FINANCE & ACCOUNTING UPDATE
DISTRICT'S CAFR IS COMPLETE The District’s Comprehensive Annual Financial Report (CAFR) for the fiscal year that ended June 30, 2020 was completed and filed with the State of Nevada, Department of Taxation on February 15, 2021. The report includes the independent auditor’s report which provided an “unmodified” opinion, as well as the Auditor's Report on Internal Controls that identified two finding of material weaknesses. District management will be working with the Boardappointed Audit Committee to address the auditor’s findings as well as continue to implement recommendations to improve the District’s financial reporting, with an emphasis on enhancing transparency and understanding of the District’s financial position. The following are selected highlights from the CAFR for the year ended June 30, 2020: • The District’s net position as of June 30, 2020 was $158.37 million and reflects an increase in net position of $5.41 million over the prior year. Of this amount, a total of $36.63 million (unrestricted net position) is available to meet the District’s future obligations, including future planned capital projects. • The net position of the District’s governmental activities increased by $4.02 million (to $79.67 million) and the net position of the District’s business-type activities increased by $1.39 million (to $78.70 million).
• The District’s General Fund reported an ending fund balance, as of June 30, 2020, of $4.63 million, representing an increase of $0.86 million over the prior year. Of this amount, a total $3.11 million represents the unassigned fund balance. • The District’s Community Services Special Revenue Fund ended the year with a fund balance of $15.28 million, reflecting an increase of $1.95 million from the prior year; the Beach Special Revenue Fund ended the year with a fund balance of $2.59 million, reflecting an increase of $0.78 million from the prior year. The entire fund balance within the District’s Community Services and Beach Special Revenue funds are either restricted or assigned for future use to support the District’s recreational programs and facility improvements. • As of June 30, 2020 the District had total bond debt outstanding of $5.22 million including Utility Revenue Bonds outstanding of $4.08 million and Recreation Bonds outstanding totaling $1.14 million. The District retired $0.89 million in bond principal during the fiscal year. In February, management also provided the Board of Trustees with a Mid-Year Budget Update which included financial results through December 31, 2020 – the first six months of the current fiscal year. Overall, despite the ongoing impacts from reduced access to selected venues and programming, the District financial results reflect favorable variances relative to the approved budget.
34 | IVGID Quarterly Incline Village General Improvement District
