ANNUAL AUDIT REPORT - Laserfiche WebLink

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iiiiii1l"11A 0 ; A oil Notes to the Financial Statements June 30, 2020 B. Basis of Accounting and Measurement Focus (continued) The reconciliations of the Fund Financial Statements to the Government -Wide Financial Statements are provided to explain the differences. Major Funds The District reported the following major governmental funds in the accompanying basic financial statements: General Fund - The General Fund is used for all general revenues of the District not specifically levied or collected for other District funds and the related expenditures. The General Fund accounts for and reports all financial resources not accounted for and reported in another fund. Districtwide Assessment District Special Revenue Fund - This fund accounts for and reports proceeds of specific revenue sources that are restricted or committed to expenditures for specified maintenance and construction projects in the assessment district. Dos Vientos Assessment District Special Revenue Fund - This fund accounts for and reports proceeds of specific revenue sources that are restricted or committed to expenditures for acquisition and construction of capital assets and maintenance within the Dos Vientos Assessment District. Rancho Conejo Assessment District Special Revenue Fund - This fund accounts for and reports proceeds of specific revenue sources that are restricted or committed to expenditures for acquisition and construction of capital assets and maintenance within the Rancho Conejo Assessment District. Capital Projects Fund - This fund accounts for and reports financial resources that are restricted, committed or assigned for the acquisition or construction of major capital facilities. Fiduciary Fund Financial Statements Fiduciary fund financial statements include a Statement of Fiduciary Net Position. The District's fiduciary funds represent agency funds. Fiduciary fund types are accounted for according to the nature of the fund. Agency funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. Agency funds are accounted for using the accrual basis of accounting. Fiduciary Funds Agency Funds - These funds account for assets of others for which the District acts as an agent. The District maintains seven agency funds: Farland House Revolving, Wildwood Flood Repair, Goebel Adult Community Center, CSVP Advisory Council, Therapeutic Advisory Council, Teen Center Advisory Council and the Conejo Coalition for Youth & Family Fund. W016