ANNUAL AUDIT - Laserfiche WebLink

Browse Search

MANAGEMENT'S DISCUSSION AND ANALYSIS As management of the Conejo Recreation and Park District (District), we offer readers of the District's financial statements this narrative overview and analysis of the financial activities of the District for the fiscal year ended June 30, 2018. FINANCIAL HIGHLIGHTS On June 30, 2018, District assets exceeded liabilities by $148.8 million (net position). Of this amount, $15.2 million may be used to meet the District's ongoing obligations to citizens and creditors. • The District's government -wide net position decreased $1.6 million during the fiscal year, which reflects revenues in excess of expenditures of $5.1 million, reduced by a prior period adjustment related to implementation of GASB 75 of $6.7 million. • At the close of fiscal year 2017-18, District governmental funds report a combined ending fund balance of $40.2 million, a decrease of $0.5 million in comparison with the prior year. The prior period adjustment of $0.4 million reflects reclassification of part-time social security replacement plan funds formerly held in an agency fund. Approximately $33.9 million of fund balance, or 84.3 percent, is in the General Fund. Of this amount, $3.9 million is unassigned general fund balance. • At the close of fiscal year 2017-18, the General Fund budget to actual report shows a $0.3 million increase in appropriation from original to final budget. Fund balance increased by $3.7 million rather than the budgeted $0.3 million decrease. Actual revenues were more than budgeted by $1.9 million and actual expenditures and transfers were less than budgeted by $2.0 million. As of June 30, 2018, the District's other governmental funds, excluding the general fund, reported combined ending fund balances of $6.3 million. OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to the District's basic financial statements. The District's basic financial statements are comprised of three components: 1) government -wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements. Government -wide financial statements The government -wide financial statements are designed to provide readers with a broad overview of the District`s finances, in a manner similar to a private -sector business. The statement of net position presents information on all of the District's assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. Page i 4