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C150160 Feasibility Study
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C150160 Feasibility Study
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Last modified
3/9/2011 11:09:45 AM
Creation date
3/26/2007 10:15:31 PM
Metadata
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Template:
Loan Projects
Contract/PO #
C150160
Contractor Name
Central Colorado Water Conservancy District
Contract Type
Loan
Water District
0
County
Adams
Morgan
Weld
Loan Projects - Doc Type
Feasibility Study
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<br />I <br /> <br />I <br /> <br />I <br /> <br />GROUND WATER MANAGEMENT SUBDISTRICT OF <br />CENTRAL COLORADO WATER CONSERVANCY DISTRICT <br />Greeley. Colorado <br />Notes to Financial Statements <br />December 31. 2001 <br /> <br />I <br /> <br />Note 1 - Summary of Significant Accounting Policies (Continued) <br /> <br />I <br /> <br />Fixed Assets <br /> <br />I <br /> <br />All fixed assets are valued at historical cost or estimated <br />historical cost if actual historical cost is not available. Donated <br />fixed assets are valued at their estimated fair value on the date <br />donated. <br /> <br />I <br /> <br />Fixed assets used in governmental fund type operations (general fixed <br />assets) are accounted for in the General Fixed Assets Account Group, <br />rather than in governmental funds. Acquisitions of general fixed <br />assets are recorded as capital outlay expenditures within the <br />governmental funds. No depreciation has been provided on general <br />fixed assets. Fixed assets with a unit cost of $500 or more are <br />capitalized. <br /> <br />I <br /> <br />I <br /> <br />Estimates <br /> <br />I <br /> <br />The preparation of financial statements in conformity with generally <br />accepted accounting principles requires management to make estimates <br />and assumptions that affect certain reported amounts and disclosures. <br />Accordingly, actual results could differ from those estimates. <br /> <br />I <br /> <br />Basis of Accounting <br /> <br />I <br /> <br />Basis of accounting refers to when revenues and expenditures or <br />expenses are recognized in the accounts and reported in the fi~ancial <br />statements. Basis of accounting relates to the timing of the <br />measurements made, regardless of the measurement focus applied. <br /> <br />I <br /> <br />All governmental funds are accounted for using the modified accrual <br />basis of accounting. Their revenues are recognized when they become <br />measurable and available as net current assets. Therefore, property <br />taxes are recorded as revenue when received even though the taxes are <br />levied as of January 1 of eacn year. Other revenues are recorded <br />when received in cash because they are generally not measurable until <br />actually received. Interest income is accrued, when its receipt <br />occurs soon enough after the end of the accounting period so as to be <br />both measurable and available. <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />Expenditures are generally recognized under the modified accrual <br />basis of accounting when the related fund liability is incurred <br />except that principal and interest on general long-term debt are <br />recognized when due. <br /> <br />I <br /> <br />Budaets and Budaetary Accounting <br /> <br />The Board of Directors follows these procedures in establishing the <br />budgetary data reflected in the financial statements: <br /> <br />I <br /> <br />I <br /> <br />10 <br />
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