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I <br /> Yuma County, Colorado <br /> Notes to the Financial Statements <br /> I December 31, 2009 <br /> (Continued) <br /> I II. Stewardship, Compliance,and Accountability (continued) <br /> A. Budgetary Information (continued) <br /> I Taxes levied in one year are collected in the succeeding year. Thus, taxes certified in <br /> 2008 were collected in 2009 and taxes certified in 2009 will be collected in 2010. Taxes <br /> are due on January 1st in the year of collection; however, they may be paid in either one <br /> I installment(no later than May 1st)or two equal installments (not later than March 1st and <br /> June 15th)without interest or penalty. Taxes that are not paid within the prescribed time <br /> bear interest at the rate of one percent(1%) per month until paid. Unpaid amounts and <br /> the accrued interest thereon become delinquent on June 16th. <br /> IThe budgetary comparison statements reflect the original budget and the final budget <br /> after legally authorized revisions were made. <br /> IB. TABOR Amendment <br /> In November 1992, Colorado voters amended Article X of the Colorado Constitution by <br /> I adding Section 20, commonly known as the Taxpayer's Bill of Rights ("TABOR"). TABOR <br /> contains revenue, spending, tax and debt limitations that apply to the State of Colorado <br /> and local governments. TABOR requires, with certain exceptions, advance voter <br /> approval for any new tax, tax rate increase, mill levy above that for the prior year, <br /> I extension of any expiring tax, or tax policy change directly causing a net tax revenue gain <br /> to any local government. <br /> Except for refinancing bonded debt at a lower interest rate or adding new employees to <br /> I existing pension plans, TABOR requires advance voter approval for the creation of any <br /> multiple-fiscal year debt or other financial obligation unless adequate present cash <br /> reserves are pledged irrevocably and held for payments in all future fiscal years. <br /> I TABOR also requires local governments to establish an emergency reserve to be used <br /> for declared emergencies only. Emergencies, as defined by TABOR, exclude economic <br /> conditions, revenue shortfalls, or salary or fringe benefit increases. These reserves are <br /> I required to be 3% or more of fiscal year spending for fiscal years ending after December <br /> 31, 1995. Fiscal year spending excludes bonded debt service. The County has reserved <br /> a portion of the December 31, 2009 year-end fund balance in the General Fund for this <br /> purpose, in the amount$390,000, which is the approximate required reserve. The Water <br /> IAuthority has restricted $25,000 for this purpose at December 31, 2009. <br /> On November 2, 2004, The County's electorate approved the following ballot question: <br /> I "Shall Yuma County be authorized to collect, retain, and spend all revenues and other <br /> funds collected from any sources, effective for taxes that are due January 1, 2005 and <br /> continuing thereafter,provided that Yuma County's property tax mill levy rate shall not be <br /> I increased without voter approval; and shall the revenues be spent for County purposes <br /> as a voter approved revenue change and exception to the limits which would otherwise <br /> apply in Article X, Section 20 and including the limitations of C.R.S. 29-1-301." <br /> I The County's management believes it is in compliance with the financial provisions of <br /> TABOR. However, TABOR is complex and subject to interpretation. Many of its <br /> provisions, including the interpretation of how to calculate fiscal year spending limits, will <br /> require judicial interpretation. <br /> I <br /> D7 <br />