Laserfiche WebLink
• <br /> • <br /> • TOWN OF MONUMENT, COLORADO <br /> • <br /> NOTES TO FINANCIAL STATEMENTS <br /> • December 31, 2008 <br /> • <br /> • <br /> • NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) <br /> • Long-Term Obligations (Continued) <br /> In the fund financial statements, governmental fund types recognize bond premiums <br /> • and discounts, as well as bond issuance costs, during the current period. The face <br /> • amount of debt issued is reported as other financing sources.Premiums received on debt <br /> issuances are reported as other financing sources while discounts on debt issuances are <br /> • reported as other financing uses. Issuance costs, whether or not withheld from the <br /> • actual debt proceeds received, are reported as debt service expenditures. <br /> • Net Assets/Fund Equity <br /> • <br /> • In the government-wide financial statements, net assets are restricted when constraints <br /> • placed on the net assets are externally imposed. In the fund financial statements, <br /> • governmental funds report reservations of fund balance for amounts that are not <br /> available for appropriation or are legally restricted by outside parties for use for a <br /> • specific purpose. <br /> • <br /> • Property Taxes <br /> • Property taxes are levied on November 1 and attach as an enforceable lien on property <br /> • on January 1. Taxes are payable in full on April 30 or in two installments on February <br /> • 28 and June 15. The County Treasurer's office collects property taxes and remits to the <br /> • Town on a monthly basis. <br /> • Since property tax revenues are collected in arrears during the succeeding year, a <br /> • receivable and corresponding deferred revenue are recorded at December 31. As the tax <br /> • is collected in the succeeding year,the deferred revenue is recognized as revenue and the <br /> • receivable is reduced. <br /> Comparative Data <br /> • <br /> • Comparative total data for the prior year has been presented in the accompanying <br /> • financial statements in order to provide an understanding of changes in the Town's <br /> financial position and operations. However, complete comparative data in accordance <br /> • with generally accepted accounting principles has not been presented since its inclusion <br /> • would make the financial statements unduly complex and difficult to read. <br /> • <br /> • <br /> • <br /> • 13 <br /> • <br /> • <br /> • <br />