only the current year pension expense as noted in the plans' valuation reports is reported as an expense, as adjusted for deferred inflows and outflows of resources. 4,007,482 In the Statement of Activities, the net postemployment benefit asset is the amount by which the contributions toward the OPEB plan were more than the annual required contribution as actuarially determined. The net postemployment benefit is not recorded in the governmental fund statements. The change in the net OPEB was recorded in the Statement of Activities in the amount of: (164,161) Interest on long-term debt in the Statement of Activities differs from the amount reported in the governmental funds because interest is recognized as an expenditure in the funds when it is due and thus requires the use of current financial resources. In the Statement of Activities, however, interest expense is recognized as the interest accrues, regardless of when it is due.(1,870,000) Change in net position of governmental activities 12,125,240$ Midpeninsula Regional Open Space District Statement of Revenues, Expenditures and Changes in Fund Balance For the Fifteen Month Period Ended June 30, 2016 Reconciliation of the Governmental Funds to the Statement of Activities The notes to the financial statements are an integral part of this statement. 17 0LGSHQLQVXOD5HJLRQDO2SHQ6SDFH'LVWULFW 1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV -XQH 127(6,*1,),&$17$&&2817,1*32/,&,(6 $*HQHUDO 7KH0LGSHQLQVXOD5HJLRQDO2SHQ6SDFH'LVWULFWWKH'LVWULFWZDVIRUPHGLQWRDFTXLUHDQG SUHVHUYHSXEOLFRSHQVSDFHODQGLQQRUWKHUQDQGZHVWHUQSRUWLRQVRI6DQWD&ODUD&RXQW\,Q-XQH WKHVRXWKHUQDQGHDVWHUQSRUWLRQVRI6DQ0DWHR&RXQW\ZHUHDQQH[HGWRWKH'LVWULFW7KH 'LVWULFWDQQH[HGDVPDOOSRUWLRQRIWKHQRUWKHUQWLSRI6DQWD&UX]&RXQW\LQ,Q6HSWHPEHU WKH 'LVWULFW FRPSOHWHG WKH &RDVWVLGH 3URWHFWLRQ 3URJUDPZKLFK 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ariance with Final Budget Actual Positive - Original Final (GAAP Basis) (Negative) Revenues: Property taxes 36,305,000$ 45,430,000$ 43,203,891$ (2,226,109)$ Grant income 451,000 451,000 222,660 (228,340) Property management 1,586,500 1,586,500 1,635,889 49,389 Investment earnings 145,000 145,000 453,540 308,540 Other revenues 175,000 175,000 643,849 468,849 Total revenues 38,662,500 47,787,500 46,159,829 (1,627,671) Expenditures: Current Salaries and employee benefits 15,393,844 21,281,262 22,077,184 (795,922) Services and supplies 5,789,463 7,567,138 6,147,083 1,420,055 Capital outlay 1,012,000 1,012,000 242,376 769,624 Total expenditures 22,195,307 29,860,400 28,466,643 1,393,757 Excess (deficiency) of revenues over (under) expenditures 16,467,193 17,927,100 17,693,186 (233,914) Other financing sources (uses): Transfers in - - - - Transfers out (12,145,558) (12,145,558) (12,145,558) - Total other financing sources (uses) (12,145,558) (12,145,558) (12,145,558) - Net change in fund balance 4,321,635 5,781,542 5,547,628 (233,914) Fund balance beginning 43,432,161 43,432,161 43,432,161 - Prior period adjustment - Capital Projects Fund 5,248,837 5,248,837 5,248,837 - Fund balance beginning - as adjusted 48,680,998 48,680,998 48,680,998 - Fund balance ending 53,002,633$ 54,462,540$ 54,228,626$ (233,914)$ Budgeted Amounts Midpeninsula Regional Open Space District Budget to Actual (GAAP) For the Fifteen Month