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SOUTHEASTERN COLORADO WATER CONSERVANCY DISTRICT <br />NOTES TO REQUIRED SUPPLEMENTARY INFORMATION <br />DECEMBER 31, 2005 <br />BUDGETARY INFORMATION <br />Southeastern Colorado Water Conservancy District (the District) adheres to the following procedures in <br />establishing the budgetary data reflected in the budgetary comparison schedule. <br />On or before October 15, the executive director and the director of finance and special projects submits <br />to the board of directors a proposed budget for the fiscal year commencing the following January 1. The <br />budget includes proposed expenditures and the means of financing them. Public hearings are conducted <br />by the board of directors to obtain taxpayer comments. The District adopts budgets for all funds. All <br />funds, including the enterprise fund, use the current financial resources measurement focus and the <br />modified accrual basis of accounting in preparing the budgets. <br />Expenditure estimates in the annual budget are enacted into law by the passage of appropriation <br />resolutions. Budgetary control exists at the total fund level and encumbrance accounting is not employed <br />as a part of the budgetary process. The budget amounts reported reflect all amendments enacted by the <br />District and these amendments were approved in accordance with state law. <br />-34- <br />