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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 /> The Authority is governed by a Board of Directors consisting of five members as follows: one Rio Grande County <br /> Commissioner, one Alamosa County Commissioner, one director appointed by the City of Alamosa,one director <br /> appointed by the City of Monte Vista, and one director who is a member of the Rio Grande County Land Use or <br /> administrative staff as appointed by the Rio Grande County Commissioners. <br /> It is the intent of the counties that the initial funding of the Authority by each county be provided on a loan basis in <br /> substantially the same proportion that the population of each county bears to the combined population of both <br /> counties. Alamosa and Rio Grande Counties may provide additional funding at any time in the future if they <br /> choose to do so by resolution. <br /> The City of Monte Vista is not exposed to any closure or post-closure expenses. <br /> The most recent audited financial statements of the authority report total assets of$3,868,325, total liabilities of <br /> $576,517, and net assets of$3,291,808 at December 31, 2010. <br /> ' The San Luis Valley Regional Solid Waste Authority issues publicly available annual financial statements. That <br /> report maybe obtained by writing to the San Luis Valley Regional Solid Waste Authority,PO Box 861, Monte <br /> ' Vista, Colorado 81144. <br /> NOTE 15 COMMITMENTS AND CONTINGENCIES <br /> Litigation <br /> 111 The City is currently the defendant in lawsuits arising principally in the normal course of operations. In the opinion <br /> of legal counsel, the outcome of these lawsuits will not have a material adverse effect on the accompanying <br /> ' combined financial statements and accordingly,no provision for losses has been recorded. <br /> Grant Programs <br /> The City participates in a number of federal and state grant programs. These programs are subject to program <br /> compliance audits by the grantors or their representatives. The amount, if any, of expenditures which may be <br /> disallowed by the granting agencies cannot be determined at this time although the City expects such amounts, if <br /> any, to be immaterial. <br /> I <br /> 1 <br /> I <br /> 1 39 <br />
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