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SOUTHEASTERN COLORADO WATER CONSERVANCY DISTRICT <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2005 <br />NOTE 7 -NET ASSETS <br />Restricted net assets are net assets whose uses are subject to constraints that are either (1) legally imposed by <br />creditors (such as debt covenants), grantors, or laws or regulations of other governments, or (2) imposed by <br />law through constitutional provisions or enabling legislation. Restricted net assets for governmental activities <br />are as follows: <br />Tabor $ 150,000 <br />Restricted for tabor -This represents approximately 3.7% of the District's 2005 fiscal year spending as that <br />term is defined in the Colorado constitution. Under these provisions of the constitution, this portion of the <br />District's net assets can be used for declared emergencies only and the District must maintain 3% or more of <br />its fiscal year spending in this restricted account. <br />Prior Period Adjustments <br />Net assets of the governmental activities and the business-type activities at January 1, 2005 have been restated <br />from amounts previously reported to reflect (1) the correction of an error in the contract obligation owing to <br />the Bureau of Reclamation and (2) the recognition of deposit liabilities for amounts previously reported as <br />revenue and net assets in the water activity enterprise fund. A summary of prior period adjustments is as <br />follows: <br />Governmental <br />Activities <br />Total net assets at January 1, 2005, as previously reported <br />Prior period adjustments - <br />Reflect correction of contract obligation to the <br />Bureau of Reclamation <br />Reflect correction of previously recorded revenue as <br />deposit liabilities for winter water spill program and <br />regional resource planning <br />Total net assets at January 1, 2005, as restated <br />NOTE 8 -FUND BALANCES <br />$ 51,509,344 <br />319,165 <br />$ 51,828,509 <br />Business-Type <br />Activities <br />$ 1,031,216 <br />(106,237) <br />$ 924,979 <br />Fund balances which are not available for appropriation or are not considered expendable available financial <br />resources are reserved. Unreserved fund balances that have been earmarked by the board of directors for <br />specified purposes are considered designated. Such reserved and designated fund balances at December 31, <br />2005 are as follows: <br />-29- <br />