Period Ended June 30, 2016 Schedule of Revenues, Expenditures and Changes in Fund Balance General Fund 49 Variance with Final Budget Actual Positive - Original Final (GAAP Basis) (Negative) Revenues: Property taxes -$ -$ -$ -$ Grant income - - 970,970 970,970 Property management - - - - Investment earnings - - 185,502 185,502 Other revenues - - - - Total revenues - - 1,156,472 1,156,472 Expenditures: Current Salaries and employee benefits 1,299,281 465,970 412,718 53,252 Services and supplies - - 327,881 (327,881) Capital outlay 22,484,225 27,010,514 18,658,484 8,352,030 Total expenditures 23,783,506 27,476,484 19,399,083 8,077,401 Excess (deficiency) of revenues over (under) expenditures (23,783,506) (27,476,484) (18,242,611) 9,233,873 Other financing sources (uses): Proceeds from bond issuances 45,000,000 45,000,000 45,000,000 - Transfers in 2,269,495 2,269,495 2,269,495 - Transfers out - - - - Total other financing sources (uses) 47,269,495 47,269,495 47,269,495 - Net change in fund balance 23,485,989 19,793,011 29,026,884 9,233,873 Fund balance beginning - - - - Prior period adjustment - General Fund (5,248,837) (5,248,837) (5,248,837) - Fund balance beginning - as adjusted (5,248,837) (5,248,837) (5,248,837) - Fund balance ending 18,237,152$ 14,544,174$ 23,778,047$ 9,233,873$ Midpeninsula Regional Open Space District Schedule of Revenues, Expenditures and Changes in Fund Balance Budget to Actual (GAAP) Capital Projects Fund For the Fifteen Month Period Ended June 30, 2016 Budgeted Amounts 50 Variance with Final Budget Actual Positive - Original Final (GAAP Basis) (Negative) Revenues: Property taxes -$ -$ 1,776,606$ 1,776,606$ Grant income - - - - Property management - - - - Investment earnings - - 26,740 26,740 Other revenues - - - - Total revenues - - 1,803,346 1,803,346 Expenditures: Debt service: Principal 4,366,640 4,367,277 4,366,938 339 Interest 6,696,104 6,701,660 6,477,830 223,830 Total expenditures 11,062,744 11,068,937 10,844,768 224,169 Excess (deficiency) of revenues over (under) expenditures (11,062,744) (11,068,937) (9,041,422) 2,027,515 Other financing sources (uses): Premiums from bond issuances 2,281,625 2,281,625 2,281,625 - Transfers in 9,876,063 9,876,063 9,876,063 - Transfers out - - - - Total other financing sources (uses) 12,157,688 12,157,688 12,157,688 - Net change in fund balance 1,094,944 1,088,751 3,116,266 2,027,515 Fund balance beginning - - - - Fund balance ending 1,094,944$ 1,088,751$ 3,116,266$ 2,027,515$ Midpeninsula Regional Open Space District Schedule of Revenues, Expenditures and Changes in Fund Balance Budget to Actual (GAAP) Debt Service Fund For the Fifteen Month Period Ended June 30, 2016 Budgeted Amounts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±2WKHU3RVWHPSOR\PHQW%HQHILWV -XQH $FWXDULDO $FFUXHG 8$$/DV $FWXDULDO /LDELOLW\ 8QIXQGHG D3HUFHQWDJH $FWXDULDO 9DOXHRI $$/ $$/ )XQGHG &RYHUHG RI&RYHUHG 9DOXDWLRQ $VVHWV (QWU\$JH 8$$/ 5DWLR 3D\UROO 3D\UROO 'DWH D E ED DE F EDF 7KHDERYHWDEOHLVDVXPPDU\VFKHGXOHRIWKHIXQGLQJSURJUHVVIRUWKH'LVWULFW¶V23(%SODQDVVWDWHGLQ HDFKDFWXDULDOVWXG\7KHDFWXDULDOVWXGLHVDUHEDVHGRQDVVXPSWLRQVDQGGDWDDYDLODEOHDWWKHWLPHHDFK VWXG\ZDVFRPSOHWHG7KHDFWXDOIXQGLQJSURJUHVVRIWKHSODQDVQRWHGLQ1RWHPD\EHGLIIHUHQWWKDQ WKHSURMHFWLRQVLQFOXGHGLQWKHDFWXDULDOVWXGLHV 54 SUPPLEMENTARY INFORMATION 55 