13-60 Lower S. Platte WCD - Grant Request

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• Note A — Summary of significant accountinq policies (Continued) A.9 — Compensated absences r, All permanent, full -time employees earn annual vacation at a rate of one day per month. Employees earn one day of sick leave per month with a maximum of ninety days accumulation. Vacation leave is a vested benefit and all accumulated days are paid upon termination. No payment is made for accumulated sick leave upon termination of employment, except in the case of an employee officially retiring from service. A retiring employee who has obtained the age of sixty -two and has served ten years or longer as a permanent district • employee shall receive full payment for sick leave accrued at the time retirement. The amount recorded as liabilities for all applicable compensated absences include salary - related payments associated with the payment of compensated absences, using the rates in effect the balance sheet date. No amount is reported at year -end as the District does not have any employees who are qualified to receive the benefit. A.10 — Accrued liabilities and long -term obligations All payables, accrued liabilities and long -term obligations are reported in the government -wide financial statements, and all payables, accrued liabilities and long -term obligations payable from proprietary funds are reported on the proprietary fund financial statement. In general, payables and accrued liabilities that will be paid from governmental funds are reported on the governmental fund financial statements regardless of whether they will be liquidated with current resources. However, the noncurrent portion of compensated absences that will be paid from governmental funds is reported as a liability in the fund financial statements only to the extent that they will be paid with current, expendable, available financial resources. Bonds payable and other long -term obligations that will be paid from governmental funds are not recognized as a liability in the fund financial statements until due. Bond premiums and discounts, issuance costs and amounts deferred upon refunding are amortized over the life of the bonds using the straight -line method. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well I as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withhold from the actual debt proceeds received, are reported as debt service expenditures. S A.1 1 — Fund Balance reserves The District reserves those portions of fund equity which are legally segregated for a specific future use or which do not represent available expendable resources and therefore are not available for appropriation or expenditure. Unreserved fund balance indicates that portion of fund equity which is available for appropriation in future periods. • • -17- •