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PINE RIVER IRRIGATION DISTRICT <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31, 1994 <br /> U. S. Bureau of Indian Affairs -Under continuing agreement with the Bureau of Indian Affairs, the <br /> District is reimbursed one-sixth of certain operating and capital expenditures annually. For 1994, <br /> the District will be reimbursed $28,091 under this agreement. <br /> Note 6 - Accrued Vacation and Sick Leave: <br /> All employees of the District are either contractual,part-time or seasonal. No vacation or sick leave <br /> accrued to any employee in 1994. <br /> Note 7 - Retirement Plans: <br /> All employees of the District are covered under FICA. The District provides no other pension or <br /> retirement benefits for employees. <br /> Note 8 - Reserves: <br /> As required by contract, dated March 15, 1974, between the District and the Bureau of Reclamation <br /> and by action taken by the Board of Directors August 23, 1973, $39,000 has been set aside in a <br /> reserve to meet extraordinary and unforeseen costs of operation and maintenance of the project. All <br /> other retained earnings of the District were reserved by Board action in 1991 for major <br /> contingencies. <br /> Note 9 -Non-GAAP Budgetary Presentation: <br /> The District prepares and adopts its annual operating budget on the modified accrual basis of <br /> accounting. Accordingly,no appropriation is made for depreciation expense but appropriations are <br /> made for capital improvements and equipment acquisitions. This budgetary basis is not in <br /> accordance with generally accepted accounting principles. The following is a reconciliation of <br /> GAAP basis expenses to non-GAAP expenditures for budgetary comparison purposes. <br /> Expenses per Statement of <br /> Revenue and Expenses: $190,135 <br /> Less: Depreciation Expense (13,103) <br /> Add: Capital Outlay for <br /> Equipment& Other Assets 117.451 <br /> Total Expenditures <br /> for Budgetary Comparison $ 294,483 <br /> 12 <br />