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TOWN OF DEBEQUE, COLORALIO <br />NOTES TO FINANCIAL STATEMENTS - eontinued <br />December 31, 2004 <br />NOTE A- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued <br />or applicants who purchase, use, or directly benefit from goods, servi'ces, or privileges provided by a <br />gaven function or segment and 2) grants and contributions that are restricted to meeting the <br />operational or capital requirements of a particular function or segment. Taxes and other items not <br />properly included among program revenues are reported instead as general revenues. <br />Separate financial statements are provided for governmental funds, p�oprietary funds, and fiduciary <br />funds, even though the later are excluded from the government-wide '��inancial statements. Major <br />individual governmental funds and major individual enterprise funds''�,are reported as separate columns <br />in the fund financial statements. <br />available only when cash is received by the government. <br />measurement focus and the modified accrual basis of accounting. ] <br />as they are both measurable and available. Revenues are considerE <br />collectible within the current period or soon enough thereafter to pa <br />For this purpose, the government considers revenues to be availabl <br />days of the end of the current fiscal period. Expenditures generall� <br />incurred, as under accrual accounting. However, debt service <br />judgments, are recorded only when payment is due. Property taxes <br />current fiscal period are all considered to be susceptible to accrual <br />revenues of the current fiscal period. All other revenue items are � <br />C: Measurement Focus, Basis of Accounting, and Financial Statement Presentation <br />The government-wide financial statements are reported using the economic resources measurement <br />facus and the accrual basis of accounting, as axe the proprietary fund and fiduciary fund financial <br />statements. Revenues are recorded when earned and expenses �re recorded when a liability is <br />ineurred, regardless of the timing of related cash flows. Property ta�es are recognized as revenues in <br />the year for which they are levied. Grants and similar items are recdgnized as revenue as soon as all <br />eligibility requirements imposed by the provider have been met. , <br />Governmental fund financial statements are reported using the current financial resources <br />The Town reports the following major governtnental funds: <br />• The General Fund is the Town's primary operating fund. It a <br />resources of the general government, except those required to <br />fund. <br />evenues are recognized as soon <br />l to be available when they are ' <br />liabilities of the current period. <br />if they are collected within 60 ' <br />are recorded when a liability is <br />expenditures, and claims and <br />�nd interest associated with the , <br />�nd so have been recognized as <br />>nsidered to be measurable and <br />, <br />unts for all financial <br />accounted for in another <br />' <br />• The Capital Improvements Fund is used to account for finan� <br />acquisition or construction of major capital facilities other th <br />proprietary funds. <br />• The Parks Special Revenue Fund is used to account for Park <br />l resources used for the <br />those financed by trust or <br />� <br />� <br />13 ' <br />