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March 28, 2017 <br />Page 3 <br />summer. The license agreement with SoCal Edison will allow the multi -use trail system <br />to traverse Edison property; the license has an initial term of four years, which aligns <br />with renewal of other license agreements with SCE. The $2.5 million grant from the City <br />of Thousand Oaks (CTO) will be considered at the CTO's April 11, 2017 Council <br />meeting. Mooney answered Board Member's questions and was thanked for his <br />informative presentation. <br />It was moved by Gibson, seconded by Holt and carried 5-0 to. <br />1. Authorize General Manager to execute a license agreement, #9.6812, with <br />Southern California Edison. <br />2. Authorize General Manager to enter into a grant agreement with City of <br />Thousand Oaks. <br />Diane Rumbaugh, Thousand Oaks, expressed concern over safety issues with the <br />disc golf course's proximity to bikers, hikers, and horseback riders in the park. <br />Ron Siegel, Westlake Village, expressed gratitude to the Board and District staff for <br />putting together plans for a great facility for the whole community. <br />C. Annual Audit Report — FY 2015116 <br />Lewanda introduced Bin Zeng, Supervising Senior Auditor, Moss, Levy & Hartzheim <br />LLP, who presented the results of the subject audit, noting that the District received an <br />unqualified, or "clean," opinion. <br />It was moved by Huffer, seconded by Gibson and carried 5-0 to accept the audit <br />for the fiscal year (FY) ending June 30, 2016, as prepared by the accounting firm <br />of Moss, Levy and Hartzheim, CPAs. <br />D. Annual Review and Adoption of Financial Reserves Policy <br />Lewanda noted this review is done annually; she referenced the Reserve Funds exhibit <br />and explained/defined certain figures therein. Staff is in the process of obtaining <br />quotes to perform updated actuarial reports, which are necessary every three years. <br />It was moved by Gibson, seconded by Jones and carried 5-0 to readopt the <br />District's Financial Reserves Policy <br />E. Award Bid for Old Meadows Park Meeting Room Renovation and Playground <br />Improvement Project (plus contingency) in the amount of $545,150 <br />Hare reported two Old Meadows Park projects have been combined into one contract <br />for efficiency and effectiveness. Staff has been working closely with Therapeutics and <br />TOC staff (TOC programs are held at OMP). There were thirteen interested bidders <br />