FINANCE & ACCOUNTING
The District’s Community Services Fund ended the year with a net position of $63.61 million, reflecting a decrease of $1.49 million from the prior year; the Beach Fund ended the year with a net position of $10.95 million, reflecting an increase of $1.22 million from the prior year. As of June 30, 2022 the District had total bond debt outstanding of $3.44 million including Utility Revenue Bonds outstanding of $2.99 million and Recreation Bonds outstanding totaling $0.39 million. The District retired $0.96 million in bond principal during the fiscal year.
FINANCE & ACCOUNTING PAUL NAVAZIO
K E Y IN ITIATIV E S Over the past year, District management has worked with the Board of Trustees and Audit Committee to review and update
This article provides selected financial
Pipeline Replacement Project. With this
several key fiscal policies, including:
highlights from this past fiscal year, as
project expected to begin construction this
• Updating the District’s Reserve Policy
well as updates on several key initiatives
fiscal year, the Utility Fund’s rate model
underway aimed at improving and
and forecast point to rate increases needed
streamlining fiscal operations, financial
over the next several years in order to meet
management and internal controls over the
newly-adopted reserve requirements,
District’s financial resources and assets.
including both operating and capital
F I NANCI AL HI GHLIGHT S
reserves. Highlights of the District’s (unaudited)
strong financial “fundamentals” as
financial results through the fiscal year
measured by consistent and reliable annual
ending June 30, 2022 include:
Position, very low levels of debt, and healthy reserves within the District’s General Fund, Community Services Fund and Beach Fund.
a healthy unrestricted net position on our unaudited financial statements, the majority of these (around $15.5 million as of June 30, 2022) have been designated to support the pending Effluent Export
30 | IVGID Quarterly
Concurrent with adoption of updated Board Policies and Practices, staff is in the process of completing a comprehensive review and Accounting procedures documents.
of $6.54 million, representing an increase of $0.81 million over the prior year. Of this unassigned fund balance.
waste. While the Utility Fund reports
Community Service venues (Board
ending fund balance, as of June 30, 2022,
the management of the District’s Utility
and sewer operations, along with solid
• Adopting a new Pricing Policy for its
update of the District’s internal Finance and
amount, a total $5.69 million represents the
and capital needs of our essential water
Policy (Board Policy 8.1.0), and
The District’s General Fund reported an
An area that warrants close attention is Fund, which provides for the operations
• Updating the District’s Capitalization
Practice 6.2.0)
Overall, the District continues to enjoy
revenue sources, strong reported Net
(Board Policy 7.1.0)
Under the direction of the Boardappointed Audit Committee, the District’s independent auditor (DavisFarr, LLP) has been engaged to conduct two supplemental
The District’s Utility Fund ended the year
engagements, concurrent with its annual
with a net position of $76.44 million,
financial audit. These include a focused
representing a decrease of $0.55 million
review on the District’s purchasing
over the prior year. Of this amount,
and contracting activities as well as the
approximately $15.5 million represents
District’s accounting for capital assets, for
funds set-aside by the Board of Trustees to
compliance with board policies and best
support the Effluent Export Pipeline Project.
practices.