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Home My Public Portal AboutAudit Report - District- FY76MIDPENINSULA REGIONAL PARK DISTRICT FINANCIAL STATEMENTS with REPORT OF CERTIFIED PUBLIC ACCOUNTANTS YEAR ENDED JUNE 30, 1976 ELM ER FOX, WESTHEIMER & CO. CERTIFIED PUBLIC ACCOUNTANTS MIDPENINSULA REGIONAL PARK DISTRICT BOARD OF DIRECTORS Position President Nonette Hanko Vice -President Daniel Wendin Secretary Katherine Duffy Treasurer Edward Shelley Member Barbara Green Member* George Seager Member* Harry Turner ADMINISTRATION General Manager Herbert Grench Assistant General Manager Edward Jaynes Controller John Melton * As of July 14, 1976 CONTENTS 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 Balance sheet 5 Notes to financial statements 6 ELM ER 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, 1976 and the related statements of revenue, expenditures, long-term indebtedness transactions, 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, 1976 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 25, 1976 MIDPENINSULA REGIONAL PARK DISTRICT STATEMENT OF REVENUE - GENERAL FUND Year ended June 30, 1976 General property taxes $1,808,524 Aid from other governmental agencies: Homeowner's property tax relief 125,140 Business inventory property tax relief 90,867 Other 40 216,047 Revenue from use of money and property: Interest 66,728 Rents 7,370 74,098 Other revenues: Gifts 6,000 Miscellaneous 105 6,105 $2,104,774 The accompanying notes are an integral part of the financial statements. 2 MIDPENINSULA REGIONAL PARK DISTRICT STATEMENT OF LONG-TERM INDEBTEDNESS TRANSACTIONS Year ended June 30, 1976 Long-term indebtedness, July 1, 1975 Incurred Retired Long-term indebtedness, June 30, 1976 (Note 4) STATEMENT OF CHANGES IN FUND BALANCE Year ended June 30, 1976 Balance at June 30, 1975 Add: Encumbrances at June 30, 1975 691,824 Fixed assets acquired: Through long-term indebtedness Through current expenditures Deduct: Excess of'expenditures over revenue: Revenue 2,104,774 Expenditures 2,400,531 295,757 Encumbrances at June 30, 1976 (Note 5) 26,248 Balance at June 30, 1976 $1,283,938 $4,968,017 $.814,881 300,000 (665,841) $ 449,040 Investment General in general fund fixed assets $ 914,119 $3,276,714 300,000 1,391,303 1,691,303 The accompanying notes are an integral part of the financial statements. 4 MIDPENINSULA REGIONAL PARK DISTRICT BALANCE SHEET - ALL FUNDS June 30, 1976 ASSETS AND OTHER DEBITS Investment General General in general long-term fund fixed assets debt Cash: Wells Fargo Bank $ 6,627 $ Deposited with County of Santa Clara (Note 2) 1,301,593 Petty cash 125 1,308,345 Accounts receivable 713 Interest receivable 17,257 Prepaid expenses and deposits 3,335 Land and improvements - 4,915,733 Equipment - 52,284 Future note repayment requirements - - $1.329.650 $4,968,017 LIABILITIES, RESERVE AND FUND BALANCES Liabilities: Accounts payable $ 15,315 Accrued salaries and benefits 4,149 Notes payable (Note 4) - - 449,040 449,040 8449.040 Commitments (Note 6) Reserve and fund balances: Reserve for encumbrances (Note 5) Investment in general fixed assets Fund balance 19,464 - 449,040 26,248 4,968,017 - 1,283,938 $1,329,650 $4,968,017 $449,040 The accompanying notes are an integral part of the financial statements. 5 MIDPENINSULA REGIONAL PARK DISTRICT NOTES TO FINANCIAL STATEMENTS June 30, 1976 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. In June, 1976 the southern portion of San Mateo County was annexed to the District. 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 he 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 for 1975 - 1976 totaled $12,345. 