ANNUAL AUDIT REPORT - Laserfiche WebLink

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Capital assets are summarized below: Capital Assets (net of accumulated depreciation) June 30, 2020 2019 Land 5130793051 $ 5170791051 Buildings 5,812,726 6)0371341 Im provern encs 3272823897 3315053213 Equipment 1,449,920 1)3403836 Construction in progress 564,248 21838)942 9171887842 $ 9418017383 Major capital asset events during the fiscal year include construction of the Thousand Oaks Center preschool restroom, Old Meadows sound improvements and preliminary design work for Conejo Creek Southwest Park, Conejo Community Center, Goebel Center and Teen Center Expansion. The District has no outstanding debt at June 30, 2020. The focus of this annual report is the economic condition of the District as of June 30, 2020; however, national, state and local issues have economic impacts on the District and are worthy of consideration. The economic environment is uncertain; the ongoing COVID-19 pandemic has created an unprecedented global health and economic emergency that along with nationwide protests are the primary contributors to the current economic uncertainty. Many economists believe that a recession has already taken hold. The latest COVID-19 news, recommendations, and policies from local, State, and federal agencies have caused significant changes in everyday life. As a result, the economy has experienced severe shocks, including significant stock market volatility. Local businesses and employment have been hurt by declines in consumer and business spending. Cancelled tourism, conferences, sporting events, concerts, and other large-scale gatherings, have contributed to the economic damage. The ever-changing guidelines from the various leading agencies dramatically alter and continue to impact the public's behavior and use of the District's facilities and services. Several revenue sources, largely related to the Recreation division, have and will continue to be impacted by mandated closures, decreased capacity during reopening and elimination of programs due to increased costs for compliance with the various re -opening guidelines. Recreation expenses are also expected to decrease. 11