C150335 Feasibility

• Contract/PO #: C150335
• Contractor Name: Center of Colorado Water Conservancy District
• Contract Type: Loan
• County: Park
• Loan Projects - Doc Type: Feasibility Study

Center of Colorado Water Conservancy District
Notes to Financial Statements
December 31, 2009
NOTE A — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Center of Colorado Water Conservancy District, a public - municipal corporation was
formed under Colorado Statutes on November 20, 1997 for the purpose of conserving
and defending the water resources of Park County and to exercise any and all powers
allowed by the Colorado Water Conservancy Act. The District operates under the control
of a five member Board of Directors.
The District does not provide treated water nor process sewerage.
The basic financial statements of the District have been prepared in accordan
generally accepted accounting principles (GAAP) as applied to governmen un
Accounting principles are promulgated by the Governmental Accounting Sta
Board (GASB). The following is a summary of the significant policies.,,
1. Reporting Entity
Under GASB promulgations, the District is considered a "spec' rpose" government
that is engaged in providing single program services, i.e., wafer co rvation activities.
The accompanying financial statements include all of a op tions of the District which
is the primary government. Inclusion of other entities e, ased upon financial
accountability. Financial accountability is deter mi d on a basis of budget adoption,
taxing authority, funding and appointment of $o rd o A° irectors. The District does
not exercise financial control over nor is it a another entity.
2. Basis of Presentation Basis of Accounti` "'
Government -wide Statements: The s , temen f net assets and the statement of
activities report the `overall" finanp, I ation of all of the nonfiduciary activities of the
District. These two statement . p lum r additions to the fund financial statements;
The combined columnar stat men a Governmental Funds Balance Sheet/Statement
of Net Assets and State nt , f Go mmental Funds Revenues, Expenditures and
Changes in Fund Bala es" nt of Activities.
Note C provides iti tail regarding the adjustments for each of the combined
columnar state a adjustments arise principally from differences in
measurement us an or basis of accounting:
• the Cationj g r ent -wide financial statements report economic resources and
L I usi ng the accrual basis of accounting similar to private- sector companies.
/oRe recognized when earned and expenses are recorded when a liability
rred, regardless of the timing of related cash receipts or disbursements.
exchange transactions, i.e., where the District receives value without directly
iving equal value in exchange include property taxes and private donations. On an
accrual basis, property tax revenue is recognized in the calendar year for which the
taxes are levied. Donations are recognized as revenue as soon as all eligibility
and /or conditions imposed by the provider /donor have been substantially met.
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