Comprehensive Annual Financial Report - South Suburban Parks ...

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SOUTH SUBURBAN PARK AND RECREATION DISTRICT NOTES TO FINANCIAL STATEMENTS December 31, 2010 NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Budgets In accordance with the State Budget Law, the District's Board of Directors holds public hearings in the fall each year to approve the budget and appropriate the funds for the ensuing year. The appropriation is at the total fund expenditures level and lapses at year end. The District can modify the budget by line item within the total appropriation without notification. The appropriation can only be modified upon completion of notification and publication requirements. The budget includes each fund on its basis of accounting unless otherwise indicated. During the year ended December 31, 2010, supplementary appropriations were approved by the District as follows: Original Modified Appropriation Appropriation General Fund $ 23,041,636 $ 32,447,245 Conservation Trust Fund $ 684,700 $ 1,188,446 Golf and Recreation Facilities Enterprise Fund $ 25,476,477 $ 31,347,945 The SSPRD Land and Facilities Corporation (Corporation), a Special Revenue Fund, is not required under Colorado State Statutes to adopt an annual budget. Pooled Cash and Investments The District follows the practice of pooling cash and investments of all funds to maximize investment earnings. Except when required by trust or other agreements, all cash is deposited to and disbursed from a single bank account. Cash in excess of immediate operating requirements is pooled for deposit and investment flexibility. Net investment income is allocated periodically to the participating funds based upon each fund’s average equity balance in total cash. Cash Equivalents For purposes of the statement of cash flows, the District considers cash deposits and highly liquid investments (including restricted assets) with maturity of three months or less when purchased, to be cash equivalents. 28
SOUTH SUBURBAN PARK AND RECREATION DISTRICT NOTES TO FINANCIAL STATEMENTS December 31, 2010 NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Inventory Inventory is valued at the lower of cost or market. Inventory consists primarily of golf pro shop merchandise held for resale. The costs of governmental fund inventories are recorded as expenditures when purchased. Capital Assets Capital assets, which include property and equipment and infrastructure assets (e.g. trails and bridges) are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets defined by the District as assets include equipment with an initial, individual cost of more than $5,000 and an estimated useful life in excess of two years and improvements to buildings with a cost of more than $50,000. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Property and equipment of the primary government, as well as the component units, is depreciated using the straight line method over the following estimated useful lives: Assets Years Assets Years Facilities/Buildings 15-30 Trails, cart paths, and bridges 10-20 Trails and bridges 10-20 Court and park improvements 10-20 Machinery and equipment 5-7 Park Shelters 20 Irrigation 20 Playgrounds 20 Property Taxes Property taxes are levied by the District Board of Directors. The levy is based on assessed valuations determined by the County Assessors generally as of January 1 of each year. The levy is normally set December 15 by certification to the County Commissioners to put the tax lien on the individual properties as of January 1 of the following year. The County Treasurers collect the determined taxes during the ensuing calendar year. The taxes are payable by April or if in equal installments, at the taxpayer's election, in February and June. Delinquent taxpayers are notified in August and sales of the tax liens on delinquent properties are normally held in November or December. The County Treasurers remit the taxes collected monthly to the District. 29
Page 1 and 2: South Suburban Park & Recreation Di
Page 3 and 4: TABLE OF CONTENTS PAGE INTRODUCTORY
Page 5: TABLE OF CONTENTS PAGE STATISTICAL
Page 8 and 9: service, and retail positions repre
Page 10 and 11: Platte Park Management Plan. South
Page 12 and 13: Acknowledgments. These financial st
Page 16 and 17: Board of Directors South Suburban P
Page 18 and 19: Management’s Discussion and Analy
Page 20 and 21: wide financial statements. By doing
Page 22 and 23: The table below shows the summarize
Page 24 and 25: ● ● ● ● Program expenses in
Page 26 and 27: Proprietary Funds Unrestricted Net
Page 28 and 29: Debt The District’s General Oblig
Page 30 and 31: SOUTH SUBURBAN PARK AND RECREATION
Page 32 and 33: Net (Expense) Revenue and Changes i
Page 38 and 39: Conservation Trust Fund Variance wi
Page 66 and 67: INDIVIDUAL FUND STATEMENTS AND SCHE
Page 70 and 71: CONSERVATION TRUST FUND The Conserv
Page 76 and 77: DEBT SERVICE FUND The Debt Service
Page 80 and 81: ENTERPRISE FUND The Enterprise Fund
Page 84 and 85: SUPPLEMENTAL INFORMATION
Page 86 and 87: $9,620,000 Certificates of Particip
Page 88 and 89: $999,863 Capital Lease Payable Bays
Page 90 and 91: South Suburban Park and Recreation
Page 92 and 93: Changes in Net Assets South Suburba
Page 94 and 95: South Suburban Park and Recreation
Page 96 and 97:
South Suburban Park and Recreation
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Schedule 11 Business-type Activitie
Page 112 and 113:
Schedule 12 Net Outstanding General
Page 114 and 115:
(continued) Scheduled 12 (1) (2) (3
Page 116 and 117:
Schedule 13 2005 2006 2007 2008 200
Page 118 and 119:
Schedule 14 2005 2006 2007 2008 200
Page 120 and 121:
Page 122 and 123:
Schedule 17 2008 2009 2010 5.08 4.9
Page 124 and 125:
Schedule 18 2009 2010 178,756 183,1
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