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February 6, 2025 Page 2 9. NEW ITEMS A. Annual Audit Report Smith introduced Bin Zeng, Principal of Moss, Levy & Hartzheim, who reported that the District has earned an unmodified, also known as a "clean," opinion, which means that they can state, without reservation, that the financial statements are fairly presented in conformity with generally accepted accounting principles. He presented some financial highlights of the report and answered Board member's questions. It was moved by Orozco, seconded by Cusworth, and carried 4-0 to accept the audit for the fiscal year (FY) ending June 30, 2024, as prepared by the accounting firm of Moss, Levy & Hartzheim CPAs, LLP. B. Re -Adoption of Investment Policy Smith reported the District's Investment Policy is reviewed by the Board annually. The Policy presented for adoption this evening is essentially the same as last year's; the only modifications are the formatting, with the addition of headers and footers to the document, and a title change that reflects the recently adopted Classification and Compensation study. It was moved by Huffer, seconded by Orozco, and carried 4-0 to adopt the District's Investment Policy C. Annual Review and Adoption of Financial Reserves Policy Smith reviewed the red -lined version of the policy presented to the Board, which was last reviewed by the Board in February of 2024. She provided details supporting the suggested changes; the Finance and Audit Committee (Huffer, Orozco) met last week to review the document. Smith answered Board member's questions. It was moved by Cusworth, seconded by Huffer, and carried 4-0 to: 1. Adopt the District's amended Financial Reserves Policy; and 2. Authorize transfer of $3.7 million from the District's unassigned fund balance to the Capital Facilities and Property Acquisition Reserve. D. Draft Conejo Recreation and Park District Master Plan