Comprehensive Annual Financial Report - South Suburban Parks ...

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Platte Park Management Plan. South Metro Land Conservancy was another partner in this acquisition. • Big Dry Creek Trailhead Acquisition: The 2.92 acre parcel located on Big Dry Creek east of Littleton High School was purchased for trailhead to the Big Dry Creek trail. ACCOUNTING SYSTEM AND BUDGETARY CONTROLS The accounting policies of the District are based on generally accepted accounting principles (GAAP) applicable to governmental units. The District’s accounting system is an integrated financial management system organized and operated on a fund basis. Each fund is a distinct and self-balancing accounting entity. The District’s Finance Department is responsible for establishing and maintaining an internal control structure to ensure that the assets of the government are protected from loss, theft or misuse and to ensure that adequate accounting data is compiled to allow for the preparation of financial statements in conformity with GAAP. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that the cost of control should not exceed the benefits likely to be derived and that the valuation of costs and benefits requires estimates and judgments by management. In accordance with the State Budget Law, the District’s Board of Directors holds public hearings in the fall each year to approve the budget and appropriate the funds for the ensuing year. The appropriation is at the total fund expenditures level and lapses at year end. The appropriation can only be modified upon completion of notification and publication requirements. The District’s Board of Directors can modify the budget by line item within the total appropriation without notification. The District maintains budgetary controls by not permitting expenditures to exceed appropriations. Financial Policies. Detailed descriptions of the District’s accounting policies are contained in Note 2 of the Financial Statements of this report. These policies describe the basis of the accounting, funds and accounts used, valuation policies for inventories and investments, capital assets and other significant accounting information. The District maintains a number of budgetary controls. The objective of budgetary controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the District Board of Directors. Activities of all funds are included in the annual appropriated budget. v
OTHER INFORMATION Independent Audit. State Statute requires an annual audit by an independent certified public accountant. Auditing Standards Generally Accepted in the United States of America were used by the auditors in conducting the engagement. The firm of John Cutler & Associates LLC was selected by the District Board of Directors to audit the 2010 financial statements. Their report is included. Awards. The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to South Suburban Park and Recreation District for its comprehensive annual financial report for the fiscal year ended December 31, 2009. This was the ninth consecutive year that the District has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet the Certificate of Achievement program’s requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. The District was also awarded the Distinguished Budget Presentation Award for the budget beginning January 1, 2010 from the Government Finance Officers Association of the United States and Canada (GFOA). In order to qualify for the Distinguished Budget Presentation Award, the District’s budget document had to be judged proficient as a policy document, a financial plan, an operations guide, and a communications device. The 2010 Budget was the first budget the District submitted for this award. The District’s 2011 Budget has also been submitted for review from the GFOA’s Distinguished Budget Presentation Award program. Additionally, the District was selected as a finalist for the 2010 National Gold Medal Award for Excellence in Park and Recreation Management. The Gold Medal Award honors communities throughout the United States that demonstrate excellence in long-range planning, resource management, volunteerism, environmental stewardship, program development, professional development and agency recognition. Each agency is judged on its ability to address the needs of those it serves through the collective energies of citizens, staff and elected officials. The District has been recognized eight other times as a Finalist and three times as a top winner of the prestigious Gold Medal Award. vi
Page 1 and 2: South Suburban Park & Recreation Di
Page 3 and 4: TABLE OF CONTENTS PAGE INTRODUCTORY
Page 5: TABLE OF CONTENTS PAGE STATISTICAL
Page 8 and 9: service, and retail positions repre
Page 12 and 13: Acknowledgments. These financial st
Page 16 and 17: Board of Directors South Suburban P
Page 18 and 19: Management’s Discussion and Analy
Page 20 and 21: wide financial statements. By doing
Page 22 and 23: The table below shows the summarize
Page 24 and 25: ● ● ● ● Program expenses in
Page 26 and 27: Proprietary Funds Unrestricted Net
Page 28 and 29: Debt The District’s General Oblig
Page 30 and 31: SOUTH SUBURBAN PARK AND RECREATION
Page 32 and 33: Net (Expense) Revenue and Changes i
Page 38 and 39: Conservation Trust Fund Variance wi
Page 60 and 61:
SOUTH SUBURBAN PARK AND RECREATION
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Page 64 and 65:
Page 66 and 67:
INDIVIDUAL FUND STATEMENTS AND SCHE
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CONSERVATION TRUST FUND The Conserv
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DEBT SERVICE FUND The Debt Service
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ENTERPRISE FUND The Enterprise Fund
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SUPPLEMENTAL INFORMATION
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$9,620,000 Certificates of Particip
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$999,863 Capital Lease Payable Bays
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South Suburban Park and Recreation
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Changes in Net Assets South Suburba
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Schedule 11 Business-type Activitie
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Schedule 12 Net Outstanding General
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(continued) Scheduled 12 (1) (2) (3
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Schedule 13 2005 2006 2007 2008 200
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Schedule 14 2005 2006 2007 2008 200
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Schedule 17 2008 2009 2010 5.08 4.9
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Schedule 18 2009 2010 178,756 183,1
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