4. Notes payable The District has acquired land through debt. Notes payable at June 30, 1976 consist of 6-1/2% note payable interest annually November 3, 1985 6-1/2% note payable interest annually November 3, 1985 6-1/2% note payable interest annually 1984 5. Encumbrances at $12,500 plus through at $17,500 plus through at $16,560 plus through July 31, the issuance of long-term the following: $125,000 175,000 149,040 $449,040 Encumbrances at June 30, 1976 consist of the following: Note payment including interest on July 31, 1976 $26,248 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 Year Year ending June 30, 1977 ending June 30, 1978 ending June 30, 1979 7 $ 7,632 7,632 1,908 $17,172 MIDPENINSULA REGIONAL PARK DISTRICT BALANCE SHEET - ALL FUNDS June 30, 1976 Investment General General in general long-term fund fixed assets debt ASSETS Cash $1,308,345 $ - $ - Accounts and interest receivable 17,970 - Prepaid expenses and deposits 3,335 - Land and improvements - 4,915,733 - Equipment - 52,284 - Futufe note repayment requirements - - 449,040 $1,329,650 $4,968,017 $449,040 LIABILITIES; RESERVE AND FUND BALANCES Liabilities: Accounts payable Accrued salaries and benefits Notes payable Reserve and fund balances: Reserve for encumbrances Investment in general fixed assets Fund balance 15,315 $ 4,149 19,464 26,248 1,283,938 $1,329,650 4,968,017 449,040 449,040 $4,968,017 $449,040 SUMMARY OF REVENUE AND EXPENDITURES - GENERAL FUND Year ended June 30, 1976 Revenue: General property taxes $1,808,524 Gifts 6,000 Interest 66,728 Homeowner's property tax relief 125,140 Business inventory property tax relief 90,867 Rental income 7,370 Miscellaneous 145 Expenditures: Salaries and employee benefits Services and supplies Fixed assets Payments on notes payable Excess of expenditures over revenues 163,442 118,851 1,391,303 726,935 $2,104-,774 2,400,531 $ 295,757 The accompanying Balance Sheet - All Funds of the Midpeninsula Regional Park District as of June 30, 1976, and the Summary of Revenue and Expenditures - General Fund for the year ended June 30, 1976, have been condensed from the annual financial report which has been audited by independent certified public accountants and which is on file at the District's office, 745 Distel Drive, Los Altos, California. 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, 1976 and the related Statements of General-purpose Transactions, Long-term Indebtedness Transactions, Debt Service Transactions, and General Fixed Assets 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 under the circumstances. In our opinion, the financial statements designated above present fairly the financial position of Midpeninsula Regional Park District at June 30, 1976 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 25, 1976 ANNUAL REPORT OF FINANCIAL TRANSACTIONS OF SPECIAL DISTRICT NON -ENTERPRISE ACTIVITIES Address TO STATE CONTROLLER r I I I I J { FOR STATE CONTROLLER'S USE ONLY Division of Local Government Fiscal Affairs Post Office Box 1019 Sacramento, California 95$05 (Per Section 53891 of the Government Code) Fiscal Year Ended June 30, 19 76 NIDPENINSULA REGIONAL PARK District s 745 Distel Drive Los Altos California 94022 (P.O. Box) (Street) (City) (Zip Code) Principal County Santa Clara Other Counties Governing Body: County Board of Supervisors /7 San i-Fateo City Council /-7 Other /X/ Time of Regular Board Meeting 2nd & 4th Wednesday Telephone 415 965-4717 (Area Code) (Number) Statutory Authority Public Resources Code - Sec 5500 - 5595 Assessed Valuation Established By: County Assessor A/ Other Base for Levy: All Property. Q Land & Improvements Li None Land only /-7 Other Q None /-7 Activities/Functions Performed: Acquisition and maintenance of public open space. Directors: Nonette Hanko ,President Edward Shelley Daniel Wendin Barbara Green Katherine Duffy Include only those pages which had transactions. Complete the following. Page Number Trans- actions No Trans - actions 2&3 X 4& 5 x 6&7 X 8 x g & lO X 1_ X 12 X 13 X 14 X 15 X 16 X 17 X Mr. Secretary: Mrs. Miss Mgr/Supt: Attorney: Fiscal Officer: Independent Auditor: Report Prepared By: Report Submitted By: Date .g4: Katherine Duffy Herbert Grench Stanley Norton, Esq. John Melton Elmer Fox, Westheimer & Co., C.P.A.'s Elmer Fox, Westheimer & Co., C.P.A.'s 1746 Broadway, Oakland (415) 893-8333 (Address) (Phone Number) ignature of District Official . ZD 19176 Title (2,0A1'/%OL K LGFA 79 (7-75) 1 D -N -K --P Address 7i#'S .),STEL. JTiv; Los Arms 9t/oL-L MIDPENINSTTLA REGIONAL PARK District STATEMENT 1 BALANCE SIFT Page 1 Ju ne 30, 19 76 Gen eral Bond Debt Service Genera l General Fund Fund Fund LT Debt Fixed Assets ASSETS & OTHER DEBITS 1 Cash $ 1,308,220 $ 2 Imprest c ash $ 125 3 `Cash with fiscal agen t 4 Taxe s r eceivable 5 Allowance for un collectible taxe s 6 Assessments receivable 7 Assessments receivable - de linquent 8 Accounts re ceiva ble 17,970, 9 Allowance for uncollectible accou nts 10 Advanc es re ceivable 11 Deposits with o the rs .. 