C150062 Financials 2008

• Contract/PO #: C150062
• Contractor Name: Monument, Town of
• Contract Type: Loan
• Loan Projects - Doc Type: Report

• TOWN OF MONUMENT, COLORADO
•
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
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• NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)
• Measurement Focus, Basis of Accounting, and Financial Statement Presentation
• (Continued)
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• Proprietary funds distinguish operating revenues and expenses from nonoperating items.
• Operating revenues and expenses generally result from providing services and producing
and delivering goods in connection with a proprietary fund's principal ongoing
• operations. Operating expenses for enterprise funds include the cost of sales and
• services, administrative expenses, and depreciation on capital assets. All revenues and
• expenses not meeting this definition are reported as nonoperating revenues and
expenses.
When both restricted and unrestricted resources are available for use, it is the Town's
• practice to use restricted resources first, then unrestricted resources as they are needed.
In the fund financial statements, the Town reports the following major governmental
fund:
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• The General Fund is the Town's primary operating fund. It accounts for all
• financial resources of the Town, except those required to be accounted for in
another fund.
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• The Town also reports the following major proprietary fund:
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The WaterFund accounts for the financial activities associated with the provision
• of water services.
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• Cash and Investments
• Cash equivalents include investments with original maturities of three months or less.
Investments are recorded at fair value.
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• Capital Assets
• Capital assets, which include property and equipment, are reported in the applicable
• governmental or business-type activities columns in the government-wide financial
statements. Capital assets are defined by the Town as assets with an initial, individual
• cost of more than $5,000 and an estimated useful life in excess of one year. Such assets
• are recorded at historical cost or estimated historical cost if purchased or constructed.
Donated capital assets are recorded at estimated fair market value at the date of
• donation.
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