IVGID Quarterly October 2022

Page 30

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.


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.
IVGID Quarterly October 2022 by CCMedia Publishing - Issuu