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.
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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.
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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
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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.
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