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L11 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ICONT <br />Assessments <br />The Commission's major source of revenue consists of assessments levied against <br />the four states and apportioned among them on the basis of the formula contained <br />in the Upper Colorado River Basin Compact. <br />Pr r vend Eauinmen <br />Property and equipment is recorded as capital outlay in the general fund at time of <br />purchase and capitalized at cost in the general fixed assets account group. Cost of <br />maintenance, repairs and minor renewals are expensed as incurred. When assets <br />are retired or otherwise disposed of, the related cost is removed from the accounts. <br />No provision for depreciation is provided on assets in the general fixed assets <br />account group. <br />mnenaated <br />According to Commission policy each employee accrues annual leave based on <br />years of service with the commission. Employees may accumulate a maximum of <br />30 days of unused annual leave, which is paid in cash upon termination of <br />employment. The Commission's secretary may grant additional carryover to <br />employees provided that: (1) the employee requests the carryover in writing prior <br />to June 30, and (2) the employee uses the additional carryover within 90 days of <br />the start of the fiscal year. <br />The Obligation for Compensated Absences has been broken down into two <br />components; current and non-current. The current portion is classified as part of <br />the general fund and is an estimate of the amounts that will be paid within the next <br />operating year. The non-current portion is classified as part of the General Long- <br />Term Debt Account Group because the obligation is not expected to be paid from <br />spendable available resources within the next operating year. <br />Total Column on the Combined Statements <br />The total column on the combined statement is captioned "Memorandum Only" to <br />indicate that it is presented only to facilitate financial analysis. The data in this <br />column does not present financial position in conformity with generally accepted <br />accounting principles. Neither is such data comparable to a consolidation. <br />81 <br />