Regular Board Meeting - April 19, 2017

NOTE 8 - CONTINGENT LIABILITIES

Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. Any disallowed claims, including amounts already collected, may constitute a liabili ty of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the government expects such amounts, if any, to be immaterial.

NOTE 9 – ACCUMULATED COMPENSATED ABSENCES

Accumulated unpaid vacation and leave time is accrued when incurred. The current portion of such amounts has been accrued in the governmental fund (using the modified accrual basis of accounting). Accrued vacation time must be used by the end of the fiscal year. Sick time is accrued and payable as needed. Sick time is not payable on termination or separation therefore it has not been accrued in the financi al statements. On June 30, 2016, the Distri ct employees had accrued $24,858 in unused sick time. The District also accrues Compensatory time. This is accrued when incurred and is payable on separation. The amount of compensatory time owed to employees has been accrued in the government wide financial statements as leave payable. The District’ s Net Position balance s consist of restricted, unrestricted, and net investment in capital assets amounts. DRAFT In the government -wide financial statements, long term debt and other long term obligations are reported as liabilities in the applicable governmental activities or business -type activities in the statement of net assets. Operating Leases The District does not currently have any operating leases. Capital Leases The District does not currently have any capital leases.

NOTE 10 – LONG-TERM INDEBTEDNESS

NOTE 11 – NET POSITION/ FUND BALANCE