HomeMy Public PortalAboutAudit Report - District- FY83Deloifte
Haskins±Sells
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
Financial Statements for the Years Ended
June 30, 1983 and Auditors' Opinion
Deloitte
Haskins+Sells
Suite 1200
One Almaden Boulevard
San Jose, California 95113
(408) 998-4000
Cable DEHANDS
AUDITORS' OPINION
Board of Directors,
Midpeninsula Regional Open Space District:
We have examined the balance sheet of Midpeninsula Regional
Open Space District as of June 30, 1953 and the related
statement of revenue, 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, accord-
ingly, 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 Midpeninsula
Regional Open Space District as of June 30, 1983 and the
results of its operations for the year then ended, in
conformity with generally accepted accounting principles
applied on a basis consistent with that of the preceding
year.
'Cc . t
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August 24, 1983
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
BALANCE SHEET
JUNE 30. 1983
ASSETS AND OTHER DEBIT BALANCES
Cash (including interest bearing deposits
and short-term investments
of $8,412,392)
Interest and other receivables
Prepaid expenditures and deposits
Land
Equipment
Structures and improvements
Amount to be provided for retirement
of general long-term debt
TOTAL
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable
Accrued liabilities
Advance from Town of Los Gatos
Notes payable
Total liabilities
Fund Equity:
Investment in general fixed assets
Fund balance
Total fund equity
TOTAL
See notes to financial statements.
General
Fund
$8,488,847
296,607
45,880
$8,831,334
$ 21,148
79,991
894,584
995,723
7,835 611
7,83611
$8,831 334
ACCOUNT GROUPS
General Total
Fixed General (Memorandum
Assets Long Term Debt Only)
$40,633,969
255,509
242,063
$41,131,541
$41,131,541
41,131,541
$41,131,541
$ 8,488,847
296,607
45,880
40,633,969
255,509
242,063
$15,000,785 15,000,785
$15,000,785 $64,963,660
$15,000,785
15,000,785
$ 21,148
79,991
894,584
15 000,785
15,,996,508
41,131,541
7,835,611
48,967,152
$15,000,785 $64,963,660
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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, 1983
REVENUES:
General property tax
State and Federal grants
Other taxes
Interest
Other
Total
EXPENDITURES:
Salaries and benefits
Professional services
Auto
Rent
Site operations
Utilities and communication
Other
Property acquisition
Debt service:
Principal retirement
Interest
Total
EXCESS OF EXPENDITURES
OVER REVENUES
OTHER FINANCING SOURCES:
Proceeds from notes
payable
EXCESS (DEFICIENCY) OF
REVENUES AND OTHER
FINANCING SOURCES OVER
EXPENDITURES
FUND BALANCE, JULY 1, 1982
FUND BALANCE, JUNE 30, 1983
Budget
$ 4,852,514
1,669,000
497,000
600,000
144,000
7,762,514
773,550
122,550
68,000
40,100
45,250
24,950
104,350
8,300,750
1,666,500
558,450
11,704,450
3,941,936
443,424
(3,498,512)
6,517,702
$ 3,019.190
See notes to financial statements.
Actual
$ 4,914,255
474,941
485,319
862,486
158,825
6,895,826
747,916
120,570
51,660
38,618
56,776
23,410
90,906
9,665,740
1,705,860
858,982
13,360,438
Variance
Favorable
(Unfavor-
able)
$ 61,741
(1,194,059)
(11,681)
262,486
14,825
(866,688)
25,634
1,980
16,340
1,482
(11,526)
1,540
13,444
(1,364,990)
(39,360)
(300,532
11,655,988
6,464,612 (2,522,676)
7,782,521
1,317,909
6,517,702
$ 7,835,611
7,339,097
4,816,421
$ 4.816,421
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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 (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 expendi-
tures are recognized generally when the obligation is
incurred except for interest on long-term debt which is
recognized as an expenditure when due.
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. GENERAL FIXED ASSETS
The changes in the general fixed assets account group are
as follows:
Land
Equipment
Structures and
improvements
Total
Balance
July 1, 1982
$31,025,245
229,189
211,367
$31,465,801
Additions
$9,608,724
26,320
Balance
June 30, 1983
$40,633,969
255,509
30,696 242,063
$9,665,740 $41,131,541
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, 1983 are as follows:
General long-term debt, July 1, 1982
Proceeds from notes payable
Principal retirement
$ 8,828,213
7,782,521
(1,705,860)
General long-term debt, June 30, 1983 $15,000,785
Notes payable bear interest at rates from 4.6% to 10%. The
weighted average interest rate of long-term debt
outstanding at June 30, 1982 is 7.62. Long-term debt
matures through the year 2001 as follows:
Year Ending June 30: Principal
1984
1985
1986
1987
1988
Thereafter
$ 2,663,076
2,661,901
2,350,341
2,147,341
1,500,274
3,682,073
Total $15,000,785
Land with a cost of approximately $11,021,000 is pledged as
collateral for the notes payable.
4. LEASE OBLIGATIONS
Office facilities are leased under an operating lease
expiring in fiscal 1985. Minimum annual rentals are as
follows:
Year Ending June 30:
1984
1985
$38,758
12.919
Total $51,677
5. ADVANCE FROM TOWN OF LOS GATOS
In 1982 the District and the Town of Los Gatos entered into
a joint powers agreement to pursue the acquisition of a
certain property. Under this agreement, Los Gatos advanced
$775,000 to the District to cover one-half of the cost of
acquiring the property, including legal fees. Under the
agreement the District has agreed to match this amount.
The proposed acquisition is currently pending the outcome
of condemnation proceedings; therefore the amount received
by the District from Los Gatos is recorded as a liability.
The $775,000 has been reduced by one-half of legal fees
incurred to date and has been increased by interest earned
on the unexpended amount.
6. RETIREMENT PLAN
District employees are covered 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 1983 totaled $48,612.
Pension benefits are funded as accrued. The actuarially
computed value of vested benefits and plan assets
applicable to District employees is not available.
7. LEASE REVENUES
The District leases certain land and structures under
operating leases with terms varying from one to eighteen
years. In addition, in connection with the acquisition of
the Skyline Open Space Preserve in fiscal 1982, the
District leased back to the sellers for their lifetimes
(maximum term of 50 years) the structures comprising the
ranch compound.
Lease revenue received was approximately $79,000 in 1983.
Minimum future lease revenues are not expected to be
significant.
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