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TOWN OF DEBEQUE, COLORADO <br />NOTES TO FINANCIAL STATEMENTS - continued <br />December 31, 2004 <br />NOTE L- PROPRIETARY FUND BUDGETS, BUDGET AND ACTUAL <br />The Town's proprietary fund budgets are adopted with differences from generally accepted <br />accounting principles. A comparison of budget and actual expenditures with adjustments necessary <br />to convert the expenses at the end of the year on the generally accepted accounting principles (GAAP) <br />basis to the budgetaxy basis are as follows: <br />Revenues reported in accordance with generally <br />accepted accounting principles (GAAP): <br />Operating revenues <br />Interest income <br />Contributions <br />Total Revenues GAAP Basis <br />Modification to GAAP revenues: <br />Add loan proceed <br />Add grant funds recognized as deferred for GAAP basis <br />Revenues on budgetary basis <br />Budget <br />Revenues - Variance - (unfavorable) <br />Expenses reported in accordance with generally <br />accepted accounting principles (GAAP): <br />Operating expenses <br />Interest <br />Amortization of bond issue costs <br />Total expenses GAAP Basis <br />Modification to GAAP expenses: <br />Add debt service principal payments <br />Add capital outlay expenditures <br />Expenditures on budgetary basis <br />Budget <br />Expenses - Variance - favorable (unfavorable) <br />Total Fund Variance - (unfavorable) <br />Water Sewer <br />$ 98,801 <br />4,894 <br />34,150 <br />137,845 <br />$ 39,570 <br />1,219 <br />7,200 <br />47,989 <br />100,000 <br />10 <br />247,845 <br />1,076,500 <br />$ (938,655) <br />Water <br />$ 120,273 <br />10,997 <br />609 <br />131,879 <br />39,381 <br />26,008 <br />197,268 <br />1,087,676 <br />$ 890,408 <br />$ (48,247) <br />0 <br />47,989 <br />53,350 <br />$ (5,361) <br />Sewer <br />$ 68,021 <br />1,085 <br />609 <br />69,715 <br />21,700 <br />91,415 <br />75,576 <br />$ (15,839) <br />$ (21,200) <br />23 <br />