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E Mill 1 11 Notes to the Financial Statements June 30, 2020 The accompanying basic financial statements present the financial activity of the Conejo Recreation and Park District (the District), which is the primary government, along with the financial activities of its component unit for which the District is financially accountable. Although they are separate legal entities, blended component units are in substance part of the District's operations and are reported as an integral part of the District's financial statements. The District's component unit, which is described below, is a blended component unit of the District. The Board of Directors of the District makes managerial decisions for the Alex Fiore Thousand Oaks Teen Center (the Center) and, as such, it is included as a component unit of the accompanying basic financial statements. The Center's financial activities have been aggregated and merged (termed blending) within the District's General Fund, as it meets the criteria for inclusion. The Center was opened in October 1989 for 7th to 12thgradeteens. The mission of the Center is to enrich the lives of Conejo teens by offering a comprehensive program to include quality leisure, social, and educational services in the form of both drop-in and organized activities, including recreational classes, educational workshops, surf and sports camps, leagues, excursions, dances, and live concerts. B. Basis of Accounting and Measurement Focus The District's basic financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Governmental Accounting Standards Board (GASB) is the acknowledged standard setting body for establishing accounting and financial reporting standards followed by governmental entities in the United States. Government -Wide Financial Statements The District's Government -Wide Financial Statements include a Statement of Net Position and a Statement of Activities. Fiduciary activities of the District are not included in these statements. The Statement of Net Position reports separate sections for Deferred Outflows of Resources, and Deferred Inflows of Resources, when applicable. Deferred Outflows of Resources represent outflows of resources (consumption of net position) that apply to future periods and that, therefore, will not be recognized as an expense until that time. Deferred Inflows of Resources represent inflows of resources (acquisition of net position) that apply to future periods and that, therefore, are not recognized as a revenue until that time. we