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The budget is submitted to Mesa County by October 31, and before December 31 the District adopts an appropriation resolution for the next fiscal year, The Board of Directors may amend the appropriation resolution at any time during the year if warranted by circumstances, The District appropriates, and may not exceed appropriations, at a total fund level. Appropriations for the year ended December 31, 1995 were $1,360,489, The District's annual appropriations are continuing appropriations which allow the District to expend appropriated funds during the respective fiscal year or thereafter. Commitments, if any, related to unperformed contracts for goods or services outstanding at year end are not recorded as reservations of fund balance. The budget basis of accounting does not differ from the generally accepted accounting principle (GAAP) basis. b, Fund System, The accounting system is organized and operated on a fund basis. A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives. 1) General (Operation & Maintenance Fund), This fund accounts for the financial resources of the District which are not accounted for in any other fund, Principal sources of revenue are assessments and a percent of the specific ownership taxes collected by the County Treasurer. Expenditures are primarily for the administration of the District, current operation and maintenance costs, and debt service payments. 2) Special Revenue (Power Plant Fund), This fund accounts for revenue received from Public Service Company of Colorado for electric energy generated by the power plant on the irrigation system. The revenue is used to reimburse the general fund for operation and maintenance costs related to the power plant and power canal. Any excess revenue over these costs is transferred to the Debt Service Fund. 3) Debt Service (Government Repayment Fund), This fund accounts for the debt service payments to the United States Government and the State of Colorado, An assessment provides for the annual repayments of principal and interest. 1I-IO I I I I I I I I I I I I I I I I I I I