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Park Center Water District Notes fo the Financial Statements D Federal Financial Assistance Programs The District has received significant amounts of money in the form of Federal grants and loans. Such grants and loans are subject to audit by the grantor agency. As of December 31, 2005, significant amounts of these grants had not been audited by the respective agencies. 6 Defined Benefit Pension Plan Plan Descriptions -The District contributes to the Combined Municipal Division Trust Fund (CMDTF), acost-sharing multiple-employer defined benefit pension plan administered by the Public Employees Retirement Association of Colorado (PERA). CMDTF provides retirement and disability, annual increases, and death benefits for members or their beneficiaries. All employees of the District are members of the CMDTF. Title 24, Article 51 of Colorado Revised Statutes (CRS), as amended assigns the authority to establish benefit provisions to the State Legislature. PERA issues a publicly available annual fmancial report that includes financial statements and required supplementary information for CMDTF. That report may be obtained by writing to PERA of Colorado, 1300 Logan Street, Denver, Colorado 80203 or by calling PERA at (303) 832- 9550 or (800) 759-7372. Basis of Accounting for the CMDTF -The financial statements of CMDTF are prepared using the accrual basis of accounting. Plan member contributions are recognized in the period in which the contributions are due. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. CMDTF plan investments are presented at fair value except for short-term investments that are recorded at cost, which approximates fair value. Funding Policy -Plan members and the District are required to contribute at a rate set by statute. The contribution requirements of plan members and the District are established under Title 24, Article 51, Part 4 of the CRS, as amended. The contribution rate for members is 8% and for the District is 9.43% of covered salary. The District's contributions to CMDTF for the years ended December 31, 2005 and 2004 were $25,501 and $28,028, respectively, equal to their required contributions for those years. 7 Budget During the year the budget was amended as follows: Increase Amended Description Original (Decrease) Amount Beginning Balance $ 341,728 $ 36,793 $ 378,521 Revenues and Other Sources $ 1,454,975 $ (132,025) $ 1,322,950 Expenditures $ 1,584,953 $ (307,290) $ 1,277,663 10