Expenditures Expenditures from from April 1, 2015 Inception through through Project No. Project Description June 30, 2016 June 30, 2016 20005 New Trail Easement - SFPUC, Ravenswood (MAA 2-2) -$ 22,603$ 20088 POST Hendry's Creek Restoration (MAA 22-1) 645 41,330 20101 Lysons Property ( 17-1 MAA ) - 27,059 20102 Lobner Demolition (MAA 17-2) - 128,760 20109 Riggs Property Appraisal - (3-1 MAA) - 6,500 20110 Purisima Creek Uplands Lot line Adjustment (3-1 MAA) - 13,000 20112 Conservation Easement Upper Alpine Ranch Area (15-1 MAA) - 8,695 20113 Preservation of Upper Los Gatos Creek Watershed (22-1 MAA)- 5,000 20114 Land Conservation Opportunities MAA 25-1 (Burtons ) - 150 30503 ECDM Trail Improvements (MAA 4-4) - 3,930 30904 Mindego Area - Mindego Hill Trail (MAA 9-4) 3,625 34,196 31309 Mt Um Bald Mtn Staging to Summit Trail (MAA 23-2) 6,020 17,646 31310 Mt Um Summit Restor & Improv (MAA 23-4) 30,815 79,491 31311 Mt Um Trail Overlook & Bridges (MAA 23-5) - 243 31500 Measure AA Project 11-1 - 728 65101 PCR Harkins Bridge Replacement (MAA 3-4) 21,901 108,788 65201 Lower Stevens Canyon Hiking Bridge (MAA 17-4) 60,971 103,187 80016 ECdM Creek Watershed Protection Program (MAA 4-3) - 45,507 80029 Pond DR05 Repair (MAA 7-5) - 150,682 80037 Mindego Grazing Infrastructure (MAA 9-1) - 135,748 80038 LHC Grazing Infrastructure - McDonald Ranch Fencing (MAA 5-2) - 178,850 AA01 Miramontes Ridge - Gateway to San Mateo Coast 6,315 6,315 AA02 Bayfront Habitat Protection & Public Access Partnerships 74,834 74,834 AA03 Purisima Creek Redwoods: Purisma-to Sea Trail, Watershed/Graze 13,180 375,680 AA04 El Corte de Madera Creek: Bike Trail & Water Quality 308,684 308,684 AA05 La Honda Creek - Upper Recreation Area 1,872,574 1,892,574 AA07 Driscoll Ranch Public Access, Wildlife Protection, Grazing 9,915,158 9,915,158 AA09 Russian Ridge: Public Recreation, Grazing & Wildlife Protection 66,241 66,241 AA15 Regional: Redwood Protection & Salmon Fishery Conservation (12,982) 2,487,018 AA17 Regional: Complete Upper Stevens Creek Trail 27,338 1,497,338 AA19 El Sereno Dog Park & Connections 715 715 AA20 South Bay Foothills: Wildlife Passage/Ridge Trail Improvements 90,038 90,038 AA21 CR:Pub Recreation Proj 330,410 330,410 AA22 Cathedral Oaks Public Access & Conservation 560,364 560,364 AA23 Mt Um Pub Access/Intrep 2,785,549 2,785,549 AA24 Rancho de Guadalupe Family Recreation 300,056 300,056 AA25 Loma Prieta Area Public Access 400,000 410,000 Total MAA Bond Project Expenditures 16,862,451 22,213,067 Reimbursements from Grants and Contributions (1,010,970) (1,010,970) Total MAA Bond Project Expenditures - Net Reimbursements 15,851,481$ 21,202,097$ Midpeninsula Regional Open Space District Measure AA Bond Program Schedule of Program Expenditures June 30, 2016 56 0LGSHQLQVXOD5HJLRQDO2SHQ6SDFH'LVWULFW 1RWHVWR6XSSOHPHQWDU\,QIRUPDWLRQ -XQH 127(%$&.*5281' 0HDVXUH$$LVDPLOOLRQJHQHUDOREOLJDWLRQERQGDSSURYHGLQ-XQHE\RYHUWZRWKLUGVRI 0LGSHQYRWHUV3URFHHGVIURPERQGVZKLFKZLOOEHVROGLQDVHULHVRYHUDSSUR[LPDWHO\WKHQH[W \HDUVZLOOEHXVHGWR x3URWHFWQDWXUDORSHQVSDFHODQGV x2SHQSUHVHUYHVRUDUHDVRISUHVHUYHVWKDWDUHFXUUHQWO\FORVHG x&RQVWUXFWSXEOLFDFFHVVLPSURYHPHQWVVXFKDVQHZWUDLOVDQGVWDJLQJDUHDV x5HVWRUHDQGHQKDQFHRSHQVSDFHODQGZKLFKLQFOXGHVIRUHVWVVWUHDPVZDWHUVKHGVDQG 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