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09/12/2006 TUE 16:07 FA% 7192545150 LAVR'CD Fax ��� Peter Nichols <br />LOWERARKANSAS VALLEY WATER CONSERVANCY DISTRICT <br />NOTES TO FINANCIAL STATEMEN7S <br />� <br />NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />[� ozoiozs <br />The fund balance of the general fund has been restricted for cash that is held in a restricted accounf. The <br />cash may only be used to pay for stewardship costs incurred in complying with easement requirements. <br />Retirement Plan <br />� The District has a simple IRA plan that covers the employees of the District. The District contributes up to <br />three percent of the employee's wages. The expense for the year was $2,423. <br />Accrued Vacation Pav <br />The District recognizes the accrued vacation pay in the general fund in that it is expected that the liability <br />will be liquidated with expendable available financial resources. <br />Com�arative Data/ aeciass�cations <br />Effective January 1, 2004, the DistricYs financial statement reporting reflects compliance with GASB No. <br />34 and, as such, comparative data for the prior year has not been presented in the basic financial <br />staternents. <br />Estimates <br />. The p�eparation of financial statemenfs in conformity with accounting principles generally accepted in the <br />United States of America requires management to make estimates and assumptions that affect certain <br />repo�ted amounts and disclosures. Accordingly, actual results could differ from those estimates. <br />NOTE 2- CASH AND TEMPORARY CASH INVESTMENTS <br />The Colarado Public Deposit Protection Act, (PDPA) requires that all units of lacal government deposit <br />cash in eligible public depositories; eligibility is determined by state regulators. Amounts on deposit in <br />excess of federal insurance levels must be collateralized. The eligible collateral is determined by the <br />PDPA. PDPA allows the institution to create a single collateral pool for ali public funds. The pool is to be <br />maintained by another institution or held in trust for all the uninsured public deposits as a group. The <br />market value of the coElateral must be at least equal to 102% of the uninsured deposi#s. <br />Deposits at December 31, 2004, had a bank balance of $1,127,584 and a corresponding carrying balance <br />. as follows: <br />tnsured Deposits <br />Covered by Public Deposit Protection Act <br />Cash W ith Country Treasurer and Petty Cash <br />Reported as follows: <br />Cash and Cash Equivalents <br />Restricted Cash <br />$ 501,024 <br />598,481 <br />18.025 <br />� <br />$ 1,112,483 <br />5.047 <br />$ 1.117.530 <br />N07E 3— PROPERTY TAXES RECEIVABLE AND DEFERRED REVENUES <br />Taxes receivable represents 2004 property tax assessments, which are due in 2005. Deferred revenue in <br />the same amount has also been recognized. <br />� ; PAGE 11 <br />