C150120 Financials 2011 - Laserfiche WebLink

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MANCOS WATER CONSERVANCY DISTRICT NOTES TO REQUIRED SUPPLEMENTARY INFORMATION December 31, 2011 Budgets and Budgetary Accounting: ' The District Board follows these procedures in establishing the budgetary data reflected in the p 9 g ry financial statements: ' (1) In accordance with State statutes, prior to October 15, the District superintendent se Boatne 1 commencing ubmits to the the following District oard Januaa pr ry posed 1. The oper operating ig budget budget for includes th proposed calendar year expenditures and the means to finance them for the upcoming year, along with estimates for the current year and actual data for the two preceding years. State ' statutes require more detailed line item budgets be submitted in summary form. In addition, more detailed line item budgets are included for administrative control. The level of control for budgetary purposes is at the fund level. ' (2) Public hearings are conducted to obtain taxpayer comment. (3) Prior to December 31, the budget is legally enacted through passage of a resolution. (4) The District Superintendent is required to present a monthly report to the District Board explaining any variance from the approved budget. ' (5) Formal budgetary integration is employed as a management control device during the ( ) 9 rY g year. ' (6) Appropriations lapse at the end of each calendar year. The budget for the General Fund is prepared on the modified accrual basis. The budget for the Enterprise Fund is prepared on the modified accrual basis and includes debt principal retirements and capital outlays as expenses. Additionally, the enterprise fund does not include depreciation as a budgetary expense. The statements comparing budget and actual amounts for these governmental funds include adjustments to those budgetary bases for the differences noted above and for certain other items which are reported in the District's budget differently than they are reported for accounting principles generally accepted in the United States. The Budgetary Comparison Schedule included in the required supplementary information present a comparison of budgetary data to actual results of operations for the General Fund, ' for which an annual operating budget is legally adopted. This fund utilizes the same basis of accounting for both budgetary purposes and actual results. ' Annual budgets are established for all funds of the District as required by Colorado law Expenditures may not legally exceed appropriations at the fund level. Budget amounts included in the financial statements are based on the final amended budget. After budget approval, the District Board may approve supplemental appropriations if an occurrence, condition, or need exists which was not known at the time the budget was adopted. There were no supplemental appropriations in 2011. ' 18