Annual Audit Report Graton Fire Protection District

Sonoma County Auditor Controller Treasurer Tax Collector [phone]

Description

GRATON FIRE PROTECTION DISTRICT ANNUAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2008 RODNEY A. DOLE SONOMA COUNTY AUDITOR-CONTROLLER TREASURER-TAX COLLECTOR GRATON FIRE PROTECTION DISTRICT Annual Report For the Fiscal Year Ended June 30, 2008 TABLE OF CONTENTS Page Auditor-Controller'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 .................................................... 12 Notes to the Basic Financial Statements ............................................. ...

Informations

• Publié par: Orzu
• Nombre de lectures: 20
• Langue: English

Extrait

     

       

    GRATON FIRE PROTECTION DISTRICT   ANNUAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2008

RODNEY A. DOLE SONOMA COUNTY   AUDITOR - CONTROLLER   TREASURER - TAX COLLECTOR

 

GRATON FIRE PROTECTION DISTRICT   Annual Report 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-Controller'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 .................................................... 12  Notes to the Basic Financial Statements ........................................................................ 13 – 22   Roster of Board Members .................................................................................................... 23                          

 

Auditor-Controller’s Report

                  Board of Directors Graton Fire Protection District Graton, CA         We have audited the accompanying basic financial statements of the Graton 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 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.   As described in Note IV.D 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.   In our opinion, except for the effects, if any, of the impairment to auditor independence, the basic 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.              

 

The Management’s Discussion and Analysis (MD&A) is not a required part of the basic financial statements but is supplementary information required by the Government Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquires to 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.         April 23, 2009    

 

 

Management’s Discussion and Analysis

    As management of the Graton 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 basic financial statements and the accompanying notes to the basic financial statements.   Financial Highlights   •   assets of the District exceeded its liabilities at the close of the most recent fiscal year byThe $2,917,189 (net assets). Of this amount, $1,085,443 (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 $382,552. This increase is a result of revenues exceeding expenses in the governmental activities. •   the District’s governmental fund reported an endingAs of the close of the current fiscal year, fund balance of $1,087,573 an increase of $235,994 in comparison with the prior year. This increase is a result of revenues exceeding expenditures in the governmental fund. The entire fund balance is available for spending at the government’s discretion (unreserved fund balance). •   At the end of the year, unreserved fund balance was $1,087,573 or 189% of the total general fund expenditures of $576,594. •   assets increased by $102,131 during the current fiscal year.The Districts’ capital •   decreased by $44,427 during the current fiscal year.The District's 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.

- 1 -

 

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 intergovernmental revenue and long-term leases).   Fund financial statements fund is a . Agrouping 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. Governmental funds are 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 basic financial statements notes provide additional information that is. The essential to 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 $2,917,189 at the close of the most recent fiscal year.  

- 2 -

 

$1,831,746 of the District’s net assets (63%) reflects its investment in capital assets (e.g., land, buildings and improvements, and equipment), net of related debt. The District uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending.  

Net Assets

2008 2007 $ 1,159,730 $ 911,450 1,925,250 1,823,119 3,084,980 2,734,569 120,246 106,428 47,545 93,504 167,791 199,932

Current and other assets Capital assets, net of accumulated depreciation Total assets Current liabilities Non-current liabilities Total liabilities Net assets: Invested in capital assets, net of related debt 1,831,746 1,685,188 Unrestricted 1,085,443 849,449 Total net assets $ 2,917,189 $ 2,534,637     The balance of unrestricted net assets $1,085,443 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. activities increased the District’s net assets by Governmental $382,552. This increase is a result of revenues exceeding expenses in the governmental activities.   For the Fiscal Year ended June 30, 2007 the District reported Investment and other income of $142,138 under General Revenues. Included within this amount was $99,637 from the State Water Resources Control Board for reimbursement of environmental cleanup expenses. The District reports costs related to environmental cleanup under Program Expenses. Beginning Fiscal year 2007/2008 the District is reporting reimbursements from the State as Operating grants and contributions under Program Revenues, to better match Program Revenues and Program Expenses.  

- 3 -

 

Changes in Net Assets

$

2008

38,051 $ 130,335 64,958

535,951 43,293 812,588

430,036 430,036 382,552 2,534,637 2,917,189 $

2007

4,230 38,025

503,093 142,138 687,486

408,506 408,506 278,980 2,255,657 2,534,637

Revenues Program Revenues: Charges for services Operating grants and contributions Capital grants and contributions General Revenues: Property taxes Investment income and other Total revenues Expenses: Program Expenses: Public safety - fire protection Total expenses Change in net assets Net assets beginning of year - Net assets - end of the year     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 funds 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 funds reported ending fund balances of $1,087,573, an increase of $235,994 in comparison with the prior year. This increase is primarily a result of an increase in property tax revenues and incurring lower than expected expenditures for capital outlay and service and supplies. The entire fund balance amount

- 4 -

$

 

constitutes unreserved fund balance, which is available for spending at the government’s discretion.   General Fund Budgetary Highlights     There were no differences between the original budget and the final budget.   Capital Asset and Debt Administration   Capital assets.The District’s investment in capital assets, as of June 2008, amounts to 30, $1,925,250 (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements, and equipment. The District’s investment in capital assets increased by a total of $102,131 for the current fiscal.   Major capital asset events during the current fiscal year included the following:   •   Equipment acquired with Office of Traffic Safety grant proceeds $56,261 •   Design, planning and permits for the new fire station $91,078 •   Depreciation of the capital assets $45,208.   Additional information on the District’s capital assets can be found in Note III.B of this report.   Debt Administration. the end of the current fiscal year, the District had total long-term At obligations outstanding of $93,504. During the current fiscal year, the District’s total debt decreased by $44,427. Additional information on the District's debt can be found in Notes III.C and D of this report.   Economic Factors and Next Year’s Budgets and Rates   •   The District will continue to move forward with an architect and related sub-contractors to design the new fire station at 3750 Gravenstein Highway North.   •   design review, use permit, and possibly building permit duringThe District will apply for FY08-09.   •   been spent in prior years will be moved to a separate accountOperational funds that have not with the County that is dedicated to building the new fire station.   •   gas station site will continue and expected to cost $100,000 nextThe cleanup of the former year, which the state will reimburse through a clean-up fund.   •   Revenue and expenses will remain stable during FY08-09, a property tax decrease of two percent is anticipated during FY08-09, but strike team revenue will make up for this difference.  

- 5 -

 

• Vehicle maintenance costs will increase as the fleet continues to age; the District does not plan to replace any existing apparatus.   During the current fiscal year, unreserved fund balance in the general fund increased to $1,087,573. The District did not appropriate any of this amount for spending in the 2008-2009 fiscal year budget.   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 A, Graton, California 95444.      

- 6 -

   

 

GRATON FIRE PROTECTION DISTRICT Statement of Net Assets June 30, 2008

Assets Cash and investments Due from other governments Capital assets Land Construction in progress Building and improvements (net of accumulated depreciation) Equipment (net of accumulated depreciation) Total assets Liabilities Accounts payable Accrued interest payable Capital leases payable - Due within one year Non-current liabilities: Capital leases payable - Due in more than one year 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.              

- 7 -

$

$

1,009,729 150,001 1,367,295 91,078 3,172 463,705 3,084,980

72,157 2,130 45,959 47,545 167,791

1,831,746 1,085,443 2,917,189