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Qmj@ o p k 100,2M,QR <br />GENERAL MANAGER <br />Jim Friedl <br />DATE: February 5, 2015 <br />TO: Board of Directors <br />FROM: Jim Friedl, General Manag <br />SUBJECT: Annual Review and Ado -o inancial Reserves Policy <br />RECOMMENDATIONS <br />BOARD OF DIRECTORS <br />Ed Jones, Chair <br />Chuck Huffer, Vice Chair <br />George Lange, Director <br />Susan L. Holt, Director <br />Joe Gibson, Director <br />GENERAL MANAGER EMERITUS <br />Tex Ward <br />Readopt the District's Financial Reserve Policy and modify fund balances as outlined herein. <br />Transfer funds as noted on Exhibit 3. <br />_-7_L r CI:141111LI1. <br />In order to fulfill its mission, the Conejo Recreation and Park District must be financially stable. A <br />well-worn path to financial stability is savings. Financial reserves are basically the District savings, <br />which help to provide adequate funding to meet the District's short-term and long-term goals. In <br />addition, reserve funds can serve as a buffer against both present and future uncertainties. <br />On January 9, 2014, the Board of Directors considered and adopted the attached Financial <br />Reserves Policy. The Balance Sheet as of June 30, 2014 (Exhibit 1) is part of the Audited <br />Financial Statements and lists the balances of the funds within the General Fund which are <br />committed or assigned for particular purposes. These collectively may be referred to as <br />"reserves." <br />The following table is an excerpt from relevant portions of the FY 13/14 Balance Sheet. <br />Committed for: <br />Other post employment benefits: $8,798,564 <br />Claims: $2,511,258 <br />Operating reserve: $5,500,000 <br />Equipment replacement: $3,448,855 <br />Assigned for: <br />Vested leave: $1,247,210 <br />Unassigned: $5,317,114 <br />403 West Hillcrest Drive I Thousand Oaks, CA 91360-4223 <br />(805) 495-6471 FAX: (805) 497-3199 Email: parks@crpd.org <br />