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Home My Public Portal AboutAudit Report - District- FY75MIDPENINSULA REGIONAL PARK DISTRICT FINANCIAL STATEMENTS with REPORT OF CERTIFIED PUBLIC ACCOUNTANTS JUNE 30, 1975 ELMER FOX, WESTHElMER & CO. CERTIFIED PUBLBC ACCOUNTANTS MIDPENINSULA REGIONAL PARK DISTRICT BOARD OF DIRECTORS Position President Katherine Duffy Vice -President Ed Shelley Secretary Barbara Green Treasurer Nonette Hanko Member Daniel Wendin ADMINISTRATION General Manager Herbert Grench Assistant General Manager Edward Jaynes Controller John Melton CONTSNTS Report of Certified Public Accountants Page 1 Financial statements: Statement of revenue 2 Statement of expenditures 3 Statement of long-term indebtedness transactions 4 Statement of changes in fund balance 4 Reliance sheet 5 Notes to financial statements 6 ELMER Fox, WESTHEIMER. & CO. CERTIFIED PUBLIC ACCOUNTANTS REPORT OF CERTIFIED PUBLIC ACCOUNTANTS The Board of Directors Midpeninsula Regional Park District Los Altos, California We have examined, the balance sheet of Midpeninsula Regional Park District as of June 30, 1975 and the related statements of revenue, expenditures, and changes in fund balances for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly 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 designated above present fairly the financial position of Midpeninsula Regional Park District at June 30, 1975 and the results of its operations and changes in fund balances for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Oakland, California August 29, 1975 MIDPENINSULA REGIONAL PARK DISTRICT STATEMENT OF REVENUE - GENERAL FUND Year ended June 30, 1975 General property taxes $1,540,655 Aid from other governmental agencies: State Parks Bond Act Homeowner's property tax relief Business inventory property tax relief Local public agency grants 833,535 119,363 81,372 1,000 1,035,270 Revenue from use of money: Interest 131,256 Other revenues: Gifts 349,890 Miscellaneous 60 349,950 $3,057,131 The accompanying notes are an integral part of the financial statements. 2 MIDPENINSULA REGIONAL PARK DISTRICT STATEMENT OF EXPENDITURES = GENERAL FUND Year ended June 30, 1975 Salaries, wages and employee benefits: Salaries $ 90,646 Retirement (Note 3) 8,379 Employee group insurance 4,939 Educational assistance 419 104,383 Services and supplies: Professional and specialized services 26,563 Election expense 11,737 Printing and duplicating 8,871 Office rent 5,832 Directors' fees 5,650 Office supplies and equipment 4,757 Transportation expense 4,031 Telephone and postage 3,708 Dues and subscriptions 2,652 Field equipment and supplies 2,180 Conferences and meetings 2,178 Insurance 873 Site operations and maintenance 670 Acquisition expenses 495 Advertising 532 Miscellaneous 370 81,099 Fixed assets: Investment in land 2,432,680 Investment in equipment 18,218 2,450,898 $2,636,380 The accompanying notes are an integral part of the financial statements. MIDPENINSULA REGIONAL PARK DISTRICT STATEMENT OF LONG-TERM INDEBTEDNESS TRANSACTIONS Year ended June 30, 1975 Proceeds from long-term note indebtedness Expenditures .for land acquisition STATEMENT OF CHANGES IN FUND BALANCE Year ended June 30, 1975 Balance at June 30, 1974 $ 814,881' $ 814,881 Investment General in general fund fixed assets $1,143,792 $ 10,935 Add: Excess of revenue over expenditures: Revenue 3,057,131 Expenditures 2,636,380 420,751 Encumbrances at June 30, 1974 41,400 Fixed assets acquired: Through long-term indebtedness Through current expenditure Deduct: Encumbrances at June 30, 1975 (Note 5) Balance at June 30, 1975 (691 824) 814,881 2,450,898 3,265,779 $ 914,119 $3,276,714 The accompanying notes are an integral part of the financial statements. 4 MIDPENINSULA REGIONAL PARK DISTRICT BALANCE SHEET - ALL FUNDS June 30, 1975 ASSETS AND OTHER DEBITS Investment General General in general long-term fund fixed assets debt Cash: Wells Fargo Bank $ 3,853 $ - $ Deposited with County of Santa Clara (Note 2) 1,586,452 - Petty cash 125 1,590,430 Interest receivable 31,610 - - Prepaid expenses and deposits 725 Land - 3,247,561 - Equipment - 29,153 Future note repayment requirements - 814,881 $1,622,765 $3,276,714 $ 814,881 LIABILITIES, RESERVE AND FUND BALANCES Liabilities: Accounts payable Accrued salaries and benefits Notes payable (Note 4) Commitments (Note 6) 16,294 528 16,822 Reserve and fund balances: Reserve for Encumbrances (Note .5) 691,824 - Investment in general fixed assets - 3,276,714 Fund balance 914,119 - 814,881 814,881 $1,622,765 $3,276,714 $ 814,881 The accompanying notes are an integral part of the financial statements. 5 MIDPENINSULA REGIONAL PARK DISTRICT NOTES TO FINANCIAL STATEMENTS June 30, 1975 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 pottibns of Santa Clara County. The District utilizes the principles of fund accounting 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 reflecting the accrual basis of accounting. (a) General fund - To account for all income and expenditures not reflected elsewhere. (b) General long-term debt - To provide a group of accounts to reflect the long-term debt outstanding. (c) General fixed assets - To provide a group of accounts to maintain a continuous, cumulative record of fixed assets owned by the District. All assets purchased by the District are recorded at cost; assets acquired by gift are recorded at appraisal value at the date of gift. Under this method of accounting, the District, in common with most government agencies, does not provide for depreciation of fixed assets. The District reflects amounts appropriated from existing fund balance as a reserve for encumbrances at each year end. Expenditures relating to these encumbrances are reflected in the year expended. 2. Cash deposited with County of Santa Clara The District entrusts its cash not required for current expenditures with the County of Santa Clara. The County Treasurer invests such funds and pays the District its share of interest earned. 6 3. Retirement plan 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 1974 - 1975 totaled $8,379. 4. Notes payable The District has acquired two parcels of land through the issuance of long-term debt. Notes payable at June 30, 1975 consist of the following: 6% note payable in two equal installments of $324,640.50 plus interest on or.before December 31, 1975 and February 1, 1976 respectively 6-1/2% note payable at $16,560 plus interest annually through July 31, 1984 $649,281 165,600 $814,881 5. Encumbrances Encumbrances at June 30, 1975 consist of the following: Note payment including interest due on July 31, 1975 $ 27,324 Purchase price of approximately 266 acres of land on which the District has exercised an option to purchase 664.500 $691,824 6. 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, 1976 Year ending June 30, 1977 Year ending June 30, 1978 Year ending June 30, 1979 $ 5,832 5,832 5,832 1.458 $18,954 7