Loading...
HomeMy Public PortalAboutAudit Report - District- FY80Deloitte Haskins+Sells MIDPENINSULA REGIONAL OPEN SPACE DISTRICT Financial Statements for the Year Ended June 30, 1980 and Auditors' Report Deloitte Haskins+SeOs Suite 1200 One Almaden Boulevard San Jose, California 95113 (408) 998-4000 Cable DEHANDS AUDITORS` REPORT Board of Directors, Midpeninsula Regional Open Space District: We have examined the combined balance sheets of the general fund and the general fixed assets and general long-term debt account groups of Midpeninsula Regional Open Space District as of June 30, 1980 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, 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 referred to above present fairly the financial position of the general fund and the general fixed assets and general long-term debt account groups of Midpeninsula Regional Open Space District as of June 30, 1980 and the results of operations and changes in fund balance of the general fund for the year then ended, in accordance with generally accepted accounting principles applied on a basis consistent with that of the preceding year. 4skits (Sat March 6, 1981 MIDPENINSULA REGIONAL OPEN SPACE DISTRICT COMBINED BALANCE SHEETS - GENERAL FUND AND ACCOUNT GROUPS JUNE 30, 1980 ACCOUNT GROUPS GENERAL GENERAL TOTAL GENERAL FIXED LONG-TERM (MEMORANDUM FUND ASSETS DEBT ONLY) ASSETS AND OTHER DEBIT BALANCES Cash $7,249,670 $ 7,249,670 Receivables 141,334 141,334 Prepaid expenses and deposits 4,411 4,411 Land $16,676,593 16,676,593 Equipment 218,066 218,066 Structures and improvements 134,264 134,264 Amount to be provided for retirement of general long-term debt $5,820,406 5,820,406 TOTAL $7,395,415 $17,028,923 $5,820,406 $30,244,744 LIABILITIES AND FUND EQUITY Liabilities: Accounts payable Accrued liabilities Deposits Notes payable Series A promissory notes Total liabilities Fund equity: Investment in general fixed assets Fund balances: Designated for debt service and property acquisition Undesignated Total fund equity 30,838 31,705 1,780 64,323 4,543,979 2,787,113 7,331,092 17,028,923 $2,140,406 3,680,000 5,820,406 30,838 31,705 1,780 2,140,406 3,680,000 5,884,729 $17,028,923 17,028,923 4,543,979 2,787,113 24,360,015 TOTAL $7,395,415 $17,028,923 $5,820,406 $30,244,744 See notes to financial statements. 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, 1980 REVENUES: General property tax Aid from other governmental agencies: State & Federal grants Other taxes Interest Other Total EXPENDITURES: Salaries and benefits Professional services Property acquisition expenses Auto Rent Site operations Utilities and communication Other Property acquisition Debt service: Principal retirement Interest Total BUDGET VARIANCE - FAVORABLE ACTUAL (UNFAVORABLE) $2,719,811 $2,723,894 $ 4,083 1,206,500 212,442 600,000 38,263 4,777,016 432,940 80,150 25,000 33,500 25,400 32,400 17,550 64,870 7,687,096 900,075 328,035 9,627,016 251,505 291,595 976,473 31,729 4,275,196 419,841 85,243 25,751 41,868 25,623 40,966 19,040 64,282 2,621,321 828,721 331,544 4,504,200 (954,995) 79,153 376,473 (6,534) (501,820) 13,099 (5,093) (751) (8,368) (223) (8,566) (1,490) 588 5,065,775 71,354 (3,509) 5,122,816 EXCESS OF EXPENDITURES OVER REVENUES (4,850,000) (229,004) 4,620,996 OTHER FINANCING SOURCES - PROCEEDS FROM NOTES PAYABLE EXCESS OF EXPENDITURES OVER REVENUES AND OTHER FINANCING SOURCES (4,850,000) 1 14, 645 114,645 (114,359) 4,735,641 FUND BALANCE, JULY 1, 1979 7,445,451 7,445,451 FUND BALANCE, JUNE 30, 1980 $2,595,451 $7,331,092 $4,735,641 See notes to financial statements. - 3 MIDPENINSULA REGIONAL OPEN SPACE DISTRICT NOTES TO FINANCIAL STATEMENTS 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization - The Midpeninsula Regional Open Space 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 method of accounting. Under this method, revenues are generally recognized in the period they become available and measurable, and expenditures are recognized generally when the obligation is incurred except for interest on long-term debt which is recognized as an expenditure when paid. General fixed assets - General fixed assets purchased are stated at cost in the fixed asset group of accounts. General fixed assets donated to the District are stated at their estimated fair market value as of the date received. Depre- ciation is not recorded for general fixed assets. General long-term debt - The principal portion of long-term debt is recorded as a liability in the general long-term debt account group. 2. GENERAL FIXED ASSETS The changes in the general fixed assets account group are as follows: BALANCE BALANCE JULY 1, 1979 ADDITIONS JUNE 30, 1980 Land $14,092,087 $2,584,506 $16,676,593 Equipment 190,374 27,692 218,066 Structures and improvements 125,141 9,123 134,264 Total $14,407,602 $2,621,321 $17,028,923 All fixed asset additions were acquired through general fund expenditures. - 4 3. GENERAL LONG-TERM DEBT Long-term debt issued to acquire land, equipment, and structures and improvements is recorded in the general long-term debt account group. The changes in the account group for the year ended June 30, 1980 are as follows: General long-term debt, July 1, 1979 Proceeds from notes payable Principal retirement $6,534,482 114,645 (828,721) General long-term debt, June 30, 1980 $5,820,406 The notes payable at June 30, 1980 consist of the following: 6.00% note due in annual instalments of $160,000 plus interest through December 1987 $1,289,608 7.50% note due in annual instalments of $150,000 plus interest through July 1981 300,000 5.50% note due in January 1981 98,875 5.90% note due in July 1980 67,162 6.50% note due in annual instalments of $17,500 plus interest through November 1985 6.50% note due in annual instalments of $16,560 plus interest through July 1984 6.50% note due in annual instalments of $12,500 plus interest through November 1985 6.50% note due in monthly instalments of $201 including interest through October 1984 5.00% note due in monthly instalments of $400 including interest through December 1982 8.00% note due in annual in annual instalments of $5,000 plus interest through May 1985 Series A promissory notes, 4.6% - 6.5%, due in annual instalments of $460,000 plus interest (paid semi-annually) through July 1987 Total 105,000 82,800 75,000 7,368 89, 593 25,000 2,140,406 3,680,000 $5,820,406 - 5 Land costing approximately $3,400,000 is pledged as collateral for the notes payable. The Series A promissory notes are not subject to call or redemption prior to their stated maturity dates. 4. LEASE OBLIGATIONS The District's office facilities are leased under an operating lease. The minimum annual rentals are: 1981, $26,300; 1982-1984, $27,094; and 1985, $9,301. 5. RETIREMENT PLAN The District has elected to cover its employees under the Public Employees Retirement System administered by the State of California. The District manager is also covered by the National Recreation and Park Association Retirement Plan. Contributions to both plans for 1980 totaled $31,235. Pension benefits are funded as accrued. - 6