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LOS ANGELES COUNTY CHILDREN AND FAMILIES FIRST – PROPOSITION 10 COMMISSION (a Component Unit ... - page 13 / 47

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California State Law, through its appointment of the Board of Commissioners and its ability to remove the commissioners at will. Consequently, the County of Los Angeles Auditor-Controller’s Office has designated the Commission as a “discretely presented component unit” of the County of Los Angeles and includes a summary of the Commission’s basic financial statements in the County’s basic financial statements.

Government-wide Financial Statements Analysis

The following is a summary of the Commission’s assets, liabilities and net assets comparing FY 2008-09 with FY 2007-08.

Assets: Current and other assets

Capital assets Total assets

$

FY 2008-09

921,324,555 13,873,311 935,197,866

919,828,891

0%

13,847,697

0%

933,676,588

0%

$

FY 2007-08

Percent Increase (Decrease)*

Long-term liabilities

275,875

270,436

Other liabilities

40,028,821

33,614,143

Total liabilities

40,304,696

33,884,579

Liabilities:

2% 19% 19%

881,019,859

885,944,312

13,873,311

13,847,697

894,893,170

899,792,009

*Actual percentage decreases and increases of less than .5% are rounded and reported as 0%.

$935,197,866

$

933,676,588

Net Assets: Restricted Invested in capital asset

Total net assets Total liabilities and net assets

s

1% 0% 0%

0%

The Commission’s total assets of $935,197,866 increase by $1.5 million compared with the prior year. The increase in current and other assets is approximately $1.5 million. Although the year to date expenses exceeded revenues, the total assets have a 0% change from FY 2007-08 to FY 2008-09. The key contributing factors for expenses higher then revenue is due to expenses for provider grants and other allocations were more than expected.

Other liabilities increased by 19% due primarily to activities by Los Angeles Universal Preschool and increased activities to Oral Health/Nutrition Expansion.

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