3,335 12 Inve ntor y of mate rials an d supplie s 13 Investments 14 Adv. to working cap. and. enterprise fu nds 15 Land $4,913,087 16 Structures a nd improve ments 17 Equipme nt 18 Constructio n in pr ogress . « .. -. . •, ,, 19 Future loan repa yment r equirements (Note s payabl e) $449,040 20 Future bond rede mption requirements 21 Bonds author ized - unissued 22 Total Assets a nd Other Debits $ 1,329,650 $449,040 2,646 52,284 $4,968,017 M IDPENINSULA REGIONAL PARK District BALANCE SHEET June 30, 1976 Genera l Bon d Debt Ser vice Genera l General Fun d Fund Fund LT Debt Fixed Assets LIABILITTRS & OTHER CREDITS 23 Wa rrants paya ble $ $ 24 Accounts paya ble 19,464 25 Loa ns pa yable 26 Bonds payable - ma tured .27 Interest pa yable 28 Deposits from o thers 29 Loans paya ble - deferred $ 449,040 30 Bonds pa yable - deferr ed 31 Total Lia bilities and Other Credits $ 19,464 $ $ $ 449,040 Re serv es: 32 For impre st ca sh 33 For inventories 34 For e ncumbrance s 35 EQUITIES $ 26,248 $ STATEMENT 1 Page 2 36 Inve stment in general fixed a ssets $ 4,968,017 37 General fund ba lance 1,283,938 38 Other fund ba la nces 39' Total Equities $1,310,186 $ $ $ 4,968,017 40 Total Lia b. & Other Cr s. and Equities $1,329,650 $ $ $ 449,040 $ 4,968,017 LGFA 79 (7-71) MIDPENINSULA REGIONAL PARK District REVENUES Taxes and Assessments: Property Taxes: GENERAL PURPOSE TRANSACTIONS Fiscal Year Ended June 30 1976 (a) STATEMENT 2 Page 1 r r (b) 1 Current - secured $ 1,516,164 2 Current -.unsecured 234,524 3 Prior years 57,836 $ 1,808,524 4 Property assessments 5 Penalties & costs on delinquent taxes & assessments 6 Licenses and permits 7 Fines, forfeits and penalties Revenue from use of money and property: 8 Interest $ .66,728 9 Rents and concessions 7,370 10 Royalties Aid from Other Governmental Agencies: State: 11 Aid for construction 12 Homeowner's property tax relief 13 Bus. inventory property tax relief 14 Other Federal: 15 Aid for construction 16 Other $ 125,140 90,867 40 $ 216,047. $ 17 Other governmental agencies 18 Charges for current services Other revenues: 19 Aid from private parties (Gifts) $ 6,000 L I (c) $ 1,808,524 74,098 216,047 20 All other 105 6,105 S21 Total Revenue $ 2,104,774 LGFA 79 (7-71) 6 MIDPENINSULA REGIONAL PARK District GENERAL PURPOSE TRANSACTIONS Fiscal Year Ended June 30 1976 EXPENDITURES (a) (b) 22 Salaries and employee benefits $ 163,442 23 Services and supplies 118,851 Other charges: 24 Contributions to other agencies $ 25 Interest on short-term notes & warrants 26 Judgments and damages 27 Rights -of -way 28 Taxes and assessments '29 Expenditures applicable to prior years Fixed Assets: 30 Land $ 1,365,526 31 Structures and improvements 2,646 32 Equipment 23,131 1,391,303 Expenditure transfers and reimbursements 33 Cost applied $(_ ) Z34 Reimbursed projects ( ) ( ) T35 Net Revenues over Expenditures - (21-340) Other Activities STATEMENT 2 Page 2 I I Net Income or (Loss): 36 37 38 $ (c) 1,673,596 $ 431,178 U39 Net Revenues over Expenditures (35+38c) $ 431,178 Changes in Fund Balance 40 Total Equity, beginning of period 914,119 Adjustments and transfers, other than net income: dr-(cr) 41 Encumbrances, June 30, 1975 42 Encumbrances, June 30, 1976 43 Payments on notes payable (to Pg. 10) 44 $ (691,824) 26,248 726,935 61,359 Dr. V45 Total Equity, end of period (39+40+4)4n) $ 1,283,938 LGFA 79 (7-71) 7 MIDPENINSULA REGIONAL PARK District STATEMENT 3 LONG-TERM INDEBTEDNESS:TRANSACTIONS Fiscal Year Ended June 30, 19 76 PROCEP.DS FROM INDEBTEDNESS (a) Sale of bonds - par value: 1 General obligation 2 Revenue Proceeds. from other long-term indebtedness 3 State 4, Federal 5 Other