ADMINISTRATION > Accounting Policies

The accounting policies of Alamosa County, Colorado conform to generally accepted accounting principles as applicable to governments. The following is a summary of the more significant policies:

FUND ACCOUNTING

The accounts of the County are organized on the basis of funds each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balanced accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped in the consolidated budget summary in this section, into five generic fund types as follows:

GENERAL FUND

The General Fund is the general operating fund of the County. It is used to account for all financial resources except those required to be accounted for in another fund.

PUBLIC SAFETY FUND

The fund for year-end reporting purposed is combined with the General Fund, but for budget purposes is separated to account for the operations of Sheriff, Jail and Coroner specifically.

SPECIAL REVENUE FUND

Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than special assessments, expendable trust, or major capital projects) that are legally restricted to expenditures for specified purposes.

ENTERPRISE FUNDS

Enterprise Funds are used to account for operations (A) that are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (B) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes.

INTERNAL SERVICE FUNDS

These funds are established to account for the financing of goods or services provided by one department to other departments of the County on a cost-reimbursement basis.

BASIS OF ACCOUNTING

Basis of accounting refers to when revenue and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting related to the timing of the measurements made, regardless of the measurement focus applied.

All governmental funds and special revenue funds are accounted for using the modified accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Taxpayer-assessed income, gross receipts, and State collected taxes are considered “measurable” when in the hands of intermediary collecting governments and are recognized as revenue at that time.

Anticipated funds of such taxes are recorded as liabilities and reductions of revenue when they are measurable and their validity seems certain. Expenditures are generally recognized under the modified accrual bases of this general rule include: (A)accumulated unpaid vacation, sick pay, and other employee amounts which are not accrued; and (B)principal and interest on general long-term debt which is recognized when due.

All proprietary funds, and Internal Service Funds are accounted for using the accrual basis of accounting. Their revenues are recognized when they are earned, and their expenses are recognized when they are incurred.

BUDGETARY ACCOUNTING

Alamosa County follows the procedures set forth in the Colorado Local Government Budget law when preparing the annual budget for each fund. Budget procedures include:

1. Preparation of budget documents by administrative staff which shall be submitted to the Board no later than October 15th of each year.

2. Publication of a notice stating that the budget is available for public inspection.

3. Discussion of the budget in a meeting open to the public.

4. Adoption of the budget in a public meeting by appropriate resolution, no later than December
31 of each year.

Formal budgetary integration is employed as a management control device for all funds of the County. All budgets are adopted on a basis consistent with generally accepted accounting principles (GAAP).

The total expenditures for each fund cannot exceed the budgeted amount unless a supplemental appropriation is adopted.

Last Modified: 4/21/06