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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 Accountina Policies (Continued) <br /> <br />I <br /> <br />Propertv Taxes (Continued) <br /> <br />I <br /> <br />Lien Date <br />Levy Date <br />Tax bills mailed <br />First installment due <br />Second installment due <br />If paid in full, due <br />Tax sale - 2000 delinquent <br />property taxes <br /> <br />January 1, 2000 <br />December 22, 2000 <br />January 1, 2001 <br />February 28, 2001 <br />June 15, 2001 <br />April 30, 2001 <br /> <br />November 8, 2001 - Weld <br />November 8, 2001 - Morgan <br />October 4, 2001 - Adams <br /> <br />I <br /> <br />I <br /> <br />Progertv Taxes Receivable <br /> <br />I <br /> <br />Property taxes levied in 2001 for collection in 2002 are identified <br />as property taxes receivable and deferred revenue at December 31, <br />2001. <br /> <br />I <br /> <br />Accrued Compensated Absences <br /> <br />I <br /> <br />Sick leave does not accrue and employees are not paid for sick leave <br />upon retirement or other termination. Vacation is required to be <br />taken in the year earned or within six months after the employee's <br />anniversary date. The District accrues a liability for compensated <br />absences which meet the following criteria: <br /> <br />I <br /> <br />(1 ) <br /> <br />The District's obligation relating to employees' rights <br />to rece1ve compensation for future absences is <br />attributable to employees' services already rendered. <br /> <br />I <br /> <br />(2 ) <br /> <br />The obligation relates to rights that vest or accumulate. <br /> <br />(3) Payment of the compensation is probable. <br /> <br />I <br /> <br />(4 ) <br /> <br />The amount can be reasonable estimated. <br /> <br />I <br /> <br />In accordance with the above criteria the District has no significant <br />liability for vacation pay which has been earned but not taken by <br />District employees. <br /> <br />I <br /> <br />Comparative Data <br /> <br />I <br /> <br />Comparative total data for the prior year has been presented in the <br />accompanying financial statements in order to provide an under- <br />standing of changes in the District's financial position and <br />operations. However, complete comparative data (i.e., presentation <br />of prior year totals by fund type in each of the statements) has not <br />been presented since its inclusion would make the statements unduly <br />complex and difficult to read. <br /> <br />I <br /> <br />I <br /> <br />12 <br />