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Capital Assets (net of accumulated depreciation)
<br />June 30,
<br />Land
<br />Buildings
<br />Improvements
<br />Equipment
<br />Construction in Progress
<br />2018
<br />2017
<br />$ 51,079,051
<br />$ 51,079,051
<br />6,208,214
<br />6,291,515
<br />25,898,542
<br />23,967,243
<br />1,351,172
<br />1,296,592
<br />8,849,656
<br />4,896,978
<br />$ 93,386.635
<br />$ 87,531,379
<br />Major capital asset events during the fiscal year included upgrades at Old Meadows, Dos Vientos,
<br />Northwood Neighborhood, Spring Meadow, Thousand Oaks and Fiore Parks, McCrea building
<br />rehabilitation, and development of Sapwi Trails Community and Banyan Parks.
<br />Longterm debt
<br />The District has no outstanding debt at June 30, 2018.
<br />ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
<br />The focus of this annual report is the economic condition of the District as of June 30, 2018;
<br />however, national, state, and local issues have economic impacts on the District and are worthy
<br />of consideration.
<br />The economy continued to do well in 2018, with local, statewide, and national economies all
<br />flourishing. Although it is anticipated that there will be slower growth both nationally and
<br />internationally, it appears unlikely that the U.S. economy will enter a recession during 2019. The
<br />State government remains fiscally sound, and, at least to date, the Federal administration's
<br />policies have not had a negative effect on the District's fiscal health. That said, as this has been
<br />the longest financial recovery in the nation's history, there remains discussion of recession,
<br />accordingly, staff anticipates only modest increases in property tax revenues.
<br />In response to the drought and increasing water prices, the District implemented a turf reduction
<br />program districtwide, partially funded by grants from local water agencies. Turf has been
<br />replaced with mulch and installation of waterwise landscaping is occurring as resources become
<br />available. Resources otherwise programmed for water costs are being channeled into the
<br />waterwise landscape program. The District also connected two parks in the east end of the Conejo
<br />Valley to reclaimed water irrigation systems.
<br />An ongoing challenge facing state and local government is pension funding. The District
<br />continues to meet its actuarily required contribution to California Public Employees Retirement
<br />System (CalPERS). The employer contribution rate has increased from 6.069 percent for fiscal
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