Laserfiche WebLink
S <br /> S <br /> • TOWN OF MONUMENT, COLORADO <br /> • NOTES TO FINANCIAL STATEMENTS <br /> • December 31, 2008 <br /> • <br /> • <br /> • NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) <br /> • Government-Wide and Fund Financial Statements (Continued) <br /> • <br /> • Separate financial statements are provided for governmental funds and proprietary <br /> • funds. Major individual governmental funds are reported as separate columns in the <br /> • fund financial statements. <br /> • Measurement Focus, Basis of Accounting, and Financial Statement Presentation <br /> • <br /> • The government-wide financial statements are reported using the economic resources <br /> measurement focus and the accrual basis of accounting, as are the proprietary fund <br /> • financial statements. Revenues are recorded when earned and expenses are recorded <br /> • when the liability is incurred, regardless of the timing of related cash flows. Property <br /> • taxes are recognized as revenues in the year for which they are levied. Grants and <br /> • similar items are recognized as revenue as soon as all eligibility requirements imposed by <br /> the provider have been met. <br /> • <br /> • Governmental fund financial statements are reported using the current financial <br /> • resources measurement focus and the modified accrual basis of accounting. Revenues are <br /> • recognized as soon as they are both measurable and available. Revenues are considered <br /> to be available when they are collected within the current period or soon enough <br /> • thereafter to pay liabilities of the current period. For this purpose,the Town considers <br /> revenues to be available if they are collected within 60 days of the end of the current <br /> • fiscal period. <br /> • Property taxes,specific ownership taxes,grants,and interest associated with the current <br /> • fiscal period are all considered to be susceptible to accrual and have been recognized as <br /> • revenues of the current fiscal period. All other revenue items are considered to be <br /> • measurable and available only when cash is received by the Town. <br /> • Expenditures generally are recorded when a liability is incurred, as under accrual <br /> • accounting. However, debt service expenditures, as well as expenditures related to <br /> • compensated absences, are recorded only when payment is due. <br /> • Private-sector standards of accounting and financial reporting issued prior to December <br /> • 1, 1989, generally are followed in both the government-wide and proprietary <br /> • (enterprise) fund financial statements to the extent that those standards do not conflict <br /> • with or contradict guidance of the Governmental Accounting Standards Board. <br /> • Governments also have the option of following subsequent private-sector guidance for <br /> their business-type activities and enterprise funds, subject to this same limitation. The <br /> • Town has elected not to follow subsequent private-sector guidance. <br /> • 10 <br /> • <br /> • <br /> • <br />