HomeMy Public PortalAboutAudit Report - District- FY74MID PEN INSUEA REGIONAL PARK DISTRICT
FINANCIAL STATEMENTS
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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.
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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.
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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'
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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,
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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
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