C150062 Financials 2008

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

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• TOWN OF MONUMENT, COLORADO
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• NOTES TO FINANCIAL STATEMENTS
December 31, 2008
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• NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Capital Assets (Continued)
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• The costs of normal maintenance and repairs that do not add to the value of the asset or
• materially extend assets' lives are not capitalized.
• Property and equipment of the Town is depreciated using the straight line method over
• the following estimated useful lives:
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• Water Rights 50 years
Wells and Treatment Plant 30 years
• Infrastructure 30 years
• Transmission & Distribution 10 years
• Buildings 5 - 30 years
• Furniture, Equipment and Vehicles 3 - 10 years
• Park and Street Improvements 7 - 20 years
• Compensated Absences
• Employees of the Town are allowed to accumulate unused vacation time. Upon
• termination of employment from the Town, an employee will be compensated for all
• accrued vacation time up to 384 hours at their current pay rate and unused sick time up
• to 360 hours at 50% of their current rate of pay
• These compensated absences are recognized as current salary costs when earned in the
• proprietary fund types and when due in the governmental fund types. A liability has
• been recorded in the government-wide financial statements for the accrued compensated
• absences.
• Long-Term Obligations
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• In the government-wide financial statements, and proprietary fund type in the fund
• financial statements, long-term debt and other long-term obligations are reported as
• liabilities in the applicable governmental activities, business-type activities, or
proprietary fund type statement of net assets. Bond premiums and discounts are
• deferred and amortized over the life of the bonds using the straight-line method.
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