C150160 Feasibility Study

• Contract/PO #: C150160
• Contractor Name: Central Colorado Water Conservancy District
• Contract Type: Loan
• Water District: 0
• County: Adams
• County: Morgan
• County: Weld
• Loan Projects - Doc Type: Feasibility Study

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GROUND WATER MANAGEMENT SUBDISTRICT OF
CENTRAL COLORADO WATER CONSERVANCY DISTRICT
Greelev. Colorado
Notes to Financial Statements
December 31. 2001

Note 1 - Summary of Sianificant Accountina Policies (Continued)

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( 1)

Budaets and Budaetarv Accounting (Continued)

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(2)

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(4 )

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(5 )

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( 6)

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(7)
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In accordance with state law, prior to October 15, the
budget committee submits to the Board of Directors a
proposed operating budget for the calendar year
commencing the following January 1. The operating budget
includes proposed expenditures and the means of financing
them for the upcoming year, along with estimates for the
current year and actual data for the prior year. In
addition, more detailed line item budgets are included
for administrative control. The level of control for the
detailed budgets is at the fund level.

Public hearings are conducted to obtain taxpayers'
comments.

Prior to December 31, the budget is formally adopted by
resolution. An appropriating resolution is then adopted
to set spending limits which cannot exceed the amounts
that appear in the adopted budget.

The accounting personnel are required to present monthly
reports to the Board of Directors explaining any variance
from the approved budget.

Formal budgetary integration is employed as a management
control device during the year for governmental funds.

Budgets for the governmental funds are adopted on a basis
consistent with generally accepted accounting principles
(GAAP) .

Appropriations lapse at the end of each calendar year.

A supplemental budget appropriation for the General Fund
in the amount of $20,000 was approved by the Board
of Directors on December 18, 2001.

Property Taxes

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Under Colorado law, all property taxes become due and payable in the
year following that in which they are levied. Property taxes are
recognized as revenue when received by the County Treasurer. The
2001 fiscal year property tax calendars for Weld, Morgan, and Adams
Counties were as follows:

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