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Audit Report 2008 Rancho Adobe Fire Protection District

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31 pages
RANCHO ADOBE FIRE PROTECTION DISTRICT ANNUAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2008 RODNEY A. DOLE SONOMA COUNTY AUDITOR-CONTROLLER TREASURER-TAX COLLECTOR RANCHO ADOBE FIRE PROTECTION DISTRICT Basic Financial Statements For the Fiscal Year Ended June 30, 2008 T A B L E O F C O N T E N T S Page Auditor’s Report Management’s Discussion and Analysis ........................................................................ 1 – 6 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Assets ..................................................................................... 7 ent of Activities ........................................................................................ 8 Fund Financial Statements: Balance Sheet – Governmental Fund .................................................................. 9 Statement of Revenues, Expenditures, and Changes in Fund Balance –Governmental Fund ............................................. 10 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance of Governmental Fund to the Statement of Activities........................................... 11 Statement of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – Governmental Fund........................................ 12 Notes to the Basic Financial ...
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RANCHO ADOBE FIRE PROTECTION DISTRICT
ANNUAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2008
RODNEY A. DOLE SONOMA COUNTY AUDITOR-CONTROLLER TREASURER-TAX COLLECTOR
RANCHO ADOBE FIRE PROTECTION DISTRICT Basic Financial Statements For the Fiscal Year Ended June 30, 2008
T A B L E O F C O N T E N T S
Page
Auditor’s Report Management’s Discussion and Analysis ........................................................................ 1 – 6 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Assets ..................................................................................... 7 Statement of Activities ........................................................................................ 8 Fund Financial Statements: Balance Sheet – Governmental Fund.................................................................. 9 Statement of Revenues, Expenditures, and  Changes in Fund Balance –Governmental Fund ............................................. 10 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance of  Governmental Fund to the Statement of Activities........................................... 11 Statement of Revenues, Expenditures and Changes in Fund  Balance – Budget and Actual – Governmental Fund........................................ 12 Notes to the Basic Financial Statements ....................................................................13 – 25 Required Supplementary Information……………………………………………………………………………... 26 Roster of Board Members ............................................................................................... 27
RODNEY A. DOLE AUDITOR-CONTROLLER TREASURER -TAX COLLECTOR
Auditor-Controller  Treasurer-Tax Collector County of Sonoma 585 FISCAL DRIVE SUITE 101F SANTA ROSA, CALIFORNIA 95403-2819 (707) 565-2631 FAX (707) 565-3489
Board of Directors Rancho Adobe Fire Protection District Rancho Adobe, CA
DONNA M. DUNK ASSISTANT AUDITOR-CONTROLLER ROBERT BOITANO ASSISTANT TREASURER PAM JOHNSTON ASSISTANT TAX COLLECTOR / AUDITOR
Auditor-Controller’s Report We have audited the accompanying financial statements of the Rancho Adobe Fire Protection District (the District), as of and for the year ended June 30, 2008, which collectively comprise the basic financial statements as listed in the table of contents. These basic financial statements are the responsibility of the District’s management. Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the District as of June 30, 2008, and the respective changes in its financial position for the year then ended, in conformity with accounting principles generally accepted in the United States of America. As described in Note IV.C of the Notes to the Basic Financial Statements, the Auditor-Controller is mandated by various statutes within the California Government Code to perform certain accounting, auditing, and financial reporting functions. These activities, in themselves, necessarily impair the auditor’s independence. However, we believe adequate safeguards and divisions of responsibility exist. We also believe that subject to this qualification, the information in the audit report can be relied upon. The Management’s Discussion and Analysis (MD&A) on pages 1 through 6 is not a required part of the basic financial statements but are supplementary information required by the Government Accounting Standards Board. We have applied certain limited
procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it.
procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it.
December 10, 2008
Management’s Discussion and Analysis
As management of the Rancho Adobe Fire Protection District (the District) we offer readers of the District’s financial statements this narrative overview and analysis of the financial activities of the District for the fiscal year ended June 30, 2008. We encourage readers to consider the information presented here in conjunction with the District’s financial statements and the accompanying notes to the financial statements.
Financial Highlights
assets of the District exceeded its liabilities at the close of the most recent fiscal year byThe $2,177,277 (net assets). Of this amount, $510,479 (unrestricted net assets) may be used to meet the government’s ongoing obligations to citizens and creditors. The District’s total net assets increased by $80,424. This increase is a result of revenues exceeding expenses in the governmental activities. As of the close of the current fiscal year, the District’s governmental fund reported an ending fund balance of $877,923, a decrease of $498,701, in comparison with the prior year. Approximately 53% of this total amount is available for spending at the government’s discretion (unreserved fund balance). At the end of the year, unreserved fund balance for the general fund was $464,879 or 12% of the total general fund expenditures of $3,814,932. decreased by $44,079 (5%) during the current fiscal year.The District’s total long-term debt Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the District’s basic financial statements. The District’s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.
Government-wide financial statements:The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.
The statement of net assets presents information on all of the District’s assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.
The statement of activities presents information showing how the government’s net assets changed during the most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows.
