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Yuma County,Colorado <br /> Notes to the Financial Statements <br /> ' December 31, 2009 <br /> (Continued) <br /> I. Summary of Significant Accounting Policies (continued) <br /> B. Government-wide and Fund Financial Statements (continued) <br /> ' The County's basic financial statements include both government-wide(reporting the <br /> County as a whole)and fund financial statements(reporting the County's major funds <br /> and aggregate non-major funds). Government-wide financial statements(i.e., the <br /> Statement of Net Assets and the Statement of Activities) report information on all of the <br /> ' non-fiduciary activities of the County. Both of the government-wide financial statements <br /> categorize primary activities as either governmental or business-type. Governmental <br /> activities are normally supported by taxes and intergovernmental revenues. Business- <br /> type activities rely to a significant extent on fees and charges for support. The County <br /> does not have any business-type activities. <br /> The Statement of Activities demonstrates the degree to which the direct expenses of a <br /> ' given function or segments are offset by program revenues. Direct expenses are those <br /> that are clearly identifiable with a specific function or segment. Program revenues <br /> included 1) charges to customers or applicants who purchase, use or directly benefit from <br /> goods, services or privileges provided by a given function or segment and 2)grants and <br /> contributions that are restricted to meeting the operational or capital requirements of a <br /> particular function or segment. Taxes and other items not properly included among <br /> program revenues are reported instead as general revenues. <br /> Separate financial statements are provided for governmental funds and fiduciary funds, <br /> even though the latter are excluded from the government-wide financial statements. <br /> Major individual governmental funds are reported as separate columns in the fund <br /> financial statements. <br /> C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation <br /> ' The government-wide financial statements are reported using the economic resources <br /> measurement focus and the accrual basis of accounting, as are the fiduciary fund <br /> financial statements. Revenues are recorded when earned and expenses are recorded <br /> ' when a liability is incurred, regardless of the timing of related cash flows. Property taxes <br /> are recognized as revenues in the year for which they are levied. Grants and similar <br /> items are recognized as revenue as soon as all eligibility requirements imposed by the <br /> provider have been met. <br /> ' Governmental fund financial statements are reported using the current financial <br /> resources measurement focus and the modified accrual basis of accounting. Revenues <br /> are recognized as soon as they are both measurable and available. Revenues are <br /> ' considered to be available when they are collectible within the current period or soon <br /> enough thereafter to pay liabilities of the current period. For this purpose, the <br /> government considers revenues to be available if they are collected within 60 days of the <br /> ' end of the current fiscal period. Expenditures generally are recorded when a liability is <br /> incurred, as under accrual accounting. However, debt service expenditures, as well as <br /> expenditures related to compensated absences and claims and judgments, are recorded <br /> only when payment is due. <br /> Property taxes, sales taxes, franchise taxes, licenses, other government revenues and <br /> interest associated with the current fiscal period are all considered to be susceptible to <br /> accrual and so have been recognized as revenues of the current fiscal period. All other <br /> ' revenue items are considered to be measurable and available only when cash is received <br /> by the government. <br /> ' D2 <br />