Laserfiche WebLink
I I <br /> Yuma County, Colorado <br /> Notes to the Financial Statements <br /> December 31, 2009 <br /> (Continued) <br /> II 1. Summary of Significant Accounting Policies (continued) <br /> D. Financial Statement Accounts <br /> II 1. Cash and Investments <br /> The County Treasurer is responsible for central cash management for all funds, <br /> as well as other entities falling under its jurisdiction. <br /> I I <br /> Cash and investments held by the County Treasurer may include demand <br /> deposits, short-term investments with original maturities of three months or less <br /> I I from the date of acquisition, certificates of deposit, and long-term investments in <br /> U.S. governments. <br /> Investments are stated at fair value. <br /> II 2. Receivables <br /> Receivables are reported net of an allowance for uncollectible accounts. <br /> 3. Property Taxes <br /> I I Property taxes are assessed in one year as a lien on the property, but not <br /> collected by the governmental unit until the subsequent year. In accordance with <br /> GAAP, the assessed but uncollected property taxes have been recorded as a <br /> receivable and as deferred revenue. <br /> ( I 4. Inventory <br /> All inventories are valued at cost using the first-in/first-out(FIFO) method. <br /> I I <br /> 5. Capital Assets <br /> I I Capital assets, which include land, water rights, buildings, building <br /> improvements, equipment, vehicles, and infrastructure assets, are reported in the <br /> government-wide financial statements. Capital assets, other than infrastructure <br /> assets, are defined by the County as assets with an initial cost of$5,000 or more <br /> I I and an estimated useful life in excess of two years. Infrastructure assets are <br /> capitalized when the asset has an initial cost of$10,000 or more. Such assets <br /> are recorded at cost where historical records are available and at estimated <br /> historical costs where no historical records exist. Donated capital assets are <br /> recorded at estimated fair value at the date of donation. <br /> Capital assets are depreciated using the straight-line method over the following <br /> II estimated useful lives: <br /> Assets Years <br /> Land improvements 15 <br /> I I Buildings,improvements&infrastructure 10-40 <br /> Machinery,equipment and software 3-10 <br /> Vehicles 5-7 <br /> II 6. Deferred Revenue <br /> For governmental funds, deferred revenues arise when potential revenue does <br /> not meet both the"measurable" and "available"criteria for recognition in the <br /> current period. <br /> D4 <br /> II <br />