COSCA accepts FY 2023–24 audit; net position rises after large land transfers

The Conejo Open Space Conservation Agency voted unanimously to accept and file its audited financial statements for fiscal year 2023–24 and made the accompanying CEQA exemption finding.

COSCA administrative officer Brian Stark summarized the audited statements prepared by Rogers, Anderson, Malody & Scott, the city’s external auditor. Stark reported that COSCA’s net position increased by $21,800,000 to $119,100,000; capital assets rose by $21,500,000 to $108,700,000. Stark attributed those increases largely to additions of approximately $21,600,000 in land transfers from the City of Thousand Oaks to COSCA. The transfers reflected a multi‑year set of approvals by the city council, with deeds recorded when transfers were finalized.

Stark said program revenues increased by about $14,400,000 compared with the prior fiscal year, primarily because of capital grants and contributions in the form of land. He said COSCA also received about $400,000 in operating grants and contributions — including funds from the Santa Monica Mountains Conservancy for emergency access road repairs at Lang Ranch and fuel‑modification projects in the Royal Canal — and that program expenses decreased by roughly $300,000. COSCA ended the year with about $10,300,000 in cash and investments held for future open‑space acquisition and maintenance, an increase of approximately $400,000 from the prior year; Stark noted a settlement distribution tied to the Woolsey Fire contributed to that increase.

After brief clarifying questions from directors, the board approved a motion to accept and file the audited financial statements and to find the item exempt from the California Environmental Quality Act. Director Newman moved, Director Sullivan seconded; a roll-call vote recorded Vice Chair Newman, Director Nichols, Director Sullivan and Chair Huffer voting in favor. Motion carried 4–0.