My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
C150309 Financials 2011
CWCB
>
Loan Projects
>
DayForward
>
4001-5000
>
C150309 Financials 2011
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
6/17/2015 11:59:12 AM
Creation date
8/12/2014 1:38:38 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
CT2015-011
C150309
Contractor Name
Monte Vista, City of
Contract Type
Loan
Loan Projects - Doc Type
Report
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
61
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
CITY OF MONTE VISTA, COLORADO <br /> NOTES TO THE BASIC FINANCIAL STATEMENTS <br /> December 31, 2011 <br /> Certain eliminations have been made as prescribed by GASB Statement No. 34 in regards to interfund activities, <br /> payables, and receivables. All internal balances in the Statement of Net Assets have been eliminated except those <br /> representing balances between the governmental activities and the business-type activities,which are presented as <br /> internal balances and eliminated in the total primary government column. In the statement of activities, internal <br /> service fund transactions have been eliminated; however, those transactions between governmental and business- <br /> type activities have not been eliminated. <br /> Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and <br /> expenses generally result from providing services and producing and delivering goods in connection with a <br /> proprietary fund's principal ongoing operations. All revenues and expenses not meeting this definition are reported <br /> as nonoperating revenues and expenses. <br /> ASSETS,LIABILITIES,AND NET ASSETS OR EQUITY <br /> Cash and Investments <br /> Cash and investments for all funds, excluding investments in the Debt Service and Capital Improvement funds, are <br /> pooled into one common account in order to maximize investment opportunities. Each fund whose monies are <br /> deposited in the pooled cash account has equity therein, and interest earned on the investment of these monies is <br /> allocated based upon relative equity at year end. An individual fund's pooled cash and cash investments are <br /> ' available upon demand and are considered to be "cash equivalents"when preparing these financial statements. In <br /> addition, any marketable securities that are owned by the specific accounts noted above are also considered to be <br /> "cash equivalents".Negative balances incurred in pooled cash at year-end are treated as interfund receivables of the <br /> General fund and interfund payables of the deficit fund. <br /> The City's cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term <br /> investments with original maturities of three months or less from the date of acquisition. All investments are <br /> recorded at fair market value. <br /> Investments held by the City are recorded at fair market value. <br /> Property Taxes <br /> Property taxes attach as an enforceable lien on property as of January 1 each year. The taxes are payable in two <br /> installments on February 28 and June 15 or in full on April 30. The County Treasurer bills and collects all property <br /> taxes for the County. Property tax revenue is recognized by the City to the extent it results in a current receivable. <br /> The 2011 property tax levy due January 1, 2012 has been recorded in the financial statements as a receivable and a <br /> corresponding deferred revenue in the financial statements. <br /> Inventory <br /> Inventories held by all funds except the City Service Utility Fund have been recorded as expenditures at the time of <br /> purchase. Enterprise Fund inventories are stated at cost. <br /> Capital Assets <br /> Capital Assets include land,buildings, improvements,machinery and equipment, cars and road vehicles, and <br /> infrastructure(roads,bridges, underground pipe, traffic signals, etc.) are reported in the applicable governmental <br /> activities column in the Government-wide Financial Statements. The City defines capital assets as assets with an <br /> initial, individual cost of more than $5,000. Capital assets are recorded at historical cost or estimated historical cost <br /> if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of <br /> donation. <br />' 27 <br />
The URL can be used to link to this page
Your browser does not support the video tag.