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Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). Fund financial statements: A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District’s funds are governmental funds. Governmental funds funds : Governmentalare used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statements of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The District uses governmental funds to account for its activities, which include fire protection services in the district boundaries. The district adopts an annual appropriated budget for its funds. A budgetary comparison statement has been provided for the general fund to demonstrate compliance with this budget. Notes to the financial statementsprovide additional information that is essential to notes : The a full understanding of the data provided in the government-wide and fund financial statements. Government-wide Financial Analysis The District applied Governmental Accounting Standards Board (GASB) Statement No. 34 in this report. As noted earlier, net assets may serve over time as a useful indicator of a government’s financial position. In the case of the District, assets exceeded liabilities by $2,177,277 at the close of the most recent fiscal year. A large portion of the District’s net assets (77%) reflects its investment in capital assets (e.g., land, buildings and improvements and equipment). The District uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending.
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Net Assets
Current and other assets Capital assets Total assets Long-term liabilities outstanding Other liabilities outstanding Total liabilities Net assets: Invested in capital assets, net of related debt Unrestricted Total net assets
2008 2007 $ 1,249,595 1,410,381 2,155,671 1,623,716 3,405,266 3,034,097 1,138,013 851,378 89,976 36,420 1,227,989 887,798
1,666,798 1,316,576 510,479 829,723 $ 2,177,277 2,146,299
The balance of unrestricted net assets ($510,479) may be used to meet the District’s ongoing obligations to citizens and vendors. At the end of the current fiscal year, the District is able to report positive balances in both categories of net assets. The same held true for the prior fiscal year. Governmental activities: Governmental activities increased the District’s net assets by $80,424. This increase is a result of revenues exceeding expenses in the governmental activities.
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Changes in Net Assets
Revenues: Program Revenues: Public safety - fire protection General Revenues: Property taxes Investment income and other Total revenues Expenses: Program Expenses: Public safety - fire protection Total expenses Other financing sources (uses) Loss on sale of capital asset Increase (decrease) in net assets Net assets - beginning of the year, as restated Net assets - end of the year
2008 2007
$ 242,689 146,532 3,001,302 2,816,135 58,004 138,103  3,301,9953,100,770 
 3,185,6202,951,266  3,185,6202,951,266 
(35,951) -80,424 149,504 2,096,853 1,996,795 $ 2,177,277 2,146,299
Financial Analysis of the Government’s Funds As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with finance-related requirements. Governmental funds:The focus of the District’s governmental fund is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the District’s financing requirements. In particular, unreserved fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. As of the end of the current fiscal year, the District’s governmental fund reported ending fund balance of $877,923, a decrease of $498,701 in comparison with the prior year. Fifty-three percent of the total amount constitutes unreserved fund balance, which is available for spending at the government’s discretion. The remainder of fund balance is reserved for equipment, uncertainties and reserved Thorne funds.
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The general fund is the chief operating fund of the District. At the end of the current fiscal year, unreserved fund balance of the general fund was $464,879, while the total fund balance was $877,923. As a measure of the general fund’s liquidity, it may be useful to compare unreserved fund balance and total fund balance to total fund expenditures. Unreserved fund balance represents 12% of total general fund expenditures.
General Fund Budgetary Highlights Material differences between the original budget and the final amended budget can be briefly summarized as follows: $71,500 increase in property taxes due to a greater than anticipated collection of property tax revenue. miscellaneous revenues increased by $343,700 due to the addition of the cellBudgeted towers sale proceeds. Capital outlay increased by $208,991 due to additional equipment purchases. Capital Asset and Debt Administration Capital assets.The District’s investment in capital assets, as of June 30, 2008, amounts to $2,155,671 (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements, and equipment. The total increase in the District’s investment in capital assets for the current fiscal year was $531,954. Major capital asset events during the current fiscal year included the following: Depreciation of the capital assets ($68,368)  ($98,192)Restatement of capital assets  ($174,156)Retirement of capital assets Purchase of equipment $583,573 Purchase in building improvements $116,382 Additional information on the District’s capital assets can be found in note III.B of this report. Debt Administration: At the end of the current fiscal year, the District had total long-term obligations outstanding of $807,300 including $620,000 in a capital lease and $187,300 in compensated absences. During the current fiscal year, the District’s total long-term debt decreased by $44,079.
Economic Factors and Next Year’s Budgets and Rates Three percent increase in wages. Significant decrease in property tax revenue.
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All of these factors were considered in preparing the District’s budget for the fiscal year ending June 30, 2009.
Request for Information
This financial report is designed to provide a general overview of the District’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the District, P. O. Box 1029, Penngrove, CA 94951-1029.
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Rancho Adobe Fire Protection District Statement of Net Assets June 30, 2008
Assets Cash and investments Flat charges receivable Capital assets: Non-depreciable Depreciable, net Total assets Liabilities Accounts payable Accrued interest payable Capital lease - due within one year Non-current liabilities: Due in more than one year Deferred revenue Total liabilities Net Assets Invested in capital assets, net of related debt Unrestricted Total net assets
$
$
The notes to the basic financial statements are an integral part of this statement.
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1,235,165 14,430 74,634 2,081,037 3,405,266
40,959 49,017 24,568 782,732 330,713 1,227,989
1,666,798 510,479 2,177,277