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
921,324,555 13,873,311 935,197,866
Percent Increase (Decrease)*
2% 19% 19%
*Actual percentage decreases and increases of less than .5% are rounded and reported as 0%.
Net Assets: Restricted Invested in capital asset
Total net assets Total liabilities and net assets
1% 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.