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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />ARKANSAS RIVER COMPACT ADMINISTRATION <br />NOTES TO CASH'BASIS STATEMENTS <br />OCTOBER 31, 1975 <br /> <br />Note 1 - Summary of significant accounting policies: <br /> <br />a. The Administration maintains financial racords using <br />the cash basis of accounting. By using the cash basis <br />of accounting certain key accounts needed to present <br />financial position and results of operations are omitted; <br />examples of these accounts are accounts receivable and <br />accounts payable. <br /> <br />Note 2 - The restricted fund balance of the previous year arising from <br />a special payment of the State of Colorado was expended during <br />the fiscal year. <br /> <br />While the $8,000 disburs@ment for the Concrete Control was <br />not budgeted for the fiscal year ended June 30, 1975, it was <br />the representatives intent that this expenditure be made in <br />the manner and at the time it was. <br /> <br />-7- <br />