C150117 Feasibility Study - Laserfiche WebLink

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CENTRAL COLORADO WATER CONSERVANCY DISTRICT Gr8elev. Colorado Notes to Financial Statements Der-ember 31. 2002 Note 1 - Summarv of Sianificant Accountino Policies (Continued) General Fund - The General Fund is the general operating fund of the District. All general tax revenues and other receipts that are not allocated by law to another fund are used to finance general operating expenditures. Capital Projects Fund - The Capital Projects Fund is used to account for the acquisition of water rights and the construction of facilities. Principal sources of revenue are property Taxes and earnings on investments. ACCOUNT GROUP: In addition to the funds, a self-balancing account group is established to account for the general fixed assets. The account group is not a "fund." measurement of financial position and of results of operations. It is concerned only with the is not involved with measurement Gener.=1l Fixed Assets - The General Fixed Assets Account Group is established to account for all fixed assets of the District. Fixed ASSAtS All fixed assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated fixed assets are valued at their estimated fair value on the date donated. Fixed assets used in governmental fund type operations (general fixed assets) are accounted for in the General Fixed Assets Account Group, rather than in governmental funds. Acquisitions of general fixed assets are recorded as capital outlay expenditures within the governmental funds. No depreciation has been provided on general fixed assets. Fixed assets with a unit cost of $5,000 or more are capitalized. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Basis of Accountina Basis of accounting refers recognized in the accounts accounting relates to the measurement focus applied. to when revenues and expenditures or expenses are and reported in the financial statements. Basis of timing of the measurements made, regardless of the All governmental funds are accounted for using the modified accrual basis of accounting. Their revenues are recognized wh~n they become measurable and available as net current assets. Therefore, property taxes are recorded as revenue when received even though the taxes are levied as of January 1 of each year. Other revenues are recorded when received in cash because they are generally not measurable until actually received. Interest income is accrued, when its receipt occurs soon enough after the end of the accounting period so as to be both measurable and available. 9