C150120 Financials 2011 - Laserfiche WebLink

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' MANCOS WATER CONSERVANCY DISTRICT NOTES TO THE BASIC FINANCIAL STATEMENTS December 31, 2011 (Note 2 continued) Depreciation of all exhaustible fixed assets is charged as an expense against operations, provided over the estimated useful lives of 5-50 years using the straight-line method. Property Taxes ' Property taxes are collected on behalf of the District by Montezuma County and then remitted to the District. The property tax is levied and certified in December of the year prior to the year the taxes are collected on all taxable property located in the District. Property taxes become an tenforceable lien on January 1 of each year. The District's property taxes, levied by December 15, are due and payable in the subsequent calendar year. Assessed values are established by the county assessor. Property taxes attach as an enforceable lien on property as of January 1 of the year in which they are payable. The taxes are payable under two methods: 1) in full on or before April 30, or 2) one-half on or before February 28, and the remaining one-half on or before June 15. Allowance for Uncollectibles ' No allowance for uncollectibles has been provided because the District is empowered to file liens on properties where delinquencies exist. Accordingly, it is expected that all accounts will be ultimately collected. Net Assets/Fund Balances jThe difference between assets and liabilities is "Net Assets" on the government-wide and proprietary fund financial statements. On the governmental fund financial statements, this difference is reported as "Fund Balances". Net Assets are divided into invested in capital assets (net of related debt), restricted and unrestricted. Net assets are reported as restricted when constraints are placed upon them by external parties or are imposed by constitutional provisions or enabling legislation. Effective January 1, 2011, GASB 54 was implemented which classifies governmental fund balances as non-spendable, restricted, committed, assigned and unassigned. Fund balance classifications used by the District are as follows: 1) Restricted fund balances consist of the equity of the District which is restricted for emergency purposes by the Tabor Amendment of the State of Colorado Constitution. ' This designation is used for the portion of the fund balance that is restricted for a specific purpose by external parties. 2) Unassigned fund balance is the residual classification for the General Fund. This classification represents the portion of the fund balance that has not been restricted, committed or assigned for specific purposes. 1 1 11