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Haskins+SeOs
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
Financial Statements for the Year Ended
June 30, 1984 and Auditors' Opinion
Deloitte
Haskins Sells
Suite 1200
One Almaden Boulevard
San Jose. California 95113
(408) 998-4000
Telex: 346375
AUDITORS' OPINION
Board of Directors,
Midpeninsula Regional Open Space District:
We have examined the balance sheet of Midpeninsula Regional
Open Space District as of June 30, 1984 and the related
statement of revenues, expenditures and changes in fund
balance - budget and actual - of the general fund for the
year then ended. Our examination was made in accordance
with generally accepted auditing standards and, accord-
ingly, included such tests of the accounting records and
such other auditing procedures as we considered necessary
in the circumstances.
In our opinion, the financial statements referred to above
present fairly the financial position of Midpeninsula
Regional Open Space District as of June 30, 1984 and the
results of its operations and changes in its fund balance
for the year then ended, in conformity with generally
accepted accounting principles applied on a basis
consistent with that of the preceding year.
a44z*---
September 5, 1984
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
BALANCE SHEET, JUNE 30, 1984
ASSETS AND OTHER DEBIT BALANCES
Cash - interest bearing deposits
and short-term investments
Investment in bonds (at cost)
Interest and other receivables
Prepaid expenditures and deposits
Land
Equipment
Structures and improvements
Amount to be provided for retire-
ment of general long-term debt
TOTAL
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable
Accrued liabilities
Advance from Town of Los Gatos
Notes payable
Total liabilities
Fund Equity:
Investment in general fixed assets
Fund balance
Total fund equity
TOTAL
See notes to financial statements.
General
Fund
$6,820,405
213,660
346,947
300,110
ACCOUNT GROUPS....,
General
Fixed General
Assets Long -Term Debt
Total
(Memorandum
Only)
$ 6,820,405
213,660
346,947
$51,688,461 300,110
283,784 51,283,7841
331,737 283,787
331,737
$16,571,281 16,571,281
7 68 22 52.303.982 $j6,571.281 76 5. 35
$ 61,441
76,407
966,171
1,104,019
6,577 103
6,5//,IU3
8 22
$16,571,281
16,571,281
$52,303,982
$ 61,441
76,407
966,171
—1.§2.22121P1
17,6757J0
52,303,982
6 577,103
52,303,982 oa SBI MB5
52.303.982 $16,571,281 $76,556,385
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MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND
FOR THE YEAR ENDED JUNE 30, 1984
Variance
Favorable
Budget Actual (U aabblele))
REVENUES:
General property tax $ 5,196,808 $ 5,111,734
$ (85,074)
State and Federal grants 2,606,000 1,678,190
Other taxes 470,000 470,708 (927,810)
Interest 675,000 708
Other 765,392 90,392
Gifts 269,500 281,628 12,128
Total 2 936 2445936
9,217,308 10,753,588 1,536,280
EXPENDITURES:
Salaries and benefits 935,550 979,377
Professional services 87,125 108,217 (43,827)
Auto 65,600 (21,092)
Rent 54,023 11,577
Site operations 43,550 48,049 (4,499)
52Utilities and communications 25,600, 25,046800 27 959
22,641 Other 120,075 113,405 2,959
6,670
Property acquisition 7,599,875 11,175,540
Debt service: (3,575,665)
Principal retirement 2,660,607 2,737,504
Total
1,065,566 1,056,294 (76,897)
12,656,348 16,320,096 (3 3,742
,663,748)
EXCESS OF EXPENDITURES
OVER REVENUES (3,439,040) (5,566,508) (2,127,468)
OTHER FINANCING SOURCES:
Proceeds from issuance
of notes payable
4,308,000 4,308,000
EXCESS OF EXPENDITURES
OVER REVENUES AND
OTHER FINANCING SOURCES (3,439,040) (1,258,508) 2,180,532
FUND BALANCE, JULY 1, 1983 7,835,611 7,835,611
FUND BALANCE, JUNE 30, 1984 $ 4,396.571 $ 6,577,103 $ 2,180,532
See notes to financial statements.
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C
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization - The Midpeninsula Regional Open Space
District (District) was formed in 1972 to acquire and
preserve land and open space in the northern and western
portions of Santa Clara County. In June 1976, the southern
portion of San Mateo County was annexed to the District.
Basis of accounting - The records of the District are
maintained on the modified accrual basis of accounting.
Under this method, revenues are generally recognized in the
period they become available and measurable, and expendi-
tures are recognized generally when the obligation is
incurred except for interest on long-term debt which is
recognized as an expenditure when due.
Fixed assets - Fixed assets purchased are stated at cost in
the general fixed asset group of accounts. Fixed assets
donated to the District are stated at their estimated fair
market value as of the date received. Depreciation is not
recorded for fixed assets.
Long-term debt - The principal portion of long-term debt is
recorded as a liability in the general long-term debt
account group.
2. FIXED ASSETS
The changes in the general fixed assets account group for
the year ended June 30, 1984 are as follows:
Land
Equipment
Structures and
improvements
Total
All fixed asset
through general fund expenditures.
Balance
July 1, 1983
$40,633,969
255,509
242,063
$41,131,541
Additions
(net of
retirements)
$11,054,492
28,275
89,674
$11,172,441
Balance
June 30, 1984
$51,688,461
283,784
331,737
$52,303,982
additions during fiscal 1984 were acquired
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5. ADVANCE FROM TOWN OF LOS GATOS
In fiscal 1982 the District and the Town of Los Gatos
entered into a joint powers agreement to pursue the
acquisition of certain property. Under this agreement, Los
Gatos advanced $775,000 to the District to cover one-half
of the cost of acquiring the property (including legal
fees) and the District agreed to match this amount. The
proposed acquisition is currently pending the outcome of
condemnation proceedings. The amount received from Los
Gatos is recorded as a liability, reduced by one-half of
legal fees incurred to date and increased by interest
earned on the unexpended amount.
6. RETIREMENT PLAN
District employees are covered under the Public Employees
Retirement System administered by the State of California.
The District manager is covered by the National Recreation
and Park Association Retirement Plan. Contributions to
both plans for fiscal 1984 totaled $67,098. Pension
benefits are funded as accrued. The actuarially computed
value of vested benefits and plan assets applicable to
District employees is not available.
7.
LEASE REVENUES
The District leases certain land and structures under
operating leases with terms varying from one to eighteen
years. In addition, in connection with the acquisition of
the Skyline Open Space Preserve in fiscal 1982, the
District leased back to the sellers for their lifetimes
(maximum term of 50 years) the structures comprising a
ranch compound.
Lease revenue received was approximately $185,000 in fiscal
1984. Future minimum lease revenues are not expected to be
significant.
8. GIFTS
During fiscal 1984 the District received gifts and
donations as follows:
Save the Redwoods League $2,000 000
Hassler Health Home '
Assessment District 300,000
Sempervirens Fund 92,250
Other 53,686
Total $2,445,936
The funds were used to acquire specific property parcels.
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9. LITIGATION:
The District is named in certain claims and litigation.
Although the liability with respect to this litigation is
not determinable at the present time, it is the opinion of
management, after consultation with counsel, that the
liability, if any, resulting therefrom will not have a
material effect on the District's financial position.
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