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Conejo Recreation & Park District <br />GENERAL MANAGER <br />Jim Friedl <br />DATE: March 7, 2019 <br />BOARD OF DIRECTORS <br />Chuck Huffer, Chair <br />George M. Lange, Vice Chair <br />Susan L. Holt, Director <br />Nellie Cusworth, Director <br />Doug Nickles, Director <br />GENERAL MANAGER EMERITUS <br />Tex Ward <br />TO: Board of Directors <br />FROM: Jim Friedl, General Manetion <br />SUBJECT: Annual Review and Adinancial Reserves Policy <br />RECOMMENDATION <br />Adopt the District's amended Financial Reserves Policy, including proposed adjustments to Reserve <br />Fund Balances. <br />BACKGROUND <br />In order to fulfill its mission, the Conejo Recreation and Park District must be financially stable. A well- <br />worn path to financial stability is savings. Financial reserves are basically the District savings, which help <br />to provide adequate funding to meet the District's short-term and long-term goals. In addition, reserve <br />funds can serve as a buffer against both present and future uncertainties. <br />On January 9, 2014, the Board of Directors created and adopted the attached Financial Reserves Policy. <br />This Policy was last reviewed by the Board on March 15, 2018. The Balance Sheet as of June 30, 2018 <br />(Exhibit 1) is part of the Audited Financial Statements and lists the balances of the funds within the General <br />Fund which are committed or assigned for particular purposes. These collectively may be referred to as <br />"reserves." <br />The following table is an excerpt from relevant portions of the FY 17118 Balance Sheet. <br />Restricted for: <br />Pension $ 4,389,951 <br />Other post -employment benefits $11,014,560 <br />Committed for: <br />Claims $ 2,582,403 <br />Operating reserve $ 6,000,000 <br />Equipment replacement $ 4,302,679 <br />Assigned for: <br />Vested leave $ 1,537,676 <br />Unassigned: $ 3,914,290 <br />These funds have been saved over the years to fulfill a particular need or to serve a particular purpose. <br />The attached current Policy for Financial Reserves (aka "Reserve Policy") (Exhibit 2) is intended to provide <br />clear, concise and well -articulated reasons and guidance for the accumulation and management of the <br />District's reserve funds. <br />ADMINISTRATIVE OFFICES <br />403 West Hillcrest Drive • Thousand Oaks, CA 91360-4223 <br />(805) 495-6471 - FAX: (805) 497-3199 • Email: parks@_crpd.org - Website: www.crpd.org <br />