Laserfiche WebLink
Conejo Recreation &Park District <br />GENERAL MANAGER <br />Jim Friedl <br />DATE: March 28, 2017 <br />BOARD OF DIRECTORS <br />George M. Lange, Chair <br />Susan L. Holt, Vice Chair <br />Joe Gibson, Director <br />Ed Jones, Director <br />Chuck Huffer, Director <br />GENERAL MANAGER EMERITUS <br />Tex Ward <br />TO: Board of Directors <br />FROM: Jim Friedl, General Mana <br />SUBJECT: Annual Review and Adaption" Financial Reserves Policy <br />RECOMMENDATIONS <br />Readopt the District's Financial Reserve Policy, <br />BACKGROUND <br />In order to fulfill its mission, the Conejo Recreation and Park Uistrict must be financially stable. A well- <br />worn path to financial stability is savings. Financial reserves are basically the District savings, which help <br />to 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 created and adopted the attached Financial Reserves Policy. <br />This Policy was last reviewed by the Board on March 3, 2016. The Balance Sheet as of June 30, 2016 <br />(Exhibit 1) is part of the Audited Financial Statements and lists the balances of the funds within the <br />General Fund which are committed or assigned for particular purposes. These collectively may be <br />referred to as "reserves." <br />The following table is an excerpt from relevant portions of the FY 15116 Balance Sheet. <br />Committed for: <br />Other post employment benefits $9,131,989 <br />Claims $2,523,348 <br />Operating reserve $5,500,000 <br />Equipment replacement $3,819,336 <br />Assigned for: <br />Vested leave $1,257,419 <br />Unassigned: $7,046,868 <br />These funds have been saved over the years to fulfill a particular need or to serve a particular purpose. <br />The attached Policy for Financial Reserves (aka "Reserve Policy") (Exhibit 2) is intended to provide clear, <br />concise and well -articulated reasons and guidance for the accumulation and management of the <br />District's reserve funds. <br />ADMINISTRATIVE OFFICES <br />403 West Hillcrest Drive - Thousand Oaks, CA 91360-4223 <br />(805) 495-6471 • FAX: (805) 497-3199 • Email: parks@crpd.org • Website: www.crpd.org <br />