Shiloh Public Cemetery Audit Report 2008

Sonoma County Auditor Controller Treasurer Tax Collectors Office [phone]

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  SHILOH PUBLIC CEMETERY DISTRICT   ANNUAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2008            

 

SHILOH PUBLIC CEMETERY 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  

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    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 -  Governmental Fund............................................................................................... 12  Statement of Fiduciary Net Assets – Fiduciary Fund .............................................. 13  Statement of Changes in Fiduciary Net Assets -      Fiduciary Fund ...................................................................................................... 14   Notes to the Basic Financial Statements ........................................................................ 15 - 27 Required Supplementary Information .................................................................................. 28 Roster of Board Members .................................................................................................... 29                    

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Auditor-Controller  Treasurer-Tax Collector County of Sonoma    585 FISCAL DRIVE SUITE 101F SANTA ROSA, CALIFORNIA 95403-2819 [phone] FAX [phone]        

Auditor-Controller’s Report

DONNA M. DUNK   ASSISTANT AUDITOR-CONTROLLER ROBERT BOITANO   ASSISTANT TREASURER   PAM JOHNSTON   ASSISTANT TAX COLLECTOR / AUDITOR

       RODNEY A. DOLE  AUDITOR-CONTROLLER TREASURER -TAX COLLECTOR                           Board of Directors Shiloh Public Cemetery District 7130 Windsor Road Windsor, CA 95492           We have audited the accompanying financial statements of the Shiloh Public Cemetery 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.   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 is 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.           April 7, 2009

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Management’s Discussion and Analysis

    As management of the Shiloh Public Cemetery 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 basic financial statements.     Financial Highlights   •   assets of the District exceeded its liabilities at the close of the most recent fiscal year byThe $683,220 (net assets). Of this amount, $281,925 (unrestricted net assets) may be used to meet the government’s ongoing obligations to citizens and creditors. •    increase is a result of revenues ThisThe District’s total net assets increased by $134,877. 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 $299,914, an increase of $1,457, in comparison with the prior year. All of this ending fund balance 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 $299,914 or 66% of the total general fund expenditures of $452,727.     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. 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).  

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Fund financial statementsgrouping of related accounts that is used to maintain fund is a . A 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 a governmental fund and fiduciary fund.   Governmental funds funds are used to account for essentially the same. Governmental 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 a governmental fund to account for its activities, which include burial 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.   Fiduciary funds.Fiduciary funds are used to account for resources held for the benefit of parties outside the district. Fiduciary funds are not reflected in the government-wide financial statement because the resources of those funds are not available to support the district’s own programs. Fiduciary funds use the accrual basis of accounting.   Notes to the basic financial statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.     Government-wide Financial Analysis   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 $683,220 at the close of the most recent fiscal year.  

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A large portion of the District’s net assets (59 percent) 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.   Net Assets June 30, 2008 2008 2007 Current and other assets $ 338,896 $ 344,287 Capital assets 401,295 263,477 Total assets 740,191 607,764

Long-term liabilities outstanding Other liabilities outstanding Total liabilities

 17,989 13,591  38,983 45,831  56,972 59,422

Net assets: Invested in capital assets, net of related debt 401,295 263,477 Unrestricted 281,925 284,866 Total net assets $ 683,220 $ 548,343     The balance of unrestricted net assets ($281,925) 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 $134,877. This increase is a result of revenues exceeding expenses in the governmental activities.  

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Changes in Net Assets For the Fiscal Year Ended June 30, 2008

Revenues: Program Revenues: Burial services General Revenues: Property taxes Investment income and other Total revenues

Expenses: Burial services

2008 2007 $ 79,353 $ 62,804  353,654 329,035  12,759 13,057  445,766 404,896

 319,307

 126,459  8,418  134,877  548,343 $ 683,220

300,251

104,645 8,756 113,401 434,942 548,343

Increase in net assets before transfers Transfers Increase in net assets Net assets - beginning of the 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 fund reported ending fund balances of $299,914, an increase of $1,457 in comparison with the prior year. All of the total amount constitutes unreserved fund balance, which is available for spending at the government’s discretion.   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 $299,914, which equals the total general fund balance. For the same time period, total general fund expenditures were $452,727. 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 66% of total general fund expenditures. The total fund balance equals the unreserved fund balance.

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General Fund Budgetary Highlights   Material differences between the original budget and the final amended budget can be briefly summarized as follows:   •   in property tax revenue due to anticipated increased tax receipts.$39,750 increase •   $5,200 increase in use of money revenue due to projected rise in interest rate revenue. •   salaries and benefits expenditures due primarily to cost of living raises.$20,000 increase in •   in capital outlay due to anticipated construction of new office building.$97,392 increase       Capital Asset and Debt Administration   Capital assets.The District’s investment in capital assets, as of June 30, 2008, amounts to $401,295 (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 $137,819.   Capital assets increased by $140,685 during the current fiscal year due to completion of a buildings and improvements project adding curbs and pavement to the old section of the cemetery.   Additional information on the District’s capital assets can be found in Note III.B in the notes to the basic financial statements.   Long-term debt. At the end of the current fiscal year, the District had total long-term obligations outstanding of $17,989 in compensated absences.     Economic Factors and Next Year’s Budgets and Rates   •   living increase of 3.3 % for employees.On December 12, 2007, the board approved a cost of •   Increase in property tax revenues.   All of these factors were considered in preparing the District’s budget for the fiscal year ending June 30, 2009.   During the current fiscal year, unreserved fund balance in the general fund increased to $299,914. The District has appropriated $299,914 of this amount for spending in the 2008/09 fiscal year budget.  

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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, 7130 Windsor Road, Windsor, CA 95492.        

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SHILOH PUBLIC CEMETERY DISTRICT Statement of Net Assets June 30, 2008

Assets Cash and investments Capital assets (net of accumulated depreciation): Non-depreciable Depreciable Total assets Liabilities Deferred revenue Non-current liabilities: Due in more than one year Total liabilities   Net Assets Invested in capital assets, net of related debt Unrestricted, undesignated Total net assets

$ 338,896  224,250  177,045  740,191

 38,983  17,989  56,972

 401,295  281,925 $ 683,220

The notes to the basic financial statements are an integral part of this statement.

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