HomeMy Public PortalAboutAudit Report - District- FY79Deloitte
Haskins Sells
MID -PENINSULA REGIONAL OPEN SPACE DISTRICT
Financial Statements for the Year Ended
June 30, 1979 and Auditors' Report
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
TABLE OF CONTENTS
Page
Auditors' Report 1
Financial Statements:
Combined Balance Sheets - General Fund
and Account Groups 2
Statement of Revenues, Expenditures,
and Changes in Fund Balance -
Budget and Actual -
General Fund
3
Notes to Financial Statements
4-7
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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 the Midpeninsula Regional Open Space
District as of June 30, 1979 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 the Midpeninsula Regional Open Space
District as of June 30, 1979 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.
October 29, 1979
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MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
COMBINED BALANCE SHEETS - GENERAL FUND AND ACCOUNT GROUPS
FOR THE YEAR ENDED JUNE 30, 1979
GENERAL
FUND
ASSETS AND OTHER DEBIT BALANCES
Cash $7,257,578
Receivables 220,773
Prepaid expenses and
deposits 11,599
Land
Equipment
Structures and
improvements
Amount to be provided for
retirement of general
long-term debt $6,534,482 6,534,482
TOTAL $7,489,950 $14,407,602 $6,534,482 $28,432,034
ACCOUNT
GENERAL
FIXED
ASSETS
GROUPS
GENERAL TOTAL
LONG-TERM (MEMORANDUM
DEBT ONLY)
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable $ 12,321
Accrued liabilities 31,078
Deposits 1,100
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
TOTAL
44,499
5,945,519
1,499,932
7,445,451
$7,489,950
$14,092,087
190,374
$ 7,257,578
220,773
11,599
14,092,087
190,374
125,141 125,141
$14,407,602
14,407,602
$14,407,602
$ 12,321
31,078
1,100
$2,394,482 2,394,482
4,140,000 4,140,000
6,534,482 6,578,981
14,407,602
5,945,519
1,499,932
21,853,053
$6,534,482 $28,432,034
See notes to financial statements.
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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, 1979
VARIANCE -
FAVORABLE
BUDGET ACTUAL (UNFAVORABLE)
REVENUES:
General property tax $1,108,978 $1,316,689". $ 207,711
Aid from other governmental
agencies:
State aid 587,620 1,094,702! 507,082
State grant 718,000 718,000
Other taxes 130,684 144,534{ 13,850
Federal grant 19,556 19,556
Interest 370,000 547,314 177,314
Other 27,300 14,634 (12,666)
Total 2,224,582 3,855,429 1,630,847
EXPENDITURES:
Current:
Salaries and benefits 348,605 367,775 (19,170)
Professional services 51,450 69,409 (17,959)
Property acquisition
expenses 60,000 36,461 23,539.
Auto 22,050 27,807 (5,757)
Rent 25,840 25,327 513
Site operations 14,995 19,087 (4,092)
Utilities and communication 16,800 16,629 171
Elections 13,500 10,988 2,512
Other 54,150 38,621 15,529
Property acquisition 7,170,100 2,236,751 4,933,349
Debt service:
Principal retirement 1,071,348 1,068,560 2,788
Interest 411,150 412,325 (1,175)
Total 9,259,988 4,329,740 4,930,248
EXCESS OF EXPENDITURES OVER
REVENUES (7,035,406) (474,311) 6,561,095
OTHER FINANCING SOURCES -
PROCEEDS FROM NOTE PAYABLE 10,260 10,260
EXCESS OF EXPENDITURES OVER
REVENUES AND OTHER FINANCING
SOURCE (7,035,406) (464,051) 6,571,355
FUND BALANCE, JULY 1, 1978 7,909,502 7,909,502
FUND BALANCE, JUNE 30, 1979 $ 874,096 $7,445,451 $6,571,355
See notes to financial statements.
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MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 1979
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. Depreciation
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. CHANGE IN FUND GROUPING
In the prior year land acquisition and debt service transactions
were reported in the District's property acquisition and
debt service funds, respectively. The accompanying financial
statements for the year ended June 30, 1979 reflect these
transactions which are financed from general fund revenues
in the District's general fund. This change in fund groupings
increased the general fund balance at June 30, 1978 by
$2,418,392 which was the cumulative balance of the property
acquisition and debt service funds.
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3. GENERAL FIXED ASSETS
C.
The changes in the
Land
Equipment
Structure and
improvements
fixed assets account
BALANCE
JULY 1, 1978
$11,239,714
163,472
111,962
ADDITIONS
$2,852,373
26,902
13,179
group are as follows:
BALANCE
JUNE 30, 1979
$14,092,087
190,374
125,141
Total $11,515,148 $2,892,454
$14,407,602
The fixed asset additions were acquired through general fund
expenditures ($2,236,751) and by gift ($655,400).
4. GENERAL LONG-TERM DEBT
The District records long-term debt issued to acquire land,
structures and improvements, and equipment in the general
long-term debt account group. The changes in the general
long-term debt account group for the year ended June 30, 1979
are as follows:
General long-term debt, July 1, 1978 $7,592,782
Proceeds from note payable 10,260
Principal retirement (1,068,560)
General long-term debt,
June 30, 1979 $6,534,482
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5. LEASE OBLIGATIONS
The District's office facilities are leased under an
operating lease. The minimum annual rentals through
the end of the lease term are: 1980, $24,804 and 1981,
$8,268. The District has an option to renew the lease
in November 1981 for five years for $2,257 plus adjustments
for utilities, maintenance and real property taxes.
6. RETIREMENT PLAN
The District has elected to cover its employees under the
Public Employee's 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 1978-1979 totaled
$24,466. Pension benefits are funded as accrued.
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