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C150309 Financials 2011
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C150309 Financials 2011
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Last modified
6/17/2015 11:59:12 AM
Creation date
8/12/2014 1:38:38 PM
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Loan Projects
Contract/PO #
CT2015-011
C150309
Contractor Name
Monte Vista, City of
Contract Type
Loan
Loan Projects - Doc Type
Report
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CITY OF MONTE VISTA, COLORADO <br /> NOTES TO THE BASIC FINANCIAL STATEMENTS <br /> December 31,2011 <br /> I <br /> The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets <br /> lives are not capitalized. I <br /> Capital assets are depreciated using the straight-line method over the following estimated useful lives: <br /> Assets Years I <br /> Buildings 15—50 <br /> Improvements—Building 15—40 <br /> Improvements—Other 10—40 <br /> Machinery and Equipment 5— 15 <br /> Cars and Road Vehicles 5—7 <br /> Infrastructure 15—50 <br /> 1 <br /> Infrastructure assets include roads, bridges, underground pipe(other than related to utilities), traffic signals, etc. <br /> These infrastructure assets are likely to be the largest asset class of the City. Neither their historical cost nor related <br /> depreciation has historically been reported in the financial statements. The City is not required to retroactively <br /> report infrastructure assets. <br /> Compensated Absences Il <br /> On February 1, 2004 the City adopted a compensated absence policy which entitled employees to 40 to 168 hours <br /> of vacation leave each year. The number of hours received depends upon the number of completed years of <br /> service. Unused vacation leave may accumulate up to a maximum of the entitled annual vacation. Employees with <br /> prior accumulated vacation on February 1,2004 were allowed to carry forward that balance in addition to the new <br /> maximum levels. Any vacation leave accrued in excess of the maximum allowable accrued vacation leave will be <br /> lost to the employee and shall not be deemed an obligation of the City. <br /> The City employees receive 144 hours of sick leave each year. Unused sick hours accumulate up to 240 hours. I <br /> Upon termination, employees are only eligible to be paid for sick leave accumulated prior to February 1, 2004(at <br /> the rate of pay at that time)and not thereafter. <br /> All vacation and sick leave pay is accrued when incurred in the Government-wide Financial Statements. A liability I <br /> is reported in governmental funds only if they have matured, for example as a result of employee resignations or <br /> retirements. I <br /> The maximum amount of compensatory time that shall be accrued is 24 hours. Any employee reaching the <br /> maximum amount of compensatory time above will be paid overtime for hours in excess of the 24 hours at the end <br /> of each fiscal year. <br /> Long-Term Obligations <br /> Long-term debt and other long-term obligations are recorded as liabilities in the Government-wide Financial <br /> Statements. In the fund financial statements for governmental fund types,debt proceeds are reported as an other <br /> financing source and debt payments are reported as an other financing use. <br /> Interest Capitalization <br /> Interest costs are capitalized when incurred by proprietary funds and similar component units on debt where <br /> proceeds were used to finance the construction of assets. Interest earned on proceeds of tax-exempt borrowing <br /> arrangements restricted to the acquisition of qualifying assets is offset against interest costs in determining the I <br /> amount to be capitalized. No interest was capitalized in the current period. <br /> 28 1 <br />
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