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<br />I <br /> <br />I <br /> <br />GROUND WATER MANAGEMENT SUBDISTRICT OF <br />CENTRAL COLORADO WATER CONSERVANCY DISTRICT <br />Greelev. Colorado <br />Notes to Financial Statements <br />December 31. 2001 <br /> <br />I <br /> <br />I <br /> <br />Note 1 - Summary of Sianificant Accounting Policies (Continued) <br /> <br />I <br /> <br />Basis of Presentation <br /> <br />I <br /> <br />The accounts of the Subdistrict are organized on the basis of funds <br />and account group, each of which is considered a separate accounting <br />enti ty. The operations of each fund are accounted for with a <br />separate set of self-balancing accounts that comprise its assets, <br />liabilities, fund equity, revenues and expenditures or expenses, as <br />appropriate. Government resources are allocated to and accounted for <br />in individual funds based upon the purposes for which they are to be <br />spent and the means by which spending activities are controlled. The <br />various funds and account groups are presented in the financial <br />statements as follows: <br /> <br />I <br /> <br />I <br /> <br />GOVERNMENTAL FUNDS: <br /> <br />I <br /> <br />All governmental funds are accounted for on a spending or <br />"financial flow" measurement focus. Under this concept, only <br />current assets and current liabilities are generally reported <br />on their respective balance sheets. Their reported fund <br />balance (net current assets) is considered a measure of <br />"available spendable resources." Governmental fund operating <br />statements report increases (revenue and other financing <br />sources) and decreases (expenditures and other financing <br />uses) in net current assets and, according.ly, present a <br />summary of sources and uses of "available spendable <br />resources" during the period. <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />General Fund The General Fund <br />operating fund of the District. <br />revenues and other receipts that are <br />law to another fund are used to <br />operating expenditures. <br /> <br />is the general <br />All general tax <br />not allocated by <br />finance general <br /> <br />I <br /> <br />I <br /> <br />Ca9ital Projects Fund - The Capital Projects Fund is <br />used to account for the acquisition of water rights <br />and the construction of facilities. Principal <br />sources of revenue are property taxes and earnings on <br />investments. <br /> <br />I <br /> <br />ACCOUNT GROUP: <br /> <br />I <br /> <br />In addition to the funds, a self-balancing account group is <br />established to account for the general fixed assets. <br /> <br />I <br /> <br />The account group is not a "fund." It is concerned only with <br />the measurement of financial position and is not involved <br />with measurement of results of operations. <br /> <br />I <br /> <br />General Fixed Assets The General Fixed Assets <br />Account Group is established to account for all fixed <br />assets of the District. <br /> <br />I <br /> <br />9 <br />