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� <br />�` Swan's Nest Metropolitan District <br />■ Notes to Financial Statements <br />December 31, 2008 <br />1. Summary of Significant Accounting Policies <br />History and Activity <br />The District was organized on April 15, 1986 to provide water to the <br />Swan's Nest Development Eocated between Breckenridge and Frisco <br />Colorado approximately 2 miles south of Dillon Reservoir in Summit <br />Couniy. <br />The District is governed by an elected Board of Directors. <br />The District grants credit to its customers, all of whom are local residents <br />j and businesses. The basic operations of the District are financed by <br />water usage revenues and property taxes levied and collected by Summit <br />� County, Colorado. <br />Financial Reporting Entity <br />` The District's policy is to include in the financial statements all funds, <br />account groups, departments, agencies, baards, commissions, and other <br />� component units for which the District is considered to be financially <br />accountable. <br />The Dis#rict is considered a special independent district by Colorado <br />revised statues and as such, is not to be included with any ather <br />' governmenta! au#hority. Accordingly, the District is not financiaily <br />accountable for any other organization, nor is the District a component unit <br />� of any other primary governmental entity. For this type of government, <br />only enterprise fund financial statements are presented. <br />Basis of Presentation and Accounting <br />The District's financial statements are accounted for on a flow of economic <br /> �� resources measurement focus, using the accrual basis of accounting as <br />required by Coforada revised statutes. Under this method, all assets and <br />liabilities associated with operations are included on the balance sheet, <br />� and revenues are recorded when earrted and expenses are recarded <br />when incurred. <br /> ��� <br />5 <br /> '� <br />