governmental agencies 6 Time warrants Other sources (specify): 7 Issuance of notes pavable $ 300,000 8 300,000 $ 300,000 t (b) (c) S 9 Total Proceeds $ 300,000 EXPENDITURES Fixed assets: 10 Land $ 300,000 11 Structure and improvements 12 Equipment Other (Specify): 13 $ 300,000 Z14 T15 Net Proceeds over Expenditures - (9-14c) Changes in Fund Balance 16 Fund Balance, beginning of period Adjustments and transfers, dr-(cr) 17 18 19 20 t 300,000 -0- U21 Fund Balance, end of period - (15 + 16 + 20c) -o- ILEA 79 (7-71) MIDPENINSULA REGIONAL PARK District DEBT SERVICE TRANSACTIONS STATEMENT 4 Page 1 4 • 1 1 Fiscal Year Ended June 30, 1976 REVENUES Taxes and Assessments: Property Taxes: 1 Current - secured 2 Current unsecured 3 Prior years 4 Property assessments 5 Penalties and costs on delinquent taxes Revenue from use of money and property: 6 Interest 1) (a) 7 Rents and concessions S Royalties Aid from other Governmental Agencies: State: 9 'Homeowner's property tax relief $ 10 Bus. inventory property tax relief 11 Other 12 Federal 13 Other governmental agencies (b) (0) 14 Charges for cunLent services 15 All other revenues S16 Total Revenue -0- LGFA 79 (7-71) 9 MIDPENINSULA REGIONAL PARK DEBT SERVICE TRANSACTIONS Fiscal Year Ended District • STATF NT 4 Page 2 I I June 30, 19 76 (a) EXPENDITURES 17 Interest on long-term indebtedness Bonds matured during year: 18 General obligation bonds $ 19 Revenue bonds Retirement of other long-term indebtedness: 20 State 21 Federal 22 Other governmental agencies 23 Time warrants Other (Specify): 24 Notes payable 665,841 25 $ Other expenditures (Specify): (b) 61,094 665,841 26 $ Z27 T28 Net Revenues over Expenditures (16 - 27c) Changes in Fund Balance 29 Fund Balance, beginning of period Adjustments and transfers, dr - (cr) 30 31 32 33 U34 Fund Balance, end of period - (28 + 29 + 33c) Note payments from general fund (Page 7) $ (726,935) (c) 726,935 4(726,935) dr. -0- (726,935) cr. $ -0- LGFA 79 (7-71) 10 MIDPENINSULA REGIONAL PARK District SCHEDULE 1 Fiscal Year Ended June 30, 1976 ASSESSMENT DATA I I 1 (a) (b) Assessed Valuation: 1 Secured $ 1,544,006,922 2 Unsecured 257,582,550 T 3 Total $ 1,801,589,472 TAPES/ASSESSMENTS LEVIED Levied on assessed valuation: ,/1 General operations: Secured ... $ .10 per $100 $ 1,544,006,922 5 Unsecured .'$ -10 per $100 257,582,550 6 Bond interest, principal, reserve: Secured ... $ per $100 7 Unsecured . $ per $100 8 Other (specify): Secured ... $ per $100 9 Unsecured $ per $100 10 Assessments $ per T11 Total Taxes/Assessments Levied $ 1,801,589,472 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 12 Balance, beginning of year GENERAL FIXED ASSETS SCHEDULE 2 $ 3,276,714 13 Additions ($1, 391,303, e2cpended.».1- , $,300„Opjl,pptAS.Pa.wb1P) 1,691,303 Z14 Retirements Other adjustments -- DH(Gr) - specify: 15 $ 16 ... S17 Balance, end of year $ 4,968,017 LGFA 79 (7-71) 11 MIDPENINSULA REGIONAL PARK District SCHEDULE 8 TIME WARRANT DEBT Fiscal Year Ended June 30, �9 76 1 Principal amount unmatured, beginning of report year 2 Principal amount sold during report year Z 3 Principal amount matured during report year S 4 Principal amount unmatured, end of report year N 5 Principal amount in default N 6 Interest amount in default $ N 7 Principal amount due not presented N 8 Interest amount due not presented $ (9) Time warrant interest paid during report year $ (10) Time warrant interest & principal to be due during next fiscal year $_ 4 4 4* * * 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 of 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4* 4 4 4 OTHER LANG -TERM INDEBTEDNESS SCHEDULE 9 Fiscal Year Ended June 30. 19 11 Principal amount unmatured, beginning of report year $ 814,881 12 Principal amount received during report year ..frin.9.$) 300,000 Z13 Principal amount' matured during report year ...Um.19) 665,841 $14 Principal amount unmatured, end of report year $ 449,040 (15) For all amounts report on line 14 indicate: Payee Amount Maryanne Moore Haves $ 175,000 Elizabeth Moore Scott 125,000 Millard F. Blair 149,040 Total (Same as line 14) $ 449,040 LGFA 79 (7-71) 16