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operating expenditures were less than budgeted by $1.6 million across all divisions. Actual <br />revenues exceeded actual expenditures by $4.3 million. Anticipated net transfers out of the <br />general fund of $0.6 million led to an increase in fund balance of $3.7 million. <br />Special Assessment District Special Revenue Fund <br />The budget to actual report for this fund can be found on page 59 of this report. Changes between <br />the original and final budget include an increase in capital outlay, funded primarily by transfers <br />in, for capital projects. <br />The positive variance in the Capital Outlay expenditure account and negative variance in the <br />Other Revenue account reflect grant revenues and appropriations that will be carried into FY 18- <br />19 to complete capital projects in progress primarily Sapwi Trails Park. <br />Dos Vientos Assessment District Special Revenue Fund <br />The budget to actual report for this fund can be found on page 60 of this report. The change from <br />the original to final budgets reflects carryover of prior year capital project appropriation for the <br />playground upgrade. <br />Rancho Conejo Assessment District Special Revenue Fund <br />The budget to actual report for this fund can be found on page 61 of this report. The change from <br />the original to final budget reflects a carryover of appropriation for completion of pickleball <br />courts. <br />CAPfTAL ASSET AND DEBT ADMINISTRATION <br />Capital Assets <br />District investment in capital assets for its governmental activities as of June 30, 2018, totaled <br />$93.4 million (net of accumulated depreciation). Capital assets include land, buildings, <br />improvements, equipment, and construction in progress. The total increase in capital assets for <br />fiscal year 2017-18 was $5.9 million, consisting of increases in buildings, improvements, <br />equipment, and construction in progress, offset by depreciation in buildings, improvements and <br />equipment. Additional information on the District`s capital assets can be found on page 41 of this <br />report. <br />Capital assets are summarized below: <br />Page 110 <br />