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Xmo7T- <br />77 <br />GENERAL MANAGER <br />Jim Friedl <br />DATE: January 21, 2021 <br />TO: Board of Directors <br />FROM: Jim Friedl, General Manager <br />BOARD OF DIRECTORS <br />Doug Nickles, Chair <br />Nellie Cusworth, Vice Chair <br />George M. Lange <br />Susan L. Holt, Director <br />Chuck. Huffer, Director <br />GENERAL MANAGER EMERITUS <br />Tex Ward <br />SUBJECT: Annual Review and Adoption of Financial Reserves Policy <br />RECO <br />Adopt the District's amended Financial Reserves Policy, including proposed adjustments to Reserve Fund <br />Balances. <br />In order to fulfill its mission, the Conejo Recreation and Park District must be financially stable. A well-worn <br />path to financial stability is savings. Financial reserves are basically the District savings, which help to <br />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 considered and adopted the attached Financial Reserves <br />Policy. This Policy is reviewed and updated annually and was last reviewed by the Board on January <br />16, 2020. The Balance Sheet as of June 30, 2020 (Exhibit 1) is part of the Audited Financial <br />Statements and lists the balances of the funds within the General Fund which are committed or <br />assigned for particular purposes. These collectively may be referred to as "reserves." <br />The following table is an excerpt from relevant portions of the FY 19/20 Balance Sheet. <br />Committed for: <br />Pension: $336623948 <br />Claims: $235013865 <br />Operating reserve: $6,400,000 <br />Equipment replacement: $457783099 <br />Assigned for: <br />Vested leave: $136003701 <br />Unassigned*: $737265829 <br />ADMINISTRATIVE OFFICES <br />403 West Hillcrest Drive, Thousand Oaks, CA 91360-4223 <br />805-495-6471 1 Fax: 805-497-3199 1 parks@crpd.org I www.crpd.rg <br />