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1191q III IIIir� 11 "1'971 As management of the Conejo Recreation and Park District (the 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, 2020. FINANCIAL HIGHLIGHTS • On June 30, 2020, the District assets and deferred outflows exceeded liabilities and deferred inflows by $159.0 million (net position). Of this amount, $13.0 million (unrestricted net position) may be used to meet the District's ongoing obligations to citizens and creditors. 0 The District's government -wide net position increased $6.5 million during the fiscal year. At the close of fiscal year 2019/20, the District governmental funds reports a combined ending fund balance of $43.7 million, an increase of $7.9 million from the prior year. Approximately $35.5 million of fund balance, or 81.2 percent, is in the General Fund. Of this amount, $8.4 million is unassigned General Fund balance. At the close of fiscal year 2019/20, the General Fund budget to actual report shows a $0.6 million increase in appropriation. Actual revenues exceeded budgeted amounts by $4.2 million, primarily due to a payment of $4.3 million related to the Woolsey Fire. Recreation fees were lower due to Covid-1 9 restrictions imposed by the State during the final quarter of the fiscal year. Fund balance increased by $7.1 million rather than the budgeted decrease of $1.6 million. As of June 30, 2020, the District's other governmental funds, excluding the General Fund, reported combined ending fund balances of $8.2 million. The District continues to actively manage its retiree liabilities. The Board set up a Pension Stabilization Fund to offset the District's CalPERS unfunded liability and to temper increased future pension costs. The Pension Stabilization Fund balance at June 30, 2020 is $3.6 million. 76V15 1_k1 9Tx1viiiiiii''21 MIN CAN I A kyl 1:4 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. El.