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IYuma County, Colorado <br /> Notes to the Financial Statements <br /> I December 31, 2009 <br /> (Continued) <br /> I I. Summary of Significant Accounting Policies (continued) <br /> D. Financial Statement Accounts(continued) <br /> I12. Subsequent Events <br /> Management has evaluated subsequent events through August 13, 2010, the <br /> date these financial statements were available to be issued. <br /> I13. Use of Estimates <br /> I The preparation of financial statements in conformity with GAAP requires the <br /> County's management to make estimates and assumptions that affect the <br /> reported amounts of assets and liabilities, the disclosure of contingent assets and <br /> liabilities at the date of the financial statements, and the reported amount of <br /> I revenues and expenditures or expenses during the reported period. Actual <br /> results could differ from those estimates. <br /> Stewardship, Compliance, and Accountability <br /> III. <br /> A. Budgetary Information <br /> I Budgets are adopted on a basis consistent with generally accepted accounting principles, <br /> and Colorado statues which require that all funds of the County be budgeted. Annual <br /> appropriations are adopted for all funds. Expenditures may not legally exceed <br /> appropriations at the fund level. All appropriations lapse at year-end. <br /> IAs required by Colorado Statutes, the County followed the required timetable noted <br /> below in preparing, approving, and enacting its budget for 2009. <br /> I 1. For the 2009 budget year, prior to August 25, 2008, the County Assessor was to <br /> have sent to the County a certified assessed valuation of all taxable property within <br /> the County's boundaries. The County Assessor may change the assessed valuation <br /> on or before December 10, 2008 only once by a single notification. <br /> 2. On or before October 15, 2008, the County Administrator submitted to the County <br /> Commissioners a recommended budget which detailed the necessary property taxes <br /> I needed along with other available revenues to meet the County's operating <br /> requirements. <br /> 3. Prior to December 15, 2008, the County computed and certified to the County <br /> I Commissioners a rate of levy that derived the necessary property taxes as computed <br /> in the proposed budget. <br /> I 4. After a required publication of"Notice of Proposed Budget"and a public hearing, the <br /> County adopted the proposed budget and an appropriating resolution,which legally <br /> appropriated expenditures for the upcoming year. <br /> I 5. After adoption of the budget resolution, the County may make the following changes: <br /> a) it may transfer appropriated money between funds; b) it may approve <br /> supplemental appropriations to the extent of revenues in excess of estimated <br /> revenues in the budget; c) it may approve emergency appropriations; and d) it may <br /> Ireduce appropriations for which originally estimated revenues are insufficient. <br /> I D6 <br />