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December 18, 2003 Page 3 (MD&A), which is not a required part of the basic financial statements, and is only meaningful if there is comparison data; almost one hundred percent of District funds are invested most of the time; on June 30, 2003 loans receivable for the District's Computer Purchase Plan equaled $16,524, and the Orthodontic Loan Plan was $1,321; the District's long-term debt is $100,000, payable to the City of Thousand Oaks, and will be retired in May 2004; the reserve for compensated absences was $848,455; no contingent liabilities are outstanding; and no lawsuits of any real financial consequence are pending. Nick Quidwai said he is disappointed at the City Council's lack of support for the proposed Ventura County Open Space District, and he supports the proposed district. He said that the District's budget is very understandable. In response to Board inquiries, Jorgensen said that land is not a depreciable asset, the auditors do a good job with minimal impact on staff time, he does not believe that a change in auditors is necessary, and the new procedures have not resulted in an auditor fee increase. It was moved by Gibson, seconded by Berger, and carried 5-0 to accept the report on financial statements for the year ending on June 30, 2003, as prepared by the accounting firm of Moss, Levy and Hartzheim. Board members commended staff on the report B. Auditors' Recommendations And Suggestions For The Fiscal Year Ending June 30, 2003 Jorgensen noted and discussed the suggestions submitted by the auditors, and said that staff will review, in-depth, the implications of the suggestions, meet with staff involved, and make adjustments where necessary, and where operations will be improved by the changes suggested. He explained that employee loan checks were written directly to several employees because of debit card usage; staff verified that the loan was made for the purchase of a computer per District Computer Purchase Policy; staff was unaware that, as part of the employee Computer Loan Program, employees are responsible for remitting sales tax; a new travel policy, which is in line with the auditors' suggestions, is included in the rewritten Personnel Policy Manual; and recreation staff will strive to continue to monitor independent contractors and verify class attendance.