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HomeMy Public PortalAboutAudit Report - District- FY74MID PEN INSUEA REGIONAL PARK DISTRICT FINANCIAL STATEMENTS wi th REPORT OF CERTIFIED PUBLIC ACCOUNTANTS YEAR ENDED JUNE 30, 1974 Certified Public Accountants MIDPENINSULA REGIONAL PARK DISTRICT BALANCE SHEET - ALL FUNDS June 30, 1974 ASSETS Cash $1,173,086 $ -- Interest Receivable 14,059 Prepaid expenses and deposits 725 -- Equipment 10,958 $1,187,870 $ 10,958 General Fund General Fixed Assets LIABILITIES, RESERVE AND FUND BALANCES Liabilities: Accounts Payable Accrued salaries and benefits Reserve for encumbrance $ 1,942 736 2,678 $ 41,400 Fund balances: Invested in fixed assets -- $ 10,958 Fund balance $1,143,792 -- $1,187,870 $ 10,958 SUMMARY OF REVENUE AND EXPENDITURES July 1, 1973, to June 30, 1974 Revenue: General property taxes $1,189,486 State property tax relief 128,288 Interest 28,070 Miscellaneous 65 $1,345,909 Expenditures: Salaries and employee b enefits Professional services Office and communications expenses Furnishings and equipment Directors' fees Transportation, conferences and meetings Land acquisition expenses All other Excess of revenues over expenditures 51,128 23,265 12,177 11,627 5,750 3,186 2,960 1,023 111,116 $1,234,793 The above balance sheet of the Midpeninsula Regional Park District as of June 30, 1974, and the summary of revenue and expenditures for the period from July 1, 1973, to June 30, 1974, have been condensed from the annual financial report which has been audited by independent certified public accountants and is on file at the District's office, 745 Distel Drive, Los Altos, California. • MIDPENINSULA REGIONAL PARK DISTRICT BOARD OF DIRECTORS Position President William Peters Vice -President Katherine Duffy Secretary Nonette Hanko Treasurer Daniel Wend in Member Barbara Green ADMINISTRATION General Manager Herbert Grench Assistant General Manager Edward Jaynes Controller John Melton C MIDPENINSULA REGIONAL PARK DISTRICT STATEMENT OF CHANGES IN FUND BALANCES YEAR ENDED JUNE 30, 1974 Investment in general General fixed assets fund Balance or (deficit) at June 30, 1973 $ 520 $ (49,601) Add: Excess of revenue over expenditures: Revenue - 1,345,909 Expenditures - 111,116 Fixed assets purchased 10,4x&" i5 1,234,793 Deduct: Encumbrances at June 30, 1974 - (41,400) Balance at June 30, 1974 $10,9&8 $1,143,792 3ti The accompanying notes are an integral part of the financial statements. 3 MIDPENINSULA REGIONAL PARK DISTRICT BALANCE SHEET - ALL FUNDS June 30, 1974 Investment General in general Fund fixed assets ASSETS Cash: Wells Fargo Bank Deposited with County of Santa Clara (Note 2) Petty cash. Interest receivable Prepaid expenses and deposits Equipment (Note 1) LIABILITIES, RESERVE AND FUND BALANCES $ 3,827 $ 1,169,184 75 1,173,086 14,059 725 $1,187,870 10,9 $10,948 Liabilities: Accounts payable $ 1,942 $ Accrued salaries and benefits 736 2,678 Commitments (Notes 4 and 5) Reserves and fund balances: Reserve for encumbrances (Note 4) 41,400 Invested in general fixed assets Fund balance 1,143,792 $1,187,870 The accompanying notes are an integral part of the financial statements. 10,9:a ss $10,958' 4 MIDPENINSULA REGIONAL PARK DISTRICT NOTES TO FINANCIAL STATEMENTS June 30, 1974 1. Summary of significant accounting policies The Midpeninsula Regional Park District was formed to acquire and preserve land and open space in the northern and western portions of Santa Clara County. The District utilizes the principles of fund accounting normally used by governmental agencies and as prescribed for special districts by the State Controller, The following separate self balancing funds or groups of accounts are included in the financial statements, all reflect- ing the accrual basis of accounting. (a) General Fund - To account not reflected elsewhere. for all income and expenditures (b) General Fixed Assets - To provide a group of accounts to maintain a continuous, cumulative record of fixed assets owned by the District. All assets are recorded at cost. Under this method of accounting, the District, in common with most government agencies, does not provide for depreciation of fixed assets. 2. Cash deposited with County of Santa Clara The District entrusts its cash not expenditures with the County of Santa Clara. invests such funds and pays the District its 3. Retirement plan required for current The County Treasurer share of interest earned. The District has elected to be covered under the Public Employee's Retirement System administered by the State of California. The district manager is also covered by the retirement plan of the National Recreation and Park Association, Contributions to both plans in 1973 - 1974 totaled $5,479, 5 4. Encumbrances The District has entered into an agreement to purchase approxi- mately 90 acres of land in Santa Clara County. The total purchase price is $207,000. The purchase agreement calls for a $41,400 payment at the close of escrow. The remaining $165,000 is to be paid in ten annual installments of $16,500 each, plus 6-1/2% interest per annum on the unpaid balance. 5. Commitments The District has contracted for office space in Los Altos, California for a period of five years, which commenced October 1, 1973. The lease may be terminated at the option of the District each September 30th. Rent is payable as follows: Year ending —June 30, 1975 $ 5,832 Year ending June 30, 1976 5,832 Year ending June 30, 1977 5,832 Year ending June 30, 1978 5,832 Year ending June 30, 1979 1,458 $24,786 6