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Recreation � Park District GENERAL MANAGER Jim Friedl DATE: February 5, 2015 TO: Board of Directors FROM: Jim Friedl, General Mana SUBJECT: Annual Audit Report RECOMMENDATION BOARD OF DIRECTORS Ed Jones, Chair Chuck Huffer, Vice Chair George Lange, Director Susan L. Holt, Director Joe Gibson, Director GENERAL MANAGER EMERITUS Tex Ward Board of Directors accept the financial statements for the year ending June 30, 2014, as prepared by the accounting firm of Moss, Levy and Hartzheim, CPAs. DISCUSSION Attached are the financial statements for the year ending June 30, 2014. The financial statements represent management's assertions concerning the government's financial position, results of operations and cash flows. The auditor's role is strictly limited to providing users of the financial statements with an independent basis for relying on management's assertions. Consistent with prior years, the auditors have issued an unqualified or "clean" opinion, which means they can state, without reservation, that the financial statements are fairly presented in conformity with generally accepted accounting principles. The auditors had the following findings and recommendations as a result of the FY13-14 audit: Finding — Receipt timing of cash remittances: Inquiry and testing of revenues noted that special event fees in fiscal year 2013-14 and paid in fiscal year 2014-15 were recorded in fiscal year 2013-14. Effect: Significant over or under accrual of fees can misstate revenues and lead to budget misstatements. Recommendation: We recommend that special event fees be recorded in the period in which they were earned. Management's Response: Special event fees will be recorded in the period earned. 403 West Hillcrest Drive I Thousand Oaks, CA 91360-4223 (805) 495-6471 FAX: (805) 497-3199 Email: parks@crpd.org