Annual Indepentent Auditor’s Report

The annual independent auditor’s report consists of a series of financial statements. The Statement of Net Position and the Statement of Activities provides information about the activities and performance of the District using accounting methods similar to those used by private sector companies. The Statement of Net Position includes all of the District’s investments in resources (assets) and the obligations to creditors (liabilities). It also provides the basis for computing a rate of return, evaluating the capital structure of the District and assessing the liquidity and financial flexibility of the District.

All of the current year’s revenue and expenses are accounted for in the Statement of Activities. This statement measures the District’s operations over the past year and can be used to determine the District’s net operating reserves and credit worthiness.

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District Budget

The Board of Trustees reviews a preliminary budget and then approves a final budget each year prior to the beginning of the new fiscal year. The Board conducts a public hearing prior to adoption of the final budget.

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