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Stonegate Village Metropolitan District <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2006 <br />Note 1: Summary of Significant Accounting Policies (continued) <br />D. Budgets and budgetary accounting <br />In accordance with the Colorado State Budget Law, the District's Board of Directors <br />follows these procedures in establishing the budgetary data reflected in the financial <br />statements: <br />1. On or before October 15 the Board prepares a proposed operating budget for each <br />fund, based on their respective basis of accounting, for the fiscal year commencing <br />the following January 1. The operating budget includes proposed expenditures <br />and the means of financing them. <br />2. A public hearing is held on the proposed budget. <br />3. After considering comments received, the budget is formally adopted by <br />resolution. <br />4. On or before December 15 the required mill levy is adopted by resolution. The <br />mill levy is then certified to the county commissioners. <br />5. Before December 31 the expenditures are appropriated for the ensuing year. The <br />appropriation is at the total fund level and lapses at year end. <br />The appropriation of the Debt Service Fund was amended from $3,255,475 to <br />$48,000,000. <br />);. Pooled Cash and Investments <br />The District follows the practice of pooling cash and investments of all funds to <br />maximize investment earnings. Except when required by trust, or other agreements, all <br />cash is deposited to and disbursed from a single account. Cash in excess of immediate <br />operating requirements is pooled for deposit and investment flexibility. Investment <br />earnings are allocated periodically to the participating funds based on each fund's <br />average equity balance in total cash. Investments are can•ied at fair value. <br />F. Cash Cquivalents <br />Cash equivalents include all monies held in demand accounts at ban]cs plus investments <br />with a maturity of three months or less. <br />G. Propel , Taxes <br />Property taxes attach as an enforceable lien on property as of January 1. The county <br />certifies the assessed valuation of the District in October of the preceding year and the <br />District is obligated to certify the mill levies to the county by December I S of the <br />preceding year. Taxes are levied on December 22 and due in either one installment <br />13 <br />