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PINE RIVER IRRIGATION DISTRICT <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31, 1994 <br /> D. Inventories: <br /> Inventories are valued at the lower of cost, first-in, first-out or market. <br /> E. Budgets: <br /> Annual budgets are adopted as required by Colorado Statutes. Formal budgetary integration is <br /> employed as a management control device during the year. Budgets adopted are on a basis that is <br /> not consistent with generally accepted accounting principles and as such the budgetary basis is <br /> presented on a non-GAAP basis. Under Colorado Revised Statutes, The following budget calendar <br /> is followed by the District: <br /> September 1 <br /> Statutory deadline for submission of the budget estimates to the person designated under Section 29- <br /> , 1-105, C.R.S. to prepare the budget. <br /> September 20 <br /> Statutory deadline for submission of proposed budget to the local governing body. "Notice of <br /> Budget" to be published when budget received. <br /> December 31 <br /> Statutory deadline for local governing body to adopt budget. <br /> On or before December 31 <br /> Local Governing Body shall enact an ordinance or resolution making appropriations for the ensuing <br /> fiscal year. <br /> Appropriations are adopted by resolution in total. Over expenditures are not deemed to exist unless <br /> the fund, as a total, has expenditures in excess of appropriations. All appropriations lapse at year <br /> end. <br /> F. Encumbrances: <br /> Encumbrance accounting, under which purchase orders, contracts, and other commitments for the <br /> expenditure of monies are recorded in order to reserve that portion of the applicable appropriations <br /> is not employed. <br /> 8 <br />