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• <br /> • <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 /> • Comparative Data (Continued) <br /> • <br /> • Data in these columns do not present financial position or results of operations in <br /> • conformity with generally accepted accounting principles. Neither is such data <br /> • comparable to a consolidation. Interfund eliminations have not been made in the <br /> aggregation of this data. <br /> • <br /> • <br /> • NOTE 2: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY <br /> • Budgets and Budgetary Accounting <br /> • <br /> • The Town follows these procedures in establishing the budgetary data reflected in the <br /> • financial statements: <br /> • • In October, the Town staff submits to the Town Council a proposed operating <br /> • budget for the fiscal year commencing the following January 1. The operating <br /> • budget includes proposed expenditures and the means of financing them. <br /> • • Public hearings are conducted to obtain taxpayer comments. <br /> • <br /> • • Prior to December 15, the budget is legally enacted through passage of an <br /> • ordinance. <br /> • • The Town Administration is authorized to transfer budgeted amounts between <br /> • departments within any fund. However, any revisions that alter the total <br /> • expenditures of any fund must be approved by the Town Council. <br /> • • Budgets are legally adopted for all funds of the Town. Budgets for the General and <br /> • Special Revenue Funds are adopted on a basis consistent with generally accepted <br /> • accounting principles (GAAP). The Budgetary comparison presented for the <br /> • Enterprise Fund is presented on a non-GAAP budgetary basis. Capital outlay and <br /> • debt payments are budgeted as expenditures and depreciation is not budgeted. <br /> • Budgeted amounts in the financial statements are as originally adopted or as <br /> • amended by the Town Council. All appropriations lapse at year end. Colorado <br /> • governments may not exceed budgeted appropriations at the fund level. <br /> • <br /> 14 <br /> • <br /> • <br /> • <br />