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Yuma County, Colorado <br /> Notes to the Financial Statements <br /> ' December 31,2009 <br /> (Continued) <br /> Summary of Significant Accounting Policies (continued) <br /> D. Financial Statement Accounts (continued) <br /> ' 7. Interfund Receivables and Payables <br /> Balances at year-end between funds are reported as"due to/from other funds" <br /> in the fund financial statements. Residual balances are eliminated in the <br /> ' government-wide financial statements. <br /> 8. Compensated Absences <br /> Vested or accumulated leave that is expected to be liquidated with expendable <br /> available financial resources is reported as an expenditure and a fund liability of <br /> the governmental fund that will pay it. Amounts of vested or accumulated <br /> ' personal leave that are not expected to be liquidated with expendable available <br /> financial resources are reported in the government-wide financial statements. In <br /> accordance with provisions of GASB No.16 Accounting for Compensated <br /> Absences, no liability is recorded for non-vesting accumulating rights. <br /> 9. Long-term Debt <br /> ' In the government-wide financial statements long-term debt is reported as a <br /> liability. Bond premiums and discounts are deferred and amortized over the life <br /> of the bonds using the bonds outstanding method. Bonds payable are reported <br /> net of the applicable bond premium or discount. Issue costs for bonds and notes <br /> ' payable are deferred and amortized over the term of the debt using the straight- <br /> line method. <br /> In the fund financial statements, governmental fund types recognize bond <br /> ' premiums and discounts, as well as debt issuance costs, during the current <br /> period. The face amount of the debt issued is reported as other financing <br /> sources. Premiums received on debt issuances are reported as other financing <br /> sources while discounts on debt issuances are reported as other financing uses. <br /> ' Issuance costs are reported as debt service expenditures in fund financial <br /> statements. <br /> ' 10. Fund Equity <br /> Governments report reservations of fund balance for amounts that are not <br /> available for appropriation or are legally restricted by outside parties for use for a <br /> ' specific purpose. <br /> At December 31, 2009, the County and Water Authority reported $390,000 and <br /> $25,000, respectively, of restricted net assets, all of which was restricted for <br /> emergencies and is subsequently explained in the notes. <br /> 11. Interfund Transactions <br /> ' Quasi-external transactions are accounted for as revenues, expenditures or <br /> expenses. Transactions that constitute reimbursements to a fund for <br /> expenditures or expenses initially made from it that are properly applicable to <br /> ' another fund, are recorded as expenditures or expenses in the reimbursing fund <br /> as a reduction of expenditures or expenses in the fund that is reimbursed. All <br /> other interfund transactions, except for quasi-external transactions and <br /> reimbursements, are reported as transfers. <br /> D5 <br />